Gulf Crypto Insight: Hot crypto news from the MENA region – October 14

    15 Oct 2022

    Top crypto news from the Middle East region over the last week (Oct. 8–14, 2022):

    DMCC Crypto Centre to get access to $150 million Brinc’s fund

    Dubai Multi Commodities Centre (DMCC) has partnered with the global VC firm Brinc to provide DMCC Crypto Centre members with access to Brinc’s $150 million accelerator fund. Brinc is a portfolio company of Animoca Brands, a global leader in Web3 and blockchain investment. In addition, members will now also gain access to Brinc’s global network of innovative startups as well as business mentoring services from their new office in DMCC.

    UAE government-backed metaverse city Sharjahverse launched by Multiverse Labs

    Sharjah, the second most populous emirate in the UAE, now joined Dubai in broadening its metaverse efforts and announced the launch of the virtual city of Sharjahverse. Sharjahverse is a photorealistic, physics-accurate metaverse that covers 1,000 square miles of the surface, which enables the entire emirate to be viewed publicly.

    The project is backed by the Sharjah Commerce and Tourism Development Authority (SCTDA), the main government agency charged with promoting the emirate’s tourism industry. The UAE authorities believe that the new metaverse city, created by AI ecosystem Multiverse Labs, could benefit the region’s tourism industry and potentially create new metaverse jobs.

    The UAE is home to nearly 1,500 Web3 organizations

    A new report from Crypto Oasis has revealed that the UAE is one of the fastest-growing destinations for Web3 projects. According to the study, more than 1,450 active Web3 organizations were in the UAE at the end of the third quarter. UAE-based Crypto Oasis and Roland Berger have partnered to publish the Crypto Oasis Ecosystem Report, which covers emerging technologies such as Web3, blockchain, metaverse, and more. The crypto market in the UAE is expected to grow 10 times, the report said.

    LBank receives the “Most Trusted Crypto Exchange” at the CryptoExpo Dubai 2022 event

    Crypto exchange LBank has been named the Most Trusted Crypto Exchange at the CryptoExpo Dubai 2022 event. With over 1000+ attendees and more than 100 exhibitors in attendance, LBank showed out and off at the MENA’s largest two-day event. It showcases LBank’s successful globalization strategy and ambitions to attract users through education.

    Launched in 2015, LBank accounts for over $1.5 billion in trading volumes and a growing user base in 180+ countries. With over 7 million users, the platform supports more than 800+ trading pairs and 149+ fiat currencies.

    Central Bank of Oman issues warning over crypto risks

    The Central Bank of Oman (CBO) has once again urged citizens and residents to exercise caution when engaging in transactions involving the use of crypto-currencies, among other crypto assets, given the significant risk of fraud being uncovered in this decentralized finance space globally. The warning comes amid a flurry of scams targeting cryptocurrency investors around the world.

    Bitcoin advocate Ziya Sadr arrested by Iranian security forces

    According to multiple sources, an Iranian Bitcoin advocate Ziya Sadr was arrested by Iranian security forces last month. A friend of Sadr told CoinDesk that the Iranian blockchain educator was arrested on Sept. 19 amid widespread anti-government protests in Tehran and has not been released.

    Sadr is a popular Bitcoin educator, YouTuber, and advocate for the technology. He has translated Bitcoin content into Farsi and promoted privacy-focused ways to use Bitcoin for personal transactions.

    Dr. Samir Alamad addresses key questions about crypto-assets in Islamic finance.

    Speaking at the 5th International Conference on Islamic Finance (ICIF) in Doha, Qatar, 09-10 October 2022, Dr. Samir Alamad, Associate Director of International Finance and Banking at Coventry University and Chief Adviser of Islamic Banking and Finance at IIFS LTD, provided a practical framework for assessing what would be acceptable from Islamic finance and Sharia perspective as a fintech and crypto assets, which includes cryptocurrencies.  

    By applying religious rules as a directive, Dr. Samir examined the concept of money and cryptocurrency within the theory of money and how it is enacted in the context of Islamic finance amid differences of opinions among its actors.

    ‘Educational’ crypto wallet Doshi is out to give lessons to teens

    Doshi, an ‘educational crypto wallet’ designed specifically for teens and their guardians, has launched in the UAE, where young adults can keep safe custody of their digital assets, learn about Blockchain technology, and access the Web3 ecosystem.

    Doshi wants to give hands-on tips for teens to get into cryptos ‘safely and securely.’ Doshi users can also do learn-to-earn and receive NFTs upon educational course completion.

    CoinCRED enters the UAE crypto market

    Crypto exchange CoinCRED has officially announced Dubai as its headquarters and claims to launch itself at an international level. CoinCRED got IFZA’s free zone trading license approval and moved to the UAE, aiming high as part of its business strategy.

    DogeBeer – the new crypto beverage project

    DogeBeer, the UAE-based DeFi platform and crypto beverage company, plans to distribute crypto-related beverages globally and integrate bar NFT franchise licenses for new crypto Metaverse projects. DogeBeer’s key product is the original beer that will be sold at the online store and distributed worldwide, providing investors with a passive income from product sales, bar licenses, staking, and NFTs.

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