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UAE regulators to allow Dubai-licensed VASPs to service entire country

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United Arab Emirates (UAE) regulators have announced that the license granted to Virtual Asset Service Providers (VASPs) in Dubai will now apply nationwide. This significant regulatory update aims to streamline and standardize the oversight of digital asset services across the entire country.

The decision marks a pivotal shift in the UAE’s approach to regulating the virtual asset sector, reflecting the country’s commitment to fostering a secure and regulated environment for digital finance. Previously, VASP licenses were specific to Dubai, but the new policy will extend regulatory oversight to all UAE jurisdictions.

The move is expected to enhance consistency in regulatory practices and provide clearer guidelines for VASPs operating across the UAE. It also aims to bolster investor confidence by ensuring that digital asset services adhere to robust regulatory standards nationwide.

A spokesperson for the UAE’s financial regulatory authority stated, “By extending the Dubai VASP license to cover the entire country, we are reinforcing our commitment to creating a cohesive and secure framework for virtual asset activities. This initiative will help streamline regulatory processes and provide greater clarity for businesses and investors.”

The extension of the VASP license aligns with the UAE’s broader strategy to position itself as a leading hub for digital assets and financial technology. The regulatory update is part of ongoing efforts to enhance the country’s competitive edge in the global digital economy while ensuring high standards of security and compliance.

VASPs across the UAE will now need to comply with unified regulatory requirements, which are designed to address emerging risks and protect market participants. The new framework aims to balance innovation with regulatory oversight, promoting a safe and transparent digital asset environment.

Industry observers view the extension of the Dubai VASP license as a progressive step towards harmonizing cryptocurrency regulation and supporting the growth of the virtual asset sector. The move is expected to attract more international digital asset firms to the UAE, further solidifying the country’s position as a key player in the global cryptocurrency market.

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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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