Blog – N R Doshi & Partners

The Story of Asim Abdul Rahman Ghafoor: The US Attorney Convicted of Money Laundering in UAE

The Abu Dhabi Criminal Court presides over money laundering and tax evasion matters in its jurisdiction. Such crimes are taken very seriously and can have disastrous consequences for perpetrators. A US citizen named Assem Abdul Rahman Ghafour was sentenced to 3 years of rigorous imprisonment while fined 3M dirhams for committing two crimes last month in July 2022. The court…

Dubai Unveils Ambitious Metaverse Strategy – Aims to Create 40,000 Jobs in 5 years

Earlier this year, Dubai announced a regulatory framework for virtual assets, including cryptocurrency. Apparently, this move promotes Dubai as a global hub for digital assets. The Dubai authorities also created a regulatory body known as the Virtual Assets Regulation Authority (VARA) to supervise the proceedings. Another major announcement in this direction came from Dubai’s authorities on 18th July 2022. The…

The Ultimate Guide to Comply with Economic Substance Regulations & Avoid Penalties in Dubai

The UAE government introduced the Economic Substance Regulations (ESR) to curb harmful trade practices. Economic Substance Regulations in Dubai is a set of rules, regulations, and requirements that apply to particular businesses. What is the main objective of Economic Substance Regulations in Dubai? The primary objective of ESR is to regulate & monitor the activities of all onshore and free…

Data Protection Law in the UAE

The government of the UAE announced the milestone Data Protection Law in the UAE on 20th September 2021. UAE’s authorities implemented it on 2nd January 2022 to be at par with the transparency & data protection practices worldwide. What Does the New Data Protection Law in UAE Accomplish? This new law clarifies what is acceptable for aspects like collection, processing,…

Dubai Establishes the World’s First Crypto Regulator (The Virtual Assets Law)

The government of the UAE implemented the Virtual Assets Law on 28th February 2022. It was introduced by Sheikh Mohammed Bin Rashid Al Makhtoum. This law is a crucial legislative development in Dubai.  It applies to virtual services that companies provide in Dubai & the other special development and free zones [excluding DIFC (Dubai International Financial Centre)]. Additionally, the Virtual…

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