News

Kuwait Bans Cryptocurrencies, Putting An End To Virtual Assets

The Gulf state has also prohibited cryptocurrency mining.

Published

12 months ago

July 28, 2023

kuwait bans cryptocurrencies putting and end to virtual assets

Kuwait has enacted a complete ban on virtual asset transactions, making it illegal to digitally trade, transfer, or invest cryptocurrencies in the country. The Capital Markets Authority (CMA) also noted that the ban would extend to mining cryptocurrencies.

Non-fungible tokens (NFTs) are included in the ban, but the legislation does not extend to digital representations of physical currencies, securities, or other financial assets.

The new law aligns with Kuwait’s 2013 legislation concerning money laundering and terrorist financing. People breaching the regulations could face severe penalties, including fines and even imprisonment.

MENA countries, including Algeria, Egypt, Morocco, Tunisia, Saudi Arabia, Qatar, Jordan, Turkey, Iran, and Iraq, have all imposed restrictions or bans on virtual assets over the last few years. However, in stark contrast, Bahrain and the United Arab Emirates have encouraged the use of digital assets, and cryptocurrencies in particular.

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Binance received a Dubai operating license in March 2022, around the same time the Virtual Assets Regulatory Authority was established there. Meanwhile, Bahrain’s Central Bank released a paper on virtual assets in November 2020, outlining how they could best be regulated and used in the Gulf state.

News

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

1 day 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.