With Bitcoin surging to unprecedented heights, the prospects of the cryptocurrency market have never been better. Better regulations, a growing influx of crypto players and a general acceptance of the future of finance are all supporting the market, analysts said, as the Bitcoin Mena conference begins in Abu Dhabi this week, bringing together some of the world's biggest names.
Speakers include Eric Trump, son of US president-elect Donald Trump, billionaire Steve Witkoff, the new White House envoy for the Middle East and co-founder of World Liberty Financial, Binance founder Changpeng Zhao, alias CZ, and David Bailey, co-founder and chief executive of BTC, among others.
Bitcoin, the world's first and biggest cryptocurrency, soared past the $100,000 mark last week, leaping 40 per cent in the two weeks after Donald Trump won the US elections, as the market embraced the incoming US administration's pro-crypto stance.
It was flirting at the six-figure mark as of Monday, now up by nearly half since the November 5 polls, leading a crypto sector whose market capitalisation is now at more than $3.67 trillion, data from CoinMarketCap shows.
Cryptocurrencies, while still in their infancy, have long been promoted to be safer and more cost-efficient alternatives to traditional money. Together with their underlying technology, blockchain, their economic effect could be sweeping.
In a scenario where cryptos become more mainstream, they could significantly affect the economy and reshape the financial landscape in several ways, Arun John, chief market analyst at Dubai-based Century Financial, told The National, noting that they could shake up finance in two ways: by improving global transactions and through the use of central bank digital currencies (CBDCs).
"Cryptocurrencies have lower transaction costs when compared to banks. Additionally, they are facilitated through a global platform, making cross-border payments faster and cheaper. This could benefit international trade and remittances,” he said.
"CBDCs, on the other hand, could coexist with traditional currencies or replace them. Such a move would potentially reshape monetary policy and financial stability.”
The UAE has emerged as the Mena region's third-largest crypto economy after Saudi Arabia and Turkey, receiving around $34 billion worth of cryptos between July 2023 and June 2024, a 42 per cent annual jump that is significantly higher than the Mena average of almost 12 per cent, data from New York-based Chainalysis shows.
The Mena region ranks as the seventh-largest crypto market globally in 2024, with an estimated $338.7 billion received between the same period, accounting for 7.5 per cent of the world’s total transaction volume, it added.
Mainstream crypto adoption could also contribute to the UAE's economic diversification. Blockchain and cryptocurrencies may enhance efficiencies, increase competition and position the UAE as a leader in financial innovation while maintaining economic stability, Jawad Ashraf, chief executive of Vanar Chain, told The National.
Given its history of updating already established frameworks to keep in step with market trends, "the UAE is expected to accelerate crypto regulations … [with] stronger regulations to ensure risk mitigation and boost investor confidence”.
The UAE has had a CBDC strategy in place since 2023, in addition to guidelines on stablecoins, virtual payment tokens pegged to stable assets such as the dollar.
"Global firms are taking notice … businesses in general, including crypto-specific companies and related industries, are attracted [to cities such as Abu Dhabi],” Arushi Goel, head of policy for the Middle East and Africa at industry tracker Chainalysis, told The National.
"As the ecosystem evolves, we will need to think about regulations more holistically. As we see newer players and business models enter the play, it is not just about putting in place a set of regulations, but making sure the regulations are also understood and implemented.”
The UAE's moves have attracted a number of major players in the global digital asset landscape. In October, OKX, one of the largest crypto exchanges in the world, launched a platform for retail investors in the UAE, while cryptocurrency and blockchain solutions company Ripple received an in-principle licence to operate as a payment services provider in Dubai.
In August, Tether, the world's largest stablecoin, announced plans to launch a dirham-pegged stablecoin in the UAE. In April, the Dubai-based subsidiary of cryptocurrency exchange Crypto.com, Cro Dax Middle East, secured a full operational licence from Dubai. Ledger, the French crypto and cyber security firm, recently told The National it was planning to expand in the Middle East in 2025.
Some sectors have also began accepting cryptos as payments. In real estate, for example, while cash remains the preferred method, cryptocurrency is gaining traction as an alternative, especially for tech-savvy and international investors who value speed and borderless transactions, according to Dubai-based Stat Global, which calls itself a digital estate agent.
"There is a particular focus on regulatory clarity in high-risk areas like crypto-based real estate transactions, where transparency and security are critical. By adapting quickly to market changes, the UAE can reduce risks like fraud and market manipulation while keeping in mind investor protection,” Egor Maslennikov, chief executive of Dubai-based developer Object1, told The National.
Risk management
As with any other asset, while cryptocurrencies hold promise, they also carry risks and are considered among the most risky given their high volatility, where wild swings are influenced by simple factors such as tweets.
A US-led crypto revolution, addressing its problems and loopholes, would bode well for the global sector, The National had reported earlier this year. Domestically, quick and transparent regulations are key to managing emerging risks and building confidence among stakeholders, including developers, investors and consumers.
However, a cyclical market means there can also be another crypto winter – a period of softening for the sector in which a substantial amount of its value is wiped out – which could be more severe than previous cycles, given the significant capital now tied to digital assets, said Ahmad Assiri, a research strategist at broker Pepperstone.
"The UAE’s substantial investments in the sector make it more resilient, but they also amplify the stakes. Maintaining a balanced approach – encouraging growth while preparing for potential downturns – is the key,” he told The National.
Meanwhile, the presence of regulated exchange-traded fund products and institutional involvement provides a cushion against extreme price swings, unlike during previous crypto winters, said Wael Makarem, financial markets strategists lead at broker Exness.
However, he cautioned that the higher market capitalisation, deeper integration with traditional finance and broader institutional exposure mean "any significant downturn could have far-reaching consequences”.
"The market's maturation through ETFs represents progress but doesn't eliminate volatility risks. This new landscape suggests future crypto winters might be less severe in percentage drops but potentially more impactful due to the broader economic connections,” he added.
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Company%20Profile
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What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
More from Neighbourhood Watch:
What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Film: In Syria
Dir: Philippe Van Leeuw
Starring: Hiam Abbass, Diamand Bo Abboud, Mohsen Abbas and Juliette Navis
Verdict: Four stars
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
England squad
Moeen Ali, James Anderson, Jofra Archer, Jonny Bairstow, Dominic Bess, James Bracey, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Ben Foakes, Lewis Gregory, Keaton Jennings, Dan Lawrence, Jack Leach, Saqib Mahmood, Craig Overton, Jamie Overton, Matthew Parkinson, Ollie Pope, Ollie Robinson, Joe Root, Dom Sibley, Ben Stokes, Olly Stone, Amar Virdi, Chris Woakes, Mark Wood
