The United Arab Emirates ranked third in the cryptocurrency friendliness rating compiled by the consulting company Henley & Partners. The new study assessed the society’s and government’s openness to digital assets.

Singapore took the top spot in the ranking, with its authorities actively promoting the popularization and adoption of technology among the population. Hong Kong came in second, distinguished by its developed digital infrastructure and liberal taxation of digital assets. Among the advantages of the UAE is the widespread use of cryptocurrency for transactions, including the ability to purchase real estate with it. The United States and the United Kingdom round out the top five.

The ranking includes a total of 28 countries.

4o

The UAE has speed up the processing time of documents required to obtain resident visas and work permits, now this time has been reduced from 30 to 5 working days. All thanks to the launch of the second phase of the Work Bundle platform.

The first phase was launched in March this year in Dubai, but it covers the entire country. According to the Ministry of Human Resources and Emiratization (MoHRE), about 600 thousand companies and more than 7 million residents of the country can already use the resource.

What services are available through the Work Bundle?

• In total, the platform combines the following services:
•  Issuance and renewal of work authorization;
•  Request for change of status;
•  Issuance of visa and labor contract;
•  Cancellation of visa, employment contract, work permit.

The legislation regulating the sphere of e-commerce in the United Arab Emirates, Federal Decree on E-commerce No. 14 of 2023, replaces a similar document from 2006.

The main changes in the law include:

Adaptation to international trends: The law aligns with global trends in digital commerce, offering a flexible approach to regulation to optimize business processes and improve the quality of services for consumers.

Enhancing the role of regulatory bodies: The document emphasizes the key role of licensing and regulating the sphere of e-commerce, logistics services, and digital payment methods.

Consumer protection: The law declares the priority of consumer interests, protecting intellectual property rights, implementing reliable technological protection measures, and regulating the policy of return and exchange of goods and services purchased online.

Legal recognition of digital trade: Trade conducted using modern technologies is now legally authorized, equating digital transactions with traditional ones.

Dispute resolution mechanisms: The law offers optional dispute resolution mechanisms, including arbitration, and introduces principles for optional insurance related to trade obligations.

Integration of federal and local authorities: The document harmonizes the roles of federal and local authorities throughout the e-commerce chain, including such bodies as the Central Bank and the Federal Tax Service.

Unified regulatory authority: The law establishes a single supervisory, regulatory, and judicial control authority in the field of e-commerce.

Protection of digital contracts: The law systematizes digital contracts and ensures the protection of online consumers and interested parties, coordinating with relevant authorities on the regulation of digital payment gateways.

The UAE Cabinet of Ministers has issued Resolution No. 10 of 2024. There is a fine of AED 10,000 for those companies that fail to register in time as a corporate tax payer. The regulation will come into effect from March 1. The fine will be levied on companies that fail to submit their registration applications to the Federal Tax Authority within the deadline.

What are the deadlines for registration by a corporate tax payer in the UAE? It depends on the tax period of the company.

For companies whose tax period started from June 1, 2023 – until February 28, 2025.

For companies whose tax period started from January 1, 2024 – until September 30, 2025.

The Federal Authority for Identification, Citizenship, Customs and Port Security of the United Arab Emirates (ICP) has announced changes in the procedure for submitting health insurance policies for the extension of residence permits in that country. According to the changes, this can now be done remotely, electronically. It is no longer necessary to submit a “physical” copy of the policy. The innovation came into force on February 16.

The initiative will help residents of the country to extend their residence permit faster and easier. The project allows directly uploading health insurance policies issued by accredited insurance companies in the UAE electronically through secure communication channels.

Interested in applying for the UAE residency visa? Need consultation on residence permit issues? Contact our specialists!

The presentation of “Integrated Housing Center” took place in Dubai. This is a special service where you will be able to get 54 services related to construction, rental housing and land issues. The services will be provided by 4 government departments and two private companies.

“Integrated Housing Center” will provide support at all stages of building a house, including design advice, recommendations to reduce costs and assistance in obtaining bank financing. It will also be possible to select an area of land for construction through the service.

Through the “Center” will be available services, for example Mohammed Bin Rashid Housing Establishment, Dubai’s Roads and Transport Authority, Dubai Municipality. In addition, two private companies like Emirates Islamic Bank and Sobha Realty will provide their services to users.

The service will be located in the Avenue Mall in Nad Al Sheba and will start operating in February 2024.

The UAE Tax Authority has signed a cooperation agreement with Etihad Credit Bureau, a federal organization that collects credit information from financial and non-financial institutions in the UAE. The Tax Authority plans to utilize the services of the Bureau and its credit information databases to enhance compliance with tax legislation in the UAE.

Electronic communication will be established between the organizations, allowing the Tax Authority direct access to credit reports provided by the Bureau. This will streamline and expedite tax audit procedures and ensure data accuracy in tax declarations.

The agreement was signed by the Director-General of FTA, Khalid Ali Al Bustani, and the Director-General of Etihad Credit Bureau, Marwan Ahmed Lutfi, at the FTA headquarters in Dubai.

The UAE government has issued a Federal Law amending certain provisions of the Arbitration Law of 2018
One of the key changes in the law is the expansion of the scope of modern technological tools in all arbitration processes. Previously this was limited to meetings only. Another change is that confidentiality can be applied to all arbitration activities with the consent of the parties. This was also limited to meetings only.

Other changes include:

The possibility of appointing an arbitrator who is a member of the Board of Directors or Board of Trustees of the arbitration institution.

The introduction of legal consequences against the arbitration institution and the arbitrator in the event of a breach of the governing conditions, ranging from the invalidity of the award and civil compensation to the injured party.

Authorizing the parties to agree to arbitration procedures, including subjecting them to the rules of any arbitration organization or institution inside or outside the country, and authorizing the arbitral tribunal to determine them in the absence of an agreement that contradicts the basic principles of judicial proceedings and international conventions to which the UAE is a party.

Establishing the authority of the arbitral institution to determine the rules of evidence in the absence of an agreement and the absence of evidence from the applicable law.

Giving the arbitral tribunal greater authority over statements, both with respect to their admission and to assess their relationship to any fact, opinion, experience, time, method or form of exchange of such statements between the parties and the manner of their submission to the arbitral tribunal.