Crypto exchange MaskEX to set up headquarters in UAE after receiving initial approval from UAE regulator

Crypto exchange MaskEX to set up headquarters in UAE after receiving initial approval from UAE regulator

Crypto exchange, MaskEX has unilaterally announced receiving an initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to begin making preparations for its launch in the United Arab Emirates (UAE). It also will be opening its headquarters in Dubai and hiring. 

As per the announcement, the approval represents a major milestone for MaskEX, which has been working tirelessly to expand its presence in the Middle East and bring the benefits of virtual assets to a wider audience.

MaskEX will begin finalizing its entity incorporation, engage banking services, hire more staff in Dubai for its soon-to-be-opened headquarters office, and take the necessary steps to become the first regulated exchange in the UAE.

The services and activities MaskEX has applied for include exchange, lending and borrowing, broker-dealer, and virtual asset management and investment services, with the aim of obtaining VARA’s highly acclaimed FMP license. This license will enable MaskEX to operate in and from Dubai while upholding its commitment to regulatory compliance, customer protection, and innovation. 

“We are extremely proud and grateful to have received initial approval from VARA, which is a testament to our commitment to meeting the highest regulatory standards,” said Eric Yang, CEO of MaskEX. “We believe that our platform will provide users in the UAE with a safe, reliable, and efficient way to access the world of virtual assets, and we look forward to launching as soon as possible, while strictly adhering to the requirements laid out by VARA.”

“The initial approval from VARA is a major milestone for us, and is of great significance not just for the UAE but for the entire MENA region,” said Ben Caselin, Vice President and Chief Strategy Officer of MaskEX. “We look forward to working closely with the regulatory authorities to ensure that our platform meets all necessary requirements and provides a secure and transparent environment for our users.”

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.

MENA open banking platform Tarabut gateway raises $32 million to expand in KSA

MENA open banking platform Tarabut gateway raises $32 million to expand in KSA

MENA based Tarabut open banking platform, which recently signed its first partnership with a crypto brokerage exchange RAIN in Bahrain, has raised $32 million in its series A, led by Pinnacle Capital. The funds will be used to bolster Tarabut’s footprint in Saudi Arabia.

Pinnacle Capital is a leading alternative investment firm that focuses on KSA investments to provide unique alternative investment opportunities. Pinnacle Capital partners have extensive transactional experience in the venture capital industry with a proven track record, including leading the first Saudi unicorn tech startup, Jahez, to a public listing. The raise also saw participation from Aljazira Capital, Visa, Tiger Global, and other leading existing investors.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated, “Open banking is reshaping the financial landscape in KSA and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation. This fundraise reflects the potential of open banking, our advanced technology, and the trust placed in us by our partners both in KSA and globally. Tarabut Gateway’s mission is to create an open financial services sector that delivers open banking benefits to MENA’s consumers, banks, and fintechs – and the proceeds of this fundraise will help us execute our strategy and contribute to realizing the Kingdom of Saudi Arabia’s ambitious vision 2030.”

In KSA, Tarabut Gateway has achieved over 60% market coverage through partnerships with leading banks such as Alinma Bank, Arab National Bank, Saudi National Bank and Riyad Bank. The Saudi Central Bank (SAMA) has included Tarabut Gateway as one of the first participants in its Regulatory Sandbox, which is a key component of the open banking framework rollout.

Tarabut Gateway will also be partnering with Visa. Andrew Torre, Regional President of Visa CEMEA, said, “Next-generation digital experiences and innovation are driving the future of financial services, and open banking is a growing movement that can help consumers better access and manage finances. We look forward to partnering with Tarabut Gateway, combining our global payments network and proven local solutions with their open banking platform to allow innovative financial services across the region.”

Abdulwahab Al Betairi, Founding Partner of Pinnacle Capital, added, “We’re thrilled to be backing Tarabut Gateway’s ambitious growth plans. Their innovative approach to open banking and their strong focus on Saudi Arabia make them a perfect partner for us, and we’re excited to see them grow to new heights and contribute to the growth of the Saudi Arabian fintech space as part of the Vision 2030 strategy.” 

Prior to this announcement, Tarabut Gateway partnered with Rain. As per the announcement it would brig faster, cost effective fiat to crypto transaction to Bahrain end users and enable funding payments directly from user bank accounts without leaving Rain’s platform.

The new feature will utilize Tarabut Gateway’s open banking payment solutions to facilitate on and off-ramp (fiat-crypto-fiat) transfers for users, dramatically increasing speed and reducing errors associated with traditional bank wire transfers.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated at the time that crypto trading, crypto wallets and other blockchain use cases were a natural ally in opening up traditional banking and finance. He stated, “We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective – as well as enable such funding methods directly from bank accounts. We are proud to partner with Rain to provide a user-focused approach to crypto services by bringing the advantages of open banking digital solutions.”

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

The second biggest global crypto exchange Coinbase intends to set up regulated entity in UAE

The second biggest global crypto exchange Coinbase intends to set up regulated entity in UAE

According to a recent blog post published by CoinBase the second biggest global crypto currency exchange, the company revealed that is in talks with UAE’s regulator in Abu Dhabi, FSRA ( Financial Service Regulatory Authority)  part of ADGM (Abu Dhabi Global Market) to expand its regulated operations to the UAE.

The expansion is part of its global scale to go broad and deep. As part of its strategy, Coinbase will establish regulated entities and local operations in high-bar regulatory jurisdictions abroad to focus on international growth.

As per the blog post, “Coinbase is focused on international growth and is working with several high-bar international regulators to establish regulated entities abroad that safely facilitate trading solutions and provide products the crypto community demands. Coinbase will continue to launch foundational products that are a gateway to Web3 and crypto across the globe while launching localized infrastructure and public facing products with a full suite of services.”

The post adds, “We have accelerated our UAE plans with Abu Dhabi Global market regulator. We are in discussion with the Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market (ADGM) regarding a potential license for a regulated exchange. ADGM is a renowned international financial services center. ADGM is known for having a well-regarded, comprehensive regulatory framework and is committed to operating a fair and efficient regulatory environment for global market participants. ADGM has developed and supported the regulation and trading of cryptocurrencies and Coinbase intends to help further their vision. “

This comes as Binance seeks to receive a regulated license from both ADGM and Dubai’s Virtual asset regulator. While others such as Kraken has closed its operations in UAE. 

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.”

UAE Securities and Commodities Authority and Dubai’s Virtual asset regulator race against the clock to regulate virtual asset entities

UAE Securities and Commodities Authority and Dubai’s Virtual asset regulator race against the clock to regulate virtual asset entities

The virtual regulatory environment is heating up in Dubai and across the UAE as both UAE’s Securities and Commodities Authority and VARA race towards regulating virtual asset entities both across UAE as well as in Dubai. The UAE Securities and Commodities Authority in a recent press release announced that it has opened up registration for those seeking licenses as virtual asset providers across UAE and has added new licensing virtual asset sectors, while Dubai’s VARA is working with both the Dubai’s Department of Economy and Dubai’s free zones to ensure the set deadline of 30th April for all initial disclosure questionnaires (IDQs).

As stated in the release all virtual asset providers who have a presence in the UAE with exception to those who are licensed in financial free zones are required to apply for a license from UAE SCA authority while entities in Dubai should apply through the unified requirement of both Dubai’s Virtual Asset Authority and SCA enabling them to quickly and easily received their virtual asset service provider licenses.

As per the recent regulations set forth by UAE SCA regarding the operation of virtual asset platforms under Article 3, virtual asset providers in the UAE are not allowed to trade virtual assets until after they have been listed as official licensed virtual asset service providers by the regulatory bodies.

As per article 6 SCA can request documents from virtual asset providers and has the right to oversee, regulate and review the activities of virtual asset platforms. UAE SCA will also have the right to approve virtual assets traded on these platforms as part of the officially accepted virtual asset list.

UAE SCA added that as per recent amendments, SCA has also added other regulated activities to its list of licenses, including virtual asset brokerage services, virtual asset custodians, virtual asset operators, and virtual asset service providers as well as virtual asset wallets.

But this is not all, Dubai’s Virtual Asset Regulatory Authority also announced it is working with Dubai’s Department of Economy and Tourism (DET) and Free Zone Authorities (FZAs), towards meeting the set deadline of 30th April for all initial disclosure questionnaires (IDQs) across the sector to be received as the first step towards the migration of the market to a regulated regime.

Under Cabinet resolution No. 111 of 2022 concerning the regulation of virtual assets and their service providers, which came into effect on 15th January 2023, all companies operating in or seeking to operate in this sector in or from the emirate of Dubai must be licensed by VARA. VARA has been actively engaged, with DET and Dubai’s numerous FZAs to facilitate the seamless transition of existing Virtual Asset Service Providers (VASPs) into the VARA regulatory regime as well as formalize the application process for new regulated licenses.

Helal Saeed Almarri, Director-General of DET, said, “Under the directive of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, we are making progress with Dubai’s D33 Agenda which outlines our mission to establish the Emirate as the capital of the Future Economy anchored by Metaverse, AI, Web3.0 and Blockchain. The virtual assets sector that spans all these pillars is integral to the strategy presenting a dynamically evolving ecosystem that fuels all aspects of sustainable economic growth. Ensuring that our marketplace is secure, participants are responsible, and investors and consumers are effectively protected is our top priority. With key stakeholders responsible for commercial licensing across the Emirate working closely to deploy VARA’s full market regulatory construct, we aim to set a benchmark that positions the Emirate of Dubai as a global role model for VA sector development”.

Legacy market operators carrying out VA activities in Dubai (excluding DIFC) are required to declare their desire to undertake regulated activities by submitting an IDQ to their current licensing authority – DET or any of FZAs, by the final deadline of 30th April 2023. Upon subsequent receipt of an Application Acknowledgement Notice (AAN), operating VASPs will commence the appropriate course of action for those requiring regulation or registration under VARA by 31st August 2023.

Dr. Mohammed Al Zarooni, Secretary-General of the Dubai Free Zones Council, added, “Dubai’s Free Zones have been an integral part of the business landscape for decades, providing start-ups, entrepreneurs and overseas companies looking to establish regional headquarters with access to a geographically strategic, multicultural, dynamic and bureaucracy-free environment. We have witnessed growing interest from virtual assets-focused entities who are keen to adhere to the VARA licensing regime. Adopting the new regulations, provides a safe and sustainable operating environment for VA companies and further establishes Dubai as a credible destination for this sector”.

A total of seven distinct types of regulated VA activity licenses can be applied for: Advisory Services, Broker-Dealer Services, Custody Services, Exchange Services, Lending and Borrowing Services, Transfer and Settlement Services and Management and Investment Services.

Commenting on the imminent April deadline to receive all legacy operator IDQs as the first phase of the migration plans, Henson Orser, Chief Executive Officer, VARA, said, “VARA has been working closely with both DET and the emirate’s Free Zone Authorities in order to ensure a smooth transition for legacy VASPs in Dubai, many of whom were at the forefront of innovation in this space. This transition was further supported by VARA’s Minimum Viable Product (MVP) program, a time bound initiative that enabled new applicants to set up operations and become market ready until official release of our full suite of regulations on 7th February 2023. The introduction of the Virtual Assets and Related Activities Regulations gives the existing companies, a clear timeline to ensure that they submit their initial disclosures by the end of April.”

Sygnum Digital asset bank receives license from UAE ADGM and opens its hub in Abu Dhabi

Sygnum Digital asset bank receives license from UAE ADGM and opens its hub in Abu Dhabi

Sygnum, a global digital asset bank, has opened its Middle East hub in the Abu Dhabi Global Market international financial center to provide a portfolio of Swiss-regulated crypto banking services after receiving its license from UAE ADGM. 

Sygnum Bank Middle East has received a Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA), following its in-principle approval in October 2022. Seasoned Middle East Executive, Giulia Finkbeiner-Bertoni, leads Sygnum’s operations across the region and opens the office in the ADGM International Financial Centre.

Sygnum Bank Middle East will offer personal, concierge-style client service, enabling convenient local client access to a portfolio of Swiss-regulated digital asset banking, asset management, tokenization and B2B banking services. With regional demand for regulated crypto services on the rise, clients will be drawn from a diverse range of sectors, ranging from existing local crypto foundations and projects to “traditional” institutional investors and qualified HNWI looking for trusted crypto asset exposure through a regulated partner.

Sygnum Bank Middle East’s Senior Executive Officer, Giulia Finkbeiner-Bertoni, said, “The UAE has a proactive investment program, a progressive crypto regulatory framework and a dynamic, tech-driven economy. We look forward to leveraging this momentum by bringing Sygnum’s trusted digital asset services to Abu Dhabi and the region.”

Sygnum’s local presence in Abu Dhabi enables it to directly access a large and increasingly crypto-active wealth management market. According to new research[i], the Emirate of Abu Dhabi is a true “falcon economy” possessing the highest economic growth in the MENA region. Abu Dhabi has the potential to become a future regional and international hub for Web3, metaverse and blockchain-based projects.

Welcoming the FSP announcement, Arvind Ramamurthy, Chief of Markets at ADGM said, “ADGM congratulates Sygnum Bank ME for obtaining their Financial Services Permission from ADGM’s FSRA and welcome them to our rapidly growing business ecosystem. We believe that Sygnum’s regulated finance offering in Abu Dhabi is a significant addition to our community and will contribute to the growth of the region. As the largest regulated jurisdiction for digital assets in the MENA region, ADGM acts as a catalyst with the right tools that enable the growth of such companies within the UAE’s financial sector. With Sygnum’s presence in the region, we are committed to upholding market transparency and integrity that bolsters the economic growth of Abu Dhabi, attracts global companies and aids in making it a digital-first international financial hub for seamless business transactions.”

Bahrain Crypto trading platform partners with Open Banking platform for fiat crypto payments

Bahrain Crypto trading platform partners with Open Banking platform for fiat crypto payments

MENA Tarabut Gateway, an open banking platform has partnered with Bahrain’s crypto trading platform RAIN to bring faster, cost effective fiat to crypto transactions to Bahrain users, allowing crypto payments directly from user bank accounts all on RAIN platform.

The new feature will utilize Tarabut Gateway’s open banking payment solutions to facilitate on and off-ramp (fiat-crypto-fiat) transfers for users, dramatically increasing speed and reducing errors associated with traditional bank wire transfers. The introduction of this new feature is in line with Rain’s strategy to provide the most premium and seamless crypto wallet experience for its MENA users. 

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said, “We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective – as well as enable such funding methods directly from bank accounts. Our partnership with Rain is a perfect cross-sector synergy, made possible by Bahrain’s advanced open banking ecosystem. Crypto trading, wallets, and other blockchain use cases are natural allies in opening up traditional banking and finance. We are proud to partner with Rain to provide a user-focused approach to crypto services by bringing the advantages of open banking digital solutions.”

Joseph Dallago, Chief Executive Officer of Rain, added, “Our partnership with Tarabut Gateway unlocks a new era for crypto assets adoption in the region. Through quick and efficient deposit mechanisms, crypto traders on Rain’s platform will now be able to seamlessly fund their accounts and capitalize on market movements. The integration with Tarabut Gateway cements Rain’s premium product offering in the region.”

Bahrain has been at the forefront of crypto payments in the region with examples of EazyPay and BinancePay partnership in Bahrain. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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