MENA News
Unlock is the only official source of Blockchain and Crypto news from MENA region. latest projects and implementations in Dubai, Abu Dhabi, Bahrain, Saudi Arabia and other regional countries in the Middle East and north Africa.
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In a long-awaited move, the Central Bank of the UAE (CBUAE) has released a set of comprehensive guidelines aimed at combating money laundering and terrorist financing (AML/CFT) within the realm of virtual assets. The issuance of these guidelines marks a significant milestone in the ever-evolving landscape of cryptocurrencies and non-fungible tokens (NFTs), and their impact on the financial sector. With the involvement of the central bank, these guidelines have the…
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Al Masraf, a governmental bank in the UAE, has unveiled its latest initiative aimed at integrating with the norbloc Fides platform, a cutting-edge blockchain-powered solution designed for the secure exchange of eKYC information. Operating since 2020, this interconnected network acts as an ecosystem, connecting licensing authorities, free zones, and financial institutions throughout the emirates. Through this system, a singular version of each customer’s KYC file is maintained and shared, guaranteeing…
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Gemini, the cryptocurrency exchange owned by the Winklevoss brothers, has revealed its intention to obtain a crypto service license to cater to customers in the United Arab Emirates (UAE). The decision comes as a result of growing interest in cryptocurrencies among UAE citizens and productive dialogues with local regulators. Cameron and Tyler Winklevoss, co-CEOs of Gemini, shared that their motivation for this expansion stemmed from encountering regulatory uncertainties and an…
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During a significant event, BEEAH Group, the International Solid Waste Association (ISWA), and management consultancy Roland Berger joined forces by signing a Memorandum of Understanding (MoU) to collaboratively establish a global standard for waste recycling. This pioneering initiative has gained the endorsement of the UAE Ministry of Climate Change and Environment (MoCCaE). Also, the presence of distinguished figures such as Essa Abdulrahman Al Hashmi, Assistant Under-Secretary, Sustainable Communities Sector, and…
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The Central Bank of the UAE (CBUAE) has issued comprehensive guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for Licensed Financial Institutions (LFIs). The new guidelines aim to address concerns related to virtual assets, including cryptocurrencies and non-fungible tokens. By taking into account the Financial Action Task Force (FATF) standards, the guidance assists LFIs in understanding and effectively implementing their AML/CFT obligations. It covers customer due diligence…
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The United Arab Emirates’ Central Bank (CBUAE) and the Hong Kong Monetary Authority (HKMA) convened a bilateral meeting in Abu Dhabi with the objective of enhancing collaboration between their respective financial service sectors. An internal source from the Central Bank of the UAE told UNLOCK Blockchain that multiple areas of collaboration were explored during the meeting, encompassing financial infrastructure, financial market connectivity, and virtual asset regulations. He added that the…
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Al Ansari Exchange, the leading provider of outward personal remittance and foreign exchange services in the United Arab Emirates (UAE), has joined forces with Tranglo, a hub for cross-border payments. Their goal is to enhance the overall experience of international payments and revolutionize the remittance landscape within the UAE. This collaboration marks a significant milestone in Tranglo’s expansion plans for the Middle East. The timing of this partnership is opportune,…
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According to an official, Dubai’s financial regulator has issued a warning, emphasizing the need for global watchdogs to enhance their communication and coordination to prevent “bad actors” from exploiting gaps in cryptocurrency regulations. Elisabeth Wallace, an associate director at the Dubai Financial Services Authority (DFSA), announced that the regulator is planning to update the rules pertaining to crypto tokens, according to a report by Bloomberg. These rules have been in…
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SAUDIA, the national flag carrier of Saudi Arabia, has signed an agreement with global professional services firm Accenture paving the way for a digital transformation program that will make the airline’s guest experience seamless and highly personalized while improving operational efficiency. Through this agreement, SAUDIA will use artificial intelligence technologies to significantly enhance its digital infrastructure and build more than 260 new digital and electronic services in two years. SAUDIA’s…
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Virtuzone, a company formation specialist and provider of corporate services in the UAE, has introduced TaxGPT, a revolutionary AI-powered assistant designed to assist businesses in the UAE in navigating the upcoming corporate tax law. This law is scheduled to take effect on June 1, 2023, and TaxGPT is programmed to help businesses understand and comply with the unfamiliar regulations and processes associated with it. TaxGPT, which utilizes the advanced language…
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