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Dubai’s monetary controller intends to dispatch cryptographic money guidelines in final quarter

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Dubai controller dispatches expansive system for speculation tokens.

The Dubai Financial Services Authority (DFSA) plans to dispatch a different administrative system covering ‘trade tokens’ (also called cryptographic forms of money), utility tokens and certain resource supported tokens (Stablecoins) in the final quarter.

“Our meeting on speculation tokens empowered us to get what firms were searching for in an administrative system and present a system that is applicable to the market,” said Peter Smith, Managing Director, Head of Strategy, Policy and Risk at DFSA.

Dubai’s monetary area guard dog dispatched its administrative system for speculation tokens. The system mirrors the proposed guidelines illustrated in Consultation Paper 138 gave in March last and will shape the first of two periods of the DFSA’s Digital Assets system.

The administrative system characterizes a speculation token as either a security token or a subordinate token. They are:

• A security or subsidiary as a cryptographically gotten computerized portrayal of privileges and commitments that is given, moved and put away utilizing disseminated record innovation (DLT) or other comparative innovation; and

• A cryptographically got advanced portrayal of freedoms and commitments that is given, moved, and put away utilizing DLT or other comparable innovation and: (I) gives privileges and commitments that are significantly comparative in nature to those gave by a Security or Derivative; or (ii) has a generously comparative reason or impact to a Security or Derivative.

The venture tokens’ administrative system applies to people or substances intrigued to advertise, issue, exchange or hold speculation tokens in or from Dubai International Financial Center (DIFC). It applies to approved firms wishing to embrace monetary administrations identifying with venture tokens or overseeing optional portfolios or aggregate speculation supports putting resources into venture tokens.

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Ring in the New Year on Dubai’s waters: Abra, Taxi & Ferry with Atlantis views

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As Dubai residents and tourists gear up to celebrate New Year, they can ring in 2025 with celebrations in the waters of the emirate.

The Roads and Transport Authority in Dubai has announced special offers and exclusive services during the New Year’s Eve, December 31, 2024, on marine transport means including the Dubai Ferry, the Abra, and the Water Taxi.

Passengers can enjoy views of the Burj Khalifa, Bluewaters, Atlantis, Burj Al Arab and Jumeirah Beach Towers. Residents can cruise into 2025 aboard the Dubai Ferry, Water Taxi, and Abra, with the backdrop of the Dubai coastline, adorned with hotels, heritage areas and landmarks such as The World Islands.

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Dubai Safari to introduce extended hours for night safaris

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Timings at the Dubai Safari Park will be extended this winter season, allowing visitors to experience the attraction at night. Evening visitors will be able to observe changes in the animals’ behaviour as the night deepens. The park’s lions will roar more, the usually elusive pygmy hippos will be more active and the predatory instincts of carnivores primed for nocturnal hunting will intensify.

The night safari timings of 6pm to 8pm will be applicable for a limited period—from December 13 to January 12. Tickets will be sold on the park’s website starting from December 11.

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The extended hours will include two night safaris led by wildlife guides. Visitors can “expect to catch” a glimpse of the night-time routines of over 90 species, “besides participating in interactive activities involving animals”, the park’s operator said. The safari will host live performances, including an African fire show and a neon display. Visitors will be able to observe and study the animals’ natural adaptations at night, which include enhanced night vision, echolocation, and a heightened sense of smell and hearing.

Ahmad Al Zarouni, director of Public Parks and Recreational Facilities at Dubai Municipality, said, “With the introduction of the unique night safari, we are excited to reveal a new perspective on the world of wildlife after dark. This experience offers a rare opportunity to explore hidden aspects of life in the wild and learn about our constant efforts to enhance animal welfare, by day and by night.”

The extended timings are being offered amid the country’s peak tourist season.

According to the Dubai Safari Park, “well-considered measures” are in place to ensure that the ecosystem and animals’ natural routines remain undisturbed during the night safaris. “Only nocturnally active species will be part of the safari experience, allowing guests to observe them in their most natural state.”

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Dubai to reinstate 30% Alcohol Sales Tax in 2025

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From January 1, 2025, Dubai will reintroduce a 30% municipality tax on alcohol sales across the emirate. This tax, initially suspended at the end of 2022 as part of a trial period for 2023, was extended through 2024 before the recent announcement of its reinstatement.

What the Suspension Meant for Consumers and Businesses :

When the tax was first paused, restaurants and bars benefitted from lower procurement costs, while retailers like MMI and African+Eastern reduced their prices, allowing consumers to enjoy significant savings. However, the impact on restaurant and bar pricing was less straightforward, as some establishments passed on partial savings rather than the full 30% reduction.

With the return of the tax, prices at both retail outlets and hospitality venues are expected to increase, affecting consumers directly.

How to Apply for an Alcohol License in Dubai :

Though the UAE removed the criminal offense of consuming alcohol without a license on November 7, 2020, an alcohol license is still required for purchasing and possessing alcohol in Dubai.

The process to obtain a license is straightforward and free. Residents can apply using their Emirates ID, while tourists can use their passport. Applications can be made in-store at African+Eastern or MMI outlets or completed instantly online with staff assistance.

Prepare for changes in pricing as the reinstated tax takes effect, and ensure you have the proper license to make your purchases in compliance with Dubai’s regulations.

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