In a recent tweet , the Founder of WadzPay, a blockchain technology payment provider with a presence in the UAE, Anish Jain, offered an update to the community stating that WadzPay had made strides on the licensing front and are in the “final stages". In addition he added that WPC token would be listed on a Tier1 regulated exchange in the Middle East. As for the WadzPay product it will be ready for launch in Q3 of this fiscal year with live terminals on WadzPay soon. Prior to this in a LinkedIn post , WadzPay announced that its blockchain enabled payments platform was now technically live for Pilgrims in Saudi Arabia. The solution is intended to facilitate digital payments and creates a cashless experience in KSA. As per the announcement, WadzPay works with large payment companies, banks, and global entities to enable virtual asset-based transaction processing and settlement. Their private blockchain program will enable pilgrims to use mobile app-based wallets issued by an approve...

  Swedish and UAE based Gayo aviation, a luxury travel company that offers aircraft management, consulting services, aircraft purchase and sales and flight deck services is now offering crypto payments utilizing UAE HAYVN Pay. HAYVN Pay is a part of HAYVN, a digital asset-focused financial institution regulated in Australia (AUSTRAC), Lithuania (FNTT), Abu Dhabi (ADGM), the Cayman Islands (CIMA) and the British Virgin Islands (BVI). HAYVN Pay aims to drive cryptocurrency payment adoption by providing accessible, trusted crypto payment solutions. Christopher Flinos, Chief Executive Officer at HAYVN said: “The interest in paying in cryptocurrency extends across all major asset industries including gold, jewellery, watches, exotic cars, boats, real estate, and handbags. HAYVN Pay aims to bring cryptocurrency payment solutions to 75% of the world’s merchants by 2024. Cryptocurrency accounts for 20% of total luxury sales in 2023. I welcome Gayo Aviation to the HAYVN Pay ecosystem an...

  In a recent news piece, UAE based 10 Leaves consultancy firms has announced that it is accepting crypto payments. According to the announcement, 10 Leaves, through it’s technology arm Tenl Technologies, has built up excellent capabilities in the blockchain, DeFi and crypto sectors. From fintech advisory, regulatory sandbox consulting to tokenization and legalities of smart contracts, the 10 Leaves Group is poised to advise   clients on blockchain-related implementations and regulatory licensing across DIFC, ADGM, DWTC, DMCC, Bahrain and Europe (Luxembourg and Lithuania). “Dubai has demonstrated it’s vision by focusing on new technologies, and as a consultancy with over 17 years in the business, we aim to complement the leadership’s efforts in supporting entrepreneurs and visionaries who will shape our lives in the years and decades to come”, said Rohit Ghai, Founder of 10 Leaves. “Our crypto-related solutions will help startups and established players in this niche spa...

  In Ripple’s latest report entitled “ 2023 New Value report, Crypto Trends in Business and Beyond” which covered topics such as cryptocurrencies, tokenization, DeFi, and crypto custody, financial decision makers from MENA ( Middle East and North Africa) are more bullish than their counterparts in other regions when it comes to cryptocurrencies, digital assets, and Blockchain. As per the report findings, 72% of finance leaders surveyed expressed increased confidence in the crypto industry over the last 6 months, the number is even higher for those in the MENA region, reaching 87%. 90% of global finance leaders anticipate big impacts on business from blockchain and digital assets in the next three years. In terms of tokenization,they see the most massive impact in public stock trading and private share trading. This was especially expressed by finance decision makers with cryptocurrency experience in MENA. In addition, global finance decision makers predict CBDCs and stableco...

  The UAE virtual asset regulatory authority has published its new virtual asset  rulebook for, the virtual assets transfer,  and settlement service.   This comes after the Central Bank of UAE published its guidelines for AML CFT compliance for financial institutions in relations to VASPs in the UAE. As published in the rulebook, VASPs providing VA Transfer and Settlement Services must comply with all applicable legal and regulatory requirements issued by the Central Bank of UAE which apply to the VASP, which pertain to the end-to-end enablement of payments, remittances and/or other related services as may be amended from time to time. As per the transfer and settlement service rulebook document, VASPs providing VA Transfer and Settlement Services must ensure that they comply with all legal and regulatory requirements for such services, inside and outside of the UAE. VASPs must ensure at all times that any transmission or transfer, and/or settlement being unde...

  UAE based HAYVN, a digital asset payment, trading, custodian service provider regulated in the UAE, Cayman Islands, Australia, British Virgin Islands, has also received a VASP ( Virtual asset service provider) license from European jurisdiction, Lithuania. The Lithuanian Financial Crime Investigation Service (FNTT) has provided HAYVN with a VASP license. According to HAYVN, by obtaining the VASP license from the Lithuanian regulators, HAYVN is further equipped to offer its suite of services throughout Europe. "We are delighted to have obtained the VASP license from Lithuanian regulators," said Christopher Flinos, CEO of HAYVN. "This achievement solidifies our position as the trusted and compliant European cryptocurrency provider, enabling us to deliver innovative solutions to clients across Europe. HAYVN remains committed to upholding the highest standards of regulatory compliance and security, as we continue to expand our presence and contribute to the growth of...

  FLUUS, which means money in Arabic, with founders from the MENA region, has been offering citizens in developing the countries the opportunity to receive financial freedom through the use of crypto and Blockchain, and has grown to now listing their token on MEXC global, a global cryptocurrency exchange while partnering with providers to cover India.  According to a recent medium post by FLUUS, “The listing on MEXC Global marks a significant milestone for FLUUS, as it opens up new avenues for participants and enthusiasts to engage with their innovative ecosystem. FLUUS aims to provide seamless trading opportunities and ensure that $FLUUS is readily available to participants worldwide.” FLUUS is a layer of consumer and developer-facing products, evolving the world’s access to web3. Developers can integrate FLUUS into their platform and give their users GLOBAL access to crypto using any payment method, including CASH and MOBILE MONEY. In March 2023, FLUUS raised $600,000...

  YallaMarket, a Dubai grocery delivery service has announced it intends to embrace crypto payments and utilized Binance Pay and IvendPay for their solution.  Leo Dovbenko, CEO and co-founder of YallaMarket and YallaHub, commented: "YallaMarket and YallaHub are based in the UAE, a global hub of financial technology, so we couldn't stand aside. Moreover, our product development strategy is focused on our customers' evolving demands. Thanks to Binance and ivendPay, we will be able to stay agile, adopt new payment technologies, and focus on providing the best customer service possible."  Cryptocurrency payments offer many opportunities for businesses and users alike. As more merchants and consumers adopt this method of making everyday purchases, we will see continued growth and innovation in this space. This comes after Binance onboarded international payment service ivendPay, as a global cryptocurrency payment gateway for Binance Pay – a contactless, borderless, and sec...

  UAE based VAF Compliance, a virtual assets and fintech compliance firm has launched a telegram bot service that assesses the risks associated with accepting cryptocurrency as payment. VAF Compliance's Telegram Bot can help individual clients and small businesses avoid situations where they may unknowingly accept tainted funds. With this service, VAF Compliance aims to democratize access to AML solutions to all users, who now can assess risks before accepting crypto, receive a clear and user-friendly report, understand the risks associated with interacting with other wallets, and prevent the receipt of crypto with criminal origins.Crypto exchanges, the entry point to cryptocurrencies, are particularly vulnerable to compliance issues. To maintain compliance, the implementation of robust Know Your Customer (KYC) and Anti-Money Laundering (AML) policies is essential. While recent sanctions against entities providing money laundering services to criminals have had a positive impac...

    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....

    XRPayNet a blockchain XRP Ledger based crypto-fiat micropayments solution provider is gearing up to launch in the UAE. Already in the process of being regulated through VARA and the Central Bank of UAE, XRPayNet and its partner in the UAE, ChainTech Labs aim to revolutionize the crypto payments sector by bridging the world of fiat and crypto for micropayments and buy now pay later offerings. Kristian Poliszczuk Founder, of XRPayNet has been a passionate crypto investor since Bitcoin was valued at just $2000; he then became an XRP enthusiast and from there built XRPayNet on XRP’s Blockchain ledger. Poliszczuk is an entrepreneur at heart building small businesses since he was 12 years old. At just 23 years old he had 19 properties under his belt as a real estate broker and today he is seeking to become one of the world’s leading crypto micro payments provider.   A Solution to a Problem According to Poliszczuk XRPayNet was developed to solve three major proble...

  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 p...

  Crypto payment startup FLUUS ( which means money in Arabic) founded by MENA crypto enthusiasts has raised $600,000 ahead of its beta launch. FHS Capital, Base 64 and a number of angel investors participated in the raise. FLUUS is creating a fiat-crypto on- and off-ramp that will give consumers access to web3 services including token swapping and staking. Its payment solution is designed to eliminate friction and simplify the process of entering and exiting the crypto economy. Funds raised from the seed round will be used to further develop products and roll out FLUUS’ services, bringing crypto-fiat payments to a global audience. “We are excited to have the support of FHS Capital and Encryptus.io, two highly reputable investment firms,” said Tey El-Rjula, co-founder and CEO of FLUUS. “Their experience and resources will be invaluable as we continue to grow and scale our business to provide financial technology solutions to onboard the next billion into web3.” Dr. Fady and ...

  UAE’s Canadian University in Dubai is accepting crypto payments through Binance. In a twitter post the Canadian University Dubai announced that it had collaborated with Binance Pay to offer crypto as a payment method. According to the post Binance Pay is a contactless secure crypto payment technology. Students of Canadian University Dubai can use Binance Pay to pay their fees.  According to the QS World University Rankings 2022, Canadian University Dubai is ranked first in Dubai. There are more than 70 supported cryptocurrencies on Binance Pay, including Cardano (ADA), Bitcoin (BTC), Ethereum (ETH) and others. In February 2023 as well, 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, which is utilizing Binance Pay. In late January 2023, UAE Emirates Zo...

    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 D...

  UAE Securities and Commodities Authority (SCA ) publishes the Cabinet Resolution No. (111)of 2022 regarding the regulation of virtual assets and their service providers and has noted which entities it will regulate and the penalties that can reach $2.7 million.  As per the resolution, the regulation of virtual assets and their providers will be overseen in the UAE by the Securities and Commodities Authority, as well as the Central Bank of the UAE. It will also include local licensing authorities that include free zones, and financial free zones.  As per the resolution virtual assets are defined as a digital representation of the value that can be traded or transferred digitally, can be used for investment purposes, and does not include digital representations of paper currencies, securities or other funds. The activities that fall under virtual assets include the provision of virtual asset services in the UAE.  As for virtual assets service providers , they are a...

  UAE Emirates Zone Investment Services has partnered with Binance Pay, to accept crypto payments from the UAE startup community, small and medium businesses (SMBs), Investors and Entrepreneurs who are planning to set up companies in the region. Emirates Zone provides business setup and business formation to investors inside and outside the country. UAE is one of the biggest crypto markets in the world. Based in Abu Dhabi, Emirates Zone Group aims to facilitate the adoption of digital currencies in the region. Speaking on the partnership, Sanad Al-Meqbali, CEO of Emirates Zone Company, stated, "Emirates Zone Company offers a diverse and comprehensive package of solutions and facilities necessary to empower foreign investors and small and medium-sized companies and provide the opportunity to launch these projects with confidence, ease and ease. Accepting cryptocurrency payments will create more opportunities for global businesses in a bid to tap into UAE’s thriving startup communi...

  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 re...

  In what seems to be a great start for Blockchain and Web3 ecosystem in the MENA region, the first $1 billion fund was announced by UAE based Venom Foundation and Iceberg Capital under Venom Ventures Fund. As per the press release , Venom Ventures Fund is allocating $1 billion to invest in Web3, blockchain and cryptocurrency projects and services. This is the first $1 billion fund for Web3 and Blockchain to originate from the MENA region. Prior to this UAE Cypher Capital had announced its allocation of $200 million for Blockchain, Web3 and Crypto at the end of 2022 and Shurooq Partners had allocated $150 million for the same. Venom Foundation is the first Layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM). In October 2022, Venom Foundation added a regulated virtual asset exchange to its roster. The UAE based exchange formerly known as Yoshi Markets was re-names to Venomex. Venomex had received financial services permission from FSRA at ADGM allow...

  Dubai developer MAG is accepting stablecoins in property transactions utilizing the services offered by Bahrain-based crypto company CoinMENA. Stablecoins USDT and USDC will now be accepted by MAG in response to investor demand, the developer said. Talal Moafaq Al Gaddah, senior executive vice chairman of MAG, which recently announced an $817 million “bio living” residential development in Meydan, Dubai,stated, “As a catalyst for Dubai's real estate industry, we will spare no effort to progress upon the emirate's digital economy and consolidate its prominent global position.” This is the second real estate developer to team up CoinMENA. Last month it partnered with Carlton Real Estate, a Bahrain-based real estate agency, allowing investors to purchase real estate property using crypto assets. Under the partnership, the real estate broker would accept stablecoins like USDT and USDC.   Talal Tabbaa and Dina Sam’an, founders of CoinMENA, a crypto asset service provider, sa...