Real estate Agency Casa Nostra now accepts crypto payments

Real estate Agency Casa Nostra now accepts crypto payments

UAE’s real estate agency Casa Nostra announced that it is now accepting cryptocurrencies from property buyers as well as renters. According to the tweet everything at Casa Nostra can be paid through cryptocurrencies.

As per the tweet, “The future of real estate is here! You can buy your property with crypto. Rent, service fees, and everything can be paid through cryptocurrencies.”

This is not the first real estate agency or property developer in the UAE to accept cryptocurrency payments. A while back DAMAC also started to accept cryptocurrency payments as has Emaar.

Even UAE Properties developer Nakheel partnered with Abu Dhabi based crypto exchange Hayvn offering crypto payment options for Nakheel clients. Nakheel clients are able to pay for their rent, service fee, and real estate purchases in cryptocurrency.

While Huobi partnered with fäm Properties to offer secure crypto payment options for its real estate investors, offering more payment flexibility with this new service. 

In March 2022, UAE based Real estate and industry experts estimated that crypto payments for Dubai real estate increased by 300 percent in 2022 and that the trend would continue. Majority of buyers were using stablecoins such as Tether, USDT as well as Bitcoin and Ethereum.

The home of Bahrain’s F1 Grand Prix now accepting crypto payments

The home of Bahrain’s F1 Grand Prix now accepting crypto payments

Bahrain international Circuit is now accepting crypto payments using Bahrain’s Eazy Financial services, which has a partnership with Binance.

Using EazyPay, BIC will be provided with POS terminals at BIC outlets that will accept all types of debit and credit cards from Visa and MasterCard as well as the latest methods of payment using crypto assets via Binance application.

BIC is now the first International Circuit in the World to accept crypto assets Payments in a regulated, secure and extremely fast manner. 35,000 fans attended the F1 Grand Prix race in 2022 which is held at Bahrain international circuit.

The benefits of bringing in EazyPay to BIC will ensure simple and effective transaction journeys for customers, with a partner which is able to ensure first-class service.

“We are pleased to have brought on Eazy Financial Services as a POS service provider,” BIC Chief Commercial Officer Sherif Al Mahdy said.

“The services they offer will benefit our operations greatly while offering a smooth, hassle-free experience for our customers. We look forward to further building on our relationship for the benefit of both our companies.”

Nayef Tawfiq Al Alawi, Founder & CEO of Eazy Financial Services, said they are very proud to become the partners of the Bahrain International Circuit, the home of Motorsports in the Middle East, by providing EazyPay competitive, and innovative payment services.

Tameem Al Moosawi, General Manager of Binance Bahrain, said they are excited to welcome ‘The Home of Motorsport in the Middle East’ to the Web 3 Economy stating “This agreement enables BIC to become the first international racing circuit in the world to accept crypto-asset payments through Binance Pay’s partnership with EazyPay, showcasing how the Kingdom of Bahrain is continuously in the forefront, supporting regional & global players in keeping up with global trends.”

In late September 2022, Bahrain EazyPay, a payments solution provider, partnered with Binance’s Binance Pay to launch a regulated and approved crypto payments service offering in the Kingdom.

At the time, Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy in Bahrain stated on LinkedIn,  “Now you can pay in stores with any preferred Cryptocurrency using Binance App.  A special thanks goes to Central Bank of Bahrain, Binance and Eazy Financial Services B.S.C (Closed) teams.”

BitOasis beats Binance to it and launches crypto cards with MasterCard in MENA

BitOasis beats Binance to it and launches crypto cards with MasterCard in MENA

UAE based crypto exchange BitOasis, and MasterCard are launching crypto card programs across the MENA region to facilitate day to day usage of cryptocurrencies at points of sale and ecommerce website.

BitOasis customers will be able to convert their cryptocurrency holdings to fiat currency allowing the consumer to easily shop and pay at more than 90 million merchant locations globally. The first BitOasis cards are expected to launch in early 2023 in markets with regulatory approvals.

BitOasis customers, who can also access a range of MasterCard benefits, will be issued with virtual and physical BitOasis cards through a simple and compliant digital on boarding experience via the BitOasis app, allowing them to transact seamlessly physically and online.

BitOasis customer transactions will be enabled to take place in Fiat currency, thereby adding consumer protection – such as provisions for dispute resolution and refunds – which doesn’t exist today when paying with a digital asset. The partnership will address these pain points and further drive customer awareness and crypto adoption in the region. 

Amnah Ajmal, Executive Vice President Market Development, EEMEA, MasterCard, said: “Changes in consumer demand, as they look for new, fast and flexible digital experiences, are fueling an increase in the adoption of emerging payment technologies. With this comes a greater expectation for businesses to provide multiple ways to shop and pay. Through our collaboration with BitOasis, one of the most innovative crypto platforms in MENA, we enable the consumer experience to be seamless by using their cryptocurrencies in a safe and secure environment.”

 Ola Doudin, CEO and co-founder, BitOasis, stated,  “We continue to witness sustained demand amongst our customers for crypto to be integrated into, and relevant, for their daily lives.  Research tells us that 47% of the Middle East population now believe crypto is the future of money. As the largest crypto platform built for the GCC and MENA region, we are delighted to partner with Mastercard to enable BitOasis customers to benefit from the convenience of linking their BitOasis wallets to their BitOasis Mastercard Crypto Cards for use across Mastercard’s global merchant network. Our mission at BitOasis is to enable a new digital financial system that is transparent, inclusive, regulated, and relevant on a daily basis, whilst providing even greater safety and security for cryptocurrency payments. Today’s partnership helps us deliver against our mission”.

It seems BitOasis beat Binance to it. In August Richard Teng head of Binance MENA had stated that they would be close to launching crypto cards with MasterCard in MENA. Since then no announcement. But here is BitOasis all partnered up and ready to go.

The GCC and MENA region very attractive destination for crypto mining

The GCC and MENA region very attractive destination for crypto mining

Crypto mining is an integral part of the development of crypto economies. As the MENA region opens up its economy to digitization and crypto-related activities and as the world is challenged by an ongoing energy crisis, MENA is probing to become an attractive destination for crypto mining.

While the biggest crypto mining markets are currently in the USA, China, Kazakhstan and Canada, the energy crisis and the crypto bear market could help the GCC become a leading crypto mining hub.

Mohamed El Masri, founder and CEO of Permianchain, which operates Bitcoin mining data centers in Canada using wasted energy, states, “The adoption and implementation of blockchain data center infrastructure can support the digital stability and financial security of the GCC region. Hypothetically, the GCC has the opportunity to attract close to $1.0 trillion in economic growth by laying the groundwork for powering the digital economy.”

El Masri confirms the main challenge is calling out the financial regulators, mainly in the financial free zones, to stop taking the “enforceability approach” and take a “regulate-first approach.”

Nonrenewable resources to boost mining 

El Masri also mentions that given that the GCC is an oil and gas-rich region, there is an abundance of natural gas energy being wasted each day. Notably, such gas energy supports the implementation and commissioning of low-cost power plants to attract bitcoin mining companies from all over the world to set up in the region.

According to him, this will allow the region to become a leader in providing field-generated electricity “to power the future digital economy all while reducing emissions and decarbonizing the GCC’s oil and gas sector.”

The World Bank has reported that the MENA region accounted for 40% of the world’s flaring, with Iran, Iraq and Algeria generating 75% of MENA’s flaring. Meanwhile, Saudi Arabia, Kuwait, UAE and Qatar have low flaring intensity.

Adopting new technologies

Munaf Ali, founder and CEO of UAE-based Phoenix Group, involved in crypto mining equipment sales and projects, believes MENA is fast moving toward crypto and blockchain adoption.

“The Middle East is fast helping the global diversification of jurisdictions which are friendly to operate in,” Ali states. “This goes for countries where crypto firms can set up, whether they are crypto exchanges or mining operations.”

Ali confirms that GCC governments have started to address this by recognizing these new business activities and are issuing licenses to crypto market participants.

The Phoenix CEO espoused other benefits, including job creation, the development of a green renewable energy industry, and the generation of crypto/USD for circulation inside the local economy which in turn boosts economic activity.

Growing interest in mining

UAE investment firms have also shown interest in crypto mining investments. Nabyl Al Maskari, executive chairman of Al Maskari Holding, in a panel discussion during the Security Token Summit in June 2022, noted that there will be significant crypto mining investments happening in the UAE.

“We will have significant crypto-mining investments because the UAE is a low-cost energy producer,” Al Maskari certifies. “We are in the solar belt and have nuclear power with two reactors online. We can as such mine green Bitcoin or other tokens that come out.”

During Binance Week 2022, Khalifa AlJaziri, AlShehhi, Commercial Affairs Regulatory Sector Projects advisor at the Ministry of Economy in UAE, claimed that the Dubai World Trade Center Authority (DWTCA) would be legislating the crypto mining sector. He stated, “We are setting the guidelines and rules needed to regulate crypto mining within this crypto framework.

The UAE is not the only country that has shown interest in crypto mining. Oman Investment Authority (OIA) took part in a $350mn equity round in Crusoe Energy Systems. The US firm helps oil and gas producers cut flaring by using stranded natural gas to power cryptocurrency mining. Crusoe systems set up operations in Oman as well. 

Pierre Samaties, global head of Crypto Economy and Energy, reaffirmed that Bitcoin mining in the region is growing.

“Given we have a huge difference between the summer load curve and the winter load curve, Bitcoin mining helps to support renewable energy investments to increase utilization of the asset by using it during downtimes for Bitcoin mining,” Samaties says. The executive says this helps to balance the energy system.

Samaties also affirms that Bitcoin mining is seen as a strategic asset, a cornerstone for building a crypto economy in the region.

For those who would like to read or share this article in arabic it is also on Cointelegraph MENA 

Binance sees close to 50 percent growth in MENA users on its platform

Binance sees close to 50 percent growth in MENA users on its platform

Binance crypto exchange saw a 49 percent growth in the number of users from MENA region in 2022. As per the news this reflects the growing appetite for virtual assets.

In addition Binance has grown its employee base in Dubai alone to over 400 employees.  This comes as Binance recently obtained its Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) which allows the company to offer a range of approved virtual asset related services to suitably qualified retail and institutional investors in Dubai.

Richard Teng, Regional Head of MENA at Binance, comments, “It is extremely encouraging to see this level of growth in the MENA region, not just in terms of user adoption but also in terms of headcount and new employees in our own teams, particularly in the UAE. We are witnessing rapid adoption of blockchain technology in the region and we believe there is huge potential for the UAE to soon become a leading virtual asset hub.”

He adds, “We’ve got exciting plans for Binance in the MENA region and are putting together a highly skilled team to lead our expansion, setting a firm foundation for our future growth. Aligned with our growth objectives, we remain committed to working closely with local regulators to establish a safe and secure ecosystem, and we will continue our cooperation in Dubai and the wider UAE to develop a robust virtual asset infrastructure that protects the market and the investors.”

MENA crypto users receive $566 billion worth of crypto in one year

MENA crypto users receive $566 billion worth of crypto in one year

As per a recent Chainalysis blog report, MENA based crypto users received $566 billion worth of cryptocurrency in one year from July 2021 to June 2022. As per the news, this is a 48 percent increase from 2020-2021.

In addition Turkey, Egypt and Morocco once again lead not only in MENA region but globally. All three countries are in the top thirty list of countries with most crypto savings, usage of crypto for remittance payments and permissive crypto regulations.

These could be caused by these countries’ fiat currency devaluations and the huge remittance market in Egypt for example. This is why Egypt has become the fastest growing crypto market in 2022, while Turkey still remains the largest crypto market with its citizens receiving $192 billion.

The report also notes the role of countries in the GCC (Gulf Cooperation Council), and cites the example of Saudi Arabia which is the third largest crypto market in MENA, while UAE stands at fifth largest. This is especially true given the recent stance of the UAE on crypto and the increased regulations as well as the licenses being granted to crypto exchanges the likes of Binance, and FTX.

In Chainalysis previous report from June 2020 until June 2021, the MENA region was also the fasted growing crypto market. At the time the Middle East region received 271.7 billion USD worth of cryptocurrency representing almost 7 percent of global crypto value received. This was an increase of 1500 percent compared to June 2019 until June 2020. The growth of crypto in Middle East was higher than the overall world adoption that had jumped 880 percent by June 2021.At the time both Turkey and Lebanon topped the MENA countries in terms of receiving crypto.

UAE Bike and electric mobility retailer to offer crypto payment services with Binance

UAE Bike and electric mobility retailer to offer crypto payment services with Binance

Binance Pay is once again being used in the UAE to buy products using cryptocurrencies. UAE based Bikeera, a retailer for bicycles, scooters, electric mobility vehicles has teamed up with Binance Pay to offer virtual asset payment services.

Bikeera says the move aims to help reduce GHG emissions, carbon footprint and improve the health and lifestyle of GCC residents. Purchasers can pay in BNB, Bitcoin and Ethereum.

Already Majid Al Futtaim, Virtuzone, Palazzo Versace, EazyPay and others are using Binance Pay in the region.

Anthony Boukather, CEO of Bikeera, stated, “Bikeera aims to provide sustainable mobility alternatives that promote a healthy lifestyle and a better planet. By partnering up with Binance, we are giving more flexibility to customers in terms of payment methods. We are proud to have been selected as one of the first companies in this program, and would like to congratulate Binance on their recent announcement about receiving the MVP license from Dubai’s Virtual Asset Regulatory Authority (VARA). This most recent license is an acknowledgement of the compliance and safety processes behind the Binance ecosystem.”

Nadeem Ladki, executive director of Business Development and Strategic Partnerships at Binance added, “Binance is committed to supporting innovative and impact driven businesses such as Bikeera. As a leader in this space, Bikeera’s decision to accept virtual assets payments via Binance Pay empowers the sports community in the UAE and helps with the adoption of more efficient payment methods.”

EazyPay and Binance to offer crypto payments in Bahrain

EazyPay and Binance to offer crypto payments in Bahrain

Bahrain EazyPay, a payments solution provider,  has partnered with Binance’s Binance Pay to launch a regulated and approved crypto payments service offering in the Kingdom.

Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy in Bahrain stated on LinkedIn,  “Now you can pay in stores with any preferred Cryptocurrency using Binance App.  A special thanks goes to Central Bank of Bahrain, Binance and Eazy Financial Services B.S.C (Closed) teams.” 

‎‏Eazy Financial Services “EazyPay”, a  Bahraini financial institute specialized in Point-of-Sale (POS) & Online Payment Gateway Acquiring services licensed & regulated by the Central Bank of Bahrain, has partnered with Binance, to offer crypto  payments using “Binance Pay” over “EazyPay”  across 5000+ Point-of- Sale (POS) Terminals & Online Payment gateways in the Kingdom of Bahrain.

Merchants such as ‎‏ Lulu Hypermarket, Sharaf DG and Al Zain Jewellery as well as local favorites such as Jasmi’s will now be able to accept 70+ cryptocurrencies from “Binance Pay” customers in a very fast & extremely secure way.

Customers can pay at Merchants Stores in “Real-Time” with cryptocurrency by simply scanning the generated QR from Eazy’s POS using their Binance App and pay with preferred cryptocurrency.

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.”

Central Bank of Egypt to fine crypto violators $516,000

Central Bank of Egypt to fine crypto violators $516,000

The central bank of Egypt has once again reiterated its warning against dealing in any types of cryptocurrencies, saying that crypto is risky, highly volatile, and is used in financial crimes and e-piracy.

In the Egypt independent article, the Central Bank of Egypt will fine anyone who violates the Law No 194 of 2020 which prohibits issuing, trading, promoting cryptocurrencies, operating crypto exchanges or any other related activities. The Central Bank will fine violators up to $516,000 ( 10 million LE) or face imprisonment.

The CBE statement reads, “Whoever violates this shall be imprisoned, and fined no less than one million pounds and no more than LE10 million ($516,340), or one of these two penalties.”

The Egyptian central bank issued a similar warning about cryptocurrencies in January 2018, specifically naming Bitcoin. At that time the Central Bank had noted, “Cryptocurrencies are not backed by any tangible assets and are not supervised by any regulators worldwide, and consequently, they lack the official governmental guarantee and support enjoyed by the other official currencies issued by central banks.”

Yet Egypt has one of the highest crypto usages across Africa and Middle East. In January 2022, TripleA published a report which noted that Morocco topped the Arab countries in terms of crypto ownership, followed by Egypt, then UAE and KSA.

The report stated that in 2021 global crypto ownership was estimated at an average of 3.9 percent, 300 million crypto users and 18,000 businesses already accepting crypto payments.

In addition as per the report there are 32 million crypto users in Africa, 160 million in Asia, 38 million in Europe, and 28 million in North America, while Latin America has 24 million users.

Morocco was reported as having 878,168 crypto owners which was 2.38 percent of the population. It was followed by Egypt which had 1, 791,185 million crypto owners at 1.75 percent of the population.