Latest news with #VirtualAssets
The Star
a day ago
- Business
- The Star
Bolivia crypto transactions up over 530% amid currency woes
A waiter collects a diner's bill in cryptocurrency, as Bolivians are increasingly turning to cryptocurrencies and exchange platforms like Binance as a shortage of dollars and high inflation force savers to look for alternatives, in Cochabamba, Bolivia June 12, 2025. REUTERS/Claudia Morales (Reuters) -Bolivia's central bank on Friday reiterated a dramatic uptick in transactions of digital assets, following a Reuters report that showed how more Bolivians were turning to crypto exchanges like Binance and stablecoins like Tether as a hedge against the depreciation of the local boliviano currency. According to new figures published on Friday by the Bolivian central bank, transactions using Electronic Payment Channels and Instruments for Virtual Assets (VA) soared more than 530%, from $46.5 million in the first half of 2024, to $294 million in the same period of 2025. New figures showed monthly transactions at a record $68 million in May. "These tools have facilitated access to foreign currency transactions, including remittances, small purchases and payments, benefiting micro and small business owners across various sectors, as well as families nationwide," the bank said in a statement. Cryptocurrencies were outlawed in Bolivia until June last year. Since the ban was lifted, transaction volumes reached $430 million across more than 10,000 individual operations, the bank said. The Bolivian government was working on a "comprehensive regulatory framework for financial technology companies," that aligns with international standards set by the Financial Action Task Force of Latin America (GAFILAT), the bank added. Bolivians are facing an acute economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The South American country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by governmentintervention. That has meant more Bolivians are looking for alternatives to protect their savings and make transactions. Crypto proponents have pushed blockchain-based tokens as an answer, though economists warn that these digital offerings come with risks. "This (crypto uptick) isn't a sign of stability," said former central bank head Jose Gabriel Espinoza. "It's more a reflection of the deteriorating purchasing power of households." (Reporting by Lucinda Elliott in Montevideo and Daniel Ramos in La Paz. Editing by Diane Craft)
Khaleej Times
10-06-2025
- Business
- Khaleej Times
ADGM FSRA implements amendments to its digital asset regulatory framework
The Financial Services Authority (FSRA) of Abu Dhabi Global Market (ADGM) today announced the implementation of amendments to its regulatory framework for digital assets, with immediate effect. The implementation of these amendments follows extensive industry engagement and feedback received on Consultation Paper No. 11 of 2024. The focus of the implemented amendments is on revisions to the process whereby Virtual Assets (VAs) are accepted for use as Accepted Virtual Assets (AVAs) in ADGM, alongside appropriate capital requirements and fees for Authorised Persons conducting Regulated Activities in relation to VAs (VA Firms). The amendments also introduce a specific product intervention power in relation to VAs as well as enshrining rules that confirm the existing approach to the prohibition of using privacy tokens and algorithmic stablecoins within ADGM. Finally, the amendments expand the scope of investments in which Venture Capital Funds may invest. The FSRA has updated the Guidance – Regulation of Virtual Asset Activities in ADGM to reflect the implemented measures and to provide further guidance to VA Firms in relation to applying the AVA assessment criteria. Emmanuel Givanakis, Chief Executive Officer of ADGM's FSRA said: 'The implementation of these changes marks a significant milestone in the evolution of the FSRA's framework for digital asset regulation. Through extensive consultation with industry stakeholders, we have further enhanced our framework to provide the regulatory certainty that industry participants need, while addressing the evolving risks of the digital asset ecosystem. We believe this further positions ADGM as a premier jurisdiction for digital asset-related activities and shows our commitment to fostering responsible innovation in financial services." The FSRA acknowledges the constructive and well received feedback received in response to the Consultation Paper, including in relation to the discussion points raised, and for the amended legislation see here.
Economy ME
10-06-2025
- Business
- Economy ME
ADGM FSRA implements amendments to digital asset regulatory framework
The Financial Services Authority (FSRA) of ADGM has announced the implementation of amendments to its regulatory framework for digital assets. This implementation follows extensive engagement with the industry and feedback received on Consultation Paper No. 11 of 2024. The primary focus of the implemented amendments is on revising the process through which Virtual Assets (VAs) are accepted as Accepted Virtual Assets (AVAs) in ADGM, along with establishing appropriate capital requirements and fees for Authorised Persons conducting Regulated Activities related to VAs (VA Firms). Additionally, the amendments introduce a specific product intervention power concerning VAs, while also reinforcing existing rules that prohibit the use of privacy tokens and algorithmic stablecoins within ADGM. Furthermore, the amendments broaden the scope of investments for which Venture Capital Funds may invest. The FSRA has updated the Guidance – Regulation of Virtual Asset Activities in ADGM to reflect these measures and provide further assistance to VA Firms regarding the application of the AVA assessment criteria. Read more: ADGM FSRA publishes IT Risk Management Guidance Regulatory certainty for industry Emmanuel Givanakis, chief executive officer of ADGM's FSRA, stated: 'The implementation of these changes marks a significant milestone in the evolution of the FSRA's framework for digital asset regulation. Through extensive consultation with industry stakeholders, we have further enhanced our framework to provide the regulatory certainty that industry participants need, while addressing the evolving risks of the digital asset ecosystem. We believe this further positions ADGM as a premier jurisdiction for digital asset-related activities and shows our commitment to fostering responsible innovation in financial services.'
Zawya
10-06-2025
- Business
- Zawya
ADGM FSRA implements amendments to its Digital Asset Regulatory Framework
ADGM implemented amendments to its regulatory framework for digital assets to streamline the process by which Virtual Assets are accepted for use within ADGM, alongside refinements to capital requirements and fees. Abu Dhabi, UAE: The Financial Services Authority (FSRA) of ADGM today announced the implementation of amendments to its regulatory framework for digital assets, with immediate effect. The implementation of these amendments follows extensive industry engagement and feedback received on Consultation Paper No. 11 of 2024. The focus of the implemented amendments is on revisions to the process whereby Virtual Assets (VAs) are accepted for use as Accepted Virtual Assets (AVAs) in ADGM, alongside appropriate capital requirements and fees for Authorised Persons conducting Regulated Activities in relation to VAs (VA Firms). The amendments also introduce a specific product intervention power in relation to VAs as well as enshrining rules that confirm our existing approach to the prohibition of using privacy tokens and algorithmic stablecoins within ADGM. Finally, the amendments expand the scope of investments in which Venture Capital Funds may invest. The FSRA has updated the Guidance – Regulation of Virtual Asset Activities in ADGM to reflect the implemented measures and to provide further guidance to VA Firms in relation to applying the AVA assessment criteria. Emmanuel Givanakis, Chief Executive Officer of ADGM's FSRA said: ' The implementation of these changes marks a significant milestone in the evolution of the FSRA's framework for digital asset regulation. Through extensive consultation with industry stakeholders, we have further enhanced our framework to provide the regulatory certainty that industry participants need, while addressing the evolving risks of the digital asset ecosystem. We believe this further positions ADGM as a premier jurisdiction for digital asset-related activities and shows our commitment to fostering responsible innovation in financial services." The FSRA acknowledges the constructive and well received feedback received in response to the Consultation Paper, including in relation to the discussion points raised, and for the amended legislation see here. About ADGM ADGM is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21 October 2015. ADGM augments Abu Dhabi's position as a leading financial centre and a business hub, serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world. Operating within an international regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island, collectively designated as the financial free zone of Abu Dhabi. ADGM is ranked as one of the most preferred and top-ranking IFCs in the Middle East and Africa region. Its progressive and inclusive business ecosystem fosters growth, resilience, and optimism for global financial and non-financial institutions. Growing synergies between ADGM and multiple jurisdictions have positioned the centre as one of the world's most advanced, diverse, and progressively governed financial hubs. For more details on ADGM, please visit or follow us on LinkedIn and Instagram: @ADGM X: @adglobalmarket For media queries, please contact: E: media@
Khaleej Times
03-06-2025
- Business
- Khaleej Times
Emirates Coin Investment LLC obtains virtual asset license in the UAE from SCA
Emirates Coin Investment LLC (EmCoin) has made history as the first company in the UAE to be licensed by the Securities and Commodities Authority (SCA) to offer fully regulated Virtual Asset services. This milestone marks a new chapter in the UAE's financial journey ushering in a smarter, safer, and more inclusive era for investors of all levels. With its regulatory approval in place, EmCoin is set to launch a cutting-edge investment platform that brings together digital assets and traditional finance all within a single, seamless mobile experience. Users will soon be able to trade Virtual Assets, invest in UAE and global equities, buy commodities, and access expert-managed portfolios with full transparency and trust. 'This is a landmark moment,' said Yasin Arafat, Chief Operating Officer of EmCoin. 'We're building a secure bridge between old and new finance. Thanks to the SCA's vision, EmCoin gives everyday investors the tools to take control of their financial future with clarity, compliance, and confidence. The future of finance is tokenized, decentralized, and inclusive and EmCoin is leading that charge.' EmCoin is designed to eliminate the complexity of fragmented platforms and unregulated providers. Whether you're investing in crypto, global stocks, or managed funds, EmCoin brings it all together with simplicity, security, and expert support. EmCoin is working closely with the SCA to introduce regulated Initial Coin Offerings (ICOs) unlocking innovative new ways for businesses to raise capital and for investors to participate in previously inaccessible opportunities. These developments reinforce the UAE's position as a forward-looking global hub for digital finance. Backed by cutting-edge technology and strategic partnerships, EmCoin is more than a financial app it's a trusted ecosystem. Built on the foundation of strong regulation and investor empowerment, EmCoin is redefining how people and businesses interact with financial markets from Abu Dhabi to the world.
