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Middle East

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June 2024

South Korean VC Hashed Ventures expands to Abu Dhabi

Hashed Ventures partners with Hub71 to explore MENA’s tech and crypto markets.

April 2024

Binance converts US$1 bln fund; eyes India comeback after obtaining Dubai license

Cryptocurrency giant Binance converts $1B safety fund to USDC, signaling a strategic move to enhance transparency and re-enter the Indian market.

November 2023

From Silicon Valley to Sand Dunes: Why Indian crypto firms eye Dubai expansion

Indian crypto companies flock to Dubai, escaping high local taxes and finding solace in the emirate’s favorable regulatory environment.

Standard Chartered’s SC Ventures, SBI Holdings launch crypto investment firm in UAE 

The move is part of SC Ventures’ expansion into the United Arab Emirates.

Dubai calls on crypto firms to finalize applications by Nov. 17

Over 1,000 crypto firms will have to complete their applications by Nov. 17 to avoid regulatory consequences.

XRP approved by Dubai’s Financial Services Authority

The XRP token now stands to benefit from legal and regulatory clarity in the DIFC, according to the announcement.

October 2023

Mad Lads creator Backpack to launch licensed crypto exchange in Dubai

Backpack said it also secured operational licenses in other jurisdictions.

Dubai’s crypto boom, Australia’s rules & Binance’s battles

Web3 leaders gather in the Future Blockchain Summit in Dubai and we take a deep dive on the woes of crypto’s largest exchange, Binance.

Binance freezes over 100 accounts on Israeli police request: Financial Times

Israeli police requested information on 200 additional crypto accounts.

Tether freezes 32 addresses related to terrorism in Israel and Ukraine

Tether says it froze US$873,000 in USDT linked to terror activities in Israel and Ukraine. CEO Ardoino stresses crypto’s traceability.

Solana Foundation partners with DMCC Dubai

The SOL token rose over 5% in the 24-hour after the partnership was announced.

Israel launches aid fund, SBF trial enters week 2, China looks to NFTs

Several crypto firms join forces to set up a humanitarian fund amid ongoing war and star witness in Sam Bankman-Fried’s trial gives testimony.

Weekly Market Wrap: Bitcoin falls below US$27,000 following CPI and Israeli conflict

Bitcoin was subdued by the mounting geopolitical concerns around Israel’s war with Hamas and the ongoing FTX lawsuit.

Sam Bankman-Fried planned to raise money from Saudi crown prince, Ellison testifies

Caroline Ellison details how Sam Bankman-Fried planned to raise capital from Saudi Crown Prince Mohammed Bin Salman as FTX struggled to repay lenders.

August 2023

Mastercard and Binance end crypto card partnership, services shut down in Latin America, Middle East

Mastercard and cryptocurrency exchange Binance will end their crypto debit card program in Argentina, Brazil, Columbia and Bahrain from Sep. 22.
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June 2023

OKX crypto exchange to be operational in Dubai within the year, says executive

Seychelles-registered cryptocurrency exchange OKX, which says it is the world’s second-largest crypto platform by trading volume, opened an office in Dubai on June 15 as part of its global expansion and aims to raise staff numbers to 30 to tap opportunities in the region.

How Dubai and Hong Kong are shifting crypto’s power dynamics: Opinion

As the US grapples with crypto regulation, Hong Kong and Dubai are emerging as leaders in the global digital economy, writes Ben Caselin of MaskEX.

Insights from Dubai’s cryptocurrency scene as city looks to be global digital assets hub

Ghassan Jumblat, fintech director at financial services company Integrated Communications Channel discusses the evolution of the cryptocurrency and blockchain industry in Dubai in the United Arab Emirates, as the city positions itself as a future hub for digital assets.

May 2023

UAE and Hong Kong central banks to collaborate on crypto regulation

The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority have agreed to strengthen cooperation in regulating virtual assets.

Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race is on for the Web3 hub of Asia | Part 2

While U.S. regulators continue debating over whether cryptocurrencies are securities or commodities, the digital assets industry is being pleasantly welcomed by several Asian cities. And the competition is really hotting up now.

Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race is on for the Web3 hub of Asia | Part 1

As U.S. regulators file lawsuits against cryptocurrency platforms, prompting some digital asset companies to seek more favorable jurisdictions, a fleet of cities in Asia are putting out the welcome mat, seeking to attract the jobs and investment that Web3 technologies promise. Right now, Hong Kong seems to be grabbing the limelight, but it has competition.

Bitcoin network buckles under weight of BRC-20’s runaway success

Top blockchain and crypto news: Memecoin fever strains BTC network. Binance slams brakes on Bitcoin withdrawals. Chinese court allows crypto for repaying debt.

Largest banks should fill crypto void after lender failures, says Standard Chartered’s Geoff Kendrick

In the final installment of a three-part interview series, Geoff Kendrick, head of crypto research at Standard Chartered Bank, outlines the lender’s approach to crypto and why he thinks exploration of blockchain use cases is just beginning.
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April 2023

United Arab Emirates opens licensing applications for cryptocurrency companies

UAE’s Securities and Commodities Authority said Monday it has started accepting applications for operating licenses from cryptocurrency businesses.

March 2023

Crypto exchange Fasset hopes to win Indonesia license next month

Dubai-based Fasset says Indonesia digital asset adoption is still in early stages, but the country’s young population is taking to crypto faster, encouraging exchanges to move in despite infrastructure constraints.

Singapore-based Crypto.com gets preparatory license to expand services in Dubai

Singapore-based cryptocurrency exchange Crypto.com will soon be able to extend its services in Dubai, after it received a Minimal Viable Product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). 

India, UAE to collaborate on cross-border central bank digital currencies

The Indian central bank and the UAE will jointly run pilot programs on their central bank digital currencies, according to the Reserve Bank of India. 

February 2023

UAE central bank to issue CBDC, promote digital asset growth

The United Arab Emirates plans to launch a central bank digital currency (CBDC), among other initiatives, to become a financial and digital payment hub.

China’s international blockchain BSN Spartan gets new push in Middle East, Africa

Red Date Technology, the developer of China’s state-backed blockchain infrastructure Blockchain-based Service Network, has partnered Dubai-based Singularity Innovations to offer blockchain infrastructure services in the Middle East and Africa, as the Chinese blockchain network continues to go global.

January 2023

Why Islamic finance is thriving despite global market storms

While much of the world economy remains mired in winter doldrums, it’s springtime for the Islamic finance sector. Mohammed AlKaff AlHashmi of Islamic Coin explains why.

November 2022

Hex Trust bags virtual asset license from Dubai

Digital asset custodian Hex Trust received the MVP license from Dubai’s Virtual Assets Regulatory Authority on Nov. 24.

Binance gets Abu Dhabi regulator’s nod to offer crypto custody services

Binance, world’s largest cryptocurrency exchange, has obtained Financial Services Permission from Abu Dhabi’s Financial Services Regulatory Authority (FSRA), to provide custody to professional clients in and from the Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital.

October 2022

Hong Kong crypto firm Q9 Capital gets Dubai provisional approval

Hong Kong-based crypto investment firm Q9 Capital has received a provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA), the company said on Wednesday in a statement shared with Forkast.

First Digital Trust says HK, Singapore can join hands on crypto initiatives

In a Q&A with Forkast, First Digital Trust Chief Executive Officer Vincent Chok shared his views on Hong Kong getting back into crypto, regulations, and how the crypto pie in Asia is big enough for rivals Singapore and Hong Kong.

Terra CEO Do Kwon, wanted in South Korea, left Singapore and flew to parts unknown via Dubai

Kwon Do-hyung, the cofounder and chief executive officer (CEO) of Terraform Labs Pte. Ltd., also known as Do Kwon, left Singapore last month and landed in Dubai, United Arab Emirates, South Korean prosecutors confirmed with Forkast.

Crypto.com to invest US$145 mln in France as base for European operations

Crypto.com said on Wednesday that the exchange will invest €150 million (US$145.5 million) in France to set up a European headquarters in Paris and expand operations in the region. See related article: Crypto.com enters South Korea market with two local startup acquisitions Fast facts The Singapore-based exchange said it will focus on compliance, business development […]

UAE crypto market expected to grow 10-fold: report

The cryptocurrency market in the United Arab Emirates (UAE) is expected to grow 10 times, according to a new report from MENA blockchain ecosystem, Crypto Oasis, released Monday at a blockchain conference organized by the Dubai World Trade Centre.  See related article: New hire in Saudi Central Bank to work on crypto regulations: report Fast […]

Middle East & North Africa lead crypto adoption driven by inflation, remittance payments: Chainalysis

Emerging markets dominated the 2022 Global Crypto Adoption Index, with Latin America second in transaction volume growth.

Dubai’s blockchain future

Dubai’s announcement of an Islamic Coin could turn the city into the next crypto promised land.

September 2022

If the UK wants to become a crypto hub, it must do better

Britain’s internal divisions could thwart its crypt ambitions, writes Nick Saponaro of Divi Labs. Will it be eclipsed by crypto-friendly Dubai?

Animoca Brand’s Sandbox to launch metaverse in Dubai, other global cities

The Sandbox, a subsidiary of Animoca Brands Corp. Ltd., the Hong Kong-based game software and venture capital company, will be taking its Hong Kong metaverse strategy to a new market in Dubai, launching a “Dubaiverse,” the company said at the 62nd edition of the True Global Ventures Conference on Thursday.  Animoca Brand’s Dubai-themed metaverse will […]

New hire in Saudi Central Bank to work on crypto regulations: report

Saudi Arabia’s central bank has appointed Mohsen AlZahrani, a former managing director at consultancy firm Accenture, to head its virtual assets and central bank digital currency (CBDC) initiative, Bloomberg reported. See related article: Governments pushing for CBDCs smell blood in Terra Classic’s struggles Fast facts With the United Arab Emirates aiming to be a global […]

August 2022

dWallet raises US$5 mln in pre-seed funding led by Node Capital, DCG

dWallet Labs, a cybersecurity company specializing in blockchain technology, has raised US$5 million in pre-seed funding led by Node Capital and Digital Currency Group (DCG), the company said in a statement. See related article: Why DeFi remains attractive to institutions in a bear market Fast facts The funding round also included investors Amplify Partners, Lightshift […]

Ex-PwC crypto head sets up digital asset fund in Dubai: report

Former PwC crypto arm leader Henri Arslanian said in a report the digital asset fund Nine Blocks Capital Management will receive $75 million from major supporters, including Hong Kong-based hedge fund Nine Masts Capital. See related article: Dubai scorches crypto winter with plans to support 40,000 ‘virtual jobs’ Fast facts See related article: India’s WazirX […]

July 2022

Komainu latest to get Dubai’s approval to operate

Digital assets company Komainu has received a provisional license from the Dubai Virtual Assets Regulatory Authority (VARA) to offer cryptocurrency products and services to institutional clients in Dubai, CoinDesk said in a report.  See related article: Dubai could be crypto’s promised land, Citi says Fast facts Komainu is the latest to receive approval from Dubai […]

Bitcoin back above US$23,000; Ethereum on a tear

Bitcoin and Ethereum see significant gains in spite of Fed rate hike. Meanwhile, Dubai Police announces NFT launch.

Dubai police launch 2nd edition of NFTs, see use case for digital assets

Dubai police are dropping a second round of non-fungible tokens (NFTs), as digital assets conform to their interests in innovation, security and communication. In a statement on their website, Dubai police claim to be the first government entity in the United Arab Emirates (UAE) to create its own digital assets and the first police organization […]

Bitcoin’s real role examined; 3AC’s complex ties revealed

A report says Bitcoin users are looking beyond investment. Meanwhile, court document reveals strong ties between 3AC and TPS Capital.

Dubai scorches crypto winter with plans to support 40,000 ‘virtual jobs’

Dubai aims to be one of the top 10 cities globally in the metaverse economy, creating 40,000 virtual jobs and adding US$4 billion to the city’s economy in five years.  See related article: Dubai could be crypto’s promised land, Citi says Fast facts The launch of the Dubai Metaverse Strategy on Monday was aimed at […]

Crypto exchange Fasset, Mastercard seek expansion in Indonesia

Middle East crypto exchange Fasset Technologies Ltd. is collaborating with global payments technology company Mastercard to expand its financial reach in Indonesia. See related article: Crypto exchange Fasset expands to Southeast Asia Fast facts The announcement comes after Fasset said it raised US$22 million in series A funding.  According to a survey, 41% of Indonesians […]

May 2022

Square Enix sells Tomb Raider; US, China’s crypto fate

Algorand becomes FIFA’s new blockchain partner for the 2022 competition. Meanwhile, Square Enix sells Tomb Raider IP for blockchain ventures.

April 2022

Three Arrows Capital to ditch Singapore for Dubai

Three Arrows Capital, a cryptocurrency trading and hedge fund manager, is moving its headquarters to Dubai from Singapore, becoming the latest among a growing number of firms looking to expand their presence in the Middle East. See related article: Dubai could be crypto’s promised land, Citi says Fast facts Su Zhu, cofounder of Three Arrows […]

Kraken gets Abu Dhabi nod to offer full services in MENA

The Abu Dhabi Global Market (ADGM) Monday said it granted a full license to the global cryptocurrency exchange, allowing it to service customers across the Middle East and North Africa region. See related article: Dubai could be crypto’s promised land, Citi says Fast facts The license from the Financial Services Regulatory Authority (FSRA) of ADGM […]

Crypto industry looks to the UAE; Crypto’s environmental concerns

More crypto players are eyeing the UAE as a hub. Meanwhile, a mysterious map sends Pudgy Penguin NFTs skyrocketing.

Dubai could be crypto’s promised land, Citi says

Dubai and neighboring Abu Dhabi have been on a tear when it comes to crypto service providers moving the core of their operations there.

Australia to list crypto spot ETFs; WazirX founders leave India

Bitcoin and Ethereum ETFs are coming to Australia. Meanwhile, Dogecoin Day has fans hyped.

India’s WazirX cofounders move to Dubai

Cofounders of the Binance-backed Indian crypto exchange WazirX have reportedly moved to Dubai amid regulatory uncertainty and taxation, local media report. See related article: India’s crypto tax will incur losses for government, says WazirX CEO Fast facts Nischal Shetty and Siddharth Menon have reportedly moved to Dubai along with their families.  “Crypto has no boundaries,” […]

BSN developer’s NFT warning; LINE launches NFTs

State-backed developer delivers warning on the state of NFTs in China. Meanwhile, LINE launches a NFT marketplace.

Crypto liquidity aggregator FLUID raises US$10 million

FLUID aims to disrupt the virtual asset market-making industry by lowering fees and latency. Fast facts Blockchain investors GSR, Ghaf Capital, and 21Shares led the round. FLUID aims to tackle a multi-trillion-dollar market problem of illiquidity in virtual assets. The firm wants to enhance liquidity across spot trading, derivatives, futures, synthetics, tokenized assets, and security […]

MobiKwik pulls crypto support; Twitter NFT hacker strikes again

In India, Mobikwik yanks crypto support. Meanwhile in the cyberspace, a Twitter hack promotes a fake NFT drop.

Binance wins Abu Dhabi nod for another MENA outpost

The world’s largest crypto exchange received an in-principle approval from the Abu Dhabi Global Market (ADGM) to operate as a virtual assets broker-dealer, bolstering Binance’s presence in the Middle East. See related article: Binance wins crypto license in Dubai days after FTX Fast facts Binance will offer virtual asset investment and trading services across the […]

Indonesia levies 0.1% VAT, income tax on crypto

Indonesia will tax income from crypto trading at 0.1% and impose an additional value added tax (VAT) of 0.1% on crypto transactions starting May. See related article: Indonesian regulators play catch-up as crypto investment soars Fast facts The tax rate is lower than the 11% tax that the Indonesian government levies on other goods and […]

March 2022

Is Dubai the new crypto promised land?

Top blockchain and cryptocurrency news: Dubai’s crypto caravan. Mt. Gox unlocked. Digital yuan in play again.

UAE becoming crypto hub; India’s tax bogeyman

The UAE is becoming the new crypto hub of the world. Meanwhile in India, high crypto taxes are scaring away young investors.

Crypto.com, Bybit book tickets to Dubai to set up UAE bases

Singapore-based cryptocurrency exchanges Crypto.com and Bybit have announced that they will be setting up offices in Dubai, as the industry continues its migration towards the United Arab Emirates (UAE).  See related article: As Binance shrinks away in Asia, will it put down roots in the Middle East? Fast facts See related article: Ripple launches first […]

Binance wins crypto license in Dubai days after FTX

Binance has received a virtual asset license in Dubai to offer services to qualified investors, as the world’s largest crypto giants continue their Middle East drive.  See related article: Binance wins license in Bahrain, explores acquisition of Brazilian brokerage Fast facts The license will allow Binance to operate within Dubai’s “test-adapt-scale” model and serve pre-qualified […]

Singapore imposes sanctions; Bitcoin bucks market trend

Crypto exchange Binance has won a license to operate in Bahrain. Meanwhile in Southeast Asia, Singapore’s Monetary Authority has designated Russian banks amid growing sanctions.

Binance wins license in Bahrain, explores acquisition of Brazilian brokerage

Binance has obtained a license from the Central Bank of Bahrain to operate as a crypto service provider, marking a significant step for the crypto exchange to expand in the Middle East. See related article: Binance eyes gaming, e-commerce in upcoming acquisition spree Fast facts Binance will be allowed to offer crypto trading, custodial and […]

January 2022

As Binance shrinks away in Asia, will it put down roots in the Middle East?

Binance’s CEO is now the richest Asian man, but the crypto exchange giant’s presence in Asia—where Binance got its start—is withering under regulatory heat.

Binance faces regulatory rebuke in Ontario, obtains preliminary approval in Bahrain

The world’s largest crypto exchange continues struggling to stay compliant, but it has seen some luck in the Middle East.

November 2021

Companies in China, Australia, Japan, Saudi Arabia start blockchain platform for energy, metal trading

Amid the global energy crisis, nine companies from four countries — China, Japan, Australia and Saudi Arabia — announced they will jointly build a blockchain documentation platform to speed up customs clearance and cargo delivery to trade the commodities of energy, chemical products and metal. Fast facts Platform participants includes Sinochem Energy, Mitsui.Co, Macquarie CGM, Saudi […]

October 2021

Ripple launches first RippleNet ODL with Pyypl in the Middle East

San Francisco-based blockchain payments company Ripple has partnered with Pyypl, a blockchain-based financial services technology company in the Middle East and Africa, to use XRP for cross-border payments in the Middle East, according to a company statement. Fast facts The partnership with Pyypl marks RippleNet’s first-ever On-Demand Liquidity (ODL) deployment in the Middle East and […]