Binance invests more than $2 million to educate and mentor women on crypto and Web3

Binance invests more than $2 million to educate and mentor women on crypto and Web3

As part of Women’s Day, Binance cryptocurrency exchange, is investing more than $2 million in more than 10 countries globally to educate them and mentor them on crypto and Web3. Currently women comprise only 37% of crypto owners.

Binance Charity donated $2 million to fund over 36,000 dedicated Web3 scholarships for women in 2022, and will continue funding courses, programs and scholarships in 2023 with a focus on women and underrepresented communities.

The 2022 scholarships to study blockchain and crypto-related courses at universities, schools and nonprofits were awarded to women in Germany, Nigeria, Kenya, Brazil, France, South Africa, Australia, and Ukraine. 

For Women’s Day, Binance Charity will also make an additional donation of $100,000 to Georgia’s Innovation & Technology Agency (GITA) to support web3 education and training for women. Binance Academy will provide educational content for GITA web3 courses.

With the objective of supporting women’s participation in the blockchain and Web3 industry in the Middle East, Binance held a Woman in Crypto event in Dubai. The event aimed to empower women with the knowledge and skills necessary to thrive in the crypto space and featured a diverse line-up of female experts in key fields such as entrepreneurship, personal branding, and Web3 career advice. 

The event also covered crucial topics, including how to select the right company to work with and ways to create an empowering platform for women interested in entering the crypto industry.

Binance was co-founded in 2017 by Yi He, making the company one of the few female-founder crypto companies in the world. Less than 5% of crypto founders at top crypto companies are women2.  As of 2022, the number of female-founded cryptocurrency companies was approximately 292, out of more than 10,000 companies3.

In order to further address the gender gap, Binance has created its first formal internship and graduate programs, which offer more access to careers in crypto for diverse talent, including women. The company also offers guidance and career advice to women through female mentorship programs, talent workshops, educational courses and lectures to share industry experience and insights on how to break into a career in Web3.

“As one of the few female leaders in the industry, I believe that we have a mission, through Binance Charity and Binance Academy, to help more women understand web3 and blockchain technology — our education and internship programs aim to empower young women with knowledge and skills ready for industry disruption,” said Yi He, Binance co-founder and chief marketing officer. “We believe that anyone with ideas can change the world, regardless of gender. We hope these commitments will result in more women on the front line of innovation and bring change to our industry.”

UAE nealthy NFT and crypto investment platform raises $1.3 million in pre seed round

UAE nealthy NFT and crypto investment platform raises $1.3 million in pre seed round

UAE based nealthy, a Web3 startup for investing in NFTs and cryptocurrency, has raised $1.3 million in pre-seed funding. Nealthy will use these funds to grow a core team, hire talent, and boost sales & development.

nealthy offers index tokens that enable investors to enter Web3 markets quickly and worry-free. Index tokens replicate the structure of classic exchange-traded funds (ETFs) by storing multiple virtual assets, diversifying the portfolio in case of unexpected market shifts. Moreover, index tokens like nealthy’s $NFTS retain real underlying value, with $NFTS being pegged 1:1 to blue-chip NFTs.

Co-founders Ludwig Schrödl (CEO), Zied Said (CTO), and Tim Pascual (CMO) established nealthy after observing a gap in the market for diversified index tokens. With backgrounds that unite finance, data science, and a deep knowledge of virtual assets, the co-founders’ expertise will keep investors at the forefront of a rapidly expanding market.

Although the founders’ origins lie in Germany and Tunisia, nealthy is incorporated in Dubai so that investors can benefit from a world-leading, tax-friendly regulatory environment. nealthy will also incorporate in the Metaverse Zone of Anguilla to emit the token in a regulated environment.

nealthy handles transactions via blockchain technology, the decentralized Web3 network behind most cryptocurrencies. The Ethereum Net blockchain enables nealthy to openly display proof of reserve, confirming the presence of blue-chip NFTs in nealthy’s digital vault.

“This is a space with enormous potential, and with any potential comes risk,” says Zied Said, CTO of nealthy. “To counteract those risks, we maintain security by storing all assets in cold wallets and smart contracts. Each cold wallet is public and maintains completely transparent holdings.”

As the market’s first dynamic blue-chip NFT token, nealthy’s $NFTS stores the market’s ten most valuable NFT collections. Currently these collections include the likes of CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Azuki, but because $NFTS is allocated by the market, any single NFT collection will be swapped should it drop from the top ten. No single collection will ever comprise over 25% of $NFTS’ value.

“As NFT trading markets evolve, potential investors are showing increased interest in diversification,” says Ludwig Schroedl, CEO of nealthy. “That’s even more true for first-time investors. A blue-chip index token, like $NFTS, provides superior investment opportunities at a reduced level of risk. And if we can do it with NFTs, we can do it with every asset on the blockchain.”

nealthy plans to release the $NFTS token in summer 2023.

UAE Telecom du utilizes blockchain for criminal records

UAE Telecom du utilizes blockchain for criminal records

UAE, du telecom which is participating at the World Police Summit, taking place from 7-9 March 2023 at Dubai World Trade Centre will be utilizing blockchain technology to enhance security for law enforcement.  du will showcase use cases such as decentralization of criminal records through blockchain technology which supports the UAE Blockchain Strategy 2021. Blockchain can replace criminal records with a network where documents are easily accessible and could not be tampered with, making them safe and secure.

At the event, du will present innovative digital solutions to enhance digital security for law enforcement with technology-driven tools and resources to aid in their day-to-day operations and enable them to carry out their tasks more efficiently and effectively.

Jasim Al Awadi, Chief ICT Officer (Acting) at du said: “From leveraging high-bandwidth low-latency 5G mobile networks to enhance security to utilizing blockchain technology to assist law enforcement, the World Police Summit presents a platform to explore new opportunities within the current security dynamics. du aims to drive the future of smart policing through innovative solutions and contribute to enhancing the quality of life for citizens to support the UAE’s success in being a leading global hub for smart economy initiatives.”

With years of experience, du has enhanced its in-house capabilities and developed a wide range of solutions for 5G, video analytics, mobile apps, blockchain, NFT and digital security. Visitors to the World Police Summit will have the opportunity to speak with du’s team of business experts and learn more about the following:

In addition du will showcase its solutions for digital certificates are critical for establishing digital trust and enabling users to take advantage of all that the digital world has to offer, including internet banking, websites, e-commerce, games, and social media. du’s approach to digital certificate management leverages modern digital certificate technology for increased security and efficiency.

UAE based Avanza Group exports its GCC Blockchain KYC banking experience to Pakistan

UAE based Avanza Group exports its GCC Blockchain KYC banking experience to Pakistan

In 2021 Avanza Innovations was piloting its KYC banking solution in Pakistan, two years later, Pakistan Banks’ Association (PBA), on behalf of all its member banks, signed the project contract for the development and execution of Pakistan’s first, blockchain based, national eKYC banking platform with the Avanza Group.

Avanza Group’s eKYC platform, ‘Consonance’, is being implemented for PBA. The platform will use blockchain technology through which banks will be able to standardize and exchange, with customers’ consent, their details via a decentralized and self-regulated network. This will be a support platform for Pakistan’s banking industry and all participating member banks will be able to perform assessments of their existing, as well as new customers, by utilizing information/ data available with any other bank on ‘Consonance’.

In 2021 Avanza was piloting the EKYC blockchain enabled platform with three big banks. In an interview Waqas Mirza, Founder and CEO of Avanza Innovations notes, “ “We are launching the EKYC Blockchain enabled platform initially for three of the biggest banks in Pakistan under the auspices of Pakistan Banks Association (PBA) and in-line with the guidance of State Bank of Pakistan. The eventual goal is to roll out this National EKYC platform to all banking and financial institutions in Pakistan.”

He had noted at the time that it is always recommended to start with a pilot and limited number of participating entities before scaling. 

In the latest announcement Mirza stated, “The Standardization and anomaly detection of Customer’ KYC details is just the first use case in this journey. In the future, the same platform can be enhanced to share Trade Finance related details, digital exchange and verification of banking documents, digital cheque clearing and many more. Avanza is very proud to implement the first building block of this multi-year journey that will greatly benefit the industry as well as end customers.”

Mentioning trade finance, digital cheque clearing is paramount because it is what put Avanza on the map in the UAE as well as Bahrain and other places.

Avanza had rolled out the National EKYC platform for BENEFIT in Bahrain back in 2021.  At the time Mirza had stated that GCC region has been our best partner for experimenting and implementing blockchain solutions and now we are replicating these solutions in neighboring countries.

Avanza Group had started its blockchain projects in the UAE and GCC region. Avanza was the technology partner for UAE Trade Connect Project. Blockchain UAE Trade Connect platform, the UAE’s first trade finance platform to combat fraud has 11 UAE banks on its platform and was the UAE’s first commercialized solution to combat fraud in the trade finance space built on advanced technologies, namely blockchain and Artificial Intelligence (AI). UTC is a collaborative project of the banking industry and co-created with e& enterprise.

With the advent of the Invoice Factoring law recently published by the Federal Government of the UAE, the UTC blockchain platform was a key enabler for banks to increase lending to SMEs and allow corporates to borrow against their trade receivables.

In December 2021, the UAE Blockchain AI enabled UAE Trade Connect trade finance had processed 10 Billion AED (2.7 billion USD) worth of invoices during the first eight months of its operation. Etisalat Digital launched UTC trade Finance platform in April of 2021 alongside seven banks within the UAE.

In early 2022, Abu Dhabi Commercial Bank joined UTC platform as did Dubai Islamic Bank. At that time UTC had in total nine banks on its roster. The founding banks included First Abu Dhabi Bank (FAB), RAKBANK, Emirates NBD, Commercial Bank of Dubai, National Bank of Fujairah, Mashreq Bank, ADIB – Abu Dhabi Islamic Bank, and Commercial Bank International.

The experience and reputation Avanza gained from both projects in Bahrain and UAE spurred the growth to other countries and continents.

Avanza Innovations, part of Avanza Group has also worked with multiple other UAE  governmental entities on Blockchain projects. Entities include DP World, Dubai Chamber of Commerce, Dubai Customs, RTA, Dubai Police and others.  

Waqas Mirza, Founder and CEO of Avanza Innovations in an interview in 2021 mentioned the work Avanza was doing in Saudi Arabia. He discussed working on a Blockchain Invoice verification with a well renowned company. He at the time stated, “We have won a project as one of the subcontractors working on an invoice verification solution built on Hyperledger. The client is utilizing this solution to ensure seamless procurement and payment procedures with its suppliers.”

In conclusion, Avanza Innovations a UAE blockchain solution provider has used UAE’s Blockchain strategy and commitment to innovation to grow well beyond its roots. This is a lesson to many blockchain and crypto entities that are setting up in UAE, the limits are endless.

Blockchain CargoX to take over former IBM Tradelens customers in MENA

Blockchain CargoX to take over former IBM Tradelens customers in MENA

CargoX, the provider of the fastest-growing electronic trade document platform, and CEBS Worldwide, a global integrator of business solutions and a former TradeLens integrator, launched a partnership to help corporations continue the digitalization of their bills of lading and trade document workflows even those in the MENA region. 

Businesses that started using TradeLens for their eB/L have been scrambling to migrate their electronic trade document processing to a new platform since TradeLens unexpectedly announced the end of its service in December 2022. 

While TradeLens was able to onboard global carriers — CMA CGM, MSC Mediterranean Shipping Co., Hapag-Lloyd, Ocean Network Express and Zim Integrated Shipping Services — it announced in November 2022 it would shutter due to a lack of a path toward profitability. TradeLens was also piloting projects in Oman and KSA. 

Saudi Customs, in partnership with the Ministry of Communications and Information Technology, the General Authority of Ports, and Maersk International Company, one of the founders of Tradelens had announced in 2019 the successful Blockchain pilot and the importance of blockchain technology in the shipping industry.

In addition Oman’s Port of Salalah  took the first step and is collaborating with Oman Customs and TradeLens built on IBM Hyperledger Fabric Platform for shipping and logistics industry. 

The new partnership provides existing customers of the discontinued TradeLens platform with a proven, reliable and powerful alternative for creating, transferring, and processing electronic bills of lading and trade documents. CEBS and CargoX will provide former TradeLens users with a frictionless transition of their workflows on the TradeLens platform by integrating the platform features through CEBS’s framework interfaces.

CEBS will start migrating current TradeLens customers to their Supply Chain Finance platform and the CargoX Blockchain Document Transfer (BDT) Platform for electronic trade document exchange. This is accomplished by using CEBS’s middleware cloud and on-premise platform to help organizations effortlessly leverage different public blockchains in their enterprise applications, saving time and money.

This way, companies can become future-proof and fully blockchain platform agnostic. Companies can keep their everyday workflows and introduce CargoX’s optimized, tightly integrated blockchain document transfer features into their existing processes. 

Satish Swaroop, CEO of CEBS Worldwide said: “We are committed to digitalizing the supply chain network for all trading partners and ensuring all transactions and documents exchanged are secure, traceable, and immutable. We have good partnerships and teams working with the public and private sector to shape the future and usher in a new era of global trade that is both frictionless and compliant.” 

Stefan Kukman, CEO of CargoX said: “We are incredibly proud to welcome CEBS as our new partner. They are a true innovator in the market, binding together diverse solutions and platforms to build customer value. The digitalization of trade documentation is in full swing worldwide, and companies need all the support and advice they can get to implement the optimum solutions into their everyday workflows. “We see demand rising daily, and more than 104,000 companies registered on our platform prove that the CargoX Platform is becoming a standard item in the toolboxes of modern supply chain participants.” 

CargoX in 2022 announced that Egypt had extended its agreement with Blockchain CargoX to include air cargo in its efforts to accelerate digital transformation of Egypt’s trade flows with the world. At the time the NAFEZA CargoX blockchain document transfer gateway had seamlessly and safely transferred more than 1,100,000 actual trade and finance documents for more than 75,000 customers.

The public-private partnership Misr Technology Services (MTS),80% owned by the Egyptian government, authorized CargoX as its blockchain document transfer gateway service provider for the country’s official NAFEZA single-window trade platform in March 2021. 

UK based InfoDriver to launch $10 million DeFi, GameFi, AI fund targeting UAE startups

UK based InfoDriver to launch $10 million DeFi, GameFi, AI fund targeting UAE startups

UK investment company InfoDriver Capital is launching a $10 million fund for DeFi, GameFi and AI startups targeting UAE, UK, Europe and USA.

The company has expertise in supply chain solutions, automated lending platforms, exchanges, DeFi, and AI applications including digital identity, authentication, content generation, and has already developed successful technology products over seven years.

InfoDriver Capital anticipates a 3-5x return on investment in just 2-4 years and is currently seeking experienced and accredited investors with a minimum investment requirement of $100,000. The investment strategy charges only 5% investments and diversifies the total portfolio of the startups from Seed to A round with a working revenue model and user base.

According to Kirill Mishanin, CEO and Founder of InfoDriver Capital stated, “Investing in startups in the Web3 space is a wise decision, as it is the future of the internet. InfoDriver Capital is committed to shaping that future by supporting innovative startups in this field. We are thrilled to be able to support these innovative startups and help them reach their full potential. We believe that Web3 is the future, and we are committed to helping shape that future by investing in startups that are working on innovative solutions.”

Infodriver Capital has already identified several promising startups, including Certhis wallet with utility collections, Aspis DAO asset management, Banger’s gaming DeFi, Toscale’ super app for liquidity and social trading, Main’ community-building platform, Stage’ only-music-fans for Zen Z, and Babylon Voice for Metaverse as Media Wallet with Digital ID – VoicePrint, that is Face ID did for iPhone.

FLUUS crypto payment startup founded by MENA crypto enthusiasts raises $600,000

FLUUS crypto payment startup founded by MENA crypto enthusiasts raises $600,000

Crypto payment startup FLUUS ( which means money in Arabic) founded by MENA crypto enthusiasts has raised $600,000 ahead of its beta launch. FHS Capital, Base 64 and a number of angel investors participated in the raise.

FLUUS is creating a fiat-crypto on- and off-ramp that will give consumers access to web3 services including token swapping and staking. Its payment solution is designed to eliminate friction and simplify the process of entering and exiting the crypto economy.

Funds raised from the seed round will be used to further develop products and roll out FLUUS’ services, bringing crypto-fiat payments to a global audience.

“We are excited to have the support of FHS Capital and Encryptus.io, two highly reputable investment firms,” said Tey El-Rjula, co-founder and CEO of FLUUS. “Their experience and resources will be invaluable as we continue to grow and scale our business to provide financial technology solutions to onboard the next billion into web3.”

Dr. Fady and Mr. Hesham Hannah-Shmouni, Managing Partners at FHS Capital, stated,“Our investment in FLUUS fits perfectly with our vision for empowering exceptional founders and technologies in the web3 space, enabling customers and partners across key industry verticals to benefit from using blockchain technology.”

More than $1 million in cryptocurrency has already been successfully off-ramped in a private trial of FLUUS’ payment gateway. Funds were used to provide aid in Ukraine with the support of an international NGO. The next development phase will see the beta version of FLUUS’ payment solution opened to a broader market segment.

A number of major partnerships are already in place that will see FLUUS’ payment solution rolled out to millions of web users. These include matchmaking platform Dua.com and the GD10 Ventures ecosystem. The FLUUS payment widget can be easily embedded into third party websites and applications, providing crypto-fiat changing on demand.

FLUUS at present features two flagship products, FLUUS Pay: A regulated and compliant crypto ramping service delivered in collaboration with fintech operators and money transfer networks, and FLUUS Auth: An SDK that allows developers to easily integrate secure and user-friendly sign-up and web3 onboarding into their own applications.

FLUUS was founded in March 2022 with the goal of building solutions that will enhance global access to web3, particularly in emerging markets.  To the FLUUS founders, interoperability between financial systems is vital. This is especially important in emerging markets. With FLUUS, users can seamlessly on and off ramp digital currencies using their most convenient payment methods including cash and mobile money. 

As a pioneer in digital payment solutions, FLUUS Pay with its public beta launch expected to handle 62.82% of all crypto ramping in Lebanon by Q4 2023. In January 2023, 30% of all ramping in Lebanon was already done through FLUUS Pay, highlighting the platform’s success in providing a user-friendly, secure, and efficient way to buy and sell cryptocurrencies.

Millions of dollars being poured in for crypto, blockchain, Web3 entities at UAE’s DMCC

Millions of dollars being poured in for crypto, blockchain, Web3 entities at UAE’s DMCC

Once again UAE’s DMCC, the free zone for commodities trading has partnered to offer Web3, Blockchain businesses with a $5 million growth platform. This is not the first partnership in this regards and it seems it won’t be the last. Millions of dollars are being poured in for crypto, blockchain and Web entities in DMCC. 

Digital Wave Finance Labs, a multi stage web3 investment firm will work with DMCC will establish the DWF Ventures Studio, which will support nascent web3 and blockchain businesses using the DMCC Crypto Centre and Dubai as a hub from which they can scale their operations locally, regionally and globally.

The partnership was announced during the “Sunset Meet and Greet” event organized by DWF Labs on 24 February 2023 in Dubai.

The DWF Venture Studio will provide multiple benefits for early-stage startups based in DMCC, including consultancy services, increased connection to global venture capital, market making services on tier one and two exchanges, a range of workshops and direct capital investments and aim to invest in 50 startups operating in the web3 space, with multiple additional investments for best performing companies, and a USD 500,000 investment for the cohort’s most prominent business.

 Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, stated “Dubai’s leading position as a hub for web3 technologies is known the world over. The DMCC Crypto Centre has been a fundamental part of the emirate’s successful crypto journey, housing the largest concentration of web3 and blockchain businesses in the region. Partnering with one of the top names in the global industry further exemplifies the maturity of the crypto business community that we have built, as well as the significant commercial opportunities that Dubai presents.”

DWF Labs is part of the broader Digital Wave Finance (DWF) platform, which is one of the world’s largest high-frequency cryptocurrency trading entities. By trading volume, DWF is one of the top five trading entities that trade on the top 40 exchanges, trading over 2000 different types of the digital asset.

Andrei Grachev, Managing Partner, and DWF Labs, added: “DWF Labs’ core goal is to invest in and support innovative entrepreneurs within the web3 space. For this reason, partnering with DMCC and its Crypto Centre is the right step as we expand our footprint both in Dubai and globally. The ecosystem that DMCC has built offers a strong pool of crypto talent that we are looking forward to being part of, building upon, and ultimately further facilitating its success.”

Previously DMCC announced the launch of the DMCC gaming Center to support the gaming industry through a partnership with YaLLa Esports a leading esports organization in the UAE. Furthermore, members were offered the opportunity to join gaming specific acceleration and market entry programs through DMCC’s ecosystem partner, AstroLabs, a leading tech ecosystem builder in the MENA region.

DMCC also partnered the global VC firm Brinc to provide members with access to USD 150 million in funding through their accelerator programs ZK Advancer and The Sandbox Metaverse. Those programs will also be open to DMCC Gaming Centre members developing games on blockchain and web3 technologies. 

DMCC, also announced its partnership with global Web3 incubator TDEFi to launch an accelerator program for Web3 and Blockchain companies in DMCC crypto center. The accelerator program will offer mentorship and sessions on crypto and scaling businesses. The program will be over a month long and will run for a minimum of two editions over the next 12 months.

At the end of each cohort, TDeFi will also select a handful of start-ups to be part of its in-depth incubation program, providing them with access to additional TDeFi advisory services and its growing ecosystem.

The investment in Blockchain, Web3 and crypto is growing in the MENA region. According to LaraontheBlock MENA 2023 investor survey revealed that 50% of those surveyed stated they will be allocating more funds to blockchain and crypto projects and entities in 2023. 19% of those surveyed stated in 2022 they had invested more than 50% of allocated capital and funds into crypto and Blockchain projects.

As it looks now DMCC which already houses 36% of UAE’s blockchain and crypto entities might one day house blockchain and crypto unicorns!

Saudi’s IR4LAB’s uses blockchain for charity food distribution in Ramadan

Saudi’s IR4LAB’s uses blockchain for charity food distribution in Ramadan

Saudi Arabian Blockchain and AI development startup IR4LAB,  is tracking food packages distributed to families during the holy month of Ramadan as part of charity donations. 

The Blockchain solution leverages DocCerts,  which has been utilized to issue a unique authenticity card for each package and assigned a unique ID and QR code to it.

Recipients can scan or enter the ID to obtain real-time details about the package delivered, including its source and contents. Once the package is verified, an entry is added to the transaction history, allowing confirmation of receipt in real-time and eliminating the need for time-consuming reporting back to the donors.

In addition, the system has an approval workflow feature, which is especially useful for transactions that involve multiple stakeholders. This is often the case with charity initiatives that involve various organizations, including government entities, private corporations, and non-profit organizations.

Charity initiatives are crucial for strengthening the social fabric, fostering local and international cooperation, and improving the lives of many communities worldwide. However, they are susceptible to fraud and misuse, which can erode donor trust. Therefore, a traceability system based on Blockchain technology can be instrumental in mitigating these risks and enhancing transparency and trust.

Majd Jamal Alafifi, Co-Founder and CEO of IR4LAB, stated, “This is an excellent example of utilizing technology such as Blockchain for social good, and we are delighted to have successfully completed this unique initiative in the region.”

Mohamed EL KANDRI, Co-Founder and CTO of IR4LAB, added, “We are proud to use our solutions to help our communities in a meaningful way, and we believe that new technologies can accomplish even more in line with the sustainable development goals, not only in the region but also worldwide.”

During Saudi’s leading tech event LEAP 2023, in February  IR4LAB, and SGS (Saudi Ground Services), jointly announced the implementation of DocCerts Blockchain management solution for all training related digital documents and ground service equipment licenses issued by SGS at 28 Saudi Arabian airports where SGS provides ground services.

Jordan on FATF grey list because of virtual assets risks

Jordan on FATF grey list because of virtual assets risks

On February 24th 2023 FAFT released its latest grey and black list. For those who are on the grey list it means that these jurisdictions are under increased monitoring and are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.

As per the recent announcement by FATF, “When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.”

Of the Arab countries on the grey list, was Jordan. It was on the list because of risks in virtual assets. As per FATF one of the reasons for it being on the list was because it needed to address strategic deficiencies including “completing and disseminating the money laundering and terrorist financing risk assessments of legal persons and virtual assets.”

It was interesting to see the term virtual assets in relation to Jordan because Jordan has not been on the list in terms of countries with high crypto ownership or transactions. Other countries such as Egypt, Morocco, and Lebanon are much more active in crypto. yet FATF chose to include the risks of virtual assets as one of the reasons it was one the grey list. 

According to Triple A crypto ownership report, the percentage of Jordanians who own crypto is just 1.5 percent equivalent to 170,000 people as of January 2023 an increase from 1.25 percent in 2022.

Concurrently, the IMF after its technical report on Jordan’s Central Bank feasibility for the launch of retail CBDC after a three month mission, recently released its report. IMF gave Jordan’s existing payment market a positive review calling it well integrated.

Nonetheless, The IMF stated that an rCBDC would enhance financial inclusion by providing services to residents without smartphones and could also improve the domestic payment system by making its infrastructure available to PSPs and lowering the cost of cross-border transfers.

The IMF however warned to avoid disintermediation in the Jordanian financial system, as it could contribute to instability in times of stress. The IMF found that an rCBDC could increase cybersecurity risks as an attractive target. “Sound legal underpinnings for an rCBDC should also be created,” the report said. 

In its report the IMF noted, “RCBDC may offer some benefits, but it does not necessarily address pain points. On the other hand, a cross-border rCBDC could add value, particularly if the authorities coordinate with other countries in the region.”

Jordan’s Central Bank had announced in February 2022 that it was researching a CBDC. Cointelegraph article noted that a central bank proposal to introduce crypto trading met with resistance in the parliament.

Whatever the case, Jordan being on FATF grey list because of virtual assets risks is another reminder of the need to regulate crypto assets.