EXCLUSIVE Business of Sport Binance to launch new Ronaldo NFTs ‘soon’ amid legal case Cristiano Ronaldo and the world’s largest cryptocurrency exchange Binance are to launch a fourth set of non-fungible tokens (NFTs) “soon”, as the footballer faces a $1 billion lawsuit for promoting the company. The Al Nassr and Portugal forward signed a deal with Binance in 2022 to create NFTs – digital collectibles – using his “CR7” […] April 26, 2024
Tech Turkish fintech Midas raises $45m for new products Turkish fintech startup Midas has raised $45 million in equity funding to expand its services and launch new products. The new products include cryptocurrency trading, mutual funds and savings accounts. The funding is among the “biggest ever” Series A fund raise by a Turkish fintech and comes less than three years after Midas was launched. […] April 24, 2024
Analysis Tech The Mena metaverse: moving beyond the hype Two years ago, the concept of metaverse lands transformed from an interesting subculture into a thriving multi-billion-dollar market, capturing the interest of major investors both regionally in the Middle East and globally. Metaverse lands, made of pixels and digital images, refer to buildings and plots within a virtual environment, offering spaces for gaming, socialising, business […] April 12, 2024
Trade Finance platform aims at $2.5trn trade funding hole A blockchain-based platform that lets institutions and wealthy individuals provide finance to importers and exporters for returns of up to 9 percent a year could help fill a multi-trillion-dollar hole in international trade, it says. In trade finance, the involvement of third-party financial companies removes payment and supply risks for sellers and buyers respectively. Historically, […] April 8, 2024
Analysis Banking & Finance DIFC’s law tipped to help digital assets go mainstream The Dubai International Financial Centre has introduced a law to define and regulate digital assets – a move that should herald their integration into more parts of the economy, lawyers have told AGBI. The DIFC legislation came into effect on March 8 and classifies the assets as property. Digitally tracked items such as cryptocurrencies, non-fungible […] March 27, 2024
Banking & Finance Investcorp stays cool on digital assets Investcorp, the Gulf region’s largest alternative investment company, will not be turning to digital assets to boost its bottom line in the short term. The Bahrain company’s Abu Dhabi-listed Investcorp Capital invested more than $639 million in the first half of its financial year to December 31, 2023. The company’s latest financial reports revealed a […] February 13, 2024
Opinion Cybersecurity Fighting cybercrime in the age of quantum computing The Middle East must learn to navigate the threats and the opportunities January 25, 2024
Finance Energy costs push bitcoin mining in Iran underground Rising energy costs and onerous government regulations are forcing much of Iran’s once-blossoming bitcoin mining sector to operate clandestinely, a top industry executive has told AGBI. Bitcoin’s price surged to $46,900 in early January ahead of the launch of bitcoin exchange-traded funds (ETFs) in the US, up from a two-year low of about $15,800 in […] January 24, 2024
Analysis Finance Gulf investors expected to bet big on bitcoin ETFs Gulf sovereign wealth funds and institutional investors are expected to expand their portfolios to include cryptocurrencies, after spot bitcoin exchange-traded funds were given the green light. The US Securities and Exchange Commission (SEC) approved the trading of 11 spot bitcoin ETFs, issued by global asset management companies such as BlackRock, Invesco, Grayscale, Fidelity, and Franklin. […] January 16, 2024
Video length: 05:38 Finance Cakes, crypto and the sun – best video moments of 2023 From top business leaders to expert analysts, AGBI has spoken to them all over the past 12 months. Watch our video round-up above to find out who gave us these memorable quotes … “The bigger the cake, the bigger the problem.” “Your long-term asset in this region is not the oil under the ground, it’s […] December 25, 2023
Tech Binance pulls out of licence application in Abu Dhabi Global cryptocurrency exchange Binance has withdrawn its licence application from Abu Dhabi Global Market, the main regulator in the UAE capital, but still wants to join an international exchange in Dubai. The troubled crypto operator withdrew its application on November 7, according to the regulator’s website. “While assessing our global licensing needs, we decided this […] December 8, 2023
Tech Tax-friendly UAE beckons blockchain businesses The UAE is becoming a preferred destination for blockchain technology companies, ranking third globally as a crypto centre, according to a survey. Immigration consultancy Henley & Partners used six criteria to arrive at a global ranking and placed Singapore first because of its government’s close cooperation with banks, businesses and the public in developing its […] December 2, 2023
Tech Binance scandal won’t rock UAE but clarity is needed Industry experts have told AGBI that the UAE needs to address some of its own internal challenges if it is to realise its ambitions to become a global cyptocurrency player. Former Binance CEO Changpeng Zhao’s guilty plea as part of a $4.3 billion settlement with US anti-money laundering authorities is unlikely to lead to major […] November 24, 2023
Exclusive Banking & Finance UK fintech firm Revolut sets up in UAE The British fintech firm Revolut is expanding to the UAE in what experts believe is the start of a wave of similar UK companies setting up in the region. The digital platform, which offers banking and trading services through an app, is recruiting for legal and strategy roles in Dubai. The company has hired Jonathan […] November 9, 2023
Video length: 06:16 Banking & Finance UAE to clamp down on unlicensed crypto operators Unlicensed cryptocurrency operators in the UAE may face civil and criminal penalties, according to the anti-money laundering division of the UAE Central Bank. Companies, owners and senior managers could also face financial sanctions. The UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee issued the directive this week. The […] November 8, 2023
Banking & Finance Turkey embraces crypto amid currency woes Turkey has emerged as a significant player in the global crypto market, with $170 billion flowing into the country over the past year, ranking it 12th in the world, higher than markets such as Germany, Russia and Canada. The Chainalysis Global Crypto Adoption Index said the surge can be attributed to Turkey’s currency challenges and […] October 27, 2023
Analysis Finance Qatar makes belated entry into crypto tokens market Qatar’s financial regulators have proposed a new digital assets framework which seeks to regulate investment tokens. In contrast to its Gulf neighbours like the UAE and Bahrain, which have opened their doors to global cryptocurrency exchanges, Qatar has maintained a ban on trading. But legal insiders say Qatar’s delayed entry into the virtual assets arena […] October 12, 2023
Finance Dubai regulator halts unapproved crypto sale Dubai’s Virtual Assets Regulatory Authority has halted the sale of Islamic Coin (ISLM), a crypto token touting its adherence to sharia and ethical principles. The intervention demonstrates the emirate’s balance of innovation and regulatory oversight, say legal insiders. In a market alert, Virtual Assets Regulatory Authority (Vara) highlighted that Bored Gen DMCC, the fintech software […] October 9, 2023
Analysis Trade Shark Tank’s O’Leary touts Abu Dhabi as crypto centre Venture capitalist Kevin O’Leary believes Abu Dhabi could soon eclipse the US as the global centre of crypto innovation. While regional insiders told AGBI they agreed the UAE is set to be a significant digital assets hub, they said overtaking the US remains a tall order. In a Fox Business interview this week, O’Leary said […] October 6, 2023
Video length: 03:43 VIDEO Banking & Finance Crypto trading fuels financial crime in the UAE The rise in the use of cryptocurrencies in the UAE has resulted in an increase in financial crime, according to a Dubai lawyer. “Cryptocurrency has given money launderers a feature that they have dreamt of – secrecy,” Maroun Abou Harb, an associate at law firm BSA, said during an exclusive video interview with AGBI. “This […] August 4, 2023
Banking & Finance Saudi regulator issues $319m in fines for share fraud Saudi Arabia’s financial regulator has convicted 17 people of manipulation and fraud for trading shares in the kingdom’s largest property developer. The group has been hit with fines amounting to hundreds of millions of dollars, when the value of gains they have been ordered to return are included. The Saudi Capital Markets Authority (CMA) on […] July 21, 2023
Opinion Tech The triad that secures blockchain Confidentiality, integrity and availability are all challenges as the Middle East adopts new technology July 2, 2023