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Green Light from Dubai to That Altcoin! What Does It Mean?

Dubai’den O Altcoin İçin Yeşil Işık! Anlamı Ne?
Dubai’den O Altcoin İçin Yeşil Işık! Anlamı Ne?
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According to official statements, the Dubai Financial Services Authority (DFSA) announced that it has recognized ZetaChain (ZETA), the platform behind the altcoin ZETA, in accordance with the requirements of GEN Rule 3A.3.4 in the Rulebook. ZetaChain, a universal blockchain, draws attention with its local access to blockchains, including Bitcoin. Here are all the details…

That altcoin received approval from Dubai

According to official statements, the Dubai Financial Services Authority (DFSA) has officially recognized altcoin ZetaChain (ZETA) in accordance with the requirements specified in GEN Rule 3A.3.4. This recognition is a significant milestone for ZetaChain, a universal blockchain platform that provides local access to various blockchains, including Bitcoin. This approval by the DFSA increases ZetaChain’s reliability and expands its global accessibility.

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ZetaChain’s ability to seamlessly interact with multiple blockchains positions it as a versatile player in the blockchain ecosystem. The DFSA’s recognition not only highlights the platform’s compliance with regulatory standards, but also strengthens its reputation in the international financial arena. This development is expected to further cement its role in the blockchain industry by facilitating wider adoption and integration of ZetaChain’s technology across different sectors.

DFSA “recognizes” these cryptocurrencies

The DFSA defines cryptocurrencies as tokens used for payment, exchange or investment purposes. However, this definition does not include Excluded Tokens such as NFTs, utility tokens or Central Bank Digital Currencies (CBDCs); or Investment Tokens, commonly known as tokenized assets. Only Crypto Tokens recognized by the DFSA are allowed to be used within the DIFC (Dubai International Financial Centre), with some exceptions such as custody or certain types of fund services.

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For example, popular stablecoins (so-called Fiat Crypto Tokens) can be used under certain conditions. However, financial services related to Unrecognized Tokens and Prohibited Tokens (e.g. privacy coins or algorithmic tokens) are restricted. Before the ZETA announcement, as of September 2024, the DFSA only recognized five cryptocurrencies. These five tokens account for approximately 80% of the global cryptocurrency market cap.

Businesses that want to offer crypto-related financial services must obtain appropriate licenses within the DIFC (Dubai International Financial Centre). Firms already authorized by the DFSA (Dubai Financial Services Authority) must verify whether their existing licenses cover crypto-related activities or provide a change if necessary. Additionally, firms offering crypto services are generally required to be established in the DIFC. The licensing process involves multiple steps, depending on the complexity of the firm.

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Green Light from Dubai to That Altcoin! What Does It Mean?
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