UAE free zone partners with HBAR foundation to aid Web3 startups
The HBAR Foundation and RAK Digital Assets Oasis, a free zone in the United Arab Emirates devoted to cryptocurrency businesses, have signed a memorandum of understanding. In order to encourage the ecosystem’s members through a grant program and assist them in using the Hedera blockchain, the HBAR Foundation and RAK Digital Assets Oasis (RAK DAO), […]
UAE Central Bank Tightens AML Rules for Virtual Assets
The UAE Central Bank has issued new anti-money laundering and counter-terrorism financing guidelines for financial institutions that deal with virtual assets, such as cryptocurrencies and non-fungible tokens (NFTs). The new guidance aims to enhance the regulatory framework and combat money laundering and terrorist financing in the rapidly growing sector. Strengthening the Regulatory Framework The new […]
UAE Central Bank Signs CBDC Agreement
The Central Bank of the United Arab Emirates (CBUAE) is inching closer to fully launching its central bank digital currency (CBDC) . According to a statement on March 23, the CBUAE struck an agreement with Abu Dhabi’s G42 Cloud and digital banking services provider R3 to be the infrastructure and technology suppliers of the Central […]
UAE central bank to launch CBDC for Transactions
As the first phase of its financial infrastructure transformation (FIT) program, the Central Bank of the United Arab Emirates (CBUAE) intends to introduce a central bank digital currency (CBDC) for both local and international usage. The CBUAE recently announced the FIT initiative and emphasized its goal of assisting the nation’s financial services industry. The scheme, […]
Saudi Arabia continues CBDC research with no deployment plans
The Saudi Central Bank (SAMA) continues to explore and research use cases of central bank digital currencies (CBDCs), however, there has been no plan for deployment yet. The bank said it was working on a phase of a project that “focuses on domestic wholesale CBDC use cases in conjunction with local banks and fintechs” in […]