SCA and VARA Introduce New Licensing Rules: A Positive Step for VASPs
In a remarkable move to enhance the UAE’s position as a global leader in virtual assets, the Securities and Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA) have entered a pivotal agreement to strengthen the regulatory framework for virtual asset service providers (VASPs) in the UAE. This agreement will establish comprehensive rules and […]
RAKBANK Achieves Milestone with First CBDC Transfer via mBridge
RAKBANK has become one of the first banks in the UAE to successfully execute an international remittance using China’s digital Yuan (eCNY) in exchange for the UAE’s Digital Dirham, marking a major moment in the evolution of cross-border payments. This pioneering transaction showcases the potential of Central Bank Digital Currencies (CBDCs) to revolutionize global financial […]
UAE Unveils 2024-2027 National Strategy for AML and CFT
Following the approval of the UAE Cabinet on September 2, 2024, the UAE has launched its 2024-2027 National Strategy for Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Proliferation Financing (CPF). This comprehensive strategy is designed to enhance the country’s ability to combat financial crimes and maintain alignment with international standards. Legislative and […]
Virtual Vision (V2) Collaborates with CloudSigma and Red Date Technology to Launch Blockchain-as-a-Service in Saudi Arabia
Virtual Vision (V2), a leading cloud provider in Saudi Arabia, has unveiled its Blockchain-as-a-Service (BlaaS) offering, developed in collaboration with CloudSigma and Red Date Technology. This new service is designed to enhance V2’s dominance in the public cloud market and provide regional businesses with advanced blockchain solutions. With increasing interest in blockchain technology, many businesses […]
The Transformative Potential of Crypto Payments in Global Finance
Payments are at the core of the increasingly interconnected global financial system – and yet, there is still a lot to be improved when it comes to how we go about transferring value globally. Much of the existing infrastructure and processes are not up to speed with the digital age, leaving ample room for enhancing […]
Network International and Zand Bank Partner to Enhance Fintech Services in the UAE
Network International (Network), a leading enabler of digital commerce in the Middle East and Africa, has entered into a strategic referral partnership with Zand Bank, the UAE’s first digital bank. This collaboration aims to strengthen and expand financial services for fintechs and startups across the region. The partnership will leverage Network’s expertise in card processing […]
Qatar’s 2024 Digital Assets Regulations Unveiled with Strategic Focus on Real-World Asset Tokenization
Qatar has finally introduced its Digital Assets Regulations 2024, marking a significant milestone in the nation’s strategic adoption of blockchain technology. These regulations, spearheaded by the Qatar Financial Centre (QFC) under the Ministry of Commerce and Industry, set the framework for the tokenization of real-world assets while explicitly excluding cryptocurrencies like Bitcoin. QCB Governor Sheikh […]
UAE Shines in Global Crypto Adoption, Ranks Third in Henley Index 2024
The United Arab Emirates (UAE) has emerged as a top contender in the global cryptocurrency landscape, securing the third spot in the Henley Crypto Adoption Index 2024, just behind Hong Kong and Singapore. With a score of 41.8, the UAE stands out for its tax-friendliness, strong government support, and thriving startup ecosystem, making it an […]
Klumi Ventures and Fuze Join Forces to Drive Web3 Growth in ADGM
Klumi Ventures, the premier blockchain-native Venture Capital Firm and Fund Manager based in Abu Dhabi, has partnered with Fuze, the Middle East’s leading regulated digital assets and blockchain infrastructure provider. The new collaboration aims to seamlessly integrate traditional finance with the rapidly evolving digital assets landscape. This partnership will harness Klumi Ventures’ investment acumen and […]
Binance CEO Teng Denies Palestinian Asset Freeze Claims, Calls Them ‘FUD’
Recently, claims have surfaced that Binance froze the assets of Palestinian users following a request from the Israel Defense Forces (IDF). These allegations are based on a document purportedly from the Israeli government, citing an administrative seizure order under the Law on Combating Terrorism. The document suggests that the seized funds were linked to organizations […]