A new blockchain and cryptocurrency-focused association has been launched within Abu Dhabi's free economic zone that aims to further the development of blockchain and crypto ecosystems across the Middle Eastern, North Africa, and Asian regions. The Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) was officially launched on Nov. 8 in the Abu Dhabi Global Market (ADGM), a free economic zone based in the center of the city subject to its own set of civil and commercial laws. The zone was designed to further the growth of fintech companies in the United Arab Emirates (UAE). The non-profit organization …

Cointelegraph hit the gym with Ray Youssef, co-founder and CEO of Paxful, to tackle Bitcoin adoption in the Global South. In between sets and a little out of breath, Youssef told Cointelegraph, “The global South is where we should be looking” for Bitcoin (BTC) adoption. A New Yorker born in Egypt, Youssef regularly visits Africa and the Global South to promote Bitcoin and peer-to-peer finance. He is determined to bring Bitcoin to those living and working across Africa and to undermine the “Economic apartheid” created by government-issued fiat money. Youssef is a firm believer that government-backed, fiat money is a …

Pick n Pay, one of South Africa’s largest supermarket chains, is set to allow its customers to pay for items in all its stores using Bitcoin. According to South African-based tech news outlet Tech Central, Pick N Pay is planning to roll out its cryptocurrency payments service to its stores nationwide in the coming months, after years of experimentation in select stores. The supermarket chain allegedly started experimenting with Bitcoin payments five years ago in Cape Town, but was stymied by expensive costs and long transaction wait times. The nationwide rollout will allow the store's customers to pay for items …

Some two million users in Nigeria and Kenya are set to be onboarded to a new cryptocurrency wallet backed by the likes of Coinbase Ventures and Alameda Research. Mara is a digital financial ecosystem project that is kickstarting its journey with the launch of a cryptocurrency wallet for signed-up users in Nigeria. A portion of the waitlist will be onboarded through an invite-only process starting on Oct. 27, followed by the onboarding of users in Kenya and Ghana. The project is backed by cryptocurrency industry heavyweights, having raised $23 million in a fundraising round headlined by Coinbase Ventures, Alameda Research …

African crypto exchange Yellow Card has received significant regulatory approval to continue expanding its operations across the continent. Yellow Card has obtained a virtual asset service provider license (VASP) from the Non-Bank Financial Institution Regulatory Authority of Botswana (NBFIRA), according to the announcement on Oct. 19. The new license officially authorizes Yellow Card to allow its customers buy and sell Bitcoin (BTC), Ether (ETH) and Tether (USDT) stablecoin with the local fiat currency, Botswana pula. According to Chris Maurice, CEO and co-founder of Yellow Card, the new license opens up greater opportunities for the firm’s expansion to payment partners and …

Blockchain exchange Binance has reported an increase in user growth across the Middle East and Northern Africa (MENA) region, alleging a 49% surge in user sign-ups so far in 2022. According to the exchange, this growth indicates an increasing interest in virtual assets supported by progressive government initiatives. This could enable regulated businesses to enter the space, thereby, raising awareness and driving adoption. In order to scale its product in the MENA region, Binance has increased licensing and partnerships with regulated firms and increased its team within the territory. In Dubai alone, Binance has grown its team to over 400 …

As emerging markets take the lead in crypto adoption, Ghana, a country located in West Africa, may soon catch up to other African countries regarding cryptocurrency use. In a report released by blockchain analytics platform Chainalysis, researchers found that Ghana has the potential to achieve crypto adoption levels similar to Kenya and Nigeria, countries which ranked 11th and 19th in the analytics firm’s global crypto adoption index. According to Ray Youssef, the CEO of P2P platform Paxful, the local population's needs along with the current growth trends in Ghana show that it has the potential to become a leader in …

As more countries make progress in terms of developing and implementing central bank digital currencies (CBDCs), Ghana’s central bank aims to keep up and complete its research on CBDCs with the goal of financial inclusion according to Kwame Oppong, the head of fintech and innovation at the Bank of Ghana. In an interview with Cointelegraph’s Elisha Owusu Akyaw at the Africa Money & DeFi Summit, Oppong laid out the reason behind the West African country’s venture into CBDCs. According to the government official, their main goal at the moment is to finish testing and eventually give their citizens the opportunity …

Web3 payments platform Fuse has partnered with ChromePay, an identity-based payment solution, to launch a new suite of payment products in Africa — a move designed to boost financial inclusion on the continent. The partnership centers around ChromePay’s decentralized identity service, also known as a DID, which the companies claim will enable millions of Africans to participate in the Web3 economy. By utilizing the Fuse blockchain, ChromePay will offer users a variety of Web3 payment services powered by its DID solution. As part of the partnership, Fuse has also awarded ChromePay a grant for an undisclosed amount to build out …

The Nigerian government has held a preliminary meeting with crypto exchange Binance to potentially establish a special economic zone aimed at supporting crypto and blockchain-related businesses. According to a Sept. 2 post from the Nigeria Export Processing Zones Authority (NEPZA), the authority has held preliminary talks with Binance and technology infrastructure company Talent City to discuss the proposed digital city, referred to as a “Virtual Free Zone.” NEPZA managing director Adesoji Adesugba said the proposed zone will be a first in West Africa and act similar to Dubai’s virtual zones, which are designed to provide crypto-friendly laws, regulations, and tax …

The Metaverse is quickly becoming one of the most important places for companies and individuals looking to expand their reach. New findings from research firm MarketsandMarkets predict that the Metaverse market size will grow from $61.8 billion in 2022 to $426.9 billion by 2027. In addition, a recent report from Juniper Research links nonfungible token (NFT) growth to metaverse use cases. According to these findings, metaverse-related NFTs will experience an increase from 600,000 transactions in 2022 to 9.8 million by 2027. Given this potential, a number of regions across the globe have started to establish a virtual presence. For example, …

According to Reuters, on Monday, the Central African Republic's (CAR) Constitutional Court said that the purchase of citizenship, e-residency, and land using its government-backed Sango digital currency is unconstitutional due to the absence of market value in nationalities. Earlier in July, the CAR's government unveiled its Sango crypto hub to attract global crypto talent/enthusiasts, boost Bitcoin adoption, and implement new crypto regulatory frameworks. The Sango blockchain is built on top of the Bitcoin blockchain, similar to a layer-two solution. Part of the program includes a citizenship by investment program, where foreign nationals can effectively purchase citizenship in the CAR for …