Ras Al-Khaimah, in the United Arab EMirates, on Monday announced plans to launch a free zone for digital and virtual asset companies to be known as the Digital Assets Oasis, reports Arab News.

Sheikh Mohammed bin Humaid bin Abdullah Al-Qasimi, chairman of RAK ICC, commented: 

We are proud to further the UAE’s position as a primary destination for innovation with the launch of RAK Digital Assets Oasis. We are building the free zone of the future for the companies of the future,

“As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world with our progressive, supportive and quick-to-adapt approach, and our innovation-enabling environment.”

According to a statement released by the government on Monday, the Digital Assets Oasis will be the first example in the world of a “purpose-built, innovation-enabling free zone for nonregulated activities in the virtual assets sector.”

Cryptocurrency should, in general, not be granted legal tender status, the International Monetary Fund’s (IMF) Executive Board said in a statement Thursday.

The board – 24 directors elected by the IMF’s member countries – earlier this month had been presented with a staff paper that warned of the risks crypto poses to monetary policy, tax collection, financial stability and consumer protection.

Directors generally agreed that crypto assets should not be granted official currency or legal tender status in order to safeguard monetary sovereignty and stability,

the statement said, calling for countries to clarify tax treatment and align with global standards.

Source: CoinDesk

Hong Kong rolled out the red carpet for crypto businesses to help revitalize the embattled financial hub. Signs are now emerging the push has under-the-radar backing from Beijing, providing impetus for mainland Chinese firms to return, Reuters reports.

Representatives from China’s Liaison Office and other officials have been frequent guests at the city’s crypto gatherings over the past months, swapping business cards and WeChat details, said people familiar with the matter, who asked not to be named discussing private information.

On Feb. 20, Hong Kong’s Securities and Futures Commission officially released a statement outlining its plan to allow retail investors to trade cryptocurrencies like Bitcoin and Ethereum. However, only exchanges that are licensed by the agency will be able to facilitate the same. Investor protection is one of the key focus areas of the SFC, and exchanges will have to be wary of the exposure limits, risk profiles, etc.

Banco do Brasil has announced that citizens can now pay their taxes with cryptocurrency. According to a post on their official website, Brazil’s oldest bank stated that this financial development is possible via a partnership with Bitfy, a popular blockchain solutions company with investment in BB’s Corporate Venture Capital Program (CVC).

Through this collaboration, Brazilians holding cryptocurrencies with Bitfy can now easily pay their taxes, fees, and governmental obligations using their assets. The mechanism behind this service is similar to customers paying for a ticket by capturing a barcode. Using the Bitfy app, taxpayers need only select their preferred cryptocurrency for payment and then scan a barcode before going on to confirm payment.

United Arab Emirates Central Bank has launched a Financial Infrastructure Transformation (FIT) program which intends to enhance the pace of digital transformation of the financial services sector. Specifically, this initiative aims to promote digital transactions and encourage innovation in the space. This, in turn, will sharpen UAE’s prospects to become the financial and digital payment hub.

Explicitly, the program has nine initiatives and launching a central bank digital currency is one among them. According to the official statement, the CBDC will be launched to cater to the gaps and hindrances associated to international payments. Additionally, it will “help drive innovation for the domestic payments,” according to the statement.

The CBDC will be launched for both cross border and domestic use.

Read full press release. 

Once again, Dubai has been at the forefront of driving cryptocurrency adoption. 

According to a recent reports, the Canadian University Dubai (CUD) will start accepting tuition payments in cryptocurrency. The university’s existing as well as prospective students will be able to pay their fees with cryptocurrencies. 

The university's official Twitter account tweeted: 

“CUD is now accepting Crypto as a payment method and have adapted to the transforming digital payment space.”

Source: Watcher.Guru