The Hashgraph Association partners with Dar Blockchain to develop Web3 Ecosystem in Africa

The Hashgraph Association partners with Dar Blockchain to develop Web3 Ecosystem in Africa

The Hashgraph Association, the non-profit organization accelerating the broad adoption of the Hedera network globally, has partnered with Dar Blockchain to nurture projects, facilitate growth, and profoundly shape the MENA technology landscape. The partnership focuses on the education and nurturing of Web3 talent within the region through facilitating meetups, hackathons, and university groups, as well as publishing a monthly podcast. Through their focus on Web3 talent, The Hashgraph Association and Dar Blockchain will strive to advance innovation within the region, furthering the expansion of Distributed Ledger Technology (DLT) and blockchain across the globe.

Together, Dar Blockchain and The Hashgraph Association will work to provide insight into blockchain ecosystems, as well as promote the Hedera network, the most innovative, sustainable, enterprise-grade public ledger for the decentralized economy. To foster curiosity and capabilities within the MENA region, Dar Blockchain and The Hashgraph Association are partnering to host four hackathons, starting in October 2023.

These events are part of a broader strategy that includes community-building activities and a sourcing phase for an upcoming incubation program tailored for the North African community. This incubation program, to be announced soon, will further support and nurture promising projects emerging from these hackathons. In addition to the hackathons, the collaboration will offer bespoke training sessions, fueling the growth of communities and enterprises, while showcasing the endless possibilities of Web3.

Mohamed Mnif and Jaafar Saied the Co-founders of Dar Blockchain, said: “At Dar Blockchain, our foundation is built on the belief that education is the cornerstone of innovation. We were established with a clear vision: to support and nurture local talents while forging a vital connection between our local Web3 ecosystem and the global blockchain landscape. By providing training sessions that dive into the Hedera Network, and setting up chapters in local universities to connect students from different backgrounds, Dar Blockchain and The Hashgraph Association will lay the foundation for the true realization of DLT. This partnership underscores our commitment to empowering the next generation of innovators across the MENA region, equipping them with the skills and knowledge to drive the widespread adoption of Web3 technologies on a global scale.”

Recently, the MENA region has been a frontrunner for Web3 growth and innovation. In October 2022, it was announced that the region was home to the world’s fastest-growing cryptocurrency markets. In August 2023, the Dubai AI and Web 3.0 Campus committed to cutting license fees of Web3 and AI firms by 90% in an effort to encourage the move of companies and organizations to the city. 

Kamal Youssefi, President of The Hashgraph Association, said: “The Hashgraph Association’s partnership with Dar Blockchain will accelerate the mass adoption of DLT in the MENA region. With the favorable outlook on crypto in the region, we wish to support this growth and ensure its continued upward momentum. It is a result of this openness to Web3 that we are partnering with Dar Blockchain and committing to advance the MENA Web3 industry.”

With each event and initiative, Dar Blockchain and The Hashgraph Association hope to provide a starting point for those interested in the world of Web3. By establishing ways to support Web3 talent in MENA, The Hashgraph Association and Dar Blockchain will further advance MENA’s blockchain boom and its position as a leader in the field. More details about the collaboration can be found at: Darblockchain.io

UAE Ghaf Labs partners with blockchain Sui Foundation

UAE Ghaf Labs partners with blockchain Sui Foundation

UAE based Ghaf Labs, a boutique consultancy and advisory firm specializing in web3 ventures partners with Sui Foundation, a Blockchain Foundation that supports the growth and proliferation of the Sui blockchain protocol (“Sui”) and associated ecosystem.

Sui is a Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone.

This strategic alliance is aimed at driving Sui Foundation’s expansion within the UAE and the MENA region, fostering the growth of web3 adoption.

Established in 2019, Ghaf Capital Partners, a private investment firm, has solidified its position as a pioneering player in the web3 investment space, boasting an impressive portfolio of 75 portfolio companies. The team’s extensive business background and strong web2 exposure have uniquely positioned them to navigate the dynamic landscapes of both traditional and blockchain-based industries.

In response to the growing demand from companies seeking exposure in the MENA region, Ghaf Capital introduced Ghaf Labs, a boutique advisory and consultancy service dedicated to web3 ventures. The Labs’ philosophy is centered on providing personalized attention to a select number of clients each year, ensuring that their unique needs and goals are met with utmost precision and care.

As part of this groundbreaking partnership, Sui Foundation will be supported holistically through Ghaf’s expertise and market insights. With ambitious plans to expand its ecosystem in the UAE, Sui Foundation aims to tap into the region through a series of direct objectives, such as university partnerships, discussions with regulators, organizing regional hackathons and supporting local web3 projects.

Sui Foundation shall kick off its presence in the region by participating in some of the most prominent web3 summits in the UAE for Q4 2023, such as, Future Blockchain Summit, World Blockchain Summit and Global Blockchain Congress.

Sui Foundation will also host a monthly meet up in Dubai called “Sui Connect” which will act as an enabler for community building while fostering local ecosystem stimulation.

“We are delighted to partner with Sui Foundation on their journey to become the leading choice for web3 partnerships,” said Sheikh Al Mualla bin Ahmed Al Mualla, Co-founder of Ghaf Labs. “Their team’s commitment to excellence and groundbreaking innovations aligns perfectly with our vision of fostering the growth of web3 technologies in the MENA region,” Said Feras Al Sadek, Co-founder of Ghaf Labs.

Greg Siourounis, Managing Director at Sui Foundation, also expressed his enthusiasm about the partnership, saying, “Together with Ghaf Labs, we are poised to ignite an era of transformative advancements in web3 technologies in the MENA region and beyond, bringing Sui’s state-of-the-art blockchain-based technologies to bear addressing real world challenges that have not been solved by traditional centralized networks. We believe our shared vision will pave the way for building a global decentralized web3 ecosystem based on the most advanced technologies and inclusive of all people.”

Nomura’s Laser Digital crypto broker takes the UAE by storm

Nomura’s Laser Digital crypto broker takes the UAE by storm

Nomura’s crypto broker, and crypto investment service provider, Laser Digital which recently received a full license from Dubai’s virtual asset regulatory authority, VARA has now received an in principle approval for a license from Abu  Dhabi’s ADGM ( Abu Dhabi Global Market).

As per the recent news from ADGM, Laser Digital was granted an in principle approval by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), with formal regulatory licensing subject to the fulfillment of a number of conditions. When all IPA conditions are fulfilled, Laser Digital will be granted the Financial Services Permission to provide broker-dealer services and asset/fund management services in relation to virtual assets and traditional assets.

Laser Digital was launched last autumn by Nomura and was co-founded by Steve Ashley, who previously led Nomura’s wholesale division, and Jez Mohideen, who was Nomura’s Chief Digital Officer and Co-Head of Global Markets EMEA. Headquartered in Switzerland, with offices in the UAE and the UK

Jez Mohideen leads Laser Digital’s UAE entity with Cameron Dickie as Head of Distribution.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We are delighted that Laser Digital has been granted an ‘In Principal Approval’ for their virtual asset management services. Laser is developing investment services in virtual assets that are both dynamic and transparent, and their investment offerings align well with ADGM and the FSRA’s international best practices and progressive regulatory ecosystem. We welcome them to our robust and vibrant financial community.”

Jez Mohideen, CEO of Laser Digital added,“We are very grateful to have the opportunity to set up operations in ADGM; their comprehensive and clear regulatory framework is creating a global hub for digital assets that we are delighted to be joining.”

Prior to this Laser Digital was granted a full crypto license that will allow it to offer virtual asset broker dealer and investment management services in the UAE from VARA in Dubai. At the time Laser Digital announced that  it planned to launch over-the-counter trading services and digital-asset investment products for institutional investors in coming months.

According to VARA website, Laser Digital has been awarded the full VARA license, issued to VASPs which satisfies all of the requirements as specified under the Virtual Assets and Related Activities Regulations 2023. It allows a VASP to offer approved Virtual Asset services to retail customers as well as institutional customers and Qualified Investors.

Laser Digital, which is headquartered in Switzerland with officers in Dubai and London, said in a statement it had received the license from Dubai’s Virtual Asset Regulatory Authority, allowing it to offer crypto-related broker-dealer, management and investment services.

MENA receives $389 billion worth of crypto with Saudi Arabia seeing biggest growth

MENA receives $389 billion worth of crypto with Saudi Arabia seeing biggest growth

Chainalysis has completed its MENA section of its 2023 Geography of Cryptocurrency Report which will be out soon. In the report the MENA region is the 6th largest crypto economy of any region in 2023. There was an estimated $389.8 billion in on-chain value received between July 2022 and June 2023. This represents nearly 7.2% of global transaction volume during the period studied. However it is much lower that what was received in July 2021-July 2022.

MENA based crypto users had received $566 billion worth of cryptocurrency in one year from July 2021 to June 2022 which at that time was a 48 percent increase from 2020-2021.

MENA is also home to three of the top 30 countries in this year’s index: Turkey (12), Morocco (20), and Iran (28). However, Turkey dominates in terms of raw transaction volume, but interestingly Saudi Arabia comes in third in terms of crypto value received, with UAE coming in at number two and Turkey taking number one place.

Centralized exchanges and DeFi were the top services for receiving crypto value in the MENA region, with UAE receiving much higher share of crypto activity on DeFi protocols compared to other countries in MENA. In addition UAE crypto services were split almost equally between centralized exchanges and decentralized exchanges, while in KSA for example 48.6%went to centralized exchanges and 38.8% to decentralized exchanges.

According to the report no country has witnessed the growth of crypto transaction volume like Saudi Arabia has. KSA has witnessed year-over-year transaction volume growth of 12.0%. In fact, Saudi Arabia is one of only six countries to see any year-over-year transaction volume growth during the time period studied.

Chainalysis found that the crypto value received by the UAE was over US$34.9billion representing a decrease of 17% over the previous year. In Qatar there was a 26% decline, Oman 49% decline, Jordan 55% decline, and Lebanon 96% decline.

One of the most interesting findings was in the UAE where the majority of crypto transactions were for institutional investors. 67% of crypto transactions valued over $1 million were by institutional investors, while retail investors (up to $10,000) accounted for just 4.63%

“The fact that by far the larger portion of crypto investments in the UAE is for institutional and professional sized transactions, indicates an eagerness from organisations and high-net-worth individuals to add cryptocurrency to their investment portfolios. This market confidence is validation of the efforts being made by the country’s leadership to offer commendable regulatory clarity, and establish the nation as a global crypto hub,” said Kim Grauer, Director of Research at Chainalysis.

Dubai virtual asset regulator issues market notice against JPEX crypto exchange

Dubai virtual asset regulator issues market notice against JPEX crypto exchange

As Hong Kong police investigate allegations of fraud against cryptocurrency trading platform JPEX after investors complained of HK$1.3bn ($166m; £134m) in losses, Dubai’s virtual asset regulator VARA has alerted the public to the fact that JPEX is not regulated nor under VARA supervision.

JPEX on its website states, “At present, the JPEX operating headquarters is located in Dubai. As the financial hub of the Middle East, Dubai is the only global economy with an independent regulatory environment. Its newly established Virtual Assets Regulatory Authority (VARA) is bound by the international regulatory framework. Under the supervision of VARA, The trading system established by JPEX has stricter regulatory standards and more transparency and openness in cross-border transactions, thereby ensuring the integrity of the global market.”

Eleven people, including popular influencers, were arrested this week after complaints filed by 2,000 people. The case could be one of Hong Kong’s biggest fraud cases, local media say.

Virtual Assets Regulatory Authority (VARA) is issuing this Alert to call the attention of all investors and market participants, to recent media coverage of regulatory action that is being considered and/or has been initiated against the Virtual Asset Service Provider (VASP) JPEX and/or associated companies within the holding group [operational through www.jp-ex.io] and specific individuals associated with these entities.

VARA clarifies that JPEX is an unregulated operation. As VARA states, “JPEX is not regulated by or registered with VARA, and any VA Activity being carried out or offered by this entity, whether in/from the Emirate of Dubai or otherwise, has not been permitted or otherwise authorised by VARA.

False claims: Any claims by JPEX and any responsible individuals that it is regulated by VARA, or that it is subject to VARA’s oversight, are entirely false and inaccurate. Further, Law No. 4 of 2022 deems all VA activities in/from the Emirate to be are fully regulated, and under the purview of VARA – as such, should JPEX be performing any of these activities, it is operating in breach of Dubai Law.”

The notice adds that JPEX has also not been approved by VARA, and JPEX is hence not permitted to offer, promote or advertise any of its products or services, or solicit any client participation, in or from the Emirate of Dubai.

Customers may wish to notify VARA at  if they have been (i) the subject of any of JPEX’s solicitation/promotional activities; or (ii) if any of JPEX’s services have been made available to them specifically from Dubai.

VARA concludes that it will monitor the situation and may take enforcement actions against JPEX and any responsible individuals as may be warranted subject to evidenced wrongdoing.

This is the second time VARA takes action against a crypto exchange, OPNX was the first.

Mbridge wholesale CBDC project to launch MVP soon with UAE Central Bank

Mbridge wholesale CBDC project to launch MVP soon with UAE Central Bank

In a speech given by Hong Kong Monetary Authority (HKMA) CEO Eddie Yue, he discussed the whole sale CBDC ( Central Bank Digital Currency) project Mbridge stating that the launch of a minimal viable product ( MVP) would be soon, with participation of UAE Central Bank, Bank of China, BIS, Bank of Thailand and some new entrants.

In May 2023, The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority in a bilateral meeting in Abu Dhabi  agreed to enhance collaboration between the two jurisdictions on virtual asset regulations and development. 

Mbridge is the creation of  Innovation Hub of the Hong Kong Monetary Authority, BIS (Bank of International Settlements). In September 2022, the Central Bank of the UAE announced the completion of the first CBDC pilot involving real value transactions and four jurisdictions, using mBridge, custom developed DLT platform.

As per the news 20 banks participated in the final CBDC pilot, with over 160 transfers and FX exchanges carried out, totaling $171 million HK dollars ( $22 million)  in transfers and FX exchanges and $91 HK million in issuances equivalent to ( $12 million) .”

The Central Bank of the UAE (CBUAE) participated in “mBridge” project with partners from the Bank for International Settlements (BIS), Innovation Hub Centre in Hong Kong, the Hong Kong Monetary Authority (HKMA), the Bank of Thailand (BoT), and the Digital Currency Institute of the People’s Bank of China (PBoC).

According to Yue, “ Our mBridge project, which is a collaboration with the BIS and a number of central banks including the People’s Bank of China is also pressing ahead. Our latest pilot test has demonstrated that this wholesale central bank digital currency platform can speed up cross-border payments at reduced cost and with better transparency. We are expecting to welcome more fellow central banks to join this open platform. And very soon we will launch what we call a minimum viable product, with the aim of paving the way for the gradual commercialisation of mBridge.”

He expressed his hope that this new innovative platform will help resolve longstanding pain points in cross-border payments and enhance the efficiency of the global value chain.

Bahrain ABC Bank goes live with JP Morgan’s Blockchain payments

Bahrain ABC Bank goes live with JP Morgan’s Blockchain payments

Bahrain based ABC bank after two years of piloting, J.P. Morgan’s Coin Systems, a blockchain based permissioned system that serves as a payment rail and deposit account ledger and sits within Onyx by J.P. Morgan has gone live with the blockchain payments solution.

Prior to this ABC bank had been piloting GCC region’s first blockchain based cross border instant payment solutions as well as CBDC project with the Central Bank of Bahrain. In 2020 The Central Bank of Bahrain collaborated with J P Morgan and Bank ABC in a pilot scheme to introduce instantaneous cross border payment solution leveraging state of the art technology and digital currency. The pilot was successfully completed in 2022. 

As such the soft launch of the new blockchain payment service by ABC Bank, is in close collaboration with the Central Bank of Bahrain.  The Central Bank of Bahrain has supported the project by integrating and scaling the blockchain payments solution within the Kingddom’s payments landscape.

On this occasion, His Excellency the Governor of the Central Bank of Bahrain, Mr. Rasheed AlMaraj, stated, “After working closely with JP Morgan and Bank ABC over the past two years to experiment the execution of cross-border commercial transactions between Bahrain and the U.S., leveraging the J.P. Morgan Coin System, we are pleased to witness the soft launch of this innovative banking solution by a Bahraini-based bank.  This initiative aligns with the CBB’s strategic vision to embrace innovation and digitalize the Kingdom’s financial services sector by eliminating inefficiencies that exist in traditional cross-border payment railways, facilitating trade between Bahrain and the U.S., and thereby inducing economic activity. We commend Bank ABC on their commitment to enhance their banking offerings by leveraging advanced global technologies.”

Mr. Sael Al Waary, Bank ABC Group CEO, said: “As an international bank operating across five continents, Bank ABC Group is committed to introducing innovative products to our home market and across our wider network. Offering high-value cross-border payments via the J.P. Morgan Coin Systems service, allows us to reduce traditional settlement periods considerably as well as being more cost-effective for our clients. We remain steadfast as a key enabler of Bahrain’s vision for a digital economy. We would like to thank our partners the Central Bank of Bahrain for their commitment and leadership and J.P. Morgan for their leading role in advancing cross-border payments for banking services.”

Naveen Mallela, Global Head of Onyx Coin Systems, said “Bank ABC has been one of the earliest adopters of the JPM Coin offering and we are delighted to launch the first of its kind commercial payment offering between J.P. Morgan and Bank ABC using distributed ledger rails. This enables cross-border commercial transactions to be executed between Bahrain and US corridors instantly, atomically and with certainty.”

While the offering has been launched with USD and locations involving Bahrain, US, UK, Singapore, Hong Kong, additional locations and currencies, notably Euro, are in the pipeline. Going forward with the planned introduction of programmable payment offerings, it will enable mutual corporate clients to leverage event driven and automated payouts enabling a dynamic and real time treasury management.

Dubai’s Virtual asset regulatory authority issues stablecoin regulations

Dubai’s Virtual asset regulatory authority issues stablecoin regulations

Dubai’s Virtual asset regulatory authority ( VARA) has updated its virtual asset rulebook and added new regulations with regards to what it calls Fiat referenced virtual asset ( FRVA) better know to most as virtual assets pegged to a stable value, or stablecoins.

As per VARA definition, “ Fiat-Referenced Virtual Asset (FRVA) means a type of Virtual Asset that purports to maintain a stable value in relation to the value of one or more fiat currencies but does not have legal tender status in any jurisdiction. An FRVA is neither issued nor guaranteed by any jurisdiction and fulfils its functions only by use and acceptance within the community of users of the FRVA.”

However VARA also notes an exception and states that any FRVA, i.e. stablecoin pegged to the value of the UAE currency, the AED will not be approved as it will remain under the sole and exclusive regulatory purview of the Central bank of the UAE.

In addition FRVAs exclude assets that  are representations of any equity claim; issued by central banks acting in their monetary authority capacity [e.g. central bank digital currencies [CBDCs]]; or  are tokenized bank deposits used only for interbank settlement purposes.

It also excludes reference Currency means, in relation to an FRVA, a VARA-approved fiat currence, the value of which an FRVA purports to maintain a stable reference to;and which is controlled by a central bank of any country[ies] or territory[ies] which are not subject to any sanctions in accordance with Federal AML-CFT Laws; as well as  the status of legal tender; and  which is required to be accepted within a given jurisdiction.

Issuers of FRVAs will have to ensure reserve assets, a pool of assets maintained in accordance  Rule III.B of these FRVA Rules and as approved by VARA. Reserve Assets are not Client Money or Client VAs, as defined in the Compliance and Risk Management Rulebook.

The issuance of an FRVA is a Category 1 VA issuance and as such is a virtual asset (VA) Activity. 

In addition VARA states that currencies of sanctioned countries or territories. VASPs may not have as a Reference Currency any currency issued by any country[ies] or territory[ies] which are subject to sanctions under Federal AML-CFT Laws.

VARA may, in its sole and absolute discretion, designate any VASP Licensed to issue an FRVA as a Significant FRVA Issuer at the time of issuing a Licence or anytime thereafter.

In designating a VASP as a Significant FRVA Issuer, VARA may consider all factors relevant to the VASP and/or the FRVA issued by the VASP, including but not limited to  the number of holders of the FRVA; the value of circulating and/or outstanding supply of the FRVA;  the value of the Reserve Assets maintained by the VASP; the number and value of transactions in the FRVA; whether the VASP and/or its affiliates carry out any other VA Activity[ies] and/or financial services in Dubai, or provide services similar to VA Activities and/or financial services in other jurisdictions; interconnectedness with licensed financial institutions and/or VASPs; and/or the business, structural and operational complexity of the VASP in relation to the FRVA issued by it.

MRHB network partners with Bahrain’s Shari’ah bureau for DeFi product

MRHB network partners with Bahrain’s Shari’ah bureau for DeFi product

The Singapore headquartered,MRHB Network which provides interest-free DeFi, NFT and halal crypto asset opportunities has partnered up with Shari’ah Review Bureau (“SRB”), a Bahrain-based Shari’ah advisory firm, to independently assess and review its new product EMPLIFAI (Earnings Amplified with Algorithms & AI) which aims to provide Sharia-compliant passive income.   

“The MRHB ecosystem aims for a wide array of crypto-based DeFi solutions”, explained Naquib Mohammed, Founder and CEO of MRHB Network. “After a successful launch of the Sahal Wallet app, a multichain self-custodial digital wallet, we are pleased to present our new product to the Muslim community – a liquidity harvester product, EMPLIFAI which incorporates a Sharia-compliant mechanism and structure for users to invest and generate passive income.”  

EMPLIFAI is designed to generate income mainly from DeFi activities such as yield farming, liquidity mining, bridge protocol fees and arbitrage opportunities. It will be rolled out in two phases, namely V1 and Version Pro. V1 will be for retail users whereas Version Pro (in the pipeline) will be catered to institutional participants.  

DeFi (decentralized finance) is a rapidly growing sector within the digital asset industry. The value locked in DeFi protocols has grown from billions to tens of billions of dollars in just a few years, and the space is expected to continue its growth in 2023. 

Commenting upon the engagement with SRB, Naquib Mohammed said, “Bringing SRB on board to review, assess and eventually audit EMPLIFAI’s processes, legal documents and the passive income mechanism in light of Shari’ah further strengthen our trust for our shareholders and the users. SRB is one of the few Shari’ah advisory firms that works with fintech companies with a diverse product offering and we leveraged on their experience.”   

Yasser S. Dahlawi, Founder and CEO of SRB added, “EMPLIFAI product exhibits a growing trend in the community that seeks an alternative investment and return from blockchain asset class. We will continue to help MRHB in its product enhancement and Shari’ah compliance as it scales its offering in the blockchain sphere with Version 2.”

With the growing development and success of MRHB Network halal crypto ecosystem, MRHB is currently closing its bridge to Series A round from strategic partners and expanding to the Kingdom of Saudia Arabia before the close of 2023. 

Naquib Mohammed speaking to Laraontheblock states, “ I am extremely proud of the MRHB Shariah Team and the Engineering Team, to have successfully launched an industry first liquidity harvesting protocol that is tailored to address the faith based crypto community. Testament to our efforts is the approval stamp of the Central Bank of Bahrain regulated SRB, who certified our product and architecture without a single correction remark. This itself proves the high quality of the deliverable that the teams have succeeded in creating. Emplifai is a gift of MRHB to the world, where the halal oriented community can reap the benefits of DeFi, just not with compromising their beliefs , but also their principal amount. The nature of Emplifai is such that it preserves the defi user from the volatility of the crypto market, hence a relief to a newbie.”

UAE regulated Crypto broker RAIN now connected with local banks

UAE regulated Crypto broker RAIN now connected with local banks

UAE regulated crypto broker RAIN which recently received its virtual assets licens from ADGM in Abu Dhabi is now providing its customers with the ability to work with local banks, using their accounts to make instant deposits and withdrawals of AED without any transfer restrictions.

As per their press release, this further enhances our banking infrastructure and users in the UAE can benefit through a secure and seamless transition from fiat currency to virtual assets.

In addition to the innovative banking stream, Rain ADGM has expanded its OTC (Over the Counter) service, offering high-net-worth and institutional clients a white-glove, institutional-grade brokerage facility for execution of  larger virtual asset trade orders. The OTC Desk will provide clients with a customized trading experience and block trading for precise execution at the best value.

Rain OTC Desk will facilitate seamless and secure over-the-counter (OTC) trading for clients, by offering a more customized execution and settlement service, and sourcing competitive pricing, This exclusive offering will be available to high-net-worth and institutional clients, further solidifying Rain ADGM’s commitment to delivering cutting-edge solutions to its diverse clientele.

Emmanuel Alamu, Global Head of OTC, added that “our integration with the local banking infrastructure is a comprehensive step forward in building a cohesive virtual asset community in the UAE. With near-instant bank deposits, we are now able to bring the quality of localised OTC services in the UAE materially closer to both the efficiency and depth of more established global virtual asset markets within Europe and Asia.”