Many of us may still be locked down or stuck at home because of COVID-19, but is it possible that 2022 will be an open year for blockchain companies and exchanges? cryptocurrency Many have explored new countries.
Considering the possible alternatives There will always be one country that stands out from another. and more than that It is a country that many crypto companies are interested in.
Out of the west?
Both Binance and Ripple are interested in the band. “Middle East and North Africa” [MENA (Middle East and North Africa)] One important reason is Openness of regulations on financial innovation (fintech innovation)
Ripple has its eye on the MENA market for a number of reasons, such as the value of its remittance network. including a partnership with Pyypl to implement On-Demand Liquidity (ODL) in the Middle East. as well as the head office in Dubai too.
Meanwhile, Binance is reportedly looking for its own Dubai headquarters as well. and in fact At the end of December, Binance signed a Memorandum of Understanding (MoU) with the Dubai World Trade Center to create an “industry hub”.
Both Binance and Ripple – both facing legal risks in the US – are likely both eyeing the Middle East for future expansion? And if that’s true Which country will they choose?
from America to Saudi
A report from Arab News pointed to a growing trend in venture capitalist funding in the Saudi financial sector.
According to news reports, 16 agreements ended in January-August 2021, reaching $157.2 million. This is a tenfold increase compared to the value recorded in 2020.
Arab News reported that
“The launch of Saudi Arabia’s Open Banking in 2022 will allow companies to share consumer current account information once authorized. This is expected to accelerate the country’s financial development moving forward more rapidly.”
It is possible that such a novelty could convey a desire for crypto firms to explore the country’s new markets, but be wary of regulators like the US Securities and Exchange Commission (SEC).
Meanwhile, Saudi Vision 2030 and the Financial Sector Development Program are two initiatives that are expected to bring digital stakeholders to the region.
back to our home…In the United States, the SEC’s lawsuit against Ripple Labs continued this year.
The SEC has used the results of another lawsuit to launch an attack on Ripple’s Fair Notice Defense (the ‘fair notice’ defense), with additional ruling data expected from the 19th onwards.