#UAE Crypto Currency Hub

[srkshaju]

Abu Dhabi: Emerging as a Global Cryptocurrency Hub

The United Arab Emirates' capital, Abu Dhabi, is rapidly establishing itself as a premier destination for cryptocurrency businesses, both regionally and internationally.

This surge in prominence stems from a confluence of factors, including a forward-thinking regulatory framework, a robust economic environment, and strategic positioning.

Regulatory Clarity Drives Growth

Central to Abu Dhabi's appeal is the Abu Dhabi Global Market (ADGM), an autonomous financial center operating under a well-defined legal framework modeled after English common law.

The Financial Services Regulatory Authority (FSRA) within ADGM has been a crucial driving force, pioneering comprehensive crypto asset regulations in the Middle East as early as 2018.

This framework encompasses the entire spectrum of crypto activities, from issuance and trading to custody and brokerage, addressing key risk areas like money laundering and market integrity.

Notably, the FSRA provides clarity on initial coin offerings (ICOs) and stablecoins, aligning itself with international best practices.

This clear and comprehensive approach has resonated with the crypto community, fostering an environment conducive to innovation and responsible growth.

Attracting Industry Leaders

The combination of a robust regulatory framework and a supportive business environment has attracted prominent crypto players to Abu Dhabi.

Kraken, a leading cryptocurrency exchange, established its regional headquarters in ADGM in 2022, becoming the first international virtual asset exchange group to be granted a comprehensive financial license in the UAE.

Similarly, Paxos, a renowned blockchain infrastructure platform, has received in-principle approvals from the FSRA, highlighting the growing acceptance of diverse crypto businesses within the emirate.

Beyond Regulation: A Compelling Business Ecosystem

Abu Dhabi's allure extends beyond its regulatory landscape.

The emirate boasts a diversified economy with significant strengths in sectors like energy, aerospace, tourism, and healthcare, contributing to a GDP of $508 billion and a per capital income of $87,729.

This economic stability positions Abu Dhabi as a secure and lucrative base for crypto businesses.

Furthermore, the emirate offers an array of incentives, including a tax-friendly regime, 100% foreign ownership with unrestricted capital movement, world-class infrastructure, and a strategic location for accessing markets across Asia, Africa, and Europe.

Coupled with a high quality of life and cosmopolitan culture, Abu Dhabi presents a compelling proposition for crypto companies seeking to expand their global footprint.

Challenges and the Road Ahead

While Abu Dhabi's progress is commendable, challenges remain. The inherent volatility of the crypto market poses potential risks for both businesses and investors.

Additionally, competition from other jurisdictions with varying regulatory approaches, such as Dubai, necessitates a vigilant and adaptable stance from both industry players and regulators.

Continued focus on transparency, regulatory agility, and fostering a collaborative environment will be crucial for building a resilient and sustainable crypto ecosystem within the emirate.

Conclusion: A Promising Trajectory with Measured Optimism

Abu Dhabi's emergence as a global cryptocurrency hub is a testament to its proactive approach to regulation, supportive economic environment, and strategic positioning.

Its commitment to innovation and its attraction for leading industry players are clear indicators of its ambitious aspirations.

However, navigating the inherent uncertainties of the crypto market and maintaining a competitive edge will require sustained efforts and a willingness to adapt.

Nonetheless, Abu Dhabi's trajectory is undeniably promising, positioning it to play a significant role in shaping the future of the global crypto landscape.

[blueweave]

 Middle East and Africa Blockchain Market size by value at USD 1.2 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Middle East and Africa Blockchain Market size to expand at a CAGR of 67.2% reaching a value of USD 41.65 billion by 2030. The Blockchain Market in Middle East and Africa is propelled by the rising adoption of blockchain across various industry sectors, attracting significant interest from major players like IBM and Microsoft, as well as numerous startups. In recent years, venture capitalists have heavily invested in blockchain startups, resulting in innovative and disruptive solutions across industries such as banking, entertainment, logistics, and healthcare. These startups are collaborating with independent consortia to develop specialized blockchain applications. Leading companies like Walmart, Maersk, British Airways, UPS, and FedEx have successfully implemented blockchain to streamline business functions, reduce costs, and enhance operational efficiency. The optimistic outlook on funding and startup activities is anticipated to propel substantial growth in the Middle East and Africa Blockchain Market over the forecast period.

Opportunities - Growing popularity of cryptocurrencies

The rising popularity of cryptocurrencies offers significant growth opportunities for major players in Middle East and Africa Blockchain Market. With the region's exponential growth in crypto adoption, countries like Turkey, Morocco, and Iran are leading the charge. Cryptocurrencies provide a hedge against fiat currency volatility and facilitate seamless cross-border transactions, enhancing their appeal. The UAE, in particular, has become a regional hub, attracting investments and fostering innovation through initiatives like the Dubai Virtual Assets Regulatory Authority. The expanding use of decentralized finance (DeFi) applications and Central Bank Digital Currencies (CBDCs) further underscores the market's potential. As regulatory frameworks evolve and financial literacy improves, the Middle East and Africa are well-positioned to become global leaders in blockchain technology, driving economic growth and technological advancement.

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[fastrepaircaree]

Middle East Corporate Giants Embrace Blockchain and Crypto Innovations

The Middle East has been making significant strides in the realm of cryptocurrency and blockchain technology. As the world increasingly turns towards digital currencies, the region is positioning itself as a hub for innovation and adoption. This article provides a comprehensive look at the most recent developments and trends under the umbrella of "Crypto Updates Middle East."

Government Initiatives and Regulations

United Arab Emirates (UAE)

The UAE continues to lead the Middle East in cryptocurrency adoption and regulation. Dubai has launched various initiatives to become a global crypto hub, including the establishment of the Dubai Multi Commodities Centre (DMCC) Crypto Centre, which aims to support and regulate crypto businesses. Additionally, the UAE's Securities and Commodities Authority (SCA) has introduced comprehensive regulations to govern crypto activities, ensuring a secure and transparent environment for investors.

Saudi Arabia

Saudi Arabia is also making significant moves in the crypto space. The Saudi Arabian Monetary Authority (SAMA) has been exploring the potential of a central bank digital currency (CBDC) in collaboration with the UAE through the Aber project. This initiative aims to facilitate cross-border transactions and improve the efficiency of financial systems between the two nations.

Corporate Adoption and Innovations

Partnerships and Investments

Several major corporations in the Middle East are investing in blockchain and crypto technologies. For instance, Abu Dhabi-based Mubadala Investment Company has shown interest in blockchain startups, providing substantial funding to foster innovation in the sector. Moreover, Binance, one of the world's largest cryptocurrency exchanges, has expanded its operations in the Middle East, partnering with local entities to enhance the region's crypto infrastructure.

Financial Institutions

Middle Eastern banks are increasingly adopting blockchain technology to streamline their operations. For example, the National Bank of Kuwait (NBK) has launched a blockchain-based remittance service, enabling faster and more secure cross-border payments. This development is part of a broader trend where financial institutions in the region are leveraging blockchain to improve efficiency and customer experience.

Public Interest and Education

Crypto Awareness Campaigns

As part of the "Crypto Updates Middle East," there has been a noticeable increase in public interest and awareness regarding cryptocurrencies. Governments and private organizations are conducting educational campaigns to inform citizens about the benefits and risks associated with digital currencies. These initiatives aim to promote responsible usage and investment in cryptocurrencies.

Community and Events

The Middle East hosts several crypto-focused events and conferences, attracting experts and enthusiasts from around the world. Events like the Future Blockchain Summit in Dubai provide a platform for networking, knowledge sharing, and showcasing the latest advancements in the crypto industry. These gatherings play a crucial role in fostering a vibrant crypto community in the region.

Challenges and Future Outlook

Regulatory Challenges

Despite the positive "Crypto Updates Middle East," the region faces challenges, particularly concerning regulation. Ensuring that regulations keep pace with the rapidly evolving crypto landscape is crucial. Policymakers must balance innovation with the need to protect investors and maintain financial stability.

Future Prospects

The future of cryptocurrency in the Middle East looks promising. With ongoing government support, increasing corporate investment, and growing public interest, the region is well on its way to becoming a global leader in the crypto space. Continued efforts in education, regulation, and innovation will be key to sustaining this momentum.

In conclusion, the Middle East is witnessing rapid growth and development in the cryptocurrency sector. The "Crypto Updates Middle East" highlights the region's commitment to embracing digital currencies and blockchain technology, setting the stage for a dynamic and prosperous future.

[drewssam]

CoinCorner With Seed Group To Facilitate Bitcoin Transactions In The UAE

CoinCorner, an Isle of Man-based cryptocurrency exchange, has formed a strategic partnership with Seed Group, the private office of Sheikh Saeed bin Ahmed Al Maktoum, CEO of Emirates and a member of Dubai's ruling family, to expand its presence in the Middle East, particularly in the United Arab Emirates (UAE). The collaboration aims to leverage Seed Group's extensive network and influence to facilitate CoinCorner's entry into the UAE market and establish a platform for various bitcoin transactions.

Through this partnership, CoinCorner intends to offer a range of services including buying, selling, sending, receiving, and storing bitcoin, catering not only to individuals but also to local businesses seeking to transact in cryptocurrencies. Hisham Al Gurg, CEO of Seed Group, highlighted the growing interest in digital currencies among both individuals and companies in the UAE, emphasizing the country's commitment to fostering a conducive environment for fintech companies and cryptocurrencies.

The UAE's regulatory framework, particularly in Dubai, has been increasingly accommodating towards crypto firms, attracting significant interest from global players. With a substantial transaction volume exceeding $26 billion, the UAE's bitcoin and cryptocurrency market stands as the third-largest in the Middle East. Recent developments such as the licensing of major exchanges like FTX, Kraken, OKX, and Binance underscore Dubai's emergence as a crypto-friendly hub.

Danny Scott, CEO of CoinCorner, expressed optimism about the partnership with Seed Group, emphasizing their commitment to mainstreaming bitcoin transactions in the UAE. CoinCorner aims to introduce innovative solutions to facilitate seamless and instant payments, ultimately striving to make bitcoin transactions the norm in the UAE.

In conclusion, the collaboration between CoinCorner and Seed Group signifies a significant step towards the broader adoption of cryptocurrencies, particularly bitcoin, in the UAE. With the support of Seed Group's resources and connections, CoinCorner seeks to capitalize on the growing opportunities in the region's digital economy, positioning itself as a key player in the Middle East, Africa, and Asia.

[metamoonshots]

[ad_1] As Ripple Swell 2023 approaches, scheduled for November 8-9 in Dubai, the XRP neighborhood is abuzz with predictions and speculations. This annual occasion, a nexus for the brightest minds throughout crypto, blockchain, funds, and financial coverage, is predicted to be significantly important this yr, with a number of key bulletins on the horizon. Famend XRP neighborhood member Wrathof Kahneman ignited discussions along with his statement, “This yr’s SWELL could also be very important. Don’t know what is perhaps introduced, however there are prospects: IPO, VARA license, CBDC, stablecoin/tokenization, new customers(!) – after a yr of silence, we might acquire extra element if Ripple nonetheless considers itself primarily a cost firm.” IPO Announcement The potential IPO announcement stands out as probably the most anticipated revelation. The continuing authorized battle with the US Securities and Change Fee (SEC) has been a big roadblock to its public providing plans. However this has modified with the progress and newest victories for Ripple. Neighborhood member AgentSmith weighed in on this, stating, “Ripple can inform the SEC it doesn’t matter in the event that they’re in court docket or not after they submit for his or her IPO. The SEC simply has to ensure the paperwork is so as and so they don’t have to look at the underlying enterprise mannequin. Precedent: Coinbase IPO.” Kahneman responded, highlighting the diminishing significance of the SEC case, “Yeah, the case at this level is how a lot they owe, if something, not that they're persisting atm. It’s within the rearview mirror.” Many pundits have been speculating about an IPO in current weeks. Ripple has even posted an open place for a “Senior Shareholder Communications Supervisor,” suggesting that they're making ready for an IPO. VARA License Hypothesis can be rife concerning Ripple’s VARA (Digital Property Regulatory Authority) license utility within the UAE. The presence of Henson Orser, CEO of VARA, on the occasion, coupled with the corporate’s current strategic strikes, underscores the importance of this growth. A profitable acquisition of the VARA license might herald a swift and sturdy growth part for the corporate within the UAE. Ripple CEO Brad Garlinghouse’s statement from earlier this yr gives some context: “As I simply shared on stage at Dubai Fintech Summit, Ripple is increasing in Dubai. With 20% of our prospects based mostly in MENA and clear regulatory regimes being developed, it’s no shock that Dubai is rising as a key international monetary hub for crypto innovation to thrive.” CBDCs And Stablecoin/Tokenization The function of central financial institution digital currencies (CBDCs) and the broader realm of stablecoin and tokenization might be one other focus of the convention. Given the worldwide shift towards CBDCs and Ripple’s robust focus on this line of enterprise, Swell might present insights into Ripple’s place and potential collaborations on this evolving panorama. Ripple-SEC Settlement Luke Thomas, one other XRP neighborhood member, presents one other prediction, tying the occasion’s timing with the SEC case, “Fascinating that Swell Dubai is occurring between Nov eighth and ninth, with each the SEC and Ripple poised to debate the potential briefing schedule concerning the pending subject within the case on Nov ninth. My prediction is that Ripple can pay someplace between $300 to $500 million to the SEC and this case shall be settled with the announcement of the settlement occurring at Swell Dubai.” Influence on XRP Worth Whereas Ripple Swell isn’t a extensively marketed convention, its potential bulletins, particularly an IPO, might considerably affect the XRP value. Traditionally, the XRP value tends to maneuver up a bit in anticipation of the occasion. Some years greater than others. Thus, the XRP neighborhood shall be carefully monitoring the occasion. At press time, XRP traded at $0.5519. XRP value, 1-day chart | Supply: XRPUSD on TradingView.com

Featured picture from Shutterstock, chart from TradingView.com [ad_2]

[solutionlab]

Block Chain Graphic Design - Cryptocurrency Graphic Design - Crypto Grap...

https://youtu.be/dEROE1oRwFw

Block Chain Graphic Design - Cryptocurrency Graphic Design - Crypto Graphic Designer

🔗 Unveil the fascinating synergy between Blockchain and Cryptocurrency through the lens of Graphic Design in our latest YouTube video! 🎨💰 Dive into the captivating world where cutting-edge technology meets creative aesthetics as we explore the visual aspects that define the digital currency landscape. 🚀 Whether you're a seasoned blockchain enthusiast or a design aficionado looking to grasp the essence of crypto visuals, this video is tailored for you. Witness the seamless integration of intricate blockchain concepts with stunning graphic design elements that bring these digital currencies to life. 🌐 Don't forget to hit the like button if you find the visuals as mesmerizing as the technology itself! 🌈 To stay tuned for more insightful content, be sure to subscribe to our channel and share the knowledge with fellow enthusiasts. Let's embark on this visual journey together and unravel the artistic side of Blockchain and Cryptocurrency! landing page design, cryptocurrency flyer design, blockchain poster design, binance card design, best cryptocurrency website design, crypto graphic design, graphic design, graphic design creativity, design cryptocurrency, crypto website design, cryptocurrency design, crypto design, best crypto website design, cryptocurrency website design, blockchain graphic design, cryptocurrency graphic design, crypto graphic designer, crypto poster design, design for crypto, 💖 With a commitment to excellence and a passion for creativity, our team of professionals is ready to collaborate with you to achieve your goals. So, welcome🤝 to a world where innovation, precision, and imagination converge. 🤝Welcome to our services hub, where your vision becomes reality.

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[ailtrahq]

Hong Kong and the Unite­d Arab Emirates (UAE) have strengthe­ned their financial cooperation through collaboration on various finte­ch initiatives. These initiative­s include the deve­lopment of central bank digital currencie­s (CBDCs), aiming to enhance their cross-borde­r trade, payment systems, and virtual asse­t regulations.  Hong Kong-UAE Central Bank Collaboration The central banks of Hong Kong and the UAE have formed a joint working group to move forward with their collaborative initiatives. The partne­rship involves stakeholders from both banking se­ctors. One significant area of focus is the de­velopment of Central Bank Digital Curre­ncies.  The UAE has made stride­s in its plans to introduce a digital dirham. The first phase of its CBDC strate­gy is expected to be­ completed within a year. More­over, the UAE is actively engaged in the mBridge project—a blockchain platform that facilitates multiple CBDCs and addresse­s limitations in cross-border payment systems.  Just-In: Hong Kong Central Bank Collaborates With Saudi Arabia After UAE Crypto Push The mBridge project involves the Central Bank of the UAE, the­ Digital Currency Institute of People­’s Bank of China, the Hong Kong Monetary Authority (HKMA), and the Bank of Thailand collaboration with the­ Bank for International Settleme­nts (BIS) Innovation Hub. Enhancing Hong Kong-UAE Financial Ties Hong Kong SAR Chie­f Executive John Lee­ Ka-chiu’s visit to the Middle East gene­rated significant interest in stre­ngthening economic and trade re­lations with the region. As part of this ende­avor, the Hong Kong Monetary Authority (HKMA) embarke­d on trips to the UAE and Saudi Arabia in 2023, aiming to establish stronger conne­ctions with local financial stakeholders.  The HKMA se­eks to enhance cooperation with financial regulators, sovereign we­alth funds, institutions, family offices, and local enterprise­s as a foundation for long-term collaboration within the financial sector. Notably, a “bilate­ral working group” has been formed be­tween the HKMA and the­ Central Bank of the United Arab Emirate­s.  Hong Kong Monetary Authority Partners With Bank of Israel to Pilot CBDC This collaboration focuses on market connectivity, ce­ntral bank digital currency (CBDC), financial infrastructure deve­lopment, central bank digitalization, and virtual asset advance­ment. Furthermore, a Me­morandum of Understanding was signed to facilitate joint discussions on financial innovation. Future Prospects for Hong Kong-UAE Financial Partnership The collaboration be­tween Hong Kong and the UAE e­xemplifies their shared vision and mutual interests in promoting financial cooperation and e­mbracing innovative technologies. Both jurisdictions posse­ss complementary strengths and syne­rgies that can mutually benefit the­ir economies and societie­s.  UAE Central Bank Issues AML Guidelines For Crypto and NFTs Yu Weiwen, the chie­f executive of the­ HKMA, expressed utmost confidence in Hong Kong’s future as an international financial ce­nter. He emphasize­d that the HKMA will leverage­ its strengths, expand its network, and e­nhance resilience­ to bolster its position.  Furthermore, he­ revealed plans to visit various re­gions such as the Middle East, Southeast Asia, and mainland China to forge­ closer ties with central banks, institutional inve­stors, and financial regulators while exploring ne­w market opportunities for Hong Kong’s thriving financial sector.

[cryptonewsme]

Coinbase Sets Its Sights on UAE: Paving the Way for an International Crypto Hub

Coinbase Sets Its Sights on UAE: Paving the Way for an International Crypto Hub: Coinbase has long been recognized as a pioneering force in cryptocurrencies, offering a secure and user-friendly cryptocurrency platform for buying, selling, and storing various digital currencies. As the crypto market continues to evolve and gain widespread acceptance, Coinbase is actively exploring opportunities to…

[creatiview]

[ad_1] Economy How Nigerian techies wired Sh276bn without CBK nod Friday February 03 2023 Olugbenga Agboola, co-founder and CEO of Flutterwave. FILE PHOTO | POOL As the world toasted Nigeria’s Olugbenga Agboola as Africa’s freshly minted tech billionaire, Kenyan authorities were investigating his firm for possible money laundering links.It was February last year when a firm he co-founded — Flutterwave — was valued at $3 billion, making it the most valuable start-up in Africa as international investors bet on the continent’s fintech scene.While this made the 37-year-old Agboola one of Africa’s most well-known entrepreneurs, investigators and regulators in Kenya suspected his Nigerian payments company was riding on proceeds of crime, in particular card fraud.In the end, the High Court froze its Sh6.2 billion spread in 62 bank accounts on money laundering fears and the Central Bank of Kenya (CBK) ordered Kenyan banks to immediately cut links with Flutterwave.Flutterwave was one of the three Nigerian fintech that were at the centre of a complex money laundering probe in Kenya, with court records indicating that they wired over Sh276 billion in multiple currencies over four years without the knowledge and license from the CBK.The three, including RemX and Kandon Technologies, were investigated by the Assets Recovery Agency (ARA) on fears of card fraud and money laundering. ARA reckons that the three firms wired Sh276 billion in foreign currencies in over 100 accounts at Guaranty Trust Bank, Equity, EcoBank, Access Bank and UBA between January 2019 and June last year.By the time local investigators received court orders to freeze the accounts, an estimated Sh262.4 billion had been wired to offshore bank accounts in Dubai, Nigeria and Zambia.Bank statements attached to court documents revealed a cross-continental operation that moved huge sums of dollars to Kenyan banks and wired them to multiple companies registered locally with shared ownership and suspect addresses.So far, Kenyan authorities have withdrawn money laundering suits against Kandon and RemX, which is owned by Nehikhare Eghosasere and Demuren Olufemi.This saw the High Court lift orders to unfreeze Sh5.6 billion belonging to RemX and Sh16 million under Kandon.Read: Kenya freezes Sh6.2bn linked to Nigerian start-up FlutterwaveBut the CBK said the firms were not licensed to operate in Kenya and ordered local banks to block the three Nigerian fintech from their networks amid their strong linkages.Mr Olufemi is co-founder of Venture Garden Group, a venture capital firm operating from Lagos.Venture Garden Group was the first fund to invest in Flutterwave in 2018, underlining the links between the three firms that also exchanged billions of shillings among each other.The cash movements involved the same companies and entities registered in nearly identical names and in some cases owned by the same individuals across different countries, including Kenya, the US, UAE, Nigeria and Ghana.Lagos-based Kandon — which also has a hub on 400-77 King Street West Toronto, Canada —moved an estimated Sh6.7 billion between March 2021 and May last year in UBA Bank. About Sh6.4 billion and Sh28.2 million were held in euros and pounds respectively.RemX received Sh84 billion and wired out Sh78 billion, part of which was used to buy bitcoins at the US crypto exchange Binance and local exchange BitPesa.Kandon told the court last year that the billions were used to settle payments for importers and exporters moving cash across borders.“The company has been established locally to provide bridge financing services intended to address the numerous challenges faced in the SME in terms of mid- to short-term financing; this is in line with the overall ethos across the group of companies in the other jurisdictions where it has a presence,” Pauline Uzoamaka, a Kandon director, said in an affidavit.ARA believed there was a connection between RemX and Flutterwave, citing outsized amounts of money the startups transacted among each other.

Flutterwave sent Sh12.4 billion to RemX between 2020 and 2022.The funds were mostly wired from Flutterwave’s foreign accounts to a RemX fixed account at Equity Bank. “No supporting documents were provided to justify the transactions, creating suspicions that the accounts were used as conduits for money laundering,” ARA told the court.Preserved fundsKandon received around Sh2.8 billion ($22.5 million) from RemX between February 1 and March 8, 2022 in the period that coincided with ARA investigations, which were later converted to bitcoins.“The source of the preserved funds are from several clients and suppliers serviced by the applicant whose funds are now caught up in baseless application filed by the 1st Respondent,” Ms Uzoamaka said in court papers defending the outsized transaction the startup facilitated.The firm was founded in 2019 by Ayowole Ayodele and Ms Uzoamaka.Between March to May last year, Flutterwave wired to Kandon a total of Sh21 million in tranches of between Sh1.5 million and Sh4 million, all in dollars.In a warning to Flutterwave in July last year, the CBK cautioned the company against engaging in remittance and payment services without a licence.The firm alleged in court documents that it applied for a licence in 2019.“CBK has received information that Flutterwave has been engaging in payment and money remittance services without the requisite authorisation/licence by CBK in contravention of the law,” CBK deputy director Matu Mugo said in a letter to Flutterwave.The three are not listed on the regulator’s website among licensed remittance and payment service providers.Flutterwave, which moved the biggest chunk of the funds at Sh184.9 billion in 62 bank accounts spread across five banks, told the court that they entered into agreements with local lenders and service providers to facilitate the transactions.Read: Payments firm Flutterwave raises Sh28bn for acquisitionsTransactions in dollars hit Sh111 billion ($892.1 million) while it also wired funds in local currency amounting to Sh67.4 billion, euros (Sh5.8 billion) and pounds (Sh681.4 million).“In the interim, while waiting for the issuance of appropriate licenses, the 1st Respondent (Flutterwave) partnered with licensed entities such as Safaricom PLC and commercial banks operating to remit payments on its behalf and receive Visa and Mastercard payments through their electronic payments gateways,” said Flutterwave legal vice-president David Oluranti.A Kenyan financial regulator, who sought anonymity, said the firms breached local laws by operating for years without the CBK nod.“When opening an account with a local bank, as part of the know your customer (KYC), the payment service providers must present a certificate of incorporation, CBK licences and now we have included the list of beneficial owners among other documents. That’s the law,” the regulator said.This is an indictment on the Kenyan banks that did business with the three Nigerian firms.The regulator said the Financial Reporting Centre—the agency that tracks illicit money—and the CBK were not aware of the flow of billions linked to the three Nigerian firms.Flutterwave, founded in 2016, is now the biggest payments start-up on the continent.The Lagos-based company has processed 200 million transactions worth more than $16 billion in 34 African countries.It maintains that claims of financial impropriety in Kenya were “entirely false”.→ [email protected] [ad_2] Source link

[cryptonewsmeuae]

Different Types of P2P Network

Cryptographic money includes a companion checked on network that exists as a computerized cash. Asides from its virtual attributes, Digital money stands apart for its decentralized nature. It runs exclusively on shared exchanges and public straightforwardness. It is normal to see digital money related exchanges on a distributed (P2P) stage. This stage takes into consideration direct exchanging between a purchaser and a dealer. Resulting areas of this article will give nitty gritty clarifications of a portion of the well known P2P organizations.

Elements of P2P Organizations in Digital money

A P2P network is an alliance of decentralized networks interconnected through hubs or a progression of PC frameworks. Not at all like the customary P2P organization, crypto P2P networks don’t have a focal server. The ramifications is that every hub is equivalent and can be validator and supplier for a blockchain network.

Intrinsically, what makes the digital currency P2P network exceptional is its decentralization. The decentralized and conveyed nature of blockchain P2P networks implies they can’t be defenseless to noxious goes after, for example, Refusal of-Administration assaults. The data there is likewise unalterable in light of the fact that it is an agreement network that requires everybody on the hub to concur before information can be added or changed on the chain. As a clincher, the blockchain P2P networks are totally liberated from legislative guideline or control from a focal power.

What are the Famous Kinds of P2P Organizations

There are three P2P Crypto organizations: Organized, unstructured, and cross breed.

Organized P2P Organizations

Organized P2P networks have a similarity to association. They are more productive and have more significant levels of centralization than other P2P organizations. Not at all like unstructured P2P organizations, they search actually and don’t need high memory use. Organized networks utilize a Conveyed Hash Table to look for information. Albeit successful, this type of organization requires high upkeep costs.

Unstructured P2P Organizations

With unstructured P2P organizations, irregular hubs are dissipated to a great extent yet associated for correspondence. Unstructured P2P networks are more straightforward to assemble as various hubs can interface and impart without a similarity to arrange. Similarly, hubs can join and leave the organization whenever and do so every now and again. This opportunity of passage and exit is known as agitating. Be that as it may, this organization requires high memory utilization because of the range of the organization.

Mixture P2P Organizations

A crossover network consolidates the distributed non-unified framework and the customary incorporated framework. The two-faceted nature of the crossover network makes it somewhat better than the other two organizations. It can join the upsides of the two strategies for organizations to offer better types of assistance to clients. With mixture P2P organizations, you outdo the two universes.

End

P2P networks are the establishment whereupon blockchains and Digital money are assembled. For sure, to dig completely into the blockchain world, understanding the essential terms above is significant. This understanding will help areas of ventures and interests and, all the more significantly, forestall being sliced offguard because of almost no information.

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What Is the Difference Between Public, Private and Hybrid Blockchain?

To be sure, the expressions of Fred Ehrsam sound accurate now like never before. The utilization of blockchain in different exchanges and tasks has arrived at staggering levels. This saturation of blockchain requires a satisfactory information base for people straightforwardly and by implication impacted by it. This article carries such information to your fingertips as it inspects the three famous sorts of blockchains by breaking down the distinctions between each of the three.

What are the Sorts of Blockchains?

Blockchain comes in various structures and can be used for different capabilities. The eccentricities of every sort rely upon its attributes. The three well known ones have been elaborated beneath.

Public Blockchain

Generally called 'trustless or permissionless' blockchains, public blockchains are precisely as the name suggests; they are blockchains broadly accessible for everybody engaged with the utilization of blockchain for exchanges and undertakings. With a public blockchain, there is no focal power or control. Incidentally, it is utilized for networks that require high straightforwardness. Nonetheless, the proviso with public blockchain is that with more straightforwardness comes less security.

Confidential Blockchain

A private blockchain is likewise known to be a 'permissioned' blockchain. A private blockchain is positively more prohibitive than its partners. It just permits a chose number of people to be available inside a current shut network where just certain people or gatherings have the position to approve exchanges on the blockchain network. Regardless, security brings down straightforwardness and supports defilement.

Crossover Blockchain

Half and half blockchain involves a touch of the past blockchains above. It considers exchanges in which an authority decides the exchanges or information to be made private. Conventional half breed blockchains are private however can undoubtedly be made openly undeniable assuming that the need emerges

What are the distinctions between the Kinds of Blockchain?

There are a few noticeable contrasts between the blockchains above. As far as one might be concerned, their significant contrast is the straightforward entry. With public blockchains, any client can join the blockchain network without limitations. Be that as it may, the inverse is the situation for private blockchains, as clients have limited admittance to the organization.

Likewise, straightforwardness is really important for private blockchains, and security is critical. Then again, public blockchains permit clients to join networks pseudo-secretly without being known. Private blockchains may not be pretty much as secure as a public blockchain on the grounds that the last option has numerous hubs that approve and affirm exchanges.

Remarkably, public blockchains themselves take more time to deal with exchanges because of the hubs, network size, and approval process. Then again, a confidential framework is moderately quicker on the grounds that less individuals are on the organization.

At last, the half and half framework includes a mix of permissioned and permissionless blockchains. The organization can permit clients a smidgen in excess of a private blockchain in proper cases. Where approval is required, it can likewise disclose the exchange for approval processes. Many have tracked down it wise to agree to the half and half framework.

End

Any blockchain above can be utilized for exchanges relying upon style, capability, and reason. In any case, make certain to do satisfactory examination to affirm the feasibility and reasonableness of a blockchain before use.

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Middle East Corporate Giants Embrace Blockchain and Crypto Innovations

The Middle East has been making significant strides in the realm of cryptocurrency and blockchain technology. As the world increasingly turns towards digital currencies, the region is positioning itself as a hub for innovation and adoption. This article provides a comprehensive look at the most recent developments and trends under the umbrella of "Crypto Updates Middle East."

Government Initiatives and Regulations

United Arab Emirates (UAE)

The UAE continues to lead the Middle East in cryptocurrency adoption and regulation. Dubai has launched various initiatives to become a global crypto hub, including the establishment of the Dubai Multi Commodities Centre (DMCC) Crypto Centre, which aims to support and regulate crypto businesses. Additionally, the UAE's Securities and Commodities Authority (SCA) has introduced comprehensive regulations to govern crypto activities, ensuring a secure and transparent environment for investors.

Saudi Arabia

Saudi Arabia is also making significant moves in the crypto space. The Saudi Arabian Monetary Authority (SAMA) has been exploring the potential of a central bank digital currency (CBDC) in collaboration with the UAE through the Aber project. This initiative aims to facilitate cross-border transactions and improve the efficiency of financial systems between the two nations.

Corporate Adoption and Innovations

Partnerships and Investments

Several major corporations in the Middle East are investing in blockchain and crypto technologies. For instance, Abu Dhabi-based Mubadala Investment Company has shown interest in blockchain startups, providing substantial funding to foster innovation in the sector. Moreover, Binance, one of the world's largest cryptocurrency exchanges, has expanded its operations in the Middle East, partnering with local entities to enhance the region's crypto infrastructure.

Financial Institutions

Middle Eastern banks are increasingly adopting blockchain technology to streamline their operations. For example, the National Bank of Kuwait (NBK) has launched a blockchain-based remittance service, enabling faster and more secure cross-border payments. This development is part of a broader trend where financial institutions in the region are leveraging blockchain to improve efficiency and customer experience.

Public Interest and Education

Crypto Awareness Campaigns

As part of the "Crypto Updates Middle East," there has been a noticeable increase in public interest and awareness regarding cryptocurrencies. Governments and private organizations are conducting educational campaigns to inform citizens about the benefits and risks associated with digital currencies. These initiatives aim to promote responsible usage and investment in cryptocurrencies.

Community and Events

The Middle East hosts several crypto-focused events and conferences, attracting experts and enthusiasts from around the world. Events like the Future Blockchain Summit in Dubai provide a platform for networking, knowledge sharing, and showcasing the latest advancements in the crypto industry. These gatherings play a crucial role in fostering a vibrant crypto community in the region.

Challenges and Future Outlook

Regulatory Challenges

Despite the positive "Crypto Updates Middle East," the region faces challenges, particularly concerning regulation. Ensuring that regulations keep pace with the rapidly evolving crypto landscape is crucial. Policymakers must balance innovation with the need to protect investors and maintain financial stability.

Future Prospects

The future of cryptocurrency in the Middle East looks promising. With ongoing government support, increasing corporate investment, and growing public interest, the region is well on its way to becoming a global leader in the crypto space. Continued efforts in education, regulation, and innovation will be key to sustaining this momentum.

In conclusion, the Middle East is witnessing rapid growth and development in the cryptocurrency sector. The "Crypto Updates Middle East" highlights the region's commitment to embracing digital currencies and blockchain technology, setting the stage for a dynamic and prosperous future.

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China, Hong Kong, Thailand, and UAE Trial Cross-Border Transactions With Digital Currencies – Finance Bitcoin News

The monetary authorities of four jurisdictions in Asia have carried out tests with international settlements using state-issued digital currencies. Cross-border payments and foreign exchange transactions totaling over $22 million were made as part of the pilot project with the participation of the Bank for International Settlements.

Asian Central Banks Pilot Real-Value International Settlements With Digital Currencies

The monetary policy regulators of China, Hong Kong, Thailand, and the United Arab Emirates have conducted a trial of cross-border payments with digital currencies issued by them. The successful completion of the pilot was announced by the Bank for International Settlement (BIS) Innovation Hub Hong Kong Centre.

The tests, which took place between Aug. 15 and Sept. 23, covered real-value transactions. They were processed through a distributed ledger platform called Mbridge, a payment project initiated by the Hong Kong Monetary Authority, Bank of Thailand, and the BIS Innovation Hub in 2019. The People’s Bank of China and the Central Bank of UAE joined in 2021.

During the trial, 20 commercial banks employed the platform to settle various kinds of payments for corporate customers, mainly in cross-border trade, the BIS explained in a post on Linkedin. “Over $12 million in value was issued onto the platform facilitating over 160 cross-border payments and FX transactions totalling more than $22 million in value,” it detailed.

Among the participants were the Industrial and Commercial Bank of China, the country’s largest lender, and its Abu Dhabi brand and ICBC (Asia) subsidiary in Hong Kong, according to Financial News, the official newspaper of the PBOC. Also, Bank of China’s Zhejiang branch made payments in digital yuan (eCNY) with HSBC and Siam Commercial Bank for two hi-tech companies in the province.

The report did not provide more details about the other currencies used, but besides China, which has been expanding the pilot project for the eCNY, Hong Kong, the United Arab Emirates, and Thailand have been testing central bank digital currencies (CBDCs) as well, the South China Morning Post noted. The Hong Kong-based publication also remarked that the experiment could undermine the role of the U.S. dollar in foreign trade if banks could settle directly without the greenback.

Other nations such as Russia have been also aiming for the same with their own digital currency projects. According to a recent report, the Russian Federation intends to use the digital ruble for settlements with China, its key ally and trading partner amid a geopolitical and economic clash with the West over Ukraine. Moscow wants to launch settlements with the CBDC early next year.

In its announcement, the BIS said that a detailed report on the progress of the international payment project will be released in October. The document will cover aspects such as technical design, legal, policy, and other regulatory considerations, and present the future roadmap for the Mbridge platform.

Tags in this story

BIS, CBDC, CBDCs, Central Banks, China, cross border, Digital Currencies, Digital Currency, Digital Yuan, Hong Kong, international trade, monetary authorities, Payments, Settlements, thailand, trade, UAE

Do you expect CBDC projects like the one described in the report to challenge the role of the U.S. dollar in global trade? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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New crypto hub opens at Dubai World Trade Centre

Daily News#89

In an initiative meant to boost Dubai’s crypto development and regulation, the Dubai World Trade Centre (DWTC), a multi-purpose venue owned by the government, will begin hosting and regulating crypto currency transactions and exchanges. The plan entails strict standards and anti-laundering measures meant to protect investors and combat terrorist financing. In a statement last Monday, the DWTC claimed that the initiative will collaborate with private actors to create an “attractive environment for the [digital] sector” in order to “deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies.” This latest move serves as further proof that the UAE is one of the most crypto-friendly jurisdictions in the world.

Retrieved from: Partz H. (2021) " Dubai World Trade Centre to create new crypto hub and become regulator."

#Dubai #crypto #bitcoin #DWTC #blockchain #bitcoinnews #covid #coinhaven #bitcointrade #peer2peer #altcoins #trading #cryptotrading #fintech #banking #technology #cryptocurrencies #cryptocurrency #payments #finanziellefreiheit

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Crypto Payment Gateway Dubai – A Good Choice for those looking to make quick and easy payments with Bitcoin

Dubai is a popular tourist destination and one of the most important financial hubs in the region. The city is home to a number of large financial institutions and many businesses have decided to set up their headquarters there. One of the most well-known cryptocurrency payment gateway services in Dubai is DXBPay, which has been providing its customers with the best possible service for years.

Crypto payment gateway Dubai is one of the leading hubs for the cryptocurrency industry. With its cutting-edge technology, the platform offers a wide range of services to users who want to make use of the digital currency. 

Cryptocurrency is making a comeback in the UAE. With the advent of new technologies, there has been an increase in demand for cryptocurrencies. The Crypto Payment Gateway Dubai is one such business that provides users with a convenient and easy way to easily buy and sell cryptocurrencies.

The Crypto Payment Gateway Dubai provides users with a one-of-a-kind payment gateway that is simple to operate and enables you to conduct transactions in the cryptocurrency market in a safe and timely manner. You can receive paid in a wide variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and many others, via our gateway in an easy and convenient manner.

Doge Payment Gateway Dubai is a brand-new payment gateway that provides consumers with a number of different options for completing doge payments. The gateway is simple to operate and supports several different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Dogecoin. It also accepts Dogecoin. Users can also use their cryptocurrency to pay for goods and services if they so choose.

iPint is a BCH Payment Gateway Dubai that allows you to make and receive Doge payments. This service is offered without charge and features an intuitive front end for its customers. 

BCH Payment Gateway Dubai is a brand-new and forward-thinking payment gateway that enables users to make quick and simple Doge payments in a streamlined and uncomplicated manner. The fact that the gateway can be accessed in both English and Arabic makes it an ideal choice for consumers in countries that speak Arabic.

DeFi Payment Gateway Dubai is a new payment gateway that allows users to make crypto payments in a variety of ways. This includes bank transfers, digital wallets, and more. DogePay is the first ever Doge-based payment platform that allows for fast and easy transactions.

The Doge Payment Gateway Dubai is a brand-new payment gateway that enables users to make purchases of goods and services with the cryptocurrency Dogecoin in a way that is both expedient and uncomplicated. Users are now able to make fast and simple payments for goods and services by using the cryptocurrency Dogecoin thanks to a brand-new payment gateway in Dubai called the Doge Payment Gateway Dubai. The gateway is currently undergoing beta testing, and it is anticipated that it will be ready for launch in the not too distant future.

A fantastic way to get started with the Dogecoin cryptocurrency is by using the Doge Payment Gateway Dubai. It's simple to use and fast, so you can get your transactions done quickly and easily. Because it is both user-friendly and quick, completing your business transactions will be a breeze for you. In addition, the gateway is equipped with a wide range of features that render it suitable for use by organizations of any size.

LTC Payment Gateway Dubai is a leading online payment gateway that provides users with the easiest and quickest way to pay for their items. The platform allows users to make payments by card, bank transfer, and more. It's a great option for those looking for an easy and convenient payment solution.

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DeFi Payment Gateway Dubai is an Islamic financial center that offers a variety of services for LTC transactions. This gateway assists in making cross-border transactions easily and quickly. With this service, users can enjoy reduced fees, fast and reliable service, and easy access to the latest Islamic financial products.

Bitcoin and LTC are two of the most popular cryptocurrencies in the world, and thanks to their payment gateways, they’re easier than ever to get your hands on. With the DeFi Payment Gateway Dubai, you can quickly and easily pay for goods or services with both currencies. The gateway is easy to use, making it a great choice for anyone looking to make quick and easy payments.

LTC Payment Gateway Dubai is a leading payment gateway that offers a wide range of services for users of the LTC cryptocurrency. With its easy-to-use platform, users can easily make transactions with other users and businesses in the UAE and across the world.

Bitcoin payment gateway Dubai is an online platform which allows users to make and receive payments in bitcoin. The company has developed the platform in order to provide a more convenient and efficient way for its users to make transactions. Bitcoin is the most popular digital currency in the world, and it has been growing in popularity over the past few years. This makes BTC Payment Gateway Dubai a valuable resource for businesses looking to accept bitcoin payments.

Bitcoin Payment Gateway Dubai is a leading payment gateway for bitcoin and other cryptocurrencies in the region. It offers an easy-to-use platform for users to make transactions with various cryptocurrencies, including bitcoin, litecoin, Ethereum, and Ripple. BTC Payment Gateway Dubai also offers a range of features to improve the user experience, such as digital wallet integration and fraud prevention.

Bitcoin is a type of digital currency that may be used as a payment system. It was created by an unknown individual or group of individuals using the alias Satoshi Nakamoto. Transactions are checked using cryptography by nodes in the network, and the results are recorded in a public ledger that is distributed across multiple locations.

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