Dubai's crypto regulator has granted Cryptocurrency Binance another license. Binance now has the ability to provide additional crypto-related services within Dubai.
Binance gets a new license in Dubai
Cryptocurrency Binance announced Wednesday it had been granted the Minimal Viable Product license (MVP) by Dubai's Virtual Asset Regulatory Authority.
An announcement explains that Binance can now open a client money account at a local bank.
Binance offers a range of approved virtual asset-related services for qualified institutional and retail investors in Dubai.
These services include crypto exchange services, fiat currency conversion, transfer of crypto assets and custody and management.
VARA was established under the Dubai Virtual Asset Regulation Law in March. It is responsible for licensing and regulating crypto in Dubai and the free zone territories (exempt DIFC) as per UAE law. VARA granted Binance a provisional license in March which allowed it to offer limited crypto services.
His Excellency Helal Saeed Almarri Chairman of VARA stated:
Binance has been granted a license to operate in the VARA MVP program.
He said that VARA is looking forward to Binance contributing actively, strengthening Dubai's commitment to creating a future-gen secure environment for the economy.
Changpeng Zhao (CZ), founder of Binance and CEO, said:
Binance welcomes regulations that are consistent globally, allow responsible innovation, protect users and give them choices.
Binance has been expanding its presence across Europe with local entities in the MENA and throughout Europe in Italy and France.
What do you think Binance getting a license to provide more services in Dubai Comment below.
Frequently Asked Questions
How much money should I put into my Roth IRA?
Roth IRAs are retirement accounts that allow you to withdraw your money tax-free. The account cannot be withdrawn from until you are 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, you can't touch your principal (the initial amount that was deposited). This means that regardless of how much you contribute to an account, you cannot take out any more than you initially contributed. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule says that you cannot withdraw your earnings without paying income tax. Withdrawing your earnings will result in you paying taxes. Consider, for instance, that you contribute $5,000 per year to your Roth IRA. In addition, let's assume you earn $10,000 per year after contributing. This would mean that you would have to pay $3,500 in federal income tax. That leaves you with only $6,500 left. Because you can only withdraw what you have initially contributed, this is all you can take out.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. Additionally, half of your earnings would be lost because they will be taxed at 50% (half the 40%). Even though you had $7,000 in your Roth IRA account, you only received $4,000.
Two types of Roth IRAs are available: Roth and traditional. Traditional IRAs allow for pre-tax deductions from your taxable earnings. Your traditional IRA allows you to withdraw your entire contribution plus any interest. You can withdraw as much as you want from a traditional IRA.
Roth IRAs do not allow you to deduct your contributions. But once you've retired, you can withdraw the entire contribution amount plus any accrued interest. Unlike a traditional IRA, there is no minimum withdrawal requirement. It doesn't matter if you are 70 1/2 or older before you withdraw your contribution.
What are the fees for an IRA that holds gold?
A monthly fee of $6 for an Individual Retirement Account is charged. This fee includes account maintenance fees as well as any investment costs related to your selected investments.
If you wish to diversify your portfolio, you may need to pay additional fees. These fees can vary depending on which type of IRA account you choose. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Many providers also charge annual management fees. These fees range between 0% and 1 percent. The average rate for a year is.25%. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
What precious metals could you invest in to retire?
Gold and silver are the best precious metal investments. Both can be easily bought and sold, and have been around since forever. They are a great way to diversify your portfolio.
Gold: This is the oldest form of currency that man has ever known. It is stable and very secure. Because of this, it is considered a great way of preserving wealth during times when there are uncertainties.
Silver: Silver is a popular investment choice. It's a great option for those who want stability. Silver is more volatile than gold. It tends to rise rather than fall.
Platinium: Another form of precious metal is platinum, which is becoming more popular. Like gold and silver, it's very durable and resistant to corrosion. It is however more expensive than its counterparts.
Rhodium – Rhodium is used to make catalytic conversions. It's also used in jewelry making. It's also relatively inexpensive compared to other precious metals.
Palladium: Palladium, which is a form of platinum, is less common than platinum. It's also less expensive. It's a popular choice for investors who want to add precious metals into their portfolios.
Statistics
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
bbb.org
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement funds
irs.gov
How To
The History of Gold as an Asset
From ancient times to the beginning of the 20th century, gold was used as a currency. It was popular because of its purity, divisibility. uniformity. scarcity and beauty. Due to its value, it was also internationally traded. Because there were no internationally recognized standards for measuring and weighing gold, the different weights of this metal could be used worldwide. For example in England, a pound sterling equals 24 carats. In France, a livre tournois equals 25. Carats of golden. Germany had one mark which equals 28. Carats.
In the 1860s, the United States began to issue American coins made from 90% copper, 10% Zinc, and 0.942 Fine Gold. This led to a decrease of demand for foreign currencies which in turn caused their prices to rise. The price of gold dropped because the United States began to mint large quantities of gold coins. They needed to pay off debt because they had too much money coming into circulation. They decided to sell some excess gold to Europe in order to do this.
Most European countries distrusted the U.S. Dollar and began to accept gold as payment. After World War I, however, many European countries started using paper money to replace gold. The gold price has gone up significantly in the years since. Although the price of gold fluctuates today, it remains one of your most safe investments.
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By: Kevin Helms
Title: Binance Receives License to Offer More Crypto Services in Dubai
Sourced From: news.bitcoin.com/binance-receives-license-to-offer-more-crypto-services-in-dubai/
Published Date: Thu, 22 Sep 2022 11:30:33 +0000
