42 percent of UAE youth and middle aged residents have held crypto, stablecoins and NFTs

42 percent of UAE youth and middle aged residents have held crypto, stablecoins and NFTs

In Checkout.com’s third annual report on digital transformation in MENA for 2022, it found that e-commerce in the UAE had settled into a stable high growth era. The report states that consumers in the UAE are turning to their digital devices and spending more time and money online. Even payment methods are evolving in the UAE with more turning to crypto and digital wallets.

The report confirms that 42 percent of 18-40 year olds in the UAE have held digital assets such as crypto, stablecoins and NFTs, and 59 percent of 18-40 year olds would like to be able to pay for goods and services in crypto or stablecoins in the next 12 months. 

The digital transformation in MENA 2022 report draws insights from a regional survey which polled more than 15,500 consumers in August 2022 in the UAE, KSA, Egypt, Qatar, Kuwait, Bahrain and Pakistan.

96 percent of UAE consumers now shop ecommerce, an increase from 89% from last year. This comes as a testament to the continued consumer demand of the flexibility and comfort to shop online.

According to the report, 4 in 10 consumers in UAE shopped online weekly or more frequently in 2022. Moreover, the eCommerce market in the UAE is expected to grow further over the next 12 months with 80% of UAE consumers saying they will maintain or increase their current level of ecommerce spending into 2023.

75 percent of consumers in UAE cite a digital payment method as their preferred payment option for ecommerce, a near doubling in the popularity of digital wallets compared to figures from 2021.

Moreover, 45% of consumers in the UAE say they used BNPL in the last 12 months, an increase from just 21% who used it the year before, this number is expected to surge further with an additional 27% planning to use BNPL in the coming 12 months.

Preference for social commerce in the UAE more than doubled, reaching 16%. Regionally, 20% of consumers in MENA say they most frequently shop ecommerce in a social media channel which represents a 43% growth in the past 24 months.

Remo Giovanni Abbondandolo, Senior Vice President for MENA at Checkout.com, stated,  “The report validates our conclusions from last year – that the UAE’s eCommerce and digital payment ecosystem is growing rapidly. The UAE is one of the most connected societies in the region and consumers here have achieved a high level of maturity when it comes to eCommerce, they are at the top of eCommerce usage in the region and globally.”

He adds, “Additionally, the growing trust in online payments by shoppers means the digital transformation of the region’s retail sector is well underway. This is underlined by the emergence of Web3 as a key component of the online experience, with shoppers showing a significant appetite for transacting on-chain, and a desire both to be paid and to pay in digital currencies.” 

Binance sees close to 50 percent growth in MENA users on its platform

Binance sees close to 50 percent growth in MENA users on its platform

Binance crypto exchange saw a 49 percent growth in the number of users from MENA region in 2022. As per the news this reflects the growing appetite for virtual assets.

In addition Binance has grown its employee base in Dubai alone to over 400 employees.  This comes as Binance recently obtained its Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) which allows the company to offer a range of approved virtual asset related services to suitably qualified retail and institutional investors in Dubai.

Richard Teng, Regional Head of MENA at Binance, comments, “It is extremely encouraging to see this level of growth in the MENA region, not just in terms of user adoption but also in terms of headcount and new employees in our own teams, particularly in the UAE. We are witnessing rapid adoption of blockchain technology in the region and we believe there is huge potential for the UAE to soon become a leading virtual asset hub.”

He adds, “We’ve got exciting plans for Binance in the MENA region and are putting together a highly skilled team to lead our expansion, setting a firm foundation for our future growth. Aligned with our growth objectives, we remain committed to working closely with local regulators to establish a safe and secure ecosystem, and we will continue our cooperation in Dubai and the wider UAE to develop a robust virtual asset infrastructure that protects the market and the investors.”

MENA crypto users receive $566 billion worth of crypto in one year

MENA crypto users receive $566 billion worth of crypto in one year

As per a recent Chainalysis blog report, MENA based crypto users received $566 billion worth of cryptocurrency in one year from July 2021 to June 2022. As per the news, this is a 48 percent increase from 2020-2021.

In addition Turkey, Egypt and Morocco once again lead not only in MENA region but globally. All three countries are in the top thirty list of countries with most crypto savings, usage of crypto for remittance payments and permissive crypto regulations.

These could be caused by these countries’ fiat currency devaluations and the huge remittance market in Egypt for example. This is why Egypt has become the fastest growing crypto market in 2022, while Turkey still remains the largest crypto market with its citizens receiving $192 billion.

The report also notes the role of countries in the GCC (Gulf Cooperation Council), and cites the example of Saudi Arabia which is the third largest crypto market in MENA, while UAE stands at fifth largest. This is especially true given the recent stance of the UAE on crypto and the increased regulations as well as the licenses being granted to crypto exchanges the likes of Binance, and FTX.

In Chainalysis previous report from June 2020 until June 2021, the MENA region was also the fasted growing crypto market. At the time the Middle East region received 271.7 billion USD worth of cryptocurrency representing almost 7 percent of global crypto value received. This was an increase of 1500 percent compared to June 2019 until June 2020. The growth of crypto in Middle East was higher than the overall world adoption that had jumped 880 percent by June 2021.At the time both Turkey and Lebanon topped the MENA countries in terms of receiving crypto.

How can our most important and cherished chats and messages live on forever?

How can our most important and cherished chats and messages live on forever?

At one point in all of our lives, we have either deleted important messages we received by accident, or lost all our whatsapp conversations, and maybe even wished we knew how to find an important message on discord, telegram, or even a Web3 communication app we were using.  Well this has now been resolved with the advent of a Web3 blockchain enabled, ‘Eternal Message’

Today more than 3 billion people worldwide are using messaging apps, sending an average of 145 billion messages every day. While the majority of these messages are insignificant, some are very important to those sending and receiving them.

While Web3 messaging apps have come to resolve the issues of security and privacy, as well as offer fully encrypted and stored messages on the blockchain, yet none of them has thought about eternally capturing those we deem important so we can retrieve them easily later on.

In an interview with LaraontheBlock Mohamed Abdou Founder and CEO of Egyptian headquartered and UAE based Pravica, developers of a Web 3.0 Blockchain communication platform, highlighted the innovation that will save those very previous messages whether personal, business related or potentially those of historical significance , he explained,“ In both of our Web3 crypto native Pravica messenger and Pravica Club group chat platforms, we have developed a solution that allows users to save their text messages forever on the blockchain in the form of NFTs. We call it the eternal message.”

Explaining how it works, he adds, “Users can take pieces of their conversations and put it in plain text on the blockchain. The piece of conversation will be converted into a single transaction ID that users can share with anyone. It will forever be on the blockchain and can be verified and shown as a Proof of Chat.”

These minted text extracts of 1024 characters, called eternal messages, can be minted into NFTs (Non Fungible token). Eternal messages, which can not only save and engrave personal moments, like the first time someone said I love you, or a marriage proposal, but can also be used in business transactions, forged through a chat or even a historical statement made in a historical moment addressed to a community or group.

 So for example in the historical moment when Ethereum merged successfully, Vitalik statements to the entire Ethereum community could have been engraved eternally on the blockchain, so future generations could bear witness to the achievement decades from now.

With more and more business conversations happening on Web2 and Web 3 messaging platforms, deals, transactions, and partnerships will most probably be minted into eternal messages.

Pravica revealed the ‘Eternal message feature’ during their launch of the first DcFi (Decentralized Communications and Finance) platform, the Pravica Club, at CV Summit 2022, hosted by CV Labs in Switzerland.  Back in 2021, CV VC Labs had invested in Pravica.

Pravica applications, built on Stacks Blockchain and secured by Bitcoin, developed and launched a completely decentralized Web 3.0 communications platform utilized by both enterprise and individuals.

The DcFi platform allows for Web3 and native crypto conversations with seamless in chat payments, stacking pools similar to DeFi applications out there.

The CEO noted, “We are empowering the Web 3 creator economy. This is especially relevant in the era of the metaverse where individuals will need decentralized identities, secure communications and P2P financial transactions as well as features such as eternal messages. This is a gateway towards a truly Web 3.0 creators economy.” 

Abu Dhabi’s virtual assets regulator First MENA regulator to allow NFT trading

Abu Dhabi’s virtual assets regulator First MENA regulator to allow NFT trading

UAE virtual asset regulator in Abu Dhabi,  FSRA (Financial Services Regulatory Authority) of ADGM ( Abu Dhabi Global Market) has enhanced its capital markets framework, allowing for the trading of NFTs  (Non Fungible tokens) on virtual asset regulated platforms, This means that MTFs/Custodians (Multilateral trading Facilities) operating within ADGM are now able to seek approval from the FSRA to engage in Non-Fungible Token (NFT) activities.

As per the news, these are considered significant enhancements to its capital markets framework, across spot commodities, securities, derivatives, benchmarks, environmental instruments and virtual assets that will further improve on its innovative and progressive regime and leadership in financial markets.

Alongside its innovative approach to virtual assets, the ADGM has now implemented its regulatory framework for spot commodity and environmental instrument activities, making it the first international financial centre in the MENA region to do so

Ahmed Jasim Al Zaabi, Chairman of the ADGM, said, “The ADGM wishes to thank all those who responded to the consultation paper released earlier this year. The degree of interest shown in the consultation, as well as the keen interest by participants looking to undertake activities in these significant new areas, is hugely positive. Collectively, the ADGM and its market participants continue to provide regulatory and industry leadership, positioning the ADGM and Abu Dhabi as the jurisdiction of choice. These enhancements to our capital markets framework will unlock the next stage of investment and growth opportunities, across commodities, environmental instruments, virtual assets activities and wider financial markets.”

Prior to this announcement, ADGM’s FSRA had also announced that stablecoins could now be traded on virtual asset platforms. As they stated, ADGM will only permit those tokens where price stability is maintained by the issuer holding the same fiat currency it purports to be tokenizing on a fully backed 1:1 basis. This therefore currently prevents the use within ADGM of other types of stablecoins, such as algorithmic stablecoins.

While VARA (Virtual Assets Regulatory Authority) based out of Dubai continues to license virtual asset exchanges such as Binance with full licenses, it has yet to set its framework for the regulation of NFTs or stablecoins.

Despite this the UAE remains one of the most advanced virtual asset regulated hubs globally.

Oman now has a blockchain enabled digital identity platform

Oman now has a blockchain enabled digital identity platform

Ahmed al Marjeby and Mahmood al Lawati have developed a blockchain enabled digital identity platform out of Oman. Nashid, the blockchain enabled digital identity platform is aimed to mitigate the risks of identity fraud. Nashid has also secured a pre-seed investment as part of the Techween program from Oman Technology Fund

As per the news, Oman based Nashid will allow users to access services digitally without visiting any service provider ever again.

In 2020 alone, identity theft and fraud cost over $700 billion in losses worldwide

The platform will allow the creation of a secure digital version of one’s identity and their attributes. The need for in-person verifications will cease, usernames and passwords will disappear, and a frictionless, online-only user journey will take place.

Nashid is powered by the Blockchain to maintain the truth of all digital interactions with high levels of online security and credibility. It also is fueled by encryption models of hash functions, digital signatures, and verifiable data structures and proofs to ensure security and uses asymmetric Cryptography to keep identities private using decentralized Identifier (DID) standards, and DID communications and methods

Marjeby, co-founder and CEO of Nashid, earlier founded two tech startups in the e-commerce and blockchain technologies, while Lawati, co-founder and CTO, has previous experience of founding a property tech startup.

In an interview, Lawati said, “Nashid as a digital identity platform powered by blockchain that allows service providers to verify new and existing customers digitally. Nashid also creates secure and reusable digital identities that are portable and verifiable. This mitigates risk of identity fraud, automates businesses’ ability to verify users digitally, and removes the need for in-person identity verifications.”

According to Lawati, Nashid is an enterprise-ready platform for businesses and a wallet app for end-users. The enterprise element allows service providers, banks and finance companies, telecommunications service providers, healthcare, aviation and oil and gas companies,  to verify users’ identities with seamless integration to their legacy systems and business processes.

Marjeby told LaraontheBlock when asked about what blockchain they were using, ” Apart from the platform itself, we are building our own blockchain governed by rules and parameters suitable for the Identity space and local regulations. Currently we are still in the final testing phased as we optimize and prepare for onboarding.” 

 End-users’ wallet app will ensure users have control and ownership of their identity information, and establish a clear ‘consent-based’ model of data exchange, which complies with local regulations and personal data protection laws.

 Lawait adds, “Nashid participated in the pitch competition at COMEX in June 2022 and was chosen as a Top 10 project by a powerhouse investment committee. Later, it secured a pre-seed investment as part of the Techween programme of Oman Technology Fund.”

Arab Super Star Singers to hold the first ever concert in the metaverse

Arab Super Star Singers to hold the first ever concert in the metaverse

Moroccan Arab singer, dubbed “Al Mualem”, meaning the teacher, Saad LAMajarred and Arab Super star Ragheb Alama will be holding the first ever Arab joint music concert in the metaverse.

The two well renowned Arabic singers announced that they would be holding their upcoming concert in the metaverse in collaboration with famous Arab composer Michel Fadel.

The concert will be held on the 20th of October 2022, organized by Metaboundless. Metaboundless is a Web3.0 platform that connects creators and creator IP with fans to produce and scale creator content. MetaBoundless in partnership with Karma Return Opportunities, a regulated Web3.0 asset manager run helps creators generate attractive returns while preserving capital.

Tickets will be sold in the form of NFTs (Non Fungible tokens). A tutorial on how to purchase the tickets is present on the Metaboundless website.

Blockchain platform AlGorand is the exclusive blockchain partner for the event along with famous Arab Cartoon NFT collectibles, the Crypto Arabs as community sponsors.

Ragheb Alama, Saad La Mjarred and Michel Fadel will be present at the concert through their avatars.

Ragheb Alami on twitter stated, “I have dreamt to be able to communicate directly with all my fans anywhere, anytime and with every generation, and after months of work with MetaBoundless, we are now able to make this a reality. It is now time to enjoy this technologically advanced and different project. Be with us on the 20th of October at 11 pm where we will for the first time hold a futuristic concert in the metaverse with my Avatar.”

Saad Al Mjarred also took to Twitter and stated, “I have always dreamed of being able to perform live with all of you globally together. MetaBoundless

 is making that dream a reality. Together we Step into the Metaverse, a worldwide virtual performance.”

I am pleased to be participating with the Star Ragheb Alameh in this concert. We will be showcasing new music and songs in a futuristic way that goes with the environment in the metaverse.”

It is noteworthy that prior to this in July 2020, Nancy Ajram released her new song in the metaverse. She had announced that she would be launching her new song “Sah Sah” in the metaverse. Tickets were sold in crypto for the first time in the Arab world.

EazyPay and Binance to offer crypto payments in Bahrain

EazyPay and Binance to offer crypto payments in Bahrain

Bahrain EazyPay, a payments solution provider,  has partnered with Binance’s Binance Pay to launch a regulated and approved crypto payments service offering in the Kingdom.

Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy in Bahrain stated on LinkedIn,  “Now you can pay in stores with any preferred Cryptocurrency using Binance App.  A special thanks goes to Central Bank of Bahrain, Binance and Eazy Financial Services B.S.C (Closed) teams.” 

‎‏Eazy Financial Services “EazyPay”, a  Bahraini financial institute specialized in Point-of-Sale (POS) & Online Payment Gateway Acquiring services licensed & regulated by the Central Bank of Bahrain, has partnered with Binance, to offer crypto  payments using “Binance Pay” over “EazyPay”  across 5000+ Point-of- Sale (POS) Terminals & Online Payment gateways in the Kingdom of Bahrain.

Merchants such as ‎‏ Lulu Hypermarket, Sharaf DG and Al Zain Jewellery as well as local favorites such as Jasmi’s will now be able to accept 70+ cryptocurrencies from “Binance Pay” customers in a very fast & extremely secure way.

Customers can pay at Merchants Stores in “Real-Time” with cryptocurrency by simply scanning the generated QR from Eazy’s POS using their Binance App and pay with preferred cryptocurrency.

eToro receives crypto investment broker in principle approval from Abu Dhabi’s ADGM

eToro receives crypto investment broker in principle approval from Abu Dhabi’s ADGM

eToro,  social investment networks  has received an In-Principle Approval to operate as a securities, derivatives and crypto broker in Abu Dhabi, UAE.

The Financial Services Permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), approval will enable eToro to establish a base from which to offer its services to customers across the region.

 

eToro allows users to view other investors’ portfolios and statistics, and interact with them to exchange ideas, discuss strategies, and benefit from shared knowledge. Users can hold traditional assets such as equities, currencies, ETFs, or commodities, alongside newer assets like cryptoassets. eToro also offers its users a choice of how to invest, as users can trade directly themselves, invest in a portfolio, or replicate the investment strategy of other investors on eToro’s platform at no extra cost, with a single click.

Arvind Ramamurthy, Chief of Markets at ADGM, said, “We are pleased that eToro has been awarded an In-Principle Approval by the ADGM and are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi, the capital of the UAE. ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.ADGM will continue to actively expand the business offerings and unlock new investment opportunities in the UAE, and enable investment platforms partners like eToro to support the growing financial needs of the investors and businesses across the region.”

 

Jason Hughes, Senior Executive Officer, UAE at eToro said, “This is an important milestone for eToro. The UAE has one of the most vibrant fintech landscapes in the Middle East, and Abu Dhabi one of the most sophisticated regulatory frameworks for digital assets. We’re incredibly proud to be joining this ecosystem. We look forward to working with the ADGM to obtain our full licence, and, in turn, expanding our services to investors in the UAE and further afield. We recently opened our office in Abu Dhabi to support this expansion and are looking forward to growing the team locally.”

George Naddaf, Regional Manager, UAE at eToro concluded, “eToro’s goal is to provide more people with access to financial markets. With the full licence in place, more investors in the Middle East will gain access not only to global markets, but also a wealth of educational content and the opportunity to share knowledge and discuss their strategy with our community of global investors. We are looking forward to working with our prospective clients and partners in the region.”

Select UAE Local bank customers can now trade with Binance in Dubai

Select UAE Local bank customers can now trade with Binance in Dubai

Binance, crypto exchange has received its Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). Local bank clients approved by VARA will be able to utilize the Binance platform. Users will benefit from higher consumer protection levels because Binance is now a fully regulated platform in Dubai.

Binance is now able to open a client money account with a UAE local bank and provide services to qualified customers. Services include, virtual asset exchange services, conversion between virtual assets and fiat currencies, transfer of virtual assets, custody and management of virtual assets, virtual token offering and trading services and virtual assets payments and remittance services

His Excellency Helal Saeed Almarri, Chairman of VARA said, “We are pleased to have Binance licensed to operate within the VARA MVP Programme. The VARA regime aims to strike an effective balance between value creation and risk mitigation, enabling open market innovation while assuring protection for the economically vulnerable. The MVP Phase, is designed for select global players across the value chain, that are committed to responsible industry participation and VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy.”

Changpeng Zhao (CZ), founder and CEO of Binance, commented: “At Binance we welcome regulations that are globally consistent, enable responsible innovation, protect users, and give them choice. VARA’s unique operating model is setting a benchmark for the global industry, and this most recent registration is an acknowledgement of our compliance and safety processes in the new regulatory framework.  We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world as we have been doing in Dubai.”

Alexander Chehade, Binance Dubai General Manager, noted: “Our registration in Dubai is a reflection of the country’s progressive stance on blockchain technology and its willingness to embrace this sector through collaboration. We look forward to continued partnership as we build upon our team and operations in Dubai to roll out additional services including local banking capabilities and enhanced products.”