??? Crypto is going tax-free

Today, I’m taking a look at what’s happening in the UAE's crypto scene.?

The country has dropped VAT on crypto transactions, welcomed the major exchange OKX, and launched a stablecoin linked to the dirham.?

So, how do these changes help the UAE shine as a global crypto hub, and what do they mean for digital assets in the region? Let’s break it down.?

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??? Crypto is going tax-free

In just two weeks, three big things have happened in the UAE that keep the country on the map as a global crypto hub.

1. Cryptocurrency will be exempt from value-added tax.

Big win for anyone dealing with digital assets.?

Previously, a 5% VAT was imposed, which added a layer of complexity for crypto traders. But starting November 15, 2024, crypto trades, transfers, and conversions will no longer face that tax.

What’s even better is that this exemption will be applied retroactively to transactions dating back to January 2018, meaning businesses can potentially reclaim VAT they've already paid.

Why does this matter?

Removing the VAT makes the UAE an even more attractive destination for crypto businesses, venture capitalists, and traders alike.?

The numbers back this up: between July 2023 and June 2024, the country saw over $30 billion in cryptocurrency inflows, placing it in the top 40 globally for crypto adoption.?

2. OKX opens its trading platform.

Another milestone is the launch of OKX’s trading platform in the UAE, marking the entry of one of the largest global crypto exchanges after securing a full licence.

OKX caters to both retail and institutional investors, offering features like AED deposits, spot trading, and access to derivatives markets.

They’ve even tailored their services with Arabic support and local payment options, making it super user-friendly for both locals and expats.

With a major player like OKX in the market, we could see more institutional interest in crypto, helping it gain traction as a mainstream financial asset in the region.

More interest could mean even more capital flowing into the sector.

3. AED-pegged stablecoin gets the green light ??

And just today The Central Bank of the UAE recently gave preliminary approval for AED Stablecoin.?

This stablecoin could bring a lot of benefits to the table. For one, it would make digital transactions faster, cheaper, and more secure, especially for cross-border payments.

Given the large expat population in the UAE, remittances are a big part of the economy.With stablecoins, sending money internationally could become a breeze, saving expats time and money when transferring funds abroad.?

This might really disrupt the traditional remittance market, which is currently bogged down by intermediaries charging high fees.

Businesses involved in international trade will benefit too. A stable digital currency that’s accepted globally could make payments smoother and reduce foreign exchange risks.

From a regulatory perspective, the UAE's move toward a state-backed stablecoin builds trust. Unlike decentralised cryptocurrencies, a CBDC or stablecoin can offer the speed and transparency of blockchain without the worries about volatility.

This could encourage businesses and even governments to explore blockchain solutions beyond just crypto, opening doors in areas like supply chain management, healthcare, and real estate.

These developments are more than just isolated events — they’re part of the UAE’s larger plan to become a global leader in the crypto and blockchain space.

?? How might the UAE influence other countries in the region?

?? Mastercard introduces real-time card payments in South Africa to allow for faster payouts and improved cash flow for merchants.

?? Emirates NBD and noon launch the Emirates NBD noon One Visa Credit Card, offering up to 20% cashback for cardholders.?

?? PayTabs Egypt partners with Ollin to improve digital payment solutions for consumer finance.

?? du Pay partners with Emirates NBD to offer users unique virtual IBANs, making it easier to transfer funds and enabling cardless ATM withdrawals across the UAE.

?? Magnati partners with Wio Bank to offer businesses easy access to credit and cash flow management through real-time POS data and automated loan repayments.

?? Citi partners with Mastercard for real-time cross-border payments to debit cards, enabling near-instant transactions across 65 countries.

?? EGYPTAIR partners with Amazon Payment Services and Banque Misr to offer secure online ticket bookings and flexible installment payments for travelers in the MENA region.

?? AperiData's introduces AperiScore to help lenders approve previously declined applicants, using real-time open banking data.

?? Fiserv has partnered with Zūm Rails to provide open banking and instant payments for U.S. businesses.

?? Bitget has launched the Telegram App Centre, integrating 600 mini-apps to improve access to Web3 and play-to-earn games.

?? Zap Africa has launched a Web3 wallet integration, allowing seamless connections between users' wallets and its exchange in Nigeria.

?? Crypto.com has sued the US SEC for alleged overreach after receiving a Wells notice regarding potential legal action for selling unregistered tokens.

?? Ripple has launched new crypto storage services under the brand Ripple Custody, aimed at helping banks and fintechs store digital tokens.

?? Stripe has reintroduced crypto payments in the US, enabling customers to pay with USDC or USDP on Ethereum, Solana, and Polygon, while charging a 1.5% fee for transactions.

?? Oman’s QPay raises Seed funding led by Cyfr Capital to boost its BNPL services.

?? UAE-based 4Partners raises $3.6M to expand its dropshipping services in the MENA e-commerce market.

?? UAE-based fintech OCTA raises $2.25M in a pre-Seed round to automate payment collection for SMEs and expand into Saudi Arabia.

?? Saudi logistics startup Yamm secures Pre-Seed funding, led by Flat6Labs, to grow its merchant base and enhance post-purchase solutions.

?? Saudi proptech Ejari raises $14.65M in seed funding, led by PFG and others, to expand its rent now, pay later (RNPL) solution in the Saudi real estate market.

?? Kuwait-based fintech Krti raises $1.5M in pre-Seed funding to launch its payment solutions in Kuwait and Saudi Arabia.

Affirm’s Embedded BNPL Ecosystem: Affirm is taking BNPL beyond traditional checkouts with its embedded approach—integrating financing directly into platforms where consumers and businesses already operate, like Apple Pay (for consumers) or Shopify (for businesses).

This isn’t just a convenient payment option; it’s a distribution powerhouse. By embedding BNPL into consumer wallets and SMB SaaS platforms, Affirm reaches users at critical decision points—unlocking frictionless transactions and expanding its influence across industries.?

For businesses, this means increased customer engagement and transaction volumes, while consumers enjoy more flexible, convenient payment options.

Ready to explore the full scoop on Affirm’s breakthrough distribution strategy? Click here to see how embedded BNPL is powering their growth!

This week on Couchonomics with Arjun, I had the pleasure of chatting with Sitoyo Lopokoiyit, CEO of M-PESA Africa. We talked about M-PESA’s incredible journey from a mobile money platform to a digital ecosystem that’s transforming how people, businesses, and developers interact across 8 African markets. Sitoyo shared insights on some of the key trends shaping the industry, like faster cross-border payments, blockchain adoption, and the role of national payment infrastructures. Tune in for this insightful episode by clicking here.?

Now, a quick break for your wellness. Chief Wellness Officer at FAB Diego Carrete is on a mission to help executives get fit, increase their energy, and live longer.

Today, he explains how our body handles carbohydrates.

Hello there,?

When it comes to carbohydrates, it’s important to know that they aren’t the enemy.?

Instead, understanding how your body processes them can make a big difference in how you feel and function.

When you eat carbs (which are made up of glucose), your pancreas releases insulin—the key hormone that helps regulate blood sugar.

Without insulin, your body wouldn’t be able to store glucose properly, leading to a range of metabolic issues. But where does all that glucose go?

Your body stores glucose as glycogen in two main places:

1. Muscles: These are like large glucose storage units. Efficient glucose usage is a sign of good metabolic health.

2. Liver: Although it stores less glucose, the liver plays a critical role in regulating blood sugar by releasing glucose when needed, especially for your brain, which uses 20% of your body’s energy!

The main takeaways:

• Watch out for all forms of sugar—even the natural ones.

• Understand how your body stores glucose: muscles and liver have different roles, and keeping both healthy is vital for energy management.

• For safe sugar consumption focus on complex, unrefined starches.Not all starches are created equal. Refined starches often lead to overeating, blood sugar spikes, and lack the fiber needed to keep you feeling full.

That’s it for now. Found this helpful? Share this with someone who needs it. See you next week, where we'll talk about the difference between refined Starches vs. Unrefined Complex Starches.?

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