In line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, today launched the Dubai Metaverse Strategy that aims to turn Dubai into one the world’s top 10 metaverse economies as well as a global hub for the metaverse community.
The strategy aims to build on Dubai’s achievement of attracting more than 1,000 companies in the fields of blockchain and metaverse. It also promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. This would further boost Dubai’s economy and support the UAE government’s vision of increasing the number of blockchain companies by five times the present number.
VR and AR are two key enablers of the metaverse, responsible for 6,700 jobs and contributing US$500 million to the UAE’s economy, which is expected to increase significantly in the future. The metaverse provides an array of economic opportunities. Globally, the value of venture capital and private equity financing in the metaverse reached US$13 billion in 2021, while real estate sales in the metaverse surpassed US$500 million last year.
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Elon Musk’s The Boring Company announced that customers will be allowed to pay for rides on Loop, its Las Vegas transit system, with the cryptocurrency Dogecoin, CNN reports.
The new payment option surfaced as the Boring Company opened its first Loop station outside the Las Vegas Convention Center, which already has three stops. The Boring Company hopes to eventually expand to more than 50 stations on the Vegas Strip.
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The South African Reserve Bank will introduce regulations next year that will see cryptocurrencies classed as financial assets to balance investor protection and innovation, Crypto Telegraph reports.
Cryptocurrency use in South Africa is in a healthy space, with around 13% of the population estimated to own some form of cryptocurrency, according to research from global exchange Luno. With more than six million people in the country having cryptocurrency exposure, regulation of the space has long been a talking point.
South African Reserve Bank deputy governor Kuben Chetty, said:
By all definitions, cryptocurrencies are an asset. It’s something that is tradable, it’s something that is created. Some have backing, others do not. Some may have a genuine underpinning, real economic activity.
The Secretary of the Treasury delivered to President Biden a framework for interagency engagement with foreign counterparts and in international fora as directed in the President’s Executive Order on Ensuring Responsible Development of Digital Assets (March 9, 2022).
Indian crypto trading is plummeting after the government introduced a 30% income tax and a 1% tax per transaction on crypto trades, Crypto Telegraph reports.
The Tax Deducted at Source (TDS) came into effect on July 1 and appears to have negatively affected traders as exchange volumes dropped from 37.4% on BitBNS and 90.9% on CoinDCX by July 3.
The new tax law is forcing crypto exchanges to leave the country and set up shop in Singapore and Dubai.
Nischal Shetty and Siddharth Menon, co-founders of WazirX, have now reportedly shifted operations to Dubai, although they still plan on doing business out of Mumbai, Block Works reports.
While the new taxation in India appears restrictive and discouraging to investors, Dubai has a full exemption on cryptocurrency taxes — similar to its treatment of personal income.
The emirate’s crypto regulator, the Virtual Assets Regulatory Authority, began handing out crypto exchange licenses in March, and two months later Dubai announced its first law regulating digital assets.
EU officials on Thursday secured an agreement on what is likely to be the first major regulatory framework for the cryptocurrency industry, CNBC reports.
The European Commission, EU lawmakers and member states hammered out a deal in Brussels after hours of negotiations. The move came a day after the three main institutions finalized measures aimed at stamping out money laundering in crypto.
Stefan Berger, the lawmaker who led negotiations on behalf of the European Parliament, said:
Today, we put order in the Wild West of crypto assets and set clear rules for a harmonized market that will provide legal certainty for crypto asset issuers, guarantee equal rights for service providers and ensure high standards for consumers and investors.