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0 CommentsTop crypto news from the Middle East region over the last week (Dec. 24–30, 2022):
Abu Dhabi backs tech in aim to become global business hub
Abu Dhabi Finance Week showcased the ambitions of the capital city of the United Arab Emirates to become a global business hub. Having previously run as a conference dedicated to fintech, ADFW was expanded in 2022 to incorporate days focused on cryptocurrencies and sustainability. The event perfectly showcased where Abu Dhabi wants to position itself in the future.
Abu Dhabi bank launches tokenized payment system using wearables
The Abu Dhabi Islamic Bank has launched a tokenized contactless payment system. Tokenization is a system that guards sensitive information and is used to help protect against credit card fraud. A card number is digitally stored and then converted into an algorithmically generated number referred to as a token.
The “ADIB Pay” system is a partnership with the credit card giant Visa and the China-based Tappy Technologies. ADIB Pay is a physical clasp that can attach to wearable items, removing the need to carry a physical card. This means any watch or bracelet, for example, could end up functioning like smartwatches with payment capabilities, according to a press release, and holders of the ADIB Visa card will be able to make contactless payments with them.
Saudi Princess Reem Al-Faisal: Web3, NFTs, and the metaverse are shaping the future of the internet
A panel discussion took place at the 2022 Jeddah Book Fair entitled “Technology, Imagination and the Marketing Game: Future Alliances: NFTs / Web3 / Metaverse.”
While the crypto sphere continues to blur the lines between the virtual and physical worlds, Princess Reem Al-Faisal agreed that these technologies, the Web3 ecosystem, nonfungible tokens, and the metaverse are well-positioned to dictate the future of the former.
She said blockchain technology, which is for storing information in a decentralized way and keeping it more secure, is an upcoming knowledge. The Princess also said that she is fascinated by cryptocurrencies and bitcoin, which she called “the most amazing technology revolution”
Crypto OTC trading to get traction due to the FTX fiasco
The FTX collapse could trigger a bigger demand for crypto OTC services as investors are looking for alternative methods to convert from and to fiat due to weaker trust in centralized exchanges (CEXs). Cointelegraph spoke with BestChange, a UAE-based OTC crypto exchanger aggregator with Russian roots, to learn more about the current state of OTC markets.
According to BestChange chief analyst Nikita Zuborev, OTCs often act as an entry point to crypto for most users. The exec also pointed out that the latest industry events could have a positive effect on the crypto OTC segment.
XRP Classic promotes eco-friendly regenerative finance using blockchain
Created as a carbon-free, eco-friendly regenerative finance (ReFi) blockchain, XRP Classic has completed its Fair Launch in December 2022. XRP Classic was successfully listed on Coinsbit within 48 hours of the launch, and then on P2PB2B cryptocurrency exchange platform in the days that followed.
Approved by smart contract security auditor SolidProof, XRP Classic has developed an eco-friendly ReFi blockchain in a bid to lead on regenerative finance in Dubai.
UAE’s bank tried to charge an unwanted cash advance fee for purchasing cryptocurrency online
Emirates NBD charged a cash advance fee of Dh99 plus vat Dh4.95 for an online Binance transaction for purchasing crypto for $100 (Dh367). The bank’s website stated that online cryptocurrency purchase is imposed with a cash advance fee. However, there was no statement claiming such a fee. Later, the bank reversed the charges after Gulf News’ intervention.
NEOM is now available for trading on LBank Exchange
LBank Exchange, a global digital asset trading platform, has listed NEOM. For all users of LBank Exchange, the NEOM/USDT trading pair is now officially available for trading. As an ecological construction project in Saudi Arabia, NEOM provides an unprecedented city life experience while preserving the surrounding nature as a civilized revolution that puts humans first under the ultimate goal of Next Level Smart City. Its native token NEOM has been listed on LBank Exchange to further expand its global reach and help it achieve its vision.
Dubai License for crypto organizations
Dubai has huge potential and offers perfect opportunities for crypto investors looking to set up a company in the region. It is a global hub for all sizes of crypto businesses. The UAE government provides an efficient working environment for organizations that have received a Dubai crypto license. Obtaining a crypto permit in the UAE can be daunting, but once you get it, it will open many doors for businesses worldwide.
