Uae Financial News

Ras Al Khaimah, one of the seven emirates that make up the UAE, is set to launch a free zone for digital and virtual asset companies as the country’s approach to the industry continues to attract global crypto players.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

XRP, the cryptocurrency that power’s the XRP Ledger blockchain that was created by global crypto payments service provider Ripple, is seeing a pullback on Thursday. XRP was last changing hands just below $0.39, down about 1.5% on the day and well within recent $0.38-41 ranges.

XRP, the cryptocurrency that powers crypto payments firm Ripple’s decentralized, public blockchain (called the XRP Ledger), was last changing hands just under $0.39 per token, having pulled about 2.5% lower on the day amid a modest pullback in broader cryptocurrency prices from recent highs. XRP is now trading down nearly 5.0% from Monday’s multi-week highs in the $0.4070 area.

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The Central Bank of the UAE says the programme will be made up of nine initiatives designed to make the country a financial and digital payments hub. The first stage of the programme will see the introduction of the card scheme, a CBDC for cross--border and domestic use, and an instant payments platform. These, says the bank, will drive financial inclusion, promote innovation and help create a cashless society. The second stage will see work on financial cloud, e-KYC and Open Finance platforms in an effort to improve regulatory compliance, reduce cost of operation and strengthen security and operational resilience. The central bank says that "full integration" is set for 2026. H.E. Khaled Mohamed Balama, governor, CBUAE, says: "We are proud to be building an infrastructure that will support a thriving UAE financial ecosystem and its future growth."

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Brevan Howard opened its newest office in Abu Dhabi, the capital of the United Arab Emirates, to expand its presence in the Middle East. The office, which will host more than 100 staff, is based in the Al Sarab Tower, part of the Abu Dhabi Global Market, the city's financial district.

The Capital Market Authority (CMA), the regulator of Oman’s financial markets, looks to establish a new regulatory framework for the virtual asset industry in the Sultanate.

The city of Dubai has been very welcoming to the crypto space, providing the much-needed regulatory clarity to help the industry thrive. While this attracts native Web3 and crypto businesses to the emirate, even non-crypto businesses started integrating technologies like crypto, nonfungible tokens (NFTs) and even the metaverse into their operations. 

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Abu Dhabi's tech ecosystem has launched a new initiative with over $2 billion of capital committed to funding Web3 startups, blockchain technologies, and metaverse apps in the United Arab Emirates capital. 

Abu Dhabi's technology ecosystem, Hub71, has announced a new initiative called "Hub71+ Digital Assets," with a capital backing of over US$2 billion. This project aims to advance Web3-based innovations, such as blockchain technology and metaverse applications. The initiative aspires to provide Web3 startups with access to a range of programs, and initiatives, as well as, corporate, government, and investment partners in both global markets and the UAE.

Hedge fund Brevan Howard has opened its newest office in Abu Dhabi, the capital of the United Arab Emirates, to expand its presence in the Middle East.

Taurus, a digital asset infrastructure provider for financial institutions in Europe, has raised $65 million in a Series B capital raise led by Credit Suisse. The funding round also saw participation from several other institutional investors, including Deutsche Bank, Pictet Group, Cedar Mundi Ventures, Arab Bank Switzerland, and Investis. 

Founded in April 2018, Taurus provides enterprise-grade infrastructure to issue, custody and trade any digital assets: cryptocurrencies including staking, tokenized assets and digital currencies.Taurus already works with more than 25 financial institutions and corporate clients in eight countries and three continents, including systemically important financial institutions, retail and online banks, private banks, crypto-banks, investment banks, and broker-dealers. Clients include Arab Bank Switzerland, CACEIS, Credit Suisse, Deutsche Bank, Pictet, Swissquote, Vontobel.André Helfenstein, CEO, Credit Suisse Switzerland, comments: "The strategic partnership with Taurus is a cornerstone of the Swiss Bank division's digital assets strategy with the ambition to become the leading Swiss bank in that space.

The first stage of the programme will see the introduction of the card scheme, a CBDC for cross--border and domestic use, and an instant payments platform. These, says the bank, will drive financial inclusion, promote innovation and help create a cashless society.The second stage will see work on financial cloud, e-KYC and Open Finance platforms in an effort to improve regulatory compliance, reduce cost of operation and strengthen security and operational resilience.The central bank says that "full integration" is set for 2026.H.E.

On February 13, BTC/USD started trading at $21,796. It is now trading at $21,504, down nearly 2% over the previous 24 hours. BTC/USD has moved between a high of $21,902.00 and a low of $21,444.00 and lost 6% in value over the past week ending on February 12th

The Central Bank of the United Arab Emirates (CBUAE) recently launched its Financial Infrastructure Transformation (FIT) program.

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