UAE QCP capital: investors sideline ETH and Bitcoin makes incredible recovery

UAE QCP capital: investors sideline ETH and Bitcoin makes incredible recovery

UAEbased QCP Capital recently analyzed the price of Bitcoin stating that it has witnessed an unbelievable and swift recovery, comparing it with the increasing sideline of ETH ( Ethereum).

QCP, an institutional digital assets company received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to conduct regulated activities in May 2024. According to QCP, the decision to make a move into this strategic market for the company’s footprint was in anticipation that the Middle East is going to become a dominant global hub for capital flowing into traditional and digital assets.

According to their market insights report published on August 10th , BTC ( Bitcoin) price is almost exactly where we started a week ago, hovering above 60k. It noted, “Truly an unbelievable and swift recovery, after getting hammered to 49k lows on Monday which was the worst single-day drawdown we’ve seen in years.”

The added that there were two major observations, the first is that there has been a fundamental shift in the liquidity profile of ETH relative to BTC. As per their analysis, while BTC is becoming increasingly integrated into the mainstream macro capital markets, ETH is becoming increasingly sidelined. This development likely stems from the distinct lack of interest in the ETH spot ETFs relative to the BTC spot ETF.

They believe that BTC as digital gold is a compelling narrative to investors while ETH is lacking one. This liquidity shift was made painfully obvious on Monday when ETH plummeted 22% compared to BTC’s 16%.

Yet they state that this is not necessarily negative for ETH price, because while Bitcoin has a propensity for exponential price gains, it also has a potential for larger drawdowns. They note in the report, “Before the ETH spot ETF, the difference in implied volatility between BTC and ETH was closer to 5%. Right now, it has expanded towards 20% and could be even higher. Perhaps the strategy here is to sell BTC volatility and buy ETH volatility.”

In terms of the second observation, they believe the Bitcoin is bullish. They attribute this analysis to the fact that despite what they call the crazy volatility, there was consistent demand for BTC calls expiring in 2025 with strikes close to 100K.

According to their analysis, the crypto market, is back on track towards a bullish year end.

UAE Verofax to utilize blockchain to validate reforestation projects

UAE Verofax to utilize blockchain to validate reforestation projects

UAE and Saudi based Blockchain enabled Verofax, offering traceability and AI technologies, has signed an MOU ( Memorandum of Understanding) to partner with climate tech startup NetGreen to activate retail channels to lead the change in re-greening our planet with trust and transparency.

NetGreen’s platform meets an urgent market need where individuals can purchase a plant-a-tree service from validated reforestation projects to combat climate change. NetGreen enables participants to directly engage in reforestation through everyday transactions, such as converting loyalty points into tree plantings. This model not only supports carbon sequestration but also enhances biodiversity and fosters a deeper connection between communities and their natural environments.

With Verofax validating, reforestation projects becomes seamless using Verofax’ Tree Chain technology for identifying, tracking and measuring the carbon capture from trees using computer vision, AI drone feeds, geolocation, and an immutable ledger.

These technologies will automate operations to prevent double counting and ensure their alignment with the latest international standards, including Verra and UNFCCC CDM.

Nisreen Shadad, CEO and Co-Founder of NetGreen, stated, “Partnering with Verofax propels us towards our vision of a greener planet by enhancing the reach and effectiveness of our reforestation projects. Their advanced technology solutions will allow us to provide undeniable proof of impact to our participants, increasing trust and participation rates. This is a game-changer for environmental engagement.”

Wassim Merheby, CEO of Verofax, said, “This partnership is an excellent opportunity to showcase how innovative technology can be harnessed to address some of the most pressing environmental challenges. By supporting NetGreen, we are not only contributing to scaling reforestation but also demonstrating the potential for technology to create significant positive change.”

This is not the first time that Verofax partners with entities to support sustainability and environmental efforts. This year UAE based BANTgo and Verofax collaborated to enhance e-waste collection.  The partnership seeks to galvanize the masses into responsible recycling by rewarding their endeavors with tokenized incentives.

The Saudi headquartered Digital Cooperation organization magazine covers topics on digital assets and tokenization

The Saudi headquartered Digital Cooperation organization magazine covers topics on digital assets and tokenization

The Saudi headquartered Digital Cooperation Organization (DCO), a global multilateral organization committed to enabling digital prosperity for all by accelerating the sustainable and inclusive growth of the digital economy, in its second edition of EconomiX magazine will cover the topics of digital assets, tokenization, and the digital economy. This publication serves as a key platform for knowledge sharing and insightful discussions on the ever-evolving digital landscape.

EconomiX magazine brings together thought leaders from governments, businesses, academia, and international organizations to explore critical topics influencing the global digital economy.

The Digital Cooperation Organization (DCO), an international multilateral organization that aims to promote digital prosperity for all by accelerating inclusive and sustainable growth of the global digital economy, announced in February 2024 that Jordan will hold the organization’s presidency in 2024. Jordanian Minister of Digital Economy and Entrepreneurship Ahmad Hanandeh will be the new chairman of the DCO Council for Digital Collaboration. The announcement was made during the DCO’s third annual General Assembly meeting, which took place in Bahrain attended by heads of delegations, ministers, and representatives from the 16 DCO member countries. The next DCO General Assembly is scheduled for February 2025 in Jordan.

The second issue of EconomiX delves into a range of thought-provoking themes, including empowering women via gender parity and technology, digitalizing women-led MSMEs and facilitating their access to user-friendly e-commerce platforms, equipping entrepreneurs with skills and tools to grow and thrive in the digital economy, digital FDI and the digital investment map, bringing global trade systems under one digital roof, combatting online misinformation, digital assets and tokenization, and deep diving into digital economies of several DCO Member States looking at the key projects, initiatives, and prospects, as well as the challenges they are facing and the opportunities they are leveraging.

“The DCO is committed to bridging the knowledge gap and fostering meaningful dialogue on crucial aspects of the digital economy. EconomiX magazine serves as a catalyst for innovation and collaboration, empowering our readers to navigate the complexities of the digital age and unlock its immense potential. Building on the success of the inaugural issue of EconomiX, this edition dives deeper into critical digital economy trends, offering insightful analysis and expert commentary to empower informed decision-making,” said Manel Bondi, the DCO Chief of Digital Markets Growth and Chief Editor of EconomiX.

This edition features exclusive interviews with prominent figures shaping the digital world, along with insightful articles and case studies that provide actionable guidance for navigating the digital revolution. Readers will gain valuable perspectives on leveraging digital transformation to drive economic and social prosperity.

The launch of EconomiX by DCO comes at a time in Saudi Arabia and GCC region where Web3, blockchain, AI, and digital asset projects are kicking off.

Blockchain Global Trade Project sets up headquarters in Oman

Blockchain Global Trade Project sets up headquarters in Oman

Advanced Horizon Markets s.r.o. developing its Blockchain and AI enabled GlobalTrade project, has set up its headquarters in Oman after an investment firm acquired 80% of its shares during its seed phase, valuing the project at 1.1 million Euros.

As per the press release, the investment marks a pivotal moment for GlobalTrade, propelling it into a new era of growth and expansion. As part of this development, the headquarters of the GlobalTrade project will be relocated to Muscat, Oman.

GlobalTrade aims to redefine international trade operations through digital innovation, transparency, compliance, and sustainability. With this investment, efforts to create a comprehensive digital marketplace that serves the global business community will be accelerated. The platform is designed to offer robust business verification, smart contracts, integrated quality control, comprehensive shipping solutions, and real-time tracking, all powered by advanced technologies such as blockchain and AI.

Advanced Horizon Markets will retain 15% of the shares, with a three-year cliff, while an additional 5% will be distributed among dedicated technical team members. Advanced Horizon Markets specializes in creating technology-driven solutions that push the boundaries of what’s possible. The company is committed to enhancing global trade through cutting-edge digital platforms and services that promote innovation, sustainability, transparency, compliance, and simplified global trade.

Partnerships with international organizations, financial institutions, insurance companies, tech startups, and logistics providers underscore the commitment to making GlobalTrade a one-stop solution for all global trade needs. These collaborations enhance the platform’s offerings, making it a comprehensive and seamless experience for businesses worldwide.

Amin Mirfakhraie, Co-Founder of GlobalTrade, expressed his excitement about this new chapter: “We are thrilled about this investment and the opportunities it brings for GlobalTrade. Relocating to Muscat and collaborating with our Omani partners will enable us to leverage their expertise and resources, accelerating our platform’s development and introducing innovative solutions to the global trade market.”

UAE based Al Maryah bank launches blockchain digital wallet

UAE based Al Maryah bank launches blockchain digital wallet

Al Maryah Community Bank, a digital bank in the UAE has announced the launch of what it calls the first UAE Blockchain enabled national digital wallet, called Mbank Wallet.

As per the X post, “Al Maryah bank Introducing Mbank Wallet: UAE’s first national digital wallet using decentralized blockchain technology, enhanced with QR technology, and linked to Jaywan.”

Jaywan is the UAE’s domestic card scheme. Users open an account with their Emirates ID and add a the Blockchain enabled digital wallet with an IBAN.

The post adds that the Mbank wallet will allow for better financial inclusion within the UAE.

The new digital wallet will allow seamless financial transactions; send, receive, request, and pay money effortlessly, as well as send funds globally.

The Mbank Wallet is already accepted in TAMM, Emarat, Select Market, and Air Arabia.

In May 2024 Al Maryah Community Bank (mBank) has entered into a Memorandum of Understanding with Dubai Multi Commodities Centre (DMCC). This collaboration aims to streamline the account opening process for businesses within DMCC through an Mbank integrated digital platform.

Utilizing Mbank’s Corporate Platform, companies seeking to establish themselves in DMCC can now digitally complete their business bank account opening in six steps, within 48 hours.

In November 2023 Al Maryah Community Bank chose to leverage the services of Ripple ODL partner LuLu to facilitate cross-border money transfers.

UAE M2 now offers seamless AED to BTC and ETH conversions

UAE M2 now offers seamless AED to BTC and ETH conversions

M2 registered in ADGM, a virtual asset custodian and a Multilateral Trading Facility regulated by the Financial Services Regulatory Authority (FSRA) ADGM, has launched what it calls a simplified pathway for UAE residents to buy and sell Bitcoin (BTC) and Ethereum (ETH) through a direct integration with their bank account.

As per the press release, the integration serves as a significant milestone both for the wider accessibility of virtual assets in the region, as well as M2 working to offer a best-in-class product offering within a rapidly evolving landscape.

The new solution will allow UAE residents with banking services to seamlessly convert United Arab Emirates’ Dirhams (AED) into BTC and ETH – and vice versa – via trading pairs listed on M2’s spot market.

The press release adds, that this new pathway, which leverages the strength and security of robust banking infrastructure, is the most recent milestone in M2’s continued work to build trust and industry leading compliance in providing both the safe custody of virtual assets, and the ability to trade Bitcoin (BTC) and Ethereum (ETH) with UAE Dirham (AED).


CEO of M2 Stefan Kimmel said, “Through this compliant integration, UAE residents can enjoy the familiarity of their existing and trusted banking services, coupled with the cutting-edge security and functionality of our platform. This is all executed within one of the world’s strictest regulatory frameworks where consumer protection, technology, governance and custody are paramount. It is a significant step for M2 in ADGM as we work to expand our offering for the MENA region and reduce the friction in how clients can navigate between traditional finance and virtual assets.”

Sources close to the matter explained to Lara on the Block, that currently M2 is working with one major bank ( which prefers not to be named) and will expand this to other banks in the UAE in the future.

M2 registered in ADGM, which launched back in November 2023, announced that it was able to onboard retail and institutional clients and would be offering AED Fiat on and off ramp through its participation with a local bank. Eight months later, M2 is finally able to do this.

In a previous interview with Stefan Kimmel with Lara on the Block, Kimmel noted, that launching a fully regulated, transparent clean startup from Abu Dhabi ADGM ( Abu Dhabi Global Market) was because the FSRA ( Financial Services and Regulatory Authority) in ADGM is one of the oldest most respected and esteemed regulatory authorities when it comes to virtual assets and crypto. FSRA as Kimmel explained has been around for five years and has a comprehensive solid framework. He stated, “ After all that has happened in crypto over the past few years, everyone is looking for a safe protected transparent exchange, and this is what we are offering from ADGM.”

He also noted, M2 has is its strong liquidity which is essential for the success of any crypto exchange. M2 has an equity investment of $300 million with strategic partners being UAE based Phoenix Group and several Abu Dhabi family offices.

Credibility of UAE crypto exchanges enhanced with new stablecoin regulation

Credibility of UAE crypto exchanges enhanced with new stablecoin regulation

In the past year the UAE has attracted not only international crypto exchanges but it has also attracted home grown GCC crypto players. One of these international crypto exchanges, which sits as the world’s 12th biggest exchange has also set its eyes on MENA and the UAE viewing UAE as a unique jurisdiction.

BITGET Aka Leung, country manager asserts that UAE’s approach to crypto regulation differs from other jurisdictions, emphasizing the uniqueness of each.

Crypto regulations UAE, Hong Kong, Singapore

Speaking to Lara on the Block, Leung explains that UAE has progressively been embracing cryptocurrencies and blockchain technology positioning itself as a hub because of its favourable regulatory environment which allows citizens and residents to own, trade and invest in cryptocurrencies.

Leung affirms that Hong Kong and Singapore have taken a different approach than that of UAE. He states, “Hong Kong has been developing guidelines for cryptocurrency exchanges under its Securities and Futures Commission, striving to balance innovation and investor safeguarding. Meanwhile, Singapore has established a clear regulatory framework through the Payment Services Act, promoting a conducive environment for fintech and blockchain companies.”

He believes that each region has its unique regulatory approach that balances innovation and investor protection and market stability. He adds, “It is essential for industry stakeholders to navigate these diverse regulatory environments to ensure compliance, foster innovation, and build trust within the global crypto community.”

Crypto Growth in GCC

When it comes to the growth of crypto in the GCC (Gulf Cooperation Council) region Leung has seen an increasing interest in not only cryptocurrencies but blockchain technology as governments and businesses explore these applications and their benefits.

Yet he explains that governments in the GCC market should provide clear and comprehensive regulatory frameworks. He explains, “To further stimulate the growth of crypto in the GCC market, regulatory frameworks need to tailor to the unique characteristics of cryptocurrencies that can enhance investor confidence and industry development.”

This should be coupled with “Education and Awareness” about cryptocurrencies and blockchain technology among the general public, businesses, and policymakers.

UAE Stablecoin regulation for crypto exchanges

UAE Stablecoin Payment Token Services Regulation came out laying down the rules and conditions by the Central Bank of UAE for licenses pertaining to payment tokens, not allowing algorithmic tokens to be included and only allowing foreign stablecoins to be used to purchase virtual assets, while the AED dirham stablecoin became the only stablecoin to be allowed for payments in the country.

While this is an advancement when it comes to utilizing the AED stablecoin as a legal tender, the question remains how can centralized crypto exchanges do with this new regulation?

Leung believes that centralized crypto exchanges can enhance the credibility of cryptocurrencies and the crypto exchanges themselves by adhering to the UAE Central Bank stablecoin regulations.

He notes, “Operating with regulated stablecoins demonstrates a commitment to compliance and regulatory standards, fostering trust among users and regulatory authorities. It will Increase the “Market Access” The acceptance of stablecoins as legal tender for payments within the UAE expands market access for crypto exchanges.”

According to Leung the UAE stablecoin regulation opens up new avenues for users to engage with cryptocurrencies, promoting adoption and usage across various sectors. He says, “This is a bridge from traditional finance to digital finance.”

Bitget expansion in MENA

Bitget crypto exchange has embraced the MENA region not only by supporting the Arabic language on its website and mobile application in 2023, but also by partnering with crypto payment solution provider allowing users to buy and sell crypto using various local currencies including, AED, EGP, SAR and others.

Currently Bitget is engaged in establishing trust with users and regulatory bodies as it paves the way for the long-term sustainability and growth.

He adds,” We are still exploring license applications to operate in the MENA markets.”

Crypto Exchanges and UAE’s digital economy

During a recent meeting of the G20 Labour and Employment Ministers’ meeting in Brazil, Shayma Al Awadhi, assistant undersecretary for Communication and International Relations at the UAE Ministry of Human Resources and Emiratization (MoHRE), said the UAE is expected to invest $20 billion in digital technologies such as information technology (IT), telecommunications, artificial intelligence (AI), the Internet of Things (IoT), blockchain, and robotics over the next three years.

The UAE also noted during the G20 meeting that it aims to double the digital economy’s contribution to its GDP from the current level of 9.7 percent to 19.4 percent over the next 10 years.

The acceleration of digital economy’s contribution to UAE’s GDP is intertwined with the growth of digital assets, tokenization, crypto, and stablecoins. 

The role of regulated crypto exchanges will be strong.

Central Bank of UAE and Seychelles cross border settlement’s MOU will extend to CBDCs

Central Bank of UAE and Seychelles cross border settlement’s MOU will extend to CBDCs

The Central Bank of UAE, and the Central Bank of Seychelles have signed two MOUs (Memorandum of Understanding), to utilize local currencies in settling cross border financial and commercial transactions, with the aim of extending this to CBDCs (Central Bank Digital Currencies).

As per the press release, His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Ms. Caroline Abel, Governor of the Central Bank of Seychelles (CBS), signed today in Abu Dhabi two Memorandums of Understanding (MoU) regarding enhancing the use of local currencies in settling cross-border financial and commercial transactions, and interlinking payment and messaging systems between the two countries.

The first MoU aims to establish a framework to promote the use of local currencies in settling bilateral commercial transactions, developing the exchange market and to facilitate bilateral trade and direct investment, remittance settlement, and financial market development.

Under the second MoU, both parties will consolidate cooperation and mutual benefit from the services of instant payment platforms, electronic switches and messaging systems, by directly linking them in accordance with the regulatory requirements in the two countries.

This includes interlinking the Instant Payments Platform (IPP), which the CBUAE is developing within the Financial Infrastructure Transformation Program, and the similar platform in the Republic of Seychelles, and between systems and electronic switches to facilitate mutual acceptance of local cards and processing their transactions, in addition to exploring the possibility of linking messaging systems and cooperation in the field of FinTech and Central Bank Digital Currencies.

His Excellency Khaled Mohamed Balama, Governor of the CBUAE, commented, “The signing of the Memorandums of Understanding reflects the Central Bank’s keenness to expand its relations with regional and international counterparts, to enhance UAE’s economic and commercial partnerships globally. The use of the two countries’ currencies for cross-border financial and commercial transactions reflects the growing trade, investment, and financial cooperation and contributes to reducing costs and saving time in settling transactions. This helps in developing the foreign exchange market in the UAE dirham and the Seychellois rupee, leading to enhancing trade exchanges, investments, and remittance between the two countries”.

Ms. Caroline Abel, Governor of the CBS, added “For small open island economies like Seychelles, the importance of an effective and efficient financial system to facilitate trade cannot be overemphasised. The agreement to develop and gradually implement the necessary framework to promote the use of our respective national currencies, the UAE Dirhams and the Seychelles Rupees, in cross-border transactions can further facilitate trade relations between stakeholders across the two jurisdictions. With the Central Bank of Seychelles spearheading efforts to modernise and develop the Seychelles national payment system, in line with the Government’s digital economy agenda, the opportunity to collaborate on interlinking our payment and messaging systems will facilitate the processing and settlement of cross-border financial transactions between the two countries. We look forward to learning from the experiences and expertise of the Central Bank of the UAE as we endeavour to keep pace with developments within the global payment landscape and further leverage technology and innovation for more seamless processing and settlement of payments, including cross-border payments.” 

This comes a day after, the CBUAE and the Central Bank of Indonesia signed an MOU to establish a framework to enhance bilateral cooperation in the area of payment systems.

 His Excellency Khaled Mohamed Balama, Governor of the CBUAE, said: “This MoU embodies the growing economic partnership between the UAE and Indonesia. It is an important pillar which seeks to support bilateral relations in the fields of trade and investment and enhance the UAE’s role in global trade. Today, we are presented with an important opportunity to bolster our cooperation with Bank Indonesia across all financial and banking fields, including financial technology, innovation, and digital payments. This reinforces our wider efforts to support the UAE’s objective of becoming a leading global hub for financial technology and digital and cross-border payment solutions.”

Blockchain enabled Maalexi agri business receives debt investment of $1 million

Blockchain enabled Maalexi agri business receives debt investment of $1 million

Blockchain enabled UAE based Maalexi has received an investment of $1 million from Stride Ventures, a premier global venture debt firm from India. The investment will accelerate Maalexi’s growth plans and boost its operational capabilities to foster more efficient food and agri-produce procurement, and distribution across the region.

As a dynamic risk management platform, Maalexi helps small food and agri-businesses directly access cross-border trade. Founded in 2021 by Dr. Azam Pasha and Rohit Majhi, Maalexi is set to revolutionize the $3 trillion global cross-border food and agri-produce trading market. The company provides critical risk management tools including digital contracts, AI-enabled inspections, and blockchain-authenticated documentation, enabling SME agri-buyers to procure food supplies faster, cheaper, and safer from globally located SME agri-producers and exporters.

Apoorva Sharma, Managing Partner at Stride Ventures, commented on the collaboration, stating, “Maalexi’s deployment of cutting-edge technologies places it at the forefront of enhancing regional food security and connecting rural markets with the global economy. This investment embodies Stride Ventures’ commitment to global expansion by supporting companies that use technology to improve traditional industries. Our strategy is not only forward-thinking but also designed to foster innovation and cultivate synergies across borders.”

Dr. Azam Pasha, co-founder and CEO of Maalexi, voiced team Maalexi’s excitement about the partnership, mentioning, “This debt capital raise from Stride Ventures will significantly enhance our ability to acquire new users and scale our operations, further solidifying our position as a leading digital risk management platform for small and medium enterprises (‘SME’) engaged in cross-border trade. We will use these funds to deploy cutting-edge technology solutions that streamline the movement of goods through our local and international warehouses and carriers, effectively mitigating key risks in international trade. Furthermore, this capital infusion will serve as a strategic lever, helping us acquire additional debt capital to expand our operations, and bolster food security across the UAE and the broader GCC region.”

This strategic investment not only strengthens Stride Ventures’ commitment to Hub71, Mubadala’s tech ecosystem, but also underscores Stride Ventures’ role as a global investor with strategic focus on supporting high-growth companies in emerging markets.

Blockchain enabled fan network Fanera, relocates to Saudi after agreement with Saudi Ministry of Investment

Blockchain enabled fan network Fanera, relocates to Saudi after agreement with Saudi Ministry of Investment

 Fanera, a Web3 AI Blockchain enabled social network dedicated for sports fans, has announced their commercial agreement with Saudi Arabia’s Ministry of Investment as they relocate their headquarters to Riyadh KSA.

Fanera which utilized advanced technologies such as AI, Blockchain, machine learning allows fans to connect with each other and engage with their favorite teams while earning rewards for their loyalty. In Saudi Arabia, Fanera is set to transform the football experience.

As per the press release, “Fanera by leveraging blockchain and NFTs, will provide fans with unique opportunities to trade their content, ensuring authenticity and creating new revenue streams. This aligns perfectly with Saudi Arabia’s vision for technological leadership and innovation.”

Fanera also offers Clubs, brands, and sponsors a new way to connect with fans and promote their brands.

Fanera was featured as one of the top 20 sports tech startups in 2020 globally and has over 450 thousand users in the MENA region with 1 million daily views. The Kingdom’s commitment to hosting the 2034 World Cup underscores its dedication to becoming a global hub for sports and entertainment. By expanding in KSA, Fanera aims to align with these ambitions and bring an unparalleled fan engagement platform to the heart of the Middle East.

The gamified experience on Fanera rewards users for their interactions, enhancing competition and fostering a vibrant community of football enthusiasts.

“Expanding into Saudi Arabia is a strategic move that aligns with our mission to revolutionize football fan engagement globally. By integrating Web 3.0 technologies, we are not just enhancing the fan experience but also setting new standards in the industry. We are excited to contribute to the Kingdom’s vision of becoming a global sports hub,” said Mo Kilany, CEO of Fanera.