Islamic Coin's co-founder, Mohammed AlKaff AlHashmi, highlighted the #MENA region's prominent role in the global crypto economy. MENA ranks sixth globally, recording $389.8 billion on-chain value between July 2022 and June 2023.
AlHashmi discussed:
Global Web3 Hubs: Dubai, Hong Kong, and NYC compete, urging MENA to focus on a responsible Web3 ecosystem through agile regulations and niche markets.
Saudi Arabia's Rise: Saudi Arabia's initiatives, like Vision 2030 and #NEOM , strengthen its influence in MENA's Web3 market. A $50 million NEOM-Animoca Brands partnership aims at a Web3 innovation hub.
Flourishing Blockchain Industry: Collaborations between traditional institutions and blockchain ventures, CBDC exploration, and fintech partnerships drive blockchain adoption.
Crypto Landscape: MENA's crypto scene, with diverse regulations, sees UAE and Bahrain leading with dedicated regulators, strict AML laws, and fintech partnerships. Dubai becomes a crypto giant hotspot.
Future Trends: Anticipated trends include Sharia-compliant products, short-term financing, and integrating digital assets into gaming. The convergence of decentralization with AI and social media will shape MENA's 2024 crypto market.
Overall, MENA's blockchain growth stems from proactive regulations, international investment, collaborations, and a tech-savvy population.
Since the #HAQQNetwork blockchain is the brainchild of the #UAE crypto industry and is supported by the royal family, we can safely say that the project will fight for leadership in the Muslim web3 space
