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Chainalysis in Dubai
9 Days ago
Chainalysis Chooses Dubai AS HQ for Crypto, Blockchain Operations
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Chainalysis, a blockchain data and analytics company, has recently announced the opening of its regional headquarters in Dubai in Southern Europe, the Middle East, Central Asia, and Africa. 

The company has been working closely with the local government to offer advice on best practices for regulatory development in the crypto industry, which would promote innovation. Chainalysis has partnered with the United Arab Emirates’ Ministry of Artificial Intelligence, Digital Economy, and Remote Work Applications to establish an excellence center for government employees to enhance their understanding and expertise in blockchain technology. 

Additionally, the company has set up a Centre of Excellence to train government employees in blockchain technologies. In another development, Chainalysis signed a memorandum of understanding with Emirates NBD, which would support the banking leader’s Digital Asset Lab program.

Michael Gronager, CEO of Chainalysis, said that the UAE government has “spearheaded the crypto revolution” with its crypto-related policies, noting: “The true potential and value of cryptocurrencies lies in their ability to transfer value, and we’re seeing an upward trend of overall transfer activity… the UAE is strongly positioned to lead innovation with novel use cases that deliver tangible value to consumers and businesses.”

An increasing number of crypto and Web3-related companies have chosen Dubai as their home in the last year. One of these companies is Chainalysis. Nicola Buonanno, Chainalysis’ vice president of Southern EMEA, said that the market in the UAE is at a “tipping point,” with institutional-sized transfers now accounting for the majority of the country’s crypto activity. As a result, the need to investigate the local industry for better compliance, market intelligence, and data solutions is “greater than ever.” 

Binance reportedly received its long-awaited license to operate as a cryptocurrency exchange in Dubai on April 18. Additionally, on May 7, in Abu Dhabi, QCP Capital, a crypto options desk, received its in-principle approval to offer regulated digital asset activities in the region.

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Crypto in UAE
10 Days ago
UAE Blockchain Ecosystem Surges 13.3% In Year, Crypto Oasis
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The UAE blockchain ecosystem sector witnessed significant growth over the past year, recording 13.3% year-on-year increase, according to Crypto Oasis. 

During the Dubai FinTech Summit 2024, Crypto Oasis said the UAE blockchain ecosystem has active companies surging from 1,800 to 2,040, a surge that shows the industry’s robustness and innovation, bolstered by a workforce of over 10,600 professionals. 

The sector comprises 71% native blockchain organizations and 29% non-native companies contributing to the ecosystem.

The UAE’s blockchain landscape is thriving, and a diverse range of organizations are contributing to its success. Traders, brokers, and asset managers lead the way with 20.6%, followed closely by technology and advisory services at 19.9%. NFT platforms, venture capitalists, and the metaverse are also significant contributors. However, despite efforts to attract Web3 gaming companies, their presence remains modest at 3%, indicating room for growth. 

Tokenization platforms are carving out a niche and represent 1.5% of the country’s blockchain organizations. The past year has been pivotal for the UAE’s blockchain space, cementing its position as a global leader in innovation and disruption. Regulatory initiatives led by the Virtual Asset Regulatory Authority (VARA) have ensured responsible growth and market integrity. Notable milestones include granting licenses to leading crypto service providers such as Binance, OKX, Crypto.com, and others, enhancing the region’s appeal to blockchain enterprises.

Cryptocurrency adoption in the UAE has experienced a significant surge, cementing the country’s status as a growing hub for digital finance. The regulatory approval of Ripple’s XRP token by the Dubai Financial Services Authority (DFSA) and establishing the Iota Ecosystem DLT Foundation in ADGM highlight the country’s welcoming embrace of innovative technologies.

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Emirates NDB x Chainalysis
11 Days ago
Emirates NBD Includes Chainalysis in Its Digital Asset Lab
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Emirates NBD has announced that Chainalysis will join its Digital Asset Lab Council. This move highlights the bank’s dedication to leading digital finance advancements across the Middle East, North Africa, and Türkiye. 

Chainalysis, a respected expert in blockchain analysis and compliance, will join other esteemed partners such as PwC, Fireblocks, and R3 as a founding council member of the Lab. 

By incorporating Chainalysis into the Digital Asset Lab, Emirates NBD is poised to enhance its innovative efforts in developing compliant and secure financial products and services. This strategic move, leveraging Chainalysis’ analytical expertise, aims to identify market trends, effectively meet customer needs, and elevate the integrity of its digital asset ventures, promising a brighter future for digital finance.

Miguel Rio Tinto, Emirates NBD’s Group Chief Digital and Information Officer, expressed his pride in the bank’s partnership with Chainalysis, underlining their shared commitment to introducing new solutions in the financial sector, a commitment that is sure to inspire further innovation. 

Rio Tinto highlighted the role of this partnership in promoting an open and trustworthy digital finance environment, which will help enhance customer trust and confidence in Emirates NBD’s digital offerings.  

Nicola Buonanno, the VP of Southern EMEA at Chainalysis, shared a similar view, emphasizing how important financial institutions are in shaping the future of digital assets, stressing the need for secure and reliable avenues for investor engagement, and highlighting Chainalysis’s commitment to working with Emirates NBD to offer safe and transparent digital asset services. 

The Digital Asset Lab was introduced at the Dubai FinTech Summit in May 2023, and it shows Emirates NBD’s proactive approach to accelerating digital asset and financial services innovation in the UAE. The bank has assembled a robust platform that includes industry experts. The aim is to foster innovative financial services ideas that use digital assets and underlying technologies. With a focus on digital assets, the Lab aims to leverage underlying technologies effectively, empowering customers to find the financial services they need in the fast-moving digital asset landscape. 

Emirates NBD’s strategic partnership with Chainalysis is a significant step towards pioneering advancements in digital finance. It reaffirms the bank’s position as a trailblazer in financial innovation in the MENAT region.

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Vodafone
12 Days ago
Vodafone Eyes Integrating Crypto Wallets in Its SIM Cards
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UK-based telecommunications giant Vodafone is exploring integrating crypto wallets directly into mobile phone SIM cards. 

David Palmer, who is the Chief Product Officer of Pairpoint by Vodafone, recently discussed this move in an interview with Yahoo Finance Future Focus. Palmer highlighted the company’s plans to promote the adoption of blockchain technology in managing crypto transactions on mobile devices.  

Palmer explained that Vodafone is dedicated to linking SIM cards to crypto wallets, aiming to utilize the cryptographic capabilities in SIM cards for effortless blockchain integration. The Pairpoint CPO elaborated on how the Vodafone subsidiary is driving the advancement of Web3 and Internet of Things (IoT) services by leveraging SIM card technology for blockchain-based digital wallets on mobile devices.

He shared his belief that by 2030, there will be around 5.6 billion digital wallets based on blockchain technology, which will act as gateways to financial services. 

Additionally, he estimated that around eight billion cell phones would be in use globally by the same year, providing access to this technology to at least 70% of the world’s population. These revelations came a few months after reports surfaced that Vodafone had partnered with Microsoft for a decade to offer AI services to its customers. 

Moreover, the telecommunications giant had previously shown interest in web3 and blockchain technology. Pairpoint, then known as Digital Asset Broker (DAB), had unveiled a proof of concept in collaboration with Sumitomo Corporation and Chainlink Labs. 

The proof of concept aimed to simplify the exchange of trade documents across different platforms and blockchains, addressing the inefficiencies that plague the global trade ecosystem, which is worth an estimated $32 trillion. It demonstrated the ability to exchange crucial trade documents seamlessly across various platforms and blockchains, a process often hindered by fragmented and incompatible systems.

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