Karm and ScaleCompliance partner for expanded crypto services

15 February 2022 Consultancy-me.com 2 min. read

Dubai-based legal advisory firm Karm has agreed a partnership with ScaleCompliance, a European crypto compliance specialist that last month expanded into the UAE.

Founded in 2018 by Kokila Alagh, Karm specialises in helping clients understand and navigate the legal complexities of emerging technologies, including artificial intelligence, fintech, blockchain, cybersecurity, robo advisory and medtech.

Partnering with ScaleCompliance, “we can now complement our business with crypto expertise,” said Alagh, who also is the founder of the MENA Fintech Association.

Kokila Alagh and Karin Lorez

Together, the two firms have the capabilities to advise companies on how they can integrate crypto offerings into their operations in a compliant manner. Using ScaleCompliance’s software platform, they can monitor compliance – among others through verifications of onboarding and KYC/AML processes, and crypto wallet and transaction screening services.

Originally from Switzerland, ScaleCompliance formally launched in the UAE last month after the firm received the Distributed Ledger Technology (DLT) Service License from the regulator. The start-up (its founding team however has decades of experience in the field) has already started serving clients within the Dubai Multi Commodities Centre (DMCC) ecosystem.

James Bernard, Regional Representative Europe at DMCC, said: “Joining efforts and experiences is adding value to the ecosystem that has been growing at a rapid pace in DMCC. The partnership between Karm and ScaleCompliance will help strengthen and grow the blockchain and crypto ecosystem in the UAE and the region.”

The announcement comes at a time of booming interest in crypto services. Now valued at around $2 trillion, consumers from all corners of the globe are turning to crypto assets for a variety of reasons, including the perception of holding a lucrative investment or more simply, the ‘fear of missing out’. According to recent research from Triple A, 1.54 percent of the UAE’s population today owns crypto.

“The UAE is one of the leading blockchain and crypto assets hubs. As such, the ecosystem requires highly developed compliance solutions and services. The new partnership will ensure that the growth of the crypto ecosystem will be complemented with protection of users and institutions,” commented Alagh.

Karin Lorez, Founding Partner at ScaleCompliance, added: “We are excited to roll out our crypto compliance services from Switzerland to the UAE. We are looking forward to collaborating with Karm and supporting Dubai’s crypto vision to become a global hotspot and leader for innovative blockchain applications.”