M2 platform will launch later in 2023, allowing UAE-based retail and institutional clients to buy, sell and custody virtual assets.
Oman financial regulator seeks feedback on proposed virtual asset framework
Although the proposed virtual asset regulatory framework in Oman covers FATF-defined assets, the issuance of privacy coins might get banned.
Nomura’s crypto arm Laser Digital bags Dubai VARA license
Laser Digital said it would also launch trading and asset management operations in the coming months, including over-the-counter (OTC) service.
Abu Dhabi regulator grants trading firm Rain permission to offer crypto services
The announcement followed crypto exchange Binance receiving similar permission from the Abu Dhabi regulator in November 2022.
Crypto Exchange Bitget Opens Dubai Office, Plans Middle East Expansion
The crypto trading platform plans to hire up to 60 new members of staff in the region.
Dubai’s VARA approves OKX ‘preparatory’ license as part of exchange’s expansion plans
The middle eastern arm of the exchange said it had opened an office in the Dubai World Trade Center and planned to increase its staff to 30 people.
Num Finance Raises $1.5M, Will Expand Stablecoins in Latin America, Middle East
Decentralized finance protocol Num Finance will offer stablecoins in Brazilian real, Colombian peso, Mexican peso and Bahrain dinar within the next month and develop tokenized money market funds.
Marathon Digital Selects Abu Dhabi For Immersion Crypto Mining Expansion
Marathon Digital Holdings Inc, a crypto mining company, recently announced its partnership with digital assets firm Zero Two.
This announcement marks a major milestone in Marathon Digital’s plan for global expansion. The creation of the “Abu Dhabi Global Markets JV Entity” will involve joint ownership between both companies, with Zero Two holding 80% ownership and Marathon Digital holding 20%.
Marathon plans to capitalize on the advantageous climate and energy costs in Abu Dhabi while forging valuable partnerships through its expansion efforts.
Marathon Digital Expands Into The Middle East
The newly formed joint venture with Zero Two will develop and operate two digital mining sites with a combined capacity of 250 megawatts.
The sites will be located at two different places in Abu Dhabi. The larger 200MW site will be located at a feasible hub in Masdar City. The second site of 50MW will be located in the port zone of Mina Zayed, Abu Dhabi.
Marathon and Zero Two anticipate leveraging the excess energy in Abu Dhabi to power the sites. According to the firms, this approach will increase the base load and sustainability of the Abu Dhabi power grid.
In the past, the two firms ran a trial project to see if Abu Dhabi, where the desert temperature has historically made air-cooled digital asset mining unattainable, might be a viable location for a large-scale operation.
As such, Marathon Digital and Zero Two developed a custom-built immersion solution that’ll cool the ASIC miners and also developed the right mining software. Notably, the infrastructure and mining equipment needed has already been requested, and construction is underway.
These mining sites are projected to be among the most technologically advanced and energy-efficient mining hubs globally. According to the current construction timelines, both sites might be operational by 2024, with a total hash rate of about 7 EH/s.
The news of the mining operation surfaced as executives from Coinbase visited the UAE to assess the region’s potential as a “strategic hub” for its global operations. The CEO of Coinbase, Brian Armstrong, spoke at the Dubai FinTech Summit and met decision-makers in UAE.
Several U.S.-based crypto companies, including Coinbase and Ripple, are considering relocating their operations abroad due to the unfavorable regulatory environment in the United States. The UAE appears to be a favorable jurisdiction for crypto companies seeking a more welcoming regulatory climate.
Marathon Digital’s Crypto Mining Operations Might Boost Local Economies
The latest advancement in immersion technology, coupled with the expertise of those involved, will be a significant benefit to the companies involved and the local economy.
As Marathon partners with local businesses, it can create new job opportunities and enhance economic growth in the region. With immersion technology, the firm can help minimize the worries about the negative effect of cryptocurrency mining.
Featured image from Pexels and chart from Tradingview.com
Marathon Digital announces immersion crypto mining operations in Abu Dhabi
The mining firm expects the two facilities to be online by 2024 and produce a combined hash rate of roughly 7 EH/s.
Coinbase execs visit UAE to test potential of ‘strategic hub’ for international operations
“I think the U.S. right now is a little bit behind in terms of regulatory clarity and some of the rhetoric from the top,” said Brian Armstrong at the Dubai Fintech Summit.
Islam and crypto: How digital assets can comply with Islamic financial law
A look at cryptocurrency’s role in the world of Islamic banking and finance.
IMF examines CBDC design in context of Islamic banking, finds some risks magnified
A central bank digital currency’s liquidity and foreign exchange would work differently Islamic law from what might be expected.
Tel Aviv Stock Exchange’s crypto trading proposal a ‘closed-loop system’
Israeli crypto users will soon have a new means of regulated crypto trading, but the local ecosystem is not convinced that this is what the crypto industry needs.
Kraken shuts down Abu Dhabi office: Report
Several Kraken employees will reportedly remain in the Middle East and North Africa, with regional managing director Benjamin Ampen likely to leave following the transition.
Crypto regulation world: How laws for digital assets changed in 2022
While regulations were once seen as hurdles to crypto adoption, they are now perceived as the fastest way to attain global mainstream adoption.
Crypto hotspots continue to thrive despite FTX collapse
Crypto-friendly cities throughout the world report growth and innovation despite recent events.
Binance CEO denies report firm met with Abu Dhabi investors for crypto recovery fund
Changpeng Zhao first announced the fund following FTX filing for bankruptcy, saying it would be aimed at helping projects with liquidity issues, but was not for “liars or frauds.”
Law Decoded, Nov. 7–14: How regulators reacted to the FTX crash
While some lawmakers expressed their eagerness to quick up the regulatory progress, others blamed the SEC in FTX’s monopoly.
Middle East, Asia and Africa blockchain association launches in Abu Dhabi
A new blockchain body has been launched with the backing of industry leaders in the Middle East region including figures from Binance, Crypto.com, and the largest crypto exchange in the region.
Middle East gets physical Bitcoin ETP listed on Nasdaq Dubai
The Middle East, one of the world’s fastest-growing crypto markets, now offers a new opportunity for direct investment in Bitcoin through the 21Shares Bitcoin ETP.