Q: Dear Lawyers, Do I need a specific license to buy and sell crypto (USDT) on Binance, especially in P2P? I had a misdemeanor case, and the judge reviewed my bank transactions, asking why there were so many incoming and outgoing transactions. I explained that I buy and sell USDT on Binance P2P. The judge then asked if I have a license to buy and sell crypto, and I said no. The case status is postponed, and the next hearing is scheduled for November 6. I hold a partner visa and have a registered project management company. Do I really need a crypto license before buying and selling USDT on Binance P2P? I've already completed many trades and am now worried that the judge might impose a hefty fine. I can't afford a lawyer right now. Please help me with this information.

Q: Dear Sir/Madam, I made a mistake and paid someone in Binance to trade crypto for me and give me daily profits, but It turned out to be a scam. He was asking me to pay more to get the profits, but I stopped and I asked him to return my money, but no positive answer. Is there any chance I can get my money back through Binance or the bank? All our communication was through Telegram.

Q: Can a shareholder invest in his company registered in DMCC Free Zone a cryptocurrency? Does he need any permission?

The new law is applicable to all entities dealing with virtual assets that are set up on the mainland as well as free zones, including special development zones. However, it does not apply to the Dubai International Financial Center (DIFC), which will have its own set of rules and regulations governing all virtual assets entities registered with the DIFC.

The law defines the crimes related to money laundering, commitments and the jurisdictions of the governmental authorities, and the sanctions against perpetrators of money laundering.

The provisions of this Federal Decree-Law, known as the "New Cybercrimes Law", govern Cybercrimes regulations in the United Arab Emirates. The New Cybercrimes Law repeals the previous UAE Cybercrimes Law (Federal Decree-Law No. (5) of 2012 on Combating Cybercrimes).