"The law is intended to regulate all activities that are possible on technical systems such as distributed ledgers and blockchain systems, and thus provide legal certainty,"
Fonacier said the R2A project is fully funded by the United States Agency for International Development, Bill and Melinda Gates Foundation, and Omidyar Network.
The lab, staffed mostly with financial experts, will partner with IT consulting firm Accenture and persuade regional banks to harness cutting-edge financial technologies.
That has hurt Facebook's legion of fund manager backers, who have been enthusiastic buyers of the shares after their flotation in 2012, since when they have risen by more than 300%.
While examiners could call in enforcement investigators in case they see red flags, their main objective is to inform how the SEC’s rules should address the burgeoning field of cryptocurrency investment.
For funds that do not fulfill the conditions for tax exemption (typically, small funds with few investors), the ITA has applied an alternative arrangement known as the “small funds tax arrangement.”
So, with effect from 1 June 2014, the VAT Act was amended and regulations were introduced which changed the way that certain imported electronic services were to be taxed,” the law firm said.
KPMG’s deployment of Nuix software will facilitate this process and mitigate potential risks, such as litigation, non-compliance and increased cost and disruption to business as usual.
Managing director of the Linx International Group, David Gill said: “Dubai is a major global hub and well respected as a centre of excellence, especially in areas of technology, security and policing.