The Dubai Financial Services Authority, the financial regulatory agency for the special economic zone, the Dubai International Financial Centre, is looking to enhance local cryptocurrency-related regulations. The DFSA is planning to introduce a regulatory framework for diverse digital assets as part of its 2021–2022 business plan released on Jan. 18. According to the DFSA, the upcoming crypto framework will further expand the DFSA’s regulation of digital asset issuers and associated trading platforms. The framework will include a number of digital asset types like tokenized securities and cryptocurrencies like Bitcoin (BTC): “We will build upon recent achievements in this space over …

Central banks from two of the most powerful economies in the Middle East released a report today on a yearlong joint central bank digital currency (CBDC) project — and results speak glowingly of blockchain technology. First announced in January of 2019, Project Aber was a joint effort between the United Arab Emirates and Saudi Arabia to establish a “proof of concept” designed to “contribute in the body of knowledge in CBDC and DLT technologies.” The combined effort of two central banks in such a study is among the first of its kind. To this end, the report notes that the …

According to a Nov. 7 announcement, Ripple has established a regional office in the Dubai International Financial Centre, or DIFC. The blockchain-based payments firm reportedly chose the location for its “innovative regulations.” The DIFC website states the special economic zone serves more than 2,500 companies across the Middle East, Africa, and South Asia as an “independent regulator” with a “proven judicial system.” “Ripple already has a significant client base in the MENA [Middle East and North Africa] region and the opportunity to co-locate with our customers made DIFC a natural choice,” said Navin Gupta, a managing director at Ripple. “Our …

The world's largest sugar refinery, Al Khaleej Sugar, officially announced the application of blockchain technology in its recently launched sugar trading platform, DigitalSugar.io. Users of the UAE-based platform will trade the spot price of sugar via tokens tied to “up to 100,000 tonnes of raw sugar,” with its peg assured by the Universa blockchain who will be issuing electronic warrants of ownership with the tokens. Traders will be able to hold tokens representing between 1 kg to 1M tonnes, and will pay .4% in exchange fees as well as a 2.5% yearly storage fee. The platform, launched in partnership with …

Food industry officials in the United Arab Emirates may soon have a blockchain-based supply chain to obtain agricultural products directly from India. According to an Aug. 31 report, officials in the United Arab Emirates (UAE) will be using Agriota E-Marketplace, a new platform that employs blockchain technology to bridge the gap between farmers in India and the nation’s food industry. Agriota reportedly provides transparency by verifying the food supply chain from Indian farms to food processing companies, traders and wholesalers in the UAE. Essentially, the platform will allow Indian farmers to connect directly with food industry firms in the UAE …

Blockchain firm HashCash Consultants claims that banks are "chief arbiters" of people's identities, and need blockchain technology to do it better. According to an Aug. 11 announcement, “accurate identification of an individual is central to banking activities which makes them the chief arbiter of people's identities.” Still, the current system is not without its issues: “The existing manual processes make identification time-consuming and susceptible to errors. HashCash aims to streamline the process by helping the partner bank create digital identities for the customers over a decentralized network, where the customer data will be recorded on an immutable ledger, eliminating any …

This platform is set to become a nationwide system for exchanging verified customer data. Dubai’s Department of Economic Development, or DED, and state-run bank Emirates NBD are rolling out their so-called UAE KYC Blockchain Platform. 120 local firms already signed up for the platform with Emirates NBD First revealed in February 2020, the new blockchain platform is designed to unlock digital customer onboarding, instant bank account functions, and verified KYC data sharing between licensing authorities and financial institutions. Announcing the news on July 28, the DED and Emirates NBD said that the platform has over 120 companies already on-boarded by …

A former Etihad Airlines flight attendant who took out a $100,000 loan to invest in cryptocurrency may not be facing jail time after he received 25% of the total debt in donations from former coworkers. Reddit user u/Crypthomie, identified only as a 34-year-old man who is not an United Arab Emirates citizen, posted to the Cryptocurrency subreddit on June 19 stating that his ex-coworkers had raised $27,400 towards his massive debt. “Hundreds of websites [wrote] articles on my situation,” u/Crypthomie said, specifically crediting Cointelegraph for spreading his story. “Eventually [they] reached my ex-coworkers who figured out who was involved as …

The research arm of Saudi Arabia’s Islamic Development Bank Group is aiming to develop a blockchain-based smart credit management system. To achieve this, the bank's Islamic Research and Training Institute, or IRTI, has partnered with the Samsung-backed blockchain provider Blocko. The partnership comes as a part of the E24P regional consortium launched by Blocko across the Middle East, Africa, and South-East Asia in April. Curbing technical and economic challenges As the Islamic finance industry is predicted to grow from $2 trillion to $3.78 trillion by 2022, Dr. Sami Al Suwailem, director general of IRTI, says there still are various technical …

A former Etihad Airlines flight attendant says he faces up to three years in jail in the United Arab Emirates (UAE) for being unable to make installments on a $100,000 loan he took out to invest in crypto around the all time high. Reddit user Crypthomie, identified only as a 34-year-old man who is not an UAE citizen, posted an image to the Bitcoin subreddit on June 9 of his repayment schedule for a 338,000 Dirham loan ⁠— approximately $109,000 ⁠at the time— with Emirates Islamic Bank. According to Crypthomie, he has lost his job with Etihad due to the …

The Saudi Arabian Monetary Authority (SAMA), the country’s central bank, announced that it used blockchain technology to deposit funds to local banks. An official statement published by SAMA said that the funds were a part of the bank’s initiative to enhance its “capabilities to continue its role in providing credit facilities.” The bank did not specify the exact amount of the fund transfer. SAMA’s involvement with blockchain technology The Middle East is seeing widespread adoption of blockchain technology in the finance sector. SAMA has performed enormously in terms of using blockchain for remittances for banks located in Saudi and the …

UAE-based startup incubator, in5, is helping to design blockchain-based methods to contain the COVID-19 pandemic in the country and thus flatten the curve. According to a report published on May 20, Liber Health, supported by in5, is one of the platforms used for patient identification supported by blockchain technology. They are creating a contactless system to recognize the biometric ID data and analyze suspected COVID-19 symptoms. Liber Health hopes that by tracking patients that have been in contact with suspected COVID-19 cases, they can help individuals apply quarantine measures as soon as possible. Liber Health plans to expand conversations with …