US President Donald Trump has often claimed that he has accomplished unprecedented things – and keeping with that theme, his administration has announced the first ever White House Crypto Summit.
The summit, taking place on Friday, will include the participation of crypto and digital asset founders, executives and others from the burgeoning sector.
“The summit will be chaired by the White House AI and crypto Czar David Sacks, and administered by the working group’s Executive Director Bo Hines,” the White House said.
Mr Trump also signed an executive order on Thursday to establish a strategic Bitcoin reserve.
The reserve will be capitalised with Bitcoin owned by the federal government "that was forfeited as part of criminal or civil asset forfeiture proceedings", Mr Sacks said on X.
"This means it will not cost taxpayers a dime. It is estimated that the US government owns about 200,000 bitcoin; however, there has never been a complete audit ... The US will not sell any bitcoin deposited into the reserve. It will be kept as a store of value," he said.
For Mr Trump, the summit is the culmination of years of evolving thinking on crypto. During a 2021 interview with Fox Business, Mr Trump said that Bitcoin, one of the flagship crypto brands, was a “disaster waiting to happen” and claimed that it hurt the dollar.
But similar to his about-face on TikTok, Mr Trump seems to have changed his mind on crypto.
Throughout his presidential campaign, he criticised his predecessor Joe Biden's approach to crypto, which involved investigations into several firms like Coinbase. Many of these probes were dropped shortly after Mr Trump took office in January.
In the 2024 Republican Party platform, taking cues from Mr Trump, the party mentioned crypto in its official issue plank document.
“Republicans will end Democrats’ unlawful and un-American Crypto crackdown and oppose the creation of a Central Bank Digital Currency,” the platform read. “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets.”
The Trump campaign received a large number of donations from those with an affinity for crypto, and shortly before taking office in January, Mr Trump even launched a launched a memecoin.
In December, Mr Trump's son Eric told attendees at a Bitcoin Mena conference in Abu Dhabi that his father would “fight like hell” to protect crypto from overregulation, and that he projected Bitcoin would hit $1 million in value.
Last week, Mr Trump said the US crypto reserve would have five cryptocurrencies, naming Bitcoin, Ethereum, Solana, XRP and Cardano as its potential core holdings.
That move, however, was met with criticism from some, including former White House labour secretary Robert Reich.
“This US crypto reserve could result in a direct wealth transfer of wealth from taxpayers to crypto industry donors and President Trump himself, who recently launched his own 'memecoin' and plans to create a crypto exchange through his media company,” he said on Instagram.
Despite existing for more than a decade, criticism and scepticism still abounds on crypto, which, unlike fiat currencies, lack an overall regulatory apparatus and are mostly decentralised.
Crypto has also created huge spike in the need for electricity.
During a presentation in Abu Dhabi last year on artificial intelligence and the energy industry, Steven Chu, a former energy secretary who served under president Barack Obama, expressed concern about how much electricity crypto mining was consuming.
“Roughly speaking, half the electricity of data centres is used to mine Bitcoin type currency,” he said.
Crypto mining is generally defined as the process by which digital assets are obtained and secured through a blockchain network.
“What is Bitcoin currency used for? Money laundering and evading taxes, so half of the electricity being used for that is not a good thing, and personally I think it should be outlawed, but in any case since it's making a lot of money, there are a lot of forces saying that they don't want to outlaw it,” Mr Chu added.
Those worries about crypto energy consumption have been felt all over the world. Most recently, crypto mining was banned in several locations throughout Russia as a way to preserve energy resources.
Though they're often touted for having ironclad security, crypto has not been without problems.
Just as crypto began to hit a stride in 2014, the popular Mt Grox was hacked, and other technical problems with the exchange resulting in the disappearance of thousands of Bitcoins.
In 2022, FTX, the second largest cryptocurrency exchange in the world, collapsed and fallout from fraud sent its founder Sam Bankman-Fried to prison.
According to the FBI, North Korea hacked the Bybit crypto exchange this month, which resulted in the theft of approximately $1.5 billion in virtual assets.
Yet crypto proponents are quick to point out that fiat currencies are also far from perfect, and optimism over the asset's future seems to spring eternal with the return of Mr Trump, who has promised to be the country's “first crypto president”.
“After the previous administration unfairly prosecuted the digital asset space, President Trump’s policy vision represents a new era for digital financial technology,” the White House said in a release. “The administration is committed to providing a clear regulatory framework, enabling innovation and protecting economic liberty.”
COMPANY%20PROFILE
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MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
Madrid Open schedule
Men's semi-finals
Novak Djokovic (1) v Dominic Thiem (5) from 6pm
Stefanos Tsitsipas (8) v Rafael Nadal (2) from 11pm
Women's final
Simona Halep (3) v Kiki Bertens (7) from 8.30pm
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
The years Ramadan fell in May
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Results
2.30pm: Expo 2020 Dubai – Conditions (PA) Dh80,000 (Dirt) 1,600m; Winner: Barakka, Ray Dawson (jockey), Ahmad bin Harmash (trainer)
3.05pm: Now Or Never – Maiden (TB) Dh82,500 (Turf) 1,600m; Winner: One Idea, Andrea Atzeni, Doug Watson
3.40pm: This Is Our Time – Handicap (TB) Dh82,500 (D) 1,600m; Winner: Perfect Balance, Tadhg O’Shea, Bhupat Seemar
4.15pm: Visit Expo 2020 – Handicap (TB) Dh87,500 (T) 1,600m; Winner: Kaheall, Richard Mullen, Salem bin Ghadayer
4.50pm: The World In One Place – Handicap (TB) Dh95,000 (T) 1.900m; Winner: Castlebar, Adrie de Vries, Helal Al Alawi
5.25pm: Vision – Handicap (TB) Dh95,000 (D) 1,200m; Winner: Shanty Star, Richard Mullen, Rashed Bouresly
6pm: Al Wasl Plaza – Handicap (TB) Dh95,000 (T) 1,200m; Winner: Jadwal, Dane O’Neill, Doug Watson
The%20specs%3A%202024%20Mercedes%20E200
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
RACE CARD
6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m
7.05pm: Maiden (TB) Dh82,500 (D) 1,400m
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m
10pm: Handicap (TB) Dh92,500 (D) 1,400m
More on Quran memorisation:
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
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
