News

UAE Bans Recreational Drone Use Following Deadly Attack

Those who break the new rule and get caught flying their drones can face financial penalties or go to jail for up to three years.

Published

2 years ago

January 26, 2022

David Morelo

uae bans recreational drone use following deadly attack

DJI

Drones have many legitimate uses, from capturing the world from the bird’s-eye view for journalism and film to delivering packages and even precious cargo like defibrillators to playing an important role in search and rescue operations. But just like every other technology, a drone can be used both for good and evil.

Recently, a drone attack on an important oil facility in Abu Dhabi killed three people and led to a fire at Abu Dhabi’s international airport. The attack was claimed by Yemen’s Houthi rebels, who have since then launched more attacks against the United Arab Emirates and its neighbor, Saudi Arabia.

Based on currently available information, it seems that the attackers have strapped bombs to large consumer-grade drones with enough carrying capacity and battery power to take them to their destination.

“Several attacks, a combination of cruise missiles, ballistic missiles, and drones, targeted civilian sites in the UAE” said Yousef Al-Otaiba, UAE ambassador to Washington. “Several were intercepted, a few of them didn’t and three innocent civilians, unfortunately, lost their lives”.

In response to the attacks, the UAE has banned hobbyists from flying their drones and other light aircraft, such as gliders. Those who break the new rule and get caught flying their devices can face financial penalties or go to jail for up to three years, reports the Dubai-based Khaleej Times.

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Even before this announcement, drone enthusiasts in the UAE have already been required by law to obtain a certificate from the Dubai Civil Aviation Authority. The certification process is now put on indefinite hold, and its official website displays an error message.

According to the Ministry of Interior, exceptions can be made on a case-by-case basis for work contracts or commercial or advertising projects that rely on filming using drones.

News

Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

Published

27 mins ago

April 19, 2024

Nour Nasir

binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.