Latest news with #CryptoCom
Khaleej Times
21 hours ago
- Business
- Khaleej Times
Dubai to allow residents, businesses to pay government fees using cryptocurrency
Dubai is preparing to use and enable crypto payments for government services, after an agreement was signed between Dubai Finance and a world-renowned cryptocurrency trading platform. This paves the way for the government to use financial technology to provide a new digital payment channel on Dubai's digital portals, enabling payment for government services using stable cryptocurrencies in a safe and innovative manner. The MoU was signed on the sidelines of the Dubai Finance and participation in the Dubai FinTech Summit, which kicked off on Monday at the Dubai International Financial Centre (DIFC). The summit marks a pivotal step in driving Dubai's digital financial landscape towards the future. Once the necessary technical arrangements for activating the agreement are completed, customers of various government entities, both individuals and institutions, are expected to be able to pay government service fees using digital wallets on the platform, which will transfer these fees to Dubai Finance accounts in Emirati dirhams, within a secure and innovative pay. The memorandum aims to support the implementation of Dubai's cashless strategy and the transition to a cashless digital society.
Khaleej Times
21 hours ago
- Business
- Khaleej Times
UAE: Soon, residents can get salaries, pay bills, traffic fines through cryptocurrency
Cryptocurrency is rapidly becoming an integral part of daily life in the UAE, with adoption rates rising across the country. Industry executives say that residents may soon be able to pay for utility bills, groceries, traffic fines, and even receive salaries in cryptocurrency as digital payments become more mainstream. Both public and private sectors are actively driving the adoption of digital currencies, particularly as younger generations show increasing interest in the technology. In a major step toward crypto integration, Dubai recently announced plans to enable cryptocurrency payments for government services. The move follows an agreement between Dubai's Department of Finance and a global cryptocurrency trading platform. 'Dubai's decision to allow residents to pay for government services using cryptocurrency reframes this technology — from an investment tool to a public-sector utility,' said Ola Doudin, CEO and co-founder of BitOasis. 'The adoption and evolution of these use cases will only grow with time. We're not far from a reality where people can settle traffic fines or send money home using the same digital wallet.' Highlighting the practicality of stablecoins in everyday life, Doudin added: 'They may seem like a futuristic innovation, but they're solving real-world problems right now. In countries with high inflation, people use stablecoins to preserve the value of their savings. "Others rely on them to send money abroad faster and at a lower cost than traditional methods. These aren't speculative uses — these are practical, everyday applications of virtual assets." To illustrate the growing adoption of crypto in the UAE, several companies — including property developers, airlines, and fuel retailers — have started accepting cryptocurrency as a form of payment. In a notable legal precedent, a Dubai court last year ordered a company to pay an employee's outstanding dues in both dirhams and cryptocurrency, as stipulated in their contract. 'We anticipate a phased adoption curve,' Doudin explained. 'It will likely begin with government portals, followed by high-value sectors like hospitality, luxury retail, and aviation. Remittances, bill payments, and everyday purchases will follow. Each phase will add liquidity and boost consumer confidence.' She also praised the UAE's regulators for their proactive, forward-thinking approach in establishing clear frameworks for the crypto industry. Sai Mahesh, regional manager at ICM, noted that Dubai's financial infrastructure, the presence of multiple exchanges, and comprehensive regulations are key factors driving crypto adoption. 'I'm seeing both residents and businesses gradually embracing crypto payments across various platforms,' Mahesh said. 'Many small vendors, including restaurants, have started accepting not just Bitcoin but also other cryptocurrencies like Ethereum.' Looking ahead, he believes salaries will also be paid in digital currencies. 'The use of crypto will only increase in the coming years,' he concluded.
Yahoo
4 days ago
- General
- Yahoo
Part of Crypto.com Arena catches fire: LAFD
The Brief A small fire broke out at Arena in downtown Los Angeles. No injuries were reported in the arena fire. LOS ANGELES - Firefighters made their way to Arena after part of the iconic downtown Los Angeles arena briefly caught fire. What we know The Los Angeles Fire Department responded to a call of a fire at Arena a little after 4:45 p.m. on Saturday, May 31. According to LAFD, the indoor fire sprinkler went off in the first floor of the arena. Crews were able to take down the fire in minutes. LAFD said there were smoke coming from the kitchen area of the arena. Firefighters did not report major damage except the fact that arena floors were wet from the sprinklers. What we don't know No injuries were reported in the incident. The cause of the incident remains under investigation. The Source This report used information provided by the Los Angeles Fire Department.
CBS News
4 days ago
- General
- CBS News
Firefighters battle fire at Crypto.com Arena
Firefighters briefly battled a blaze burning inside of Arena in downtown Los Angeles on Saturday. It was first reported at around 4:15 p.m. at the stadium, located in the 1000 block of S. Figueroa Street near 12th Street, according to the Los Angeles Fire Department. They were called after "moderate smoke" began to show from a storage room on the first floor of the arena, which caused sprinklers to activate on both the first and second floors, according to LAFD. "With a significant decrease in visible smoke ... firefighters are working to isolate the source," one of LAFD's updates read. "There is no visible, active fire." They finally found the source within the ducting system in Sub Level 1 up to the first floor. Crews were expected to remain on scene as they performed a water removal operation, LAFD said. No injuries were reported and a cause for the incident remains under investigation. Arena, formerly known as Staples Center, is the home of the Los Angeles Lakers, Sparks and Kings. It also hosts dozens of other concerts and events throughout the year.
Yahoo
22-05-2025
- Business
- Yahoo
Crypto.com Buys Allnew Investments to Secure MiFID License to Offer Derivatives in Europe
Crypto exchange said it bought AN Allnew Investments to gain a license allowing it to offer derivatives across the European Economic Area (EEA). The Markets in Financial Instruments Directive (MiFID) license was issued to Allnew by the Cyprus Securities and Exchange Commission (CySEC), the exchange said in a website posting. It grants the exchange the right to offer a range of financial products in the 27 nations of the European Union alongside Iceland, Liechtenstein and Norway. This acquisition bolsters presence in Europe. The exchange secured a Markets in Crypto Assets (MiCA) license in January so it could offer crypto custody and exchange services across the EEA. The company declined to say how much it paid for Allnews. Crypto exchanges have been moving into derivatives to unlock new sources of profit. The company joins rivals including Gemini and Kraken in gaining MiFID licenses to offer derivatives in Europe. Kraken's license was also obtained through acquisition of the holder. Earlier this month, Coinbase spent $2.9 billion to buy options platform Deribit to strengthen its position in the U.S. derivatives market.
