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 (except 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-generation 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 gold should you have in your portfolio?
The amount of capital that you require will determine how much money you can make. If you want to start small, then $5k-$10k would be great. As you grow, it is possible to rent desks or office space. So you don't have all the hassle of paying rent. Only one month's rent is required.
You also need to consider what type of business you will run. My company is a website creator. We charge our clients about $1000-2000 per monthly depending on what they order. This is why you should consider what you expect from each client if you're doing this kind of thing.
You won't get a monthly paycheck if you work freelance. This is because freelancers are paid. So you might only get paid once every 6 months or so.
You need to determine what kind or income you want before you decide how much of it you will need.
I recommend starting with $1k-$2k in gold and working my way up.
Should You Open a Precious Metal IRA?
It is essential to be aware of the fact that precious metals do not have insurance coverage before opening an IRA. You cannot recover any money you have invested. This includes all investments that are lost to theft, fire, flood, or other causes.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These coins have been around for thousands and represent a real asset that can never be lost. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. It's also wise to consider using a third-party custodian who will keep your assets safe while giving you access to them anytime.
When you open an account, keep in mind that you won't receive any returns until your retirement. Keep your eyes open for the future.
Can the government steal your gold?
Your gold is yours, so the government cannot confiscate it. You worked hard to earn it. It is yours. This rule may not apply to all cases. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. Your precious metals can also be lost if you owe tax to the IRS. You can keep your gold even if your taxes are not paid.
Can I hold physical gold in my IRA?
Gold is money. Not just paper currency. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Many Americans today prefer to invest in precious metals, such as silver and gold, over stocks and bonds. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
One reason is that gold historically performs better than other assets during financial panics. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During turbulent market conditions gold was one of few assets that outperformed stock prices.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. Even if your stock portfolio is down, your shares are still yours. Gold can be worth more than its investment in a company that defaults on its obligations.
Gold provides liquidity. This means that you can sell gold anytime, regardless of whether or not another buyer is available. The liquidity of gold makes it a good investment. This allows you to take advantage of short-term fluctuations in the gold market.
What are the benefits of having a gold IRA?
You can save money on retirement by putting your money into an Individual Retirement Account. It's tax-deferred until you withdraw it. You control how much you take each year. There are many types of IRAs. Some are more suitable for students who wish to save money for college. Some are for investors who seek higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. The earnings earned after they withdraw the funds aren't subject to any tax. So if you're planning to retire early, this type of account may make sense.
Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA, you don't have to worry about paying taxes on your gains while you wait to access them. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
Another benefit to owning IRA gold is the ability to withdraw automatically. That means you won't have to think about making deposits every month. Direct debits could be set up to ensure you don't miss a single payment.
Finally, the gold investment is among the most reliable. Because it isn’t tied to any specific country, gold’s value tends to stay stable. Even in times of economic turmoil gold prices tend to remain stable. Therefore, gold is often considered a good investment to protect your savings against inflation.
- 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)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Yahoo Finance – Barrick Gold Corporation Stock Price, News & Quote – Barrick Gold Corporation (GOLD).
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to keep physical gold in an IRA
The best way to invest in Gold is by purchasing shares of companies that produce it. But this investment method has many risks as there is no guarantee of survival. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
You can also buy gold directly. You will need to either open an online or bank account or simply buy gold from a reliable seller. The advantages of this option include the ease of access (you don't need to deal with stock exchanges) and the ability to make purchases when prices are low. It's easier to track how much gold is in your possession. You'll get a receipt showing exactly what you paid, so you'll know if any taxes were missed. There's also less chance of theft than investing in stocks.
There are however some disadvantages. You won't get the bank's interest rates or investment money. It won't allow you to diversify any of your holdings. Instead, you'll be stuck with what's been bought. Finally, tax man may want to ask where you put your gold.
BullionVault.com is the best website to learn about gold purchases in an IRA.
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