Crystal Intelligence, blockchain analytics, compliance, and risk monitoring firm has partnered with UAE crypto broker BitOasis to offer Crystal’s cutting-edge anti-money laundering (AML) and transaction monitoring solutions, and hyper-local approach to blockchain analytics.

As per the release, this will further strengthen BitOasis’ capacity to safeguard its users and ensure robust compliance with relevant rules and regulations. Crystal’s technology will provide BitOasis near real-time analytics and insights to help prevent fraud, further strengthening the platform’s compliance framework.

BitOasis since 2016 has processed over $6 billion in trading volume.

“The UAE, with its progressive regulations, is poised to become the crypto capital of the world. With our blockchain intelligence expertise, we want to empower licensed firms like BitOasis to keep the platform and their customers safe,” says Navin Gupta, CEO of Crystal. “We’re proud to be partnering with a leading platform in the region and believe that BitOasis is setting the standard for focusing on building out a robust suite of compliance tools, including Crystal.”

“Crystal brings a unique mix of deep analytical compliance capabilities with a user-friendly interface that our team can immediately benefit from,” says Ola Doudin, CEO and Co-founder of BitOasis. “This collaboration underscores our continued commitment to providing a secure and safe trading environment for our users.”

Recently, Crystal announced the opening of its office in Dubai with the goal of delivering exceptional service for the many partners it has within the area.

Phoenix Group PLC (PHX), a leading multi-billion-dollar blockchain and crypto mining conglomerate listed on the Abu Dhabi Securities Exchange (ADX), has launched 20-megawatt mining facility in St Leon, Canada to grow its data center capacity and digital asset mining. The new site will add 700PH and provide the lowest electricity price (0.039 USD) in the Phoenix Group fleet with more than 97% uptime. This significant expansion plays an important role in enhancing top and bottom-line revenue within Phoenix Group’s core businesses including data center capacity and digital asset mining.

As per the press release, the site adds to the group’s overall gigawatt-scale operational and development capacity. It is part of a long-term strategy to expand the Group’s core business, with the goal of enhancing hash rate productivity while lowering costs.

Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group, commented, “Expanding and strengthening our core business presence in Canada and North America, where we see a bright, growth-oriented future is a natural extension of our ambition to be at the forefront of growth and innovation in crypto mining and associated Web 3 and blockchain development. The new capacity will benefit both our top and bottom line revenue and we anticipate further investment in business expansion over the coming months.

Strategically located to utilize local energy resources effectively, the St Leon mining site optimizes operational efficiency and sustainability and maintains Phoenix Group’s position as one of the top 4 bitcoin mining operations globally. The Group’s adaptable infrastructure approach allows Phoenix to swiftly adapt to changes in the computing landscape, exploring opportunities in both blockchain and alternative high-value computing forms.

Phoenix Group boasts a 765MW mining operation, and fuel growth through strategic partnerships and innovation.

In May 2024, Phoenix Group announced financial results for the first quarter of 2024 with a Q1 net income of $66.2 million, a growth of 166% year-on-year. As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million. ⁠The quarter-over-quarter growth in total assets stands at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million.

The UAE Federal Tax Authority (FTA) published on October 2nd 2024 the amended version of the Executive Regulation of Federal Decree Law No. 8 2017 on Value added tax and has exempted virtual assets and investment fund management.

The amendments which are implemented following the Cabinet Decision No. (100) of 2024 will be effective from November 15th 2024.

These amendments aim to enhance clarity, provide further details on key provisions and procedures, and align with earlier changes in the Decree-Law and other relevant tax legislation.

When it comes to financial services, the decree noted that the management of investment funds and the transfer and ownership of virtual assets, including cryptocurrencies as well as conversion of virtual assets will be exempt from value added taxation. The exceptions on conversion of virtual assets and transfer and ownership of virtual assets are treated as effective from 1 January 2018.

According to PWC, the UAE has defined virtual assets as digital representation of value that can be digitally traded or converted and can be used for investment purposes and does not include digital representations of fiat currencies or financial securities.

PWC notes, “Businesses dealing with virtual assets should analyze the impact of the exemption on their (retrospective) VAT position, especially in respect to their input tax recovery. Voluntary disclosures may be required to correct historic returns.

PWC adds, “In particular fund managers, funds and companies dealing with virtual assets should assess whether their services are within the scope of the VAT exemption and also analyse the impact of that on the input tax recovery.”

According to the recent report from Henley&Partners the UAE leads in this year’s crypto adoption Index, as it is listed among top 12 countries while leading when it comes to public adoption, and innovation and technology. The report notes that one of the top reasons for UAE’s crypto growth is its low-tax jurisdiction which offers an attractive environment for crypto businesses.

For example, when it came to public adoption of crypto, the UAE ranked second following only USA. It is the only Arab country in the top 12 for this year. As per the Index findings, the UAE stands out as a leading jurisdiction for crypto investors. Public interest is high, with a substantial portion of the population owning cryptocurrencies. This enthusiasm is matched by strong government support and a thriving start-up scene.

DMCC free zone and Government of Dubai Authority on commodities trade and enterprise – and CV VC, one of Switzerland’s leading early-stage blockchain venture capital firms, have entered into a new strategic collaboration to connect and mutually support the Web3 ecosystems in Dubai and Switzerland. The agreement was signed during the annual CV Summit 2024, Switzerland’s premier blockchain and Web3 event, which gathered thousands of industry leaders and entrepreneurs in Zug, Switzerland this week.

The collaboration agreement between DMCC Crypto Centre and CV VC, one of the founder’s of the Swiss Crypto Valley and which operates the international blockchain ecosystem builder CV Labs, marks a significant step in bolstering ties between two of the world’s most significant Web3 ecosystems. Together both sides aim to accelerate Web3 entrepreneurship between Dubai and Switzerland to create the next vibrant innovation corridor.

As a strategic regional alliance, DMCC’s and CV VC’s ecosystems will be scaled up through mutual and cross-border collaboration, including educational initiatives such as workshops and seminars, the exchange of resources and workspaces, and joint events including the Web3 Hub during the World Economic Forum in Davos, Switzerland, in January 2025. CV VC will also partner in the upcoming DMCC-Bybit Hackathon, underscoring a shared commitment to foster and drive blockchain technology innovation in the region.

Feryal Ahmadi, Chief Operating Officer, DMCC, said: “We are delighted to announce this latest strategic alliance between CV VC and DMCC Crypto Centre, which will not only provide our members with a range of unique benefits but scale up Web3 innovation between Dubai and Switzerland. We recognise the immense value that greater collaboration, knowledge exchange, and resource-sharing can bring to unlocking the potential of Web3. By connecting our ecosystems, we can drive the next phase of global Web3 adoption and pave the way for a more interconnected and innovative future for businesses worldwide.”

Mathias Ruch, Founder & CEO, CV VC, said: “This alliance is an opportunity to exchange knowledge and resources, supporting the growth of the blockchain space in both the Middle East and Switzerland.”

Olaf Hannemann, Co-Founder & CIO of CV VC, added: “From an investment perspective, we feel the Middle Eastern Ecosystem has significantly matured over the last few years, driven by a long-term vision and a deeply rooted motivation to invest in future technologies”.

With over 600 members, the DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain technologies and associated value-added services. Providing everything that crypto businesses and entrepreneurs need to set up and scale their operations, it has become the largest concentration of crypto and Web3 firms in the region.

CV VC is an early-stage venture capital firm based in Switzerland, focusing primarily on global start-ups that offer solutions using blockchain technologies. As a founder of the Swiss Crypto Valley, CV VC has the essential resources and network to identify, incubate and accelerate the journey of blockchain start-ups.

UAE based Al Maryah Community Bank (Mbank) has officially launched Mbank Wallet, what it calls the first UAE national blockchain based digital wallet using decentralized blockchain technology, enhanced with QR technology, and linked to Jaywan.

As per the announcement, this addition to Al Maryah Community Bank’s financial technology suite illustrates the bank’s continued promise in building the most advanced mobile payment experience for its customers.

Through Mbank Wallet, end-users will be able to perform all daily financial transactions including but not limited to sending, receiving, requesting, and paying money. Sending money to other bank accounts or Mbank accounts is as easy as tapping on a few buttons. Users can also choose to send money through the Mbank Wallet app to their loved ones located anywhere in the world. Moreover, users can receive money to their digital wallets from their family members or friends via Mbank or other UAE bank account transfers.

For in-store purchases, all customers need to do is scan the QR code at their favorite stores and enjoy secure, easy, and fast payment transactions. With Al Maryah Community Bank’s ever-growing strategic tie-ups with well-established merchants across the Nation, it offers its customers a wide range of stores and vendors that happily accept digital payments through Mbank Wallet.

What distinguishes Mbank Wallet from other digital wallets is that users are not required to go through the hassle of creating a bank account. They can simply register with their Emirates ID and issue money transfers to and from other UAE banks via IBAN number only. Downloading the app, getting an IBAN number, and transferring money can all happen in a matter of minutes! This opens the potential for greater financial inclusion and enables any UAE National or Resident to access financial products that meaningfully impact how they live and work. To add money to Mbank Wallet, users can do so through cash deposits via Mbank ATMS or any of our many foreign money exchange and remittance partners’ branches across the UAE.

Al Maryah Community Bank continuously strives to create more ways for individuals to participate in the global economy by enabling quick and simple access to the financial system to more customers around the world who may use Mbank Wallet as their primary financial instrument. Adding a cross-border layer to Mbank Wallet, customers can easily utilize the app to send funds to countries across the globe where digital wallets are the go-to payment method.

Commenting on the launch of Mbank Wallet, Mohammed Wassim Khayata, CEO of Mbank, stated, “Al Maryah Community Bank is altering the way consumers pay for their everyday purchases and transforming payments in a way never seen before. We are bringing a new national level of everyday convenience to mobile devices with a very safe and secure environment for financial transactions that eliminates the circulation of cash and minimizes financial risk and fraud. As a result, we have launched Mbank Wallet, which has been successfully approved and licensed by the Central Bank of the UAE, the best-in-class national digital wallet that includes all advanced features for daily transactions, international remittance services, and an eCommerce marketplace”.

He added, “Through the combined power of Mbank’s strategic tie-ups and Mbank Wallet’s solid payment infrastructure, this new national digital wallet has the potential to help develop a new global era for inclusive and accessible global payments. It serves as the catalyst for Mbank’s new focus – transforming how consumers buy products in-store and online. Mbank Wallet’s launch is the first step in the many updates we will be releasing in the near future. As part of our ongoing commitment to open ecosystems, we will continue to expand on the capabilities of Mbank Wallet by working closely with our trusted partners and developers across all the UAE to become the national leaders in mobile payments”.

Bahraini consultancy firms, Accelera and iBLOCKCHAIN strike a strategic alliance aimed at leveraging the significant economic growth opportunities across the Gulf region, specifically in Saudi Arabia (KSA), the United Arab Emirates (UAE), and Qatar.

Through a synergy of visionaries, this collaboration brings together iBLOCKCHAIN’s undisputed leadership in ‘Intelligent Transformation’ and cutting-edge expertise in Blockchain, Ai, cybersecurity, and Web3 technologies with Accelera’s pioneering Consulting 2.0 approach, creating a force ready to address the digital transformation and business growth opportunities of the rapidly evolving markets in the region.

Commenting on the collaboration, Wassim Jarkas, founder and CEO of iBLOCKCHAIN, said, “This alliance represents a significant step in driving transformation within the Gulf. By combining iBlockchain’s technical prowess with Accelera’s understanding of modern management strategy, we can tailor unique and comprehensive solutions that cater to the region’s evolving needs. We’re not just helping businesses adapt to the post-digital era – we’re empowering them to lead it.”

Also commenting on the collaboration, Mohamed Alsayed, CEO of Accelera, added, “Our collaboration with iBlockchain isn’t just a joining of capabilities. It’s a fusion of visions. Together, we’re crafting a future where innovation isn’t just encouraged, but rather, it’s inevitable.”

As the Gulf Cooperation Council GCC countries, particularly Saudi Arabia, the UAE, and Qatar, continue to push forward with ambitious Vision2030 national development plans, the two companies will focus on sectors including hospitality, construction, and healthcare, where digital transformation initiatives are driving demand for advanced technology solutions and modern consulting.

This partnership marks a new chapter for both companies as they look to unlock new growth avenues and continue supporting the region’s transformation into a global hub for business, technology. It also cements Bahrain’s status as the beating heart of innovation in the region, and a centre of excellence for modern management knowledge. And so the message is clear: The future of business and technology in the region starts here, in Bahrain.

Mining Grid, a blockchain and Bitcoin mining solutions provider has announced the opening of its showroom in Al Quoz Dubai UAE, and its “Mining Race”. The Mining Race is a global program designed to empower the community to actively participate in the primary mining market, contributing to the decentralized blockchain network.

The platform not only offers access to mining opportunities but also fosters awareness and education about Bitcoin (BTC) and cryptocurrency adoption. The Mining Race awarded the highest achievers within its community, celebrating innovation, success, and teamwork.

Additionally, Mining Grid’s newly launched showroom in Dubai will serve as a hub for crypto enthusiasts to explore the latest technologies providing hands-on demonstrations of advanced mining equipment.

Solaiman Al-Rifai, Founder and Board Member, Mining Grid said, “Mining Grid’s initiatives, such as the Mining Race and the new showroom, are aligned with the growing movement toward widespread Bitcoin adoption and the blockchain’s potential to reshape industries. As more businesses and individuals embrace the power of decentralization, the future of finance is poised for a digital transformation.”

Rami Alsridi, Founder and CEO, Mining Grid said, “Bitcoin has grown from just a few cents to a market cap of $1.3 trillion, connecting communities worldwide. Through the Mining Race, we aim to unite the crypto community and build a stronger, decentralized future.”

This comes as other entities such as Phoenix Group, the Blockchain and bitcoin mining entity launched from the UAE.

The Oman Data Park, datacentre and cloud service provider, and INTRO Technology, the technology arm of INTRO Holding and the parent company of Advansys and Forte Cloud, a leader in technological solutions and digital transformation, have signed an MOU to establish Kemet Data Center in the Suez Canal Economic Zone which will provide cloud solutions, Internet of Things (IoT) and digital transformation particularly in Africa and Middle East.

Kemet Data Center, which will span 80,000 square meters, is set to be developed in two phases. Strategically located in the Suez Canal Economic Zone, it will serve as a key facility for companies seeking cost-effective cloud solutions, offering scalable infrastructure, faster data processing, and improved latency.

Leveraging Egypt’s advanced infrastructure and its position as a key regional hub, the center will provide a secure and efficient platform for businesses to manage both regional and global operations. Committed to sustainability, Kemet Data center will partially rely on solar energy, reducing its carbon footprint while delivering advanced digital services.

Oman Data Park will provide commercial services, overseeing the center’s design, construction, and management. Advansys, a subsidiary of INTRO Technology, will host the data center’s staff and experts, handling legal procedures, equipment importation, and design through its Center of Excellence. This will expedite the project’s initial phases.

Mamdouh Abbas, Chairman of INTRO Holding, emphasized that the partnership is a crucial step in expanding INTRO Technology’s presence in the Middle East and Africa. He highlighted Kemet Data Center’s role in advancing Egypt’s digital transformation goals as part of its 2030 vision.

Eng. Maqbool Al Wahaibi, CEO of Oman Data Park, expressed excitement about the partnership, stating that it will foster innovation and economic growth across the region, providing critical digital solutions to meet the demands of global enterprises.

In early 2024, Oman Sohar port Free zone, signed a deal with Green Data City to develop a multimillion dollar data computing center which will include data mining. The data mining centers would allow for AI and Blockchain data mining as well as crypto. The Data Computing Center in SOHAR Free zone would be used for hosting, processing, and data mining, solidifying their position as a key player in the digital economy, fostering technological innovation and economic growth. The land lease agreement, signed with encryption mining company Green Data City (FZC) LLC, covers the development of a 45,000-square-metre site that will house 20,000 servers from leading manufacturers.

Previously, Oman signed several partnerships for Blockchain, and Bitcoin datacenters with entities such as Exahertz. At the time Dr. Ali Mohammed Tabook, CEO of Salalah Free Zone, underscored the significance of laying down the foundation stone for the Exahertz Blockchain Data Centre at an investment value of $348 million on an area of 312,000 square metres.

Prior to this announcement, Oman Ministry of Transport, Communications, and IT in partnership with Green Data City (GDC) the next generation data blockchain ecosystem, launched the first licensed sustainable crypto mining datacenter in Oman, and the GCC.  The delegation witnessed the first Bitcoin officially mined in Oman using immersive cooling technology which will reduce electricity consumption.

While the Oman Investment Authority (OIA) took part in a $350mn equity round in Crusoe Energy Systems. The US firm helps oil and gas producers cut flaring by using stranded natural gas to power cryptocurrency mining. Crusoe systems set up operations in Oman as well.

HODLER INVESTMENTS, a UAE based investment company, headquartered in the Dubai, which includes in its portfolio energy, AI, and digital asset mining startups such as PermianChain, Brox Equity and others; and Abu Dhabi’s EHC Investment which leads multiple businesses with operations and investments across the energy, infrastructure, firefighting technology and system integration services have signed a strategic partnership to launch NEXGEN.

NEXGEN will support the creation of a compliant digital energy market to supply critical energy infrastructure that will monetize wasted energy such as flared gas in the UAE, KSA, and Egypt with the aim of hosting global data center operators, reducing carbon emissions and contributing the Digital Energy Infrastructure (DEI) Fund, a local decarbonization innovation fund.

The UAE is a strong supporter of the decarbonization initiative. Over the past 15 years, the UAE has invested more than US$40 billion in clean energy projects. Globally, the UAE supports green infrastructure, investing approximately $16.8 billion in renewable energy projects across 70 countries, primarily in developing nations. It has also provided over $400 million in aid and soft loans for clean energy initiatives.

Moustafa Rashad, Chief Executive Officer of EHC Investment added, “Our partnership with HOLDER INVESTMENTS will solve various challenges facing the energy sector in MENA. We believe that modern technology coupled with smart capital can accelerate decarbonization and address the renewable funding gap. This partnership will address market challenges of commercializing wasted and underutilized energy, while streamlining regulatory compliance for this newfound digital energy market, ensuring compliance with key systems and controls.”

Mohamed El Masri, Managing Director of HOLDER INVESTMENTS, stated, “Our strategic alliance with EHC Investment will accelerate our mission to build distributed energy infrastructure to power compute clusters that optimize wasted energy resources and build equitable energy infrastructure that strengthens the regional position for integrating data mining systems that support a sovereign digital economy.”

The strategic partnership with EHC Investment comes after HODLER announced its ongoing plans for a $500 million Digital Energy Infrastructure (DEI) Fund with the participation of UAE based GEWAN holding. The DEI will be established as a closed-ended Fund, subject to compliance and regulatory approvals. The DEI Fund has already secured soft commitments from lead investors and in-kind contributions in addition to offtake partners seeking energy and connectivity for A.I. and digital asset mining operations.

Ahmed Ebrahim, Managing Director of Hodler Investments, explained, “Through this strategic partnership with EHC Investment, we are ensuring that the evolving regional market for modern data center applications will be built on equitable energy systems that will power on site, and remote data mining farms, including edge computing, bitcoin mining, AI and other critical compute applications.”

Ali Al Gebely, Managing Director of EHC Holding, stated, “We are very pleased to have signed this strategic partnership with HODLER Investments, given the growth that we are witnessing in the MENA region when it comes to the digital economy incorporating AI applications, Blockchain, IoT and others. The partnership is aligned with our goal of shaping a clean energy transition for a sustainable future. We believe public and private investments play a critical role in driving innovation.”

Alaa Al Ali, Founder & Group CEO, Gewan Holding comments, “We are proud of our direct affiliation with Hodler Investments which resulted in the ongoing establishment of the Digital Energy Infrastructure Fund to support such innovative initiatives as we look to streamline sustainable capital to accelerate decarbonization projects in the region, enabling carbon offset opportunities and optimized cash flow from energy assets.”

During, the 74th Information and Communication Technology Governance Committee (ICTGC) meeting, chaired by Mohammed Ali Al Qaed, the Information & eGovernment Authority (iGA) Chief Executive, the Ministry of Justice, Islamic Affairs, and Waqf’s digital transformation project which involves notary services, streamlining processes, for citizens and residents employing Blockchain and AI technology.

The Ministry of Justice, Islamic Affairs, and Waqf’ss digital transformation project was discussed. It involves virtual notary and virtual court hearing. This initiative aims to create a secure platform to enable virtual court hearings digitally as well as virtual notary services, streamlining processes for citizens and residents. It will employ advanced technologies such as artificial intelligence and blockchain for enhanced identity verification and document confidentiality as well as integrating with the eKey system and government notification system to maximize the use of shared services offered by the Information & eGovernment Authority (iGA).

The committee also evaluated the Ministry of Electricity and Water Affairs’s mobile app project for electric vehicle (EV) chargers, designed to facilitate payment processes at EV charging stations. This project aligns with the ministry’s efforts to develop the infrastructure needed for electric chargers across Bahrain.

The committee examined the electronic animal registration system project by the Ministry of Municipalities Affairs and Agriculture, which aims to create a system for registering animals and documenting their health records while automating related procedures. This initiative is part of the Ministry’s digital transformation efforts. This project will be implemented using modern development technologies such as Low-Code platforms.

Bahrain has also been a progressive country in the crypto domain, with Crypto.com being the most recent global crypto exchange to receive a license after Binance.