David - Cryptocurrency Enthusiast
Cryptocurrency will play a major role in the United Arab Emirates' (UAE) global trade moving forward, according to the UAE’s minister of state for foreign trade, Thani Al-Zeyoudi. In an interview with Bloomberg on Jan. 20, Al-Zeyoudi stated that the most important thing for the UAE is to ensure global governance when it comes to cryptocurrencies and crypto companies. He also noted that the UAE has attracted a lot of talent from the crypto sector and now needs to roll out the correct regulation to support further growth.
The UAE is currently working on its crypto regulatory regime, with a focus on making the country a hub with crypto-friendly policies that also have sufficient protections in place. Al-Zeyoudi stated that the UAE has started attracting some companies to the country with the aim of building the right governance and legal system together. Reputable crypto brokers such as BCBitcoin will be able to operate efficiently in this new framework.
The comments from Al-Zeyoudi come just a week after the UAE Cabinet introduced new regulation which ensures that entities engaging in crypto activities must secure a license and approval from the Virtual Asset Regulatory Authority (VARA). Companies that fail to do so will face fines of up to $2.7 million under the new law.
The UAE is committed to creating a friendly stance towards crypto while also complying with international standards in Anti-Money Laundering (AML), combating the financing of terrorism (CFT) and supporting financial sanctions. The UAE also wants to be a hub for crypto companies and investment, despite the recent FTX debacle.
If you're interested in investing in cryptocurrency, now may be a good time to start researching the crypto market for investment opportunities. With crypto asset management and a variety of options for buying and selling cryptocurrency, including through reputable crypto brokers like BCBitcoin, it's easier than ever to invest in digital currencies. Additionally, as more bitcoin companies and other crypto-related businesses establish themselves in the UAE, there may be more opportunities for cheap crypto currency and cryptocurrency investment and trading.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards