USA based Everything Blockchain Inc, a technology company that is blending blockchain, DBMS and Zero Trust to deliver disruptive new ways to store, manage and protect data, has partnered with Saudi Arabia’s Al-Rushaid Technologies (ART) IT subsidiary of Al Rushaid Group. ART will become a non-exclusive reseller of BuildDB, EBI's next-generation database powered by a advanced private blockchain architecture that delivers superior performance, reduced latency, zero trust and unmatched resilience. As per the press release, the two companies will work to deliver highly-differentiated data protection solutions to countries in the Middle East and North Africa. ART offers a variety of innovative IT solutions suitable for companies of all sizes and across various industries. The five-year distribution deal with a combined total of $47 million in performance based milestone payments to EBI will position ART as the exclusive agent of the company's EB Control platform in several MEN

    Bahrain Central Bank has announced the issuance of regulation for security tokens as amendments to its current crypto asset module. The Central Bank has expanded the crypto asset regulations to include digital token offerings, in specific those with the characteristics of security tokens. In determining whether a digital token qualifies as a security, the CBB will examine the underlying economic purpose of the digital token, its structure, characteristics, as well as the rights attached to the digital token. The new amendments also outline new requirements to enhance safeguarding clients’ assets to provide high levels of protection for investors. In addition the Central Bank of Bahrain will allow crypto-assets licensees (after obtaining the CBB’s approval) to engage in additional activities, which are not within the stipulated regulated crypto-asset services.   Commenting on the new amendments, Director of the Capital Markets Supervision Directorate – Mrs. Abeer Al Saad

  MENA Tarabut Gateway, an open banking platform has partnered with Bahrain’s crypto trading platform RAIN to bring faster, cost effective fiat to crypto transactions to Bahrain users, allowing crypto payments directly from user bank accounts all on RAIN platform. The new feature will utilize Tarabut Gateway’s open banking payment solutions to facilitate on and off-ramp (fiat-crypto-fiat) transfers for users, dramatically increasing speed and reducing errors associated with traditional bank wire transfers. The introduction of this new feature is in line with Rain’s strategy to provide the most premium and seamless crypto wallet experience for its MENA users.  Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said, “We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective – as well as enable such funding methods directly from bank accounts. Our partnership with Rain is a perfect cross-sector synergy, made possible b

    In 2021 Avanza Innovations was piloting its KYC banking solution in Pakistan, two years later, Pakistan Banks’ Association (PBA), on behalf of all its member banks, signed the project contract for the development and execution of Pakistan’s first, blockchain based, national eKYC banking platform with the Avanza Group. Avanza Group’s eKYC platform, ‘Consonance’, is being implemented for PBA. The platform will use blockchain technology through which banks will be able to standardize and exchange, with customers’ consent, their details via a decentralized and self-regulated network. This will be a support platform for Pakistan’s banking industry and all participating member banks will be able to perform assessments of their existing, as well as new customers, by utilizing information/ data available with any other bank on ‘Consonance’. In 2021 Avanza was piloting the EKYC blockchain enabled platform with three big banks. In an interview Waqas Mirza, Founder and CEO of Avanza In

  While Binance Pay with its partner in Bahrain is breaking records with new clients accepting crypto payments using the platform, in other places, like the UAE it is losing clients. The issue could be regulatory more than technical. So last week, Novotel Bahrain Al Dana Resort became the first hotel in the region to accept crypto payments via EazyPay & Binance Pay, while UAE’s Dubai Canadian University seems to have changed its stance and is no longer willing to accept crypto payments. This also seems to be the same situation with UAE Emirates Zone Investment Services which has also announced a partnership, but no longer mentions this prominently on their website or in their tweets. While it still mentions it in their news section. So back to Bahrain, Eazy Financial Services “EazyPay”, Bahrain’s payment services provider signed a payment services agreement with Novotel Bahrain Al Dana Resort, a luxury 4-star beachside hotel in Manama to offer crypto asset payments to its clients v

  In January 2023 Binance celebrated its official entrance into Bahrain. Bahrain’s crypto ecosystem has flourished with the entrance of Binance. Bahrain has witnessed a growth on all fronts, crypto exchange users, crypto payments, crypto jobs and competitive crypto offerings. Binance received its official license in October 2022.   Growth of crypto exchange users   The official license and launch of Binance in Bahrain has added to Binance’s crypto exchange users. Binance announced that it witnessed a 34% growth in institutional business clients in MENA in Q4 2022, the highest growth for a region where Binance operates, Nadeem Ladki, Executive Director Head of BD & Partnerships, Europe & MENA at Binance told LaraontheBlock, “While I cannot go into the specific growth in Bahrain, I can confirm that we have seen a growth in users since we officially launched in October 2022.”   Even Bahrain based CoinMENA; crypto broker also saw an increase in its user base in 2022

  Recently a press release came out discussing the launch of the Gulf Crypto bank which is espoused to be an integrated banking system for both fiat currencies and digital currencies. As per the release users can withdraw, deposit, swap, do external and internal transfers immediately, securely and with minimal fees. Users will also be provided with a visa or mastercard that can be used at any ATM or online. Another noteworthy feature is the ability to withdraw  crypto assets to any external wallet by creating a wallet inside your bank account.  The Bank will also offer personal and corporate loans based on the Islamic laws. They state that they are participating in the Fintech Crypto Summit in Bahrain as a diamond sponsor and are seeking investment for their coin, GulfCoin. The only summit being mentioned in Bahrain on February 15 th is the Fintech and Crypto Summit. Their website doesn’t mention any speakers or sponsors and the event is supposedly only two weeks away! Looking

    Bahrain real estate developer Bin Faqeeh Real estate Investment Company announced that clients can buy apartments or houses using cryptocurrencies. Bin Faqeeh will be offering crypto payment services with Bahrain financial service provider EazyPay POS terminals. Binance Co-Founder and CEO, Changpeng Zhao tweeted about Bin Faqeeh Real Estate Company accepting Crypto Payments via Binance Pay through Eazy Financial Services. EazyPay and Binance had signed a partnership in Q4 2022 to offer crypto payment services to EazyPay’s 5000 plus POS terminals. Prior to this Bahrain CoinMENA crypto broker partnered with Carlton Real Estate, a Bahrain-based real estate agency, allowing clients to buy real estate property using crypto assets. Under the partnership, Carlton real estate would accept stablecoins like USDT and USDC. The UAE as well has been offering clients the ability to pay for real estate in cryptocurrencies. In May 2022 UAE Properties developer Nakheel and Abu Dhabi base

In a recent survey entitled “MENA Investor Survey 2022-2023 for crypto Blockchain sector” carried out by laraontheblock with 83 MENA venture capitalists, fund managers, and family offices, 50% of those surveyed stated they will be allocating more funds to blockchain and crypto projects and entities in 2023. 19% of those surveyed stated in 2022 they had invested more than 50% of allocated capital and funds into crypto and Blockchain projects. The findings of the “MENA Investor Survey 2022-2023 for crypto Blockchain sector” sheds light on the different areas of interest for MENA investors which will give startups and entities a better view on whom and where capital will be heading by investors in the MENA region. This comes as cryptocurrency adoption has skyrocketed in the Middle East and North Africa (MENA) region. According to a survey by blockchain analytics platform Chainalysis, MENA countries have the fastest-growing cryptocurrency industry in the world, accounting for 9.2% o

  Ericsson   and Bahrain telecom operator, Batelco, part of the Beyon Group, have deployed Blockchain enabled Ericsson Customer Acceptance platform.  As per the press release, the customer acceptance platform is   an enterprise blockchain solution for the automated collection of acceptance records upon fulfilment of agreed project deliverables. Batelco is the first telecommunication service provider to deploy the solution.   Ericsson Customer Acceptance (ECA) provides significant and impactful results to the customer acceptance process. It reduces the time spent on acceptance-related activities per site by up to 42 percent, thereby achieving faster time-to-market with accuracy. ECA also simplifies the process by providing a single interface for submitting and approving acceptance documents and displaying real-time status of every acceptance item submitted to the platform. Combined with other services and software capabilities, ECA also helps reduce CO2 emissions by removing the nee

  Fasset digital asset exchange has appointed the former CEO of Bahrain Fintech Bay as General Manager for MENA region. Fasset digital asset exchange seeks to empower the next billion with new ways to own connect and share digital assets. Khalid brings a track record of success as the former CEO and board member of Bahrain FinTech Bay, where he led the development and growth of Bahrain FinTech Bay into a leading fintech hub in the Middle East. Prior to his appointment, Khalid held various leadership positions in the financial services industry, focused on investment banking, market risk management and technology, where he was previously Vice President at J.P. Morgan and Barclays Capital in London. Fasset announced a partnership with Mastercard, which has chosen the company for its Start Path program to promote the adoption of crypto and blockchain technology, the firm announced on Nov. 3. "We are thrilled to welcome Khalid to the Fasset team and are confident that his expe

  As per a recent PWC Crypto regulation report 2023, the UAE has finalized its crypto regulation, includes AML/ CTF Money laundering and counter terrorist financing rules as well as its travel rule and has already prepared the stablecoin regulation for payments which is awaiting final legislation. ( refer to graph page 8 of report). For those not familiar with the travel rule, it is a Bank Secrecy Act (BSA) rule [31 CFR 103.33) which requires all financial institutions to pass on certain information to the next financial institution, in certain funds transmittals involving more than one financial institution. This PwC Global Crypto Regulation 2023 report provides an overview of the crypto regulation landscape, with a focus on financial services. It offers insights into how the regulatory frameworks are developing across the world and seeks to identify how this may impact relevant industry participants and virtual service providers within the financial services sector. The report