The exodus of Crypto and Blockchain startups from the United States seems to be intensifying and it looks like the MENA region, and UAE are the new preferred destinations for CoinBase, Circle and Bittrex.  Tim Draper, Founder of DFJ VC tweeted recently that Silicon Valley startups are relocating to Middle East, Asia, and Europe. He states, “CoinBase and Gemini are moving out of the US for regulatory reasons. Dubai, London and Singapore are eating into New York's blockchain leadership. This exodus is not good for US jobs, economy, and homelessness.” Additionally, in the last 24 hours CoinBase announced that its CEO and Co-Founder Brian Armstrong is currently in the UAE for a series of engagements with policymakers, regulators, partners, Web3 and crypto founders as well as clients. Armstrong is delivering a keynote address at the inaugural Dubai Fintech Summit, under the patronage of His Royal Highness, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Rule

    As per an article in Bloomberg, Bitcoin and Ethereum options exchange Deribit, is setting to enter Dubai UAE in Q3 2023, as UAE regulators provide the regulatory environment that will allow them to operate in the country. As per the report, the exchange plans to open a Dubai office staffed by a team of 10 people composed of both local hires and the company’s existing talent, Deribit Chief Legal, Compliance and Regulatory Officer David Dohmen told Bloomberg. The move could take place as soon as this summer. The Panamanian exchange is also planning expansion into Brazil, the U.K. and Singapore, said Dohmen. The total volume of bitcoin options on Deribit rose to $4.25 billion during the week of January 15 th 2023, the highest since second week of November 2022. That's a 375% rise from the low of $895 million registered in the final week of December, according to data source provider Amberdata. Deribit is the world's largest crypto options exchange, accounting for ne

Dubai's regulator is currently pushing forth its crypto custodial licenses. Last week VARA ( Dubai Virtual Asset Regulatory Authority) provided Komainu DeFi, digital asset custodian with a provisionary license and today it has provided Hex Trust, fully licensed and insured provider of bank-grade custody and associated services for digital assets a Minimum Viable Product (MVP) license.  The MVP license will allow Hex Trust to provide a wide range of virtual asset services to institutional clients and sophisticated investors] in Dubai within its framework for virtual asset service providers (VASPs). The range of services Hex Trust can now provide includes Virtual Assets custodial services, Broker-Dealer Services and Staking Services.   Hex Trust opened its Dubai office in June 2022, which is run by Filippo Buzzi, and serves as its headquarters for the MENA region. Filippo Buzzi, Regional Director MENA of Hex Trust, commented, “Becoming one of the first virtual asset companies and cu

    As the FTX debacle unfolds and FTX files for bankruptcy, CEO steps down, UAE VARA ( Virtual Asset Regulatory Authority) in Dubai has suspended FTX’s license. FTX MENA users brought in high revenues for FTX as it was considered as the third biggest revenue region for FTX.  While the crypto markets are in turmoil across the globe, it will also have an effect on the MENA region. FTX MENA CEO Balsam Danhach told Reuters in a previous interview,  "Our license expands to retail customers as well, however, it will be a gradual scale up to ensure that we approach the retail market within the guidelines set by the Virtual Assets Regulatory Authority.” Danhach also told zawya in a recent interview that their operation in MENA region is the second to third region in terms of global revenue performance. At the time FTX had 6 million users with a trading volume of $12 billion per day. He stated in his interview with Zawya, talking about MENA and the importance of their license in

  As per a recent news report Standard Chartered backed institutional cryptocurrency exchange and brokerage firm focused on institutions, is expanding into Abu Dhabi in 2023. Abu Dhabi will be Zodia Markets first presence in the MENA region as it targets growth opportunities. Zodia went live in July 2022 in the United Kingdom. U.K.-based Zodia Markets is a sister company of Zodia Custody, the digital assets safekeeping platform. Both firms share the same majority shareholder in SC Ventures, the venture arm of Standard Chartered. At the time of its launch in UK the firm, was granted Financial Conduct Authority approval, with spot trading of bitcoin (BTC) and ether (ETH).  Zodia Markets has drafted an application to operate in Abu Dhabi but plans to submit a new one in early 2023 after extended talks with regulators. Chief executive Usman Ahmad told Financial News London that Abu Dhabi is attractive because it has been “forward-looking with respect to putting the regulatory framework in

  CoinMENA Chief Operating Officer Dina Semaan announced today on twitter that CoinMENA crypto exchange is now serving clients in Qatar. This would be the first crypto exchange to officially announce that it is serving clients in Qatar. As per her tweet , “Starting from today, CoinMENA services are now being offered in Qatar, making us the first regulated crypto exchange to be offering services in Qatar.”   She adds with this expansion we now offer CoinMENA services in six Arab countries, and we continue to achieve our goals of offering the simplest and easiest method for trading crypto.” This comes after Qatar’s FIFA 2022 took on sponsors such as Crypto.com, one of the international crypto exchanges globally. It also comes after FIFA signed up AlGorand Blockchain as a sponsor and partner for their digitization plans in the sports and entertainment sector. CoinMENA was first regulated in Bahrain, and then sought regulation in UAE, and offers its services in KSA, Kuwait, Oman, and n

  800,000 Saudi’s used digital currencies in 2021 with the value of virtual asset transactions in Saudi at around 20 billion USD and this is expected to grow five times over the next five years. The information was shared by Ali AlObaid, Managing Director of BitOasis crypto exchange, to Arab News In the article he states, “We believe that this can grow by five times over the next five years. Last year, KSA probably represented 15 percent of Gulf Cooperation Council and Middle East and North Africa activity.” He added that around 4 percent of adult population in MENA will have invested in crypto by the end of 2022. While in the USA 20 percent of adults have invested in crypto. BitOasis user base in KSA is primarily millennials, 25-34 year old's, with 30 percent of those trading on BitOasis between the ages of 35-44 years. In a YouGov survey recently it noted that 1.8 percent of Saudi Arabian residents currently trade in cryptocurrencies. Yet it is Morocco that tops crypto own