Companies

China crypto boycott slices incomes and spikes Huobi to ‘go global’

Published

4 years ago

November 10, 2021

Spread the love

The trade is removing Chinese clients and will lose 33% of incomes from the following year, co-founder tells FT

China’s restriction on private advanced resources will clear out close to 33% of incomes for Huobi Global, one of the world’s biggest digital currency trades, and power it to search somewhere else for development, the prime supporter said. Huobi is being compelled to remove its customers in China and surrender 30% of its incomes on account of the country’s crackdown on digital currencies. To compensate for that misfortune the trade intends to chase after clients in other monetary focuses, underlining the worldwide effect of China’s choice. “Between late September to December 31 we are currently halting overhauling all our Chinese clients. There will be no Chinese clients on the platform . . . so our incomes from [these clients] will go to nothing,” Du Jun, the 33-year-old prime supporter of the trade, said in a meeting with the Financial Times. Huobi is one of the small bunch of trades that have profited from bitcoin hitting standard business sectors as the cost of the advanced coin has mobilized to a progression ever highs since March a year ago. That has turned Huobi, FTX, Coinbase and a couple of other new businesses into billion-dollar organizations. Jun underscored that 70% of the organization’s income was at that point abroad yet said it was speeding up endeavors to extend universally and quadrupling its worldwide headcount from the current 1,000. “We are truly agreeable in Asia and we are the pioneer here, yet we want another accentuation, we want to go worldwide,” said the manager of the Seychelles-based trade. He would not give income or benefit figures to the business. Until 2018, China partook in a staggering predominance in bitcoin markets, as it was home to most of mining and exchanging action. In any case, in the beyond four years, a progression of crackdowns finished in Beijing’s restricting all computerized resources this October. The US has effectively outperformed China as the biggest mining center point. The moving administrative breeze is compelling Huobi, which is China’s biggest trade and delighted in close connects to political elites, to increase its worldwide tasks forcefully, focusing on countries and locales, for example, Russia, Turkey and Latin America for retail customers and Europe and the US for huge financial backers dynamic in proficient business sectors. In October, $211bn worth of advanced resources changed hands on the stage, down 74% since the boycott in May, as indicated by information expert CryptoCompare.

Jun helped to establish the trade with his colleague, Leon Li, a previous Oracle PC engineer, in September 2013, regardless of Jun at first reasoning that bitcoin had acquired in esteem excessively fast to be everything except a trick. “Leon recommended: what about we don’t buy the resource however we simply accomplish something like a trade?” he said. After their discussion, they assessed the two existing crypto trades in China, the now-old Mt Gox and BTC China. They assessed that the stages were making $500,000 every month. So they followed up on the thought, picking a name that signifies “fire coin” and drawing in merchants with zero exchange charges. The trade is a privately owned business and says it has no “immediate relationship” with Hong Kong-recorded Huobi Technology, which likewise runs a resource the executives arm offering crypto-related assets, in spite of the fact that “it shares a vital investor and organizer” in Leon Li.

Regardless of incomes being cut in China, Huobi is commending its eighth commemoration by parting with “millions” in crypto, sending a yet to be picked client to space and following friend FTX in seeking superstar supports. Jun, who maintains the business from Singapore, needs to make half of its labor force global. In any case, the trade has no designs for a worldwide central command, leaning toward its current “decentralized construction”, with workers dispersed all throughout the planet. It is additionally reinforcing its consistence office as administrative issues could surface before very long if the stage keeps on wandering into the vitally monetary centers. Huobi has more than $2bn worth of the questionable stablecoin tie under care and is offering 55% of profits paid in tie for financial backers who store euro or authentic on the trade. That could likewise place the stage in the sights of controllers in the US, the UK and Europe, as they fix their oversight of crypto exercises. A review from the National Bureau of Economic Research said that Huobi and Binance filled in as “a door for tax evasion and other dim exercises” because of absence of know your client (KYC) checks. A representative for the trade said clients need to go through “thorough” KYC cycles to exchange over a specific sum and to have the option to change monetary forms over to computerized coins.

Business

UAE launches new digital platform to manage federal government real estate

Published

1 week ago

January 12, 2026

Michael Gomes

Spread the love

The UAE Ministry of Finance has launched a new digital system to centralise and manage data on all federally owned real estate, marking another step in the country’s push to modernise public asset management and strengthen governance.

The platform, known as the Federal Government Real Estate Assets Platform, will act as a unified electronic registry for federal government properties. It is designed to document, update and classify real estate data, while linking assets directly to financial and operational systems across the federal government.

The ministry said the launch fulfils the requirements of Article 18 of Federal Decree-Law No. 35 of 2023 on Union-Owned Properties, which mandates the creation of a federal electronic registry for government real estate.

Supporting digital transformation

Younis Haji AlKhoori, Undersecretary at the Ministry of Finance, said the platform is designed to strengthen regulation, governance and oversight of federal real estate assets, while supporting the UAE government’s wider digital transformation agenda.

By automating real estate-related processes, the system aims to improve data accuracy and provide better insights for policymaking, planning and long-term asset management.

Federal entities can use the platform to register and update property data under standardised classifications, manage leasable spaces, and submit real estate-related requests through automated workflows. These include inspections, transfers, sales, demolitions and structural changes to properties.

The platform also integrates with other federal systems to ensure records remain up to date, while generating reports and performance indicators to support evidence-based decision-making.

Linking real estate and financial data

Mariam Mohamed Al Amiri said the platform was developed to unify real estate data across federal bodies and connect it directly to financial and operational procedures, helping improve planning, expenditure control and transparency.

The system records both financial and non-financial data, including property values, depreciation, operating costs, location, condition and technical specifications. It also stores digital documents such as architectural drawings, site maps and contracts.

A new four-tier classification structure, covering sites, buildings, floors and individual units, standardises how government real estate is recorded and enables faster access to information.

From paper to digital

According to the ministry, the platform replaces paper-based procedures with a fully digital framework that supports real-time tracking, automated approvals and structured lease management, including contract creation, amendments and terminations.

Officials said the move will improve the efficiency of federal real estate use, enhance governance and support long-term planning of government-owned properties as part of the UAE’s broader digital government strategy.

Announcements

UAE VAT rules are changing in 2026: Here’s what businesses need to know

Published

2 months ago

December 4, 2025

Michael Gomes

Spread the love

The UAE’s Ministry of Finance has announced a new set of amendments to the country’s VAT law, with the revised rules taking effect on January 1, 2026. The changes are designed to make the tax system easier to use and more aligned with international best practices.

In a statement, the Ministry said the move supports the UAE’s ongoing efforts to streamline its tax framework and improve administrative efficiency. The updates are also designed to provide businesses with greater clarity and reduce unnecessary paperwork.

Simpler filing, fewer steps

One of the biggest changes removes the requirement for businesses to issue self-invoices when using the reverse charge mechanism. Instead, companies will simply need to keep the usual documents that support their transactions, such as invoices, contracts and records, which the Federal Tax Authority (FTA) can review when checking compliance.

According to the Ministry, this adjustment “enhances administrative efficiency” and provides clear audit evidence without placing extra paperwork burdens on businesses.

Five-year window for VAT refunds

The updated law also introduces a five-year limit for claiming back refundable VAT after accounts have been reconciled. Once this period ends, businesses lose the right to submit a claim. Officials say this helps prevent long-delayed refund requests and gives taxpayers more certainty about their financial position.

Tighter rules on tax evasion

To protect the system from misuse, the FTA will now have the authority to deny input tax deductions if a transaction is found to be linked to a tax-evasion arrangement. This means businesses must ensure the supplies they receive are legitimate before claiming input VAT.

Taxpayers are expected to verify the “legitimacy and integrity” of supplies as part of these strengthened safeguards.

Supporting a competitive economy

The Ministry said the amendments will boost transparency, ensure fairness across the tax system and support better management of public revenue. The updated rules also aim to maintain the UAE’s competitive edge while supporting long-term economic sustainability.

Business

Dubai launches new permit to help free zone firms do business on the mainland

Published

4 months ago

October 8, 2025

Michael Gomes

Spread the love

Businesses in Dubai’s free zones can now trade more easily on the mainland, thanks to a new Free Zone Mainland Operating Permit announced on Wednesday by Dubai’s Department of Economy and Tourism (DET).

The move is designed to simplify and make it more cost-effective for companies to operate across jurisdictions, providing them with access to domestic trading opportunities and government contracts, previously available only to mainland-licensed firms.

“This initiative cements Dubai’s position as a benchmark for regulatory innovation,” said Ahmad Khalifa AlQaizi AlFalasi, CEO of Dubai Business Registration and Licensing Corporation. “We’re enhancing ease of doing business and opening new avenues for growth, from domestic trading to government tenders.”

What the Permit Offers

Cross-border flexibility: Free zone companies can now engage in mainland activities without setting up a separate mainland entity.
Low-cost entry: The permit costs Dh5,000 for six months and is renewable for the same fee.
Talent mobility: Firms can use their existing staff for mainland operations without hiring additional employees.
Tax compliance: Revenue earned from mainland activities will be subject to the 9% corporate tax, with companies required to maintain separate financial records as per Federal Tax Authority (FTA) rules.

Who Can Apply

The first phase of the permit covers non-regulated sectors, such as:

Technology and IT services
Consultancy and design
Professional services
Trading

Plans are in place to extend the permit to regulated sectors in the future.

Eligible businesses must have a Dubai Unified Licence (DUL). They can apply online via the Invest in Dubai (IID) platform, ensuring a quick and hassle-free process for SMEs, startups, and larger enterprises.

Big Boost for Businesses

DET expects the initiative to increase cross-jurisdiction activity by 15–20% in its first year, benefiting over 10,000 active free zone firms.

By enabling free zone companies to integrate more closely with domestic supply chains, the permit opens doors to billions of dirhams worth of government tenders and contracts, creating new opportunities for growth, innovation, and job creation.