The Cabinet has also announced a new position, CEO for Artificial Intelligence, across ministries and federal entities
The move by the Finma watchdog comes on the heels of Chinese authorities ordering Beijing-based cryptocurrency exchanges to stop trading and immediately notify users of their closure.
The Quid Pro Quo Association shut down by Finma had provided so-called E-Coins for more than a year and had amassed funds of at least 4 million Swiss francs ($4.2 million) from several hundred users, Finma said.
"This activity is similar to the deposit-taking business of a bank and is illegal unless the company in question holds the relevant financial market licence," Finma, Switzerland's Financial Market Supervisory Authority, said.
E-Coin was not like "real cryptocurrencies", Finma said, because it was not stored on distributed networks using blockchain technology but was instead kept locally on Quid Pro Quo's servers. - Reuters
The Cabinet has also announced a new position, CEO for Artificial Intelligence, across ministries and federal entities
Dubai Civil Aviation Authority shines spotlight on air transport enablement at Airport Show 2024
Family-owned conglomerate committed to nurturing the development of Emirati workforce
The digital asset industry is experiencing exponential growth
Urban Ledger debuts at Seamless Middle East 2024
Applications now open for AFE’s talent development programme
Dubai Premier Padel P1 is part of a 25-tournament season that visits 18 countries across five continents
His first job was in construction, which paid a salary of Rs150 — a significant sum at the time