The world’s largest cryptocurrency trading platform, Binance, is among the first crypto exchanges to join a new crypto hub established by the Dubai World Trade Centre Authority (DWTCA). Binance officially announced it signed a memorandum of understanding with the DWTCA the next day after the latter officially announced the launch of a comprehensive zone for crypto in Dubai on Dec. 20. As part of its membership in the DWTCA’s initiative, Binance will help the authority outline the vision of “accelerating the set-up of a new industry hub for global virtual assets,” the company said in the announcement. Binance will also …

The United Arab Emirates (UAE) continues to emerge as one of the world’s biggest cryptocurrency-friendly jurisdictions as the government of Dubai has a new initiative to support local crypto development and regulation. The Dubai World Trade Centre (DWTC), a government-owned event and exhibition venue in Dubai, will become a comprehensive zone and regulator of cryptocurrencies, products, operators and exchanges, DWTC officially announced Dec. 20. As part of the initiative, the DWTC will design a comprehensive ecosystem for this progressive sector within Dubai and collaborate with the private sector to set up an “attractive environment for the sector.” The project also …

The United Arab Emirates’ postal operator is issuing nonfungible token (NFT) stamps to commemorate the federation’s 50th National Day, offering further evidence that digital collectibles are gaining mainstream appeal globally. Emirates Post Group, or EPG for short, announced this week that it has become the first postal organization in the Middle East and North Africa to issue digital-collectible stamps. The new stamps, which will be unveiled on the Dec. 2 National Holiday, consist of blockchain-based digital twins that will be sold as digital collectibles linked to their physical counterparts. A total of four stamps, each with a distinct design consisting …

The Bitcoin Fund (QBTCu.TO), a closed-end investment vehicle based in Canada, has received regulatory approval from the Dubai Financial Services Authority. The fund debuted on Nasdaq on June 23, 2021 and became the first listed digital asset fund in the Middle East. The fund's goal is to provide investors in the shares of the fund with exposure to Bitcoin (BTC) and the daily price changes of the U.S. dollar price of Bitcoin, as well as long-term capital appreciation. The fund is a diversified portfolio of digital assets that invests in Bitcoin and U.S. dollar-denominated money market instruments. A report by …

The Dubai Financial Services Authority (DFSA) has established a regulatory framework for investment tokens as part of its efforts to stimulate the digital financial and technological environment while also meeting market players' demands and requirements. The DFSA is an independent regulatory body in Dubai that is in charge of monitoring and regulating financial services companies wanting to operate there. It also licenses and regulates their products and services. According to a report by Emirates news agency WAM, the DFSA's regulatory framework defines investment tokens as either "a Security Token or Derivative Token." The report notes that the creation of a …

The World Blockchain Summit in Dubai hosted an exhibition boxing match between top cryptocurrency traders and influencers for the WBC Crypto Belt. The fights were supported by a charity event, featuring an auction of memorabilia including digital currency assets and nonfungible tokens (NFTs). What started off as a conversation for a friendly match with a small audience, saw the involvement of two-time World Boxing Champion Amir Khan and the Super Boxing League (SBL) as the organizer, in association with ByBit crypto exchange and World Boxing Council. Amir khan crypto fight night. 2 of the biggest crypto traders @RookieXBT vs @loomdart …

Dubai-based cryptocurrency trading platform BitOasis is expanding in the Middle East and North Africa (MENA) with another major funding round. BitOasis closed a $30-million Series B funding round led by Chicago-based venture capital firm Jump Capital and Dubai-based VC company Wamda Capital, according to a Tuesday announcement. Wamda previously invested in BitOasis back in 2016, leading a seed funding round of an undisclosed sum. The latest round included new investors, such as Sam Bankman-Fried’s crypto trading firm Alameda Research, and Global Founders Capital, as well as existing investors, including Pantera Capital, Digital Currency Group and Belgium-based investment firm NXMH. The …

On Monday, the Hong Kong Monetary Authority (HKMA) released an official white paper exploring the potential of a retail-focused central bank digital currency (CBDC), the digital Hong Kong dollar (e-HKD). According to the document, the HKMA will seek to understand the “potential architectures and design options” from a technical and regulatory policy perspective, with the ambition of creating a dual-tier system — the first being designed for a “central bank to issue and redeem CBDC,” and the second being retail-centric for “commercial banks to distribute and circulate either rCBDC or CBDC-backed e-money.” Hong Kong debuted its investigation into CBDCs in …

BitOasis, a cryptocurrency exchange from the United Arab Emirates, has partnered with the Dubai Police Force to raise awareness about frauds related to crypto investment and trades. The exchange’s partnership with the Dubai Police is intended to help build regulations that will make crypto safe for investors in the region, BitOasis CEO Ola Doudin said. Speaking to Cointelegraph, Doudin stated: “The BitOasis team has been working very closely with policymakers and regulators to build trust and transparency into the crypto ecosystem. Partnering with Dubai Police is also a move in the same direction.” The move to safeguard investors coincides with …

Financial regulators in the United Arab Emirates have reached an arrangement to officially allow and support cryptocurrency trading in an economicfree zone in Dubai. The Dubai World Trade Centre Authority (DWTCA) announced Wednesday that it had signed an agreement with the UAE’s Securities and Commodities Authority (SCA) to support the regulation and trading of crypto assets within the DWTCA free zone. The new initiative establishes a framework enabling the DWTCA to issue necessary approvals and licenses for financial activities related to cryptocurrencies. As part of the agreement, the SCA will also supervise major crypto-related activities, such as issuance, listing, trading …

The United Arab Emirates (UAE) and Dubai are among the friendliest jurisdictions for the cryptocurrency industry, according to Stephen Stonberg, CEO of Bittrex Global crypto exchange. Dubai is likely to benefit from the expanding crypto market in the Middle East as local regulators increasingly accept blockchain-related technologies, Stonberg said in a Sunday Bloomberg interview. The UAE and Dubai are “doing all the right things and they’re going to attract a lot of regional projects” in the cryptocurrency industry, Stonberg said. He stated that these jurisdictions provide a “great place” to set up a token project or run a cryptocurrency exchange, …

The United Arab Emirates becomes the latest country to join the race for experimenting with an in-house digital currency. According to the three-year plan for 2023-2026 that announces the launch of its digital currency, the Central Bank of the UAE, or CBUAE, intends to stand among the top 10 central banks across the world. CBUAE’s strategy involves seven objectives to help drive the country’s digital transformation ambitions, primarily focused on financial services. Gulf News reported that this transformation will be heavily dictated by the latest iterations of artificial intelligence and big data solutions. While UAE’s innovation strategy is aimed at …