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Technology & Digital Economy

Software, telecommunications and digital infrastructure

Industry News
Source: Gulf Business

Experts Warn of Legal Disputes and Operational Fallout Following $6.3bn Binance Hack

Binance disclosed a security incident impacting an estimated $6.3bn in digital assets on October 30, freezing roughly $3bn on-chain while halting deposits and withdrawals. Legal and cybersecurity specialists told Gulf Business that the platform suspension poses significant commercial disruption and potential legal liabilities. The exchange has committed to covering customer losses through corporate funds and its Secure Asset Fund for Users (SAFU).

Policy & Legal Updates
Source: Gulf News

UAE FSRA Monitors Binance Following 6.3 Billion Dollar Unauthorised Asset Withdrawals

Abu Dhabi's Financial Services Regulatory Authority (FSRA) is monitoring cryptocurrency exchange Binance following an unauthorized withdrawal incident involving approximately $6.3 billion in digital assets. The regulator said it is engaging closely with Binance to protect clients and ensure market integrity. Binance confirmed that roughly $3 billion has been frozen and committed to covering all losses.

Industry News
Source: Gulf Business

Middle East and Africa Least Sceptical on AI Data Centres, CARMA Finds

A media analysis by intelligence firm CARMA found that the Middle East and Africa is the least sceptical region globally regarding artificial intelligence data centres. The study evaluated traditional and social media coverage across more than 50 markets, finding that the UAE registered one of the highest shares of positive sentiment. Dominant global discussion themes centred on power supplies, resource usage, grid capacity, and infrastructure pressures.

Policy & Legal Updates
Source: Arabian Business

UAE Simplifies VAT Refund Process for Citizens Building Residences

The UAE Federal Tax Authority has overhauled VAT refund procedures for citizens building new homes under the Zero Government Bureaucracy Programme. The update reduces application data fields by 50% and processing times by 80%. A dedicated smart application called 'Maskan' was also launched to verify claims.

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