When I decided in May 2022 to go on my own and start LaraontheBlock, I didn’t know where it would take me or how I would be able to succeed, but what I did know is that I had gained a lot of experience from my life and my career, and I was living in an age the digital one that not only democratized information and value but also gave individuals the freedom to be able to chase their dreams, work from anywhere in the world, and have their talents and voice heard! Today a year and half later, thankful for all the positive responses I receive for the articles I write, for the news I post, and for the sharing of information that helps to grow the blockchain and crypto ecosystem in the GCC and MENA region, I am moving the LaraontheBlock dream from blogger.com to my own full-fledged website www.LaraontheBlock.com  The success of LaraontheBlock blog was fantastic, and this couldnt have been done without the strong community of readers, followers, startups, partners, and community...

UAE headquartered Fuze, a digital assets infrastructure provider, has raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA). The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures.  Fuze will benefit from the strategic capital and network of these investors, acting as a catalyst for the business as it builds the digital asset infrastructure that will drive the future of finance.  A first-of-its-kind infrastructure provider in MENA, Fuze enables any bank, fintech or traditional enterprise to easily offer regulated digital assets products to their customers through their native apps. Fuze was founded by an expert team of fintech, traditional finance (TradFi) and decentralized finance (DeFi) leaders, with its co-founders holding extensive knowledge from experience in global hypergrowth businesses.  CEO, Mohammed Ali ...

    In a news piece on Oman News agency, the Board of governors of the Central Bank of Oman, held their third meeting for 2023 where the followed up on developments as well as reviewed the international stance on cryptocurrencies as well as related studies conducted by the executive management team at the central bank on cryptocurrencies. This comes as Oman works on its virtual asset regulations, having   at the end of July 2023 announced a public consultation paper on virtual assets regulatory framework by the Oman Capital Market Auhtority. The Capital Market Authority, Sultanate of Oman (CMA), which regulates and develops Oman's financial markets for the capital market and insurance sectors, had earlier announced its plans to establish the new regulatory framework for Virtual Assets (VA) and Virtual Asset Service Providers (VASP). The proposed new regulatory framework is envisaged to cover activities such as crypto assets, tokens, crypto exchanges, and initial...

  LFi, Canadian fintech tech startup, leveraging advance computing and blockchain has expanded into the UAE with a presence in Dubai under its new LFi Labs office. According to the news releases, the Lab will serve as a central hub for new advancements and innovations.  As per their website, LFi is a decentralized platform designed to provide equal opportunities for wealth generation and financial independence through crypto.  It operates on its own blockchain, guided by a DAO-driven ecosystem.  The startup intends to fuse crypto, finance and technology to foster innovation and financial freedom. The tech startup seeks to provide a diverse range of products and services that give people greater access to tools and information for navigating the crypto and Web3 landscape. According to the news , the establishment of the Labs locally in UAE gives the brand a strong foothold in one of the most progressive, influential, and technology-oriented economic hubs in the Mi...

  Standard Chartered’s backed digital asset platform, Zodia markets, has received an In-Principle Approval (IPA) fulfilling the pre-requisites to receive a Financial Services Permission (FSP) for OTC broker-dealer in virtual assets by Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center. As per the press release, Zodia Markets has chosen to expand into the UAE as the region establishes itself as a rapidly emerging hub for digital assets. The strategic expansion provides institutional investors from the Middle East and Africa with reliable access to this growing, alternative asset class, consolidating Zodia Markets’ position as an integral part of the global digital asset landscape. Salem Mohammed Al Darei, CEO of ADGM Authority said, “We congratulate Zodia Markets on receiving the IPA from ADGM and welcome them to our vibrant ecosystem. Our evolving regime, progressive regulatory environment, and strong value proposition support businesses in the digital ...

  In KPMG and Agreus’s   2023 Global Fmaily Office Compensation Benchmark Report which found that financial wealth, generated by ultra-high-net-worth individuals and family offices is forecasted to increase to 46% by 2026 and that Crypto, a growing area of interest in the UAE, could play a small role in global family office portfolios as CEOs and MDs explore it and fall into the category of fun. As per KPMG Agreus report, “ Diversifying does not always mean investing heavily in the likes of cryptocurrency but rather, decentralizing risk by spreading investments across multiple areas with precedents of high return. Crypto like many ‘new’ asset classes may well continue to play a very small role in Family Office portfolios but it is envisioned this shall fall into the category of fun, a small percentage for Principals to play with either for passion or simple curiosity.” KPMG report believes that while the coming years could see the introduction of yet another new and excit...

  UAE-based social networking and content monetization platform Lyvely,   that provides an integrated multimedia e-commerce and payments solution, has successfully raised an undisclosed amount from UAE based Cypher Capital, an early strategy venture firm. Lyvely soft launched early this month (August) and is already experiencing rapid growth and user adoption.   Led by experienced cofounders, Farah Zafar and Dave Catudal, Lyvely aims to compete with Big Tech global giants and revolutionize the current social networking and social e-commerce landscape.   “We are the world’s first social networking profile that pays,” says Zafar, who is Lyvely’s Co-Founder and CEO. Every time you post content on Big Tech platforms, they make money. When was the last time you got a cheque or received a payment from Instagram? It just doesn’t work that way in Big Tech because it’s a biased and broken system. Lyvely’s doing it differently. We’re the Platform for the People. Our commit...

    On their LinkedIn page , the Qatar Financial Centre (QFC) announced   that in its journey to accelerate the development of Qatar's digital ecosystem it will be launching the QFC Digital Assets Lab, a ground-breaking programme aimed at accelerating open innovation and promoting peer collaboration within the industry through proof-of-concept and proof-of-value, on September 6 th 2023 now postponed to October 9th 2023.  As per the post, “ It is with pleasure that we invite you to join us on this momentous event, that will be streamed live via LinkedIn and YouTube. The event will present the qualifying criteria for entry, the Lab's operating model and key benefits, and announce the opening for applications.” The post adds, “With the QFC Digital Assets Lab, we aim to seamlessly integrate transformative technologies into real-world applications, spanning finance, supply chain management, energy and sustainability, compliance and reporting, healthcare and beyond....

  Komainu, a regulated digital asset custody provider created by Japanese investment bank Nomura, digital asset manager CoinShares and digital asset security company Ledger. has been granted a full virtual assets service provider license by Dubai’s virtual asset regulatory authority in UAE. The license was issued on August 18 th 2023. Prior to that Komainu had received in July 2022 the MVP license from VARA. Komainu will be able to serve qualified retail and institutional clients both as a crypto asset custodian and offer custodial staking services.  "We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches," said Sebastian Widmann, Komainu's Head of Strategy. "Dubai has a vibrant digital asset ecosystem and impressive talent pool, and we are proud to contribute to the growth of this innovative financial hub. Our presence and desirable regulatory status in the region marks anothe...

  BingX, a cryptocurrency exchange, has introduced   Peer-to-Peer (P2P) trading services for multiple countries in the MENA region including UAE, Qatar, Jordan, Egypt, Kuwat, Saudi Arabia and Turkey. This means that trading includes fiat currencies such as   AED, DZD, EGP, JOD, KWD, QAR, SAR, MAD, TRY, and more. By opening up this feature, BingX aims to foster greater accessibility and convenience for users seeking to purchase cryptocurrencies with their local fiat currencies. According to BingX press release, this strategic move empowers merchants and users in the MENA region and Turkey to engage in direct cryptocurrency transactions with zero transaction fees. Building on its successful P2P trading services available in over 40 countries and regions with support for 300+ payment methods, BingX now extends its user-friendly and cost-effective trading experience to the MENA and Turkey market. BingX is seeking merchants in the Middle East and Turkey. "We are delighte...

  As part of the strategy to build  crypto mining datacentres in Oman, the first phase of Asyad Group crypto mining center was launched in the Free zone in Salalah. Built and managed by Exahertz, a subsidiary of Afaq Advance Technologies firm, the first phase was inaguarated during a ceremony attended by top Omani governmental officials. The ceremony was held under the auspices of Eng. Said Hamoud Al Ma’awali, Minister of Transport, Communications and Information Technology. It was attended by HH Sayyid Marwan Turki Al Said, Governor of Dhofar. The ceremony included the inauguration of a pilot facility for the first phase of the project on the centre for data processing and hosting of cryptocurrency mining. During the event the second phase of the project was also launched. Al Ma’awali stated, “The inauguration of the first phase of the project reflects the ministry's keenness on promoting digital investment and localizing advanced technologies. He added that the com...

  While the Oman Capital Markets Authority awaits feedback for its virtual assets framework consultation paper, it has approved registry of Oman’s Easy Coins, a non custodial crypto provider, as the first VASP in the country. Easy Coins has been operating in Oman for over two years. In December 2022 Easy Coins launched its trial of Tether USDT on the Tron Blockchain. Accordingly Easy Coin users in Oman could purchase TRC20 USDT. Prior to that The Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group, trialed its stablecoin linked to the Oman Riyal. The company signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet. Easy Coins was launched in Oman in June 2021, as a non custodial crypto Brokerage platform, The platform is powered by Quantoz Blockchain Technology for financial services, and running on Nexus from connectedChains and supported by ThawaniPay. Given that Easy Co...

  In a recent LinkedInpost, MENA crypto exchange CoinMENA fully regulated in Bahrain came out with a new marketing campaign announcing that as a licensed exchange it is serving more than 250,000 users across 8 countries including Bahrain, UAE, KSA, Kuwait, Oman, Qatar, Iraq and Egypt. Basing their marketing campaign on the concept of trading on a licensed exchange, CoinMENA is calling crypto traders to trade with them given they unlike other unlicensed exchanges are licensed by the Central Bank of Bahrain, with a category 3 license. This campaign comes weeks after UAE’s BitOasis lost its active status for its MVP operational license after VARA, Dubai’s virtual asset regulatory authority, issued a market notificiation stating that it had taken enforcement actions against BitOasis and advised investors and consumers that BitOasis’s MVP operational license is under review for not meeting mandated conditions. BitOasis had been the first crypto exchange to receive an MVP operat...

  Liminal, a provider of wallet infrastructure and custody solutions, with a presence in the UAE has launched its compliance solutions suite, with Notabene’s Travel Rule solution. According to recent news pieces, Liminal’s compliance suite presents features to aid clients with their regulatory obligations, including integration to enable communication between virtual asset service providers, providing an interface to fulfil regulatory obligations, supplying compliance solutions to prioritise data protection, allowing customisation to cater to compliance, and real-time monitoring and alerts to address compliance issues. Rahil Shaikh, AVP of product and blockchain, Liminal, stated, “We are looking forward to introducing our compliance solutions suite, strengthened through our collaboration with Notabene. At Liminal, our objective is to drive innovation within the digital asset industry, and this partnership aims to reinforce our commitment to providing regulatory-compliant soluti...

  Dubai’s virtual asset regulatory authority, VARA has granted Laser Digital Middle East FZE, the crypto arm of Japanese Nomura Holdings, a full crypto license that will allow it to offer virtual asset broker dealer and investment management services in the UAE. Laser Digital announced that   Laser plans to launch over-the-counter trading services and digital-asset investment products for institutional investors in coming months. According to VARA website, Laser Digital has been awarded This is the full VARA licence, issued to VASPs which satisfies all of the requirements as specified under the Virtual Assets and Related Activities Regulations 2023. It allows a VASP to offer approved Virtual Asset services to retail customers as well as institutional customers and Qualified Investors. Laser Digital, which is headquartered in Switzerland with officers in Dubai and London, said in a statement it had received the licence from Dubai's Virtual Asset Regulatory Authority, a...

At the end of July 2023, the Oman Capital Market Authority issued a Public Consultation Paper on its Virtual Assets Regulatory Framework. The Capital Market Authority, Sultanate of Oman (CMA), which regulates and develops Oman's financial markets for the capital market and insurance sectors, had earlier announced its plans to establish the new regulatory framework for Virtual Assets (VA) and Virtual Asset Service Providers (VASP). As per the Oman Capital Market Authority announcement, the entity is currently in the process of drafting the comprehensive and facilitative regulatory framework, which will include a new regulation to cover all virtual assets activities, a licensing framework for all VASP categories and a supervisory framework to identify, assess, and mitigate ongoing risks. This is being done after the CMA had made an extensive global analysis and benchmarking with other jurisdictions. The proposed new regulatory framework is envisaged to cover activities such as ...

  UAE licensed and regulated Venom Foundation has announced that it has registered one million Venom Wallets as of July 25 th 2023. Since April 2023, Venom was able to onboard 1 million registered wallets, reflecting the popularity of its blockchain network. Venome had launched its testnet in April 2023.  According to the annouceent, “Venom’s success is driven by its groundbreaking technology, strict regulatory compliance, and secure, user-friendly platform that serves a wide range of users. Smooth operations and frequent updates on the Venom testnet also enhance its attractiveness, helping to draw and keep users.” In June 2023   Venom processed a staggering 277 million transactions, a significant rise of 46% from the previous month.   The platform also witnessed a 65% increase in the number of accounts with smart contracts, which now amount to 28 million, and finally the platform also encompasses a remarkable 93% jump in minted NFTs as part of on-chain/socia...

  According to a recent report by Fintech Global, while the UAE Fintech deal activity dropped 54 percent year on year, with deal activities reaching 24 deals in the first hald of 2023, 42% of those deals were in blockchain and crypto companies, totalling 10 deals. The report noted that   UAE FinTech companies raised a combined $101m in investment during H1 2023, a 72% reduction from H1 2022. In the first half of 2023, the number of FinTech deals in the UAE declined 54% compared to the previous year, totalling 24 deals. During the first half of 2023, FinTech companies in the UAE raised a combined investment of $101m, reflecting a substantial decrease of 72% compared to the same period in 2022. As per Fintech Global, Tabby, a buy now pay later provider, had the largest FinTech deal in the UAE during H1 2023, raising $58m in their latest Series C funding round, led by Peak XV Partners and STV. The company intends to use the funds to expand its product line into next-gen co...

    While Bahrain based Rain crypto broker exchange had sent out a teaser last week saying a big announcement was coming, Citywire published an announcement on July 25 th 2023 saying that RAIN trading Limited ( Rain ADGM) has been granted Abu Dhabi Global Market virtual asset brokerage and custody service license. This comes just after BitOasis’s active operational license was suspended by Dubai’s virtual asset regulatory Authority. According to CityWire, “Rain ADGM will offer institutional and a number of retail clients in the UAE the ability to buy, sell and store virtual assets, in addition to having a fiat-to-virtual asset onramp in AED.” Joseph Dallago, CEO of Rain, stated to CityWire ‘This achievement represents a significant milestone not just for Rain, but for the entire virtual assets industry. With this license, we can now offer our customers an even greater level of security and trust, as we continue to drive innovation and growth in the virtual asse...

  Bitget, crypto derivatives exchange has expanded into the Middle East with plans to hire 60 new staff for its regional headquarters. Bitget is currently serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution Bitget is preparing to launch either in  Bahrain and or the UAE, including such as the crypto-friendly emirates of Dubai, Abu Dhabi, and Ras Al Khaimah. The expansion foresees the setting up regional headquarter, as well as the recruitment of new team members who will be assigned various mid-office and back-office functions. Recent statistical data on MENA region crypto adoption indicates that it is home to the fastest-growing cryptocurrency industry, taking up a 9.2% share of global transactions in the period from 2021 to 2022. The UAE alone experienced 400% growth in the number of registered crypto businesses between 2020 and 2022, leading to a su...