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MENA is Rising as Crypto Capital of the World in 2024, claims Islamic Coin Co-Founder Mohammed AlKaff AlHashmi

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MENA is Emerging as Crypto Capital of the World in 2024, claims HAQQ Network Co-Founder Mohammed AlKaff AlHashmi

The Center East and North Africa (MENA) area has emerged as a robust participant within the international cryptocurrency economic system, rating sixth amongst all areas analyzed. MENA recorded a considerable on-chain worth of roughly $389.8 billion between July 2022 and June 2023, in keeping with the 2023 version of the Geography of Cryptocurrency report from Chainalysis.

A more in-depth examination of the international locations inside MENA signifies that Saudi Arabia and Dubai in UAE are strengthening their place within the international crypto and web3 panorama.

In a dialog with Metaverse Publish — Mohammed AlKaff AlHashmi, co-founder of HAQQ Community and Islamic Coin, delved into the dynamic panorama of web3 and blockchain within the MENA area, specializing in key gamers like Dubai, Saudi Arabia and different international hubs.

Islamic Coin is the native foreign money of the HAQQ Community and a blockchain venture that’s the world’s first Shariah-compliant cryptocurrency.

There may be intense competitors brewing up between international web3 hubs – Dubai, Hong Kong, and NYC with every providing distinct benefits, similar to tax-free zones, monetary infrastructure, and tech expertise pool.

“This competitors brings challenges and alternatives for all; it’s going to put strain on enhancing the aggressive edge. I imagine MENA can foster a accountable Web3 ecosystem. MENA can counter with its agile rules and deal with area of interest markets like Halal-compliant and moral options,” Mohammed AlKaff AlHashmi informed Metaverse Publish.

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“Occasions like Dubai’s GITEX, Saudi Arabia’s LEAP, and Qatar’s Internet Summit are fueling this rise, and these efforts have garnered consideration,” he added.

Saudi Arabia is quickly asserting its affect within the MENA Web3 market by way of Imaginative and prescient 2030 and NEOM initiatives.

AlHashmi added that the current $50 million partnership between NEOM and Animoca Manufacturers – a blockchain gaming firm – goals to determine a devoted hub for Web3 innovation. Moreover, the dominion’s assist for entrepreneurship and sandbox zones has led to a surge in Saudi-based Web3 startups.

MENA’s Blockchain Business is Flourishing

Latest collaborations between conventional monetary establishments and blockchain ventures in MENA, similar to Emirates NBD and Mashreq Financial institution, are driving the adoption of blockchain know-how. These collaborations assist improve monetary companies, safety and effectivity.

“The exploration of CBDCs by MENA’s central banks highlights the area’s curiosity in blockchain innovation,” HAQQ Community’s AlHashmi informed Metaverse Publish. “The expansion of the blockchain business within the MENA area is fueled by a mixture of things, together with proactive authorities rules, worldwide funding inflow, and collaborations between conventional monetary establishments and blockchain ventures.”

“The area’s tech-savvy inhabitants, excessive cell web penetration price, and huge unbanked inhabitants additional contribute to the alternatives for blockchain-based options, significantly in inclusive finance,” he added.

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Decoding MENA’s Crypto Panorama

Within the MENA area, the crypto scene is a mixture of various rules and the problem to maintain issues clear-cut. There’s progress – suppose Sharia-compliant tokens and profit-sharing that align with Islamic finance.

Islamic Coin’s AlHashmi emphasised that international locations just like the UAE and Bahrain are stepping up with devoted crypto regulators, strict AML legal guidelines and a transfer to have regional sandboxes and FinTech partnerships, all pushing for extra clear guidelines. Governments intention to create strong frameworks to make sure client security and monetary stability whereas making certain the expansion of crypto within the area.

Commenting on how Dubai is changing into a hotspot for crypto giants, he outlined a mixture of things, together with its business-friendly surroundings and zero-tax incentives. Past monetary perks, town’s various and tech-savvy inhabitants provides to its attract.

“Sharia-compliant monetary merchandise, significantly in areas like short-term financing, are anticipated to achieve traction, alongside the mixing of digital belongings in digital environments and gaming, influencing developments not solely inside MENA but additionally impacting the broader international crypto panorama,” stated AlHashmi.

Trying additional into 2024, the convergence of decentralization with synthetic intelligence and social media platforms is anticipated to surge, shaping MENA’s crypto market trajectory. Blockchain options addressing cross-border funds and enhancing buyer engagement will result in additional improvements. 

Disclaimer

Consistent with the Belief Venture tips, please be aware that the knowledge offered on this web page isn’t supposed to be and shouldn’t be interpreted as authorized, tax, funding, monetary, or every other type of recommendation. It is very important solely make investments what you’ll be able to afford to lose and to hunt impartial monetary recommendation when you have any doubts. For additional data, we propose referring to the phrases and circumstances in addition to the assistance and assist pages offered by the issuer or advertiser. MetaversePost is dedicated to correct, unbiased reporting, however market circumstances are topic to alter with out discover.

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About The Creator

Kumar is an skilled Tech Journalist with a specialization within the dynamic intersections of AI/ML, advertising know-how, and rising fields similar to crypto, blockchain, and NFTs. With over 3 years of expertise within the business, Kumar has established a confirmed monitor file in crafting compelling narratives, conducting insightful interviews, and delivering complete insights. Kumar’s experience lies in producing high-impact content material, together with articles, reviews, and analysis publications for distinguished business platforms. With a singular talent set that mixes technical data and storytelling, Kumar excels at speaking complicated technological ideas to various audiences in a transparent and interesting method.

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Kumar is an skilled Tech Journalist with a specialization within the dynamic intersections of AI/ML, advertising know-how, and rising fields similar to crypto, blockchain, and NFTs. With over 3 years of expertise within the business, Kumar has established a confirmed monitor file in crafting compelling narratives, conducting insightful interviews, and delivering complete insights. Kumar’s experience lies in producing high-impact content material, together with articles, reviews, and analysis publications for distinguished business platforms. With a singular talent set that mixes technical data and storytelling, Kumar excels at speaking complicated technological ideas to various audiences in a transparent and interesting method.

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