Connect with us

News

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

Published

on

Spread the love

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.

Continue Reading
Advertisement

News

No tolls, free parking in Abu Dhabi this Friday

Published

on

Spread the love

Motorists in Abu Dhabi can use public parking for free and avoid Darb toll charges at four gates on Friday, August 28, for the Prophet Muhammad’s (PBUH) birthday public holiday.

Q Mobility said regular toll and parking charges will resume on Saturday, August 29.

Which toll gates are free?

Darb tolls will be waived on Friday at:

  • Sas Al Nakhl
  • Al Maqta
  • Rabdan
  • Al Saadiyat

However, Al Qurm and Ghantout toll gates will remain chargeable. Both operate 24/7 at AED 4 per crossing.

Mawaqif parking free

Public Mawaqif parking across Abu Dhabi will also be free on August 28.

The exemption does not cover multi-storey public parking buildings, where normal charges will continue.

Regular Mawaqif fees will return on Saturday, August 29.

Q Mobility Centres Closed

Q Mobility Customer Happiness Centres in Abu Dhabi and Al Ain will be closed on Friday and reopen on Monday, August 31.

Motorists can continue using Q Mobility’s digital services 24/7 through its website, the Darb app and TAMM.

Continue Reading

News

Crackdown on Illegal paying guests: Dubai’s new shared housing law takes effect with fines up to Dh1m

Published

on

Spread the love

Dubai’s new legislation governing shared accommodation officially came into effect on August 26. Applying across the entire emirate, including free zones and special development zones, the comprehensive framework is designed to eliminate dangerous, overcrowded, and unauthorised partition rentals while establishing formal licensing standards for communal living.

What qualifies as shared housing?

Under the law, shared housing is defined as any residential property where individuals or families occupy private designated living spaces while sharing common facilities like kitchens, bathrooms, and dining areas.

Who is permitted to rent out shared units?

The new framework strictly bans unauthorised subletting by tenants. A primary tenant can no longer rent out individual bedrooms, partitioned spaces, or bed spaces directly to roommates or third parties.

Only the following entities can legally offer shared housing:

  • Registered Property Owners: Leasing spaces directly to occupants under formal contracts. 
  • Licensed Management Companies: Authorised operators contracted by the owner to run and lease the property. 
  • Licensed Operators Subletting Master Leases: Approved commercial entities leasing an entire property from the owner to sublet authorised units to tenants. 

Penalties for violations

Authorities have introduced strict financial and operational consequences for non-compliance:

  • Initial Fines: Dh500 up to Dh500,000, depending on the severity of the violation.
  • Repeat Violations: Fines double for repeat offences committed within one year, capped at Dh1,000,000.
  • Operational Sanctions: Authorities may suspend operations for up to 6 months, revoke commercial licenses, cancel permits, disconnect utilities, seize equipment, or order the direct evacuation of non-compliant properties.

Grace period & tenant protection

  • Compliance deadline: Existing shared housing operators and property owners have until August 26, 2027, to obtain permits and bring their properties into full compliance. 
  • Protection from sudden eviction: If an operator’s permit is suspended or cancelled, authorities can grant occupants an interim stay period to secure alternative accommodation rather than facing immediate eviction. 

Approved property/resident categories

The regulation permits shared accommodation across six distinct property types:

  • Residential apartments
  • Detached/standalone houses
  • Residential complexes
  • Mixed-use buildings
  • Attached / adjoining houses
  • Multi-storey buildings

Permitted occupant groups include families, single men, single women, university students, government personnel, and private sector corporate employees. Corporate and student housing provided directly by employers or educational institutions does not require individual tenancy contracts.

Continue Reading

News

Free parking in Dubai this Friday as RTA announces public holiday timings

Published

on

Spread the love

Dubai motorists will get a break from parking fees this Friday as public parking spaces across the emirate will be free to use for the public holiday marking the birthday of Prophet Muhammed (PBUH).

The free parking applies to public parking spaces across Dubai, excluding multi-level parking terminals.

Normal parking charges will resume on Saturday, August 29.

Metro and tram timings

Public transport services will operate on special schedules during the holiday.

  • Dubai Metro: Red and Green Lines will run from 5am until 1am the following day.
  • Dubai Tram: Services will operate from 6am until 1am the following day.
  • Public buses: Passengers are advised to check the S’hail app for the latest routes and timings.

Bus route suspended temporarily

Passengers travelling between Dubai and Abu Dhabi should note that bus route E100 from Al Ghubaiba Bus Station will not operate from August 27 to August 30.

During this period, passengers are advised to use bus route E101, which operates from Ibn Battuta Bus Station to Abu Dhabi.

RTA Centres

Most RTA customer happiness centres will be closed on Friday, August 28.

However, some locations will continue to operate around the clock, including:

  • Umm Ramool customer happiness centre
  • Smart customer service centres in Deira
  • Al Barsha
  • Al Tawar
  • Al Kifaf
  • RTA head office

These smart centres will remain available 24/7 during the holiday.

Vehicle testing centres: What’s open?

Service provider centres for vehicle technical testing will generally be closed on Friday, with normal operations returning on Saturday.

However, several centres will remain open during the holiday:

  • Al Mutakamela Al Quoz
  • Al Mutakamela Al Qusais
  • Aber
  • Wasel Al Jaddaf

These centres will provide vehicle technical testing and registration services during the holiday, operating from 7am to 12 noon and again from 3pm to 10:30pm.

Marine transport

Marine transport services will also operate according to holiday timings. Passengers should check the RTA’s latest marine transport schedule before travelling.

What residents should know

For residents planning to drive or use public transport on August 28, the key points are simple: public parking is free, Dubai Metro and Tram will operate on extended schedules, and some RTA service and vehicle testing centres will remain open despite the holiday.

Passengers using buses, especially those travelling to Abu Dhabi, should check their route before leaving home as some services will operate differently during the holiday.


Continue Reading

Popular

© Copyright 2025 HEADLINE. All rights reserved

https://headline.ae/