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 ...

  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...

  A day after 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 replies back that this does not effect the services being offered to existing customers.  BitOasis was supposed to satisfy certain requirements within 30-60 days of receiving their MVP operational license prior to being permitted to undertake any VARA regulated market activity.  As such VARA is  exercising its authority to supervise and monitor compliance, assure fulfilment of prescribed conditions, impose remedial measures, and take necessary enforcement actions, including but not limited to holding BitOasis’ Licence status as non-operational. In response to this BitOasis replied , “ BitOasis  ongoing work to fulfill select conditions associated with its Operational MVP Licens...

Crypto Broker Exchange RAIN Bahrain has traded $484 million worth of crypto since its inception in 2019 with Ethereum the most traded crypto asset followed by XRP.  RAIN has noted that it has a  customer base of 75,000 from Bahraini residents signed up on the platform.  According to the RAIN LinkedIn post “We’re thrilled to share some exciting news about our impact on the Kingdom’s crypto market! Since launching Rain in 2019, we’ve been able to offer our customers a reliable and secure platform for trading crypto assets. We’re grateful for Bahrain’s strong support for innovation and entrepreneurship, which has contributed to our success. Thank you to the people of Bahrain and Team Bahrain for your unwavering support!”  As per their statistics 41% of active crypto traders in Bahrain chose RAIN, while 5% of crypto trades in Bahrain are carried out on RAIN.  In addition the biggest traded cryptocurrencies on RAIN Bahrain are Ethereum, Bitcoin, XRP, Litecoin and te...

  As per Dubai VARA website, BitOasis, the crypto broker exchange has moved one step forward in its licensing process. It has become the first among VARA’s crypto broker dealers to receive MVP (Minimum Viable Product). operational license one step before the FMP ( Full Minimum Product) Operational License.   CoinMENA, Scallops, and MidChains are still in the first stage as MVP provisional while GCEX has received an MVP preparatory license one step before MVP operational license. BitOasis applied for VARA licensing in March 2022. At the time BitOasis had carried out crypto trades worth $4 billion. Ola Doudin Co-Founder and CEO of BitOasis has stated at the time, “   “We will continue to strive to offer our customers the most customized platform for their local needs in accordance with regulations that will best protect them both now and as the industry evolves.” In April of 2021, BitOasis announced that it had been granted a a Financial Services Permission (FSP) from...

  CoinMENA announced on LinkedIn that residents and citizens of Iraq can now use CoinMENA to trade crypto safely and easily. This will be the 8 th country in the region supported by CoinMENA. CoinMENA is a crypto broker licensed from Bahrain. As per Dina Sam'an, Founder and Managing Director of CoinMENA, “We are committed to being the simplest and safest way for investors in MENA to trade in digital assets. Adding Iraq to our list of supported countries brings us closer to our goal of providing premium financial services, built on crypto rails, to the entire MENA region. We are excited to welcome the people of Iraq to our community and look forward to providing them with the best crypto trading user experience in the region.” CoinMENA currently serves clients in Bahrain, UAE, KSA, Kuwait, Oman, Qatar, Egypt and now Iraq. Prior to this CoinMENA launched the CoinMENA University, a free educational platform offering over 100 articles and numerous videos to educate those inter...

  Oman based, cryptocurrency broker, Easy Coins announced on twitter that it had launched its trial of Tether USDT on the Tron Blockchain. Accordingly Easy Coin users in Oman can now purchase TRC20 USDT. At the end of 2021 there were 43 thousand registered crypto wallet addresses in Oman.  LaraontheBlock spoke with Dr. Khalid M.W. Tahhan, Co-Founder, Easy Coins ME on the recent Tether trial. According to Tahhan the reason for choosing to trial tether is that it is the largest stablecoin and there is a huge demand for it in the Omani market. He adds, “Easy Coins is also in the process of launching its own Omani Riyal backed stablecoin which will be backed 1:1 with Omani Riyals, ensuring a better peg than USDT.” While most consider the crypto market to be falling and bearish, Tahhan feels otherwise. He states, “We at Easy Coins believe that Bitcoin will remain competing as a reserve asset. We also believe a lot of the tokens produced from thin air will lose their value. Fi...

  eToro,   social investment networks   has received an In-Principle Approval to operate as a securities, derivatives and crypto broker in Abu Dhabi, UAE. The Financial Services Permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), approval will enable eToro to establish a base from which to offer its services to customers across the region.   eToro allows users to view other investors’ portfolios and statistics, and interact with them to exchange ideas, discuss strategies, and benefit from shared knowledge. Users can hold traditional assets such as equities, currencies, ETFs, or commodities, alongside newer assets like cryptoassets. eToro also offers its users a choice of how to invest, as users can trade directly themselves, invest in a portfolio, or replicate the investment strategy of other investors on eToro’s platform at no extra cost, with a single click. Arvind Ramamurthy, Chief of Markets at ADGM, said, “We ar...