Qatar opens its doors to CoinMENA Crypto exchange as a regulated exchange

Qatar opens its doors to CoinMENA Crypto exchange as a regulated exchange

CoinMENA Chief Operating Officer Dina Semaan announced today on twitter that CoinMENA crypto exchange is now serving clients in Qatar. This would be the first crypto exchange to officially announce that it is serving clients in Qatar. As per her tweet, “Starting from today, CoinMENA services are now being offered in Qatar, making us the first regulated crypto exchange to be offering services in Qatar.” She adds with this expansion we now offer CoinMENA services in six Arab countries, and we continue to achieve our goals of offering the simplest and easiest method for trading crypto.” This comes after Qatar’s FIFA 2022 took on sponsors such as Crypto.com, one of the international crypto exchanges globally. It also comes after FIFA signed up AlGorand Blockchain as a sponsor and partner for their digitization plans in the sports and entertainment sector. CoinMENA was first regulated in Bahrain, and then sought regulation in UAE, and offers its services in KSA, Kuwait, Oman, and now Qatar as a regulated entity. In the press release CoinMENA confirms that it has become the first regional digital assets exchange to offer its services in Qatar, meaning that users across the Gulf state can now easily and safely invest in cryptocurrencies for the first time. Qatari citizens and residents can open accounts with CoinMENA and have access to all the features the platform has to offer, including connecting their bank accounts to their CoinMENA wallets, enabling them to deposit and withdraw funds directly and safely within minutes. Commenting in a joint statement, CoinMENA Co-Founders Dina Sam’an and Talal Tabbaa said: “We are delighted to become the first crypto exchange to offer our services in Qatar. Investors have been asking about our plans to enter the country for some time now, so this news represents a major milestone on our long-term geographic market expansion plans.” The Bahrain-headquartered firm recently became the first onshore licensed crypto exchange to introduce limit trading, enabling the CoinMENA users to set the price at which they wish to buy and sell crypto. Users in Qatar will also be able to utilize the recently added features including withdrawing USDT via the TRON network for lower fees, and earning bonus rewards when they invite their friends through CoinMENA’s referral program. “CoinMENA’s entry into Qatar is a huge step on our journey to becoming the Middle East and North Africa (MENA) region’s preferred crypto financial services company,” said Sam’an. “Our team is constantly striving to onboard new countries and introduces new features to a wider audience.” “We are immensely proud of everything we have achieved during our first year of operations,” Tabbaa added. “However, we still have a lot to achieve, which is why we will continue to work tirelessly to deliver the best possible experience for our ever-expanding user base.”

Saudi Arabian’s traded 20 billion USD worth of virtual assets in 2021

Saudi Arabian’s traded 20 billion USD worth of virtual assets in 2021

800,000 Saudi’s used digital currencies in 2021 with the value of virtual asset transactions in Saudi at around 20 billion USD and this is expected to grow five times over the next five years. The information was shared by Ali AlObaid, Managing Director of BitOasis crypto exchange, to Arab News

In the article he states, “We believe that this can grow by five times over the next five years. Last year, KSA probably represented 15 percent of Gulf Cooperation Council and Middle East and North Africa activity.”

He added that around 4 percent of adult population in MENA will have invested in crypto by the end of 2022. While in the USA 20 percent of adults have invested in crypto.

BitOasis user base in KSA is primarily millennials, 25-34 year old’s, with 30 percent of those trading on BitOasis between the ages of 35-44 years.

In a YouGov survey recently it noted that 1.8 percent of Saudi Arabian residents currently trade in cryptocurrencies. Yet it is Morocco that tops crypto ownership as per a TripleA report, followed by Egypt, UAE, and then KSA.

The report noted that in 2021 3.9 percent or 300 million people were crypto users globally with 18,000 businesses accepting crypto payments.

Investing in Properties in Lebanon now through Fractional NFTs

Investing in Properties in Lebanon now through Fractional NFTs

Three villas in Lebanon can now be bought using fractional NFTs ( Non Fungible Tokens). Utilizing Aqarchain which is the first crowdfunding fractional NFT investment platform for properties globally, investors of all income levels can own a piece of property in Lebanon and make a return on investment by receiving dividends from rent and sales.

Aqarchain.io has listed Villa Ekolu valued at 640,000 USD divided into 3,746 shares and so far 10.73 percent has been subscribed to it. Aqarchain is offering 7 percent guaranteed Return on Investment.

There are two other villas as well Villa Ekahi valued at 525,000 USD and Villa Hauoli valued at 415,000 USD.

This is the first time property in Lebanon has been tokenized as NFTs and listed.

Aqarchain,  a blockchain powered real estate asset tokenization platform, which aims to create a decentralized ecosystem where investment in real estate is as easy as investing in shares on the stock market, has now launched a NFT marketplace.

Aqarchain mints real estate NFT and fractionalizes it. The company has developed the world’s First Decentralized Real Estate NFT marketplace with a MetaVerse.

Why a Crypto ad on Saudi’s MBC is Big News!

Why a Crypto ad on Saudi’s MBC is Big News!

So even with the tumultuous times that the crypto market is seeing this past week, and despite the fear and apprehension on the state of crypto, stablecoins, and NFTs given the regulation discussions happening across the globe, one thing has kept my spirits high and optimistic. It is no other than the crypto TVC ad for BitOasis on MBC.

This is big news! Big News because it gives me a premonition that crypto will soon become a regulated mainstream item in the Kingdom of Saudi Arabia.

Most will ask, why link the BitOasis Crypto TVC with possible regulations in Saudi Arabia. The answer to me is simple. MBC Group is a media conglomerate owned by the Saudi government based out of MENA with headquarters in Dubai UAE.

So either MBC needs the money so badly it doesn’t care what ads air on their station, or MBC is warming up to crypto which could mean that the government of Saudi Arabia is warming up to crypto as well.

It is not so surprising; In Ramadan Saudi MBC Group launched their NFTS, Fananees, the most popular characters in digital intellectual property, the renowned seven cartoon characters with more than 200 different attributes. A total of 9,999 unique NFTs were revealed.

So when BitOasis TVC on MBC Group came out, it felt more like a continuation of MBC Group’s openness towards crypto and NFT scene. Ola Doudin, Founder and CEO of BitOasis said on LinkedIn, “We’re very proud to have launched the region’s first cryptocurrency television commercial in partnership with MBC GROUP, the largest media company in the Middle East and North Africa.”

Notice the word in partnership!

Doudin has on many occasions espoused the ambitions of BitOasis to expand across the MENA region, and their discussions with many regulators including Saudi Arabian.

So while yes, crypto is facing a bearish market, it doesn’t mean it is going away, on the contrary it is here to stay.

Finally one can’t pass over another big piece of news that has come out of the region this week. Dubai government is preparing a metaverse strategy that will be out in the next two months. Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President, Prime Minister and Ruler of Dubai, has directed the formation of a higher committee to prepare the Dubai Metaverse Strategy. The higher committee will be headed by the Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and will supervise all future technological developments in the emirate.

 It reminds me of the Blockchain strategy that was announced in 2017, and look where the UAE is today, a strong crypto hub.

In the end you can’t have a metaverse without a digital currency of some sort and you can’t have a metaverse without a crypto economy.

So whenever you start losing hope or start getting the jitters, read these words above and remember that after the dot com bubble, there was a revival, and after the ICO bubble there was a revival, and today after the bearish times… good ones are just around the corner.

The Tug of War between the Wall Street of Crypto and the responsible Global crypto Hub

The Tug of War between the Wall Street of Crypto and the responsible Global crypto Hub

So Now the UAE is being dubbed the Wall Street of Crypto. The terminology was first coined by no other than CZ (Zhao Changpeng) the Founder of Binance, whom a BloomBerg article noted as saying that the UAE is definitely the headquarters of Binance. This is the first time in the history of Binance where it actually announces it even has a headquarter.

It would seem that the Wall Street of Crypto has ousted both France and Bahrain as the base for Binance, as well as Singapore which Binance retreated from several months ago.

In the meantime Binance is actually bringing on Wall Street veterans such as Vishal Sacheendran, the former New York Mellon Bank executive who now holds the position of UAE based director for the Middle East and North Africa.  Richard Teng the head of Middle East and North Africa at Binance says more appointments from the banking sector will follow.

So far the UAE has granted licenses to a handful of international and global crypto exchanges including the latest Kraken, in addition to Binance, crypto.com and others.

Despite this, Singapore is fighting back. Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, explained during the Financial Times’ Crypto & Digital Assets Summit on 27 April 2022 how much effort Singapore has put into blockchain, digital assets and digital payments.

As Menon in his speech stated, “In the last two years, we have granted licenses or in-principle approvals to 11 digital payment tokens service providers. They include global stablecoin players like Paxos, crypto exchanges like Coinhako as well as established financial institutions like DBS Vickers.  We have also issued in-principle approvals to Revolut and Luno.”

He adds, “The licensing process is stringent because we want to be a responsible global crypto hub, with innovative players but also with strong risk management capabilities. We only approve applicants with strong governance structures, fit and proper board and management, and we go through their track record.”

This ofcourse comes after the UAE announced its virtual asset regulatory Authority and its open stance towards crypto.

The interesting take away from all of this is who will eventually win the tug of war to be the hub for blockchain, crypto, and digital asset innovation, will it be The Wall Street of Crypto or the responsible global crypto hub, or maybe another country all together.