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Digital Bank Ibanera joins UAE’s RAK digital assets oasis

Digital Bank Ibanera joins UAE’s RAK digital assets oasis

Ibanera, digital banking entity, has joined RAK Digital Assets Oasis (RAK DAO), a UAE Free Zone dedicated to digital assets. Ibanera wants to tap into the Web3 and fintech landscape in the Middle East.

According to the press release, by aligning with RAK DAO, Ibanera gains access to an array of resources designed to propel growth and innovation. This includes a robust ecosystem of Web3 companies, funding avenues, and cutting-edge blockchain technology.

Dr. Sameer Al Ansari, CEO of RAK DAO, expressed enthusiasm about the partnership, “Our mission is to be the future-centric free zone for tomorrow’s leading companies. Ibanera’s presence aligns seamlessly with our vision of fostering groundbreaking innovation and next-gen banking solutions. This partnership not only elevates Ibanera’s role in this vibrant market but also enriches our ecosystem with advanced financial services.”

The partnership will enable Ibanera to integrate its advanced financial solutions, including its PORTL API and other services, within RAK DAO’s network. This integration aims to enhance the accessibility and functionality of Web3 solutions and digital asset management for businesses ranging from startups to large enterprises.

Michael Carbonara, CEO of Ibanera, emphasized the strategic fit of the collaboration, “Joining RAK DAO’s ecosystem is a thrilling opportunity for us. Ras Al Khaimah’s progressive regulatory environment and business-friendly policies provide an ideal foundation for our growth. We look forward to contributing to and benefiting from the innovative community RAK DAO supports.”

Ibanera’s platform, known for its secure and innovative financial services, will now offer RAK DAO’s Web3 businesses a seamless experience, from NFT tokenization to advanced digital banking. This partnership is set to drive significant advancements in the fintech and digital asset spaces, reflecting both companies’ commitment to innovation and excellence.

UAE based Al Maryah bank launches blockchain digital wallet

UAE based Al Maryah bank launches blockchain digital wallet

Al Maryah Community Bank, a digital bank in the UAE has announced the launch of what it calls the first UAE Blockchain enabled national digital wallet, called Mbank Wallet.

As per the X post, “Al Maryah bank Introducing Mbank Wallet: UAE’s first national digital wallet using decentralized blockchain technology, enhanced with QR technology, and linked to Jaywan.”

Jaywan is the UAE’s domestic card scheme. Users open an account with their Emirates ID and add a the Blockchain enabled digital wallet with an IBAN.

The post adds that the Mbank wallet will allow for better financial inclusion within the UAE.

The new digital wallet will allow seamless financial transactions; send, receive, request, and pay money effortlessly, as well as send funds globally.

The Mbank Wallet is already accepted in TAMM, Emarat, Select Market, and Air Arabia.

In May 2024 Al Maryah Community Bank (mBank) has entered into a Memorandum of Understanding with Dubai Multi Commodities Centre (DMCC). This collaboration aims to streamline the account opening process for businesses within DMCC through an Mbank integrated digital platform.

Utilizing Mbank’s Corporate Platform, companies seeking to establish themselves in DMCC can now digitally complete their business bank account opening in six steps, within 48 hours.

In November 2023 Al Maryah Community Bank chose to leverage the services of Ripple ODL partner LuLu to facilitate cross-border money transfers.

Stc Bahrain launches Web3 infrastructure with Avalanche Blockchain

Stc Bahrain launches Web3 infrastructure with Avalanche Blockchain

Stc Bahrain recently announced the launch of “Intersect the Network” on Avalanche Blockchain. As per the press release, the initiative aims to advance Web3 innovation, promote digital transformation for decentralized applications (dapps). In April 2024, stc Bahrain announced its partnership with Avalanche Blockchain to build Web3 in the MENA region.

Intersect aims to be the entry point for new users and organization to transition from the world into the Web3.

The infrastructure for this network has been provided through a joint collaboration between stc Bahrain and their Qal’at Path partner Avalanche.

To commemorate the launch of ‘Intersect the Network’, a 30-day virtual Web3 Makeathon + Hackathon will be held starting August 12. stc Bahrain, along with Avalanche, is proud to announce their title sponsorship for this event. Additionally, Nirvana labs, Chainlink, Lionscraft, OneKey, K3 Labs and Candide Labs will be event partners, sponsoring exciting prizes for the participants. The event aims to bridge the gap between the real world and the world of Web3, fostering creativity and innovation through both coding and non-coding tracks.

No-code tracks will invite artists to design unique artwork and profile pictures, while coding tracks will challenge developers to build solutions in Gaming, Music, Media, Interoperability, and Security on ‘Intersect the Network’. Registrations for the Intersect Makeathon + Hackathon are now open at intersect.to

“We are thrilled to unveil Intersect, a new blockchain network on Avalanche that opens up new possibilities for Web3 innovation. We hope this platform will serve as a catalyst for Web3 development, providing a space for groundbreaking applications and services globally. This initiative also underscores our dedication to empowering the people of Bahrain with innovative solutions and new technologies in line with Bahrain’s Vision 2030 goals. The upcoming Intersect Makeathon + Hackathon is an exciting opportunity for creative minds from all over the world to showcase their talent and bring innovative ideas to life. We can’t wait to see how participants will leverage this platform to intersect the real world and the world of Web3.”

“We are proud to announce a significant milestone in our partnership with stc Bahrain through the unveiling of the Intersect Avalanche L1. We hope this initiative will help enhance the Avalanche ecosystem both in the Middle East and worldwide, fostering a thriving environment for decentralized applications. In addition, we’re excited to support the upcoming Makeathon + Hackathon, a great opportunity for developers and artists alike. We look forward to seeing some amazing applications and innovations come to life.”

For more information and to participate in the Intersect Makeathon + Hackathon, visit the website at intersect.to   
 

Saudi Arabia Web3 sector grows amidst challenges

Saudi Arabia Web3 sector grows amidst challenges

Cardano Blockchain accelerator, Adaverse published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

Web3 Growth

According to the Adaverse report, Saudi Arabia is well positioned to witness growth in the Web3 ecosystem. One of the main reasons is that is it the largest market in GCC with a youthful and tech savvy population. Already 63% of its 36 million residents are under 30, and 99% of Saudi residents are connected to the internet.

In addition, the ambitious Vision 2030 initiative further strengthens this by fostering a robust tech and innovation ecosystem. Saudi Arabia has also seen growth in funding for startups and Web3 ventures.

In 2024, according to Digital Digest, MENA based startups secured $429 million across 163 deals, with Saudi startups receiving 515 of the funding across 36.2% of the deals.

The Web3 startup ecosystems has four layers, the use case layer, the tooling and developer layer, the infrastructure layer, and the protocol layer.

According to the Adaverse report, the notable concentration in the user-facing application layer, indicates growing Saudi consumer interest in DeFi, GameFi, and SocialFi. Meanwhile, the scarcity of foundational infrastructure and protocol startups, presents a unique opportunity for entrepreneurs and investors to fill crucial ecosystem gaps.

Web3 startups in KSA includes names such as Umrah Cash, Verofax, TakaDAO, Ticket Souq, Dropp, TGE, MRHB, IR4LAB, Mithu, Nuqta, and others.

For example, Oumla, is a blockchain infrastructure provider that offers secure custody solutions and comprehensive infrastructure services for governments and businesses alike. With a suite of SDKs, Oumla enables developers to seamlessly build on various blockchains without the need to master blockchain.

Mohammed Aljasser, Founder and CEO of Oumla noted in the report, “Oumla’s journey began in 2022, when we laid the foundation for an exceptional blockchain infrastructure. In 2023, we officially launched our product, receiving overwhelmingly positive feedback from our customers. Building on this momentum, we are now preparing to introduce additional blockchain networks, along with a range of new features and products designed specifically for the MENA region.

He adds, “Notably, Saudi Arabia is making significant strides in embracing blockchain, evidenced by the burgeoning emergence of applications and experimental initiatives. It’s clear that blockchain is more than just a passing trend; it represents a seismic shift in digital infrastructure.”

According to him dealing with regulations has been one of the biggest hurdles in the blockchain world. But despite these challenges, he is convinced that blockchain is here to stay.

Another startup, Tharawat Green Exchange (TGE) is a blockchain-powered marketplace connecting carbon off setters with tree planting projects to achieve sustainability goals. TGE transparently tracks tree planting and maintenance, aiming to plant 10 million trees by 2030. This enhances Saudi Arabia’s Trade for a Greener Tomorrow green economy and supports local nurseries, ensuring transparency and security.

Opportunities

As per the report, key opportunities in Saudi’s Web3 space include fintech, where DeFi solutions promise enhanced financial transparency and efficiency. Blockchain integration in supply chain management, real estate, and digital identities offers transformative potential.

In addition to fintech, the entertainment and gaming sectors are also ripe for growth, with blockchain-based platforms opening new avenues for engagement and monetization.

Saudi Arabia is the largest gaming market in MENA with the gaming sector value proposed to reach $6 billion by 2027. MENA region contributes already 15% of the global gaming population.

In KSA, it is estimated that there are 21 million active gamers, constituting a remarkable 58% of the country’s population [22]. This substantial player base provides a strong foundation for the industry’s expansion.

Recognizing the potential of the gaming industry, Saudi Arabia established a comprehensive National Gaming and Esports Strategy (NGES). Aligned with broader economic objectives, the NGES aims to create 39,000 job opportunities and contribute $12 billion to the economy by 2030 [23].

However, despite this dominance, the adoption of Web3 gaming progresses at a measured pace. As per the Adaverse report, this gap presents a prime opportunity for young Saudi founders to lead the development of blockchain-based games and integrate advanced technologies such as NFTs, AI, and play-to-earn mechanisms into the existing Web2 gaming market.

The same goes for the Saudi Fintech sector which has attracted substantial funding, totalling $552 between 2020 and 2021.

The report also notes that the country’s tech landscape is uniquely characterized by its focus on recreational

and entertainment-based Web3 projects, particularly in gaming, NFTs, and GameFi, positioning Saudi Arabia as a regional hub for these emerging sectors.

The Challenges

According to the Adaverse report, regulatory uncertainty, the need for greater awareness and education around Web3 technologies and concerns about technological infrastructure  and cybersecurity are key hurdles.

Future of Web3 in KSA

In conclusion the report recommends that for Saudi Arabia to fully realize its potential, it must address challenges, such as establishing regulatory clarity to create a stable business environment in the Web3 space.

Also, Saudi Arabia needs to overcome technical hurdles, such as improving user interfaces, which will be essential for enhancing adoption and user experience.

In conclusion, the report believes that by leveraging its favorable market conditions, government support, and growing investor interest, while addressing regulatory and technical challenges, the country can establish itself as a regional powerhouse in Web3 technologies. Nurturing local talent and fostering collaboration between stakeholders will be key to shaping the future of innovation and investment in Saudi Arabia’s Web3 sector.

Azimut invests a total of $156 million in Alps Blockchain to expand operations in Oman and other markets

Azimut invests a total of $156 million in Alps Blockchain to expand operations in Oman and other markets

Azimut, an independent, global group in asset management, wealth management, investment banking and fintech, has successfully completed a new club deal to invest in Alps Blockchain totaling $156 million. Alps Blockchain is one of Europe’s leading companies and a leader in Italy in the production of computational power for blockchain and digital mining with operations in Oman.

This new €105 million ( $113 million) investment by Azimut in Alps Blockchain, follows a previous round of €40 million ($43 million) in 2023, confirming the confidence and involvement of private investors in the growth of this innovative company. Total club deal investments now stand at $156 million.

Azimut’s investment was made through Azimut Direct Investment Alps Blockchain II SCSp, a dedicated Luxembourg vehicle that invested in a 5-year guaranteed bond with the option of early redemption by Alps Blockchain. This transaction allowed around 1,000 customers, served by the Group’s network of financial advisors and wealth managers in Italy, to gain exposure to the growth of the blockchain sector.

Alps Blockchain is an Italian company that builds and operates mining farms with the aim of contributing to the development of new technologies and supporting the evolution of the energy sector, combining innovation and efficiency. In the last three years the company has quintupled the number of mining machines installed in its planned sites globally from 2,500 to over 15,000. This increase has enabled the company to reach a total energy capacity of 50 MW and more than 2 EH/s (exahash per second) of computing power produced by June 2024.

Alps Blockchain’s positive trend is also reflected in its financial results. Revenues increased from €697,000 in 2020 to €17.3 million in 2022. In 2023, thanks in part to Azimut’s first investment round, revenues reached €43.6 million, an increase of around 140% compared to the previous year, which, with a positive EBITDA.

The funds raised will be used to support Alps Blockchain’s growth and internationalization path, with a focus on consolidating and implementing its existing operations and considering expansion into new markets to further strengthen its global position.

From Italy, the company has already established operations in countries such as Paraguay and Ecuador, where the completed mining farms use hydroelectric power. Alps Blockchain actively supports the energy sector not only by focusing on hydropower, but also by exploring new sources and projects to promote the energy transition.

Among the key markets for future growth is Oman, where the company is already present with a state-of-the-art mining farm within the Green Data City technology hub. The strategic focus is also on North America, a major destination for the mining industry and attractive for new expansion opportunities.

Giorgio Medda, CEO and Global Head of Asset Management & Fintech of the Azimut Group, commented, “We are thrilled to strengthen our relationship with Alps Blockchain, whose objective is to make mining more sustainable, and to offer our customers the opportunity to participate in the growth of an all-Italian excellence that is rapidly establishing itself around the world. This new transaction is part of Azimut’s broader commitment to promoting a global and sustainable energy transition through innovative investment solutions in private markets. A commitment that from 2022 to date counts investments of over €350 million. Our vision is that asset management can increasingly play a crucial role in combining efficient capital allocation with building a more sustainable future’.

Francesco Buffa, CEO of Alps Blockchain, stated, ‘At Alps Blockchain we are committed to shaping projects that foster the synergy between new technologies and the world of energy, generating a positive impact in both sectors. This new investment is an extraordinary confirmation of the confidence in our work and an essential support for the near future. On the sixth anniversary of the company’s establishment, which was July 20th, we are enthusiastically inaugurating a new chapter in its history dedicated to the pursuit of ambitious growth targets.

Francesca Failoni, CFO of Alps Blockchain, added, “The increase in resources will allow us to contribute even more substantially to the blockchain ecosystem, fostering the development of solid and sustainable projects over time. Thanks to this financial transaction, we will not only be able to increase and make our existing sites more efficient, but also invest in the construction of new facilities, aiming to quadruple the production capacity of computing power in the service of this technology by the first quarter of 2025.”

UAE M2 now offers seamless AED to BTC and ETH conversions

UAE M2 now offers seamless AED to BTC and ETH conversions

M2 registered in ADGM, a virtual asset custodian and a Multilateral Trading Facility regulated by the Financial Services Regulatory Authority (FSRA) ADGM, has launched what it calls a simplified pathway for UAE residents to buy and sell Bitcoin (BTC) and Ethereum (ETH) through a direct integration with their bank account.

As per the press release, the integration serves as a significant milestone both for the wider accessibility of virtual assets in the region, as well as M2 working to offer a best-in-class product offering within a rapidly evolving landscape.

The new solution will allow UAE residents with banking services to seamlessly convert United Arab Emirates’ Dirhams (AED) into BTC and ETH – and vice versa – via trading pairs listed on M2’s spot market.

The press release adds, that this new pathway, which leverages the strength and security of robust banking infrastructure, is the most recent milestone in M2’s continued work to build trust and industry leading compliance in providing both the safe custody of virtual assets, and the ability to trade Bitcoin (BTC) and Ethereum (ETH) with UAE Dirham (AED).


CEO of M2 Stefan Kimmel said, “Through this compliant integration, UAE residents can enjoy the familiarity of their existing and trusted banking services, coupled with the cutting-edge security and functionality of our platform. This is all executed within one of the world’s strictest regulatory frameworks where consumer protection, technology, governance and custody are paramount. It is a significant step for M2 in ADGM as we work to expand our offering for the MENA region and reduce the friction in how clients can navigate between traditional finance and virtual assets.”

Sources close to the matter explained to Lara on the Block, that currently M2 is working with one major bank ( which prefers not to be named) and will expand this to other banks in the UAE in the future.

M2 registered in ADGM, which launched back in November 2023, announced that it was able to onboard retail and institutional clients and would be offering AED Fiat on and off ramp through its participation with a local bank. Eight months later, M2 is finally able to do this.

In a previous interview with Stefan Kimmel with Lara on the Block, Kimmel noted, that launching a fully regulated, transparent clean startup from Abu Dhabi ADGM ( Abu Dhabi Global Market) was because the FSRA ( Financial Services and Regulatory Authority) in ADGM is one of the oldest most respected and esteemed regulatory authorities when it comes to virtual assets and crypto. FSRA as Kimmel explained has been around for five years and has a comprehensive solid framework. He stated, “ After all that has happened in crypto over the past few years, everyone is looking for a safe protected transparent exchange, and this is what we are offering from ADGM.”

He also noted, M2 has is its strong liquidity which is essential for the success of any crypto exchange. M2 has an equity investment of $300 million with strategic partners being UAE based Phoenix Group and several Abu Dhabi family offices.

Commercial Bank of Dubai opens up to VASPs in UAE

Commercial Bank of Dubai opens up to VASPs in UAE

The Commercial Bank of Dubai (CBD), has launched a dedicated accounts for Virtual Asset Service Providers (VASPs) to manage client money and regulatory prudential requirements, in compliance with the latest regulations issued by the Central Bank of UAE and the Dubai Virtual Assets Regulatory Authority (VARA). The first VASP to be onboarded is Laser Digital a crypto broker and investment service provider, a subsidiary of Japanese Nomura.

As per the press release, this pioneering initiative underscores CBD’s commitment to fostering innovation and supporting the growing digital asset ecosystem in the region.

CBD has taken proactive steps to offer specialized accounts that meet the unique requirements of VASPs, while adhering to the regulatory framework established by VARA. CBD onboarded Laser Digital as the first VASP to benefit from its services.

CBD’s banking services for VASPs are fully compliant with VARA regulations, ensuring that VASPs operate within the legal and regulatory framework of Dubai. The segregation of client funds into multiple accounts ensures reduced risk and enhances operational efficiency.

Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, commented on the launch, stating, “As the financial landscape continues to evolve with the rise of digital assets, CBD remains at the forefront of innovation by providing tailored solutions that meet the needs of our diverse clientele. The introduction of core banking services for VASPs aligns with our strategic vision to support the digital economy and foster a robust regulatory environment that promotes growth and stability. As the bank that is backing the nation’s ambition, our efforts also contribute to promote the Emirate as an international hub for Virtual Assets and develop the digital economy in the Emirate.”

By offering these specialized accounts, CBD aims to attract more VASPs to Dubai, encouraging companies operating in this field to base their business in the Emirate.

Jez Mohideen, CEO of Laser Digital commented: “This launch demonstrates CBD’s commitment to encouraging the growth and progress of the virtual asset ecosystem in the UAE. We’re honored and grateful to be the first VASP to benefit from this service and we look forward to continued collaboration.”

Pravica Secures $250,000 Grant from Sui Foundation for stablecoin adoption

Pravica Secures $250,000 Grant from Sui Foundation for stablecoin adoption

Pravica, a blockchain infrastructure provider, has secured $250,000 grant from the renowned Sui Foundation. This substantial funding will drive Pravica’s mission to revolutionize payment systems and money movement by integrating stablecoin technology with traditional finance.

The Sui Foundation, recognized for its commitment to advancing blockchain technology, has provided this grant to support Pravica’s innovative projects. The funding will be instrumental in enhancing Pravica’s business operations by leveraging stablecoin technology, which offers secure, efficient, and cost-effective payment solutions.

“Our collaboration with the Sui Foundation is a significant milestone for Pravica,” said Mohamed Abdou, CEO of Pravica. “This grant will empower us to integrate stablecoin technology with existing financial systems, bridging the gap between decentralized finance (DeFi) and traditional banking. This integration will enable faster, more secure transactions, benefiting both businesses and consumers.”

Pravica will utilize the grant to build and enhance two groundbreaking products on top of the Sui blockchain:

S3 (Stablecoin Studio on Sui) is a comprehensive stablecoin infrastructure enabling stablecoin issuers to issue and maintain stablecoins as digital money. S3 handles the issuance, distribution, and management of stablecoins, functioning similarly to traditional banks. It facilitates the relationship between stablecoin issuers and distributors, ensuring smooth and efficient operations.

While Walletify is an innovative payment app connected to the S3 infrastructure, designed to be the first of its kind. It allows retail customers to use stablecoins for daily payment activities across a wide network of merchants. Walletify wants to bring the advantages of blockchain technology to routine financial transactions by making local stablecoin (pegged by local currencies) transactions simple and accessible.
The integration of stablecoin technology into traditional financial systems is poised to transform the payments landscape. Stablecoins, known for their price stability, offer a reliable medium of exchange, making them ideal for cross-border payments and remittances. Pravica’s initiative aims to facilitate seamless, low-cost transactions, providing a competitive edge in the global digital economy.

Pravica’s expansion into stablecoin-powered payment solutions aligns with its broader vision of democratizing access to blockchain technology. By offering robust and scalable solutions, Pravica is set to enhance financial inclusion and drive economic growth.

“Pravica’s Stablecoin Studio on Sui removes an immense hurdle for stablecoin issuers and has the potential to transform the world’s payment processing industry,” said Gap Kim, Global Head of Marketing for Sui Foundation. “The innovative solution Pravica has built on Sui provides much-needed financial tooling that will benefit the entire Sui ecosystem.”

Pravica’s strategic move will position the company to gain, retain, and expand its market share in the competitive international digital economy. The company’s efforts are geared towards creating a thriving ecosystem that supports the growth of web3 technologies and enhances the overall financial landscape.

Credibility of UAE crypto exchanges enhanced with new stablecoin regulation

Credibility of UAE crypto exchanges enhanced with new stablecoin regulation

In the past year the UAE has attracted not only international crypto exchanges but it has also attracted home grown GCC crypto players. One of these international crypto exchanges, which sits as the world’s 12th biggest exchange has also set its eyes on MENA and the UAE viewing UAE as a unique jurisdiction.

BITGET Aka Leung, country manager asserts that UAE’s approach to crypto regulation differs from other jurisdictions, emphasizing the uniqueness of each.

Crypto regulations UAE, Hong Kong, Singapore

Speaking to Lara on the Block, Leung explains that UAE has progressively been embracing cryptocurrencies and blockchain technology positioning itself as a hub because of its favourable regulatory environment which allows citizens and residents to own, trade and invest in cryptocurrencies.

Leung affirms that Hong Kong and Singapore have taken a different approach than that of UAE. He states, “Hong Kong has been developing guidelines for cryptocurrency exchanges under its Securities and Futures Commission, striving to balance innovation and investor safeguarding. Meanwhile, Singapore has established a clear regulatory framework through the Payment Services Act, promoting a conducive environment for fintech and blockchain companies.”

He believes that each region has its unique regulatory approach that balances innovation and investor protection and market stability. He adds, “It is essential for industry stakeholders to navigate these diverse regulatory environments to ensure compliance, foster innovation, and build trust within the global crypto community.”

Crypto Growth in GCC

When it comes to the growth of crypto in the GCC (Gulf Cooperation Council) region Leung has seen an increasing interest in not only cryptocurrencies but blockchain technology as governments and businesses explore these applications and their benefits.

Yet he explains that governments in the GCC market should provide clear and comprehensive regulatory frameworks. He explains, “To further stimulate the growth of crypto in the GCC market, regulatory frameworks need to tailor to the unique characteristics of cryptocurrencies that can enhance investor confidence and industry development.”

This should be coupled with “Education and Awareness” about cryptocurrencies and blockchain technology among the general public, businesses, and policymakers.

UAE Stablecoin regulation for crypto exchanges

UAE Stablecoin Payment Token Services Regulation came out laying down the rules and conditions by the Central Bank of UAE for licenses pertaining to payment tokens, not allowing algorithmic tokens to be included and only allowing foreign stablecoins to be used to purchase virtual assets, while the AED dirham stablecoin became the only stablecoin to be allowed for payments in the country.

While this is an advancement when it comes to utilizing the AED stablecoin as a legal tender, the question remains how can centralized crypto exchanges do with this new regulation?

Leung believes that centralized crypto exchanges can enhance the credibility of cryptocurrencies and the crypto exchanges themselves by adhering to the UAE Central Bank stablecoin regulations.

He notes, “Operating with regulated stablecoins demonstrates a commitment to compliance and regulatory standards, fostering trust among users and regulatory authorities. It will Increase the “Market Access” The acceptance of stablecoins as legal tender for payments within the UAE expands market access for crypto exchanges.”

According to Leung the UAE stablecoin regulation opens up new avenues for users to engage with cryptocurrencies, promoting adoption and usage across various sectors. He says, “This is a bridge from traditional finance to digital finance.”

Bitget expansion in MENA

Bitget crypto exchange has embraced the MENA region not only by supporting the Arabic language on its website and mobile application in 2023, but also by partnering with crypto payment solution provider allowing users to buy and sell crypto using various local currencies including, AED, EGP, SAR and others.

Currently Bitget is engaged in establishing trust with users and regulatory bodies as it paves the way for the long-term sustainability and growth.

He adds,” We are still exploring license applications to operate in the MENA markets.”

Crypto Exchanges and UAE’s digital economy

During a recent meeting of the G20 Labour and Employment Ministers’ meeting in Brazil, Shayma Al Awadhi, assistant undersecretary for Communication and International Relations at the UAE Ministry of Human Resources and Emiratization (MoHRE), said the UAE is expected to invest $20 billion in digital technologies such as information technology (IT), telecommunications, artificial intelligence (AI), the Internet of Things (IoT), blockchain, and robotics over the next three years.

The UAE also noted during the G20 meeting that it aims to double the digital economy’s contribution to its GDP from the current level of 9.7 percent to 19.4 percent over the next 10 years.

The acceleration of digital economy’s contribution to UAE’s GDP is intertwined with the growth of digital assets, tokenization, crypto, and stablecoins. 

The role of regulated crypto exchanges will be strong.