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Cryptocurrency

Circle president Heath Tarbert says 'everyone can win' if UAE remittance firms adapt to the use of stablecoins

Stablecoin issuer Circle targets UAE’s $44bn remittance corridor

Stablecoin issuer Circle, fresh off a $1 billion initial public offering on the New York Stock Exchange, is in early talks with money-transfer houses in the UAE to plug its USD Coin (USDC) into one of the world’s busiest remittance corridors. Circle is the sole issuer of USDC, the world’s second-largest stablecoin, with a market […]

Shoppers at a market in Duhok. Two people in the province have been arrested in connection with an alleged crypto fraud

Kurdish authorities clamp down on crypto trading

The semi-autonomous Kurdistan region in northern Iraq has launched a crackdown on cryptocurrency trading, following warnings by the Central Bank of Iraq. The Kurdistan Regional Government has formed an interior ministry committee to enforce the closure of crypto and foreign exchange companies, it said in a statement at the weekend. The committee, which can order […]

Bader Al Kalooti, Binance’s MENASAT head of growth and operations Video length: 03:49

Crypto crimes drop due to blockchain transparency

Illicit activity in cryptocurrency transactions has plummeted as a result of investment in compliance levels across the digital asset industry. Binance, the world’s largest cryptocurrency exchange platform, says shadowy practices including money laundering have dropped from 0.6 percent to 0.15 percent. More traditional currencies, which are usually issued by governments, last year had a much […]

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With new rules from VARA, the UAE is aligning with global crypto standards and building its future as a global crypto hub

Tighter Dubai rules tipped to drive crypto market expansion

Fresh digital asset regulations in the UAE may encourage further tokenisation and the rollout of more complex cryptocurrency products, analysts have said. Tokenisation is the creation and trade of digital tokens that are backed by real-world assets – such as real estate, gold or art — on a blockchain. It enables direct and verifiable peer-to-peer […]

Advertising for cryptocurrencies is on the rise in Egypt but regulators have issued warnings

Egypt renews warning over dealing in cryptocurrencies

Egypt has issued a fresh warning against dealing in bitcoin and other cryptocurrencies following a surge in local online advertisements for investment in these tools. The Financial Regulatory Authority (FRA) said these currencies lack official financial backing that guarantees their stability and that they could be used in terror funding. In a weekend statement on […]

Emarat petrol station in Dubai City. Emarat is teaming up with Crypto.com to offer cryptocurrency payment options at their service stations

Emarat customers can soon use crypto to pay for gas

Customers at some of Emarat’s service stations across the UAE will soon have the option to pay for their gas and snacks in cryptocurrencies. Emarat has partnered with UAE crypto trading platform Crypto.com to allow merchants to use cryptocurrencies at their checkouts, the company announced on LinkedIn this week. Initially, 10 service stations will be […]

Yat Siu says Animoca Brands' new Dubai office will facilitate dedicated funds to empower blockchain and Web3 startups across the UAE Video length: 04:32

Crypto company Animoca Brands to launch in Dubai

Yat Siu, the co-founder of the blockchain and venture capital business Animoca Brands, is at the forefront of the growing digital asset sector. As part of its global expansion, the company is establishing a presence in the Middle East with the launch of its new office in Dubai. It plans to establish dedicated funds for […]

Ripple CEO Brad Garlinghouse. The company has had an office in Dubai since 2020

Crypto payment provider Ripple plans UAE growth

Cryptocurrency company Ripple Labs has outlined plans to expand in the UAE after winning approval to operate in Dubai. Based in San Francisco, Ripple was the first blockchain payments provider to be licensed by the Dubai Financial Services Authority (DFSA) in March, the company said in a statement. One in five Ripple customers is based […]

An engineer at a mining farm. Abu Dhabi-listed Phoenix Group has strengthened its presence in Ethiopia with a new mining facility, contributing to its global bitcoin operations

UAE’s Phoenix expands Ethiopian bitcoin mining

Phoenix Group, an Abu Dhabi-listed blockchain and cryptocurrency company, has expanded its bitcoin mining operations in Ethiopia, securing an additional 52 megawatts (MW) of power supply.  The latest move brings the company’s total capacity in the African country to 132MW and raises its global capacity to more than 500MW across five countries, it said in […]

Zach Witkoff was on a panel with Eric Trump at the Token2049 crypto event taking place in Dubai

Abu Dhabi’s MGX to use Trump stablecoin for Binance deal

A stablecoin linked with President Donald Trump will be used by Abu Dhabi’s MGX as part of the technology company’s $2 billion investment in Binance, the world’s largest cryptocurrency exchange, it was announced on Thursday. MGX announced a minority investment in Binance in March.  Zach Witkoff, co-founder of World Liberty Financial, a cryptocurrency holding company […]

Keeping the lights on in Kuwait is becoming a problem with a lack of power reserves

Kuwait cuts off crypto mining to save power

Kuwait this week began a clampdown on illegal cryptocurrency mining activity, as the energy-intensive sector places further pressure on the Gulf state’s already severe power shortage problem. The country’s industrial facilities were told earlier this month to suspend operations for six hours daily during the summer, as part of a power rationalisation plan. The ministry […]

UAE national security adviser Sheikh Tahnoon bin Zayed Al-Nahyan, seen here with Donald Trump last month, leads stablecoin backer IHC

Abu Dhabi group creating dirham-backed stablecoin

Sovereign wealth fund Abu Dhabi Developmental Holding Co. is among a group of companies developing a cryptocurrency that will be linked to the UAE dirham currency. Better known as ADQ, the fund – together with the emirate’s International Holding Company (IHC) and First Abu Dhabi Bank (FAB) – will develop the stablecoin to be regulated […]

Binance Blockchain Week 2024 in Dubai 'proved how the right setting can turn an audience into a real community'

Binance powers crypto dialogue with community events 

Binance, the world’s largest cryptocurrency exchange by volume, is helping to unite the industry, facilitate connections and drive conversation through its calendar of live and online events. Kim Murphy, its head of global event marketing, gives us the lowdown Why are events so important to Binance and the industry?  Events bring crypto to life. They […]

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Abu Dhabi investor buys $25m in Trump crypto coins

DWF Labs, an investment company based in Abu Dhabi, has bought $25 million of a cryptocurrency linked to Donald Trump. The company describes itself as a next-generation Web3 investor and cryptocurrency trader. Web3 includes concepts such as decentralisation, blockchain technologies and token-based economics. It said in a statement that it bought $25 million of World […]

'Investors need to be careful. Anything that is not bitcoin is very risky,' said one crypto expert after Mantra's token OM crashed

Abu Dhabi backers deny selling crypto before $5bn crash

The Abu Dhabi backers of a Dubai-licensed cryptocurrency business have denied wrongdoing after its token’s market cap dropped by more than $5 billion in a matter of hours, raising alarm among investors. Mantra, a Hong Kong-based blockchain company focused on tokenising real-world assets, is backed by Abu Dhabi’s Shorooq Partners, which led an $11 million […]

M79HAK Professional Broker Consults Stock Exchange Trader at His Workstation. Multi-Ethnic Team at Stock Exchange Office is Busy Selling and Buying Stocks

Gulf investors pile into crypto to hedge against risk

Institutional investors in the Gulf are increasingly turning to cryptocurrencies to better manage their risk. Global currency fluctuation and sustained inflation are encouraging investors to add bitcoin and other digital assets to their portfolios, according to a study by Singapore-based QCP, a digital asset trading company. Notable institutional Gulf investments in crypto so far this […]

Binance CEO Richard Teng said the company is committed to partnering with global regulators to "establish transparent, responsible, and forward-thinking policies for the crypto industry"

MGX makes $2bn crypto investment in Binance

UAE technology investment company MGX has invested $2 billion-worth of stablecoins into Binance, the world’s largest exchange for digital tokens by trading volume and users, according to a statement. Binance said on Wednesday that acquisition of a minority stake in MGX is the “biggest-ever” injection of funds into a crypto company, the largest investment ever […]

A cryptocurrency exchange shop in Istanbul, Turkey. Hyperinflation over the past few years has pushed Turks toward embracing cryptocurrencies

Currency woes underpin Mena preference for stablecoin

Cryptocurrency traders in the Middle East and North Africa prefer stablecoins over single crypto currencies like Bitcoin, data show. Stablecoins made up 52 percent of all cryptocurrency transactions carried out in the Mena region in the year to June 2024, according to New York-based blockchain analysis company Chainalysis.  That is more than the 17 percent […]