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Why crypto millionaires are moving to the UAE (these 5 reasons explain everything)
Why crypto millionaires are moving to the UAE (these 5 reasons explain everything)

Crypto Insight

timea day ago

  • Business
  • Crypto Insight

Why crypto millionaires are moving to the UAE (these 5 reasons explain everything)

With no personal income or capital gains tax and recent VAT exemptions on crypto transactions, the UAE provides an unmatched financial incentive for crypto investors. Dubai's VARA and Abu Dhabi's FSRA lead with retail and institutional frameworks, while RAK, Sharjah and others are developing tailored zones and policies for Web3 innovation. Free zones like DMCC, ADGM and DIFC offer business-ready ecosystems, while high-speed internet, 5G and cloud services make the UAE a plug-and-play hub for crypto firms. The Golden Visa, safety, global connectivity and smart city living combine to offer crypto millionaires not just financial freedom but a secure, luxurious home base. In recent years, the United Arab Emirates (UAE) has emerged as a magnet for crypto millionaires. Across all seven emirates — from cosmopolitan Dubai and Abu Dhabi to rising hubs like Ras Al Khaimah and Sharjah — the UAE offers an enticing mix of zero taxes, clear regulations, cutting-edge infrastructure, visionary government support and an unrivaled lifestyle. Specifically, a growing number of high-net-worth crypto investors are calling Dubai and Abu Dhabi home. This trend is significant: The UAE is now the world's top destination for migrating millionaires, with an estimated 9,800 millionaires projected to move to the UAE in 2025 alone. The country's appeal is fueled by strategic government choices: regulatory reforms, favorable tax policies and even long-term residency options like the Golden Visa. In other words, a combination of business-friendly policies and an enviable living environment is driving this UAE crypto migration. Below, this article breaks down five key policies and factors behind this phenomenon. 1. Tax-free crypto profits: Zero taxes on income and gains The UAE's zero-tax policy on crypto gains — no income tax, no capital gains tax — is a prime draw for global crypto investors. Crypto millionaires in the UAE enjoy 100% tax-free crypto profits, as the nation imposes no personal income tax or capital gains tax on individuals. This means Bitcoin billionaires, non-fungible token (NFT) moguls and startup founders can cash out or reinvest their digital wealth without handing a cut to the taxman — a stark contrast to high-tax jurisdictions in Europe or North America. Even after the UAE introduced a 9% federal corporate tax in 2023, personal crypto holdings remain untaxed and tax-free crypto profits are fully legal. Crucially, the government has gone a step further by exempting most crypto transactions from the 5% value-added tax (VAT). In late 2024, the UAE's Federal Tax Authority announced that cryptocurrency transfers and conversions would be VAT-exempt effective Nov. 15, 2024 (retroactively applied to transactions since 2018). This VAT exemption covers crypto trading and exchange services, treating them on par with other financial services. The result is a virtually tax-free environment for crypto market participants, whether they are mining Bitcoin, trading on exchanges or realizing gains from token investments. Industry insiders highlight that the UAE's combination of clear regulations and zero capital gains tax has created the 'perfect environment for crypto growth.' Did you know? Over 74% of UAE residents aged 25-34 are interested in crypto, and 21% plan to enter the market within the next 12 months. 2. Regulatory clarity: World-leading crypto frameworks in Dubai, Abu Dhabi and beyond Clarity and certainty in regulation are paramount for crypto entrepreneurs, and the UAE delivers with pioneering frameworks. Dubai: Retail-focused clarity Dubai led the charge by establishing the Virtual Assets Regulatory Authority (VARA) in 2022, the world's first regulator dedicated exclusively to virtual assets. Backed by Dubai's new virtual asset law, VARA provides clear licensing regimes for exchanges, crypto platforms and token issuers, instilling confidence for companies setting up shop. Major crypto exchanges such as Binance and have obtained VARA licenses, reflecting Dubai's attractiveness under well-defined rules. Abu Dhabi: Institutional-grade compliance Meanwhile, Abu Dhabi was an early mover in crypto oversight through the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). As far back as 2018, the FSRA introduced a comprehensive regulatory framework for virtual assets, the first of its kind in the Gulf Cooperation Council region, covering everything from exchange licensing to custody rules. This regulatory clarity in the ADGM has drawn institutional players; by late 2023, global firms such as Copper, Paxos and eToro had expanded into Abu Dhabi under the FSRA's purview. Abu Dhabi's approach typically targets institutional and high-capital crypto activities, complementing Dubai's more retail-focused market. Crucially, the UAE is working to harmonize crypto regulations federally: Dubai's VARA and the UAE's Securities and Commodities Authority (SCA) struck an agreement on mutual recognition, allowing VARA-licensed firms to operate across the UAE. This means a crypto exchange licensed in Dubai's free zone can serve customers in other emirates, further integrating the national market. Ras Al Khaimah: Specialized Web3 jurisdiction Other emirates are also advancing regulatory initiatives. Ras Al Khaimah (RAK) made headlines by launching the RAK Digital Assets Oasis (RAK DAO), touted as the world's first free zone exclusively for digital asset companies. Established by law in 2023, RAK DAO is a specialized zone with independent authority under the new Department of the Future, granting it financial and legislative autonomy to craft crypto-friendly rules. It targets Web3 and virtual asset service providers, from metaverse builders to NFT platforms, offering them a tailor-made, common-law regime. This bold move positions RAK as a future-focused jurisdiction keen to attract blockchain business. Sharjah, Ajman, UAQ, Fujairah: Emerging frontiers Likewise, Sharjah has shown interest in blockchain applications. Umm Al Quwain and Ajman are exploring fintech and digital economy initiatives, signaling that every emirate is embracing innovation. While Dubai and Abu Dhabi set the regulatory gold standard, the unified theme is clarity, clear rules, specialist regulators and proactive laws, which gives crypto investors and companies the confidence to relocate to the UAE knowing where they stand legally. Did you know? Telegram founder Pavel Durov has called Dubai home since 2017 and is now a UAE citizen. Once named the richest expat in the UAE, he ranked as the world's 120th richest person in 2024. 3. Cutting-edge infrastructure: Crypto zones, hubs and innovation ecosystems A supportive infrastructure underpins the UAE's crypto appeal. Across the emirates, there's a network of free zones, hubs and accelerators purpose-built for fintech and digital assets. Dubai In Dubai, the Dubai Multi Commodities Centre (DMCC) has established a renowned Crypto Centre, a comprehensive ecosystem hosting over 650 blockchain and digital asset companies as of mid-2025. Within this hub, crypto startups find co-working spaces, incubators and a supportive community, alongside access to DMCC's business services. Similarly, the Dubai International Financial Centre (DIFC), while traditionally focused on finance, now accommodates a thriving fintech and crypto scene through its Innovation Hub and the DFSA's regulatory sandbox for digital tokens. Abu Dhabi In Abu Dhabi, the ADGM on Al Maryah Island has become a crypto and blockchain innovation hub in its own right. ADGM operates under English common law and boasts a robust fintech ecosystem (Hub71) that, in 2023, launched a $2-billion+ initiative to fund Web3 and blockchain startups. Over 5,000 Special Purpose Vehicles (SPVs) for wealth and business structuring have been set up in ADGM, a meteoric rise from just 46 SPVs in 2016. This signals how many family offices, investment funds and crypto project founders are choosing Abu Dhabi's infrastructure to park assets and build new ventures. Even Binance's ex-CEO, Changpeng 'CZ' Zhao, and other global billionaires have established holding companies in ADGM, leveraging its robust legal framework and crypto-friendly regulations. Sharjah and beyond Sharjah, known for its academic prowess, is contributing to infrastructure by nurturing human capital and innovation. The emirate hosts the Sharjah Research, Technology and Innovation Park and recently launched a blockchain academy in partnership with layer-1 blockchain Sui at the American University of Sharjah. Through such initiatives, Sharjah is building a pipeline of blockchain talent and startups, complementing the physical infrastructure with intellectual infrastructure. Further east, Fujairah is developing tech-friendly free zones (like Fujairah Creative City) and exploring blockchain use cases in sectors such as supply chain and finance, aiming to diversify its economy with digital ventures. Ajman and Umm Al Quwain, while smaller, also offer cost-effective free zone licenses and supportive business environments for crypto-related startups, ensuring that entrepreneurs have options beyond the big cities. Importantly, the UAE's world-class digital infrastructure, ubiquitous high-speed internet, 5G networks and cloud data centers provides the backbone for any crypto or blockchain operation. Whether in Dubai's bustling crypto co-working spaces or RAK's new digital assets zone, crypto investors find a plug-and-play infrastructure ready to support their endeavors. 4. National blockchain and metaverse ambitions of visionary government The UAE's emergence as a crypto hub is no accident; it's the product of deliberate, forward-looking government vision. The country's leadership has woven blockchain and digital assets into its broader national strategies for innovation. Strategic national goals As early as 2018, the UAE unveiled Blockchain Strategy 2021, aiming to transfer 50% of government transactions onto blockchain platforms by 2021. This push not only streamlined public services but also signaled to the world that the UAE was serious about adopting crypto's underlying technology at scale. Building on that momentum, Dubai launched an ambitious Dubai Metaverse Strategy in 2022, with the goal of making the emirate one of the global top 10 metaverse economies. The strategy targets adding 4 billion UAE dirhams ($1.1 billion) to the economy in five years and creating 40,000 virtual jobs by 2030. Initiatives under this plan include attracting 1,000 blockchain and metaverse companies (Dubai already had 1,000 firms in this space by 2022) and integrating metaverse tech into tourism, education and government services. In practice, this means Dubai's government is actively experimenting with NFTs, virtual real estate and immersive digital services, fostering a climate where crypto-related ideas are welcomed rather than shunned. Federal support At the federal level, the UAE has a National AI Strategy and a Digital Economy Strategy, under which blockchain and crypto are key components for diversifying beyond oil. High-level ministers (such as the minister of state for artificial intelligence, digital economy and remote work) champion crypto and metaverse projects, ensuring policy support at the top. Regional alignment Each emirate is finding its niche under this vision. Abu Dhabi, for instance, through Hub71 and ADGM, focuses on big-ticket Web3 investments and institutional adoption (including a government-backed $2-billion fund for Web3 startups). Dubai focuses on retail crypto adoption, blockchain in everyday services and emerging tech like tokenized assets and AI integration in finance. Ras Al Khaimah's creation of the RAK Digital Assets Oasis aligns with the national vision to become a 'global crypto capital,' enabling RAK to specialize in nurturing early-stage Web3 innovators in a sandbox-like environment. Even Sharjah's emphasis on education (like the American University of Sharjah Blockchain Academy) echoes the strategic goal of building human infrastructure for a blockchain-based economy. The government's pro-crypto vision is also evident in international partnerships; for example, Dubai's leadership has inked agreements with global crypto firms (like a recent deal with to develop blockchain solutions for real estate transactions) to pilot new use cases. All these efforts, including blockchain strategies, metaverse roadmaps and tech parks, create a clear message: The UAE sees crypto and digital assets as integral to its future. This vision and openness reassure crypto entrepreneurs that by relocating to the UAE, they are aligning with a country that wants their industry to thrive. Did you know? The TON Foundation's offer of UAE golden visas to Toncoin stakers was quickly denied by local regulators, exposing a legal misstep . Despite support from influencers, including Telegram's Pavel Durov, the plan clashed with strict UAE crypto marketing laws, highlighting the need for proper legal reviews. 5. Residency opportunities: Golden visas and an elite global lifestyle Beyond the formal policies, the UAE offers an enviable lifestyle and residency benefits that strongly attract wealthy individuals, including crypto millionaires. Key highlights include: The UAE's Golden Visa program, a long-term 10-year residency visa, has been a game-changer for investors, entrepreneurs and talented professionals. Crypto founders who qualify (for example, by investing in UAE businesses or real estate or by attaining success in the tech sector) can obtain a Golden Visa, securing a decade of residency for themselves and their families with no local sponsor required. The Golden Visa's allure is its stability and simplicity: It lets expatriates safely base themselves in the UAE, open bank accounts, buy property and even sponsor family members with ease. In 2024, the government expanded the visa categories dramatically, introducing new sponsor-free residency tracks for everyone from digital content creators to even luxury yacht owners. This inclusive approach signals that innovators of all stripes are welcome. A crypto hedge fund manager or blockchain developer can move to Dubai or Abu Dhabi, knowing they can secure long-term residency as easily as a more traditional investor. The lifestyle advantages of the UAE are equally compelling. Dubai and Abu Dhabi consistently rank among the safest cities globally, with low crime and high political stability, a 'safe haven status' that wealthy families highly value. Modern infrastructural amenities abound: world-class hospitals, international schools and universities, luxury malls and restaurants, and vibrant arts and culture scenes. For crypto millionaires used to international travel, the UAE's strategic location is a boon: Dubai and Abu Dhabi are major aviation hubs with direct flights connecting Europe, Asia and Africa within eight hours. This global connectivity allows investors to manage businesses across continents while enjoying a home base in the emirates. Moreover, the quality of life is bolstered by cutting-edge smart city initiatives. For instance, UAE cities are investing in smart governance (you can pay government fees in crypto for select services and digital amenities, such as high-speed 5G, widespread crypto ATMs and even real estate deals via blockchain). The day-to-day lifestyle, from sunny weather and luxury real estate to five-star entertainment and outdoor recreation, is often compared to a perpetual vacation. Such perks have not gone unnoticed by the crypto elite: Numerous crypto conferences (like Token 2049), blockchain summits and networking events now take place in Dubai annually, reinforcing the sense of a thriving community. Crucially, the UAE also offers comfort on the legal and financial front: strong banking infrastructure with private banking services tailored to high-net-worth individuals and new family-friendly legal reforms (like secular options for marriage/inheritance) that provide expatriate families more certainty. The crypto future is being built in the emirates The UAE presents crypto millionaires not just a place to do business, but an upscale, convenient lifestyle and a secure home. It's a combination of tax-free crypto profits by day and luxury living by night that is hard to match elsewhere. From Dubai's bold metaverse ambitions to Abu Dhabi's institutional-grade infrastructure and Ras Al Khaimah's Web3-first regulatory sandbox, each emirate plays a unique role in shaping the UAE as a comprehensive crypto haven. With visionary governance, cutting-edge infrastructure and a welcoming environment for innovators, the UAE isn't just accommodating crypto — it's actively shaping its global future. In 2025 and beyond, the UAE's message to crypto entrepreneurs is clear: Bring your ideas, bring your capital and build your future here. It's a call that's resonating around the world and one that continues to draw the blockchain elite to this crypto-friendly oasis in the desert. Source:

Dh190 million unclaimed dividends distributed in H1 2025
Dh190 million unclaimed dividends distributed in H1 2025

Khaleej Times

time2 days ago

  • Business
  • Khaleej Times

Dh190 million unclaimed dividends distributed in H1 2025

Brokerage firms in the UAE distributed approximately Dh190 million in unclaimed dividends to rightful beneficiaries during the first half of 2025, according to the Securities and Commodities Authority (SCA). The SCA announced a 55 per cent increase in newly-issued licences and a 60 per cent rise in the total number of licensed companies compared to the same period in 2024. Licensed local investment funds increased by 79 per cent, driving a record 230 per cent growth in total assets under management. Meanwhile, registered foreign investment funds grew by 54 per cent, and the value of registered bond and sukuk programmes rose by 35 per cent compared to the first half of 2024. 'We are not merely keeping pace with global developments; we are actively reshaping them by setting new standards that unlock unprecedented opportunities for sustainable growth. Through an innovative regulatory framework, we are redefining transparency, accountability, and excellence, establishing the UAE as a global leader in advancing the international economy,' said Waleed Saeed Al Awadhi, CEO of the SCA. The SCA Board also approved the formation of a coordinating committee with members from the Financial Services Regulatory Authority (FSRA), Dubai Financial Services Authority (DFSA), Dubai Virtual Assets Regulatory Authority (VARA), and a distinguished group of industry experts, namely Bryan Stirewalt, Sahar Badran, and Saeed Mansour Al Awar to review draft legislation, evaluate existing regulatory frameworks, and propose amendments to enhance harmonisation between regulatory authorities. Furthermore, the SCA approved a new regulatory framework governing goodwill in public joint-stock companies, recognising it as an intangible asset that includes brand strength and corporate reputation. The framework aims to promote compliance with international accounting standards and establish clear valuation principles to support boards of directors, audit committees, and external auditors, while enhancing transparency and investor disclosure practices. These decisions underscore the SCA's impactful regulatory leadership and its role in advancing the integration of the global financial system through innovative practices that promote transparency and sustainability. They further elevate the UAE's position as a proactive leader shaping the future of the global economy.

Oryx Global Partners secures Fund Manager License and signs the Abu Dhabi Sustainable Finance Declaration
Oryx Global Partners secures Fund Manager License and signs the Abu Dhabi Sustainable Finance Declaration

Zawya

time09-07-2025

  • Business
  • Zawya

Oryx Global Partners secures Fund Manager License and signs the Abu Dhabi Sustainable Finance Declaration

London, Abu Dhabi – Oryx Global Partners ('Oryx'), the investment firm dedicated to facilitating the energy transition and securing supply chains through strategic investments in the minerals value chain, announces that it has secured a Category 3C (CAT3C) fund manager license from the Financial Services Regulatory Authority (FSRA) of ADGM, and signed the Abu Dhabi Sustainable Finance Declaration. Highlights: Oryx invests in the minerals value chain, targeting critical and strategic minerals assets in favorable jurisdictions where they can create a positive impact. Oryx secured the Category 3C fund manager license from the FSRA of ADGM, providing a robust regulatory framework for Oryx to manage investment funds and portfolios, whilst leveraging Abu Dhabi's exceptional infrastructure and global connectivity. By signing the Abu Dhabi Sustainable Finance Declaration, Oryx reinforces its position as a pioneer of responsible and sustainable practices in the minerals investment space, creating value for its investors and broader stakeholders. The license enables Oryx to manage investment funds and portfolios, with their focus on advancing responsible and sustainable investment strategies in the minerals value chain, targeting critical and strategic minerals assets, in favorable jurisdictions. ADGM has established itself as a leading hub for innovation in finance, committed to fostering a financial ecosystem that is trusted and progressive. The fastest growing financial center in the region, it is home to almost 150 asset and fund managers and almost 3,000 operational entities [1]. Oryx benefits from ADGM's infrastructure as well as its strategic location and connectivity to both Eastern and Western markets, allowing the team to reach its key markets and investors with relative ease. Reinforcing its commitment to responsible and sustainable investing, Oryx has also signed the Abu Dhabi Sustainable Finance Declaration. This voluntary initiative launched by ADGM brings together financial institutions and industry leaders to drive sustainable finance and growth. By joining this collective effort, Oryx affirms its dedication to working collaboratively to achieve the United Nations Sustainable Development Goals (SDGs) and advance the sustainable finance industry. Zeno van Gils, Managing Partner of Oryx, said: 'We are proud to have secured our fund manager license in ADGM, which marks a significant step in our mission to facilitating the energy transition and securing supply chains through strategic investments in the minerals value chain. 'We'd like to thank ADGM for the efficient process and their support as we worked through the license application. ADGM provides us with a strong regulatory framework, access to a global financial hub, and a strategic location at the heart of international commerce and investment. We are excited to work in this well-established and dynamic region.' Paul Schaffer, Managing Partner of Oryx, said: "Signing the Abu Dhabi Sustainable Finance Declaration reflects our commitment to responsible and sustainable investing, which has been at the heart of Oryx's strategy from the outset. We look forward to supporting ADGM's work in promoting sustainable practices within the finance industry.' Arvind Ramamurthy, Chief Market Development Officer, ADGM, said: 'Oryx Global Partners' focus on advancing sustainable investment strategies aligns well with ADGM's commitment to a responsible, world-class business environment. We look forward to supporting Oryx's efforts as they contribute to the Abu Dhabi financial ecosystem and the growth of a resilient global economy." [1] ADGM, February 2025: About Oryx Global Partners Limited Oryx Global Partners is a specialist investment firm dedicated to securing supply chains and facilitating the energy transition through strategic investments in the minerals value chain. The Oryx team, composed of financial, technical, and operational experts with extensive resources and investment management experience, utilizes a proven investment process to identify high-quality investments and deliver significant operational value-add. Oryx is committed to delivering market leading returns to its investors and a net positive impact through its operations. Their responsible and sustainable approach enables Oryx to create lasting value through industry that benefits both its investors and broader stakeholders. Media contacts Camarco: oryx@ Georgina Whittle Amrith Uppuluri

UAE Embeds Robo-Advisers in Federal Financial Framework
UAE Embeds Robo-Advisers in Federal Financial Framework

Arabian Post

time07-07-2025

  • Business
  • Arabian Post

UAE Embeds Robo-Advisers in Federal Financial Framework

Arabian Post Staff -Dubai The Securities and Commodities Authority has granted formal approval for licensed portfolio management firms to offer robo-advisory services across the UAE mainland, marking a substantial enhancement to the nation's digital investing infrastructure. This federal authorisation extends beyond the jurisdiction of financial free zones such as the Dubai International Financial Centre and Abu Dhabi's FSRA, bringing all robo-investment services under a unified regulatory umbrella. The move is expected to reinforce protections for retail investors via stricter oversight and compliance requirements. ADVERTISEMENT Under the new regime, firms will deliver automated investment recommendations powered by artificial intelligence and advanced algorithms. These platforms evaluate individual risk profiles to design tailored asset allocations, typically leveraging exchange‑traded funds or index funds at lower cost than conventional advisory channels. The SCA mandates a comprehensive governance framework: independent IT audits, stringent cybersecurity protocols, periodic algorithm reviews and transparent disclosures of fees and investment risks. Licensed providers will adhere to the existing discretionary and non‑discretionary portfolio management frameworks within client agreements. SCA CEO Waleed Saeed Al Awadhi described the regulation as a manifestation of the UAE's strategic digital transformation. He stated that integrating AI into investment decision-making will enhance efficiency and create 'smart, sustainable, and secure financial solutions,' reinforcing the UAE's goal of becoming a world-class financial hub. Market analysts note that assets under management in global robo-advisory were forecast to reach US $2.06 trillion in 2025, with user numbers hitting 34 million by 2029. In the UAE, platforms such as Sarwa, StashAway and Baraka currently operate under DIFC and FSRA regulation, but this federal licence allows them to onboard mainland clients directly. Retail investor appetite for technology-driven investment options has surged, as seen in the rising adoption of zero‑commission trading platforms including Robinhood, eToro and Interactive Brokers. The introduction of a federal licence for robo‑advisers is expected to broaden participation further. Industry experts emphasise both promise and caution. Vijay Valecha, chief investment officer at Century Financial, applauds the harmonisation of regulation across jurisdictions, stating it 'provides further protection and transparency to retail investors' and bolsters international competitiveness. Raaed Sheibani of StashAway commented that the clearer regulation framework will 'expand digital investing in the UAE' and boost investor confidence. However, concerns endure regarding the limitations of algorithmic advice. Rupert Connor of Abacus Financial Consultants warned that robo-advisers often lack capacity to handle complex scenarios involving tax planning, inheritance, or behavioural guidance during volatile markets. Financial coach Jay Adrian Tolentino added that algorithm-based systems may miss elements of personal context that can be crucial. Technical vulnerabilities, including outages or system failures, also remain a potential risk. With stricter federal oversight, the SCA expects a rise in trust and participation from mainland investors, leveraging automation to democratise wealth creation. The initiative aligns with the UAE's broader 'We the UAE 2031' vision of fostering a knowledge-based, resilient economy through fintech innovation.

FSRA issues notice of proposal against 2748204 Ontario Inc. operating as Flex Home Loans and against Michael Yosher Français
FSRA issues notice of proposal against 2748204 Ontario Inc. operating as Flex Home Loans and against Michael Yosher Français

Cision Canada

time04-07-2025

  • Business
  • Cision Canada

FSRA issues notice of proposal against 2748204 Ontario Inc. operating as Flex Home Loans and against Michael Yosher Français

TORONTO, July 4, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against 2748204 Ontario Inc. operating as Flex Home Loans (Flex Home Loans) and Michael Yosher (Yosher). FSRA alleges that Flex Home Loans' and Yosher's conduct affords reasonable grounds for belief that Flex Home Loans will not administer mortgages in accordance with the law and with integrity and honesty because Flex Home Loans and Yosher contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations as follows: by carrying on business as a mortgage lender in Ontario while not being licensed or exempted from the requirement of being licensed, contrary to section 4(2) of the Act; and by including false or misleading information in renewal applications, contrary to sections 45(1) and 45(2) of the Act. FSRA is proposing to issue a compliance order requiring Flex Home Loans and Yosher to cease and desist from the business of mortgage lending, to inform the investors of Flex Home Loans of its licence revocation and to either facilitate the investors in finding a new mortgage administrator or to facilitate the investors administering their investments themselves. FSRA seeks to revoke the mortgage administrator licence of Flex Home Loans 31 days after the compliance order takes effect, and to impose an administrative penalty of $10,000 against Yosher. Flex Home Loans and Yosher have requested a hearing before the Financial Services Tribunal about this proposal. Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected]

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