Cryptocurrencies have become part of the mainstream conversation this year, with an increasing number of UAE residents now interested in investing in the digital tokens.
About 26 per cent of respondents in a May survey of UAE investors said they view these assets as offering “exciting investment opportunities”. About half of all respondents in the survey by global financial services company Holborn Assets also said they would feel comfortable with about 5 per cent of their portfolio in cryptocurrencies.
But experts have issued a warning that cryptocurrencies are only for active investors who can track their prices and have an appetite for risk.
“Investors are right to look at cryptocurrencies for their enormous profit potential. However, remember that if you want to invest in cryptocurrencies, please do so without any expectations – and only put in money that you are able to write off easily,” says Jagdish Golani, a senior financial planning consultant at Nexus Insurance Brokers in the UAE.
“There is no logic behind cryptocurrencies. So, buy on dips and encash your profits at every peak.”
The $3 trillion cryptocurrency market offers room for small investors to make a quick profit, says Erica Stanford, founder of the Crypto Curry Club, a digital asset community in the UK, and author of Crypto Wars: Faked Deaths, Missing Billions and Industry Disruption. She is also part of Cent Finance, a mobile wallet for decentralised finance applications built on blockchain and Ethereum, and the Symmetric decentralised exchange.
“Many are [getting rich], but many lose. Those who do well do enormous amounts of research and understand the markets – some, of course, get lucky,” she says.
Investors who were deeply exposed to cryptocurrencies may have lost money on several occasions this year. In early December, a flash crash for Bitcoin, the world’s largest cryptocurrency, wiped out positions worth $2.4 billion – a month after it reached a record high of more than $68,000. The token lost over a fifth of its value at one stage, with market capitalisation dropping below $1tn over regulation fears. It was trading at $46,473 at 12:20pm UAE time on December 20, according to Coinbase.
Ethereum lost money, too.
We have been here before: in April, Bitcoin climbed to its previous record high of about $65,000 on the back of some regulatory leniency and increased investor liquidity before plunging to below $32,000 towards the end of May.
Yet, stories persist of entire families building Bitcoin fortunes or students becoming Ethereum millionaires and buying six-figure gifts for their mothers.
In theory, cryptocurrencies could recover over the Christmas holidays, when markets are closed, and could blast past the $100,000 barrier in 2022. Or not.
“You need to do your own research,” says Rhian Lewis, a software developer and entrepreneur who has been involved in the cryptocurrency and Web3 community since 2013, and the author of The Cryptocurrency Revolution, a new book about finance in the digital world.
“If someone tries to tell you something about a particular cryptocurrency that sounds too good to be true, then it probably is. Just like you probably should not buy shares in a company when you do not know what it does, take the time to understand the technology underlying cryptocurrencies,” Ms Lewis says.
For those toying with the idea of coining it with these new electronic cash systems, here are the best new books to help understand this rollercoaster investment ride and the history and jargon involved.
The Cryptocurrency Revolution: Finance in the age of Bitcoin, blockchains and tokens – by Rhian Lewis
Ms Lewis goes back to the origins of money to explain why cryptocurrencies are an important technological and financial innovation, and how they could enable banks and financial institutions to become more efficient.
“I think at some point, we will all be using digital currencies, whether we realise it or not. With Visa executing some settlements with USDC stablecoin and governments around the world, led by China, developing their own digital wallets, many people will soon be using it in the background,” she says.
Ms Lewis offers the example of El Salvador, where Bitcoin is legal tender, to show how examples of ordinary people use it for payments.
For some, the currency is seen as a hedge against inflation, she says. Others are encouraged by newly launched Bitcoin exchange-traded funds and non-fungible tokens issued by brands such as Gucci and Dolce & Gabbana. Regardless, cryptocurrency is now reaching a wider audience, Ms Lewis says.
Her straightforward, jargon-free book is a guide to understanding the challenges and opportunities for everyone interested in the financial sector.
Published by Kogan Page, from Dh97
Once A Bitcoin Miner: Scandal and Turmoil in the Cryptocurrency Wild West – by Ethan Lou
There are many books about the early days of Bitcoin but journalist Ethan Lou’s cryptocurrency cowboy saga is among the most riveting.
Mr Lou first heard of Bitcoin while browsing the dark web out of curiosity as a student in Toronto, Canada. After an interview with Ethereum founder Anthony Di Iorio, he went on to track, explore and interact with people within the cryptocurrency world, including in North Korea.
Part thriller and part sociological treatise, the book follows Mr Lou’s journey through, as he puts it, “riches, absurdity, wonder and woe”.
It is a quick, racy read that leaves you wondering if cryptocurrencies are a natural fit for millennials, one of the most economically damaged generations.
Published by ECW Press, from Dh66
Crypto Wars: Faked Deaths, Missing Billions and Industry Disruption – by Erica Stanford
Who was the crypto-queen and what was the multibillion-dollar OneCoin swindle? What was Bitconnect and why should we be wary of crypto Ponzi schemes? And did Quadriga founder Gerald Cotton fake his own death to escape prosecution?
In her book, Ms Stanford answers all these questions through interviews with the people investigating those behind the biggest cryptocurrency fraud cases – while concluding that cryptocurrencies have tremendous value in challenging established practices in banking and remittances, and the ability to reach more than 2.5 billion unbanked users.
“I hope the book offers an explainer of how some of the bigger scams continue to get so big, what makes people fall for them and, hopefully, raise awareness and I hope that some people will be educated and thus not fall victim to scams themselves,” Ms Stanford says.
“One could argue that the worst and biggest crypto scams are some that are still ongoing. Regulation has been slow to catch up and innovation is moving far faster than regulation can keep up. Anyone looking to invest should still do a lot of research.”
She says everyone should be using cryptocurrencies because of their many positives, including the ability to send money cheaply and quickly across borders – one reason why they are attracting so much regulatory interest.
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
“That is not to say that everyone should invest a lot of money or risk anything they are not willing to lose, but there is so much good to crypto and so many exciting things happen that I do feel that it will benefit everyone to become familiar with crypto,” she says.
Anyone who has an internet connection can buy very small quantities of cryptocurrency – even Dh50 – to see how it works. Ms Stanford also suggests downloading cryptocurrency wallets to buy tiny quantities using money you are happy to lose to understand how quickly transactions are enabled.
“I absolutely believe crypto will be mainstream in the near future and so the more people familiarise themselves, the more they will be able to keep up with the trends.”
Published by Kogan Page, from Dh73
The Fiat Standard: The Debt Slavery Alternative to Human Civilisation – by Saifedean Ammous
Economist Saifedean Ammous’s last book, The Bitcoin Standard: The Decentralised Alternative to Central Banking, is widely regarded as one of the definitive books on digital tokens. It framed Bitcoin in the context of monetary theory, the gold standard, fiat currencies and current thinking on financial reform.
His 2021 follow-up, The Fiat Standard: The Debt Slavery Alternative to Human Civilisation, looks at national currencies as a technology, how they are underpinned by debt and how governments control and add to this debt with no real cost.
Again, Mr Ammous relates the book to our own situation, looking at fiat and its impact on family, food, health, education and security. Finally, he examines how fiat and Bitcoin could coexist in the future and what might happen if one fails.
Available at Saifedean.com, from Dh128.50
Cashless: China's Digital Currency Revolution – by Richard Turrin
Mr Turrin offers a case study of how digital currencies are already being used within China’s interoperable cashless society. In only seven years, digital technology has transformed the monetary system within the world’s second-largest economy, with a significant role for its central bank digital currency (CBDC).
A finance insider who spent several years in Shanghai, Mr Turrin explains how this new CBDC is being used, from street vendors to international monetary exchanges, while zooming out for a big-picture view of the implications for other countries, including the threat to US dollar dominance.
Available at Amazon.com, from Dh84
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs: 2018 Honda City
Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km
11 cabbie-recommended restaurants and dishes to try in Abu Dhabi
Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)
Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)
Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)
Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).
Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)
Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)
Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)
Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)
Pinky Food Restaurant in Tanker Mai for tilapia
Tasty Zone for Nepalese-style noodles (Dh15)
Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
COMPANY%20PROFILE%20
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Aayan%E2%80%99s%20records
%3Cp%3E%3Cstrong%3EYoungest%20UAE%20men%E2%80%99s%20cricketer%3C%2Fstrong%3E%3Cbr%3EWhen%20he%20debuted%20against%20Bangladesh%20aged%2016%20years%20and%20314%20days%2C%20he%20became%20the%20youngest%20ever%20to%20play%20for%20the%20men%E2%80%99s%20senior%20team.%20He%20broke%20the%20record%20set%20by%20his%20World%20Cup%20squad-mate%2C%20Alishan%20Sharafu%2C%20of%2017%20years%20and%2044%20days.%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EYoungest%20wicket-taker%3C%2Fstrong%3E%3Cbr%3EAfter%20taking%20the%20wicket%20of%20Bangladesh%E2%80%99s%20Litton%20Das%20on%20debut%20in%20Dubai%2C%20Aayan%20became%20the%20youngest%20male%20cricketer%20to%20take%20a%20wicket%20against%20a%20Full%20Member%20nation%20in%20a%20T20%20international.%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EYoungest%20in%20T20%20World%20Cup%20history%3F%3C%2Fstrong%3E%3Cbr%3EAayan%20does%20not%20turn%2017%20until%20November%2015%20%E2%80%93%20which%20is%20two%20days%20after%20the%20T20%20World%20Cup%20final%20at%20the%20MCG.%20If%20he%20does%20play%20in%20the%20competition%2C%20he%20will%20be%20its%20youngest%20ever%20player.%20Pakistan%E2%80%99s%20Mohammed%20Amir%2C%20who%20was%2017%20years%20and%2055%20days%20when%20he%20played%20in%202009%2C%20currently%20holds%20the%20record.%3C%2Fp%3E%0A
Company%20Profile
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RESULT
Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)
Man of the Match: Shane Duffy (Brighton)
Fight Night
FIGHT NIGHT
Four title fights:
Amir Khan v Billy Dib - WBC International title
Hughie Fury v Samuel Peter - Heavyweight co-main event
Dave Penalosa v Lerato Dlamini - WBC Silver title
Prince Patel v Michell Banquiz - IBO World title
Six undercard bouts:
Michael Hennessy Jr v Abdul Julaidan Fatah
Amandeep Singh v Shakhobidin Zoirov
Zuhayr Al Qahtani v Farhad Hazratzada
Lolito Sonsona v Isack Junior
Rodrigo Caraballo v Sajid Abid
Ali Kiydin v Hemi Ahio
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Read more about the coronavirus
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Aldar Properties Abu Dhabi T10
*November 15 to November 24
*Venue: Zayed Cricket Stadium, Abu Dhabi
*Tickets: Start at Dh10, from ttensports.com
*TV: Ten Sports
*Streaming: Jio Live
*2017 winners: Kerala Kings
*2018 winners: Northern Warriors
The five pillars of Islam
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
More from Neighbourhood Watch
UAE currency: the story behind the money in your pockets
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
