Saudi, Russia, and Iran to deal in Bitcoin and Qatar to pull trigger with Bitcoin buy

Saudi, Russia, and Iran to deal in Bitcoin and Qatar to pull trigger with Bitcoin buy

Russia, Saudi Arabia and Iran to start doing deals in Bitcoin, this is a statement made on X by no other than Max Keiser, the well-known Bitcoin influencer and the host of Keiser report, who is as well senior Bitcoin advisor to Nayib Bukele, the President of El Salvador.

As per Keiser’s statement, on X, “Russia, KSA, Iran will start doing deals in Bitcoin. Qatar knows this and is pulling the trigger on a huge BTC buy for their SWF (Sovereign Wealth Fund).”

This comes just days after Keiser stated that the Qatar sovereign Fund would be buying $500 billion of Bitcoin. Keiser had stated on X, “I have 1 word for you $100,000 Bitcoin God Candle fans. QATAR, the rumors are getting very loud on this. Their SWF (Sovereign Wealth Fund) rumored to looking to buy 1/2 trillion BTC (Bitcoin).”

Months prior to this Qatar was touted as discussing Bitcoin mining during the visit of HH Prince Sheikh Tamim bin Hamad Al-Thani of Qatar to El Salvador but nothing materialized on that front yet.

Keiser is a longtime Bitcoin advocate and educator, having advised people to buy Bitcoin since the price was $1.

With his statements Keiser seems to imply that the top GCC countries, Iran, and Russia plans to break away from the U.S. dollar and gravitate towards Bitcoin for trade.

Some would say that given that the Qatar Investment Authority founded in 2005 in October 2023, had an estimated $475 billion of assets under management would they use all that to buy Bitcoin? Qatar has not even legalized the trade of cryptocurrencies and neither has Saudi Arabia, Iran, or Russia.

In January 2023, Qatar Investment Authority CEO Mansoor Ebrahim Al-Mahmoud told Bloomberg that they would be interested in the credit space, and AI (Artificial Intelligence) as a theme of investments. In 2022 the CEO of Qatar Sovereign Wealth Fund showed interest in investing in Blockchain but shunned crypto.

Could the strained relationships with the United States be pushing forward this movement towards de-dollarization in the form of utilization of Bitcoin?

Another interesting analysis could be that Qatar is actually interested in Bitcoin mining in El Salvador.  El Salvador was noted as entering a public private partnership worth $1billion to create the world’s largest Bitcoin mining farm. Volcano Energy has developed the first mining pool in El Salvador with Luxor Technology.

This according to Volcano Energy is a $1 billion Bitcoin mining project set to transform El Salvador through the development and operation of renewable energy plants. Could Qatar one of the most experienced and highly invested renewable energy country be interested in this project? Maybe just maybe yes!

Qatar Investment company invests $15 million in Layer1 Blockchain platform QAN

Qatar Investment company invests $15 million in Layer1 Blockchain platform QAN

UK QANplatform, the quantum-resistant Layer 1 blockchain, receives $15 million investment from Qatar investment company MBK Holding. In September 2023, MBK holding publicly expressed their support for QANplatform.

The QANplatform unveiled its private blockchain on September 12th 2023. The platform which is both quantum resistant and compatible with Ethereum’s EVM received support from Qatar ruling family member H.E. Sheikh Mansoor Bin Khalifa Al Thani.  In a privately held partner event prior to the public launch of QANplatform, H.E. Sheikh Mansoor Bin Khalifa Al-Thani, Member of the Qatari Ruling Family, Chairman of MBK Holding, and former ICT Director for The Council of The Qatar Ruling Family Affairs stated, “We always evolve but not everyone leads the way. I’m proud to support the introduction of a cutting-edge deep tech project, such as QANplatform, in the Gulf region and on the global market.”

Today MBK holding has gone a step further and announced their $15 million investment in QANplatform days before the launch of its testnet.

MBK Holding, an investment holding company with its main office in Qatar and a subsidiary in the United Kingdom, focuses on investing in technology startups. The Founder and Chairman, H.E. Sheikh Mansoor Bin Khalifa Al-Thani, member of the Qatari ruling family, formerly served for a decade as the director of information technology for The Council of The Qatar Ruling Family Affairs.

In addition MBK Holding will offer growth services to facilitate global market access and expansion for QANplatform. MBK Holding’s focus extends to various regional markets, including Qatar, Saudi Arabia, United Arab Emirates, Turkey, and United Kingdom while also encompassing other global opportunities.

H.E. Sheikh Mansoor Bin Khalifa Al-Thani, Founder and Chairman of MBK Holding commented, “MBK Holding proudly backs QANplatform, the game-changing quantum-resistant blockchain platform and nominates Johann Polecsak as the Director of Blockchain of MBK Holding. Blockchain technology in general, is still an untapped area with many opportunities and potential to transform entire value chains, sectors, and business processes. As a deep tech startup, QANplatform can lead the next wave of blockchain platforms with its remarkable features, including multi-language smart contracts and quantum-resistant security. QANplatform is a great fit for our portfolio and partner companies to discover and benefit from the potential of its technology.”

Johann Polecsak, Co-Founder and CTO of QANplatform added, “Working alongside MBK Holding and their team is truly an honor. QANplatform is driven by the vision of creating the safest and most user-friendly blockchain platform, enabling the development of numerous real-world robust applications that bring tangible value to various industries.”

MBK Holding recently signed a strategic partnership with the Ministry of Investment of Saudi Arabia to support entrepreneurial growth and innovation in Saudi Arabia by developing growth services that seek to create market-leading investment opportunities.

QANplatform will be the first EVM-compatible, quantum-resistant Layer 1 hybrid blockchain platform where developers can code smart contract, DApp, DeFi, DAO, token, NFT, Metaverse, CBDC, tokenized asset, and robust Web3 solutions on top of the QAN blockchain platform in any programming language.

As a hybrid blockchain, QANplatform will have a private and public blockchain as well. In September 2023, QANplatform marked a new era of Web3 OS (Operating System) with the launch of the QAN Private Blockchain. QANplatform has unveiled the world’s first private blockchain that is both quantum-resistant (using NIST primary recommended post-quantum algorithm), and compatible with Ethereum’s EVM, while also enabling developers to code smart contracts in any programming language.

QANplatform’s ecosystem is building up with renowned companies such as Hacken, Beosin, or Alpine Esports. In February 2023, Alpine Esports, a Group Renault brand, and inter alia in the Formula 1® Esports Series signed QANplatform as its Official Blockchain Partner. In September 2023, QANplatform was selected to the Ernst & Young Startup Program as one of the nine selected promising startups in the technology and finance sectors, chosen from among hundreds of applicants globally.

This announcement comes as Qatar enters the blockchain era, with the launch of its digital assets lab, as well as partnerships with R3, Settlemint and others.

R3 Blockchain Bolsters its presence in GCC with relocation of its Head of partnerships to Abu Dhabi

R3 Blockchain Bolsters its presence in GCC with relocation of its Head of partnerships to Abu Dhabi

R3 Blockchain is establishing itself more in the GCC and MENA region, with Bryan D’Souza announcing his move to Abu Dhabi as Business Development and Partnerships Manager in the Middle East.

As D’Souza noted on Linkedin, “I’m delighted to finally announce my move to Abu Dhabi with R3, where I will lead Business Development and Partnerships in the Middle East. After extensive travel between London and the GCC, the prospect of making Abu Dhabi my home is thrilling as I embark on this exciting new chapter.

He adds that he is excited to collaborate with GCC’s thriving financial services ecosystem. According to D’Souza, the GCC stands out as a forward-thinking hub of progress due to its dynamic blend of tradition and innovation, as well as a remarkable ability to execute on transformation.

He will be working to flourish digital economies and align with national visions of Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, Oman and Jordan, helping these countries to realize their financial sector developments including banking and capital markets transformation.

R3 will be working with Central banks, FMIs, commercial banks, FinTech, providing practical groundbreaking solutions for digital assets tokenization and regulated digital currencies, including CBDCs.

Last month Bryan D’Souza discussed his fruitful visit to Kuwait.

R3 has been a strong proponent in the Middle East and GCC region working with governments and enterprise on several projects, most prominently the CBDC projects in Saudi Arabia and UAE.

In addition the Qatar Financial Centre Authority and R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology) back in April 2023.

D’Souza stated after his visit to Kuwait, “I am thrilled to have experienced my first trip to Kuwait over the last couple of days as part of a mini GCC tour. I am grateful for the warm welcome from our great partners and potential clients. The hospitality of the Kuwaiti people left a lasting impression; warm, friendly, and eager to collaborate.”

He added, “Exciting opportunities ahead and looking forward to returning back to Kuwait soon!”

Genesis Technologies joins QFC digital assets Lab for Blockchain use cases

Genesis Technologies joins QFC digital assets Lab for Blockchain use cases

Henk Jan Hoogendoorn has confirmed that Qatar Genesis Technologies, a Qatar University tech spinoff is working with Qatar Financial Center Authority on possible use cases in their digital assets labs.

Lebanese-Canadian national Mazen El Masri, Co-Founder and CEO of Genesis Technologies, the tech company which developed Maxya, is working with QFC digital assets labs on several blockchain use cases.

As per the post the possible use case could include tokenization, security tokes and fractional ownership.

On Sunday October 29th, Qatar announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. As per the live event keynotes, the digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

Qatar Financial Centre Authority (QFCA) signed MOUs with Blockchain solution provider R3 and Blockchain SettleMint platform. The agreement with Settlemint will also as with R3 work on Blockchain and digital asset initiatives in the financial sector in the digital assets lab.

Taurus opens UAE based Middle East office as more financial and non-financial entities sign up for digital asset and custodial services

Taurus opens UAE based Middle East office as more financial and non-financial entities sign up for digital asset and custodial services

Taurus SA, a FINMA-regulated Swiss institutional-grade digital asset infrastructure provider, has expanded its operations into the Middle East to serve its growing client base in the region. Taurus will service the GCC and MENA region, including KSA, Qatar and even Turkey through its Dubai UAE office.

Founded in 2018Taurus SA, a Swiss company provides enterprise-grade digital asset infrastructure to issue, custody and trade any digital assets: cryptocurrencies, tokenized assets, NFTs and digital currencies.

Managing Director, Bashir Kazour, leads Taurus’ new UAE office based in the DIFC in Dubai. M. Kazour brings more than 20 years of retail, capital markets and technology experience gained at Royal Bank of Canada, Standard Chartered and FIS, a leading banking and payment technology provider. Over the last decade, he collaborated closely with a diverse client base ranging from sovereign wealth funds and central banks to brokers and family offices.

“I am excited to lead Taurus’ efforts and build a winning franchise in the Middle East, a region known for its rapid adoption of blockchain technology and digital assets,” said Kazour. “Taurus is well-known for its unique custody and tokenization capabilities serving banking clients and large enterprises, which aligns perfectly with the needs of the region. We’ve already started interacting closely with regulators, central banks and clients and I’m looking forward to delivering cutting-edge and compliant solutions to the market.”

Speaking to LaraontheBlock on whether Taurus requires regulation by VARA, Bashir Kazour, Managing Director at Taurus SA explained, “Taurus does not need a regularity license in the UAE as we solely focus on providing the digital asset infrastructure to our clients in the region. To make it simple, Taurus is a technology provider, equipping banks and corporates, with a platform to manage any digital asset. The financial services activity is regulated by the Swiss FINMA and is not promoted outside of Switzerland.”

Taurus opened an office in DIFC Dubai because the company has already signed up some large financial institutions according to Kazour. He adds, “We are also in late stage discussions with several other financial and non-financial institutions in the Middle East region. The region is known for its rapid adoption of blockchain technology and digital assets driven by the regulatory clarity already provided through VARA, ADGM, RAK DAO initiatives, fostering innovation.”

As such Kazour reaffirms that the opening of the office in the UAE is to support this growing demand in the region for both custodial and tokenization solutions.

The office according to Kazour will serve the full Middle East region, including Qatar, KSA but also Turkey. He adds, “ We also have plans to expand to other countries as well.”

Taurus has already consolidated its European leadership position as the preferred digital asset infrastructure provider for banks and corporates, building on its Swiss market leadership with more than 60% market share. Among others, Taurus has recently announced a partnership with Deutsche Bank as well as CACEIS, one of the largest global custodians. Taurus also closed its $65 million Series B funding round last February with strategic investors including Arab Bank Switzerland, Credit Suisse, and Pictet.

Qatar Ministry of Labour and QRDI launch Blockchain AI challenge for certificate attestation

Qatar Ministry of Labour and QRDI launch Blockchain AI challenge for certificate attestation

The Qatar Research, Development, and Innovation (QRDI) Council’s flagship program, Qatar Open Innovation (QOI), announced the launch of Open Innovation Opportunities in partnership with the Ministry of Labour (MoL) in Qatar to develop certificate attestation process for the Ministry of Labour using technologies such as Blockchain and AI.

Director of Planning, Quality, and innovation, at the Ministry of Labour, Dr. Noura Ghanem Al Hajeri said, “Launching these initiatives in partnership with QRDI Council signifies our commitment to modernize Qatar’s labour sector. The opportunities, for Certification Attestation Process – Optimization through Blockchain Technology and Artificial Intelligence Driven Document Analysis for Qatar’s Ministry of Labour, aim to enhance the efficiency of labor policies and regulations. They will streamline processes, reduce manual labour reliance, and ensure compliance with Qatari law and cybersecurity standards, ultimately enhancing efficiency and advancing the levels of excellence and innovative effectiveness in Qatar’s labor sector.”

The first challenge, titled “Certification Attestation Process – Optimization through Blockchain Technology,” aims to address various issues associated with the current manual certification verification process, such as workforce requirements, extended processing times, semi-automated university and government systems, high costs, intricate procedures, susceptibility to errors, degree forgery, and unauthorized verification.

Director of Research, Development, and Innovation Programs at the QRDI Council Nada Al Olaqi added, “Our collaboration with the Ministry of Labour in Qatar marks a pivotal moment in innovation and technology. QRDI Council, through the Qatar Open Innovation Program, aims to foster partnerships between government entities and local and international technology-based companies, to achieve more excellence, development and innovation in the government sector.

“These partnerships will empower government entities to serve as test beds for piloting innovative technologies, effectively addressing various critical challenges they face.” “Involving government entities in our initiatives is crucial for establishing a robust and vibrant national innovation system in Qatar, aligning with the efforts to build a sustainable society and a knowledge-based economy, a pivotal objective outlined in the National Vision 2030.”

The second challenge, titled “Artificial Intelligence Driven Document Analysis for Qatar’s Ministry of Labour,” focuses on improving the efficiency of the Ministry of Labour’s operations. Manual document analysis has been time-consuming, labour-intensive, and error prone. By adopting AI-driven solutions, MoL aims to modernize its processes, reduce manual labour, and enhance efficiency, with a primary focus on contract analysis in the Arabic language. The proposal submission deadline for both opportunities, as highlighted by Qatar Open Innovation Program, is November 30, 2023.

This comes after Qatar recently launched its digital assets Innovation dome.

Qatar Financial Centre and Blockchain company Settlemint, to tokenize private shares and equity

Qatar Financial Centre and Blockchain company Settlemint, to tokenize private shares and equity

In a recent LinkedIn post, Henk Jan Hoogendoorn, Chief Financial Sector Officer at Qatar Financial Centre Authority (QFCA) announced the commencement of next steps with Blockchain solutions provider Settlemint to tokenize private shares and equity for companies.

As noted in the post, “ Next steps on tokenization of private shares / Private Equity discussed with our digital asset lab partner SettleMint both for Qatar Financial Centre (QFC) Authority and any  investment manager that would that would like to tokenize or fractionalize investments.”

Matthew Van Niekerk, Co-founder, SettleMint, commenting on the post stated, ” Thank you for hosting us both physically and digitally for the meeting Henk Jan Hoogendoorn! Really appreciated the opportunity to exchange views on the future of finance, financial markets infrastructure and the tokenization of private securities. Exciting times ahead for the industry!”

In April 2023, Qatar Financial Centre Authority (QFCA) signed its second Blockchain MOU with Settlemint, after signing its first with R3. The agreement with Settlemint aimed to work on Blockchain and digital asset initiatives in the financial sector. QFCA and Settlemint agreed to explore potential synergies with industry participants, including financial institutions, fintech firms, and corporate organizations, to accelerate the adoption of blockchain and digital asset business models and solutions.

This announcement also comes immediately after the Qatar Financial Centre launched its digital assets Lab under the name Qatar Innovation dome. The event which was held on Sunday 29th of October 2023 included various keynotes, that explained how the digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

Yousuf Mohamed Al-Jaida Board Member and Chief Executive Officer of Qatar Financial Centre in his speech announced that one of the first use cases to be explored within the digital assets lab will be tokenized carbon assets. He goes on to state, “Secondly will be tokenizing private company shares to facilitate trading and management of these shares, as well as transforming Sukuk bonds into digital assets in addition to tokenized real estate to facilitate the buying and selling of real estate assets.”

Qatar launches “QFC Innovation Dome” for Digital assets to tokenize securities, real estate, bonds, shares on Blockchain

Qatar launches “QFC Innovation Dome” for Digital assets to tokenize securities, real estate, bonds, shares on Blockchain

On Sunday October 29th, Qatar announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. As per the live event keynotes, the digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

Present at the launch was His Excellency Sheikh Bandar bin Mohammed bin Saoud Al-Thani, Governor, Qatar Central Bank, and His Excellency Sheikh Mohammed Bin Hamad Bin Qassim Al-Abdullah Al-Thani, Minister of Commerce and Industry.

Bandar bin Mohamed bin Saud Al-Thani, The Governor and Chairman of the Board of Directors of Qatar Central Bank noted in his speech, “ It is my pleasure to be at the launch of the Digital Assets Lab where as a country we are working to discover new tools to increase, enhance our competencies and capabilities in the digital sector. We have achieved strides in digital technology through a number of initiatives chief among them is electronic KYC ( Know your Customers) ad are working to develop and establish an ecosystem for startups and new companies to enhance the role of KYC.”

He added, “We are encouraging entrepreneurship as part and parcel of new financial technology strategy with local, regional and international customers with initiatives such as blockchain and digital assets. These are steps in the direction with initial modules for digital assets, modern databases, and increased internet speed as such as welcome collaboration for the sustainable development of the state of Qatar.”

Yousuf Mohamed Al-Jaida Board Member and Chief Executive Officer of Qatar Financial Centre in his speech offered a detailed explanation on the technology relevant to this lab, the benefits, pillars and the coding system and tokenization process. He explained, “The digital assets projects leans on three Qatar National strategies, the Qatar National Vision 2030, the Qatar Financial Center strategy and the fintech strategy of the state of Qatar, which aims to make the country a financial commercial hub 2030.”

He explained, “Tokenization is the process of creating tokens that represent tangible and intangible assets using DLT. The tokens could represent tangible assets such as real-estate or intangible assets such as securities. We will also work on fractionalization of assets, and will allow property to be part of those tokenized assets democratizing the process of investment.”

He added, “Smart contract, which are self-implementing contracts built on cryptographic programming systems, will allow the transfer of property, in distributed format.”

He discussed how DLT is an innovative technology that registers transactions, and can be expanded to include investment opportunities. As per Al Jaida, in the first phase tokenization will verify property, second will entail economy of tokens, third will entail development of smart contracts and the application which will manage these digitized tokens after which they will be offered on secondary markets.

As per the objectives of the digital assets lab, it will reinforce innovation and research as well as the establishment of DLT enabled startups, and companies, helping participants transform their ideas into tangible reality. Al Jaida states, “Participants in the digital assets lab will have three to six months to test their ideas, where they will have to meet feasibility requirements, benefits towards fintech ecosystem in Qatar before they graduate.”

The Digital asset lab will offer technology support, operational support, where startups and companies can cooperate with experts, regulators, test their use cases and register their businesses and receive licenses, offering the support from pilot to company formation allowing them to operate in Qatar’s fintech ecosystem.

Al Jaida announced that one of the first use cases to be explored within the digital assets lab will be tokenized carbon assets. He goes on to state, “Secondly will be tokenizing private company shares to facilitate trading and management of these shares, as well as transforming Sukuk bonds into digital assets in addition to tokenized real estate to facilitate the buying and selling of real estate assets.”

He called for continuous suggestions on what else can be tokenized moving forward as well as input into the regulations for digital asset ecosystem.

He then announced the name of the lab, which is the “QFC Innovation Dome”

Michael G. Ryan, the Chief Executive Officer at Qatar Financial Center Regulatory Authority, believes that the digital asset economy has a transformative nature and cooperation will be essential because as promising as it is, it also faces challenges.

He believes that with the equilibrium between innovation and regulatory oversight, confidence and trust will prevail among investors and firms. This is why the digital assets framework that QFCR has developed requires the engagement of all participants. He called for feedback on the digital assets public consultation paper announced in early October 2023, which will be open until January 2nd 2024, as these feedback will play a strong role in their policy decisions.

One of the Blockchain entities participating in QFC Innovation dome is R3. Bryan D’Souza Strategic Alliances & Partner Ecosystem Lead for EMEA at R3 stated in a comment made on the live LinkedIn event, “R3 is proud to be partnering with the QFC for this exciting Digital Assets Lab initiative.” Settlemint Blockchain is also one of the participants.

Prior to this The Qatar, Ministry of Finance, signed an agreement  with the World Economic Forum (WEF) to establish a “Centre of Excellence for the Fourth Industrial Revolution” in Qatar that will help to foster an environment for research and development in technologies that include AI ( artificial intelligence), blockchain, IoT (Internet of Things), renewable energy and others.

Qatar Finance Ministry partners with WEF for blockchain and AI development

Qatar Finance Ministry partners with WEF for blockchain and AI development

The Qatar, Ministry of Finance, signed an agreement  with the World Economic Forum (WEF) to establish a “Centre of Excellence for the Fourth Industrial Revolution” in Qatar that will help to foster an environment for research and development in technologies that include AI ( artificial intelligence), blockchain, IoT (Internet of Things), renewable energy and others.

The agreement was signed by HE the Minister of Finance, Ali bin Ahmed al-Kuwari and WEF founder and executive chairman Prof Klaus Schwab, in Doha. This strategic partnership paves the way for future collaboration, as the center aims to promote technological progress, diversify the economy and to promote sustainable development in Qatar, the Ministry of Finance noted.

It will also provide learning and training opportunities in those fields for Qatari nationals, developing their skills to keep pace with global developments.

“Qatar continues to fulfill its commitment to strengthening multilateral action to address current challenges to contribute to global growth,” Ministry of Finance added.

Overall Qatar has been pushing forth its blockchain and digital asset strategy, and has prepared a framework for digital assets as well as will be launching digital assets lab at the end of October 2023.

More than 50% of GCC and MENA employee cryptocurrency withdrawal from salaries in Ethereum

More than 50% of GCC and MENA employee cryptocurrency withdrawal from salaries in Ethereum

In a recent survey carried out by Deel, a global HR platform within the GCC and MENA region, the findings found that 51% of employees being paid in crypto prefer Ethereum

Employee cryptocurrency withdrawals within the GCC highlighted a growing level of adoption among individuals, who are now using cryptocurrencies as a viable medium for receiving employer payments. Conducting an extensive survey, Deel engaged with over 1600 employees and over 700 organizations in the UAE to gather valuable insights.

Of the 700 organizations surveyed in the UAE, 87% of employees were using crypto for salary payments. Of the 1600 employees surveyed only 8% were being paid in crypto in KSA while in Qatar it was 4.8%.

Exploring the Deel data beyond the UAE, Egypt places itself in the spotlight by a substantial margin, witnessing over 25,000 employee withdrawals using crypto in the last 12 months. Tracking Egypt’s trajectory, the roster of pioneering nations also includes Morocco, and Lebanon, each carving its path towards cryptocurrency adoption.

Notably, Ethereum (ETH) claims the top spot as the preferred cryptocurrency for withdrawals, commanding 51.2%. The US Dollar backed stablecoin USDC follows suit at 24.5%, while Bitcoin (BTC) controls 20.2% of the landscape. Solana (SOL) and Dash wrap up the top five most used cryptocurrencies with 2.5% and 1.6%, respectively, contributing to the crypto withdrawals landscape.

Tarek Salam, Head of Expansion from Deel, stated, “The Deel research provides an interesting window on the latest trends within the employment sector. It is truly great to witness the rapid surge in cryptocurrency adoption within the UAE and the wider region. The regulators have played a commendable role in encouraging greater participation in the cryptocurrency ecosystem and it’s a trend that we will be watching with interest as adoption continues to grow.”

Deel is a leading global compliance and payroll solution that helps businesses hire anyone, anywhere. Deel’s technology offers unmatched payroll, HR, compliance, perks, benefits, and other capabilities needed to hire and manage a global team.