With the FTX contagion affecting various sectors of the global crypto ecosystem, Dubai-based industry leaders commented on how the debacle will affect the budding crypto hub within the United Arab Emirates (UAE). From stricter regulations to better projects leading the way, various professionals gave their perspectives on how Dubai and the UAE’s crypto landscape will be affected by the collapse of the FTX exchange. Kokila Alagh, the founder and CEO of KARM Legal Consultants, believes that the FTX collapse will lead to more scrutiny and diligence before projects are approved within Dubai’s licensing process. She explained that: “With the misuse …

Abu Dhabi's Global Market (ADGM) and Financial Services Regulatory Authority have granted cryptocurrency exchange Binance clearance to offer its services in the region. An official announcement from the United Arab Emirates capital’s financial center confirmed that Binance will be cleared to offer cryptocurrency custodial services to professional clients once it has met the requirements for its Financial Services Permission (FSP). The news came after Binance founder and CEO Changpeng Zhao attended the Abu Dhabi Finance Week. Zhao appeared onstage alongside Galaxy Digital CEO and investor Mike Novogratz at the event for a wide-ranging conversation that touched on the aftermath of …

A judicial authority established by the United Arab Emirates (UAE) Federal Decree has adopted blockchain technology to save time and costs related to the enforcement of commercial judgments. ADGM Courts, an authority that supports the financial regulator Abu Dhabi Global Markets (ADGM), has implemented blockchain technology to help save significant time for the parties in the judicial process. Commercial judgments involve assessing various financial risks and dealing with commercial issues in business. Digitization through blockchain technology will allow courts and parties to immediately access commercial judgments — a move aimed at easing judicial processes for international trade and commerce. Explaining …

Last week was tough — the alarming series of crypto meltdowns continued with the failure of FTX, one of the biggest exchanges on the market. The crypto industry’s very own “Lehman Brothers moment” pushed regulators to react. United States Senator Cynthia Lummis, famous for her openly pro-crypto position, promised deliberate with her colleagues on whether there was market manipulation, while Maxine Waters, chair of the United States House of Representatives Financial Services Committee, pushed for additional federal oversight of crypto trading platforms and consumer protection. European Parliament economics committee member Stefan Berger has compared the current situation with FTX to …

The Dubai Financial Services Authority (DFSA) announced Nov. 1 that its Crypto Token regime has come into force in the Dubai International Financial Centre (DIFC) special economic zone, with a six-month transition period. The new regime is the DFSA’s second round of regulations, building on the Regulation of Investment Tokens introduced at the DIFC in October 2021. The #DFSA has issued regulations on #CryptoTokens for clients wishing to make use of this new asset class. This broadens the range of virtual asset regimes available the Centre, building on the #InvestmentTokens regulations announced in Oct. 2021. pic.twitter.com/OJX7frlVqc — DIFC (@DIFC) November …

A Hong Kong-headquartered crypto investment platform, Q9 Capital, received provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA). The company announced its expansion to the UAE and applied for a full operating license as well. According to its press release from Oct. 27, Q9 will establish a regional hub in Dubai and start providing services to qualified investors and financial service providers once it receives a full operating license. The provisional approval from VARA gives the crypto platform the legal possibility to set up offices and provide digital asset exchange services to pre-qualified investors and financial firms. At …

The Bank for International Settlements (BIS) has released the full details of its mBridge pilot project to use central bank digital currencies (CBDCs) for foreign exchange. Commercial banks in four jurisdictions made cross-border transfers using CBDCs and distributed ledger (blockchain) technology in the project, which was heralded as a success. Twenty commercial banks in Hong Kong, China, the United Arab Emirates and Thailand used the custom-made mBridge Ledger platform and CBDCs issued by their respective central banks to conduct payment and foreign exchange payment-versus-payment transactions on behalf of their corporate clients between August 15 and September 23. Over $12 million …

Germany has become the most favorable crypto economy in the world in the third quarter of 2022, according to a new report. The United States, the joint top-rank holder from last quarter, fell six places to rank seventh on the top crypto economy. The crypto economy rankings compiled by Coincub looked into various factors such as favorable crypto outlook, clear crypto tax rules, more transparent regulatory communications and more to rank countries. Germany although not a tax haven, is considered one of the strongest all-around ‘traditional-tax’ crypto economies that reward long-term crypto holders. German law charges zero tax on crypto …

21Shares, a major global provider of cryptocurrency exchange trading products (ETP), is debuting a physical Bitcoin (BTC) ETP in the United Arab Emirates. The new 21Shares Bitcoin ETP has started trading on the international financial exchange Nasdaq Dubai under the ticker ABTC, the firm announced on Oct. 12. The newly launched crypto product is physically backed, which means that it’s fully collateralized by the underlying Bitcoin assets they track with 1:1 leverage, 21Shares co-founder and CEO Hany Rashwan told Cointelegraph. The ETP’s underlying crypto assets are deposited in an offline wallet to ensure better security, he noted. 21Shares’ expansion into …

Artificial intelligence ecosystem Multiverse Labs has launched a new metaverse city in the United Arab Emirates (UAE), a move the emirate said could enhance the region’s tourism industry. The new metaverse city, dubbed Sharjahverse, was described by Multiverse Labs as a “photorealistic, physics-accurate” metaverse that encompasses the emirate’s 1,000 square-mile surface area. The virtual city will support the local tourism industry and potentially create new metaverse jobs, which aligns with efforts announced by the neighboring emirate Dubai earlier this year. The metaverse city is backed by the Sharjah Commerce and Tourism Development Authority, or SCTDA, which is the main government …

Emerging markets continue to forge their way into the crypto scene finding a plethora of use cases, especially in the combined Middle East and North Africa (MENA) region. A new report from Chainalysis reveals that the crypto market in the MENA region is the fastest growing in the world. Transaction volume in the MENA region reveals users received $566 billion in crypto in the time frame of July 2021 to June 2022. This is 48% more than the previous year. MENA is followed by Latin America and North America with a growth of 40% and 36% respectively. This region is …

The United Arab Emirates Ministry of Economy has announced a new headquarters located where anyone in the world can visit — the Metaverse. According to the Gulf News, the announcement was made on Sept. 28 by UAE Minister of Economy Abdulla bin Touq Al Marri during the Dubai Metaverse Assembly, with the minister stating “this is not a proof of concept, this is our third address” before giving a live tour of the virtual headquarters. The headquarters will feature a multiple story building, each serving a different purpose. Visitors will be able to take a ticket, which will prompt a …