KARM Legal Consultants

🎉 Exciting Keynote Speaker Announcement! 🎉 🌟 We are thrilled to share that our Associate Partner, Akshata Namjoshi, will be a Keynote Speaker at the Annual Fintech Summit 2025 in Singapore! 🎤✨ With a decade of regulatory experience in banking and finance—seven of which have been in the UAE—Akshata leads our #Fintech, #Payments, and #Gaming sectors. She specializes in structuring, licensing, and compliance, and has played a key role in drafting open banking regulations. Her expertise has been recognized by BW Legal World and Legal 500 EMEA. Don’t miss the opportunity to hear Akshata and other industry leaders share their insights.  Register now for Fintech Week 2025 and be part of the conversation shaping the future of fintech! 🚀 Join us at Fintech Week 2025! 📅 Date: 26-28 February 2025 📍 Venue: Holiday Inn Singapore Atrium 🌐 Website: Fintech Summit 2025 #Fintech #KeynoteSpeaker #KARMLegal #RegulatoryCompliance #FintechSummit2025

📅 This week, the Emirate of Ras Al-Khaimah and its RAK Digital Assets Oasis announced the launch of the regulatory framework for Decentralized Autonomous Organizations #DAOs. Here are five remarks about the "DAO Association Regime" #DARe to assist blockchain teams and companies in the #UAE or those looking to expand into the UAE: ⚖️ Legal Recognition of DAOs as Emerging #Governance Structures: Over the past decade, DAOs have sought to address the lack of regulatory frameworks to facilitate interactions with third parties by creating so-called #DAOwrapper, through the incorporation of foundations in offshore jurisdictions. However, the lack of legal adequacy persisted. The introduction of DARe is a significant regulatory solution for DAOs, establishing a tailored framework for DAO operations, addressing a major challenge for DAOs. ⛓️💥 Facilitation of Off-Chain Interactions:  The DARe framework bridges the gap between on-chain operations and off-chain legal and business interactions for DAOs, allowing them to opening bank accounts, owning physical assets, and signing contracts with external service providers, all crucial activities for achieving operational effectiveness and transparency. 🫰 Alternative Tax Regime:  By offering potential tax benefits, the DARe framework is likely to attract both new and existing DAOs looking to optimize their tax liabilities in comparison to stricter tax jurisdictions. 💥 Differentiated Regime for DAOs:  The regulatory framework aims to cater to both emerging projects and more established DAOs. This differentiation allows for tailored regulatory approaches that recognize the varying complexities and needs of DAOs based on their size and maturity. This is particularly relevant for DAOs in the early stages of development, with teams still experimenting with efficient governance structures and blockchain applications. 🌍 Regional Significance Positioning the UAE and the Middle East as a Progressive Regulatory and Business Hub:  After several years of developments, the Emirate of Ras Al-Khaimah is joining the relentless efforts of other regional players to assist the industry by providing not only regulatory clarity and industry dialogues but also an enabling local ecosystem. 😎 In conclusion, the DARe framework represents a proactive approach toward regulating DAOs and facilitating blockchain protocols to build governance structures for future decentralized applications while operating within an evolving and proactive legal ecosystem, undoubtedly one of the most relevant advantages of the crypto and blockchain-driven regimes coexisting in the Middle East. 🔦 Likewise, DARe represents a regulatory model for other jurisdictions exploring goals to regulate the matter besides the already overregulated financial angle of the industry.  #virtualassets #tokens #utilitytokens #NFTs #legalconsultants #cryptoattorney #cryptolegalconsultant #regtech #cryptoregulation #blockchianragulation

🌟 We are thrilled to share that our team members Carolina Rios (PhD) and Bryce Mendonca were #panelists and #speakers at the recent D2A2 roundtable! They discussed the legal challenges of Real-World Assets #RWA tokenization and provided insights on #Asia and the Middle East regulatory perspective. Joining them were esteemed colleagues and global crypto experts, including Dr. Thomas Nägele {T} and Galyna Podoprikhina adding new regional perspectives to the discussion, particularly around MiCA and Malta's approach to the matter. Finally, all the panelist highlighted the importance of cross-border harmonization for Web3 businesses developing #blockchain infrastructure to #tokenize traditional assets and make them accessible worldwide, and the importance to overcome legal fragmentation as one of the most significant challenges in the execution of #RWA businesses and innovation. 👉 Here are some remarks: 🌏 Several countries in Asia define RWA as traditional securities implementing #DLT or #blockchain #technology across any of the security cycle, constructing a #hybrid #method to regulate the matter. 🌏 In Asia, relevant regulatory approaches on RWA tokenization are enacted from jurisdictions such as #HongKong, #Singapore, #Japan and #Thailand, with solid standardization of licensing regimes particularly sandbox regimes overseen by the domestic monetary or financial authority, allowing web3 businesses to apply for bespoke authorizations, allowing the local government to learn from the nuances of the matter, operations, hurdles, and associated risks. 💯 Legal fragmentation hampers web3 startups and inhibits innovation in the RWA segment of the industry. 💄 "Makeup" on security regulations to rule RWA tokenization causes countries to lose financial momentum while reflecting the reluctance of #policy and #lawmakers to learn how blockchain technology actually works, increasing economic stagnation. ⚖ Only bespoke regulations for blockchain products and services allow persistent financial and economic growth, as it is the result of the commitment of lawmakers to learn, understand, explore blockchain technology and push beyond the boundaries of the domestic legal system. 🚨 The real peril is not to regulate the tokenization of RWA or the crypto industry in general. The peril comes from a persistent passive regulatory attitude while the web3 industry relentlessly progresses on building decentralized and DeFi applications. A huge thanks to D2A2 and Crypto Oasis, Dubai Blockchain Center for having us and organize this insightful event. 👏 #legalassistance #legalconsultants #cryptolawyer #UAE #cryptoregulation #Asia Gaurang Desai Bhavin Shah Ralf Glabischnig Fabio Schlaf Dubai Blockchain Center Marwan Alzarouni Amro Awaidah

🚀 Embarking on the AI Revolution in Financial Services Welcome to the 17th edition of the FinTech Fix! We’re excited to bring you the latest insights and trends shaping the world of financial technology. As always, our goal is to provide you with the most relevant and impactful updates in the ever-evolving fintech landscape. Dive in and discover what’s new in this edition! Highlights from the latest edition of the FinTech Fix: 👉 Stay updated on the latest local #regulatory and #market developments as the #UAE establishes a National Strategy on #AML & #CTF. Get more insights from the markets with reports on Revolut's upcoming entry into the UAE and #MENA region, as Astra Tech's Botim introduces #SNPL and the Botim Payroll Solution under the #WPS. 👉 Stay in touch with the growing #fintech ecosystem in #KSA through the successful debut of the 24 Fintech event. Further, the Saudi Central Bank – SAMA updates its #openbanking framework and establishes a partnership with the Central Bank of the Republic of Türkiye to foster fintech development." 👉 Don't miss out on the latest developments in the #UK as it plans its transition from open banking to #openfinance. The UK HM Treasury proposed amendments to its legal framework to ensure more protection against payment fraud, as the Financial Conduct Authority initiates a #consultation on a client asset protection regime for #EMIs. There's more from Visa and Mastercard as they continue to expand within the #Web3 and #payments space through new product offerings and key partnerships with dtcpay, NymCard, Emirates NBD, and DP World. 👉 Take a deep dive into the Qatar Central Bank’s Artificial Intelligence Guidelines. 👉 These insights are supplemented by quick reads on the latest fintech developments. In the UAE, the Etihad Credit Bureau builds on its digital transformation as it introduces digital credit reports. More partnerships from key players as Network International establishes a partnership with Zand, First Abu Dhabi Bank (FAB) with J.P. Morgan, and TrustIn with iAccel GBI. Further, dLocal secures multiple partnerships with Kiwi, Ontop, MoneyGram International, and Shopee. 👉 More developments from Bahrain as Benefit adopted the Swiss GRC's Toolbox, Bahrain FinTech Bay partners with RTGS.global, and Mashreq launches NEO CORP in Bahrain. More from Oman as the latest board meeting of the Central Bank of Oman reveals its strategic efforts under the digital transformation initiative. 👉 Stay tuned on other global developments from #India as Google Pay announces its plan to launch new products within the market and Zoho introduces Zoho Payments. More from HSBC as it pilots #quantum #security for #tokenised gold in #Hong #Kong. Join us in the ever-evolving world of FinTech and reach out to karmadmin@karmadv.com for a discussion!

🌟 Exciting News! 🌟 We are thrilled to announce that we have successfully supported our client, Comera Pay LLC , in obtaining licenses under both the Retail Payment Services Card Schemes Regulation (#RPSCS) and the Stored Value Facility Regulation (#SVF) from the Central Bank of The UAE. Comera Pay is at the forefront of innovation in the FinTech space, offering digital financial services that are reshaping the financial landscape in the UAE. This achievement marks our #third client this year to receive a positive response from the CBUAE, reinforcing our commitment to the #FinTech sector and its immense potential. A special thank you to our dedicated team—Akshata Namjoshi, Ratul Roshan, Vaibhavi Tadwalkar, and Kabir Hastir Kumar—who provided exceptional strategic legal support and advisory services throughout the application process. Congratulations to Comera Pay on this remarkable milestone! 🎉 #Fintech #LegalSupport #UAE #ComeraPay #TeamSuccess https://lnkd.in/d8cr7gzt

🚨 UAE’s VAT Exemption on Virtual Assets 🚨 The UAE Federal Tax Authority (FTA) has published significant #amendments to the country’s Value- Added Tax (VAT) #regime exempting transfer of #ownership of #VirtualAssets including virtual #currencies and conversion of Virtual Assets from #VAT, pursuant to Cabinet Decision No. 100 of 2024. 📅 The amendment is set to take effect from November 15, 2024. Interestingly, the exemption for Virtual Assets will have 🌟 retrospective applicability effective from January 1, 2018. 💡 What does this mean for Virtual Asset Service Providers? 1. Reduced tax burden for VASPs: Virtual Asset Service Providers (#VASPs) will no longer be required to pay VAT on the exempted transactions, which were previously subject to a 5% VAT. This means a reduced tax burden for VASPs engaging in such transactions. 2. Tax Refund for paid VAT: VASPs can claim VAT paid on the eligible Virtual Asset transactions made on or after January 1, 2018, offering significant financial relief to VASPs. 3. Consistency in Support from UAE Regulators: This regulation aligns with a series of recent legal developments in the UAE impacting the regional blockchain landscape. Specifically focused on taxation, this regulatory development will have a significant impact across key aspects including operating, holding, and transacting with virtual assets. In conclusion, by introducing this regulation, #UAE regulators signal strong support for the industry, consistently providing significant incentives for blockchain-related businesses. This commitment further solidifies the UAE's position as a leading jurisdiction for #blockchain innovation and blockchain business to thrive. #VirtualAssets #VASPs #Blockchain #Crypto #UAE #VAT #Tax

Join KARM Legal: Shaping the Future of Law in Dubai! KARM Legal, an award-winning firm at the forefront of legal innovation, is seeking exceptional legal professionals to join our dynamic team in Dubai. We're not just practicing law; we're shaping its future in the digital age. Why KARM Legal? • Pioneer in tech-focused legal solutions • Impressive client portfolio including governments, conglomerates, and innovative SMEs • Opportunity to contribute to groundbreaking legal frameworks. • Work with cutting-edge technologies and emerging sectors. The Role: Associate – Virtual Asset. As an Associate at KARM Legal, you'll be at the heart of our innovative practice, tackling complex legal challenges in the rapidly evolving tech landscape. Key Responsibilities: 1. Conduct in-depth legal research and analysis on complex issues, crafting comprehensive briefs for senior lawyers. 2. Analyze and summarize intricate legal documents, including contracts, providing strategic amendment suggestions. 3. Manage electronic and physical discovery processes with meticulous attention to detail. 4. Collaborate on high-profile transactions under the guidance of experienced Senior Associates and Partners. 5. Play a crucial role in deal management, including drafting, negotiation, due diligence, and closings. 6. Drive client satisfaction through proactive communication and efficient documentation management. 7. Contribute to thought leadership by developing articles, social media content, newsletters, and reports. 8. Mentor and guide interns, fostering the next generation of legal innovators.     Skills and Technical Competencies: Accredited Law degree  Minimum of 2-3 years of experience in a law firm or legal practice  Strong legal knowledge  Strong organizational skills Ability to work independently and collaborate with others.  Strong client service orientation  Ability to prioritize work.  Proficiency in MS Office  Excellent verbal and written communication skills  Ability to manage multiple tasks simultaneously.  Ability to work in a fast-paced environment. What We're Looking For: • A passion for the intersection of law and technology • Strong analytical and problem-solving skills • Excellent written and verbal communication abilities • Proactive mindset and ability to work in a fast-paced environment. • Keen interest in emerging legal fields such as Virtual Assets. Join us in shaping the future of legal practice in one of the world's most dynamic cities. At KARM Legal, you won't just build a career – you'll be at the forefront of legal innovation. Ready to take the next step? Send your application to hr@karmadv.com with the subject line "Associate – Virtual Asset". KARM Legal is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees.

We are thrilled to announce our participation in the upcoming UAE WEB3FEST, where our founder and Managing Partner, Kokila Alagh, will be a featured speaker. Ms. Kokila Alagh is a distinguished corporate and technology lawyer with over 20 years of experience in the UAE. As the founder and Managing Partner of KARM Legal Consultants, she is a leading authority in legal innovation, specializing in #fintech, #blockchain, and #digital transformation across the #MENA region. As we approach the highly anticipated UAE WEB3FEST, which will take place during the Future Blockchain Summit,  you can join in for six days of insightful discussions and networking opportunities with visionaries, global stakeholders, and innovators in the Web3 space. Don’t miss this chance to connect and explore the future of technology. 🗓 October 12-17 🔗 Register now: http://lu.ma/web3fest

Excited to share that our founder and managing partner recently appeared on Bloomberg Live to discuss the evolving landscape of virtual assets.Abdulhaleem Mabisi Ahlam Faouzi Aileen Amaranto Akshata Namjoshi Bryce Mendonca Carolina Rios (PhD) Daven Joshua Sasot Gail Pereira Kabir Hastir Kumar Kohli Kokila Alagh Ratul Roshan Sarthak Chawla Soumya G.. Tameem Banu Tanvi Ahuja Vaibhavi Tadwalkar

📢Revamped Marketing Regulations from VARA The #Dubai Virtual Assets Regulatory Authority [VARA] has updated its marketing framework with the new “Regulations on the Marketing of Virtual Assets and Related Activities 2024 (#Marketing #Regulations).” The Marketing Regulations aim to enhance #consumer #protection and align with #VARA’s primary objectives.  This is supplemented by the non-binding but indicative “Guidance on Regulations on the Marketing of Virtual Assets and Related Activities 2024” (#Guidance on Marketing Regulations). The term “#Marketing” now carries a broader definition to include any form of advertisement, inducement, solicitation, promotion, or offer related to Virtual Assets (#VA). The accompanying Guidance on Marketing Regulations seeks to ensure the consistent application of the Marketing Regulations. Below are the key takeaways. 👉Scope: The Marketing Regulations apply to all marketing related to VA or VA Activities in or targeting the #UAE. They apply to all entities, domestic or foreign, whether or not authorized and licensed by VARA to conduct VA Activities. 👉Exemptions: Journalistic, educational, personal or private communications, “key opinion leaders”, and marketing events shall not be considered to be conducting “Marketing” provided that they adhere to the stipulated guidelines. 👉Platforms and Channels: All entities marketing VAs in or targeting the UAE, including broadcasters, publishers, search engines, social media, platforms, and app stores, must comply with the Marketing Regulations and adopt technologies like #geoblocking to ensure compliance. 👉Penalties: Hefty fines shall be imposed on violators of the Marketing Regulations ranging from AED 2,000,000 (∼$544,513) to AED 10,000,000 (∼$ 2,722,566), with a compounding interest rate of 1% per month where the fine is not paid within the stipulated timeframe. If an offence is repeated within a year, the applicable penalty shall be doubled. 👉Abrogated Laws: “Administrative Order No. (01) of 2022- Relating to Regulation of Marketing, Advertising and Promotions Related to Virtual Assets” and “Administrative Order No. (02) of 2022- Relating to Regulation of Marketing, Advertising and Promotions Related to Virtual Asset” have been superseded by the Marketing Regulations. 👉Entry into Force: The Marketing Regulations will enter into force as of 1st October 2024 (Effective Date). Entities previously approved under Administrative Order No. (01) of 2022 have 90 days from the Effective Date to comply with the Marketing Regulations. The update to the marketing framework follows a recent agreement between VARA and the Securities and Commodities Authority (SCA) to ensure regulatory cohesion and support licensed VASPs in expanding services across the UAE. This update also aligns with #global developments in the VA sector in countries like #Belgium, #Singapore, and the #UK to clarify marketing regulations.