MENA News
Discover the latest blockchain and crypto news from the MENA region, including updates from Dubai, Abu Dhabi, Bahrain, Qatar, and Oman, covering trends, regulations, and developments shaping the industry
Cryptocurrencies experienced a significant drop during the U.S. session on Tuesday as escalating tensions in the Middle East prompted investors to move away from riskier assets. Bitcoin (BTC), the largest digital asset by market cap, initially rose to around $64,000 during European trading before quickly falling to $62,500 after Axios reported indications from the White House that Iran was preparing for an imminent ballistic missile attack against Israel. The situation…
Read More »The Dubai Financial Services Authority (DFSA) has released a detailed explainer on the Regulation of Crypto Tokens, originally established in 2022. The DFSA set out to regulate crypto businesses with the intention of fostering innovation in a measured, responsible, and transparent manner, all while meeting regulatory objectives. The DFSA’s Crypto Token regime provides a clear framework for businesses operating within the Dubai International Financial Centre (DIFC). This framework promotes innovation…
Read More »As the competition between U.S. and Chinese tech giants heats up in the field of artificial intelligence (AI), Arab nations, particularly the UAE and Saudi Arabia, are positioning themselves to attract these companies and benefit from their advanced expertise in this critical sector. The technology landscape is evolving rapidly, with global companies racing to develop the latest innovations in AI. These advancements include designing specialized chips, creating powerful supercomputers, and…
Read More »Leading provider of digital asset infrastructure,Ripple, has received in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its operations in the Dubai International Financial Centre (DIFC). This remarkable milestone strengthens Ripple’s position as a regulated entity and enables the launch of its cross-border payment service, Ripple Payments Direct (RPD), in the United Arab Emirates (UAE). With this authorization, Ripple is set to extend its enterprise-grade digital asset infrastructure…
Read More »In a recent interview with Henri Arslanian and May Ben Khadra on CNBC Arabia TV, Matthew White, CEO of Dubai’s Virtual Assets Regulatory Authority (VARA), provided insights into VARA’s approach to crypto regulation and its unique role as the world’s first independent regulator dedicated to virtual assets. VARA’s framework has quickly gained global attention for its innovative, principle-based, and technology-neutral regulatory approach. Principle-Based, Risk-Proportionate Regulations Matthew White emphasized that VARA’s…
Read More »The cryptocurrency market in the Middle East and North Africa (MENA) region has continued its robust growth, with Saudi Arabia and the United Arab Emirates (UAE) at the forefront. According to a recent report by Chainalysis, MENA’s crypto market received a staggering $338.7 billion in value between July 2023 and June 2024. This represents a healthy year-on-year (YoY) growth of 11.73%, driven largely by institutional and large-scale transactions, with Saudi…
Read More »Turkey has no plans for an additional tax package this year, according to Vice President Cevdet Yilmaz, who ruled out any levies on stock trading or cryptocurrency profits. “We don’t have a stocks tax on our agenda. It was discussed previously and fell from our agenda,” Yilmaz told Bloomberg. He added that officials are focusing on “narrowing” tax exemptions moving forward. For those unfamiliar with crypto gains and taxes, profits…
Read More »InvoiceMate, a well-established leader in blockchain-based invoice management solutions, has launched DeFa (Decentralized Factoring), a new Web3 product aimed at bringing real-world invoice financing to the decentralized finance (DeFi) space. DeFa is designed to connect investors with businesses in need of short-term financing, offering a stable and secure alternative to traditional speculative DeFi platforms. By leveraging blockchain technology, DeFa facilitates transparent, real-world economic activities within the DeFi ecosystem. DeFa integrates…
Read More »Dubai continues to solidify its status as a global leader in the digital asset space. The Virtual Assets Regulatory Authority (VARA) plays a key role in regulating the expanding blockchain and virtual asset industries. In this exclusive interview, Nicholas McNicholas, Head of Regulatory Affairs and Enforcement at VARA, shares insights into the Authority’s enforcement priorities, the challenges of regulation, and the future of Dubai’s virtual asset sector. From Europe to…
Read More »On September 20, 2024, the International Monetary Fund (IMF) released a pivotal report on Central Bank Digital Currency (CBDC) adoption, emphasizing strategies to promote financial inclusion through digital currencies. As the global economy shifts toward digital financial systems, CBDCs are emerging as key tools to transform payments and broaden access to financial services. The IMF’s REDI Framework, which focuses on Regulation, Education, Design, and Incentives, outlines a comprehensive strategy to…
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