A Swiss firm X8AG has acquired clearance to expand into the Middle East after obtaining Sharia Compliance Certificate.X8 AG is a Swiss-based company registered in Zug, and it has its own stable coin that works on the Ethereum network.
The Shariyah Review Board with foundations in more than ten nations cleared the firm to enable its expansion into the Middle East that is welcoming many new financial firms.
The firm has already started preparations for its expansions and is reportedly in talks with many companies in the United Arab Emirates (UAE). The company’s co-founder claimed that the stable coin is supported widely by fiats and gold and is guaranteed to be free from massive fluctuations. He then added that these regions are wealthy but lack basic infrastructure for the implementation of better technology. He believed that UAE wanted to become a central hub for financial technology companies.
Many exchange companies are competing to make a Shariyah compliant technology in order to bring about new investors and expand their companies into the Middle East. In the past few years, crypto-currencies have seen scholars with widely different opinions. However, it is very simple as they compare the similarities of crypto-trading with the transfer of rights that is legal in Islamic Jurisdiction.
The Middle East has not been welcoming to crypto-enthusiasts as crypto-currencies are banned in many states. That is changing, and Bahrain has shown interest in both crypto-currencies and blockchain as a whole. Following Bahrain Turkey, Iran and UAE have taken a positive stance towards crypto-currencies while Lebanon and Kuwait are against Blockchain. The rest have either accepted Blockchain or crypto-currencies.