Turkey Drops Plans for Crypto Gains Taxation
Turkey has no plans for an additional tax package this year, according to Vice President Cevdet Yilmaz, who ruled out any levies on stock trading or cryptocurrency profits. “We don’t have a stocks tax on our agenda. It was discussed previously and fell from our agenda,” Yilmaz told Bloomberg. He added that officials are focusing […]
Crypto Growth in MENA: Saudi Arabia and UAE Lead the Charge, Stablecoins Dominate
The cryptocurrency market in the Middle East and North Africa (MENA) region has continued its robust growth, with Saudi Arabia and the United Arab Emirates (UAE) at the forefront. According to a recent report by Chainalysis, MENA’s crypto market received a staggering $338.7 billion in value between July 2023 and June 2024. This represents a […]
DeFa: InvoiceMate’s New DeFi Primitive for Decentralized Factoring
InvoiceMate, a well-established leader in blockchain-based invoice management solutions, has launched DeFa (Decentralized Factoring), a new Web3 product aimed at bringing real-world invoice financing to the decentralized finance (DeFi) space. DeFa is designed to connect investors with businesses in need of short-term financing, offering a stable and secure alternative to traditional speculative DeFi platforms. By […]
Enforcing Digital Asset Regulations: Insights from Our Interview with Vara’s Nicholas McNicholas
Dubai continues to solidify its status as a global leader in the digital asset space. The Virtual Assets Regulatory Authority (VARA) plays a key role in regulating the expanding blockchain and virtual asset industries. In this exclusive interview, Nicholas McNicholas, Head of Regulatory Affairs and Enforcement at VARA, shares insights into the Authority’s enforcement priorities, […]
UAE Surges Ahead: A Comparative Look at the IMF’s CBDC Adoption Framework
On September 20, 2024, the International Monetary Fund (IMF) released a pivotal report on Central Bank Digital Currency (CBDC) adoption, emphasizing strategies to promote financial inclusion through digital currencies. As the global economy shifts toward digital financial systems, CBDCs are emerging as key tools to transform payments and broaden access to financial services. The IMF’s […]
BitOasis Joins Zand Bank Amidst a Growing Trend: Is Consolidation Risky for the Crypto Sector?
BitOasis has officially announced its transition from Ajman Bank to Zand Bank for AED and other currency transactions, effective September 23rd, 2024. This move reflects a broader trend in the UAE’s crypto sector, where many Virtual Asset Service Providers (VASPs) are consolidating their banking operations with Zand Bank. However, the growing reliance on a single […]
OKX Secures Active VASP License from Dubai VARA, Expanding Operations in the Middle East
OKX Middle East Fintech FZE, the Dubai-based subsidiary of OKX, a leading cryptocurrency exchange and Web3 technology provider, has taken a significant step towards expanding its operations in the region. As of today, the Dubai Virtual Assets Regulatory Authority (VARA) has officially changed OKX’s Virtual Asset Service Provider (VASP) license status from “pending” to “active.” […]
Cryptocom Secures Crypto Payment License in Bahrain, Expands GCC Presence
Crypto.com, a leading global crypto exchange, has secured a crypto payment service provider license in Bahrain from the Central Bank of Bahrain, following its earlier licensing by Dubai’s VARA in the UAE. This license is part of Crypto.com’s strategy to expand its footprint in the GCC region. The license, granted through its Bahrain subsidiary, “FORIS […]
Cypher Capital Joins a $15M Seed Round for Hemi Labs to Enhance Blockchain Interoperability
Cypher Capital, a multi-strategy crypto investment firm, announced its participation in a $15 million seed funding round for Hemi Labs, a blockchain network aiming to unify Bitcoin and Ethereum. The funds will support the development and launch of the Hemi Network, with a focus on advancing blockchain technology and enhancing interoperability through a unified supernetwork. […]
Binance Appoints Stephanie Emile as General Manager for Dubai
Binance, the world’s largest virtual asset exchange by volume and users, has named Stephanie Emile as its new General Manager for Dubai, effective August 2024. Emile brings extensive experience in digital and electronic trading systems and will be instrumental in driving Binance’s growth and operational capabilities in the region. With a strong background in the […]