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Dubai cements role as crypto hub at TOKEN2049 conference

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Dubai cements role as crypto hub at TOKEN2049 conference

Crypto industry gathers in Dubai amid mixed sentiment on Trump and market outlook.

DUBAI, May 1: Thousands of cryptocurrency enthusiasts gathered in Dubai on Wednesday for the TOKEN2049 conference, as optimism about the industry’s future remains high despite growing uncertainty around U.S. President Donald Trump’s pro-crypto policies.

The two-day event features a high-profile lineup of speakers, including CEOs from major global crypto firms, the heads of digital assets at BlackRock and Goldman Sachs, and Eric Trump, son of the U.S. president, who is scheduled to speak on Thursday.

President Trump, once a skeptic of digital currencies, has recently shifted his stance, pledging to ease regulations on the crypto sector and even launching his own cryptocurrency. This pivot sparked enthusiasm in the industry following a turbulent period in 2022 marked by the collapse of several major crypto firms.

However, the initial surge in cryptocurrency prices after Trump’s election victory has lost momentum. Bitcoin has dropped around 12% from its peak this year, with sentiment dampened by global trade tensions and concerns that Trump’s promised regulatory reforms are advancing more slowly than expected.

Despite this, the TOKEN2049 conference drew large crowds, with about 15,000 attendees expected. The atmosphere was lively, with music playing and even camels resting near the venue. Participants expressed a range of views on the impact of Trump’s policies.

“In the long term, it’s going to be good for crypto, but it really depends on the global economy,” said Miklos Veszpremi, COO of a web3-integrated streaming platform. “If tariffs start affecting countries, we could face some tough times.”

Still, the industry has seen a strong start to 2025. According to PitchBook, global venture capital investments in crypto firms reached $5.4 billion in the first quarter — the highest since mid-2022.

Among the attendees was Herbert R. Sim, wearing a bitcoin-themed jacket, who said it’s difficult to gauge the full impact of Trump’s policies. “So far, the progress has mostly been on the regulatory side. Things are easing up in America,” he noted, while navigating crowded marketing booths and outdoor attractions like zip lines.

Dubai and the wider United Arab Emirates are rapidly establishing themselves as crypto hubs. Major firms are expanding in the region, drawn by supportive regulation and business-friendly conditions. Binance, the world’s largest crypto exchange, announced in March a $2 billion investment from Abu Dhabi-backed MGX, strengthening its ties with the UAE.

Changpeng Zhao, Binance’s founder, received a warm welcome on the main stage. Zhao recently served a four-month U.S. prison sentence for violating anti-money laundering laws and stepped down as CEO as part of a $4.3 billion settlement with U.S. regulators. He remains a key shareholder in the company.

The UAE continues to embrace digital assets. Eric Trump revealed that bitcoin payments will be accepted for apartments in a newly announced Dubai tower by the Trump Organization, developed in partnership with a luxury real estate firm.

In parallel, Emirates NBD recently introduced crypto trading through its digital bank, Liv. The Dubai Multi Commodities Centre (DMCC), home to over 600 crypto companies, plans to launch a “crypto tower” in 2027 to support further industry growth.

“It’s much easier to do business here,” said German attendee Andre Liesenfeld, reflecting the growing sentiment among international crypto firms looking to the UAE as a strategic base.

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CMA launches regulatory framework for emerging companies on KSE

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CMA launches regulatory framework for emerging companies on KSE

Kuwait enhances Stock Exchange access for emerging firms with amendments to listing rules.

KUWAIT CITY, July 1: Kuwait’s Capital Markets Authority (CMA) has officially launched a new regulatory environment to support the listing and trading of emerging companies on the Kuwait Stock Exchange (KSE), in cooperation with Boursa Kuwait. The initiative includes the creation of a dedicated platform for these companies, alongside key amendments to existing listing rules.

In a statement released on Tuesday, the CMA confirmed that the move is part of broader efforts to adopt international best practices, promote capital market development, diversify investment tools, and enhance both market competitiveness and transparency — all aimed at bolstering investor protection.

The approved amendments focus on strengthening listing standards by requiring companies to maintain certain conditions, including minimum thresholds for free float shares and their market value. These measures are designed to improve liquidity and ensure sustained compliance with regulatory obligations.

The Authority emphasized that supporting emerging companies is crucial to driving economic growth and aligns with Kuwait’s broader strategic vision. The newly launched market will offer an attractive financing environment for smaller and growing enterprises while providing investors with fresh opportunities governed by high transparency standards.

The regulatory framework is the result of a comprehensive study conducted by the CMA, which formed the basis for drafting specific rules to govern the emerging companies market. The platform is intended to serve as both a support system for these businesses and a dynamic investment space in line with global benchmarks.

The CMA also underscored the importance of continuously evolving the rules that govern listing conditions. This includes safeguarding investor interests by removing companies that fail to meet their obligations and ensuring adequate liquidity by enforcing minimum requirements for free float shares in both the primary and secondary market segments.

Additionally, the Authority reaffirmed its commitment to enhancing executive regulations that protect investors and empower small shareholders to actively participate in corporate decision-making processes.

This latest move is seen as a significant step toward further modernizing Kuwait’s financial sector and creating a more inclusive and diversified capital market landscape.

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Second phase of merging Kuwait oil companies underway

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KUWAIT CITY, June 30: In preparation for the second phase of merging the subsidiaries of the Kuwait Petroleum Corporation (KPC), informed sources revealed that the executive phase of merging Gulf Oil Company with Kuwait Oil Company (KOC) has begun through the transfer of the corporation’s shares in the capital of the Gulf Oil Company to KOC. They highlighted a meeting held recently between the two companies’ CEOs to start making administrative decisions regarding this matter. The sources explained that the second phase, following the initial merger of KIPIC with the Kuwait National Petroleum Company, is part of KPC’s strategy to restructure the oil sector. This phase commenced with a meeting between KOC’s CEO Ahmed Al-Eidan, acting CEO of Gulf Oil Company Bader Al-Munaifi, and representatives from the oil sector’s leadership and workforce. The meeting also discussed the implications of Decision No. 60/2024, issued on May 5, 2024, concerning the transfer of KPC’s ownership of shares. ‘

Al-Eidan affirmed the importance of job stability and preserving all benefits of Gulf Oil employees. It was decided that the legal and administrative status of Gulf Oil Company will remain unchanged at this stage, including the company’s name, logo, and operational sites at its headquarters and joint operations in Khafji and Al-Wafra. The sources clarified that Al-Eidan indicated the change is limited solely to the transfer of share ownership, with KOC becoming the owning entity instead of KPC. Consequently, the highest authority will be the Board of Directors of KOC, without affecting daily operations or the current institutional structure.

By Najeh Bilal
Al-Seyassah/Arab Times Staff 

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Kuwait enhances laws to combat money laundering and terror funding

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Kuwait enhances laws to combat money laundering and terror funding

The Kuwait government approves tougher measures to tackle financial crimes.

KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.

The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.

During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.

The new decree law includes two significant amendments:

  • Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
  • Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n

The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.

Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.

Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.

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