Exploring the Growing Crypto Landscape in the Middle East: Recent Developments and Innovations
The Middle East is witnessing a surge in crypto-related activities, with companies expanding their operations, governments embracing blockchain technology, and exciting regulatory changes. In this article, we delve into recent news events shaping the crypto landscape in the region. Follow through as we take a ride around these interesting developments and innovations.
Bitget's makes an ambitious move on Expansion in Middle East
Prominent crypto trading platform Bitget makes huge plans to expand its operations in the Middle East. This exciting expansion comes after it had already opened operations in downtown Dubai. The company has expressed its desire to hire up to 60 new staff members, with recruitment already underway for various middle- and back-office positions. Bitget has further plans to explore opportunities in Bahrain and the United Arab Emirates (UAE) and also aims to set up a regional headquarters.
Dubai's Shines in its Leading Role in Blockchain and Cryptocurrencies
Dubai recently emerged as a global leader in blockchain technology and cryptocurrencies. The city’s strategic location, favorable regulatory environment, and vibrant economy make it the perfect location for crypto enthusiasts to launch a crypto or NFT business. The emirate has been an active explorer of blockchain technology, with the Dubai government launching its blockchain-based payment system called emCash. This development reflects the city's active exploration of blockchain technology to enhance its financial services.
Dubai’s Virtual Assets Regulatory Authority (VARA) suspends BitOasis's conditional license
The Dubai Virtual Assets Regulatory Authority (VARA), a trusted regulatory authority for the virtual asset space in Dubai, has suspended BitOasis’s conditional license to engage in activities related to digital assets. A decision like this by the Dubai regulator is a testament to the new approach taken by the United Arab Emirates (UAE) and its domestic regulators toward digital asset regulation. This approach provides regulatory clarity and guidance to organizations that desire to engage in any activity related to digital assets. It helps inform them about which activities are permissible or prohibited.
DeFi protocol Num Finance raises $1.5M to expand its stablecoin offerings
Decentralized finance (DeFi) protocol Num Finance has raised $1.5 million in a funding round with plans to expand its stablecoin offerings in Latin America and the Middle East. Num Finance says it will expand its stablecoin offerings with tokens pegged to the Brazilian real, Colombian peso, Mexican peso, and Bahrain dinar in subsequent months. Additionally, it plans to focus on growing its real-world asset offering, starting with the tokenization of money market financial instruments
Binance achieves a significant milestone in the UAE
Number one cryptocurrency exchange in the world, Binance has reached a milestone with regulators in UAE. Binance’s Dubai-based subsidiary, Binance FZE, has gotten an operational minimum viable product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). The company announced this innovation on July 31. The new license officially allows Binance to operate cryptocurrency exchange and virtual asset broker-dealer services in Dubai. This development strengthens Binance's presence in the region and signifies the UAE's recognition of the exchange's commitment to compliance and security.
RAK DAO forms a partnership with HBAR Foundation
AK Digital Assets Oasis (RAK DAO), a free zone in the United Arab Emirates dedicated to crypto companies, has signed a memorandum of understanding (MOU) with the HBAR Foundation. This collaboration aims to provide support to its ecosystem members through a grant program and direct assistance in leveraging the Hedera blockchain.
Hong Kong and Saudi Arabia strengthen financial collaboration
On July 26, the Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) held a bilateral meeting to strengthen the integration of financial services between the two countries. The central banks also signed a memorandum of understanding (MoU) to promote joint discussions on financial innovation, particularly in the areas of tokenization and payments infrastructure.
Abu Dhabi Global Market grants financial services permission to Rain
The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority has granted its financial services permission to cryptocurrency firm Rain. They are allowed to offer brokerage and custody services to residents. This approval enables Rain to offer brokerage and custody services, allowing residents to buy, sell, trade, and store virtual assets through its platform.
Conclusion
The Middle East is witnessing a dynamic transformation in the crypto landscape. As the Middle East continues to embrace crypto technology, we can expect more exciting developments and initiatives that will shape the future of finance in the region.