Crypto Exchange RAIN Bahrain traded $484 million worth of crypto with Ethereum and XRP leading over Bitcoin

Crypto Exchange RAIN Bahrain traded $484 million worth of crypto with Ethereum and XRP leading over Bitcoin

Crypto Broker Exchange RAIN Bahrain has traded $484 million worth of crypto since its inception in 2019 with Ethereum the most traded crypto asset followed by XRP. 

RAIN has noted that it has a  customer base of 75,000 from Bahraini residents signed up on the platform. 

According to the RAIN LinkedIn post “We’re thrilled to share some exciting news about our impact on the Kingdom’s crypto market! Since launching Rain in 2019, we’ve been able to offer our customers a reliable and secure platform for trading crypto assets. We’re grateful for Bahrain’s strong support for innovation and entrepreneurship, which has contributed to our success. Thank you to the people of Bahrain and Team Bahrain for your unwavering support!” 

As per their statistics 41% of active crypto traders in Bahrain chose RAIN, while 5% of crypto trades in Bahrain are carried out on RAIN. 

In addition the biggest traded cryptocurrencies on RAIN Bahrain are Ethereum, Bitcoin, XRP, Litecoin and tether. Statistically Ethereum has the highest percentage of trades at 37% followed by XRP (Ripple token) at 25% and Bitcoin at 20%, while Litecoin 7% while Tether USDT is 5% of trade and 6% is distributed to others. 

In terms of the age groups trading on RAIN, the biggest age group is from 30-34 years old followed by those over 40 years old. The youth make up only 10% and refers to those from18 to 24 years old, while 22% are from 25 to 29 year olds. 

Bahrain was the first country in the GCC to launch crypto exchange licenses and RAIN was the first operator to launch in Bahrain. Since then CoinMENA, Binance have followed suite. In addition recently BitOasis also noted that it was in the midst of receiving a license in Bahrain. 

Bahrain also recently was the first country in the GCC to issue onshore security token regulations.

BitOasis receives MVP Operational License from Dubai Virtual asset regulator

BitOasis receives MVP Operational License from Dubai Virtual asset regulator

As per Dubai VARA website, BitOasis, the crypto broker exchange has moved one step forward in its licensing process. It has become the first among VARA’s crypto broker dealers to receive MVP (Minimum Viable Product). operational license one step before the FMP ( Full Minimum Product) Operational License.  

CoinMENA, Scallops, and MidChains are still in the first stage as MVP provisional while GCEX has received an MVP preparatory license one step before MVP operational license.

BitOasis applied for VARA licensing in March 2022. At the time BitOasis had carried out crypto trades worth $4 billion. Ola Doudin Co-Founder and CEO of BitOasis has stated at the time, “  “We will continue to strive to offer our customers the most customized platform for their local needs in accordance with regulations that will best protect them both now and as the industry evolves.”

In April of 2021, BitOasis announced that it had been granted a a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) in the United Arab Emirates (UAE), but is still awaiting additional launch approvals as well.

BitOasis has raised a total of $30 million in funding from investors such as Alameda Research, Digital Currency Group, Global Founders Capital, Jump Capital, NXMH, Pantera Capital, Wamda Capital and others.

In October 2022 UAE based crypto exchange BitOasis, and MasterCard launched crypto card programs across the MENA region to facilitate day to day usage of cryptocurrencies at points of sale and ecommerce websites.

On Monday May 1st, Bitoasis in its official announcement and VARA made the following statements,

 Henson Orser, Chief Executive Office, VARA stated “We are pleased to welcome BitOasis to the MVP Programme phase. The VARA ecosystem aims to strike a balance between value creation, risk mitigation and enhanced investment opportunities with consumer protection at its core. BitOasis has demonstrated a strong commitment to operating with a firm bias for regulation throughout the licensing process. One of VARA’s founding principles is creating an equal opportunity regime for responsible VASPs and being able to onboard credible home-grown companies, like BitOasis, in addition to leading global platforms, allowing us to bring the shared learnings of our licensees to build the foundation for our global future economy.”

Ola Doudin, co-founder and CEO of BitOasis added, “We are extremely proud to receive VARA’s MVP Operational License. Becoming the first virtual asset trading platform in the MVP programme to attain an operating license is an important milestone for us and the Emirate of Dubai.”

 Samir Satchu, Senior Vice-President of Public Policy & Expansion at BitOasis noted, “Our commitment and ambition at BitOasis is to serve the GCC and MENA region through a network of regulated platforms and on the ground infrastructure. VARA’s MVP Operational License, as well as our in-principle approval in Bahrain, are important building blocks for that strategy. “

BitOasis is following in the footsteps of HexTrust crypto custodian who also received MVP operational license earlier this year.

VARA and UAE’s Security Commodities Authority both announced the commencement of licensing of already existing and new crypto entities. 

Article was updated on May 1st 2023 with quotes from VARA and BitOasis

Bahrain regulated CoinMENA crypto broker exchange now serving Iraq

Bahrain regulated CoinMENA crypto broker exchange now serving Iraq

CoinMENA announced on LinkedIn that residents and citizens of Iraq can now use CoinMENA to trade crypto safely and easily. This will be the 8th country in the region supported by CoinMENA.

CoinMENA is a crypto broker licensed from Bahrain.

As per Dina Sam’an, Founder and Managing Director of CoinMENA, “We are committed to being the simplest and safest way for investors in MENA to trade in digital assets. Adding Iraq to our list of supported countries brings us closer to our goal of providing premium financial services, built on crypto rails, to the entire MENA region. We are excited to welcome the people of Iraq to our community and look forward to providing them with the best crypto trading user experience in the region.”

CoinMENA currently serves clients in Bahrain, UAE, KSA, Kuwait, Oman, Qatar, Egypt and now Iraq.

Prior to this CoinMENA launched the CoinMENA University, a free educational platform offering over 100 articles and numerous videos to educate those interested in the world of cryptocurrency.

Sam’an stated at the time, “We strongly believe that education is a crucial component of driving the long-term adoption of cryptocurrencies, and we’re committed to making it accessible to everyone.”

Local Oman crypto broker Easy Coins launches Tether USDT on its platform

Local Oman crypto broker Easy Coins launches Tether USDT on its platform

Oman based, cryptocurrency broker, Easy Coins announced on twitter that it had launched its trial of Tether USDT on the Tron Blockchain. Accordingly Easy Coin users in Oman can now purchase TRC20 USDT. At the end of 2021 there were 43 thousand registered crypto wallet addresses in Oman. 

LaraontheBlock spoke with Dr. Khalid M.W. Tahhan, Co-Founder, Easy Coins ME on the recent Tether trial. According to Tahhan the reason for choosing to trial tether is that it is the largest stablecoin and there is a huge demand for it in the Omani market. He adds, “Easy Coins is also in the process of launching its own Omani Riyal backed stablecoin which will be backed 1:1 with Omani Riyals, ensuring a better peg than USDT.”

While most consider the crypto market to be falling and bearish, Tahhan feels otherwise. He states, “We at Easy Coins believe that Bitcoin will remain competing as a reserve asset. We also believe a lot of the tokens produced from thin air will lose their value. Finally and most importantly, we believe these public Decentralized blockchains will be the new payment rails of the future and are developing solutions to utilize them.”

He explains that Easy Coins is the first non-custodial crypto broker in the MENA region. He states, “We always believed in self-custody and hence deployed a compliance focused self-custody solution from the start to ensure nothing like FTX can happen to our customers.”

In terms of crypto regulations in Oman, while still not regulated, Easy Coins is a formally registered startup at the Oman Ministry of Commerce and Industry as well as part of Jadara Program of the Oman Ministry of Transport, communication and Information Technology.

In short he states, “We are self-regulated and follow compliance methodologies from Europe in the interim. We will become a licensed entity once the regulators in Oman are ready to license such activities.”

Easy Coins is the only cryptocurrency broker in the region that accepts all Omani Debit and Credit Cards and offers lower payment processor fees when using our service with Omani Debit Card.

Prior to this announcement Easy Coins was trialing a stablecoin backed by the Oman Riyal with the Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group. Oman Water signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet.

The companies would trial a cryptographic stablecoin pegged to the Omani Riyal to be utilized as payment from subscribers in select OWWSC customer halls as well as on Easy Coin. Payments will be made using Hasalah Digital Wallet.

In June 2022, The Executive President of the Central Bank of Oman, Mr. Tahir Salim Al Amri, commented during the 7t Edition of the new Age Banking Summit on the topic of CBDCs (Central Bank Digital Currencies)  that the Central Bank of Oman is working to issue its own CBDC. 

In Parallel, the Oman Capital Market Authority issued its new Securities Law (46/2022) which stipulates that the authority can “Agree to application of technologies, virtual digital investments or any products or services in the areas related to the provisions of this law, as set out in the Regulation.”

Additionally Oman is working towards tokenization of real-estate. The Oman Capital Market Authority (OCMA) is set to include real estate tokenization in its virtual asset regulatory framework, a report quoting an advisor of the authority has said. According to the report, Oman expects to complete drafting the virtual assets regulatory framework by Q3 of 2022.

eToro receives crypto investment broker in principle approval from Abu Dhabi’s ADGM

eToro receives crypto investment broker in principle approval from Abu Dhabi’s ADGM

eToro,  social investment networks  has received an In-Principle Approval to operate as a securities, derivatives and crypto broker in Abu Dhabi, UAE.

The Financial Services Permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), approval will enable eToro to establish a base from which to offer its services to customers across the region.

 

eToro allows users to view other investors’ portfolios and statistics, and interact with them to exchange ideas, discuss strategies, and benefit from shared knowledge. Users can hold traditional assets such as equities, currencies, ETFs, or commodities, alongside newer assets like cryptoassets. eToro also offers its users a choice of how to invest, as users can trade directly themselves, invest in a portfolio, or replicate the investment strategy of other investors on eToro’s platform at no extra cost, with a single click.

Arvind Ramamurthy, Chief of Markets at ADGM, said, “We are pleased that eToro has been awarded an In-Principle Approval by the ADGM and are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi, the capital of the UAE. ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.ADGM will continue to actively expand the business offerings and unlock new investment opportunities in the UAE, and enable investment platforms partners like eToro to support the growing financial needs of the investors and businesses across the region.”

 

Jason Hughes, Senior Executive Officer, UAE at eToro said, “This is an important milestone for eToro. The UAE has one of the most vibrant fintech landscapes in the Middle East, and Abu Dhabi one of the most sophisticated regulatory frameworks for digital assets. We’re incredibly proud to be joining this ecosystem. We look forward to working with the ADGM to obtain our full licence, and, in turn, expanding our services to investors in the UAE and further afield. We recently opened our office in Abu Dhabi to support this expansion and are looking forward to growing the team locally.”

George Naddaf, Regional Manager, UAE at eToro concluded, “eToro’s goal is to provide more people with access to financial markets. With the full licence in place, more investors in the Middle East will gain access not only to global markets, but also a wealth of educational content and the opportunity to share knowledge and discuss their strategy with our community of global investors. We are looking forward to working with our prospective clients and partners in the region.”