Gulf Crypto Insight: Hot crypto news from the MENA region – August 19

    21 Aug 2022

    MetaVSummit in Dubai

    MetaVSummit, the largest Web 3 & Metaverse event for investors and founders, will be held in Dubai, UAE, on Sep. 14-15, 2022. The event has up to 1000 delegates who could meet under one roof in The Ritz Carlton, DIFC, looking to strategically partner with the top Crypto, NFT & Metaverse companies worldwide. With over 50 speakers and 100 companies, the event is positioned to add value to the Dubai economy by bringing the top companies to the region.

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    Lebanese media star Wissam Breidy joins Dubai’s Crypto Oasis

    Lebanese media personality, communication advisor, and strategy-led business developer, Wissam Breidy, has entered into a strategic partnership with Crypto Oasis to educate and inform the region about blockchain technology and Web3 while boosting acceptance and participation. Breidy is the new ambassador for blockchain and Web3 for Crypto Oasis, the fast-growing blockchain ecosystem, looking to scale blockchain and Web3 adoption in the region. The partnership will help break new ground and drive awareness about blockchain technologies in the Arabic-speaking community.

    OMAX COIN blockchain launches on August 19

    OMAX, a Dubai-headquartered blockchain startup, launches the mainnet phase on August 19, 2022. The objective is to make it a user and business-friendly smart contract model easily deployable on E-commerce platforms and a secure network. It will enable users to launch their Dapps on a secure protocol. Hybrid layer-1 proof-of-stake protocol built from the ground up, OMAX COIN is compatible with EVM protocols. OMAX is also set to provide native cross-chain communication functionality between blockchains.

    RevoLand to launch staking

    RevoLand, a blockchain-based MOBA game with a daily activity of over 10,000 users, announced that it will officially launch its staking system in August, bringing multiple benefits to token holders and game users. Thus, headquartered in Dubai, RevoLand aims to attract more active users to the RevoLand ecosystem and hence increase the project’s sustainability.

    Belfrics sets up operations in UAE

    Blockchain provider Belfrics, part of Life Clips Group, has set up its operation in the UAE after being admitted to Dubai International Financial Centre (DIFC) under the Innovation business category. As part of expansion plans into the MENA region, Belfric will implement its proprietary blockchain Belrium identity and document management solution. Belfrics will also be focusing on deploying decentralized applications for the government and non-government sectors in the health, education, and human resource sectors. Belfrics is also applying for the newly launched ITL (innovation testing license) for digital assets trading by DIFC.

    Nexus obtains the first crypto license in Dubai

    Nexus Dubai, the decentralized financial payment system disrupting traditional payment systems on the blockchain, has secured the first license in the world for a cryptocurrency exchange business in Dubai. The project aims to facilitate better interconnectivity and digital technology advancements in the UAE, as well as accelerate the development of digital payments, the statement said. There are currently multiple crypto exchanges where Nexus Dubai (NXD) is listed, including MEXC Global, BingX, BYBIT, Bitget, and Using the UAE merchant network, NXD, in partnership with different companies there, allows users to make payments easily in retail stores, restaurants, hotels, and more.

    GulfCoin to launch Arabic crypto-exchange GulfEx

    GulfCoin project is preparing to launch GulfEx in the upcoming days, the first Arabic crypto-exchange, which will encourage the Arab nations to be more involved in the crypto revolution, Hani Asfar, CEO of GulfCoin project, stated. GulfCoin is a project that revolves around the BEP-20 coin that runs on the Binance Smart Chain (BSC) and was developed by a multinational team. In CEO’s words, GulfCoin is currently accepted in Germany, Dubai, Serbia, Thailand, Mexico, and Hong Kong. In Dubai, there will be more than 500 locations where token holders can spend Gulf Coin, with plans to make Gulf Coin available in other countries soon.

    Bahrain leads the Gulf in crypto regulations

    According to Solidus Labs Global Crypto Regulation (GCR) Index, Bahrain ranks first among GCC countries and seventh globally for its proactive approach to crypto asset regulations. The index rates key countries whose governments lead the way with effective regulations that protect consumers and encourage innovation.

    Nimbus Platform moves to Bahrain

    Nimbus Platform, under its umbrella company, NMB Fintech, has moved its global headquarters to Manama, the Kingdom of Bahrain, with regulatory approvals from Bahrain’s Fintech Bay, the Ministry of Finance, and the Central Bank of Bahrain.

    Ripple is becoming a big player in Qatar

    As reported by U.Today, Ripple partner QNB launched a direct remittance service for money transfers from Qatar to the Philippines, making it the first bank in Qatar to introduce the service.

    Using Ripple’s financial technology, RippleNet, QNB will establish a connection with China Bank, one of the top private universal banks in the Philippines, to offer this service.

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