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Industry News

Russian Fintech A7 Launches Crypto-to-Bank Cross-Border Settlement Service Supporting Yuan and Dirhams

Russian financial technology company A7 has unveiled A7 International, a cross-border payment service enabling payers to settle invoices using USDT while recipients receive traditional SWIFT bank transfers. The service supports payouts in Chinese yuan, UAE dirhams, US dollars, and euros, with a 0.3% commission fee. Transactions are available in jurisdictions where digital currency transactions are legal.

Industry News

Gold Holds Below $4,200 as China Buying Offsets $10 Billion Short Positions

Spot gold traded at $4,185.69 an ounce as trend-following funds accumulated an estimated $10 billion net short position. Concurrently, China's central bank extended its gold buying streak to 23 consecutive months, adding approximately 23 tonnes in September. Analysts note that structural accumulation by central banks is offsetting speculative selling ahead of key US inflation data.

Policy & Legal Updates

Dentons Outlines Contractual Safeguards for Managing Sanctions and AML Risks in UAE

Global law firm Dentons published legal analysis warning companies that standard compliance language stating an obligation to comply with applicable laws is often insufficient to address changing sanctions and financial crime risks. The firm highlighted risks faced by UAE entities when counterparties become subject to foreign sanctions regimes not mirrored in local law. Dentons recommended drafting explicit contractual rights permitting information audits, performance suspensions, and contract terminations.

Policy & Legal Updates

Dubai Business Setup Requires Cross-Border Tax and Compliance Beyond Just Trade Licenses

International founders relocating to Dubai must address complex cross-border banking, tax residency, and ongoing compliance requirements beyond simply securing a trade license, Gulf News reported. While the UAE imposes no personal income tax and maintains a 9 percent corporate tax above Dh375,000, 0 percent corporate relief requires meeting strict qualifying criteria or Small Business Relief thresholds. In addition, dual structures involving US LLCs carry filing obligations and potential penalties of $25,000 if not managed properly.