FTX Fallout Woes – Crypto Lender BlockFi Files for Bankrupcy
BlockFi, a cryptocurrency lender, filed for bankruptcy protection on Monday, only days after stopping withdrawals…
After there had been some reports circulating on social media, the Dubai government issued a statement denying these reports that the emirate has started issuing licenses for gambling activities.
According to the Dubai Media Office, these reports are “incorrect” without giving any further details.
Gambling is prohibited in all of the emirates comprising the United Arab Emirates. The government does allow some organizations to run competitions and raffles, but they are to comply with strict regulations and need to have express permission from the relevant regulatory bodies.
The UAE is currently extremely strict on online gambling. Its Cyber Crimes Law issues harsh penalties for anyone caught operating an online gambling business. Internet service providers are required by law to block websites that provide illegal content, which includes gambling-related content.
Despite the recent statement, rumors have not quieted down. Land-based casino’s could very well still be on the horizon insiders say.
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