News

Dubai Adopts Its First Cryptocurrency Legislation

Dubai Police will start using state-of-the-art artificial intelligence technology to analyze the blockchain ledgers.

Published

2 years ago

March 27, 2022

David Morelo

dubai adopts its first cryptocurrency legislation

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Like all technology, cryptocurrency can be used for both legitimate and nefarious purposes.

To establish Dubai as a cryptocurrency leader with a positive influence on the entire market, the United Arab Emirates (UAE) Sheikh Mohammed bin Rashid Al Maktoum has recently announced the adoption of the first legislation in the UAE to regulate cryptocurrency assets.

To oversee the execution of the new law and serve as a regulator of crypto activities, the Virtual Asset Regulatory Authority (VARA) has been set up in Dubai. One of VARA’s main responsibilities is the monitoring of virtual asset transactions to prevent price manipulations and other financial crimes. That’s no easy task to accomplish because popular cryptocurrencies like Bitcoin are pseudonymous, allowing asset holders to keep their real identities hidden.

Fortunately for VARA, Dubai Police’s cybercrime unit has been developing and using cutting-edge technology to make sense of virtual asset transactions.

“Technology is changing the world, and law enforcement is a part of that change. In order to combat crime, we are constantly researching new technologies” said Brigadier Dr. Saleh Al Hamrani, Dubai Police’s Deputy Director-General of Excellence and Entrepreneurship.

More specifically, Dubai Police is using state-of-the-art artificial intelligence (AI) technology to analyze the blockchain ledgers, which are essentially growing lists of records that are linked together as blocks using cryptography.

Also Read: 5 Gaming Cryptos That Will Explode In 2023

“We are going to work on the next generation of AI technology to help predict how and what are the risks we are going to face so that we are ready both internally and externally” Brig. Dr. Saleh added. “We are working and implementing AI not only for crime but also for traffic, security at the airport, and marine security”.

In the near future, the regulator of DIFC Dubai Financial Services Authority (DFSA) is also supposed to publish its own cryptocurrency regulation, and we will definitely keep you informed about it.

Related Topics:Cryptocurrency Dubai Dubai Police United Arab Emirates

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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

2 days ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.