UAE Phoenix crypto mining Group and M2 partner for crypto yield product

UAE Phoenix crypto mining Group and M2 partner for crypto yield product

UAE based M2 crypto exchange and investment platform has partnered with UAE crypto mining Group Phoenix, to offer crypt investors with Bitcoin and Ethereum yields that reach up to 10.5%.

The alliance brings together the innovative UAE based entities and will reduce the level of counter party risk and in turn minimize volatility for investors wanting to gain exposure to cryptocurrency.

Stefan Kimmel, M2, CEO, said: “The industry leading collaboration between M2 and Phoenix Group has allowed us to design a product that utilizes Bitcoin mining to offer genuine returns for investors. Most investment platforms that offer yield returns on crypto provide it through one of two routes. The first route is proof of stake, which can result in some modest returns, alternatively the mechanic involves lending it out, and this incurs a considerable amount of counter-party risk. In our case, we are generating our returns predominantly with Bitcoin mining, which underpins the M2 Earn product.”

M2’s financial protocols are capable of reconciling client and M2 funds in near time, providing the highest levels of transparency to regulators and ensuring liquidity remains in place at all times.

The partnership with Phoenix Group empowers M2 to offer investors the assurance of investment yields based on real returns, which are generated via a 725MW Bitcoin mining operation. Founded in 2017 by Bijan Alizadeh and Munaf Ali. Phoenix aims to be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

Bijan Alizadeh, Phoenix Group, Co – Founder and Group CEO M2, Founder and Managing Director “Phoenix vision was to set up and build an established UAE Crypto exchange, with full services for both retail and institutional investors and seeing this come to fruition is a very proud moment for us. With this strategic partnership we are in a position to provide unparalleled returns backed by the worlds largest bitcoin mining operations. We are delighted to announce this partnership which further cements the M2 and Phoenix proposition towards a collective vision, building the future of finance on secure and regulated investment products for all investors.”

“M2 has obtained a Bahamas License issued by the Securities Commission of the Bahamas (SCB), which enables it to offer the M2 Earn product to a global audience. M2 is also actively pursuing licenses in several European countries and navigating the Markets in Crypto Assets (MiCA) licensing process.

M2 Group’s  commitment to the UAE is further showcased by our two other entities: M2 Limited and M2 Custody Limited (M2 ADGM). Both are headquartered in the Abu Dhabi Global Market (ADGM).

M2 is also working towards obtaining the necessary regulatory approvals to allow UAE residents to onboard, in addition to M2, with M2 ADGM which will be regulated by the Financial Services Regulatory Authority (FSRA) of ADGM. M2 ADGM will be going live at a later date with their ADGM license.

Latham Watkins advisors for UAE’s ADGM DLT Foundations regulations

Latham Watkins advisors for UAE’s ADGM DLT Foundations regulations

Latham Watkins announced that it advised UAE’s Abu Dhabi Global Market (ADGM), financial free zone in the Distributed Ledger Technology (DLT) Foundations regulations, which aims to further build the digital assets hub.

UAE’s Abu Dhabi Global Market after announcing its DLT token issuance consultation paper in April 2023 has now officially launched its new regulation that will allow DLT (Distributed Ledger Technology) Foundations, DAO (Decentralized Autonomous Organizations) to issue tokens.

This means that DLT Foundations of Layer 1 or Layer 2 protocol Foundations can receive licenses from ADGM and offer tokenized assets, or digital assets, or possibly established organizations wishing to use DLT and issue tokens.

This new regulation could encourage global blockchain DLT protocol Foundations such as Ethereum, Cardano, Hedera, and others to enter the UAE. UAE based Venom Foundation, a Layer1 blockchain protocol could also benefit. The Foundation recently announced a partnership with the UAE Government to establish the National Carbon Credit System can also utilize the new regulation.

The DLT Foundation regulation came as a response to interest from foundations being used for DLT purposes that require issuance of governance tokens.

According to Latham Watkins press release, “The regulations, published on November 1, 2023, present a worlds-first purpose-built legislative framework for establishing and operating DLT foundations for the use, deployment, development, facilitation, or support of DLT or issuance of tokens. They aim to provide market players with ample governance flexibility within DLT foundations recognizing new realities in decentralization.”

The Latham team was led by Dubai/Riyadh partner Brian Meenagh and London partners Stuart Davis and Andrew Moyle, with Dubai associate Ksenia Koroleva, Riyadh associate Matthew Rodwell, and London associate Sam Maxson leading on benchmarking and drafting. Advice was also provided by New York partner Stephen Wink, Hong Kong associate Zoe Wang, Singapore associate Gen Tan, and San Francisco associate Adam Zuckerman.

Stuart Davis, Global Co-Chair of Latham’s Digital Assets & Web3 Practice, commented: “This bespoke regime for DLT foundations, catering to a vast spectrum of blockchain and web3 use cases and decentralized business models, significantly advances the industry, reinforcing ADGM’s position as a leading market for blockchain innovation.”

As per the ADGM press release, “The new regime is set to enable positive transformation across the blockchain and Web3 landscape, fostering a more transparent and efficient future. Issued by the Registration Authority (RA) of Abu Dhabi Global Market (ADGM), the Distributed Ledger Technology (DLT) Foundations Regulations 2023 marks a significant milestone in the evolution of digital assets regulatory frameworks across the region and at an international level. It aims to provide a comprehensive framework for DLT Foundations and Decentralized Autonomous Organizations (DAOs), enabling them to operate and issue tokens recognizing the unique needs of the Blockchain industry.”

According to the regulation document, a DLT Foundation is a legal entity established to use, deploy, develop, facilitate or support DLT or to issue tokens.

Looking into the regulation rulebook, when it comes to token issuance, DLT Foundations will have to provide information about the operation of the relevant smart contracts, vesting schedules and overall token supply over time; and  provisions, if applicable, on pre-emption and buy-back rights (and circumstances in which those will apply), as well as provisions regarding token economics;  any restrictions on transferability or technological lock-ups; types of Tokens that the DLT Foundation can issue or limitations on types of Tokens that the DLT Foundation can issue and blockchain protocols used for issuance; as well as the  purposes and intended use of Tokens.

His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, stated, “Abu Dhabi is rapidly emerging as the destination of choice for global players at the forefront of digital asset development. The introduction of the DLT Foundations Regime marks a revolutionary step forward, reinforcing ADGM’s commitment to a proactive approach rooted in extensive cross-industry dialogue and collaboration with various stakeholders. The new regime serves as a driving force for positive change in the digital assets sector. By transforming the blockchain and Web3 landscape, we are moving towards a future characterized by setting global benchmarks with enhanced transparency and efficiency.”

TON and XRP tokens join Bitcoin, Ethereum and Litecoin in DIFC recognized crypto regime

TON and XRP tokens join Bitcoin, Ethereum and Litecoin in DIFC recognized crypto regime

Two new crypto tokens TonCoin (TON), and Ripple’s XRP have joined Bitcoin (BTC), Ethereum, and Litecoin as recognized crypto tokens by the Dubai Financial Services Authority (DFSA), the financial regulatory agency of the special economic zone, the Dubai International Financial Centre (DIFC).

One year since the launch of DFSA the crypto token regime and five crypto tokens can now be utilized by virtual asset firms within the DIFC. License firms will be able to incorporate XRP and TON into their virtual asset services. XRP and TON will be available for use by institutions located in the DIFC to accelerate faster, more efficient global value exchange.

Commenting on the acceptance of XRP in DIFC crypto token regime, Brad Garlinghouse, CEO of Ripple,  “Dubai continues to demonstrate global leadership when it comes to the regulation of virtual assets and nurturing innovation. It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth. Ripple will continue to double down on its presence in Dubai and we look forward to continuing to work closely with regulators to realize crypto’s full potential.”

The recognition of TON comes a few days after TON set a world record for network speed. The TON team conducted a public test of blockchain speed. The developers reported that in 12 minutes of the experiment about 42 million transactions were performed, and the maximum speed amounted to 108,409 transactions per second.

Under the regime, firms in the Dubai International Financial Centre (DIFC) can apply for and obtain a license to provide financial services with Crypto Tokens in or from the DIFC. The DFSA’s regulatory regime is largely technology-neutral, allowing firms to provide a wide range of financial services with Crypto Tokens.

The framework is designed to accommodate firms who want to operate a Crypto Token market, provide custodial services, manage clients’ assets, establish or manage funds, or provide other financial services. The rules cover a wide range of risks relating to financial crime, technology, governance, custody, disclosure, market abuse and fraud.

Since its inception the crypto token regime has received enquiries from 100+ firms have inquired regarding operating a Crypto Token business, 5 Crypto Token variations were issued (a mix of funds and trading business). In addition one license to offer Investment Tokens was issued (to tokenize units of a fund);  and five crypto tokens have now been recognized.

DFSA will be launching its next set of proposals that will focus on custody; financial Crime; Staking for Proof of Stake (PoS) consensus mechanisms; and Fund Management

Dubai Freezone Oraseya Capital launches $136 million fund for tech startups

Dubai Freezone Oraseya Capital launches $136 million fund for tech startups

Under the patronage of H.H. Sheikh Mohamed Bin Rashid Al Maktoum, Oraseya Capital, launched from the Dubai Integrated Economic Zones Authority (DIEZ) will fund high technology startups from initial seed investment to Series B. The $136 million fund is aligned with the objectives of the Dubai Economic Agenda, D33 which aims to develop SMEs. Their investment tickets go up to $3 million but startups have to have some form of presence in Dubai, UAE.

The fund will serve as a strategic partner for startups, providing guidance, support, and the necessary tools to navigate the challenges of growth and innovation. Oraseya Capital is poised to play a significant role in shaping the future of technology startups, contributing to the sustainable development and progress of Dubai’s economy.

This launch comes days after Saeed Al Darkmaki, a UAE national well known in the crypto, blockchain and DeFi circles as an entrepreneur and investor joined BoCG, a Venture firm focused on an Arabian Peninsula Fund in MENA region, to oversee the growth of blockchain-based venture portfolios seeking the next stage of growth through their Venture Operating Model (VOM).

In early October, Deus X Capital with offices in the UAE launched with $1 billion in assets according to an article published in CoinDesk. As per the article the family office backed investment firm launched on October 2nd with Tim Grant as CEO.

UAE Gold tokenization pioneers applaud HSBC gold tokenization initiative furthering growth

UAE Gold tokenization pioneers applaud HSBC gold tokenization initiative furthering growth

Recently HSBC announced that it would be tokenizing physical gold using Blockchain technology. The tokenized gold stored in HSBC London Bank vaults, will offer tokens that represent 0.001 troy ounce traded on HSBC Evolve platform to institutional investors, with UAE Gold tokenization pioneers applauding this effort and believe this will grow the precious metal tokenization sector further.

Mark Williamson, global head of FX and commodities partnerships and propositions, confirmed the launch of the platform in a Bloomberg interview.

Gold has become a safe haven for many investors and this has also been pushed by the demand for real world tokenization solutions.

The advanced platform creates a ‘digital twin’ representing loco London gold, which facilitates trade through the HSBC Evolve platform or an API. This innovation generates a permissioned digital representation of clients’ physical gold holdings, which is integrated into HSBC’s operational infrastructure. The system enables efficient tracking of allocated and unallocated gold positions corresponding with physical holdings.

Richard Bibbey, HSBC’s Global Head of FX, EM rates and Commodities, said: “As one of the earliest adopters of DLT, we are pleased to reinforce our leadership position in the gold market by tokenizing physical gold. We continue to pave the way for improving the post-trade market infrastructure of capital markets.”

Apart from facilitating potential fractionalization of loco London gold bars and direct retail investor participation, the platform also allows clients to view their tokenized gold trades.

John O’Neill, Global Head of Digital Assets Strategy, Markets and Securities Services, HSBC, said: “Tokenising physical gold represents a further advance in HSBC’s overall digital assets strategy. In addition to demand for native digital assets, we are seeing appetite for tokenisation solutions that can maintain a link to specific real-world use cases, such as gold. Our approach to gold tokenisation complements HSBC Orion, and is part of our commitment to creating a world-leading set of digital asset capabilities to best serve the needs of our clients.”

While the tokenized gold market is primarily dominated by Tether Gold (AUT) and PAX Gold (PAXG), both having market capitalizations around $490 million and $480 million, respectively, there are several companies based out of UAE who are also offering gold tokenization solutions.

LaraontheBlock spoke with tokenized gold experts in UAE to view how this will help tokenization of precious metals and their thoughts on this.

Navin Dsouza Co-Founder & CEO at UAE based Comtech Gold told LaraontheBlock, “This is really good news for the Gold Tokenization industry. With Global Banks like HSBC offering Tokenized Gold it reemphasizes the importance of blockchain and digitalization in Gold along with the need for De-Dollarization in the current era of high inflation.”

He adds,” Comtech has the complete infrastructure along with the Governance framework with DMCC (Dubai Multi Commodities Center) to offer Gold Tokenization product to any financial institutions who want to offer Tokenized Gold to its customers in a form of Comtech white labeled solution. We will see many players and banks joining the Tokenization race because of the strong use case benefit to the Industry.”

Ahmed Bin Sulayem Executive Chairman and Chief Executive Officer of DMCC explained, “As a long-standing advocate for gold tokenization, HSBC’s entry to blockchain will not only support much-needed transparency, but provide greater accessibility and security for investors. Having launched our own tokenization mechanism in November 2022 in partnership with Comtech Gold Bullion, backed by our internal DMCC Tradeflow platform, we’ve already tokenized 144kgs of gold for investors, while providing a value-added service that has the capacity to expand into other precious metals in the near term.”

Mark Gesterkamp, Business Development Director at Aurus Gold headquartered in UAE commented, “We applaud the step HSBC is taking by joining gold tokenization as gold has an important role in the transition to on-chain finance. It is no surprise they have done so, as it will surely open up the market through smaller traded denominations and improve liquidity and tradability.

He explained how already Aurus’ Tokenization-as-a-Service allows for any financial institution to use its technology by minting a digital representation of its bullion from gold, silver to platinum. This entails banks and family offices looking to join the digital space and finding new distribution channels.  He adds, “The decentralized nature of gold tokenization is key here, whilst being a supplying partner of the Aurus ecosystem it allows clients to benefit from trading transactions.”

UAE was one of the first countries globally to begin tokenization of gold and other precious metals. Startups from the region and globally are setting up in the country as gold-backed tokens witness a growth surpassing that of cryptocurrencies. The market cap of gold-backed tokens has exceeded $1 billion — a far cry from $100 million in 2020.

Most of the entities developing gold tokens have chosen the UAE because of its positive crypto stance, its regulations, its gold hub, and the region’s affinity to Shariah compliant commodities. With this new announcement by HSBC, the UAE is poised to become a more formidable hub for tokenization of precious metals.

UAE ADX Exchange utilizes HSBC Blockchain for digital securities

UAE ADX Exchange utilizes HSBC Blockchain for digital securities

UAE ADX (Abu Dhabi Securities Exchange)and HSBC Bank Middle East Limited have announced that they will develop digital fixed income securities leveraging the investment product knowledge of ADX and HSBC’s blockchain capabilities and investment banking expertise.

Abdulla Salem Alnuaimi, Chief Executive Officer of ADX exchange, said, “We are delighted to collaborate with HSBC in developing a digital fixed income product. We believe that digital assets will grow in significance in the future and ADX intends to be at the forefront of this innovation. The project reaffirms our commitment to ADX’s digital transformation journey and complements our efforts to continue providing innovative products to our expanding investor base. ADX exchange and HSBC will explore a framework that enables digital assets, such as digital bonds, to be made available on HSBC Orion, the bank’s digital assets platform, and to be listed on ADX.”

Mohamed Al Marzouqi, Chief Executive Officer, UAE, HSBC, said, “HSBC is digitizing at scale by adopting new technologies like blockchain to enable the issuance of digital assets, hold them in custody and make them available for trading. This capability will help accelerate efficiency and drive new and innovative opportunities for investors. HSBC and ADX are working together to leverage HSBC Orion, our proprietary digital assets platform, and use our collective capabilities in capital markets and custody, to bring this exciting development to the market.”

Digital bonds are financial instruments that are created and managed using blockchain and smart contract technology to create efficiencies in capital markets. With the use of blockchain technology, a broader range of assets such as equity, fixed income, real estate and private equity can be tokenised. This will enable ownership of these assets for a broader range of investors, making securities markets more accessible.

VARA to license 15 entities by end of 2023, and launch DeFi regulations, Gamefi, and crypto derivatives

VARA to license 15 entities by end of 2023, and launch DeFi regulations, Gamefi, and crypto derivatives

In a recent LinkedIn post, Soham Panchamiya, Associate for tech companies and regulatory disputes at Reed Smith, one of the leading global law firms with more than 1,500 lawyers in 30 offices throughout the United States, Europe, the Middle East and Asia, announced that they are expecting Dubai Virtual Asset Regulatory Authority (VARA) will fully license 15 entities before the end of 2023.

According to Panchamiya, “New developments continue to come forward in the UAE VARA in Dubai is making great strides to earn its stripes as the premier regulator for crypto and Web3 companies in the world.”

He also expects major announcements and change for game-fi, DeFi and crypto derivatives.

So far Dubai VARA has already fully licensed four crypto exchange, brokerage, and custodial firms. Most recently is BackPack exchange, TOKO, received full crypto exchange licenses, while Komainu received full crypto custodial and custody staking services. VARA was one of the first regulators globally to issue crypto staking regulations.  The fifth license was given to Laser Digital for crypto broker and investment services.

On VARA’s register listing are 11 entities that have either received a full license or at the MVP preparatory or operational phase. These include names such as Bybit crypto exchange, Binance, OKX, crypto.com, GCX exchange, as well as Hextrust crypto custodian. Meanwhile, BitOasis license is still inactive, after it had received MVP operational license.

There are others who have received preliminary approval not listed on VARA website.

Given the current numbers, VARA will be licensing 11 more entities before the end of the year.

In August 2023, the Dubai Department of Economy and Tourism and Dubai VARA signed an MOU to unify VASP (virtual asset service provider) offering in the city. The two entities are collaborating to offer a synchronized VA market assurance across the Emirate of Dubai –spanning Customer Care + Complaints; [Business] On-Site Inspection + Enforcement; [Business] VASP Registration + Licensing; [G2G + G2B + G2C] Education-Training-Knowledge Sharing.

During DACOM (The Digital Asset Compliance and Market Integrity Summit) hosted by Solidus Labs, a crypto-native market surveillance and risk monitoring hub tailored for digital assets, in Abu Dhabi in May  2023, Henson Orser CEO of VARA stated, that the future will include tokenization of real world assets, including real estate, as well as micro financing, royalty rights for creators and publishers, with smart contracts for movies /music, permissioned DeFi (Decentralized Finance), gaming and the metaverse. Here he sees, “A billion users will start to challenge the boundaries of title and value” and finally interoperability, transfers identity and more.

Furthermore in an exclusive LaraontheBlock interview with Henson Orser, discussing VARA stated that while the term DeFi is not specifically referenced in the 7 Rulebooks from VARA, DeFi lies very much at the core of Dubai’s Future Economy considerations. Orser explained that VARA’s Rulebooks have focused on facilitating borderless ‘value-exchange’ both in the traditional and new economy contexts, by leveraging a full spectrum of cross-cutting ‘activities’, which should not in any way be construed as TradFi specific.

He stated, “We are well aware that in this sector new technologies and products will be continually emerging, and constructively challenging traditional financial systems. It is exactly for this reason that VARA has been constructed as a technology agnostic and product-neutral framework that allows us to remain progressive and future-focused.  This means that our regime will provide for R&D sandboxes to test, learn and evolve prototypes across DeFis and DAOs today, to wider innovations across Metaverse and Web3.0. As we have maintained, the VARA Regulations will strike a measured balance between remaining agile so we benefit from future waves of technological innovations, yet being definitive in their ability to provide the required market certainty, FATF assurances, and cross-border security which are non-comprisable to us.”

In September 2023, VARA updated its virtual asset rulebook and added new regulations with regards to what it calls Fiat referenced virtual asset ( FRVA) better known to most as virtual assets pegged to a stable value, or stablecoins.

Prior to that VARA opened the door to regulate crypto staking services with its revised Custody Services Rulebook, allowing staking by virtual asset custody Service providers. As per the revised rule book, virtual asset service providers who carry out custody services can offer staking services as well without obtaining a separate license for VA Management and Investment Services. Additional licensing and supervision fees will be payable in connection with the provision of this additional service.

As per Panchamiya in his post, he states, “Not a bad start. It remains to be seen how viable the industry sector is going to be moving forward as the continuance of the bear market dampens spirits worldwide, but with the spot ETF movements in the US, the recent wins in courts and the continued regulatory developments, it seems that market players and UAE regulators are bullish.”

Qatar Financial Centre and Blockchain company Settlemint, to tokenize private shares and equity

Qatar Financial Centre and Blockchain company Settlemint, to tokenize private shares and equity

In a recent LinkedIn post, Henk Jan Hoogendoorn, Chief Financial Sector Officer at Qatar Financial Centre Authority (QFCA) announced the commencement of next steps with Blockchain solutions provider Settlemint to tokenize private shares and equity for companies.

As noted in the post, “ Next steps on tokenization of private shares / Private Equity discussed with our digital asset lab partner SettleMint both for Qatar Financial Centre (QFC) Authority and any  investment manager that would that would like to tokenize or fractionalize investments.”

Matthew Van Niekerk, Co-founder, SettleMint, commenting on the post stated, ” Thank you for hosting us both physically and digitally for the meeting Henk Jan Hoogendoorn! Really appreciated the opportunity to exchange views on the future of finance, financial markets infrastructure and the tokenization of private securities. Exciting times ahead for the industry!”

In April 2023, Qatar Financial Centre Authority (QFCA) signed its second Blockchain MOU with Settlemint, after signing its first with R3. The agreement with Settlemint aimed to work on Blockchain and digital asset initiatives in the financial sector. QFCA and Settlemint agreed to explore potential synergies with industry participants, including financial institutions, fintech firms, and corporate organizations, to accelerate the adoption of blockchain and digital asset business models and solutions.

This announcement also comes immediately after the Qatar Financial Centre launched its digital assets Lab under the name Qatar Innovation dome. The event which was held on Sunday 29th of October 2023 included various keynotes, that explained how the digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

Yousuf Mohamed Al-Jaida Board Member and Chief Executive Officer of Qatar Financial Centre in his speech announced that one of the first use cases to be explored within the digital assets lab will be tokenized carbon assets. He goes on to state, “Secondly will be tokenizing private company shares to facilitate trading and management of these shares, as well as transforming Sukuk bonds into digital assets in addition to tokenized real estate to facilitate the buying and selling of real estate assets.”

48 Percent of UAE crypto users lack trust in crypto exchanges

48 Percent of UAE crypto users lack trust in crypto exchanges

According to the recent Kucoin Survey report The Cryptoverse,Understanding Crypto Users in the UAE, which revealed insights into the UAE’s role as a crypto hub, it was found that 48 percent of UAE crypto users are concerned about lack of trust in crypto exchanges, with 63 percent of them prioritizing security.

In addition, only 72 percent preferred Bitcoin as a crypto investment, followed by Ethereum at 52 percent, and stablecoins at 42 percent.

32% of respondents cite a lack of crypto education and awareness as the region’s top challenge.

In terms of crypto investment, 13 percent of those surveyed had invested more than $10,000 , while 26 percent invested between $1,000 $0,000 while 51 percent invested below $1000.

A significant portion of respondents (35%) are drawn to crypto as a means to diversify investment portfolios, and 11% are primarily motivated by the desire to hedge against inflation. This signifies an awareness among UAE investors of the importance of crypto in risk management and growing wealth, which is a critical in a global financial environment where fiat currencies are often affected by inflationary pressures.

29% of the respondents find crypto to be a convenient way to hold their assets, especially when compared to traditional banks, as crypto is being recognized with many more uses beyond mere financial investment. 22% engage in crypto for daily payments and transactions, 12% for cross-border remittances, and 9% for buying NFTs and other digital assets. This underscored the practicality and efficiency that crypto offer as an alternative to traditional financial services.

As per Kucoin, the survey showcases a strong appetite among UAE crypto users for real-world applications beyond investment, with 40% expressing a preference for crypto in cross-border remittances and daily transactions, signifying crypto’s potential to revolutionize financial interactions in the region.

The report highlights user perceptions regarding the UAE’s advantages for crypto industry development, with 53% citing access to funding as the top advantage, closely followed by a robust financial infrastructure and global network, positioning the UAE as an attractive destination for crypto entrepreneurs and businesses seeking growth.

In addition the findings reveal that 62% of UAE crypto users are eager for the integration of AI and blockchain technologies, showcasing the UAE’s forward-looking approach to crypto innovation.

The 17th edition of the report series, offers essential insights into the UAE crypto market. This comprehensive report is based on feedback from crypto investors in the UAE, highlighting their pressing need for trust, security, crypto education, and their profound interest in crypto innovation. Moreover, the survey reaffirms the UAE’s growing recognition as a cryptocurrency hub.

Alicia Kao, Managing Director of KuCoin, highlighted the significance of the report, stating, “Our survey has unveiled the pressing needs and aspirations of the UAE’s crypto community. Trust, security, and education are at the core of their concerns. This report not only illuminates their preferences but also solidifies the UAE’s position as a leader in the crypto revolution, with a dominant 72% preference for Bitcoin and a strong appetite for blockchain and AI integration. The UAE’s advantages, including access to funding, a robust financial infrastructure, and a global network, set the stage for the country’s crypto industry to flourish.”

Blockchain XRP Healthcare platform expands to UAE and MENA

Blockchain XRP Healthcare platform expands to UAE and MENA

Pharma and healthcare Blockchain platform, XRP Healthcare, built on XRP Ledger has expanded into UAE and the Middle East.

As per the press release, XRP Healthcare recognizes the Middle East’s forward-thinking approach to blockchain and crypto regulation, which is more favorable and progressive compared to many other jurisdictions, including the United Kingdom. This strategic expansion aims to benefit from and harness the untapped potential of blockchain technology in healthcare, legislation, investment, and new partnerships, ultimately benefiting consumers and token holders alike.

In a statement, XRP Healthcare’s Business Development Officer Laban Roomes noted, “The Middle East has demonstrated a remarkable embrace of innovation and technology, especially in the blockchain and crypto space. This alignment with Dubai’s progressive regulatory framework makes it the ideal destination for XRP Healthcare’s expansion and upward trajectory. What is important to bear in mind is that XRP Healthcare is a long-term project, with a roadmap reaching into 2027, anyone who wants to share in our vision should fully understand we are not here to make people rich overnight but rather to build a fully functional and real-world utility business consolidating the highly fragmented private healthcare sector, starting in Africa – that has blockchain technology at the heart of it. Our expansion into the Middle East by incorporating XRP Healthcare L.L.C in Dubai positions the company perfectly for accelerated growth, our operations in Africa, and the rest of the world.”

Founder of XRP Healthcare Kain Roomes said, “I am thrilled to announce the exciting expansion of XRP Healthcare into the bustling hub of Dubai and the broader Middle East. This move represents a significant leap in our journey, one that combines healthcare innovation with the transformative power of blockchain technology. Dubai and the Middle East offer a uniquely fertile ground for our endeavours. It’s a region known for its forward-thinking approach to business, blockchain technology, and an unmatched commitment to fostering innovation. This environment aligns perfectly with our vision of a healthier world powered by the convergence of healthcare and blockchain.”

He adds,” As a company, we are bringing a fresh perspective to the private healthcare industry, specializing in mergers and acquisitions starting in Africa. Our approach is grounded in transparency, security, and efficiency, which are the hallmarks of what we have set out to achieve. In a world where data integrity and privacy are paramount, we are proud to be creating solutions that redefine how healthcare mergers and acquisitions will be conducted. As part of our expansion, we will be collaborating with local healthcare professionals, businesses, and investors in Dubai and the Middle East, with the main goal of enhancing patient care on a global scale.”