Helal Tariq Lootah

Last week we (MENA FINTECH ASSOCIATION) had the honour of hosting the Central Bank of Jordan (CBJ) 🇯🇴, in collaboration with GIZ Jordan, at the DIFC’s Innovation One building 🏢 to discuss Jordan’s FinTech journey thus far and future aspirations. 🚀 Key topics included: 1️⃣ Regulatory Sandbox (JoRegBox): 💡 Established in 2018, JoRegBox provides a controlled environment for entrepreneurs to test innovative digital financial products under CBJ’s supervision. This initiative supports the development of FinTech solutions, enhancing competitiveness in digital financial services and improving access to formal financial services. 🌐📈 2️⃣ Digital Adoption and Instant Payments: 📲 Jordan has made significant strides in digital payments, with the market projected to grow by 10.44% between 2024 and 2028, reaching a volume of approximately USD 12.84 billion by 2028. 💳💰 3️⃣ Digital Assets and Regulatory Clarity: ⚖️ Discussions highlighted the need for clear regulations in the digital assets space, with expectations for developments in this area by Q1 2025. This clarity is anticipated to attract new players and investments into Jordan’s FinTech ecosystem. 🌟 4️⃣ Positioning Jordan as a Regional FinTech Hub: 🌍 Strategies to establish Jordan as a FinTech and financial services hub for the wider region—including Iraq 🇮🇶, Lebanon 🇱🇧, Palestine 🇵🇸, and potentially Syria 🇸🇾— were explored. One proposal we shared included exploring a common law-based financial free zone model, similar to the DIFC, ADGM and AIFC (Astana International Financial Centre) models to attract international players. 🤝 5️⃣ Pilot Schemes for Digital Assets: 🪙 One of my personal suggestions, in light of experiences I have seen with regards to Lebanon - the idea of implementing pilot schemes for digital assets, particularly for stablecoin payments in humanitarian assistance, until a more developed full-scale legal framework is issued. These schemes aim to test and refine regulatory frameworks while addressing immediate needs, and will include a great regulatory and compliance testing ground. 🌐🛠️ 6️⃣ Central Bank Digital Currencies (CBDCs): 🏦 CBJ’s ongoing research and initiatives on CBDCs were another focal point, reflecting Jordan’s commitment to digital financial innovation and its forward-thinking approach. 🔗💡 🌟✨ Needless to say, that our brothers and sisters in Jordan are incredibly well placed due to one of the richest assets the Kingdom has - it’s people. With a 98% literacy rate and over 5,000 ICT graduates annually, contributing to a steady pipeline of skilled professionally (nearly 25% of which specialize in STEM fields, including computer science and mathematics), Jordan’s potential for FinTech innovation is MASSIVE - already over 1,890 start-ups. My thanks to Nameer Khan, Razan Khalil , Hasan Pharaon, Yaman Tubailah, the Central Bank of Jordan Team, and the wonderful MENA FINTECH ASSOCIATION community members for such an engaging discussion.

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The Dubai International Financial Centre ("DIFC") has enacted the Digital Assets Law, establishing a comprehensive framework for digital asset activities. This legislation positions DIFC as a global leader in digital economy regulation and innovation. Discover the key aspects and implications in the full article. https://lnkd.in/d_vXsfTp #DIFC #DigitalAssets #Regulation #FinancialLaw

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Does financial freedom go hand in hand with Regulations? Let me know #Bitcoin#SilkLegal#SilkLegalUAE#UAE

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High Court Dismisses Claims Brought Against El Husseiny Family by Invest Bank UAE A press release from the El Husseiny family spotlighted the favourable ruling from the High Court of England and Wales, which dismissed all claims brought by the Sharjah Government-owned Invest Bank UAE against the family and their Swiss wealth advisers. The multi-jurisdictional litigation had involved proceedings across the US, UK and Canada; with the family reporting that the cost of defending these claims reached into the tens of millions. The case is notable as Invest Bank UAE’s claims were funded by Burford Capital, and in International Comparative Legal Guides (ICLG)’s reporting on the ruling, the article notes that a former employee of the bank, Sylvia Chandel, is now vice president of the funder’s Dubai office. ICLG noted that whilst the ruling did not suggest any improper conduct by Burford, their role in the case is further complicated by their minority stake in PCB Byrne, the law firm which acted for Invest Bank. https://lnkd.in/eE6tpwQW #ICLG #GlobalLegalGroup #litigationfinance #litigationfunding #legalfince #legalfunding #litfin

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The Dubai Financial Services Authority (#DFSA) has released a detailed explainer on its regulatory approach to Crypto Tokens within the Dubai International Financial Centre (#DIFC). Read the article about it: https://lnkd.in/dr4SGf4y Here is what you should be particularly mindful of: ➡ Crypto Tokens are recognised by the DFSA based on strict criteria, with only five tokens approved so far, including Bitcoin and Ethereum. ➡ Firms dealing with Crypto Tokens must be authorised, and the DFSA enforces strict conduct requirements, particularly for retail clients. ➡ Stablecoins, or Fiat Crypto Tokens, are subject to additional scrutiny. Curious how these regulations might affect your business? Reach out to our experts: Mike Ringer, Yasmin Kaur Johal and Milo Bates. #CMScrypto #CryptoRegulation #FinancialServices #Blockchain #FinTech

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DIFC Introduces Comprehensive Digital Assets Law The Dubai International Financial Centre (DIFC) has enacted a new Digital Assets Law, setting a robust legal framework for digital asset transactions. This law, effective from March 2024, aims to provide greater legal certainty for investors and users by addressing control and recovery of digital assets, among other provisions. The legislation aligns with global best practices, enhancing transparency and supporting the growth of digital assets and international trade. Key amendments cover areas such as insolvency, contract law, and personal property law, reflecting DIFC’s commitment to staying ahead of rapid developments in the digital asset space. This initiative is a significant step toward fostering a secure and thriving environment for digital asset investments in the region. As legal frameworks evolve, staying informed about regulatory changes is essential for all market participants. #Vikara #DigitalAssets #Web3 #Crypto #Law #Regulation #Investment

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Established in early 2022 as the world’s first and only standalone virtual assets regulator, Virtual Assets Regulatory Authority [VARA]'s vision of crypto considers it as an integral part of Dubai's broader digital economy aspirations, going beyond just financial services. As global crypto markets resurge, Dubai has emerged as a leading hub, attracting major players with its clear regulatory framework that emphasizes a responsible and harmonized virtual assets ecosystem. I recently had the opportunity to have a great conversation with Deepa Raja Carbon, Managing Director and Vice Chairperson of VARA, who has been at the forefront of this innovation from the day VARA was set up. We talked about how virtual assets fit into Dubai's broader vision for transformative technologies like Web3, AI, Blockchain, and the Metaverse, as well as VARA’s agile and collaborative approach to regulation. Please listen in to the conversation - https://lnkd.in/drqbYUnx  Chainalysis Caroline Malcolm Nicola B. Bas Lemmens Ian Andrews Chengyi Ong Avril Sindhu Trenton Kennedy Mahmoud El Sadi Neha Gurnani

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Matouk Bassiouny & Hennawy (MBH) acted as legal counsel to a syndication of banks in connection to an EGP 4,35 billion syndicated loan. The institutions involved include First Abu Dhabi Bank Misr (FABMISR), Emirates NBD Egypt, Abu Dhabi Commercial Bank - Egypt, Arab Bank Egypt, Housing and Development Bank, Egyptian Gulf Bank, MIDBANK, and Al Baraka Bank Egypt. Saudi Egyptian Developers (SED) are the recipients of the funds. MBH advising team was led by regional managing partner Mahmoud Bassiouny (group head of Projects and Finance, pictured-left) and senior associate Iman Nassar (pictured-right). Read the full article >> https://lnkd.in/dgQxTD3q #LegalcommunityMENA #legaladvisor #loan

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‼️ Big news for those of us in the UAE’s virtual assets sector! ‼️ The SCA and VARA have signed a cooperation agreement to bolster the UAE’s position as a leading global hub for virtual assets. Under the agreement, the SCA and VARA will set rules and procedures for licensing and supervising virtual assets services providers and any related activities, services or associated transactions. 🗞️ Read all about it in the link! #VirtuallyEverything #VirtualAssets #VARA #SCA https://lnkd.in/dMRxmddr

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Hardcastle MENA Spotlight: On September 4, the Qatar Central Bank launched AI guidelines for Qatar's financial sector in line with the country's FinTech Strategy and the Third Financial Sector Strategy. The guidelines aim to enhance the adoption of AI by Qatar-based financial institutions to enhance operation efficiency, reduce costs and improve competitiveness in the financial sector. #qatar #fintech #ai

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Navigating Crypto Trading Rules in Dubai: Key Insights 🪙 Dubai's Court of Cassation has issued a landmark ruling clarifying the distinction between personal and commercial cryptocurrency trading. While individuals trading for personal investment are exempt from licensing, compliance with anti-money laundering laws remains mandatory. Commercial crypto activities—like asset management or trading services—require VARA approval. The ruling solidifies Dubai's framework under the Virtual Asset Law, emphasizing transparency and regulatory compliance for all participants in its burgeoning crypto market. 💻https://lnkd.in/dd_sNynm #DubaiCrypto #BlockchainCompliance #GlobalTrading #CryptoRegulation #VirtualAssets #AMLCompliance #FinTechInnovation

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🇦🇪 The Dubai Virtual Assets Regulatory Authority (VARA) now mandates that entities engaging in virtual asset lending and borrowing services obtain a VARA Licence. The lending and borrowing process requires the return of the borrowed assets after a set period. Key highlights: 🔒 VASPs must maintain sufficient Virtual Assets and collateral to meet client obligations. 📝 Collateral must be regularly monitored and audited. 📢 Clients must be informed when Virtual Assets cannot be withdrawn. 🔎 Comprehensive due diligence on all clients and counterparties is required. 🔗 https://lnkd.in/dzWK4Tb3 #VARA #VirtualAssets #CryptoRegulation #RegulatoryCompliance #VASPs

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Breaking Down Crypto Regulation and the Travel Rule 📈 ✈ The MENA FINTECH ASSOCIATION teamed up with Sumsub, Baker McKenzie, KARM Legal Consultants, and Global Travel Rule to dive deep into to the FATF travel rule. Kokila Alagh, Samir Safar-Aly, and more speakers shed light on the evolving landscape of Fintech compliance, aml, and regulatory challenges across the GCC region. 💡 Some of the key points discussed: 🔶 The Travel Rule, based on FATF Recommendation 16, is crucial for AML compliance, ensuring Virtual Asset Service Providers (VASPs) include necessary sender and receiver information during crypto transfers. 🔶 Traditional banks have long followed similar protocols, but the decentralized nature of blockchain presents unique challenges, particularly in creating interoperable technical solutions. 🔶 The legal landscape of Virtual Assets is complex, requiring a balance between decentralized systems and centralized compliance in areas like AML, CTF, sanctions, data protection, and cyber risk governance. 🎞 Watch the webinar here: https://lnkd.in/eE-Da5U8 📩 For more information, shoot us an email at [email protected] Nameer Khan | Nadia Benaissa | Tony Petrov | Samir Safar-Aly | Kokila Alagh | Jack Wong | Jehanzeb Awan | KARIMA👼🏽 El Hakim | Gaurav Dhar | Nihal Abughattas | Gihan Hyde | Imane Adel | Akshay Chopra | Miriam Kiwan | Mo Ali Y. | Tom Romanski | Ronit Ghose | Yacine Faqir | Gaurav Sachddeva | Altaf Ahmed #CryptoRegulation #TravelRule #AMLCompliance #BlockchainTechnology #FinTechRegulations #VASPs #MENAFintech #RegTech #CryptoCompliance #CyberSecurity #FinTechInnovation #GCCRegulations

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September was a busy month for the Virtual Assets Regulatory Authority [VARA], Dubai’s virtual assets regulator. In our latest post, Eugénie Levy takes a closer look at: 🔸 A new cooperation agreement between the UAE’s Securities and Commodities Authority (SCA) and VARA 🔸 New regulations for marketing virtual assets within or targeting the UAE Stay informed about these significant legal and regulatory updates in the virtual assets space and understand how they might impact your business. 👉 https://lnkd.in/dYyMyJT3 #virtualassets #UAE #Dubai #DIFC #legalupdate #regulatoryupdate

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In the interests of securing financial transactions and fostering innovation in the United Arab Emirates, the Central Bank of The UAE (CBUAE) has issued the Payment Token Services Regulation governing issuance, conversion, custody and transfer of payment tokens. Concurrently, the Sandbox Conditions Regulation establishes a supervised environment for testing innovative financial services. Participants can experiment under defined rules, excluding certain activities, with safeguards ensuring consumer protection and financial stability. These regulations underline the UAE’s commitment to fostering fintech innovation while maintaining regulatory oversight. Read more: https://lnkd.in/dwb-5DRx Authored by: Eslam Ashry, managing associate, Fintech and Financial Services, Addleshaw Goddard & Anna Zeitlin, partner, fintech and financial services, Addleshaw Goddard. #UAE #CentralBank #Banking #Payment #Token #Finance

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