Crypto Biz: UAE’s regulatory structure draws crypto firms, Canaan’s revenue slumps, and more
The United Arab Emirates increasingly attracts Web3 companies to its jurisdictions, becoming the center of global crypto innovation.
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Paxos receives in-principle approval to issue stablecoins in Abu Dhabi
The approval followed a similar move by regulators in Singapore, where Paxos said its local entity would launch a U.S. dollar-backed stablecoin.
IOTA launches $100 million Abu Dhabi foundation for Middle East expansion
The IOTA Ecosystem DLT Foundation is the first to receive approval from regulators in Abu Dhabi after its financial authority passed a new, related law earlier in the month.
Crypto.com granted Dubai crypto license
The license is pending operational approval and allows Crypto.com’s Dubai entity to offer exchange, broker-dealer, and lending and borrowing services.
Metaverse projects failed on lack of correct business model: MetaMinds CEO
As the metaverse loses its appeal to some global tech leaders, MetaMinds Group CEO Sandra Helou argues that failures in metaverse initiatives resulted from the lack of proper business models.
Saudi’s NEOM partners with Animoca Brands for regional Web3 development
Saudi Arabia’s forthcoming regional development project, NEOM, has partnered with Animoca Brands to push Web3 in the region and a potential $50 million investment deal.
UAE emirate launches new free zone for digital assets, Web3 and AI
Ras Al Khaimah, known for its rich cultural sites, is turning to the virtual assets sector to diversify its economy away from traditional avenues such as tourism.
Bahrain’s Bank ABC using JPMorgan’s Onyx blockchain for cross-border payments
After two years of experiments, JPMorgan and the Bahraini bank will offer U.S. dollar payment settlement in several countries, with plans to expand to euro service as well.
Saudi Arabia looks to blockchain gaming and Web3 to diversify economy
The kingdom is currently diversifying its economy away from oil and turning to new opportunities, such as gaming and Web3.
US regulators deny blocking AI chip exports to Middle East
The U.S. Department of Commerce denied blocking AI chip sales to the Middle East and remained silent about whether the requirements were only imposed on specific countries.