Bitget Crypto Exchange MENA users make up 10% of its total global user base
Bitget, a global cryptocurrency exchange and Web3 company, has announced an all-time high in trading volumes in the MENA region while witnessing a growth of 500% in trading volumes since it started serving the MENA region in November 2023. Bitget now boasts of 2.5 million users from the MENA region, making up 10% of its […]
Homegrown crypto broker BitOasis receives active operational go ahead from Dubai’s regulator
BitOasis, the first homegrown crypto broker out of UAE, has reverted back to active operational status, allowing it to onboard new clients, while it awaits approval for its full operational VASP license from Dubai’s virtual asset regulatory authority (VARA). As per VARA’s website, under active MVP operational status, BitOasis Technologies FZE Virtual Asset Service Provider […]
After OKX, crypto.com is now fully licensed in the UAE
Crypto.com is now fully operational in the UAE after receiving the final approval from Dubai’s virtual asset regulatory authority VARA. In its press release Crypto.com, announced that its Dubai entity, CRO DAX Middle East FZE, has received full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA) and is launching the Crypto.com Exchange for institutional […]
DRIFE Web3 decentralized ride hailing platform integrates with SUI Blockchain
DRIFE, a Web3 Mobility infrastructure provider, and the first ride-hailing decentralized application to operate in India and the UAE, has announced its integration with Sui, a Layer 1 smart contract platform and Blockchain. DRIFE with this move, aims to offer a seamless, simplified onboarding process for ride hailing users and ecosystem partners. The migration of […]
UAE research showcases challenges facing Blockchain implementation in UAE banking sector
The UAE based ADGM (Abu Dhabi Global Market) Academy research Centre alongside the College of Business and Economics at the United Arab Emirates University (UAEEU) carried out a research project entitled, “Digital Transformation of banking and financial institutions in the UAE: Understanding the common challenges for collective action” aimed at understanding the current landscape of […]
UAE Central Bank launches Digital Dirham strategy for wholesale and retail use
The Central Bank of the United Arab Emirates (CBUAE) has announced the commencement of the initial phase of its central bank digital currency (CBDC) strategy, marking an important stride towards the adoption of digital currency in the region. In collaboration with R3 and G42 Cloud, the strategy aims to explore the utility of CBDC for […]
UAE emerges as a key player in the global Crypto investment scene
United Arab Emirates (UAE) has solidified its position as a significant player in the global cryptocurrency investment landscape, with recent reports showcasing substantial gains in the sector. According to data, from a leading blockchain analytics firm, UAE investors reaped capital gains amounting to $204 million from their cryptocurrency ventures in 2023. GCC crypto landscape UAE […]
Bankers go bonkers as FTX dangles 8% stake in hot AI startup Anthropic
Bankers are actively seeking buyers for FTX’s 8% stake in Anthropic, an AI startup, as reported recently. FTX acquired the 8% stake in Anthropic three years ago for $500 million. However, due to the recent surge in the AI sector, the stake’s value has more than doubled to over $1 billion. FTX’s Anthropic stake – […]
Dubai’s Financial center launches the World’s first digital assets law
Dubai International Financial Center (DIFC), a financial center based out of UAE, has launched the world’s first digital assets law to cater for the consequences of the new digital assets regime and revised security regime. As per the press release, the legislative enactments aim to ensure DIFC Laws keep pace with the rapid developments in […]
Abu Dhabi Bets Big on AI With New $100 Billion Ambition
Abu Dhabi has set up a new investment firm, MGX, to pursue investment deals primarily on artificial intelligence in the UAE and internationally. Abu Dhabi Media Office reported on Monday the company aims to accelerate the development and use of AI and advanced technologies. It will invest in three main areas, including AI infrastructure, semiconductors, […]
Dubai’s virtual asset regulatory authority to onboard the Financial sector
In a recent interview with the CEO of Dubai’s virtual asset regulatory authority, Mathew White, he discusses the need to bring the UAE Banking sector and financial institutions onboard the virtual assets ecosystem. This would include the banking sector and their role in servicing virtual asset service providers as well as institutional players who either […]
Aquanow receives most comprehensive crypto license from Dubai’s virtual asset regulator
Dubai’s virtual asset regulator has awarded its 20th VASP ( Virtual asset service provider license) to Canadian based Aquanow. This is considered the most comprehensive license to date as it includes not only a crypto brokerage license but also crypto lending, borrowing and investment. VARA ( Virtual asset regulatory Authority) for Dubai had stated in […]
UAE Financial Center ADGM forges new partnership with Solana Blockchain Foundation
Once again the UAE financial center in Abu Dhabi, the Abu Dhabi Global Market (ADGM) has forged a new partnership with a leading blockchain platform, the Solana Foundation to enhance Distributed Ledger technology and blockchain innovation. The Solana Foundation is a non-profit organization dedicated to decentralization, adoption, and security on Solana network. The initiative aligns […]
UAE, China break ground with $13m in CBDC transaction
A groundbreaking financial maneuver has just unfolded as the United Arab Emirates and China marked a significant milestone in the realm of digital currency, executing a cross-border transaction that didn’t just whisper but roared a challenge to the traditional hegemony of the dollar in Asia. This historic transaction, utilizing the mBridge infrastructure, saw the exchange […]
UAE dumps US dollar, goes digital Dirham in landmark China agreement
In a notable move reshaping the global economic landscape, the United Arab Emirates (UAE), a member of the BRICS alliance, has recently undertaken a significant shift in its international trade transactions. Departing from the traditional reliance on the US dollar, the UAE has opted to pay its dues to China using its newly introduced Digital […]
UAE license is a gamechanger for OKX
OKX has become the first global crypto exchange to receive a full VASP license from Dubai’s virtual asset regulatory authority VARA. The license remains non-operational until OKX fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval. OKX […]
BRICS’ India and UAE forge a $3b pact – What it means
Marking a significant milestone in global diplomacy, India and the United Arab Emirates (UAE) have recently inked a groundbreaking $3 billion agreement. This monumental development is not just about the colossal sum; it symbolizes the burgeoning synergy between the two nations, especially poignant as the UAE celebrates its new membership in the BRICS alliance. The […]
UAE regulator publishes terrorist red flag guidance that includes virtual assets
The regulatory authority of Abu Dhabi Global Market, the FSRA ( Financial Services Regulatory Authority), Financial Crime Unit, has published an update on terrorist and proliferation financing red flags guidance that include a new section for specific red flags applicable tovirtual assets and virtual asset service providers (VASPs). The update is related to the provisions […]
UAE’s Pioneering Role in Healthcare Transformation Through Data and AI
The United Arab Emirates (UAE) is emerging as a pivotal player in healthcare transformation. Led by Abu Dhabi’s Adia Lab, the UAE’s pioneering efforts in data research and artificial intelligence (AI) are poised to revolutionize healthcare globally. Horst Simon, an esteemed expert in computer science and director of Adia Lab, highlights the immense potential for […]
UAE, India finalize oil trade with rupees instead of dollar
India and the United Arab Emirates (UAE) have executed their first-ever oil trade using India’s rupee instead of the US dollar. This groundbreaking agreement reflects both countries’ commitment to abandon the dollar in bilateral transactions, marking a pivotal moment in the global financial landscape. This article delves into the details of this historic oil deal […]
BRICS revolution: UAE and China announce mega trade shift using local currencies
The United Arab Emirates is looking for increased trade with China to become one of the global players. Both countries are trying to increase their cooperation by indulging in bilateral investments and cooperation to grow their presence in the Pacific Islands and Africa. The report further says that trade between the two countries will be […]
China, UAE set to ramp up local currency trade
The global economic landscape is bracing for a seismic shift as the United Arab Emirates (UAE) aligns closer with China, steering towards a strategy that could redefine international trade dynamics. This bold move is not just about expanding economic frontiers; it’s about challenging the established order, where the UAE seeks to evolve from a regional […]
UAE tightens grip on crypto with new AML rules
The United Arab Emirates has introduced updated Anti-Money Laundering (AML) and sanctions rules that specifically address digital assets. This development, spearheaded by the Financial Services Regulatory Authority (FSRA), marks a pivotal moment in the UAE’s approach to managing the evolving landscape of digital finance. With these revisions, the UAE aims to enhance its vigilance against […]
FSRA updates AML rules to safeguard UAE’s financial landscape
In a move aimed at bolstering its stance against money laundering, terrorism financing, and proliferation financing, the Financial Services Regulatory Authority (FSRA) of the United Arab Emirates (UAE) has announced significant updates to its Anti-Money Laundering (AML) and Sanctions Rules and Guidance, collectively known as the AML Rulebook. Strengthened measures against financial crimes The revisions […]
eToro gains momentum with a new license in the UAE market
In a significant move marking its global expansion, eToro, a leading social and retail trading platform, has received a license from the Abu Dhabi Global Market (ADGM) to operate in the United Arab Emirates (UAE). This development positions eToro as a key player in the region’s financial market. eToro’s dedication to local markets The license […]
Post CZ, The future of Binance in the UAE and Globally
For most the Binance saga with U.S. regulator the SEC (Securities and Commodities Exchange) has come to an end. The end while better than FTX’s demise is still a big question mark and there are more queries than answers. Will Binance eventually be fully regulated as a crypto exchange in the UAE and if not […]
UAE first crypto mining ICO for Phoenix Group raises $370 million with retail clients as biggest investors
As the crypto market goes green so is crypto mining investment in the UAE. For the first time in the MENA region, a UAE home grown crypto mining entity Phoenix Group has carried out a successful IPO 33 times oversubscribed with retail clients being the biggest investors. The IPO which started on November 16th 2023 […]
Abu Dhabi ADGM to amend its virtual asset regulations and introduce DeFi regulations
The Abu Dhabi financial free zone hub, ADGM (Abu Dhabi Global Market) and its regulatory body the FSRA (Financial Services regulatory Authority) have published their business plan for 2024 which outlines introducing DeFi regulations as well as amendments to its virtual assets regulatory framework. ADGM which announced its virtual assets framework back in 2018 has […]
Dubai’s virtual asset regulatory authority appoints new CEO as it commences fining spree
Dubai’s Virtual Assets Regulatory Authority (VARA) in a press release has announced that Mathew White will be the new CEO of VARA as the authority moves towards the next phase of ramping up to full scale market operations. This comes as VARA gears up towards fining a dozen crypto firms. As per the press release, […]
Dubai Financial Center regulator approves TON and XRP tokens
The Dubai Financial Services Authority (DFSA), the financial regulatory agency of the special economic zone, the Dubai International Financial Centre has recognized two new crypto tokens TonCoin (TON), and Ripple’s XRP. TON and XRP now join DFSA’s initially accepted crypto tokens, Bitcoin (BTC), Ethereum, and Litecoin. In total in just one year DFSA has recognized […]
UAE issues DLT regulation allowing issuance of governance tokens
UAE’s Abu Dhabi Global Market after announcing its DLT token issuance consultation paper in April 2023 has now officially launched its new regulation that will allow DLT (Distributed Ledger Technology) Foundations, DAO (Decentralized Autonomous Organizations) to issue tokens. This means that DLT Foundations of Layer 1 or Layer 2 protocol Foundations can receive licenses from […]
Hong Kong and UAE central banks intensify collaboration to foster the development of CBDCs
Hong Kong and the United Arab Emirates (UAE) have intensified their financial collaboration through various fintech initiatives. The partnership’s primary focus is to develop Central Bank Digital Currencies (CBDCs) to improve cross-border trade, payment systems, and virtual asset regulations. A “bilateral working group,” constituting stakeholders from both banking sectors, has been formed between the central […]
UAE takes big leap on cross-border payments with JPMorgan’s Onyx
The realm of global banking and finance is always on the cusp of the next big thing. Today, it seems the United Arab Emirates (UAE) is spearheading that shift. In a bold move signaling its prominence on the international finance stage, the UAE’s First Abu Dhabi Bank (FAB), a titan in the global financial arena, […]
UAE and India Forge Strategic Partnership for Sustainable Industrial Development
In a significant move towards bolstering their economic and technological ties, the United Arab Emirates (UAE) and India have inked a Memorandum of Understanding (MoU) covering seven critical areas aimed at fostering sustainable industrial development. The collaboration is set to drive joint investments, technology transfers, and the deployment of cutting-edge technologies across industries. The bilateral […]
UAE issues stablecoin and new digital asset regulations and legislation
In the last week of September, two huge regulatory entities, the Dubai virtual assets regulatory authority and DIFC (Dubai International Financial Center) in the UAE announced updates in their crypto regulations, targeting digital assets, security tokens and stablecoins. Dubai’s Virtual asset regulatory authority (VARA) updated its virtual asset rulebook and added new regulations with regards […]
Groxfy.com: Revolutionizing Grocery Shopping in the UAE
One startup is making waves in the UAE’s grocery shopping scene in an era where convenience and savings are paramount. Plax One has recently launched Groxfy.com, an innovative online platform that is reshaping how consumers shop for groceries. With an extensive database covering products from major UAE supermarkets and powered by advanced AI machine learning, […]
DLA Piper’s TOKO receives crypto broker license from Dubai’s VARA regulatory authority
TOKO FZE has received a full operating license from Dubai’s Virtual Asset Regulatory Authority (VARA), allowing the entity to undertake Virtual Asset Broker Dealer and Exchange services as a full market offering in and from the Emirate of Dubai. As a Web3 FinTech born out of a leading Tier 1 multinational law firm DLA Piper, TOKO recognizes […]
Virtual assets included in UAE terrorist financing and proliferation red flag list guidance
In September 2023, the UAE Executive office for Control and Nonproliferation published a guidance providing consolidated list of terrorist financing (TF) and proliferation financing (PF) red flags that include provisions related to virtual assets. According to the published document, the purpose is to provide a consolidated list1 of Terrorist Financing (TF) and Proliferation Financing (PF) […]
Latin American currencies over the week: Brazil’s inflation increases less than expected
In Brazil, the real saw a 0.1% increase against the dollar as inflation came in lower than expected in August. Meanwhile, Latin American currencies experienced a decline to a three-week low this week in a volatile trading session, primarily influenced by losses in the Mexican peso. Simultaneously, the dollar maintained its six-month peak, influenced by […]
UAE third highest country globally in terms of crypto adoption beating Hong Kong and USA
According to Henley & Partners Crypto Wealth report 2023, in terms of crypto adoption the UAE comes in third globally after Singapore and Switzerland, scoring more than Hong Kong and USA. As per the report the UAE’s public adoption score was 7.1 out of 10, equal to that of Singapore which topped the list. In […]
