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Cryptocurrency

People keen to trade in cryptocurrencies will look beyond Saudi Arabia to the rest of the GCC

GCC needs common policy on crypto, says Saudi academic

Saudi Arabia and other Gulf Arab states should develop aligned policies and regulations around the potential use of cryptocurrencies as a payment tool, a prominent Saudi academic and economist has said.  While the largest Arab economy generally forbids the use of cryptocurrencies, the UAE has put some policies in place to regulate their use. “Saudi […]

A wind farm project east of Addis Ababa; Ethiopia’s renewable energy resources make it an attractive location for bitcoin mining operations

Abu Dhabi’s Phoenix Group signs Ethiopian power deal

Abu Dhabi-based technology conglomerate Phoenix Group has acquired an 80 megawatt (MW) power purchase agreement (PPA) in Ethiopia. It follows just weeks after the company launched a 50MW cryptocurrency mining facility in North Dakota in the US.  A PPA is usually a long-term electricity supply agreement. The deal, secured in partnership with UAE cybersecurity company […]

A rendering of the Dubai Crypto Tower that is intended to house blockchain companies

Dubai Multi Commodities Centre announces “Crypto Tower”

Dubai Multi Commodities Centre (DMCC) and software company Reit Development have announced plans to build a 17-storey “Crypto Tower” that they say will demonstrate the use of blockchain technology.  Blockchain will be used for tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. The 150,000 sq […]

Pretty Muslim lady in hijab using smartphone and credit bank card for online shopping. Focused businesslady in headscarf standing on street and making purchase.

Gulf sets ambitious targets in its quest to go cashless

The Middle East has set ambitious targets in its bid to become a cashless society. The UAE is aiming for 75 percent of transactions to be cashless by 2026 and Saudi Arabia has set a target of 70 percent by 2030. Late last year, the process was made simpler by the introduction of Tap to […]

The North Dakota site will add more than 2.7 exahashes to Phoenix Group's processing capacity

UAE’s Phoenix Group opens US crypto mining facility

Phoenix Group, an Abu Dhabi Securities Exchange-listed company and one of the world’s leading bitcoin miners, has launched its 50 megawatt (MW) cryptocurrency mining facility in North Dakota, US. The opening of the site is part of the company’s bid to expand its capabilities and investments in the US. The company said that the facility, […]

Dubai has broken up money laundering operations worth almost $175 million

Dubai busts global money laundering gangs

Dubai has broken up two major international networks conducting money laundering operations worth a total of AED641 million ($174.5 million). The Dubai Public Prosecution referred an Emirati national, 21 British nationals, two Americans, a Czech national, and two companies owned by the Emirati national to the Criminal Court of First Instance at Dubai Courts. The […]

A bitcoin ATM kiosk in Krakow, Poland. A recent report suggests 13 nations already hold bitcoin as a reserve currency

The ‘race is on’ to set up bitcoin national reserves

The concept of national bitcoin reserves is moving from theoretical discussion to geopolitical reality. A member of Russia’s parliament has called on its central bank to consider bitcoin as a reserve asset, it was reported last week. Thirteen nations already hold the cryptocurrency, according to a report released this month by bitcoin exchange River. The […]

The Bitcoin Mena conference in Abu Dhabi, where AE Coin announced its approval

UAE stablecoin gets green light from Central Bank

UAE businesses could soon be able to accept AE Coin, the first regulated cryptocurrency in the Emirates. The AE Coin, which has just received regulatory approval from the Central Bank of the UAE, is pegged to the dirham, making it less volatile than other cryptocurrencies. Cryptos tied to a fiat, or government-issued, currency are known as […]

Crowd, Person, Adult

Eric Trump tells Abu Dhabi bitcoin will hit $1m

President-elect Donald Trump is planning to make the US the “crypto capital of the world”, his son Eric Trump said in a keynote speech in Abu Dhabi on Tuesday. Speaking at the Bitcoin Mena event being held at Abu Dhabi’s ADNEC centre, the younger Trump said he was “confident” that bitcoin would hit $1 million. […]

An illustration of Donald Trump holding Bitcoin is displayed at a cryptocurrency store in Hong Kong after Bitcoin's value reached $100,000

Trump’s crypto team in Abu Dhabi for bitcoin conference

Several key staff in President-elect Donald Trump’s new cryptocurrency venture are in Abu Dhabi today for the largest bitcoin gathering in the Gulf region, Bitcoin Mena 2024. Speakers include Trump’s son Eric and billionaire Steve Witkoff, the new White House envoy for the Middle East and co-founder of World Liberty Financial (WLF), a crypto platform […]

Patrick Meaney, head of enforcement at the DFSA, says hedge funds bring associated companies with them when they join the DIFC Video length: 03:05

Hedge funds and wealth managers ‘are a boon’ for DIFC

The DFSA (Dubai Financial Services Authority) the independent regulatory agency that oversees financial services in the Dubai International Financial Centre, approved more than 60 new companies in the first half of 2024. Patrick Meaney, head of enforcement at DFSA, says that many of them are wealth management companies or hedge funds, which is a “boon […]

Donald Trump appeared at a Bitcoin event in Nashville, Tennessee, in July. A Republican government is viewed as being more crypto-friendly than a Democrat government

Bitcoin price passes $70,000 on US election speculation

The price of Bitcoin reached $72,479 this week, the first time that the cryptocurrency has gone above the $70,000 price mark since June.  Although still below its March peak of $73,803.25, the world’s most prominent digital currency may have headroom to rise further. “Bitcoin has rallied more than 65 percent year-to-date, with prices surging above […]

Cryptocurrency exchange company OKX has launched operations for retail and institutional investors in the UAE

Crypto giant OKX bullish on UAE launch

Cryptocurrency exchange company OKX has launched operations for retail and institutional investors in the UAE.  UAE residents will be able to deposit and withdraw AED from all Emirates bank accounts and trade more than 280 cryptocurrencies and 480 trading pairs. The Seychelles-based crypto trading platform has more than 50 million customers in 200 international markets according […]

A new UAE VAT exemption will boost investment funds, digital or crypto-related services and foreign direct investment

UAE VAT exemptions to boost funds, crypto and FDI

New exemptions by the UAE on value added tax for investment funds and digital or crypto-related services will strengthen the Gulf state’s position as a financial hub and help attract more foreign business, experts have said. The Federal Tax Authority’s amendments announced this week exempt the management of investment funds from 5 percent VAT from […]

The National Bank of Bahrain says its bitcoin fund will protect investors from losses

Bahraini bank launches Gulf’s first bitcoin investment fund

The National Bank of Bahrain has launched a bitcoin-pegged structured investment product, aimed at targeting growing demand for the cryptocurrency among institutional investors in the Gulf countries.  The fund, developed in partnership with digital asset firm ARP Digital, will offer investors access to any rise in bitcoin’s price, capped within a predetermined threshold, and guarantee […]

Vara's CEO says cryptocurrency interest is from 'sophisticated players that take regulation seriously'

Dubai’s crypto regulator defends ‘robust’ approval process

Dubai is viewed as a crypto-friendly destination, but the head of the regulator overseeing the sector has told AGBI its processes are rigorous and only a small fraction of applicants are approved. “It’s probably fair to say at the beginning there was a perception from the market that it would be straightforward to get a […]

Ahmed bin Sulayem told AGBI that AI impacts every sector within DMCC Video length: 03:30

Dubai AI leaders call for global regulations

Digital economy leaders in the UAE called for the global unification of artificial intelligence regulations at the launch of DMCC’s AI Centre last week.  Dubai issued a universal blueprint for AI earlier this year, but a unified framework governing the growing AI technology sector is still lacking.  “How can you disregard the artificial intelligence sector […]

Turkey stablecoin Video length: 04:56

Turks turn to crypto to ‘escape’ currency fluctuations

As blockchain platform Tether introduces the first dirham-pegged stablecoin – cryptocurrencies whose value is tied to a currency, commodity or financial instrument – in the UAE, AGBI looks into how unstable economies such as Turkey have used cryptocurrencies as a hedge against inflation. Turkey banned the use of cryptocurrencies for payments in 2021, the same year […]

Animoca subsidiary The Sandbox has partnerships in Saudi Arabia and with Dubai’s Virtual Assets Regulatory Authority

Hong Kong’s Animoca considers Gulf bourses

Animoca Brands, a major Web3 and crypto gaming company valued at nearly $6 billion, is considering a public listing in 2025, with the Gulf and Hong Kong as potential venues. The company’s investors include heavyweights such as Singapore’s Temasek Holdings and the Saudi Arabia government’s Neom project, which injected $50 million into it last year. […]