The issue of Shariah acceptability of crypto is a matter of time and raising awareness, according to an Islamic finance expert based in Malaysia. Skepticism of crypto stems from uncertainty Suhaida Mahpot, CEO of major Shariah advisory firm Amanie Advisors, suggested that the existing skepticism towards crypto in Islamic countries is not a pure rejection, but rather a consequence of uncertainty, Islamic economy-focused publication Salaam Gateway reports Aug. 2. Mahpot, an advisory veteran at Amanie with 11 years of expertise in sharia-compliant financing, compared the existing situation with cryptocurrencies with Malaysia’s controversial types of investment known as Amanah Saham Bumiputera …

Bittrex cryptocurrency exchange is partnering with Bahrain-based crypto exchange and custodian provider Rain Management WLL to launch a digital asset trading platform for customers in the Middle East and North Africa (MENA). The new platform will purportedly combine Rain’s staff and expertise in the MENA region with Bittrex’s technology and security infrastructure, according to an announcement on July 31. The platform will offer all the tokens that are currently available on Bittrex and Bittrex International. It will also offer four Bitcoin (BTC) trading pairs with local fiat currencies: the Bahraini dinar, the Kuwaiti dinar, the United Arab Emirates dirham and …

While we often get to hear about how cryptocurrency adoption is rapidly gaining ground in the West, a number of countries across the Middle East — such as Bahrain, the United Arab Emirates and Saudi Arabia — often tend to get overlooked, despite them having made tremendous strides when it comes to establishing regulatory frameworks that are geared toward the optimal utilization of this burgeoning asset class. For example, a recent report by Asia Times has revealed that the UAE is one of the few nations in the world where the local government has placed special emphasis on promoting the …

The Dubai Chamber of Commerce and Industry (DCCI) has entered a joint initiative to promote the adoption of blockchain trade solutions, according to a press release on July 1 The DCCI, which acts as an international business hub in Dubai, has signed a memorandum of understanding (MoU) with two entities the International Chamber of Commerce (ICC) and Singapore-based blockchain startup Perlin. According to the report, DCCI is the first chamber of commerce in the world to offer blockchain tools developed by the ICC, as well as the Centre of Future Trade (CoFT), a collaborative project the ICC and Perlin announced …

United Arab Emirates-based cryptocurrency exchange BitOasis has reportedly secured preliminary approval with financial regulators, Bloomberg reported on May 13. Founded in 2015, BitOasis claims to be the Middle East's first digital currency wallet that uses multi-signature technology. The company previously announced that it was seeking to be fully licensed in the financial center Abu Dhabi Global Market (ADGM) before the end of this year. Ola Doudin, the founder and CEO of BitOasis said then that “we are hoping to be one of the first regulated exchanges to get that licence.” Today, Bloomberg reported that BitOasis received preliminary approval in April …

South Korean cryptocurrency exchange Bithumb will open a new platform in the United Arab Emirates (UAE), local news outlet The Financial News reported Feb. 12. The UAE-based platform is reportedly to be developed in partnership with Abu Dhabi-based firm Nvelop and will function as a springboard for Bithumb to expand into other countries in the Middle East. Nvelop itself is a joint project from Abu Dhabi-based E11 Investment Fund and Taiwanese venture capital outfit Trill Ventures Group, Financial News reports. The joint venture was reportedly established to fund and develop blockchain initiatives in the Middle East and North Africa. “The …

The Saudi British Bank (SABB) has become the first Saudi bank to join enterprise software firm and global banking consortium R3’s blockchain ecosystem, local news outlet Trade Arabia reports today, September 11. SABB enjoys a strong reputation, having reportedly been named by Global Finance magazine as the “Best Trade Finance Bank” in Saudi Arabia for the 10th consecutive year, “Best Supply Chain Finance Bank” in the Middle East for 2018, as well as Saudi’s “2018 Best Trade Finance Bank” for the 2nd year running. The bank joins R3’s efforts to enlist a broad spectrum of partners and members from different …

A global blockchain consortium of telecom carriers has announced that six further major international telecoms firms are joining its ranks, CT Japan reports today, July 6. The consortium, dubbed ‘The Carrier Blockchain Study Group’ (CBSG) has also today unveiled the creation of a new blockchain working group that will focus on global remittance services. Launched in September 2017, CBSG counts as its founding members Japanese telecoms conglomerate Softbank, Taiwan-based telecoms carrier Far EasTone, and two U.S.-based firms - telecoms-focused blockchain firm TBCASoft and telecoms firm Sprint. Three further members have since joined, these being South Korean LG Uplus, UAE-based Etisalat …