The issue of Shariah acceptability of crypto is a matter of time and raising awareness, according to an Islamic finance expert based in Malaysia. Skepticism of crypto stems from uncertainty Suhaida Mahpot, CEO of major Shariah advisory firm Amanie Advisors, suggested that the existing skepticism towards crypto in Islamic countries is not a pure rejection, but rather a consequence of uncertainty, Islamic economy-focused publication Salaam Gateway reports Aug. 2. Mahpot, an advisory veteran at Amanie with 11 years of expertise in sharia-compliant financing, compared the existing situation with cryptocurrencies with Malaysia’s controversial types of investment known as Amanah Saham Bumiputera …

Bittrex cryptocurrency exchange is partnering with Bahrain-based crypto exchange and custodian provider Rain Management WLL to launch a digital asset trading platform for customers in the Middle East and North Africa (MENA). The new platform will purportedly combine Rain’s staff and expertise in the MENA region with Bittrex’s technology and security infrastructure, according to an announcement on July 31. The platform will offer all the tokens that are currently available on Bittrex and Bittrex International. It will also offer four Bitcoin (BTC) trading pairs with local fiat currencies: the Bahraini dinar, the Kuwaiti dinar, the United Arab Emirates dirham and …

A DAG blockchain platform that can operate as the IT infrastructure for smart cities has announced a partnership with the private office of Sheikh Saeed bin Ahmed Al Maktoum — paving the way for an operational presence in Dubai. The Fantom Foundation says its protocol is designed to operate as the information technology infrastructure for smart cities that will make the lives of people living in urban areas easier — enhancing everything from health care and education to traffic management and environmental sustainability. Recently, the Unites Arab Emirates unveiled its “Smart Dubai” initiative, which aims to make the metropolis a …

While we often get to hear about how cryptocurrency adoption is rapidly gaining ground in the West, a number of countries across the Middle East — such as Bahrain, the United Arab Emirates and Saudi Arabia — often tend to get overlooked, despite them having made tremendous strides when it comes to establishing regulatory frameworks that are geared toward the optimal utilization of this burgeoning asset class. For example, a recent report by Asia Times has revealed that the UAE is one of the few nations in the world where the local government has placed special emphasis on promoting the …

Latin America’s biggest investment bank, BTG Pactual, plans to shift its security token offerings (STOs), a pipeline of over $1 billion in sales, onto the Tezos blockchain. The announcement appeared in a joint press release published on Tezos Foundation’s website on July 3. The new initiative is a collaboration between BTG Pactual and Dubai-based asset manager Dalma Capital, who plan to tokenize a number of traditional assets using the Tezos blockchain and smart contracts platform. According to the announcement, Dalma Capital is planning to use the Tezos blockchain for digitizing assets in multiple industries, including real estate, equity, lending, as …

The Dubai Chamber of Commerce and Industry (DCCI) has entered a joint initiative to promote the adoption of blockchain trade solutions, according to a press release on July 1 The DCCI, which acts as an international business hub in Dubai, has signed a memorandum of understanding (MoU) with two entities the International Chamber of Commerce (ICC) and Singapore-based blockchain startup Perlin. According to the report, DCCI is the first chamber of commerce in the world to offer blockchain tools developed by the ICC, as well as the Centre of Future Trade (CoFT), a collaborative project the ICC and Perlin announced …

Facebook has removed ads for a bitcoin (BTC) scam that masqueraded as posts by the crown prince of Abu Dhabi, UAE news site The National reports on June 30 According to the report, a recent scam on social media — dubbed “Bitcoin Loophole” — claimed that Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, personally endorsed a scheme that guaranteed riches within a week through bitcoin trading. The social media giant reportedly deleted the fraudulent posts after thousands of investors handed over personal information and money to criminals based in Ukraine …

United Arab Emirates (UAE)-based crypto asset exchange and custodian Arabian Bourse (ABX) — a joint venture from GMEX Group and Arshad Khan — has received initial regulatory approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). The news was reported by financial news website Markets Media on June 6. GMEX Group is a set of firms offering multi-asset exchange trading, post trade infrastructure and business and technology solutions. The Arabian Bourse project — established together with regional exchanges founder Arshad Khan — aims to serve as a compliant, fully-regulated crypto asset exchange and custodian with a …

The Dubai Land Department (DLD), the real estate arm of the Executive Council of Dubai, has partnered with UAE-based Mashreq Bank to release a blockchain-based mortgage platform, according to a report by The National on May 28. According to the report, the blockchain-based platform will act as a repository for mortgage records, as well as a way to confirm that the mortgages comply with registration policies. Additionally, the platform will accommodate on-going updates that occur after a property sale, such as recording liquidation and payment defaults or changes to the mortgages. The new blockchain platform is part of the DLD’s …

The South Korean Ministry of Science and ICT is going to run a follow-up study on blockchain regulations, according to a Yonhap News report on May 21. The study is called the “Blockchain Regulation Improvement Study Group” and is part of an initiative run by the government’s science and tech arm to figure out how regulations could be improved so that blockchain tech could achieve widespread institutional adoption. The Blockchain Regulation Improvement Study Group was launched in June of last year, and initially focused on improving legal regulations pertaining to blockchain tech such as personal privacy, smart contracts, electronic documents …

United Arab Emirates-based cryptocurrency exchange BitOasis has reportedly secured preliminary approval with financial regulators, Bloomberg reported on May 13. Founded in 2015, BitOasis claims to be the Middle East's first digital currency wallet that uses multi-signature technology. The company previously announced that it was seeking to be fully licensed in the financial center Abu Dhabi Global Market (ADGM) before the end of this year. Ola Doudin, the founder and CEO of BitOasis said then that “we are hoping to be one of the first regulated exchanges to get that licence.” Today, Bloomberg reported that BitOasis received preliminary approval in April …

The United Arab Emirates (UAE) has been the world’s biggest contributor to crypto token sales so far this year, according to data recently released by CoinSchedule. More than 25% of funds raised since the start of 2019 — $210.5 million — have come from the Gulf nation. The Cayman Islands came second with $103.8 million, with Singapore third with $89.7 million. While the United States has long dominated token sales, the data shows it has fallen to sixth place in terms of the funds raised since January. U.S. investors have pledged $37.2 million to token sales — a fifth of …