Turkey saw highest crypto gains in MENA for 2023

Turkey saw highest crypto gains in MENA for 2023

Built on investor interactions with centralized exchanges, Chainalysis has come out with their crypto gains by country research. Interestingly Turkey took top place in the MENA region with gains reach close to $1billion followed by Saudi Arabia at $350 million.

As per Chainalysis, overall crypto investors achieved total gains of $37.6 billion in 2023 much lower than gains made in 2021 which reached $159.7 billion but better than 2022 which witnessed losses of $127.1 billion.

The United States led the way in cryptocurrency gains by a wide margin in 2023 at an estimated $9.36 billion. The UK placed second with an estimated $1.39 billion in crypto gains.

Then in Asia, Vietnam, China, Indonesia and India all hit over $1 billion in estimated gains placing top six for all countries.

Interestingly in MENA, Turkey saw gains of $950 million, while Saudi Arabia saw gains of $350 million. The only other MENA and GCC country on the list for top gains was UAE, which witnessed $204 million.

The findings from Turkey come at a time when more investments in the crypto space are being carried out in the country. Aquanow Türkiye, a subsidiary of Aquanow, received a strategic investment from two of Turkey’s leading portfolio management companies, Oyak Portföy and Finberg. As per the news, the investment was considered the beginning of a strategic partnership focused on developing innovative digital asset solutions for the Turkish market. Reports have indicated that Turkey is moving towards clarity around crypto regulation, with new rules expected in 2024. In December, the Turkish regulatory authority made technical appointments with experience in crypto assets and blockchain technology to the central bank’s rate-setting committee, according to a Bloomberg report.

On the contrary while Saudi Arabia saw the second biggest crypto gains in MENA region, it has yet to regulate crypto, while rumors are around that it and Qatar might be investing in Bitcoin soon.

So far, the positive trends of 2023 have carried over into 2024, with notable crypto assets like Bitcoin achieving all-time highs in the wake of Bitcoin ETF approvals and increased institutional adoption. If these trends continue, we may see gains more in line with those we saw in 2021. As of March 13, Bitcoin is up 65.4% and Ether is up 70.2% in 2024.

In the fourth annual Chainalysis Global crypto adoption index, identifying countries where the most people are putting the greatest share of their wealth into cryptocurrency, once again Morocco took lead and is listed as one of the top 20 countries placing an Arab country on the map, while Turkey placed first in the MENA region.

It seems with the bull market in full blast, the 2024 report will look even more promising.

Blockchain Life Forum making most of Bull run

Blockchain Life Forum making most of Bull run

The highly anticipated Blockchain Life Forum 2024 is set to take place in the vibrant city of Dubai on April 15-16. Welcoming industry professionals and crypto enthusiasts from around the world, this legendary event promises to be an unforgettable experience.

This time the central topic of the forum will be making money on Bull Run, which has already begun. Forum speakers and attendees will share analytics and experience: which coins to buy and sell, which coins are worth investing in now, and which are better not to invest in.

More than 8,000 people from more than 120 countries take part in the grand event.

Learn more and buy a ticket: Use the promo code laraontheblock10

So far Blockchain Life has confirmed the following speakers which include top figures in the global crypto market such as:

  • Justin Sun (Founder of TRON, Member of the HTX Global Advisory Board)
  • Sergei Khitrov (Founder of Listing.Help, Jets.Capital and Blockchain Life)  
  • Rachel Conlan (CMO of Binance)
  • Paolo Ardoino (CEO of Tether, CTO of Bitfinex)
  • Stephan Lutz (CEO and CFO of BitMEX)
  • Yat Siu (Co-Founder of Animoca Brands)
  • Dominic Williams (Founder and Chief Scientist of DFINITY (ICP))
  • Ben Goertzel (CEO of SingularityNET)
  • Xinxi Wang (Co-Founder of Litecoin Foundation)
  • Andrei Grachev (Managing partner of DWF Labs)
    and over 100 other speakers


For a grand conclusion of the event, VIP ticket holders and forum speakers will have the exclusive opportunity to attend the main crypto party of 2024 – the legendary Blockchain Life AfterParty.


The special guest at the AfterParty is the globally renowned hitmaker, Alan Walker, who will be performing an amazing live concert.

But the excitement doesn’t stop there. On April 13-21, the crypto community can immerse themselves in a fantastic Blockchain Life Week, filled with exciting parties and events organized by various industry companies.

A VIP ticket to Blockchain Life 2024 allows for free access to some of those events in order to achieve a new level of networking experience.

Bitcoin Magazine to hold its first Bitcoin MENA conference in UAE

Bitcoin Magazine to hold its first Bitcoin MENA conference in UAE

UAE based ADNEC Group, an events management company, will be holding the first Bitcoin MENA Conference in partnership with Bitcoin Magazine and Capital events. The Bitcoin MENA Conference 2024 is set to take place December 9-10th in the heart of Abu Dhabi at the ADNEC Centre Abu Dhabi.

The event will be co-organized by Capital Events, the event management arm of ADNEC Group, and BTC Inc., the parent company of Bitcoin Magazine and the Bitcoin 2024 conference. The seminal partnership was cemented by a high-profile signing ceremony between Humaid Matar Al Dhaheri, MD and Group CEO of ADNEC Group and David Bailey, CEO of BTC Inc. The launch of this event marks a significant milestone in the world’s largest Bitcoin conference’s expansion into the investment-friendly, dynamic, and rapidly growing MENA region.

Humaid Matar Al Dhaheri Managing Director and Group CEO of ADNEC Group said: “Organizing this conference in the Emirate of Abu Dhabi reinforces its status as a regional and global epicenter for cryptocurrencies. It provides the region with a crucial platform for dialogue, discourse, and the sharing of knowledge and insights in this domain, contributing to shaping the sector’s regional trajectory for the future. The strategic collaboration with BTC Inc. to host the inaugural Bitcoin MENA Conference underscores the increasing global interest in investing in decentralized digital currencies in recent years. This partnership reflects our anticipation of future growth trends within this leading investment field.”

The Bitcoin Conference, produced by BTC Inc., is the world’s largest and most globally recognized conference brand dedicated to advancing the understanding and adoption of Bitcoin and blockchain technology. With a mission to foster collaboration and innovation, the conference brand brings together key stakeholders from across the global Bitcoin ecosystem to shape the future of Bitcoin and exhibit the latest developments, technology, and services.

Throughout this two-day event, participants will delve into the potential, challenges, and innovations within the developing Bitcoin ecosystem. Showcasing an impressive roster of expert speakers and influencers in the Bitcoin space, Bitcoin MENA is set to present a dynamic agenda complete with engaging keynote sessions, interactive discussions, and insightful workshops on key industry topics. These include the emergence of a new wave of banking and finance within the Bitcoin space, the dynamics of Mining, and the competition for energy dominance, along with insights into open-source initiatives tailored for the technical minds in the Bitcoin community.

Additionally, Bitcoin MENA 2024 will offer a variety of networking opportunities, fostering meaningful international and regional connections among participants whilst also providing a platform to showcase cutting-edge innovations and the latest developments in Bitcoin technology and services.

David Bailey, CEO of BTC Inc. noted, “Across our ecosystem, we have seen a significant upsurge in interest to enter the MENA region. When visiting Abu Dhabi, it became clear that it had all the right ingredients – infrastructure, investment, bold vision, and global access – to provide a perfect home for the international Bitcoin community to tap into the boundless opportunities this vibrant region has to offer. Capital Events and ADNEC Group are the ideal partners to collaborate with us on this journey as they bring world-class infrastructure and deep connections within the region to help supercharge growth and quickly establish Bitcoin MENA as the region’s go-to event.”

Darren Johnson, CEO of Capital Events added, “We are extremely excited to be partnering with BTC Inc. on this vital launch of Bitcoin MENA. Abu Dhabi’s increasing adoption of blockchain technology and friendly progressive regulatory environment have resulted in several high-profile industry licenses being awarded, thereby firmly positioning Abu Dhabi as the optimal hub for the flourishing adoption of Bitcoin in the region. It was clear early on in our discussions with BTC Inc. that we shared the same vision of creating an exceptional world-class event that would serve as a cornerstone in the region’s thriving Bitcoin landscape. We are confident that their deep specialist experience and global industry connections, coupled with our multi-sectoral experience and regional footprint, will make for a memorable launch and long-term growth.”

Dubai’s DMCC now home to 600 crypto blockchain companies

Dubai’s DMCC now home to 600 crypto blockchain companies

DMCC announced the number of new companies that enrolled in 2023, with 123 new crypto and blockchain entities registering at the DMCC crypto center, culminating in 600 companies in total. By the end of 2022 DMCC had announced that it had 500 crypto blockchain entities registered in its freezone.

In total Dubai Multi Commodities Centre (DMCC) has enrolled 2,692 new companies in 2023, taking the total number of companies in DMCC to over 24,000.

The launch of new industry ecosystems, the expanded service offerings and the physical growth of the Uptown Dubai district with the launch of Uptown Tower have driven DMCC’s 2023 growth story.

DMCC accounted for 11% of Dubai’s total FDI inflows. As per the 2023 annual report, DMCC became a hub for trading of commodities such as diamonds, and precious stones, gold, as well as a hub for high value services such as crypto, gaming and Web3.

 Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “For DMCC, 2023 showcased its ability to sustain its record performance whilst undertaking crucial infrastructure expansions. Attracting 2,692 new companies is testament to our efforts to continuously enhance our value proposition year after year, reinforcing the role we and our members play in driving trade and investment, contributing up to 11% of all FDI inflows to Dubai. With the opening of Uptown Tower and the wider development of Uptown Dubai, our business district is stronger now than it has ever been, and we have set ourselves up for accelerated growth, a crucial factor as we accommodate new waves of investment to Dubai.”

 The DMCC Crypto Centre welcomed industry leaders such as Bybit, Solana and TDeFi into the fold alongside an additional 129 companies. The Centre is now home to 600 firms, further reinforcing its position as the largest concentration of crypto, blockchain and Web3 companies in the region.

Two core growth sectors for DMCC show promising opportunities in 2024 are the Gaming Centre and the impending launch of a new AI Centre. Over the past year, DMCC’s Gaming Centre doubled in size to reach almost 100 members at the year end.

Oman based Mamun to invest $1 million in Shariah compliant and digital asset startups

Oman based Mamun to invest $1 million in Shariah compliant and digital asset startups

Oman based Mamun Ventures announced that it will be investing $1 million in Shariah compliant startups and digital asset startups.

As per a LinkedIn post Mamun stated, “Exciting News!  Mamun is dedicating $1,000,000 USD to Invest in Sharia-Compliant Startups in MENA Region! We’re thrilled to announce that Mamun Ventures is allocating $1,000,000 USD in funding from our generous partners to fuel our mission of investing in innovative startups across the Middle East and North Africa (MENA) region.”

Startups in the MENA region, at early stages, pre-seed or seed stages are eligible.

Mamun notes that they are interesting in startups that have a marketplace angle and involve supply chain participants.

Mohammed Al-Tamami speaking to LaraontheBock stated, “We will also be investing in Shariah compliant digital assets, Web3 companies, crypto entities covering the entire Shariah compliant space.”

In December 2023, UAE and Singapore based Triterras, a fintech company focused on digital trade and supply chain finance, using Blockchain enabled trade finance platform Kratos, partnered with Oman based Mamun, fintech infrastructure provider to bolster trade finance in Oman.

In February of this year, Oman’s Ministry of Housing and Urban Planning (MoHUP) announced its roadmap for 2024 which will encompass 130 initiatives of which blockchain technology will play a part.  The Oman Ministry of Housing intends to launch a unified portal with one of its main components being blockchain.

Oman was also one of the first countries in the MENA region to launch crypto mining datacenters.

Venom Blockchain Foundation exits UAE to The Cayman Islands

Venom Blockchain Foundation exits UAE to The Cayman Islands

One year ago to date, the Abu Dhabi Global Market, (ADGM) an international financial center, based out of Abu Dhabi UAE, had announced on LinkedIn that Venom Foundation was the first licensed crypto foundation which would be building a scalable blockchain, today Venom Foundation is no longer in ADGM, but has established a new foundation in the Cayman Islands.

A year ago, ADGM was very hopeful. ADGM statement read, “Venom Foundation is set to become one of the most anticipated blockchain phenomena, enriching the ADGM community and the nation as a whole! Subject to the relevant regulatory approvals, Venom Foundation will work with ecosystem participants to ensure that such products are offered in a compliant manner within the trusted and well-regulated environment of ADGM.”

Today Venom’s announcement made on medium changes the narrative, as Venom Blockchain gears up towards its mainnet launch on March 18th 2024. The post reads, “Recently, Venom underwent a transformative phase by establishing a new foundation in the Cayman Islands. This strategic move signifies a leap forward, aligning Venom with the progressive regulatory framework of the Cayman Islands and the British Virgin Islands (BVI). By doing so, Venom reaffirms its commitment to providing secure, reliable, and innovative cryptocurrency services to its users worldwide.”

So it would seem that either ADGM dropped Venom Foundation after all the turmoil that the entity went through in the past year, or Venom Foundation dropped ADGM license, created a new foundation, and set it up in the Cayman Islands and BVI.  

Talking about turmoil, Venom Foundation was brawled in a legal battle. In July 2023, Alibek Garcia Isaev, one of the main investors in Venom Foundation, was pushed into the center of a very controversial legal entanglement which brought a lot of criticism not only to Issaev but inadvertently Venom Blockchain, and its Foundation. He was then found innocent in December 2023.

But before the final ruling, Venom had also lost one of its very early investors and executives. Mustafa Kheriba, the Executive Chairman of Venomex, a UAE regulated crypto exchange and one of the initial investors and supporters of UAE based Venom Blockchain Foundation resigned from his position at Venom Foundation. It is noteworthy that it seems the relationship between Venomex and Venom Foundation is no longer there. Venomex looks to be a standalone entity still regulated in ADGM, while on Venom Foundation website, there is no mention of Venomex anymore. What’s more Kheriba is still a registered director according to FSRA website.

In the about section of Venom Foundation on medium, the company notes that Venom is a multi-blockchain network being a basis for scalable Web3 applications in the DeFi and Global Payments markets. Venom Foundation main priority to develop and support a self-sufficient blockchain ecosystem has attracted developers to build various projects: VenomWallet (non-custodial wallet with a multisig option and ledger support), VenomScan (to access transactions history), VenomGet (an easy gateway to Venom tokens), VenomBridge (allowing the interchain transactions), VenomPools (to stake on validator nodes), Web3.World (native decentralized exchange). No Venomex exchange is listed.

So while Venom Foundation has moved on to greener pastures, so has ADGM. It launched its new DLT regulation that would allow DLT (Distributed Ledger Technology) Foundations, DAO (Decentralized Autonomous Organizations) to issue tokens. Soon afterwards, IoTa Foundation received the first DLT Foundation license.

If there is one takeaway from all this, it is that the virtual assets scene is ever changing and the regulations ever growing. So while the UAE says goodbye to Venom Foundation, as it did to Hayvn, it is welcoming many others onboard.

UAE allows Ramadan Bitcoin and crypto donations

UAE allows Ramadan Bitcoin and crypto donations

In what could be called a first, a UAE top official noted that the UAE governmental entities and authorities in the UAE will accept Bitcoin, and other crypto currencies for donations this Ramadan.

UAE newspaper, Khaleej Times in an article stated, that a UAE top official has noted that authorized individuals and entities collecting funds during Ramadan will accept Bitcoin and other digital currency payments. This comes as Bitcoin surges past the $60,000 mark.

In a press conference held by the Ministry of Community Development, Mohammed Naqi, Director of Non-Benefit Public Associations Department and Mona Khalil, Director of Government Communications also noted that unauthorized individuals and entities collecting funds during Ramadan will be liable for fines up to Dh500,000 or even imprisonment.

The ministry said restaurants will not be allowed to directly donate food boxes to mosques.

Mohammed Naqi, Director of Non-Benefit Public Associations Department, said, “A fine not less than Dh500,000, or imprisonment, shall be imposed on anyone who collects or receives donations from outside the UAE in violation of the applicable regulations and procedures.”

He added: “A fine not exceeding Dh150,000 and not less than Dh300,00 or imprisonment, shall be imposed on anyone who uses donation funds for purposes other than those accepted or collected for. A fine one of Dh100,000 shall be imposed on any entity that labels itself as a “charitable or humanitarian “association, organization or institution without obtaining certification from the competent authority.”

Only 34 approved entities, mainly charitable organizations and government entities, will be permitted to receive and collect donations for Ramadan, the ministry said.

Bitcoin and other cryptocurrencies will be accepted alongside traditional methods of raising funds like cash with receipts, vouchers, SMS, markets, exhibitions, auctions, charity events and monthly deductions from personal bank accounts.

In 2019 The Ministry of Community Development, had launched a blockchain payment gateway in partnership with Dubai Blockchain center.

BackPack raises $17 million to grow its crypto ecosystem

BackPack raises $17 million to grow its crypto ecosystem

The BackPack group continues to move from one success to another. After receiving its crypto exchange license in UAE, and expanding to 11 states in the USA, BackPack has now raised $17 million in a series A round led by PlaceHolder VC.

Other select strategic investors includedHashed, Robot Ventures, Amber Group, Wintermute, Selini Capital, Delphi Digital, and founders of leading web3 ecosystems such as Solana, Tensor, Jito, Zeta, Marginfi, Drift, Monad, Galxe, and other influential supporters worldwide.

Armani Ferrante, CEO of Backpack commented on the news states, “The history of finance is littered with scandals, but Backpack is doing things differently. Over the past year, we’ve set the foundation to build a crypto-native financial institution, and with the conclusion of this round, with trust minimization and compliance as foundational principles, we begin a new chapter for ourselves and, hopefully, for the rest of the industry.”

The Backpack ecosystem comprises several products and services, including the popular Backpack noncustodial wallet, Backpack Exchange, a fully regulated global cryptocurrency exchange with industry-leading speed, security and functionalities, and Mad Lads, currently the top NFT community in the Solana ecosystem. Backpack is also the creator and developer of Anchor, the Solana smart contract framework, the executable NFT (xNFT) token standard, and others.

Backpack’s strategic fundraising was led by Placeholder VC. “We’ve been impressed with Backpack’s ability to not only deliver high-quality applications, but also build a strong community around their ecosystem,” said Joel Monegro, General Partner at Placeholder VC. “After building a relationship with the team over the past year, we’re convinced they have the skill, ambition and drive to create one of the most trustworthy global exchanges in the industry with a strong focus on performance, compliance, and auditability.”

The round also attracted strong interest from other leading web3 ecosystem players. “The Backpack team is a great example of what happens when crypto natives are also strong builders. They understand that crypto is not just the underlying technology, it is also the culture that forms around it,” said Evgeny Gaevoy, founder of Wintermute, one of the largest liquidity providers in digital assets, “For me, Backpack is having the success I would expect, when a team figures out the intersection of tech and culture. I’m excited to see them continue to grow.”

UAE HAYVN investors Deus X Capital buy out shareholders and appoint new CEO

UAE HAYVN investors Deus X Capital buy out shareholders and appoint new CEO

UAE HAYVN investors, Deus X Capital, a $1 billion family office has agreed to buy out HAYVN digital assets infrastructure provider and appoints Richard Crook as new CEO. Deus X Capital will purchase the business brand, technology, clients and staff from other HAYVN shareholders.

The parties have agreed to the asset purchase, subject to completion.

As per the press release, the deal provides the opportunity to recapitalize and reinvigorate the business as it seeks to consolidate its presence in the Middle East, while allowing for growth globally.

In addition, Richard Crook has been appointed interim CEO of HAYVN with a focus on growing the business and realizing the global opportunities ahead of it. Ahmed Ismail, Board Member & Co-Founder of HAYVN had told LaraontheBlock that they would be appointing a new CEO in December 2023.

Crook joins HAYVN following more than 25 years in the digital assets and investment banking industries, including roles such as COO of BCB Group, the digital assets payments business, and Head of Emerging Technology at investment bank RBS after serving in senior management roles at UBS.

Tim Grant, CEO, Deus X Capital, speaking on the asset purchase stated, “HAYVN is an innovative business at the forefront of the movement to a democratized financial system. We are committed to providing institutional clients with the critical services they need to capitalize on the existing and growing opportunity in digital assets, while continuing to build and develop new capabilities. HAYVN is core to our strategy and represents another pillar of our commitment to the Middle East region.”

Richard Crook, interim CEO, HAYVN, said: “I am delighted to join a business that has already established itself as a leader in financial technology and a fundamental pillar of the digital assets ecosystem. The digital assets industry is growing at a rapid pace as it continues to converge with traditional financial services, and I look forward to ensuring that HAYVN is central to that growth as we build on our success.”

This comes after the ousting of their previous CEO under difficult circumstances.

From UAE to Turkey Crypto exchange OKX expands in MENA

From UAE to Turkey Crypto exchange OKX expands in MENA

After OKX received its crypto exchange VASP license from Dubai UAE through VARA ( Virtual Asset Regulatory Authority), the crypto exchange now receives a license in Turkey. OKX TR, will provide Turkish users with a trusted, compliant and transparent gateway to crypto trading and decentralized finance. The OKX Web3 Wallet is currently available in Türkiye through OKX’s global platform.

With the launch of OKX TR, users have access to enhanced localized features, including Turkish Lira direct deposits and withdrawals from banking partners such as: Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank and Türkiye Finans. The OKX TR team also offers 24/7 local customer support in Turkish and English, ensuring users receive timely assistance and comprehensive guidance when needed.

Also available is OKX Wallet, a non-custodial Web3 wallet that provides access to a user-friendly self-custody portal to trade NFTs, use dApps, and more. It’s the first wallet to feature both Multi-Party Computation (MPC) technology and Account Abstraction (AA) features, which paves the way for wider adoption among less technical users.

OKX President Hong Fang said: “The official launch of OKX TR is a significant milestone in our global expansion strategy. With a crypto adoption rate close to 50%, Türkiye represents a very dynamic and promising market for the industry as it continues to develop. The population’s high level of engagement and understanding of digital assets makes it an ideal environment for OKX, and we’re strongly committed to helping continue to grow this already vibrant ecosystem.”

OKX TR Board Chairman Mehmet Çamır said: “The launch of OKX TR is a testament to our belief in the country’s huge potential for growth and our commitment to the market. Already a global leader in crypto trading, Türkiye is also in a prime position to grow in the decentralized finance space. We’re excited to support this development, and firmly believe that our presence here will play a pivotal role in nurturing Türkiye’s emergence as a Web3 innovation hub.”