The Abu Dhabi Securities Exchange (ADX) has issued a thought paper on cryptocurrency and blockchain infrastructure for issuing digital assets, reports the Emirati government news agency WAM Nov. 6. The document was reportedly issued in collaboration with the Central Securities Depositories and under the auspices of the International Securities Service Association, ISSA. In publishing the paper, the ADX seeks to identify the necessary technical and operational criteria for issuing digital assets and supporting financial institutions in offering crypto assets. According to ADX CEO Rashed Al Blooshi, the exchange “continues its efforts to manage the transition from conventional assets to more …

The ADAB Solutions project, based in the United Arab Emirates, is planning to launch FICE — the First Islamic Crypto Exchange which will be operating “according to the principles of Shariah law.” The company is expecting to reach $146 million daily trading and $4.4 billion monthly turnover by 2020. Islamic finance as crypto exchange base The new project hasn’t been launched yet but it has already gotten the attention of the crypto community. The First Islamic Crypto Exchange was marked as number one in a recently published Coin Shark rating “TOP 10 ICO Projects That Became the Most Useful Ideas …

In some countries around the world, governments have had a stifling effect on the adoption of blockchain technology. Conversely, the government of the UAE and Dubai have been the driving force behind the promotion of blockchain use in the country. 2018 has seen some significant developments on this front but the foundations had been laid a couple of years ago. Across the private and public sectors, there has been a push to incorporate this new tech to overhaul current systems. This includes as plans to launch a cryptocurrency that will be used by citizens and governmental departments. EmCash The first …

Consumers in Dubai will soon be able to use digital currency to pay for goods, services, and utilities following a new government partnership, a press release confirms Tuesday, Oct. 9. The deal between emcredit, a subsidiary of the Dubai Department of Economic Development, blockchain payment provider Pundi X, and its partner Ebooc Fintech & Loyalty Labs LLC will facilitate point of sale (PoS) payments in emcredit’s emcash currency. Ebooc will provide PoS terminals for in-store payments, while Pundi X plans to roll out 100,000 units globally over the next three years, the press release notes. Emcash is pegged to the …

The United Arab Emirates (UAE)’s national securities regulator plans to introduce Initial Coin Offerings (ICO) for capital markets in 2019, Reuters reported Oct. 8. Reuters notes that the regulator has embraced the innovative fundraising model to diversify the means through which companies can raise capital, noting that in recent years, “weak” equity markets, coupled with low oil prices, have been adversely impacting Initial Public Offerings (IPOs) in the country and wider region. Reuters quotes the CEO of the country’s national securities watchdog, Obaid Saif al-Zaabi, as saying that: “The board of the Emirates Securities & Commodities Authority [ESCA] has approved …

The Dubai Department of Finance (DoF) has partnered with the Smart Dubai Office (SDO) to launch a blockchain-powered payment system. The news was reported on by a local news site Zawya, September 23. The new platform, called “Payment Reconciliation and Settlement,” was officially launched Sunday, September 23. It is reportedly geared towards government entities, such as the Dubai Police, Roads and Transport Authority (RTA), Dubai Health Authority (DHA), and others. According to Zawya, the Dubai DoF and SDO intend for the system to provide for a more accurate and transparent governance process, as well as to enable real-time payments within …

The head of the financial regulator of the United Arab Emirates (UAE) capital Abu Dhabi wants “proper” international regulation of cryptocurrency, local news outlet The National reports Wednesday, September 19. Speaking during an interview at this week’s Fintech Abu Dhabi event, Richard Teng, head of the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), claimed that loss and theft of cryptocurrency negatively impacts its image as an asset. “This space needs to be properly regulated, otherwise there is the risk of financial crime,” he said, noting: “Every time a coin gets stolen or lost, it affects the …

A senior Dubai law enforcement official has predicted that digital currency will “soon” usurp cash, local news outlet Khaleej Times reported Sunday, September 16. Speaking during a panel he was heading, Lt-Gen Dhahi Khalfan Tamim, deputy chairman of the Dubai Police and head of general security in Dubai, said that hurdles to digital currency becoming mainstream remained in lack of public awareness and insufficient crime prevention tactics. “...Faith in digital currencies will always be questioned as long as its source and tracking system remain unknown,” the Times paraphrases Tamim. Dubai has taken a progressive-stance on both cryptocurrency and blockchain regulation …

The United Arab Emirates (UAE) has approved a draft of regulations governing Initial Coin Offerings (ICO), local media outlet WAM reported Sunday, September 9 citing government sources. The reported move comes in addition to lawmakers in the country adopting plans for a regulatory sandbox aimed at attracting greater fintech activity. “The sandbox will act as an environment that attracts innovators to test innovative products, services, solutions and business models in a controlled space,” a report from the Securities and Commodities Authority (SCA) published September 4 reads, adding: “This can be achieved by adopting an approach of relaxing and / or …

On Sept. 4, the government of Bahrain, a constitutional monarchy in the Persian Gulf, emphasized the importance of blockchain for the country’s economy. While the kingdom seems to be taking a rather positive approach toward crypto, the Middle East at large has proven to be a difficult region for virtual currencies, as a large chunk of countries there have banned crypto trading. Nevertheless, the Middle East seems to be on its way to become the global blockchain powerhouse: From Dubai to Tel Aviv, the technology is being thoroughly researched and adopted. The list below is based on thorough news research, …

Iran-based malware that demands a digital ransom in cryptocurrencies is on the rise and will further escalate in the present geopolitical climate, according to a report published by global management consulting firm Accenture on August 7. After two years of analysis, Accenture Security iDefense predicts that emerging trends in the Iranian cyber threat landscape will intensify as the country is forced into a defensive and economically straitened position in the wake of the U.S. exit from the Obama-era Iran nuclear accord this spring. With the US set to imminently to reimpose tough economic sanctions, Accenture has warned that the ransomware …

The Dubai International Financial Centre (DIFC) Courts and Smart Dubai have announced their partnership to develop a “Court of the Blockchain,” for streamlining the legal system, local news outlet Arabian Business reports today, July 30. DIFC and Smart Dubai will reportedly explore how the technology could aid verification of court judgements for cross-border enforcement as part of a wider push to create a “blockchain-powered judiciary.” The newly created joint DIFC Courts-Smart Dubai task force believes that the technology could make a wide range of processes within the legal ecosystem more efficient, and will spearhead research into how to handle disputes …