Kalam Crypto #95: 🇦🇪Hello Dubai! CoinMENA Obtains VARA License

“If wars can be started with lies, peace can be started with truth.” Julian Assange

Ahlan wa sahlan, and welcome to the 95th edition of CoinMENA's weekly newsletter, Kalam Crypto. This week, CoinMENA obtained a broker-dealer license from Dubai’s Virtual Asset Regulatory Authority (VARA), Microstrategy bought more bitcoin, Tether froze all OFAC-sanctioned wallets, and an especially ironic face-palm of the week! All that and more, so let's dive into this week's letter, and talk crypto:

Prefer to listen to Kalam Crypto instead? Check out our podcast:

CoinMENA News 🗞️

CoinMENA Receives VARA License: Today we are thrilled to start with some BIG CoinMENA News! We have successfully obtained a Virtual Asset Service Provider (VASP) license for Broker-Dealer services from Dubai’s Virtual Assets Regulatory Authority (VARA). The license means that our UAE-based users can now utilize local banking services and deposit and withdraw AED, USD, and SAR locally in the UAE! With the license, CoinMENA became the first cryptocurrency exchange to be licensed by both the Central Bank of Bahrain and Dubai’s VARA. Regulatory compliance has been a priority for CoinMENA since day 1, and we will continue to strive to obtain licenses in different jurisdictions so we can continue providing investors with safe and reliable fiat to crypto on-ramp and off ramp services.

Global News 🌍

Microstrategy Buys More Bitcoin: MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per #bitcoin. As of 11/29/23, MicroStrategy now hodls 174,530 $BTC acquired for ~$5.28 billion at an average price of $30,252 per bitcoin. $MSTR. Microstrategy’s bitcoin position is now sitting pretty with ~$2 billion in unrealized profits.

Tether Freezes All OFAC Sanctioned Wallets: In a pre-emptive move, Tether, the issuer of the largest stablecoin, has announced the freezing of wallets belonging to individuals sanctioned by the U.S. Office of Foreign Asset Controls (OFAC). The company characterizes this action as a proactive measure to prevent potential misuse and enhance security. This decision, under the leadership of CEO Paolo Ardoino, signifies a closer collaboration with global law enforcement and regulatory bodies, emphasizing a commitment to compliance and safety.

FacePalm of the Week 🤦‍♂️

“If I was the government, I’d close it down,” JP Morgan CEO Jamie Dimon recently echoed Senator Elizabeth Warren's concerns about cryptocurrency, suggesting its use for illicit activities and advocating for its shutdown. However, on-chain evidence from Chainalysis contradicts this, revealing that only 0.24% of total crypto transactions are linked to illicit purposes. In the meantime, since the year 2000, JP Morgan has been fined a total of 272 times by regulators and paid 39 Billion Dollars in fines. 

Tweet Of The Week 🐥

Michael Saylor tweeting about the performance of his company Microstrategy since adopting the Bitcoin Standard in 2020. 

Quiz Corner ✅ 

Last week’s question: What do you need to do to qualify for 1,000 XRP on CoinMENA?

b. Trade $10 or more

This week’s question: What does the VARA license enable CoinMENA users in the UAE to do?

A. Trade cryptocurrencies only

B. Withdraw only AED locally

C. Deposit and withdraw AED, USD and SAR locally and instantly

See the answer in next week’s newsletter. Or check out our new learning platform https://university.coinmena.com/