Blockchain
The Middle East Blockchain Ecosystem “Crypto Oasis” is Expected to Reach 1000+ Organisations Target by Q2 2022
Innovation and disruption ignites surge within the Blockchain industry, and the local regulators are supporting the progress.
Key Highlights:
- The epicenter of the ecosystem – DMCC (Dubai Multi Commodities Center) – hosts now more than 230 Blockchain-specific organisations
- The entire Crypto Oasis aspires to see more than 1,000 Blockchain organisations in its ecosystem by the Q2 2022
Dubai, United Arab Emirates–(Newsfile Corp. – March 10, 2022) – Middle Eastern Blockchain Ecosystem Crypto Oasis anticipates reaching an organisation target of 1000 in Q2 2022. The Middle East has officially connected to the global Blockchain ecosystem in a way that expresses community and embodies excellence. Crypto Oasis, the larger ecosystem of Blockchain-related organisations initiated out of the UAE, developed a strong footing for innovative talent inspired by the successful Swiss Crypto Valley environment, as well as the UAE’s forward-thinking inventive leadership.
Crypto Oasis
Proponents of Crypto Valley in Switzerland, one of the world leading Blockchain ecosystems, formed a collaboration with DMCC in January 2020 during the World Economic Forum in Davos. In May 2021, DMCC Crypto Centre was launched in full force, and is with half of the Blockchain-based businesses registered within the freezone the core of the community.
“We have decided to bring our Crypto Valley experience and expertise to the Middle East because we believe in the region’s potential. We have witnessed how regulators in the region are welcoming innovation and disruption, making it simpler for Blockchain-related companies to secure licenses and operate. As of March 2021, this fast-growing ecosystem, reached over 700 organisations operating out of the UAE,” says Ralf Glabischnig, Initiator of the Crypto Oasis.
The ecosystem in the UAE builds on the foundations set into motion back in 2016 by the Dubai Blockchain Strategy under the Dubai Future Foundation. Crypto Valley’s foundation in Switzerland began with less than ten Blockchain organisations in 2014, and by end of 2021, it had grown to over 1,100 Blockchain-related businesses with over 6,000 people contributing to it. With these numbers and rapid growth, Swiss Crypto Valley offers expertise in disruptive technology and it is only natural that such a thriving ecosystem would extend its reach and broaden its horizons.
The organisations that are active in the Blockchain space can be broken down into two different kinds. Native Blockchain organisations, that have Blockchain technology as their primary focus and reason of origin, and non-native Blockchain organisations which offer services or products related to Blockchain and do not have Blockchain as their primary focus. Native companies are 40% of the total number and non-native companies that have adopted Blockchain are 60%.
During the last 18 months, talent from around the world has joined the “always open for business” environment of Dubai. Local and international investments have fueled the upcoming Blockchain industry with venture capitalists such as Draper Goren Holm and the Woodstock Fund from Silicon Valley, establishing their presence in the Crypto Oasis. Local players like Cypher Capital and GHAF Capital Partners amongst others have also started to deploy capital in the industry.
The growth in the sector will be further supported by forward looking regulations like the Dubai Virtual Asset Regulation Law which was announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai on March 9th 2022. The first-of-its-kind law to regulate virtual assets in Dubai will present an advanced legal framework to protect investors and promote responsible business growth within a virtual asset (VA) Industry governance. The Dubai Virtual Asset Regulatory Authority (VARA) will be responsible for the implementation of this law and will monitor digital transactions and protect the personal data of users.
The significance of Blockchain lies in its inherent transparency, trust and immutability. The Company’s ecosystem embodies these characteristics and offers unique value to their partners. As the Company work towards their vision for the Crypto Oasis, they look forward to welcoming more organisations and aspiring entrepreneurs to their growing Blockchain ecosystem.
About Crypto Oasis
The Crypto Oasis is a Middle East focused Blockchain Ecosystem supported by initiators of Crypto Valley Switzerland. Our core elements are Talent, Capital, and Infrastructure. Our stakeholders are Investors & Collectors, Start-Ups & Projects, Corporates, Science & Research Institutions, Service Providers and Government Entities & Associations. Crypto Oasis’ vision is to be one of the leading Blockchain Ecosystems in the world. Today it is the fastest growing, with more than 700 organisations in the UAE alone. Our mission is to grow this to over 1,000 established organizations across the region by Q2 2022. www.cryptooasis.ae
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For more information contact:
Faisal Zaidi
E-mail: [email protected]
Cell: +971 55 2000 840
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116245
The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
The President of Indonesia has issued a warning regarding the potential risks of cryptocurrency-related activities, particularly concerning money laundering. This caution comes amidst growing concerns about the misuse of cryptocurrencies for illicit purposes.
The Indonesian President has raised alarms about the possibility of cryptocurrencies being utilized for money laundering schemes. This apprehension underscores the need for enhanced vigilance and regulatory measures to combat financial crimes involving digital assets.
Indonesia’s stance reflects broader global efforts to address the regulatory challenges posed by cryptocurrencies and their potential implications for financial stability and security. Authorities worldwide are increasingly scrutinizing cryptocurrency transactions to prevent illicit activities and safeguard the integrity of the financial system.
In light of these concerns, Indonesia is likely to implement stricter regulations governing cryptocurrency exchanges and transactions. Such measures aim to mitigate the risks associated with money laundering and other illicit activities facilitated by cryptocurrencies.
The Indonesian government’s cautionary approach underscores the importance of striking a balance between fostering innovation in the cryptocurrency sector and safeguarding against financial crimes. As the cryptocurrency landscape continues to evolve, policymakers and regulators face the ongoing challenge of adapting regulatory frameworks to address emerging risks and protect the integrity of the financial system.
Source: cryptonews.com
The post Indonesian President Cautions Against Crypto in Money Laundering Risks appeared first on HIPTHER Alerts.
The U.S. Securities and Exchange Commission (SEC) finds itself entangled in a legal battle following a lawsuit filed against it by the Crypto Federation of American Technology (CFAT) and the Blockchain Association. This lawsuit challenges the SEC’s recent regulations regarding digital assets.
The CFAT and the Blockchain Association have taken legal action against the SEC, disputing its regulatory approach to cryptocurrencies and other digital assets. This move comes amidst growing tension between regulators and the crypto industry.
The lawsuit challenges the SEC’s authority and the legality of its actions, particularly regarding the classification of digital assets as securities. The plaintiffs argue that the SEC’s regulations are overly broad and lack clarity, causing confusion and hindering innovation in the crypto space.
Moreover, the lawsuit alleges that the SEC’s regulatory framework stifles competition and unfairly favors certain market participants. The plaintiffs assert that the SEC’s actions harm consumers and hinder the development of innovative blockchain technologies.
In response, the SEC has defended its regulatory approach, emphasizing the need to protect investors and maintain market integrity. The agency maintains that its regulations are necessary to prevent fraud and ensure compliance with securities laws.
The outcome of this legal battle could have significant implications for the future of the crypto industry in the United States. Depending on the court’s ruling, it could either provide clarity and regulatory certainty for market participants or further complicate the regulatory landscape for digital assets.
Source: analyticsinsight.net
The post SEC Faces Lawsuit from CFAT and Blockchain Association appeared first on HIPTHER Alerts.
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