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Over 10,000 people now working in the blockchain crypto ecosystem in UAE

Over 10,000 people now working in the blockchain crypto ecosystem in UAE

Crypto Oasis announced in a report during the Dubai Fintech Summit, that over 10,000 people now work in the Blockchain, crypto, metaverse and Web3 ecosystem in MENA. To be exact 10,600 employees currently work in the ecosystem which has attracted 2,040 companies to the UAE in total. In May 2023 in Crypto Oasis’s 2023 report, it had noted that there were 1.400 companies employing 8,650 employees.

According to Crypto Oasis active companies in the Blockchain, crypto, Web3 ecosystem surged by 13% year on year. In 2023 there were 1800 companies compared to 2,040 today.  Regulatory clarity drives crypto industry growth as major global names such as Binance, and OKX receive Virtual Asset Service Provider (VASP) licenses from VARA.

Crypto Oasis noted that there is a healthy mix of 71% native Blockchain organisations and 29% non-native companies contributing to the ecosystem.

Traders, brokers, and asset managers form a significant segment, accounting for 20.6%. Close behind, 19.9% are dedicated to technology and advisory services. NFT platforms represent 6.9%, while venture capitalists (VCs) make up 5.3%. The metaverse has a growing presence with 3.7%, and Web3 gaming initiatives account for 3.1%.

Additionally, tokenization platforms are carving out a niche, representing 1.5% of the Blockchain organizations in the country.

Binance, Fasset, Hex Trust, Komainu and OKX are among the global crypto service providers to receive the VASP (Virtual Asset Service Provider) license from VARA last year. Regulatory milestones include,  Aquanow, Bybit, and Deribit receiving preliminary licenses from VARA.

Ralf Glabischnig, co-founder of the Crypto Oasis said: “The Crypto landscape in the UAE and Middle East region is the fastest growing ecosystem worldwide. The government is doing for Blockchain what Silicon Valley did for tech. This past year has been nothing short of phenomenal for the Crypto Oasis Ecosystem. The surge in companies and talent underscores the UAE’s commitment to fostering a vibrant blockchain and Web3 environment. We’re excited to witness the continued growth and innovative solutions emerging from this dynamic ecosystem.”

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

On behalf of the Hong Kong SAR Government, the Financial Services Development Council (FSDC) signed an MoU with the Qatar Financial Centre (QFC) with the goal of deepening the collaboration across multiple financial services areas between Qatar and Hong Kong including digital assets.

The Hong Kong and Mainland China delegates to Qatar have had numerous group meetings and networking opportunities with the local Qatar stakeholders – QFC, QIA, QDB ( Qatar Development Bank), Invest Qatar, Qatar Foundation, QSTP, regulators, investors, family offices, channel partners in digital assets, fintech, wealth management, to deepen the collaboration and uncover concrete business opportunities.

This MoU signing is a follow-up from an earlier visit to Qatar by the Secretary for Financial Services and the Treasury, Christopher Hui, in 2023. Since then, Qatar leaders also visited Hong Kong during the Asian Financial Forum in early 2024.

King Leung, Global Head of Financial Services and Fintech, InvestHK told Qatar Pennisula media, that “Qatar can leverage Hong Kong’s strengths to its advantage. In Hong Kong, we have been experimenting lots of innovation such as tokenization and digital assets and would like to work more closely with Qatar.”

Sharing his perspectives on the intersection between fintech and AI, Global Head of Financial Services and Fintech Leung stated, “We are seeing the intersection of AI, big data, blockchain, and cloud. A lot of the financial institutions are now using fintech, which with that AI capability can help streamline a lot of the internal processes. We have seen a lot of AI innovation in the fintech space that are empowering the financial institutions to transform their operation, to raise their ability to service their clients.”

There have been regular follow-ups by both organizations, as well as InvestHK. We are committed to deepen our collaboration in key financial services areas – asset and wealth management, fintech, digital assets, and family offices.

The Undersecretary for Financial Services and the Treasury, Joseph Chan, the Financial Services Development Council (FSDC), InvestHK, and Cyberport led a delegation of over 30 Hong Kong and Mainland China business leaders to Doha on May 5-6.

Highlighting some of the key sectors of interest for investors from Hong Kong, Leung added, “The senior officials have been making our stance very clear in terms of our positioning as a major green finance and green tech hub. We would love to work with investors around the world to promote these movements. It could be new energy, new materials, or any of the technology layers that can promote a better tracking of the green behaviour. We see quite a lot of green fintechs using different technologies and access to different data.”

Chainalysis joins Emirates NBD’s digital asset lab

Chainalysis joins Emirates NBD’s digital asset lab

Chainalysis the blockchain data platform, has joined Emirates NBD, digital asset Lab. Chainalysis, the blockchain data platform, will join professional services firm PwC, digital asset transfer and direct custody technology platform Fireblocks, and R3, an enterprise Distributed ledger technology platform, as founding council members of the Lab.

According to the press release, Chainalysis’ expertise in blockchain analysis and compliance will strengthen the Digital Asset Lab by contributing to the development of innovative financial products and services that are compliant and secure.

As a national bank known for innovation, Emirates NBD plans to leverage Chainalysis’ analytics and investigative capabilities to further discern market trends and customer needs, while enhancing the integrity of the bank’s digital asset initiatives.

The strategic alliance demonstrates Emirates NBD’s commitment to upholding the highest standards of regulatory compliance in the rapidly evolving digital finance landscape.

Miguel Rio Tinto, Group Chief Digital and Information Officer at Emirates NBD, said, “As a leading local bank that has always been committed to innovation, Emirates NBD is proud to partner with Chainalysis and welcomes the company to the Digital Asset Lab to pave the way for pioneering solutions in the financial sector. By partnering with Chainalysis, the bank aims to provide a more transparent and reliable digital finance environment for customers, thereby fostering greater trust and confidence in the bank’s digital offerings.”

Nicola Buonanno, VP Southern EMEA at Chainalysis, added, “Financial institutions play a pivotal role in sculpting the future of digital assets, offering secure avenues for investor engagement with the right risk mitigation measures. Chainalysis is excited to collaborate with Emirates NBD through its Digital Asset Lab, leveraging its data and solutions to facilitate safe and transparent digital asset services. Together with the Emirates NBD, we aim to forge a resilient financial sector, fostering confidence and further advancing the UAE’s leadership in digital assets innovation.”

The Digital Asset Lab was announced in May 2023 at the Dubai FinTech Summit, with the goal of enabling and accelerating digital asset and financial services innovation in the UAE. As a bank committed to providing customers greater access to a wide range of financial products, Emirates NBD is establishing a robust platform with industry experts for the development of innovative ideas in financial services using digital assets and its underlying technologies.

The Lab focuses purely on digital assets and how underlying technologies can be leveraged to enable customers to effectively manage their financial services requirements in the evolving and dynamic environment of digital assets.

Qatar’s design district introduces Blockchain NFT ticketing with zbyte

Qatar’s design district introduces Blockchain NFT ticketing with zbyte

zbyte, a blockchain technology provider has partnered with Doha Design District to introduce an NFT ticketing system for the upcoming TEFFA AI R evolution (Technology Education Finance Fashion & Art) event returning to Msheireb Downtown Doha for its second edition from 6-8 May, 2024. This innovative deployment sets a new standard in the event industry by leveraging cutting-edge technology to enhance attendee experiences.

Doha Design District, renowned for its commitment to merging the domains of fashion, art, and technology, has adopted zbyte’s blockchain platform to mint NFT tickets. It simplifies the ticketing process and adds a layer of security and exclusivity, transforming each ticket into a unique digital collectible. The ease of minting NFTs through zbyte’s platform demonstrates a significant leap towards digital innovation in Qatar.

Qatar has shown growing interest in adopting blockchain technology, seeing it as a key driver for future innovations and digital transformation.

Shaikha al Sulaiti, Senior Design Manager Doha Design District, expressed her excitement about this partnership: “We are thrilled to sponsor an event that not only showcases the rich culture of Qatar but also embraces such transformative technology. This collaboration with zbyte and TEFFA is just the beginning of our journey towards integrating more digital solutions in creative domains.”


The collaboration between zbyte, TEFFA AI R evolution, and Doha Design District is expected to set the stage for future technological integrations that could redefine the event management and attendee engagement industries.

Nitin Kumar, Co-founder of zbyte, shared his vision for the technology’s impact: “Our partnership with Doha Design District and TEFFA AI R evolution is a testament to the potential of blockchain technology in making a tangible impact. By simplifying the minting of NFT tickets, we are setting a new paradigm for events that enhances security, attendee engagement, and the overall event experience. We are excited to see how Qatar embraces this technology and look forward to expanding our innovative solutions further.”

After its crypto broker license in UAE, WadzPay now seeks license for stablecoin issuance

After its crypto broker license in UAE, WadzPay now seeks license for stablecoin issuance

WadzPay, a fintech blockchain based technology for virtual asset payment solutions, has announced its entrance into the Stablecoin business. According to the press release, this will shift Wadzpay’s strategy from one of being a virtual asset payments company to a blockchain financial services solutions provider. The new solutions will be organized as a new business and new brand. To ensure regulatory compliance, WadzPay will set up a new entity and will pursue approvals in UAE, Hong Kong, and Singapore.

WadzPay recently was granted a license for crypto brokerage by Dubai’s virtual asset regulatory authority, pending finalizing some requirements.

The decision to venture into the Stablecoin market comes as a response to the increasing demand for secure, transparent, and efficient digital payment solutions worldwide. WadzPay will introduce two main products: Stable Coin as a Service and its own regulated USD$ Stablecoin, designed for local and international payments, cross border remittances, and settlements of on-chain transactions related to RWA.

According to recent market research by Bernstein, the global market for stablecoins is projected to grow from $125 billion to almost $3 trillion in next 5 years. This growth is fueled by factors such as the rise of decentralized finance (DeFi) applications, cross-border remittances, and the need for stable digital assets to mitigate volatility risks in cryptocurrency markets.

By leveraging blockchain technology, WadzPay aims to provide users with a reliable alternative to traditional fiat currencies, offering stability, convenience, and speed at lower cost in transactions for merchants, businesses and individuals worldwide. With a focus on compliance and regulations, WadzPay is poised to address the growing demand for stablecoins while ensuring security and regulatory compliance in its operations. Apart from the traditional use cases, WadzPay will add some new and innovative uses of stablecoins to the mix.

With this strategic move, WadzPay aims to innovate in solving foreign exchange problems and will introduce an innovative first-in-market business model, setting itself apart from competitors. WadzPay will build a world class team under the new leadership to drive this business.

Founder & Group CEO of WadzPay, Mr. Anish Jain, emphasized the strategic significance of this expansion, stating, “Our entry into the stablecoin business reflects our dedication to meeting the evolving needs of our customers and staying at the forefront of technological innovation. With the growing adoption of virtual assets, particularly stablecoins, we see tremendous potential for growth and are excited to offer our expertise in this space, while remaining committed to compliance and regulations.”

Leading the initiative is Mr. Jason Sarria-Solis as the President – Emerging & New Business in charge of the stablecoin business. With over 20 years of experience in the technology and fintech industry, Mr. Jason brings a wealth of knowledge and a proven track record of driving business growth and innovation. He has led multiple projects spanning from founding and scaling a successful telecom startup in the UK to leading digital banking, embedded finance, and blockchain projects in Asia.

Commenting on his appointment, Mr. Jason Sarria-Solis expressed his enthusiasm, stating, “I am thrilled to join WadzPay at such a pivotal moment in the company’s journey. The stablecoin market presents immense opportunities for disruption and advancement in the payments, remittance, and on-chain settlement space, and I look forward to leading our team in delivering innovative solutions that meet the needs of our users and drive the company’s growth.”

WadzPay remains committed to its mission of revolutionizing the virtual asset financial services landscape with blockchain technology, and the expansion into the stablecoin business marks a significant milestone in this journey. With a focus on technological excellence, customer satisfaction, and strategic partnerships, the company is poised to emerge as a key player in the financial services ecosystem.

Cardano is in the UAE with Dubai Blockchain center

Cardano is in the UAE with Dubai Blockchain center

The Cardano Foundation has today announced a strategic partnership with Dubai Blockchain Center (DBCC), a leader in technological innovation. This exciting collaboration is set to empower and expand the Cardano community, welcoming both current enthusiasts and newcomers to explore the unique aspects of the Cardano technology. The partnership will establish a certification program tailored for Cardano enthusiasts. This initiative will offer specialized training seminars designed to educate, certify individuals and organizations on the advanced features and enterprise applications of the Cardano blockchain.

Both the Cardano Foundation and the Dubai Blockchain Center are deeply committed to advancing education and understanding of blockchain technology. This partnership will leverage educational materials developed by the Cardano Foundation’s subject matter experts, incorporating content from the Cardano Academy to create customized, in-person training seminars. This long-term collaboration aims to significantly enhance the knowledge and adoption of blockchain technology across the MENA region, working towards an offering of certified courses.

Speaking about the partnership today, Frederik Gregaard, CEO of the Cardano Foundation, stated, “We’re excited to sign and to announce this partnership with Dubai Blockchain Center today. Blockchain is a vital technology that has the potential to change the course of how society operates for the betterment of all. Education is essential to achieving that change. By partnering with noted and established leaders in the space, particularly one as successful, prestigious, and visionary as Dubai Blockchain Center, we are able to expand the reach and the efficacy of that educational focus.”

Dr Marwan Alzarouni, CEO of Dubai Blockchain Center and Senior Advisor to Dubai Department of Economy and Tourism, added, “We are thrilled to announce our partnership with the Cardano Foundation—especially as this aligns with DBCC’s mission to promote education, training, and research in blockchain technology. This collaboration aims to provide a new generation of blockchain enthusiasts with customized educational programs and revolutionary technology solutions designed specifically for supporting the application and understanding of Cardano’s advanced blockchain technology. Together, we are committed to helping improve the level of blockchain integration in a variety of sectors to catalyze their innovation, plus enhance their level of impact and adoption at an international level.”

The partnership also deepens the growing connections between the Cardano Foundation and some of the most influential institutions and stakeholders in both Dubai and the Middle East. In 2023, the Cardano Foundation brought its renowned blockchain conference, the Cardano Summit, to Dubai for the first time. This year, it will once again return to Dubai to host the Cardano Summit from the 23rd to the 24th of October. 

Frederik Gregaard concluded: “Dubai is increasingly being recognized as one of the leading locations for blockchain technology, with a continued investment in and dedication to the advancement of blockchain utility. By deepening our connections in Dubai and this region, the Cardano Foundation will continue to drive forward the adoption and operational resilience of this key technology.”

Dubai Blockchain center also recently partnered with BitLayer a Layer 2 bitcoin platform.

UAE and Bahrain regulated CoinMENA allows crypto users to send USDT on TON Blockchain

UAE and Bahrain regulated CoinMENA allows crypto users to send USDT on TON Blockchain

UAE and Bahrain regulated CoinMENA crypto broker has added Telegram’s The Open Network (TON) to its platform, allowing users to send USDT via the TON blockchain. According to the announcement CoinMENA becomes the first regional platform to enable USDT withdrawals via the TON network.

TON joins Ethereum’s ERC-20 and TRON’s TRC-20 as the third blockchain available to CoinMENA users for sending USDT.

CoinMENA Co-Founder and Managing Director Dina Sam’an expressed her excitement in a LinkedIn post saying “Users can seamlessly swap their local currencies to USDT at the most competitive market rates and send them to over 900 million Telegram users. I am extremely excited and proud of the team for mobilizing quickly and becoming the first regional platform to enable USDT withdrawals via TON just 10 days after Tether announced launching USDT on TON.”

CoinMENA Co-Founder and CEO Talal Tabbaa added “Stablecoins, particularly USDT, stand out as crypto’s “killer app,” constituting approximately 70% of on-chain transactions and providing access to U.S. dollars for millions worldwide. The rapid adoption of USDT regionally is unsurprising, given its superior and more convenient experience compared to traditional USD wire transfers. Additionally, with many regional currencies pegged to the dollar, using USDT as a medium of exchange mitigates exposure to FX risk. I’m thrilled about this addition and proud that CoinMENA is leading the charge as the first crypto company to offer this in the region”

The announcement adds that this aligns with CoinMENA’s mission to become the simplest and safest way to onboard people onto crypto by providing a reliable onramp to stablecoins, the most popular use case thus far.

CoinMENA has had a string of partnership announcements with formidable players over the past months. The crypto broker recently partnered with Zodia Markets, enhancing liquidity for its platform. It also partnered with Network international to offer secure onramp from Fiat to crypto, and even partnered with Onramp Bitcoin.

PWC MENA report features Fils carbon credit tokenization use cases

PWC MENA report features Fils carbon credit tokenization use cases

 UAE based Fils, an enterprise-grade digital infrastructure provider enabling companies to embed sustainability and climate action into their business models, has featured in a new PWC Middle East report on Carbon credit tokenization: Pioneering a sustainable future. 

It has been estimated that the carbon credits market will expand to US$100 billion by 2030, by Morgan Stanley, a global leader in financial services. The PwC Middle East report examines the tokenization of carbon credits and how financial institutions can become game-changing players in leveraging this process to combat climate change.  

The report emphasizes the practical deployment of carbon credit tokenization- as demonstrated by Fils – showcasing how the fintech’s technology is being used by several of its banking clientele.

Since its launch ahead of COP28 last year, Fils has embedded digital tools to businesses across various sectors, enabling them to integrate climate initiatives into their workflows.

A case study featuring in the report reveals that their innovative software has enabled major fintechs, such as Magnati in the UAE and Geidea in the KSA, and banks such as Mashreq, to process payments that automatically offset carbon emissions, simplifying eco-friendly transactions and ensuring business transparency. Fils also uses advanced analytics for carbon emission calculations in corporate spending, offering a clear view of environmental impact. This approach exemplifies Fils’ efficient method to incorporate climate action into business models, contributing to a sustainable future in finance and positioning Fils as a foundational force in building a global community of sustainability-minded businesses.

“We are incredibly proud that Fils’ efforts and achievements in integrating climate action into business models have been recognized and used as a case study in this report.” said Nameer Khan, CEO of Fils. “Since our inception, we have been instrumental in assisting financial institutions to effectively incorporate climate action into their operations. This report not only showcases our technology through our real world case studies but also amplifies our reach, giving us a larger platform to inform others about what we do and expand into new regions. It’s a testament to our continued commitment to sustainability and the growing impact of our solutions on a global scale,” he added.

PwC Middle East’s report talks about the emergence of tokenization, its role in enhancing financial services, how tokenized carbon credits are creating game changing opportunities by building a more transparent, efficient and accessible market for carbon credits, in turn driving growth and therefore supporting the goals of the Paris Agreement to drop emissions by 45% by 2030.

Commenting on the report, Serena Sebastiani, Virtual Assets Consulting Leader at PwC Middle East said, “This report underscores the critical role of informed partnerships in advancing climate action.”

She added, “By merging insights from Fils’ application of technology with our strategic overview, the report aims to educate financial institutions about the benefits of tokenisation applied to carbon credits, driving a shift towards how the world of finance can play a big role in saving our planet, one token at a time. “

Fils has established strategic partnerships with significant financial institutions in the region, including Magnati in the UAE, Geidea in KSA, and Mashreq Bank, enabling millions of merchants worldwide to reduce their environmental impact. 

Is Qatar warming up to crypto and its compliance?

Is Qatar warming up to crypto and its compliance?

In a recent development, Crystal Intelligence, a company which works and develops tools for blockchain and crypto investigation and AML (Anti Money Laundering) compliance, held a two-day workshop in Qatar with the Qatar Financial Authority (QFC).

The workshop centered on discovering effective strategies for law enforcement in seizing cryptocurrencies, featuring insights from Federico Paesano, Investigation Lead at Crystal Intelligence.

The Blockchain Crypto Compliance and Investigation Training Program by QFC and Crystal Intelligence provided attendees with a solid foundation in blockchain technology and cryptocurrencies, emphasizing practical knowledge and compliance.

It also shed light on key stakeholders while sharing cryptocurrency’s use cases and functions relative to the traditional financial system.

This would look like an interesting development given that previously Qatar Central Bank had considered the trading of crypto as illegal.

While Qatar has warmed up towards blockchain and the utilization of digital assets in the tokenization realm, it seems that today it has started to seek to learn how to navigate the cryptocurrency realm. QFC is also preparing for its digital assets Hackathon.

 Crystal Intelligence states on its website that it works with Government agencies, supervisory bodies, law enforcement and investigators use our powerful technology, visualization tools and trusted intelligence to boost blockchain investigations and trace criminals.

It also works with traditional banks, asset management firms, insurance companies, crypto exchanges and other types of financial services to ensure that their systems and technology meets AML/CTF obligations.

UAE regulated Hextrust crypto custodian granted new license for crypto brokerage from VARA

UAE regulated Hextrust crypto custodian granted new license for crypto brokerage from VARA

HexTrust, a digital asset custodian, under the UAE entity name of HT Market MENA, has been granted a VASP license from Dubai’s Virtual Asset Regulatory Authority (VARA) that will allow it to offer crypto brokerage services allowing it to serve both institutional and retail clients, pending that all requirements are fulfilled.

This is the second VASP license that HexTrust receives from VARA. It was previously awarded a crypto custodial license back in November 2023.

Hex Trust’s Dubai office was established in June 2022, and is led by Regional MENA Director, Filippo Buzzi.

On receiving the first license for digital asset custody services Buzzi stated, “It is exciting for us to become one of the first virtual asset companies to receive this operating license in Dubai,” said Filippo Buzzi, Hex Trust’s Regional Director MENA. “Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”

With this license Hex Trust will not only be able to hold crypto for its clients but also allow trading.

To date Dubai’s VARA has awarded 18 VASP licenses with the latest being Binance and WadzPay.

Moreover, there are more licenses on the way with Liminal Custody Solutions Dubai entity, “First Answer Custody FZE”, both providers of digital asset custody and wallet solutions, securing an initial approval from Dubai’s virtual asset regulatory authority (VARA).

Prior to that NorthStake a firm which offers safe, compliant and secure investment in Digital Assets for institutional investors as well as crypto staking and trading services applied and received a preliminary approval for a license from Dubai’s virtual asset regulatory authority (VARA) for a license.