10 Leaves 10 Leaves Limited
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Take a good look into how financial service businesses are authorised in the DIFC and the ADGM.
We also assist you with setting up funds and obtaining financial licenses in Luxembourg.
Get in touch should you wish to engage 10 Leaves to work on your licensing application!
https://10leaves.ae/
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DIFC AI and Web 3.0 Licenses
You can also read the article here:
https://10leaves.ae/publications/difc/difc-artificial-intelligence-and-web-3-0-licenses
DIFC is building the world-class Campus spanning over 100,000 sq. ft. within the DIFC jurisdiction.
Dubai AI & Web 3.0 Campus’ will attract over US$ 300 million in collective funds, 500+ global AI and Web 3.0 start-ups, and create 3000+ jobs by 2028.
The Dubai AI & Web 3.0 Campus will provide world-class physical and digital infrastructure including R&D facilities, accelerator programs and collaborative workspaces, to attract, build and scale AI companies.
The DIFC AI and Web 3.0 License is one of the cornerstones of the push towards making the DIFC, and the UAE, a hub of technological innovation and
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Guide to the ADGM Fund Manager License
Firms interested in managing funds from the ADGM are required to submit applications to the Financial Services Regulatory Authority, or FSRA.
The FSRA has a fast-track process for Fund Manager licenses, which come under Category 3C. The Fund Manager, if approved, can manage domestic professional (Exempt and Qualified Investor Funds) and Foreign Funds in other jurisdictions as well. In case the firm wishes to also engage in discretionary portfolio management services, it has to go through a full-fledged license process. -
Hang on…
Did you know that in 2019 alone, criminals moved a whopping $2.8 billion in Bitcoin? Yes, you read that right! Cryptocurrency is now one of the preferred destinations for illicit funds by criminals worldwide. Surprisingly, more than half of this amount was transferred to just two exchange platforms - Binance and Huobi.
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From the international desk…
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Relevant links below:
https://home.treasury.gov/news/press-releases/jy1391?utm_source=riffle.beehiiv.com&utm_medium=referral&utm_campaign=from-the-international-desk
https://resources.hummingbird.co/product-updates-and-news/apps?utm_source=riffle.beehiiv.com&utm_medium=referral&utm_campaign=from-the-international-desk
https://www.eba.europa.eu/calendar/consultation-draft-guidelines-amending-risk-based-supervision-guidelines?utm_source=riffle.beehiiv.com&utm_medium=referral&utm_campaign=from-the-international-desk
https://www.gov.uk/government/news/changes-to-reporting-material-discrepancies-to-companies-house?utm_source=riffle.beehiiv.com&utm_medium=referral&utm_campaign=from-the-international-desk
This episode is also available as a blog post: https://riffle.beehiiv.com/p/international-desk -
Let’s talk penalties…
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A Fixed Penalty Regime (FPN) is coming. Put very simply, it works as follows:
Breach occurs
DFSA issues an FPN.
Pay the penalty (maximum US$ 50,000) and remedy the breach.
If you do 3, DFSA doesn’t sanction you. No public censure and no fine.
If you don’t do 3, DFSA can launch enforcement proceedings (i.e. not good news)
Read more here.
This episode is also available as a blog post: https://riffle.beehiiv.com/p/lets-talk-penalties -
It’s all about the money!
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The new consultation paper clarifies the DFSA’s stance on Payment Accounts for corporate clients, which allows greater flexibility for money service businesses to offer multiple functionalities to their customers, including larger sums held in Payment Accounts, multi-currency virtual IBANs and issuance of pre-paid cards.
Read the consultation paper here.
And details on the EMI license here.
This episode is also available as a blog post: https://riffle.beehiiv.com/p/money