Real estate businessman Salvatore Leggiero is preparing the Bitcoin Tower project. Finbold’s Report It has been told that in the COP28 meeting held in Dubai this week, along with the information about this project, its design was also shown. This hotel being built by Dubai as a tribute to bitcoin will have 40 floors. In this, Non-Fungible Tokens (NFT) will have a significant share in the internal rewards and transaction system. Staking cryptocurrencies with the hotel for guests staying in it will allow them to pay their bills by redeeming the rewards.
To improve its design, Leggiero entrusted the famous architect Simone Micheli with the responsibility. Efforts are underway to make Dubai a hub for the crypto and Web3 communities. New regulations were issued in March for crypto-related firms doing business in Dubai. Also in Dubai crypto It has also been decided to impose an annual supervision fee of approximately $55,000 on firms doing business with Last year, Dubai created a special regulatory unit called the Virtual Regulatory Authority (VARA) to oversee crypto-related businesses.
VARA also has the authority to punish those who violate the new crypto-related law. It can also impose fines on violators and shut down their businesses. Residents of Dubai must register with VARA before engaging in crypto-related activities. Apart from this, businesses related to virtual assets such as crypto exchanges will also have to provide details to VARA. The purpose of implementing the law related to the crypto segment in Dubai is to implement international standards and grow this industry. This will also ensure security for crypto investors.
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