Miami International Holdings (MIH), the parent holding company of MIAX
®, and MidChains, an upcoming virtual asset trading platform, today announced that MIH has completed a follow-on equity investment in MidChains parent holding company, MEEG Holdings Limited. The parties previously announced MIH s initial investment and intent to pursue joint technology licensing and product listing opportunities.
Based in Abu Dhabi Global Market (ADGM), MidChains is seeking to provide one of the world s first fully regulated and supervised ecosystem infrastructures for virtual asset trading under the Financial Services Regulatory Authority (FSRA) regulatory framework. MidChains is expected to launch trading operations in Q1 2021, subject to FSRA approval.
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In 2020, there were numerous changes to regulation of the
insurance sector in Canada, both in response to COVID-19 and in
keeping with regulators long-term plans. This article provides
a recap of some of the major changes that insurance companies and
other industry participants should keep in mind in 2021.
1. REGULATORY CHANGES
Saskatchewan s New Insurance
Legislation
The Insurance Act (Saskatchewan) and its
regulations came into force on January 1, 2020. The new Act created
new licensing categories, new rules regarding fair and unfair
practices, and rules regarding self-evaluative audits.
Middle East: Lifting the restrictions with Qatar â What you need to know
The Kingdom of Saudi Arabia, the United Arab Emirates, Bahrain and the rest of the Gulf Cooperation Council member states, along with Egypt, signed the Al-Ula Declaration at the 41st GCC Summit held in the city of Al-Ula. This marks the end of a three-and-a-half-year boycott against the State of Qatar. -
Signing of the “Al-Ula Declaration” ending trade and other restrictions against Qatar
As reported in our previous client update, on 5 January 2021, the Kingdom of Saudi Arabia, the United Arab Emirates (UAE), Bahrain and the rest of the Gulf Cooperation Council (GCC) member states, along with Egypt, signed the “Al-Ula Declaration” at the 41st GCC Summit held in the city of Al-Ula. This marks the end of a three-and-a-half-year boycott against the State of Qatar, which was put in place in June 2017. Although the formal text of the “Al-Ula Declaration” has not been made public, it is clea
Abu Dhabi based
NymCard, a card issuing and processing platform, has secured $7.6 million in capital through a Series A funding round.
The banking-as-a-service (BaaS) provider confirmed that the investment round was led by Shorooq Partners along with the contributions from OTF Jasoor Ventures and VentureSouq. The firm’s latest round now takes its total funding to date to $12 million.
NymCard’s management stated:
“We are constantly evolving and innovating, and we want to thank our partners for the support through our growth.”
NymCard aims to offer the best card issuing and processing solutions for financial institutions, banking platforms, and Fintech firms in the MENA region. With its proven technology, the NymCard platform has been designed to fully digitize the payment card experience end-to-end, helping to lower overall costs and to help launch customer-focused solutions.
Dubai financial regulator working on regulations for cryptocurrencies The Dubai Financial Services Authority is reportedly looking to introduce two crypto-related consultation papers as part of its business plan in 2021. 6630 Total views News
The Dubai Financial Services Authority, the financial regulatory agency for the special economic zone, the Dubai International Financial Centre, is looking to enhance local cryptocurrency-related regulations.
The DFSA is planning to introduce a regulatory framework for diverse digital assets as part of its 2021–2022 business plan released on Jan. 18.
According to the DFSA, the upcoming crypto framework will further expand the DFSA’s regulation of digital asset issuers and associated trading platforms. The framework will include a number of digital asset types like tokenized securities and cryptocurrencies like Bitcoin (BTC):