Commercial Bank of Dubai opens up to VASPs in UAE

Commercial Bank of Dubai opens up to VASPs in UAE

The Commercial Bank of Dubai (CBD), has launched a dedicated accounts for Virtual Asset Service Providers (VASPs) to manage client money and regulatory prudential requirements, in compliance with the latest regulations issued by the Central Bank of UAE and the Dubai Virtual Assets Regulatory Authority (VARA). The first VASP to be onboarded is Laser Digital a crypto broker and investment service provider, a subsidiary of Japanese Nomura.

As per the press release, this pioneering initiative underscores CBD’s commitment to fostering innovation and supporting the growing digital asset ecosystem in the region.

CBD has taken proactive steps to offer specialized accounts that meet the unique requirements of VASPs, while adhering to the regulatory framework established by VARA. CBD onboarded Laser Digital as the first VASP to benefit from its services.

CBD’s banking services for VASPs are fully compliant with VARA regulations, ensuring that VASPs operate within the legal and regulatory framework of Dubai. The segregation of client funds into multiple accounts ensures reduced risk and enhances operational efficiency.

Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, commented on the launch, stating, “As the financial landscape continues to evolve with the rise of digital assets, CBD remains at the forefront of innovation by providing tailored solutions that meet the needs of our diverse clientele. The introduction of core banking services for VASPs aligns with our strategic vision to support the digital economy and foster a robust regulatory environment that promotes growth and stability. As the bank that is backing the nation’s ambition, our efforts also contribute to promote the Emirate as an international hub for Virtual Assets and develop the digital economy in the Emirate.”

By offering these specialized accounts, CBD aims to attract more VASPs to Dubai, encouraging companies operating in this field to base their business in the Emirate.

Jez Mohideen, CEO of Laser Digital commented: “This launch demonstrates CBD’s commitment to encouraging the growth and progress of the virtual asset ecosystem in the UAE. We’re honored and grateful to be the first VASP to benefit from this service and we look forward to continued collaboration.”

UAE Phoenix Group and Web3 IOPn will invest $100 million in Ras Al Khaimah

UAE Phoenix Group and Web3 IOPn will invest $100 million in Ras Al Khaimah

UAE Web3, crypto blockchain company Phoenix Group, an ADX listed company, and IOPn, a Web3 ecosystem that leverages blockchain, AI and spatial computing, has partnered with RAK DAO, digital asset free zone in Ras Al Khaimah, investing $100 million in the Emirate of Ras Al Khaimah by 2030. Phoenix Group and IOPn ( Internet of People), will leverage RAK DAO’s infrastructure.

As per the press release, this substantial investment underscores Phoenix Group and IOPn’s dedication to stimulating innovation and attracting top-tier professionals to the region within the Web3 space. The partnership seeks to target, encourage and attract highly-skilled individuals in Web3, crypto, blockchain, and developer domains to the region.

Phoenix Group and IOPn aim to enrich the local talent pool by leveraging initiatives such as the Golden Visa programs and RAK DAO business licenses through investment. By nurturing top-tier talent, RAK DAO, Phoenix Group and IOPn seek to create a thriving ecosystem that harnesses cutting-edge technologies – including blockchain, spatial, and cognitive solutions for economic development and sustainability.

Phoenix Group operates nine crypto mining facilities in the US, Canada, CIS, and the UAE, with each unique company operating in one of four distinct verticals: Mining, Hosting, Trading, and Investments.

Dr. Sameer Al Ansari, CEO of RAK DAO has expressed, “We are thrilled to welcome Phoenix Group and IOPn as RAK DAO’s Ecosystem Partners. The $100 million investment marks a significant milestone in our mission to establish Ras al Khaimah as a premier destination for Web3 innovation and talent. By leveraging Phoenix Group and IOPn’s expertise and resources, we are poised to further enrich our dynamic ecosystem that fosters cutting-edge technologies and attracts the brightest minds in the blockchain and digital asset sectors.

Mr. Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO of Phoenix Group, elaborated on the new strategic dimensions of the partnership, stating, “Our joint venture marks a pivotal expansion of our commitment to blockchain infrastructure aimed at enhancing the technological landscape in Ras al Khaimah. Our partnership will not only drive innovation but also strategically position the Emirate as a leading center for blockchain excellence globally.”

Mr. Mojtaba Asadian, Founder and CEO of IOPn, added: “IOPn builds on the visionary leadership of Ras Al Khaimah and the supporting environment created by RAK DAO to provide a unique opportunity for top-rated world talent to innovate and create value. IOPn is doing this by offering a powerful new Web 3.0 ecosystem and using the significant proven capabilities of Phoenix Group. We’re thrilled to be embarking upon this partnership with RAK DAO in collaboration with Phoenix Group.”

Prior to this announcement, Lyvely, UAE-based social monetization platform, had been awarded a full operational license from Ras Al Khaimah Digital Assets Oasis (RAK DAO). The license allows Lyvely to undertake any non-regulated activities that fall under the SocialFi category. Lyvely is backed by Phoenix Group.

UAE regulated AMINA crypto bank launches payment network

UAE regulated AMINA crypto bank launches payment network

AMINA Bank, an authorized digital assets bank regulated by FINMA and within ADGM in UAE, unveiled the AMINA Payment Network (APN). Tailored for crypto banking, APN streamlines real-time payments among its members, fostering seamless financial transaction

As per the press release, APN supports CHF, EUR, and USD payments between APN members, providing flexibility and efficiency for individuals and businesses. Additional currencies will be added in the near future. The launch of the APN further solidifies AMINA Bank’s role as a prominent player in crypto banking.

Members can join with an introductory offer of zero membership and transaction fees. The APN is currently available to existing AMINA Bank clients. Members must have an AMINA current account to access the network.

Officials from AMINA Bank said that in an age where 24/7 cryptocurrency asset markets are normalised, and wider global crypto adoption continues to grow at pace, the demand for faster transactions is no longer a want, but a need. With the introduction of the AMINA Payment Network, the facilitation of seamless cross-border transactions between network members across the globe is realised, and the required efficiency of money markets can meet the demands of the current financial landscape.

AMINA Bank has a Swiss banking and securities dealer license from FINMA, as well as hubs in Abu Dhabi and Hong Kong allowing it to offer fiat and crypto services to progressive investors.

UAE and Morocco coordinate on AML and CTF offering UAE experience in virtual assets

UAE and Morocco coordinate on AML and CTF offering UAE experience in virtual assets

 

In a recent visit between UAE, Hamid AlZaabi, Director General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF), hosted a Moroccan national delegation led by Dr. Jawhar Al Nafisi, Chairman of the Moroccan National Financial Intelligence Authority, coordinated on initiatives with regards to anti money laundering and counter terrorism financing, with DIFC giving presentation on UAE experience in virtual assets.

Members of the EO AML/CTF presented on topics such as the National Strategy and virtual assets, and the UAE’s experience using AI to combat money laundering and terrorism financing. A joint discussion resulted in the agreement on specific areas of cooperation to be included in follow-up steps to implement the terms of the Memorandum of Understanding between the EO AML/CTF and the Moroccan National Financial Intelligence Authority.

In addition Dubai International Financial Centre (DIFC) discussed the UAE experience analyzing cases related to virtual assets.


Hamid AlZaabi highlighted the robust cooperation between the UAE and Morocco and its significant impact on raising standards of compliance within the MENA region.

He stated, “Our two countries are united in commitment to combating financial crime and collaborate effectively on multiple levels, both bilaterally and through the Middle East and North Africa Financial Action Task Force (MENAFATF). I am pleased that through our regular meetings, we have developed a comprehensive framework for cooperation and have launched several joint initiatives that are already making a difference. By sharing expertise and best practices, the expertise developed by each country can be leveraged to mutual benefit, to ensure safeguarding our financial regional system.”


Dr. Jawhar Al Nafisi, Chairman of the Moroccan National Financial Intelligence Authority, commented, “This visit underscores the strong strategic ties between Morocco and the UAE, as both nations aim to align strategies and visions on bilateral, regional and international levels, and share expertise to prepare for the upcoming mutual evaluation round. To ensure the sustainability of the efforts made to combat money laundering and terrorism financing, I am pleased to invite Director General, Hamid Al Zaabi to Kingdom of Morocco for progress discussions and to measure the effectiveness of joint committees established during the meetings held over the past two days.”
During the two-day meeting, the parties discussed ongoing bilateral cooperation activities. To further enhance the coordination efforts, both parties have decided to establish several joint committees, including ones to monitor standards and developments, technical committees, and a supervisory committee to track progress and ensure goal attainment.

It is noteworthy that although Morocco leads in terms of the number of crypto holders, it has still not regulated crypto and virtual assets.

Bybit and Blockchain for Good Alliance launch socialPlus Hackathon

Bybit and Blockchain for Good Alliance launch socialPlus Hackathon

Blockchain for Good Alliance and Bybit Web3 affiliated to Bybit crypto exchange  have partnered to launch the SocialPlus Hackathon. This collaboration aims to foster innovation, knowledge sharing, and collaboration within the DeBox and Web3 ecosystem, leveraging the power of Blockchain and AI technology.

Bybit Web3 provides a suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Its wallets, marketplaces and platforms are all backed by the security and expertise of Bybit a top three global crypto exchange,with 30 million users globally.

The SocialPlus Hackathon, a virtual event running from now until September, will provide a platform for participants to showcase their talent and actively contribute to the development of the Web3 ecosystem.

Participants can work on three tracks, including the DeBox Open Platform — Bot Market Track, DeBox Open Platform — DAPP Market Track, and the Blockchain for Good Track (BGA), and will have the chance to compete for a prize pool of up to $30,000. In addition, all finalists will receive an exclusive NFT and points rewards provided by BGA.

“As an industry leader, Bybit is committed to empowering the next generation of projects through the Blockchain for Good Alliance. Our collaboration with the SocialPlus Hackathon exemplifies our dedication to pushing boundaries and driving innovation in the Web3 ecosystem. Together with the SocialPlus Hackathon, we anticipate witnessing the creative and transformative projects that will shape the future of Web3 and contribute to a decentralized and inclusive world.” said Emily Bao, Bybit Web3 Evangelist.

For more information about the SocialPlus Hackathon and to register, visit this page.

80% of UAE freelancers prefer payments to be in stablecoins

80% of UAE freelancers prefer payments to be in stablecoins

Zero Hash, a global crypto and stablecoin infrastructure provider, in partnership with Lightspark, commissioned a study and surveyed 2,500 freelancers and contractors from the US, Brazil, Argentina, Mexico and UAE with 80% of UAE freelancers saying they would prefer to receive payments in stablecoins. The survey findings also noted that 69% of those surveyed agree that receiving crypto or stablecoin payments would allow them to work with clients globally, with 95% of them wanting to receive a portion of their income in crypto or stablecoins.

According to the survey the main challenges facing freelancers is slow payments, currency volatility, payment delays and high fees. 48% of those surveyed noted that it takes too long to get paid, with 75% desiring payment within 24 hours.

Moreover, 49% felt the fees charged by payment platforms are too high, and 30% cited currency volatility as an issue.

Cryptocurrencies and stablecoins emerge as viable solutions to these challenges. A significant 93% of freelancers express interest in receiving at least a portion of their income in cryptocurrency or stablecoins.

According to 58% of freelancers and gig workers surveyed the current local banking and payment systems don’t work for them.

Globally 65% of freelancers say that they have lost money or left money on the table because they couldn’t accept work across borders due to a non-compatible currency that could not be easily exchanged. 69% agree or strongly agree that receiving crypto or stablecoin payouts would allow them to work with clients globally.

Interestingly 93% would like to receive a portion of their income in crypto or stablecoins, with 80% of UAE and Argentinian respondents preferring stablecoin payouts.

Edward Woodford, Founder and CEO of Zero Hash, commented, “We have long held the belief that fiat, crypto and stables cannot individually solve all of the world’s payment’s requirements by themselves. We believe Zero Hash will play a pivotal role in the future of payments with our ability to connect fiat, crypto and stables in one unified platform. This will enable freelancers and gig workers to move seamlessly between these rails for different use cases and needs”

Christian Catalini, Co-Founder and Chief Strategy Officer at Lightspark, says, “We live in an increasingly connected world, but our payment infrastructure has not kept pace with the requirements that entrepreneurial and hard-working freelancers are looking for today. This survey shows that change is wanted and needed – we are pleased to be working with Zero Hash to provide solutions for their customers, and freelancers, everywhere!”

Zero Hash, in partnership with Lightspark, leveraged Centiment (the survey platform trusted by Fortune 100 companies) to survey 2,500 freelancers and gig workers in the US, Brazil, Argentina, Mexico and UAE. The survey participants comprised 500 freelancers & gig workers across each jurisdiction. The majority of participants were full-time self-employed 66%, and 34% were part-time self-employed. 65% knew about cryptocurrencies, and 42% used freelance/gig platforms like Fiverr, Upwork, or Catch for at least 50% of their sourced work.

The survey comes at an interesting time given the recent announcement by UAE central Bank  approved the issuance of a regulation for licensing and overseeing stablecoins and a series of policies aimed at supporting the banking, insurance, and financial services sectors.

Crypto and Blockchain at the heart of Gaza donations

Crypto and Blockchain at the heart of Gaza donations

People across the globe and in the Arab world are utilizing cryptocurrencies to help those in dire need in Gaza, whether it is utilizing “Care for Gaza” or the “International Rescue Committee” supported by ENS or even UNRWA.

On May 15th, over $20,000 USD was raised through crypto donations by @RESCUEorg better known as the International Rescue Committee (IRC) to deliver humanitarian aid in Gaza. This was done with the support of ENS the most widely integrated blockchain naming standard.

On X, ENS stated, “We’re proud to announce that ENS is supporting the International Rescue Committee.”

According to ENS, “This collaboration represents a significant step in leveraging blockchain technology for social good. To help and make an impact: donate with irc.eth.”

It’s important to note that the IRC itself doesn’t directly accept cryptocurrency donations. As per their website, the IRC protects itself from crypto volatility by engaging with partners (endaoment.org & every.org) who accept crypto on its behalf, settling cryptocurrency into FIAT currency which is then provided to the IRC in a compliant manner. The IRC currently does not directly accept cryptocurrency via its website and owned channels.

The IRC partners with Endaoment and Every.org. These platforms convert crypto donations into fiat currency (traditional money) before providing it to the IRC.

But IRC is not the only one accepting crypto payments to help Gaza. Care for Gaza noted in an X post, that Egyptians can now support them using Vodafone Cash. Earlier Care for Gaza also noted that individuals could pay in crypto as they were raising funds for flour. They noted, “We are currently focusing on providing flour bags to the displaced families.

Even UNRWA is accepting crypto donations to https://unrwausa.org/crypto

OXFAM US is also accepting crypto to help the people of Gaza. On their website they stated, “We accept Bitcoin and a wide variety of cryptocurrencies through The Giving Block, a platform that processes crypto donations for nonprofits. Use the widget above to make your donation: Under “Select Your Crypto” select the type of crypto to donate from the dropdown. Enter your donation amount in the crypto of your choice or USD. Fill out your name and address (optional), and enter an email address where you would like to receive a tax receipt.

They add as well that “Cryptocurrency donations will be automatically converted to dollars for immediate use to support communities around the world.”

Oxfam’s UnBlocked Cash project (UBC) is a blockchain-powered cash transfer solution that is set to tackle this challenge. It is saving costs of distributing aid, reducing delivery times, and bringing more transparency and accountability in the process. It offers an opportunity to improve how aid is delivered without compromising the dignity of beneficiaries.

This need for aid donations has become more pressing with the Israeli onslaught in Rafah. On May 28th, The International Rescue Committee (IRC) in a blog post stated “We horrified by the multiple Israeli air strikes and bombardment that have so far killed at least 60 Palestinians and injured dozens more, including women and children, in Rafah. These attacks have resulted in the largest number of casualties since the Rafah incursion began and they come a few days after the International Court of Justice ordered Israel to stop its offensive on the city. These devastating attacks occurred on Sunday night, in an area housing displaced people where tents caught fire, with a further attack today in a supposed safe zone.”

Kiryn Lanning, IRC’s Team Lead in the occupied Palestinian territory (oPt), said, “We are deeply outraged by the tragic loss of civilian life as the Israeli incursion into Rafah intensifies. These incidents reaffirm our repeated warnings that no place and nobody is safe in Gaza. Camps housing displaced people must never be targeted. The reports from the ground are extremely disturbing – with people trapped in the fire and burning tents.

“There was not a single evacuation order for these attacks given to civilians that have sought shelter in Rafah after being displaced from other parts of Gaza. The targeting of so-called safe zones, densely populated with displaced civilians, is a violation of International Humanitarian Law and completely unjustifiable. The high concentration of civilians in these zones makes it impossible to avoid significant collateral damage and high mortality rates during military offensives, even with precision targeting.

As if bombardment was not enough, The United Nations Relief and Works Agency (UNRWA) has suspended food distributions in Rafah due to shortages. Only ten bakeries remain operational in Gaza but are imperiled and may soon run out of cooking fuel. The WHO Director General has called the situation “beyond catastrophic.”

In March 2024 UAE announced that it would allow Bitcoin and crypto donations to specified entities during Ramadan.

If blockchain and crypto was ever needed it is needed today and can be used, not only to make sure that donations reach Gaza but also make sure that these donations are tracked transparently.

Dubai Fintech Summit concludes with signing of 50 MOUs

Dubai Fintech Summit concludes with signing of 50 MOUs

The 2nd edition of Dubai FinTech Summit (DFS) organized by Dubai International Financial Centre (DIFC), under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of DIFC, concluded with resounding success. The 3rd edition of the Dubai FinTech Summit will be held on 7-8 May 2025, also under the directives of His Highness Sheikh Maktoum.


From government officials and policy makers to start-up founders, the two-day Summit, held at Madinat Jumeirah, brought together an unprecedented gathering of more than 8,000 decision-makers from 118 countries around the world. These included over 300 thought leaders participating in 125 discussions across five stages and over 200 exhibitors showcasing cutting-edge technologies. Over 20 government dignitaries were also in attendance, including the Mayor of Seoul, Central Bank Governors, and Deputy Governors.


His Excellency, Essa Kazim, Governor of DIFC, commented: “The Dubai FinTech Summit is not just a gathering, it is a platform for transformative discussions and collective action. The Dubai FinTech Summit stands as a beacon of impact, progress, and collaboration, creating unprecedented opportunities for growth and innovation. Dubai is at the forefront of shaping the future of finance and will continue to strengthen its position as a leading global hub for FinTech firms.”

Arif Amiri, Chief Executive Officer at DIFC Authority, opened day two of the Summit, followed by two fireside chats with His Excellency Helal Saeed Al Marri, Director General, Department of Economy and Tourism, and Yie-Hsin Hung, President and Chief Executive Officer at State Street Global Advisors.


During his opening remarks, Arif Amiri, Chief Executive Officer at DIFC Authority, said: “Today, we are experiencing an extraordinary period of technological transformation where FinTech defines how we transact, how we save, and how we manage our financial lives. FinTech is also defining how traditional financial services companies operate. In recent years, we have seen FinTech revenues grow globally six-fold. We have also seen growing mainstream acceptance of cryptocurrencies, which is allowing for its market capitalization to exceed USD 3trn. This year, FinTech is again expected to garner and secure an additional 5 per cent of global financial service
revenues. In the next two years, digital payments are expected to increase over 10trn dollars, and by 2030, north of 25 per cent of banking valuations are expected to be driven by FinTech.


Dubai FinTech Summit offers a unique platform to explore the opportunities ahead of us, which is why, at DIFC, our strategy is firmly focused on being at the heart of this FinTech revolution. During our 20 years of operations, we have always embraced innovation. It is part of our X factor. We do not simply talk about it but engage with it; with the talent, with the investors and the regulators to execute it. Our visionary leadership has always enabled Dubai and DIFC to take a leading role in driving the future of finance and innovation. For this reason, we have built the region’s most comprehensive proposition that enables our clients to do and achieve great things in a place that integrates FinTech firmly into its DNA. In a place that attracts talented entrepreneurs, encourages collaboration, and provides global connectivity: a gateway between the east and the west, and a true nexus point for the global markets.”


Over 50 international associations participated in the Summit this year, including Africa FinTech Network, Business France, FinTech Philippines Association, European Blockchain Association, Global FinTech Alliance (GFA), Hong Kong FinTech Industry Association, International Digital Economy Association, Invest Seoul, Luxembourg Institute of Financial Technology (LHOFT), Swiss Finance & Technology Association and Women in Web3 Association, among others.


This year’s Summit saw the participation of over 1,000 investors, including more than 10 top executives from some of the world’s biggest banks, managing over USD 7trn in assets under management (AUM). In addition, over 40 FinTech and blockchain unicorns, with a combined market capitalisation of over USD 400bn were also present.


During the two days, over 30 side events were hosted by local, regional, and international partners of the Summit. Panels on the second day included a deep dive into some of the most pressing topics within the financial technology landscape, ranging from High Interest Rates and Macroeconomic Volatility, Institutional Adoption and other.


Dubai FinTech Summit also witnessed the signing of more than 50 Memorandum of Understandings (MoUs) with global financial leaders, as well as several key announcements from attending businesses. Nik Storonsky, Founder and CEO of Revolut announced expansion plans in the MEASA region, marking a significant step towards fostering financial inclusion through cutting-edge technology. Revolut is a global neobank and financial technology company with headquarters in the UK that offers banking services for retail customers and
businesses.
Recognizing the potential of operating in the region’s largest financial ecosystem, State Street Global Advisors’ CEO, Yie-Hsin Hung, also announced that the firm is making a welcome return to DIFC. Based on the region’s expanding opportunities, coupled with DIFC’s 20-year track record as a leading hub for finance and growth, DIFC has continued to draw in an extensive list of banks, advisors, high-net-worth individuals, family offices, and sovereign wealth funds seeking exposure to the region’s fast-growth markets within a future-forward regulated environment.


Dyna.Ai, the Singapore-headquartered firm announced the launch of its operations across Asia, the Middle East, Africa, Europe, North America and Latin America, aiming to transform businesses with AI. The company offers a suite of solutions for digital banking, risk management, audience communication, and employee productivity to address current financial challenges. In the MEA region, offices will be opened in the UAE, Saudi Arabia, and Nigeria. Dyna Athena, a newly launched AI platform, will provide revolutionary communication and interaction between customers, which will include features such as text-to-speech, language and speech processing. Dyna
Avatar, a brand-new humanoid customer assistant, capable of real-time voice-activated conversations in Arabic, English, Chinese, Japanese and Thai, was also launched at the Summit.


Among several notable presentations, Crypto Oasis provided an insightful update on the UAE’s dynamic and ever- evolving blockchain ecosystem. According to the presentation, active companies have surged by 13 per cent year- on-year, reaching 2,040 organizations, with a healthy mix of 71 per cent native and 29 per cent non-native blockchain companies contributing to the ecosystem. There has also been a marked increase in the industry workforce, with over 10,600 individuals working in the blockchain space. One of the key factors driving the crypto industry has been an increase in regulatory clarity, which has helped to attract global brands such as Bybit, Crypto.com, and OKX, which each received Virtual Asset Service Provider (VASP) licenses from VARA.


In line with the Dubai Economic Agenda (D33) to position Dubai as the top four global financial hubs by 2033, DFS is designed to encourage cross-border collaboration and innovation, central to transforming the global FinTech sector.

The Summit presented a unique opportunity for attendees to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region. The 2nd edition of the Dubai FinTech Summit was supported by over 150 global corporate partners. Visa as Founding Partner & Co-Host; Emirates NBD as Premium Banking Partner; e& life as Powered By sponsor; Commercial Bank of Dubai (CBD) as Strategic Banking Partner; Finvasia as Lead Sponsor; SC Ventures as Strategic Venture Partner; Dynatech AI as Powered By sponsor; and Mashreq as Diamond Sponsor; Ripple, Deloitte, Nasdaq, Mastercard, Pay10, Bitpanda, and Alpheya as Platinum Sponsors; AWS & Integra, and Dubai Financial Market among others.

Genesis Digital assets opens bitcoin mining datacenter in Argentina

Genesis Digital assets opens bitcoin mining datacenter in Argentina

Genesis Digital Assets Limited (GDA),a Bitcoin mining company with a presence in the UAE, is opening a new data center in Argentina powered by YPF Luz, a leading company in electric power generation.

The announcement comes during a period of expansion by GDA, which now operates 20 industrial-scale data centers across North America, South America, Europe, and Central Asia. The company’s first facility in South America is located in Rincón de Los Sauces, in the Neuquén Province and has a total capacity of 7 MW and 1 MW of backup.

The Bajo del Toro Thermal Power Plant, composed of YPF, Equinor and YPF Luz, will power 1,200 bitcoin mining machines, and efficiently monetize stranded gas, which would otherwise be flared into the atmosphere.

Speaking from the company’s Dubai office today, Abdumalik Mirakhmedov, Executive President of GDA, said: “We believe that Argentina is an important country for Bitcoin mining, given its abundance of energy sources and business-friendly environment.

“The opening of our first data center in South America is an important step in our geographic diversification efforts. And this will be yet another opportunity to show the world that Bitcoin mining can have a positive effect on the environment and can be fully integrated into local communities.”    

With an abundance of energy, a favorable political climate, and a strong crypto ethos, Argentina is becoming increasingly important for Bitcoin mining and the broader industry.

For the new data center, GDA will use the electricity generated from stranded gas provided YPF Luz, an electric power generation company that has been leading the energy transition since 2013.

As stated by the Intergovernmental Panel on Climate Change, methane gas adversely impacts the environment as it is responsible for approximately a third of the warming the world is experiencing. Methane mitigation techniques, such as the utilization of stranded gas, are important to reduce emissions and combat global warming.

“In 2022, we were the first Argentine company to generate electrical energy for cryptocurrency mining from flare gas, an innovative solution in line with YPF’s energy transition needs,” said Martín Mandarano, CEO of YPF Luz. “This project with GDA allows us to bring YPF and Equinor, two companies committed to reducing the carbon footprint of their exploration activities, an adaptable and sustainable flare gas use solution.”

UAE crypto broker BitOasis uses Sumsub for AML and KYC Compliance

UAE crypto broker BitOasis uses Sumsub for AML and KYC Compliance

UAE regulated crypto broker platform BitOasis will be using Sumsub, a full cycle verification platform providing customizable KYC, KYB, transaction monitoring, and AML solutions.

BitOasis has chosen Sumsub for crypto identity verification and AML screening for crypto compliance. Having recently reopened its platform to new retail and institutional users, this partnership with Sumsub will enable BitOasis to further enhance its user onboarding process while ensuring full compliance with strict AML and other regulatory requirements.

“We are excited to start working with Sumsub, a global leader in verification, anti-fraud and compliance. Sumsub will enable us to further strengthen the stringent controls we use to protect our users and ecosystem from illicit activities and support us in ensuring continued full compliance with evolving AML regulations. By implementing Sumsub’s KYC and AML Screening solutions, we make sure to provide the best user experience to our customers in the Middle East and beyond,” says Stanford Cardoz, AML Director at BitOasis.

“We are thrilled about our collaboration with BitOasis, a leading crypto platform in the Middle East,” comments Peter Sever, co-founder and Chief Strategy Officer of Sumsub. “We are proud to join BitOasis’ mission of building infrastructure for a new digital financial system based on cryptocurrencies, a system that is transparent, inclusive, compliant and secure.”

BitOasis recently received its active MVP Operational license from Dubai’s virtual asset regulatory authority, one step towards receiving a full license.

BitOasis noted that it holds and sells 60+ cryptocurrencies adding that since its launch, it has processed more than $6 billion in trading volume and raised more than $40 million dollars in funding from leading regional and global investors, such as CoinDCX, Wamda Capital, Jump Capital, Pantera Capital, and Global Founders Capital.