Crypto.com and Bahrain BENEFIT explore digital asset payment integration

Crypto.com and Bahrain BENEFIT explore digital asset payment integration

Crypto.com and Bahrain based BENEFIT, a FinTech and electronic financial transactions services have signed an MOU ( Memorandum of Understanding) which aims at discussing combining their expertise and help expand the digital assets and fintech ecosystem in Bahrain including areas such as payment integration and prepaid card capabilities.

The companies signed an MOU at the Fintech Forward event in Bahrain on October 3, 2024.

“BENEFIT’s innovative work to develop the electronic payments space in Bahrain is impressive and we’re excited at the prospect of partnering with a company that is forward-thinking and eager to support the growth of the digital assets industry,” said Eric Anziani, President and COO of Crypto.com. “Bahrain has created an innovation friendly environment and we’re looking forward to expanding our services here.”

“We are pleased to explore this collaboration with Crypto.com as it aligns with our mission to continuously drive innovation in Bahrain’s financial services sector,” said Abdulwahed AlJanahi, Chief Executive of BENEFIT. “By leveraging our expertise in electronic financial transactions and Crypto.com’s cutting-edge capabilities in the realm of cryptocurrency, we are confident this partnership can bring added value to Bahrain’s evolving fintech landscape and support the growth of digital assets in the Kingdom.”

This comes after Crypto.com Crypto.com, the 13th largest global crypto exchange according to CoinMarketCap, received a crypto payment service provider license from the Central Bank of Bahrain allowing it to offer e-money and fiat based payment services regionally, including prepaid cards.

CyBirb Blockchain Security company launches in Abu Dhabi’s ADGM

CyBirb Blockchain Security company launches in Abu Dhabi’s ADGM

CyBirb, aWeb3 security company, has launched its operations in Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital after receiving its license.

As per the press release, the move aims to strengthen capabilities in blockchain cybersecurity and compliance across the region. CyBirb’s expansion marks a significant milestone in enhancing blockchain security and fostering innovation in the UAE and beyond. The decision to launch operations within ADGM was driven by the financial centre’s reputation for innovation and robust regulatory standards. CyBirb is set to offer a suite of advanced security solutions, including Smart contract audits, Decentralized application (DApp) security, Wallet screening and transaction monitoring and AI-powered real-time threat detection.

Manan Shah, Founder and Chief Executive Officer of CyBirb, stated: “Our establishment in ADGM is a game-changer for blockchain security in the region. We’re bringing world-class cybersecurity solutions to a hub of innovation and regulatory excellence. We are confident that our presence in ADGM’s ecosystem will enable us to set new global benchmarks in Web3 security and compliance.”

The company plans to collaborate with key stakeholders in ADGM, including financial institutions, technology firms, and academic institutions, to continuously enhance its services and contribute to strengthening the overall blockchain ecosystem. Commenting on these collaborations Manan Shah added, “These partnerships are integral to our mission of creating a secure and thriving blockchain ecosystem. By collaborating with leaders across various sectors, we’re not just offering security solutions – we’re building a foundation for the future of Web3 in the MENA region.”

Dubai’s DEWA digital arm InfraX and Aurum Partners to deploy edge infrastructure

Dubai’s DEWA digital arm InfraX and Aurum Partners to deploy edge infrastructure

Dubai’s DEWA ( Dubai Electricity and Water Authority) digital arm, InfraX, a subsidiary of Digital DEWA, has signed a Memorandum of Understanding (MoU) with Aurum Equity Partners, a California-based Private Equity Firm specializing in Environmental, social, and governance, ESG – First, Digital Infrastructure Asset Class will deploy next-generation edge infrastructure in UAE and MENA to support applications such as AI , connected cars, smart cities, Blockchain based DeFi applications and more.

As per the press release, the partnership addresses the growing need for localized, high-performance AI ready, Edge data center infrastructure in the era of5G and AI, while ensuring environmental responsibility and social impact.

The initiative will support next-generation applications such as Connected Cars, Smart Cities, and Blockchain-based DeFi, which require a new approach to data center design, from far edge to near edge, with emphasis on end-to-end security and energy efficiency.

“By combining InfraX’s expertise in IoT and smart city solutions with Aurum’s proven capabilities in ESG-focused infrastructure development, we’re creating a foundation for sustainable urban digital transformation,” said Rashid Alahmedi, Chief Operating Officer of InfraX. “This partnership will deliver fast, secure, and intelligent services across various sectors, aligning with the region’s digital and sustainability goals.”

Venkat Bussa, CEO & Chairman of Aurum Equity Partners & Founder of Aurum Group, stated, “Our collaboration with InfraX will establish a robust, environmentally responsible edge computing ecosystem. We’re committed to enhancing the speed and reliability of critical services while minimizing environmental impact. This partnership reflects our shared vision for a sustainable, future-ready digital infrastructure in the UAE.”

The MoU outlines a framework for InfraX and Aurum Equity Partners to jointly explore opportunities in deploying green edge computing infrastructure. The focus will be on creating scalable, energy-efficient, and sustainable edge computing solutions that align with the UAE’s vision of becoming a global leader in both digital innovation and environmental stewardship.

Revolut hires Ambareen Musa as CEO of UAE entity

Revolut hires Ambareen Musa as CEO of UAE entity

After news that Revolut whose global mission is for every person and business to do all things money — spending, saving, investing, borrowing, managing, and more — in just a few taps, had applied to the UAE’s central bank for an electronic-money institution license to offer remittance services, with the ultimate goal of securing a full banking license, similar to the one it recently obtained in the UK, and of Mubadala’s investment in Revolut, Revolut has appointed its CEO for UAE.

Ambareen Musa announced on Linkedin, that she is now the CEO of Revolut UAE. She noted, “Very excited to share that I am taking on the role of Chief Executive Officer – UAE at Revolut!” Ambareen was previously the Founder and CEO of Souqalmal, which was the first regional online comparison site for financial and non-financial consumer products.
This is not the first appointment for Revolut in UAE, the company has been hiring key roles in finance, legal, compliance, crypto, engineering, and product development in Dubai.

Founded in 2015, Revolut began as a multi-currency prepaid card and app, evolving into a financial super-app offering services from international transfers to stock trading. It now serves over 45 million personal and 500k business customers globally.

Revolut also offers its users crypto services in its mix of offerings, trading, transferring and others. It offers 210+ carefully vetted tokens
All tokens as per the website pass stringent checks before being listed. Revolut crypto offers allows users to move BTC, ETH, USDT and 30+ other tokens between their wallets.

Revolut first entered the UAE in 2022, establishing a team of 140 at the Dubai International Financial Centre. CEO Nik Storonsky has long aimed to enter the Gulf market, though licensing challenges have previously restricted UAE residents from opening accounts.

Alongside its UAE ambitions, Revolut is also eyeing neighbouring Saudi Arabia as a growth market.

Abu Dhabi’s Mubadala sovereign wealth fund is expected to help Revolut secure regulatory approvals, aiding in its pursuit of a full banking license in the UAE.

Revolut has seen its valuation rise to $45bn after Mubadala, Abu Dhabi-based sovereign wealth fund acquired a stake in the company. According to the Financial Times, the deal will see Revolut founder Nik Storonsky collect a minimum of $200m.

Revolut employees sold $500m worth of shares in August with Storonsky accounting for around half of the share sale.

Mubadala was one of the investors to purchase the shares, along with DI Capital Partners, Tiger Global and Coatue, although it is not clear how many shares Mubadala purchased or the size of its stake.

AED Stablecoin beats Tether to it and receives UAE Central Bank in principle approval

AED Stablecoin beats Tether to it and receives UAE Central Bank in principle approval

AED Stablecoin LLC announced that the Central Bank of UAE has provided it with in principle approval to launch and establish its own stablecoin, AE Coin. This comes after the Central Bank of UAE announced the “Payment Token Services Regulation”; Circular No. 2/2024, dated 7 June 2024, to be licensed by the Central Bank of the UAE.

As per the press release, the license will enable AED Stablecoin to be the first-ever entity in the UAE to issue AED Stable Coins, in line with the government’s forward-thinking vision and the UAE’s Digital Government Strategy 2025, AE Coin promises to revolutionize financial services by offering unparalleled stability, security, and efficiency.

AE Coin will utilizes fiat-backed stability and Blockchain technology. Each coin will be backed by the AED Dirham.

The press release adds, that AE Coin enables fast, low-cost transactions, all while operating under the regulatory oversight of the Central Bank of the UAE. It’s the future of a seamless, secure, and innovative digital economy.

Ramez Rafeek, General Manager of AED Stablecoin, stated: “We are very pleased to have received the approval of the Central Bank of the UAE to start issuing AE Coin, in accordance with the “Payment Token Services Regulation” Circular. As the first-ever stablecoin regulated by the Central Bank of the UAE, AE Coin will be revolutionizing the digital currency landscape, providing users with an unparalleled blend of financial freedom, unwavering stability, and top-tier security.”

It offers DeFi Integration by integrating with decentralized finance platforms (DeFi). In addition, it provides Enhanced Security and Transparency. AE Coin’s state-of-the-art blockchain technology ensures multi-layer encryption, meaning every transaction is securely recorded on the blockchain, ensuring trust and security.

Lastly it is adhering to Global Regulatory Compliance, with complete regulatory oversight from the Central Bank of the UAE, AE Coin assures users that it adheres to the highest standards of security and compliance in digital finance.

Companies in the UAE can use AE Coin’s stable and regulated currency for instant payments to other companies in the UAE holding AE Coin wallets, improving cash flow management and reducing transaction costs.

For individuals looking to invest, save, or use digital currency for everyday transactions, AE Coin’s intuitive and secure platform makes it easy for anyone to get started. Individuals using AE Coin will enjoy instant, hassle-free transactions without any delays and fees compared to traditional banking.

As a digital currency, AE Coin is designed to support the UAE’s growing digital economy, enabling easier, more secure payments that contribute to the country’s financial innovation. Lastly, AE Coin is designed to foster economic growth, providing individuals and businesses with new opportunities to thrive in the digital economy.

AE Coin’s strategy focuses on forming strategic partnerships with major financial institutions, payment gateways, and technology providers to ensure widespread adoption. AE Coin’s ambitious roadmap includes integration with decentralized applications (dApps), listings on major exchanges, and ongoing technological advancements.

Tether had also previously announced it was seeking a license to launch its own AED stablecoin.

Blockchain analytics platform Elliptic opens office in UAE

Blockchain analytics platform Elliptic opens office in UAE

Elliptic a blockchain analytics and digital asset risk management, has opened its new regional headquarters in the United Arab Emirates (UAE) as an increasing number of its client base is from the MENA region.

Over the past 11 years, Elliptic has pioneered blockchain analytics, setting the standard for real-time multi-asset screening and investigative technologies and delivering the industry’s most scalable, efficient, and performant solutions to empower financial institutions, crypto businesses, governments, law enforcement, and regulatory agencies to navigate the complex world of digital assets.

As per the press release, Elliptic’s establishment of a new regional headquarters in the UAE reflects its global growth strategy for continued revenue expansion and underscores the importance of the region in setting the agenda for building comprehensive risk management frameworks.

“The UAE has firmly established itself as a leading authority for digital asset risk management, providing clarity and support for crypto businesses and financial institutions. As a result, the region has become a thriving hub for digital innovation, making the UAE the ideal location for our new regional headquarters,” says Simone Maini, CEO of Elliptic.

“This strategic expansion comes at a pivotal moment as Elliptic surpasses the milestone of serving over 500 clients, including an increasing number in the Middle East. By establishing a presence in UAE, we are well-positioned to further our hyper-growth trajectory and deliver our industry-leading blockchain analytics solutions to a growing number of crypto exchanges, financial institutions, and regulatory authorities in need of robust risk management tools.”

GCC Electronic Government Ministerial Committee approves Qatar’s digital asset framework

GCC Electronic Government Ministerial Committee approves Qatar’s digital asset framework

During the 8th GCC eGovernment Ministerial Committee meeting held in Qatar, which discussed the launch of eGovernment Guidance Strategy (2024-2030) as well as approving the unified digital asset framework that was prepared by Qatar. The committee also reviewed the minutes of sub-committee meetings, which included discussions on joint electronic services, unified software procurement, artificial intelligence, emerging technologies and digital trust services teams.

In his opening speech, HE the Minister of Communications and Information Technology Mohammed bin Ali al-Mannai stressed the importance of co-operation between the GCC countries in the fields of communications and information technology, highlighting the significant impact of these efforts in achieving the shared goals of member states.

He said: “Our co-operation today reflects the depth of the friendly and long-standing ties between our countries, and our mutual commitment to enhancing integration and unifying efforts in the postal and communications sectors, which play a crucial role in developing our national economies and enhancing competitiveness at both the regional and international levels.”

The minister added: “We are confident that this meeting will contribute to strengthening co-operation between the GCC countries and will be an important step towards realizing our aspirations in building a prosperous and secure digital society. What we have achieved so far is just the beginning of a series of achievements we aim to accomplish by establishing a strong and advanced technology sector that contributes to creating new job opportunities and seeks to increase investments by adopting innovative business models and localizing the latest technological advancements.”

The committee discussed key issues on agenda, including the launch of the eGovernment Guidance Strategy (2024-2030), developed under the leadership of Bahrain, which realigns the vision, goals and work plans aimed at meeting current trends and future challenges.

This follows the completion of the previous strategy launched in 2014, which helped GCC countries achieve high rankings in the United Nations eGovernment Readiness Survey and laid the groundwork for digital transformation within the member states.

The committee has approved the unified framework for digital access for GCC countries prepared by Qatar.

It praised Saudi Arabia’s Digital Government Authority for successfully hosting the fifth edition of the GCC Digital Government Award during the second Digital Government Forum in December last year and approved a proposal to organize the award annually in the country holding the presidency.

Qatar recently announced its digital assets framework in September 2024.

MultiBank receives crypto exchange license from Dubai’s regulator

MultiBank receives crypto exchange license from Dubai’s regulator

MultiBank Group, a financial traditional derivatives institution worldwide headquartered in Dubai, has received a full VASP license for broker and exchange services from VARA (Virtual Assets Regulatory Authority) through its UAE subsidiary MEX Digital FZE operating under the MultiBank.io brand.

The Group has robust net assets of over US$583 million with over 1 million traders across 90 countries. Multibank Group boasts daily trading volumes averaging in excess of US$15.6 Billion per day and is one of the most regulated financial institutions worldwide with over 15 regulators, in 5 continents, with an unblemished record since its inception in 2005 now holds 15 regulatory licenses worldwide.

Naser Taher, Chairman of MultiBank Group, said, “Our vision at MultiBank Group is to create an ecosystem to facilitate integration between the financial derivatives markets and the crypto markets. We are happy to have been awarded dual licenses, affirming our steadfast commitment to regulatory compliance and excellence worldwide. This milestone strengthens our dedication to creating a secure and transparent environment for the global cryptocurrency community and marks a significant chapter in our evolution from Forex to the forefront of the crypto economy.”

With a VASP License from VARA for exchange and broker-dealer activities, MultiBank.io is set to accelerate its growth as a premier digital asset exchange, contributing significantly to Dubai’s burgeoning blockchain ecosystem. The company’s expansion strategy includes bolstering its team, elevating its service offerings, and forging strategic partnerships, all aimed at driving the advancement of the cryptocurrency industry in the region.

UAE Federal government exempts virtual assets and crypto from taxation

UAE Federal government exempts virtual assets and crypto from taxation

The UAE Federal Tax Authority (FTA) published on October 2nd 2024 the amended version of the Executive Regulation of Federal Decree Law No. 8 2017 on Value added tax and has exempted virtual assets and investment fund management.

The amendments which are implemented following the Cabinet Decision No. (100) of 2024 will be effective from November 15th 2024.

These amendments aim to enhance clarity, provide further details on key provisions and procedures, and align with earlier changes in the Decree-Law and other relevant tax legislation.

When it comes to financial services, the decree noted that the management of investment funds and the transfer and ownership of virtual assets, including cryptocurrencies as well as conversion of virtual assets will be exempt from value added taxation. The exceptions on conversion of virtual assets and transfer and ownership of virtual assets are treated as effective from 1 January 2018.

According to PWC, the UAE has defined virtual assets as digital representation of value that can be digitally traded or converted and can be used for investment purposes and does not include digital representations of fiat currencies or financial securities.

PWC notes, “Businesses dealing with virtual assets should analyze the impact of the exemption on their (retrospective) VAT position, especially in respect to their input tax recovery. Voluntary disclosures may be required to correct historic returns.

PWC adds, “In particular fund managers, funds and companies dealing with virtual assets should assess whether their services are within the scope of the VAT exemption and also analyse the impact of that on the input tax recovery.”

According to the recent report from Henley&Partners the UAE leads in this year’s crypto adoption Index, as it is listed among top 12 countries while leading when it comes to public adoption, and innovation and technology. The report notes that one of the top reasons for UAE’s crypto growth is its low-tax jurisdiction which offers an attractive environment for crypto businesses.

For example, when it came to public adoption of crypto, the UAE ranked second following only USA. It is the only Arab country in the top 12 for this year. As per the Index findings, the UAE stands out as a leading jurisdiction for crypto investors. Public interest is high, with a substantial portion of the population owning cryptocurrencies. This enthusiasm is matched by strong government support and a thriving start-up scene.

Bahrain based iBLOCKCHAIN and Accelera strike an alliance

Bahrain based iBLOCKCHAIN and Accelera strike an alliance

Bahraini consultancy firms, Accelera and iBLOCKCHAIN strike a strategic alliance aimed at leveraging the significant economic growth opportunities across the Gulf region, specifically in Saudi Arabia (KSA), the United Arab Emirates (UAE), and Qatar.

Through a synergy of visionaries, this collaboration brings together iBLOCKCHAIN’s undisputed leadership in ‘Intelligent Transformation’ and cutting-edge expertise in Blockchain, Ai, cybersecurity, and Web3 technologies with Accelera’s pioneering Consulting 2.0 approach, creating a force ready to address the digital transformation and business growth opportunities of the rapidly evolving markets in the region.

Commenting on the collaboration, Wassim Jarkas, founder and CEO of iBLOCKCHAIN, said, “This alliance represents a significant step in driving transformation within the Gulf. By combining iBlockchain’s technical prowess with Accelera’s understanding of modern management strategy, we can tailor unique and comprehensive solutions that cater to the region’s evolving needs. We’re not just helping businesses adapt to the post-digital era – we’re empowering them to lead it.”

Also commenting on the collaboration, Mohamed Alsayed, CEO of Accelera, added, “Our collaboration with iBlockchain isn’t just a joining of capabilities. It’s a fusion of visions. Together, we’re crafting a future where innovation isn’t just encouraged, but rather, it’s inevitable.”

As the Gulf Cooperation Council GCC countries, particularly Saudi Arabia, the UAE, and Qatar, continue to push forward with ambitious Vision2030 national development plans, the two companies will focus on sectors including hospitality, construction, and healthcare, where digital transformation initiatives are driving demand for advanced technology solutions and modern consulting.

This partnership marks a new chapter for both companies as they look to unlock new growth avenues and continue supporting the region’s transformation into a global hub for business, technology. It also cements Bahrain’s status as the beating heart of innovation in the region, and a centre of excellence for modern management knowledge. And so the message is clear: The future of business and technology in the region starts here, in Bahrain.