{"id":98778,"date":"2024-12-13T00:00:00","date_gmt":"2024-12-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-abu-dhabi-proposes-new-virtual-asset-regulations-new-tariff-cuts-for-rak-industry\/"},"modified":"2024-12-13T00:00:00","modified_gmt":"2024-12-13T00:00:00","slug":"this-morning-abu-dhabi-proposes-new-virtual-asset-regulations-new-tariff-cuts-for-rak-industry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/12\/13\/this-morning-abu-dhabi-proposes-new-virtual-asset-regulations-new-tariff-cuts-for-rak-industry\/","title":{"rendered":"THIS MORNING: Abu Dhabi proposes new virtual asset regulations + New tariff cuts for RAK industry?"},"content":{"rendered":"

Good morning, everyone. <\/strong>Things are finally winding down after a whirlwind of events in Abu Dhabi, from F1 over the weekend to Abu Dhabi Finance Week and all the concurring events happening in parallel. We hope everyone who\u2019s been busy running around between venues gets a good rest this weekend. <\/p>\n

Today\u2019s issue is a mixed bag<\/strong>, with a heavy dose of investment and startup news, a new container terminal at Khalifa Port, and a flurry of manufacturing updates. Plus: Adnoc\u2019s XRG now has a board. <\/p>\n

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WEATHER- We\u2019re in for a cloudy (and possibly rainy) end to the week: <\/strong>The National Center of Meteorology forecasts (pdf)<\/a> partly cloudy conditions in northern and coastal areas and islands today through the weekend, with a chance of light rainfall and blowing dust on Saturday. Temperatures today will hit 27\u00b0C in Dubai, with an overnight low of 20\u00b0C, and 24\u00b0C in Abu Dhabi, before cooling to an overnight low of 21\u00b0C.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Abu Dhabi proposes new virtual asset regulations: <\/strong>The Financial Services Regulatory Authority (FSRA) of ADGM issued a consultation paper proposing updated rules to its virtual asset regulatory framework, according to a statement<\/a> from the financial center. The proposed changes include refined capital requirements, fees, staking models, and criteria for non-ADGM-issued fiat-referenced tokens, as well as proposals for more investment prospects for venture capital funds.<\/p>\n

REMEMBER- <\/strong>The FSRA issued a regulatory framework<\/a> for the issuance of stablecoins in the ADGM earlier this month. The new regulations set out a definition for the tokens and the parameters for its issuance and use as a method of payment within ADGM.<\/p>\n

ALSO FROM ADGM- The financial center will establish an ins. association <\/strong>within its jurisdiction<\/strong>, according to its press release (pdf)<\/a>. Information regarding its structure, membership, and upcoming activities will be announced later.<\/p>\n

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<\/a> #2- The Environment Agency \u2013 Abu Dhabi (EAD) is set to implement a policy for <\/strong>protecting soil from degradation <\/strong>in Abu Dhabi, in coordination with Abu Dhabi Government agencies, Adnoc, and Abu Dhabi Ports, according to the Abu Dhabi Media Office<\/a>. The policy looks to secure soil sustainability and promote its optimal use as part of the emirate\u2019s broader plan to rehabilitate 80% of degraded lands by 2030.<\/p>\n

The details:<\/strong> The policy focuses on reducing degradation through adopting sustainable land and soil management systems, tightening regulatory frameworks, and raising awareness about soil. It applies to urban development, industrial, agricultural, oil and gas sectors, coastal areas, and terrestrial protected areas.<\/p>\n

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<\/a> #3- EtihadWE mulls tariff cuts for RAK industry:<\/strong> Etihad Water and Electricity (EtihadWE) inked an MoU with the Investment and Development Office of Ras Al Khaimah (IDO) to mull offering discounted electricity tariffs for industrial customers in the emirate, state news agency Wam<\/a> reports. <\/p>\n

The two authorities will negotiate a bulk supply agreement with an IDO-designated nominee<\/strong>, which would allow eligible customers to benefit from preferential rates through a bulk aggregation mechanism, though it\u2019s not clear what makes them eligible. <\/p>\n

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<\/a> #4- GCAA overhauls private aircraft registration procedures:<\/strong> Private aircraft operators can now receive air operator certificates within 90 days, down from two years, as part of the General Civil Aviation Authority\u2019s (GCAA) Golden Package for registering and operating private and business aircraft, Wam<\/a> reports. Air operating authorizations can also be issued in just 60 days, while age limits to register aircraft have been eliminated, while pilots\u2019 foreign licenses will now be transferred and verified within three days, Khaleej Times<\/a> reports. It\u2019s not clear who is eligible for the benefits of the golden package. <\/p>\n

Also worth noting: <\/strong><\/p>\n