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UAE Warns Of Cyber Attack Threat Over New Year Holidays

Hacking tools are simpler than ever to use, making it possible for a host of scammers to profit over the holiday season.

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uae warns of cyber attack threat over 2023 new year holidays

The rise of digital services in the Middle Eastern region, plus a growing number of internet and smartphone-equipped users, has dramatically increased the risk of cyber attacks, even threatening utility services such as water, gas, and electricity providers.

As we head into the New Year holiday weekend, the UAE Cybersecurity Council has given its citizens a stark warning of increased hacking and scamming activity from cybercriminals.

The council has emphasized the need for all institutions and authorities to ramp up their cyber defense systems, staying vigilant to threats and sharing information with the public to help them bolster their online safety, and working closely with authorities to pass on details of imminent threats.

Increased hacking activity isn’t just down to a growing reliance on digital services. The UAE Cybersecurity Council has also pointed out that hacking tools are now extremely simple for criminals to deploy. The council has stressed that both companies and individuals alike should adopt stronger protection mechanisms to safeguard themselves and their businesses.

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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.

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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.

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