Law Firm ILN-telligence Podcast | Episode 74: Ziad Salloum, Salloum & Partners, United Arab Emirates
The Senate has yet to take action on the 21st Century Act (FIT21) (H.R.4763) which passed the House by a comfortable margin of 279-136 on May 22, 2024. FIT21 is a proposed landmark piece of legislation that would enact a...more
A recent judgment from the Dubai Court of First Instance determined that part of an employee’s remuneration can be paid in cryptocurrency, but notably does not change the basic principle that cryptocurrencies cannot be the...more
In recent years, the global economy has witnessed the popularity and adoption of cryptocurrencies, with Dubai emerging as a notable player in this digital financial landscape. As the market for virtual assets continues to...more
In the crypto world, does it really matter where you are? Is there a sunny offshore paradise perspective on the click of a button and a fintech trade? The answer lies as usual in how to unravel a problem should it arise. Both...more
U.S. Bank Launches Blockchain Network, Crypto Bank Gains Securities License - According to recent reports, the largest bank in the U.S. has gone live with its blockchain-based Tokenized Collateral Network (TCN) and...more
With so many new, emerging risks coming to the forefront, ACI is excited to announce our Digital Assets Compliance: AML, Sanctions and Regulatory Oversight. Unlike other conferences, this highly anticipated event stands apart...more
Crypto Firms Announce New Product Launches in Custody, Stablecoins, Wallets - According to a recent press release, Prometheum Capital has received the first-ever approval from the Financial Industry Regulation Authority...more
The regime introduces rules on various crypto tokens, including cryptocurrencies and stablecoins, in the Dubai International Financial Centre. On November 1, 2022, the Dubai Financial Services Authority (DFSA) crypto...more
In Short - The Situation: On 11 March 2022, Dubai Law No. 4 of 2022 Regulating Virtual Assets in the Emirate of Dubai (the "Law") came into effect. The Law establishes the foundation of a regulatory regime for virtual assets...more
As the global digital asset industry continues to grow, regulators worldwide have increased efforts to define and shape the legal landscape through various approaches. In the UAE, for example, the Financial Services...more
In a keynote address at the Global Investigations Review Connect: New York conference on October 5, Principal Associate Deputy Attorney General John Carlin provided insights into future Department of Justice (“DOJ” or the...more
Pending before the Second Circuit is a unique (and apparently sua sponte) application of the jurisdictional test announced by the Supreme Court in Morrison v. Nat’l Australia Bank Ltd., to dismiss non-securities state law...more
The Abu Dhabi Global Market’s Guidance clarifies and expands FSRA expectations for OCAB Framework license holders. In June 2018, the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) unveiled a...more
U.S. Developments - Kik Publicizes Response to Possible SEC Enforcement - On January 27, the Wall Street Journal published an article describing the impending legal battle over cryptocurrency Kin and its 2017 ICO. That...more
U.S. Developments - Congressmen Introduce Legislation to Define “Digital Token” Under the Securities Laws - On December 20, 2018, two congressmen introduced the “Token Taxonomy Act” (H.R. 7356) before the 115th Congress...more
This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including DOJ guidance on the use of corporate monitors in criminal...more
U.S. Developments - Regulatory Updates - FinCEN Issues Advisory on Illicit Iranian Activities - On October 11, 2018, the U.S. Treasury Department Financial Crimes Enforcement Network (“FinCEN”) issued an advisory to...more
Introduction - Recent technological innovations are transforming how financial activities are conducted and regulated. The technological advances have also resulted in disrupting traditional financial services and other...more
Background - Against the backdrop of the increasing prominence of cryptocurrencies globally, initial coin offerings or ICOs are becoming commensurately popular as a capital raising method. ICOs, essentially a method of...more
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more
Investors should consider specific factors when choosing whether to establish a legal presence onshore or in a UAE free zone. Key Points: ..Fintech companies typically must establish a legal presence — either onshore or...more
UAE-based fintech companies should understand the applicable onshore regulations — many of which are new and largely untested — when providing specific services. Key Points: ..UAE fintech companies need sophisticated...more
This is the first in a series of articles considering legal issues relating to bitcoin, cryptocurrencies and blockchain in the UAE. In this article we focus on the legal status of bitcoin and address the question of whether...more