The United Arab Emirates is approaching its 2021 deadline for migrating at least 50% of all government transactions onto distributed ledger technology-based platforms. Cointelegraph spoke to Leon Smith, the CEO of Dex — an Abu Dhabi-based crypto firm that has been issued with an in-principle approval ahead of the country’s forthcoming regulatory framework for crypto asset trading — to discuss how blockchain technology is becoming embedded in daily life in the UAE. UAE’s blockchain deadline looms In 2018, the UAE launched the Emirate Blockchain Strategy 2021, outlining a plan to migrate at least 50% of government-related transactions onto DLT platforms …

Businesses in Abu Dhabi, the capital of the United Arab Emirates’, or UAE, are increasingly embracing blockchain technology as local regulators move towards adopting inclusive legislation regarding crypto assets. Though Abu Dhabi Global Market, or ADGM, announced its plan to allow crypto asset trading in 2018, the UAE capital has taken a cautious approach to rolling out permissive regulations. However, Abu Dhabi Islamic Bank, or ADIB, recently became the first Islamic bank to execute trade finance distribution transactions, and the ADGM is readying to launch crypto asset trading in Q2 2020. ADIB executes blockchain-based trade finance distribution On April 15, …

With cases of the deadly coronavirus still popping up at an unprecedented rate around the world, many prominent members of the blockchain and crypto industries have heeded the global cry for help and have swiftly engaged in meaningful action — be it in terms of direct research-related participation, or through the donation of funds or resource materials, such as masks, sanitization equipment, etc. For example, as early as January, premier cryptocurrency exchange Binance had already donated $1.4 million worth of medical supplies to Chinese authorities in a massive effort to combat the devastating effects of the coronavirus. Dubbed as the …

A number of international blockchain-based solutions have taken up the challenge of preventing further outbreaks in the midst of the COVID-19 pandemic. The United Arab Emirates (UAE) is the most recent country to propose solutions reliant on a distributed database. As reported by the Emirates News Agency on March 25, the UAE’s Ministry of Community Development (MOCD) has begun using digital channels to provide government services. MOCD’s “stay-at-home” priority The MOCD would be relying on the use of digital identity through blockchain-based systems and chat systems for the digital authentication of official certificates and other documents. This removes the need …

Dubai International Financial Centre (DIFC) and Mashreq bank announced the launch of their new blockchain data-sharing platform on March 1st. This platform will allow licensed businesses and corporations to open digital bank accounts instantly by verifying their identities via an internal blockchain. Mashreq accomplishes this by removing the existing paper-based KYC procedure and replacing it with a blockchain-centric digital one. DIFC prepares each new KYC record as part of a company’s corporate license application. With the customer’s consent, this information is then shared electronically with Mashreq via the blockchain. The result is a simplification of the process companies currently go …

Blockchain usage is exploding around the world. But despite the technology’s many vocal advocates, the spread of technology is never even. Adoption is limited by a number of factors, including infrastructure development, local resources and regulation. As happens with the spread of any emerging technology, certain regions are pulling ahead of the pack. Radoslav Dragov, the blockchain lead for the International Data Corporation, explained that there are a number of factors that can create favorable conditions for adoption, varying from investment to talent, adding: “Beyond these factors, blockchain investment is very much influenced by current and upcoming regulation, and the …

One of the financial hubs of the Middle East, the United Arab Emirates (UAE), is continuing to expand blockchain-driven developments. The Department of Economic Development (DED) of Dubai has established a Know Your Customer (KYC) blockchain consortium with six major banks. Dubbed “KYC Blockchain Consortium,” the new blockchain-powered regulatory platform is designed to accelerate processes like exchange of digital customer data and documents while ensuring security. The project also intends to bring a unified platform of KYC efforts among existing and future ecosystem members like qualified financial institutions and licensing authorities. UAE’s first KYC blockchain platform to launch in Q1 …

The UAE's Ministry of Health and Prevention (MoHAP) together with the Ministry of Presidential Affairs, Dubai Healthcare City and other relevant authorities has launched a blockchain-based health data storage platform. According to The Emirates News Agency on Feb. 2, the blockchain-based platform aims to improve the efficiency of MoHAP and other health authorities' smart health services. It will help users streamline the search for health facilities and its licensed medical and technical personnel, as well as inquire about medicine supply chains. According to Dr. Lubna Al Shaali, the Director of the Public Health Policy Department, the new data storage blockchain …

The deployment of blockchain technology can save the United Arab Emirates (UAE) more than $3 billion, according to new findings. The findings were revealed in a white paper entitled “Inclusive Deployment of Blockchain: Case Studies and Learning from the United Arab Emirates,” Emirates News Agency reported on Jan. 15. The paper was prepared by the Centre for the Fourth Industrial Revolution UAE — a multi-stakeholder operation focused on science and technology — the Dubai Future Foundation and the World Economic Forum. Sectors identify priorities for deploying blockchain The white paper aimed to understand the current level of blockchain application, key …

Major cryptocurrency exchange Huobi has partnered with a real estate firm in the United Arab Emirates (UAE) to allow real estate investors to pay in cryptocurrencies. The Singapore-based crypto exchange has entered a partnership with fäm Properties, a tech-driven real estate agency based in Dubai, to offer crypto payment options for its real estate investors, UAE-based business publication AMEinfo.com reports Jan. 12. Crypto to enable more stability and liquidity in the real estate market Specifically, the partnership enables fäm Properties to accept payment in cryptocurrencies like Bitcoin (BTC), Ether (ETH), XRP and other major cryptos including stablecoins, the report reads. …

Saudi Crown Prince Mohammed bin Salman arrived in the United Arab Emirates (UAE) for an official visit yesterday to discuss joint policy measures, including a digital currency plan. On Nov. 27, private English-language daily UAE newspaper The National reported that Prince Mohammed was welcomed by His Highness Sheikh Mohamed bin Zayed al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. Financial and political cooperation The two leaders are reported to have officially agreed on four new policy partnerships and to have reviewed seven strategic initiatives. On the agenda was a policy to …

A Dubai-based Canadian expat has been arrested for peddling an allegedly fraudulent “Sharia-compliant” cryptocurrency and a host of other get-rich-quick schemes. As Gulf News reported on Oct. 30, Aziz “Com” Mirza had cultivated for himself a reputation as an entrepreneur, mentor and Instagram influencer. He now sits in Al Awir jail after a complaint was filed with the Dubai Police by a UAE resident allegedly defrauded of $150,000 in one of Com’s schemes. The “Bitcoin of the Middle East” Com targeted a global audience, including retail investors from the United States, United Kingdom, Canada and Greece. In just one of …