admin

Total Post: 378

The Hashgraph Association at Gitex 2023 Showcases stablecoin studio as UAE issues stablecoin regulations

The Hashgraph Association at Gitex 2023 Showcases stablecoin studio as UAE issues stablecoin regulations

The Hashgraph Association (THA), the non-for-profit accelerating adoption of the Hedera network globally, will be participating at Gitex 2023 between October 16th and 20th at the Dubai World Trade Center in Dubai UAE, as well as the Future Blockchain Summit being held between October 15th-18th at Dubai Harbour, announcing the launch of its stablecoin studio amidst VARA’s ( virtual asset regulatory authority) latest regulations regarding stablecoins.

The Hashgraph Association will be present at Gitex 2023, inking a groundbreaking partnership with Du Telecom this summer at Envision 2023.  The partnership harnesses the potential of the Hedera network to offer secure, traceable, and scalable solutions on the platform.

Hedera’s distributed ledger technology (DLT) ensures a trusted and reliable foundation for the newly developed solutions. Target sectors include manufacturing, healthcare, education, smart cities, and agriculture, catering to a wide range of industries seeking secure and efficient applications.

The Hashgraph Association will also be participating alongside AgNext, one of 12 projects offered grants by THA in 2022. The Hashgraph Association’s grant funding enables projects to scale globally. AgNext has innovated and developed a full-stack integrated algorithm, software, and hardware platform that address quality assessment issues across the agri-value chain, enabling businesses to analyze food supply chains on the spot in just 30 seconds.

THA had also previously worked with DIFC (Dubai International Financial Centre) Courts, on Tejouri. The first phase of Tejouri was launched at Gitex 2022. Tejouri is a global digital vault that enables the upload and secure storing of documents ranging from insurance contracts, title deeds, wills, and financial certificates to images and multimedia files. Tejouri can be utilized by all individuals globally and is built on Hedera’s DLT, establishing a decentralized trust application.

Alongside Gitex 2023, Jeffrey Tchui, Head of Advisory, at The Hashgraph Association, will be speaking on Hedera’s ecosystem and its stablecoin accelerator, Stablecoin Studio, at Bharat Blockchain Yatra (BBY) sessions under IDS at the Future Blockchain Summit. BBY sessions are powered by Hedera and supported by AICTE.  BBY has arrived in UAE after an awe-inspiring journey that spanned 25 series of events, spreading its wings across 18 states in India as part of a tech tour on Web3 and blockchain, narrating India’s Web3 story.

IDS has been a pioneer in the enterprise blockchain space, providing cutting-edge blockchain solutions to governments and corporations worldwide across nine industry verticals.

With over 17 years of technology and consulting experience, Jeff has a wealth of experience in blockchain and DLT at leading global organizations, Hitachi, Infosys, Cognizant, and even TOKO, an asset tokenized exchange and custodian that recently received a license in Dubai, UAE from VARA (Dubai Virtual Asset Regulatory Authority).

TOKO solves the inefficiencies of today’s capital markets, leveraging DLT technologies of Hedera Consensus Service and the Hyperledger Fabric plug-in. TOKO is a digital asset creation engine created by DLA Piper, a Hedera Governing Council member that couples the compliance and regulatory rigor of a global law firm with the innovative technology solutions of tomorrow. TOKO has also been a grant candidate for THA.

Kamal Youssefi, President of The Hashgraph Association, on the participation of THA at Gitex 2023, stated, “We are here at Gitex and in the UAE because we believe that the MENA region and UAE, in particular, is the new Web3 and crypto powerhouse of the world. We are happy to be launching our upcoming grant fund in Abu Dhabi at ADGM and we are ready to discuss the DLT solutions we can offer SMEs, governments, and enterprises in the region.”

He adds, “One of the biggest discussions we believe to be relevant to the region is the new stablecoin regulations recently released by VARA. This is especially important given the launch of Stablecoin Studio on the Hedera network. Stablecoin Studio is an open-source stablecoin issuance and management toolkit that makes it easy for Web3 stablecoin platforms, institutional issuers, enterprises, and payment providers to build stablecoin. Stablecoin Studio provides organizations worldwide with an all-in-one toolkit that enables stablecoin issuers to quickly configure, issue, and manage bespoke stablecoins on the Hedera network.” 

Dubai’s Virtual asset reglatory authority recently announced what it calls Fiat referenced virtual asset ( FRVA) regulations better know to most as virtual assets pegged to a stable value, or stablecoins.

Swiss based Dfinity Foundation launches ICP Hub GCC and supports UAE recycling project

Swiss based Dfinity Foundation launches ICP Hub GCC and supports UAE recycling project

Dfinity Foundation a major contributor to the Internet Computer Platform (ICP) blockchain and a Swiss-based not-for-profit organization with the largest R&D team in blockchain is making waves in the MENA and Asian region with partnerships such as with Roland Berger on UAE launched Voluntary recycling credits, as well as a $20 million grant to Asian startups and grants to MENA based startups such as ChainSight, an inter-chain data processing network to be able to use on-chain data with smart contracts.

The Internet Computer is a general-purpose, layer one blockchain that acts as a Cloud 3.0. The network has been operating for over two years, and has grown its daily transactions size to over 750 million, a 425% increase from its first year of operation. Notably, Dfinity Foundation asserts that its service has been provided with zero downtime.

Partnership with UAE Recycling Project

Most recently Roland Berger, a global strategic management consultancy firm with a strong presence in MENA selected Switzerland-based Dfinity Foundation as the technology partner for the development of the ‘Voluntary Recycling Credits’ standard announced by UAE’s BEEAH Group  with Roland Berger and the International Solid Waste Association.

As per their announcement the three companies aim to develop a new standard powered by the blockchain that can help beef up recycling numbers in the waste sector. As such businesses with sparse recycling infrastructure who are keen on aligning with Sustainable Development Goals can buy credits on the forthcoming marketplace. These credits are provided by companies with surplus recycling capabilities. Meanwhile, the flow of funds will free up more money to boost investment in further enhancement and emerging recycling technologies.

“We have a unique opportunity to redefine waste management and make tangible strides in environmental stewardship,” said Hani Tohme, managing partner at Roland Berger in the Middle East.

The Voluntary Recycling Credits standard is being built on blockchain technology. According to the initiators, blockchain is a “foundational element critical to the success” of the standard, guaranteeing a transparent, auditable, and secure record of recycling credits and transactions. “This transparency ensures that all parties – whether waste producers or recyclers – can trust in the veracity of the credits they purchase, sell, or trade.”

“Selecting the right blockchain technology that harmoniously balances decentralization, security, usability and storage space is key for a project of this importance. We are happy to have selected Dfinity Foundation as our technology partner. The Internet Computer is one of the most advanced blockchains in the world, its efficacy and security make it the perfect platform to build this project on,” said Pierre Samaties, partner at Roland Berger.

“We are honored to have been selected by the Roland Berger team to collaborate on the Voluntary Recycling Credit. This initiative aligns with the core values of our team at Dfinity and Internet Computer, as we always look to ensure the blockchain remains at the forefront of sustainability and work with leading enterprises,” said Dominic Williams, Founder of Dfinity Foundation.

Through the partnership, Dfinity Foundation will develop the underlying technology for standard. The first milestone will take place at COP28 in Dubai, when the private-public coalition behind the standard will display the first-ever live recycling credits transaction.

Launch of ICP Hub GCC

As part of Dfinity’s efforts to support the ICP blockchain platform, ICP Hub GCC has been launched to support the growth of the ICP ecosystem in the GCC ( Gulf Cooperation Council) region as well as the in MENA region.

Saed Ereiqat, Co-Founder of ICP Hub GCC tells LaraontheBlock, “The UAE is undoubtedly amongst the most advanced countries to deploy and develop on Web3 and Blockchain. It was therefore only a matter of time, that the ICP.Hub GCC launched in the UAE, where it is accelerating the mass adoption of the Internet Computer Protocol in the Gulf Region.”

As per Saed the ICP.HUB GCC has ambitious plans in the region as a community based project aiming to empower users and providing a robust platform for the development and hosting of secure software systems and open internet services.

ICP.HUB GCC is supported by Dubai based Crypto Oasis while partnering with UAE VC firm Cypher Capita. .Together with local Education Institutes, the hub aims to further raise awareness and provide education for young developers and entrepreneurs to learn about Blockchain and how to effectively apply it for future-ready developments. Investors are offered an opportunity to invest in the rapidly expanding Ecosystem and projects therein.

Through its grant program UAE based ChainSight an inter-chain data processing network to be able to use on-chain data with smart contracts.  ChainSight gains financial and technical support and with the connection to the hub, they are also provided with community support and communities to raise awareness for their development.

Abu Dhabi Government showcases updated Blockchain enabled TAMM platform

Abu Dhabi Government showcases updated Blockchain enabled TAMM platform

Abu Dhabi Government at Gitex 2023 showcased projects and initiatives across many fields and areas were highlighted, including cybersecurity, artificial intelligence, blockchain technology and analytics, all to leverage technology and innovation to deliver service excellence and an enhanced customer experience.

The latest iteration of the Abu Dhabi Government Services Unified Platform, blockchain enabled TAMM, showcased by the Department of Government Enablement, means customers can now access more than 750 services from over 30 Abu Dhabi government entities and numerous private sector providers. The new version also brings a slew of enhancements and features. The platform – now publicly available – was built on feedback from the public, coupled with the latest technological and customer-centric advancements.

“The latest version of TAMM was only made possible by collaboration between more than 30 Abu Dhabi Government entities, all working together towards achieving the government’s vision of enabling the Emirate’s people and communities through innovation and digitalisation,” said Ahmed Tamim Hisham Al Kuttab, Chairman of the Department of Government Enablement – Abu Dhabi.

“In alignment with Abu Dhabi’s digital transformation strategy, our ambition is to create an advanced digital ecosystem that reflects the aspirations of our people and sets a new global benchmark for how government services are delivered,” he added.

Dr. Mohamed Abdel Hameed Al Askar, Representative of the Abu Dhabi Government Services Unified Platform “TAMM” at DGE, said, “Thanks to the insights of citizens and residents across Abu Dhabi, the latest version of TAMM has been developed to prioritize user needs, creating a more enhanced, customer-centric and personalized platform that simplifies access to government and private sector services for residents and businesses alike.”

Meanwhile, the Abu Dhabi Housing Authority (ADHA) introduced the ISKAN Abu Dhabi app based on state-of-the-art technology. This digital customer service portal changes the way customers interact with ADHA. The app empowers individuals to explore housing and land options, access detailed information and make informed decisions about housing plans without the need for physical visits or extensive paperwork.

“The Abu Dhabi Housing Authority is working to adopt the latest technologies and innovative systems set to enhance the effectiveness and efficiency of housing services provided on various platforms to customers. We’re committed to enhancing the customer journey by simplifying procedures and enabling customers to obtain housing services to increase customer satisfaction, reduce waiting time and expedite the application process,” said Hamad Hareb Al Muhairi, Director-General of ADHA.

Abu Dhabi Customs (ADC) unveiled a groundbreaking project focusing on implementing blockchain technology within their customs systems to establish a robust risk analysis system based on reliable data. This initiative aims to create an interoperable system that aligns with future business requirements.

In 2020, the Abu Dhabi Government Services ecosystem, TAMM has launched the second phase of its innovative blockhain enabled digital payment platform “Abu Dhabi Pay”.  

AI and Blockchain Egyptian founded Tribal Credit to enter into KSA

AI and Blockchain Egyptian founded Tribal Credit to enter into KSA

AI and Blockchain enabled Tribal Credit, based in USA and founded by Egyptian entrepeneurs, which empowers SMEs in emerging markets through a comprehensive suite of financial products,payment tools will be expanding into Saudi Arabia, using a renewed and increased debt facility of $150 million with Partners for Growth.

Renewed through 2025, this upsized facility is not only a testament to Tribal’s remarkable credit performance but also an accelerator for the company’s ambitious growth plans in Mexico, Saudi Arabia and beyond.

As per the press release, this significant expansion will notably enhance Tribal’s presence in Saudi Arabia in accordance with applicable laws and regulations, serving as the core of its global expansion strategy. Further, it will fuel the company’s continued growth across Mexico and Latin America, enabling Tribal to bring more SMEs into the fold of its innovative financial services.

With over $200 million in funding from industry-leading investors like SoftBank, QED Investors, BECO Capital, Stellar Development Foundation, and Coinbase Ventures, Tribal is making strides in bridging the financial inclusion gap. Led by a team of accomplished entrepreneurs, data scientists, and banking executives, and recognized as a top fintech by leading industry bodies.

Over the past few years, Tribal’s diligent investment in credit processes, tools, products, and team has culminated in exceptional credit performance, even amid challenging market conditions. This achievement has facilitated a healthy revenue mix from both financing and payment products, reinforcing the company’s robust financial health and laying the foundation for sustainable growth.

Partners for Growth (PFG), a global specialty lending firm focused on emerging growth companies, highlights Tribal’s exceptional credit performance and sophisticated financial products. “Tribal Credit has consistently demonstrated strong credit performance even in challenging market conditions.

Their continued investment in the credit process, tools, and the team has paid dividends,” says Armineh Baghoomian, Managing Director, Head of Europe, Middle East and Africa, Co-Head of Global Fintech at PFG. “In addition, they have innovated and launched financial products that truly meet the needs of SMEs in emerging markets. We’re thrilled to extend our partnership with Tribal and excited to support Amr, Duane and the team as they continue shaping the landscape of financial services.”

Tribal has reshaped the financial landscape for SMEs in emerging markets by prioritising accessibility to credit and digital payments. In doing so, it has empowered a remarkable number of SMEs to fuel their growth, making a lasting impact in these markets. Throughout its journey, Tribal has facilitated a substantial volume of transactions via its corporate credit cards and B2B cross-border products, demonstrating its crucial role in empowering emerging markets.

“We’re delighted to fortify our partnership with Partners for Growth,” says Duane Good, Tribal COO and Co-Founder. “We emphasize building enduring relationships with our clients, and nurturing our ties with capital partners is equally essential.” Good, alongside Amr Shady, Tribal CEO and Founder, sees the enhanced debt facility as a testament to Tribal’s mission and potential. “This funding will equip us with the necessary resources to seize exciting market opportunities ahead,” Shady adds. “We’re eager to continue our journey of developing innovative tech solutions to help SMEs thrive in emerging markets, especially in Mexico and Saudi Arabia.”

In 2021, Tribal Capital received an initial $3 million from Stellar Development Foundation to advance blockchain products built on stellar. Tribal Credit first raised 5.5 million USD through an investment round led by UAE  BECO Capital and Global Ventures.

At the time Amr Shady, Tribal Credit CEO stated, “Our entire mission is about empowering startups and SMEs in emerging markets with access to financial services. Our focus starts in Mexico, a country that will benefit from global accessibility to banking services previously only available to large corporations. By tapping into Stellar’s existing and growing network of anchors, we will be able to leverage existing digital assets to bring our customers with fast, affordable cross-border payments, credit card balance settlement, and other innovative features of the Stellar blockchain that will benefit our global users.”

In addition Mohamed Elkasstawi, Tribal Credit Co-Founder and Chief Strategy Officer who leads the blockchain vision, strategy, and execution also noted “We see blockchain, and our integration with Stellar specifically, as a strategic next step for our business, offering us the ability to provide cheaper, faster payments for our customers,” said. “Working with the Stellar ecosystem, we’ll be able to leverage the network to deliver on some of our most important use cases — like facilitating  cross-border payments between businesses in previously underserved markets. This is only one of many exciting blockchain projects we’re working on in partnership with SDF.”

The MENA Fintech Association establishes digital assets working group

The MENA Fintech Association establishes digital assets working group

The MENA Fintech association, a nonprofit organization that serves fintech startups and established players in the sector has established its Digital Assets Working Group which will be co-chaired by Miriam Kiwan and Mo Ali Yusuf.

The Digital Assets Working Group will champion a transparent regulatory framework, while propelling the adoption and extensive use of digital assets across MENA.

Founded in 2018, the MENA Fintech Association has earned recognition as one of the top 4 fintech bodies globally. With a strong presence in the Middle East and Africa, the association has been at the forefront of driving innovation and fostering collaboration in the fintech industry.

The newly established Digital Assets Working Group takes on a pivotal role as the leading advocate and catalyst for the advancement of clear, progressive, and sustainable regulations governing digital assets across the MENA (Middle East and North Africa) region. This dynamic group will spearhead endeavors aimed at shaping and enhancing a comprehensive regulatory framework, cultivating an ecosystem conducive to digital asset innovation, all while upholding stability and security as paramount priorities.

Nameer Khan, Chairman, MENA Fintech Association, expressed his enthusiastic support for the establishment of the Digital Assets Working Group, stating, “In our journey toward shaping the future of finance, we believe that clear and innovative digital asset regulation is the cornerstone. This group will be instrumental in fostering a dynamic and secure digital asset ecosystem across MENA. We are committed to embracing technological advancements while safeguarding the integrity of our financial landscape, and the Digital Assets Working Group is a vital step in that direction.”

Miriam Kiwan, Vice President of Middle East and Africa at Circle and Co-Chair of the Digital Assets Working Group, emphasized the group’s mission by stating, ‘Our vision is to drive innovation with responsibility, and our commitment to building a regulatory framework that supports the dynamic digital asset landscape is unwavering. As we take the lead in shaping the future of digital assets across MENA, we aim to create an environment that encourages innovation, ensures compliance, and promotes trust within this transformative ecosystem.’

Miriam’s professional journey has seen her excel across diverse sectors, ranging from financial services and Web 3 / digital assets to technology, higher education, and entrepreneurship. Her forward-thinking approach and multifaceted skill set have consistently driven innovation and growth, making her a prominent figure in these dynamic industries with a global impact.

Mo Ali Yusuf, CEO of Fuze and Co-Chair of the Digital Assets Working Group, underscored the group’s mission, stating, “We believe that digital assets represent the future of finance, and our goal is to facilitate their responsible growth and adoption. The Digital Assets Working Group is dedicated to developing robust regulations that foster innovation, security, and transparency. Together, we aim to shape MENA’s digital asset landscape into a trusted and flourishing ecosystem, benefiting both businesses and consumers alike.”

Mo’s career is marked by a track record of securing licenses, fostering key collaborations, and ensuring top-tier operational efficiency. He stands as a visionary at the forefront of innovation in these dynamic industries, shaping their future on a global scale.

Ronit Ghose is a distinguished figure in the tech and venture capital landscape, serving as an Advisory Board member for various prominent firms and a leading university in diverse global hubs such as Dubai, London, and Cape Town. His illustrious career includes a background in policy work, even having served as a bag carrier for a former UK Prime Minister, reflecting his deep involvement in the political sphere. Ronit’s expertise and influence extend into the realm of fintech, where he will play an integral role as a member of the MENA Fintech Association Digital Assets Working Group, further contributing to the evolution of this dynamic sector.

The MENA Fintech Association has partnered up with various companies such as Fuze, Circle, Binance, Meta, Circle, ADGM, DIFC, and other trailblazers across the spectrum of regulators, innovators, academia, legal firms, and venture capitalists.

UAE luxury real estate Group BENMARG to offer crypto payments with UBITQUITY

UAE luxury real estate Group BENMARG to offer crypto payments with UBITQUITY

UBITQUITY, a blockchain and real estate technology company for Real World Assets for web3 is thrilled has partnered with BENMARG Group, a luxury real estate agency based in Dubai, UAE. This to enhance the luxury real estate market by showcasing BENMARG Group’s exquisite property listings on CryptoListing, a prominent platform for real estate transactions using cryptocurrencies as well as enabled cryptocurrency transactions for these luxury properties through UBITQUITY’s innovative UbitquityPay service.

BENMARG Group is renowned for curating an exclusive portfolio of luxury real estate offerings in Dubai and beyond. The company’s commitment to delivering exceptional properties that cater to the most discerning clientele aligns perfectly with the capabilities of CryptoListing and UbitquityPay.

CryptoListing, a bleeding-edge platform, provides a secure and transparent environment for the purchase and sale of real estate using cryptocurrencies. This collaboration will allow BENMARG Group to tap into the growing global market of cryptocurrency enthusiasts and investors who seek luxury properties as a store of value and investment.

UBITQUITY, LLC’s UbitquityPay service is designed to streamline cryptocurrency transactions for real estate, offering both buyers and sellers a simplified and efficient process. This service will enable BENMARG Group’s clients to seamlessly complete cryptocurrency transactions when purchasing these high-end properties.

“We are excited to collaborate with UBITQUITY, LLC, to bring our luxury real estate listings to the CryptoListing platform. This partnership allows us to cater to a tech-savvy and global audience while providing a secure and efficient way to transact in cryptocurrencies,” said George Gabriel of BENMARG Group.

“BENMARG Group’s commitment to excellence in luxury real estate aligns perfectly with our mission to bring innovation to the real estate industry. We look forward to enabling seamless cryptocurrency transactions for their prestigious properties through UbitquityPay,” said Nathan Wosnack, Founder & CEO of UBITQUITY.

Representatives from both BENMARG Group and UBITQUITY are currently at the Future Blockchain Summit in Dubai, UAE.

Concurrently UBITQUITY and Women in Blockchain Canada have joined Forces to Fundraise and Forge Enterprise Partnerships as well as bring its tech innovations to MENA at Future Blockchain Summit.

Phoenix group’s IPO to be the first crypto blockchain IPO in UAE

Phoenix group’s IPO to be the first crypto blockchain IPO in UAE

UAE Crypto mining entity Phoenix Group announced on Linkedin, their eminent preparation for a landmark IPO (Initial public offering) on the Abu Dhabi Securities Exchange.

As noted on LinkedIn, “We’re thrilled to announce that we are gearing up for a landmark Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange. As a pioneering technology conglomerate specializing in cutting-edge blockchain and crypto solutions, this marks a significant milestone for us and the UAE. We’re the first crypto and blockchain entity to be listed in the #UAE.”

Founded in 2017 by Bijan Alizadeh and Munaf Ali, Phoenix is set to be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

In an interview Bijan Alizadeh, Phoenix Group CEO and Munaf Ali, the Phoenix Group’s managing director stated, “Our journey, originating from the heart of Abu Dhabi, has always been visionary, looking beyond borders and horizons. Today, as we stand at the cusp of this significant milestone, we are not just announcing an intention to IPO – we are sharing our commitment to a future where technology knows no boundaries.”

The company aims to be able to help create a more resilient, inclusive, and diversified global blockchain economy, and listing is just the first step towards achieving that goal.

Alizadeh adds,“Our aim has always been to champion innovation and contribute to Abu Dhabi’s positioning in the global tech landscape. This landmark announcement offers local, regional and global investors the opportunity to participate in making this iconic vision, a reality.”

Phoenix Group  has a total installed capacity of 725 MW across the UAE, Oman, US, Canada and Commonwealth of Independent States (CIS) countries, Phoenix specialises in a range of services, from high-performance computing to crypto and cloud mining, data centre hosting, crypto trading, and crypto mining products and equipment.

Earlier this month Phoenix group announced that it had sold 10% of its company shares to Abu Dhabi conglomerate International Holding Company’s subsidiary.

This announcement came at the heels of an agreement between Muscat-based Green Data City and Phoenix Group to develop a $300 million crypto-mining farm in Oman. The 150-megawatt farm, which will be one of the largest crypto-mining data centers in the region, will be installed in Green Data City, the entities said in a joint statement.

BSV Blockchain and MENA tech entity Silverline to showcase digital passports at Gitex 2023

BSV Blockchain and MENA tech entity Silverline to showcase digital passports at Gitex 2023

MENA based Silverline, leading technology company specializing in innovative solutions for public and private sector in the MENA  focusing on security, data integrity, and digital transformation, in partnership with BSV Blockchain are hosting an event at Gitex 2023 to showcase latest innovations in security, data integrity, digital passports, payment services, governmental solutions, that will be running on BSV Tera node solution with over 2.9 billion transactions since 2018 and the new unbounded scaling up to 1 million transaction per second in 2024.

GITEX Global, the world’s largest tech event, will provide the perfect platform for this groundbreaking event. From October 16th to 20th, at the Dubai World Trade Centre, attendees will have the opportunity to explore the transformative power of technology and witness how blockchain is revolutionizing industries and talk to the BSV web3.0 integrators that will be available on the stand (Silverline, Nchain, Smart Ledger, Vaionex, Unisot, Elas, Timechain labs, Gate2Chain, Certhash, Capital  tegmant, Manufact, Neucron).

BSV blockchain and Sharjah University launched its blockchain pilot to develop a blockchain metaverse system to preserve the UAE culture and heritage.

G20 governors adopt crypto asset roadmap while Saudi Central bank governor sees crypto as threat

G20 governors adopt crypto asset roadmap while Saudi Central bank governor sees crypto as threat

While the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Marrakech, Morocco communicated their appreciation to the IMF and FSB for putting together the IMF-FSB synthesis paper and their adoption of the roadmap on crypto assets offered in the synthesis paper, The Saudi Central Bank (SAMA) Governor Ayman Alsayari said that cryptocurrencies and their brokers pose a potential threat to financial stability.

The detailed and action-oriented Roadmap was considered by G20 FMCBG meeting attendees as essential to achieving their common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.

Members called for swift and coordinated implementation of the G20 Roadmap, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation and information sharing; and addressing data gaps. Members also asked the IMF and FSB to provide regular and structured updates on the progress of implementation of the G20 Roadmap on Crypto Assets.

As noted in their communiqué, “We support the ongoing work and global implementation of FATF standards on cryptoassets.”

On the other hand, The Saudi Central Bank (SAMA) Governor Ayman Alsayari said that crypto currencies and their brokers pose a potential threat to financial stability. At the meeting he stated, “We need good supervision, regulation, and coordination of crypto currency activities. In this context, we support the work and relevant roadmap of the IMF and the Financial Stability Board to address risks related to crypto currencies.”

The SAMA chief said that the global economy is witnessing massive slowdown compared to past decades, with high levels of inflation rates. “Tight monetary policies are being adopted around the world to bring down inflation. As a result, the global growth rate is expected to be around three percent this year and next,” he said.

This comes as Saudi Arabia develops its CBDC for internal bank payments and works on its virtual asset regulations.

Solana sets up in UAE and offers grant programs to members of DMCC crypto center

Solana sets up in UAE and offers grant programs to members of DMCC crypto center

Solana Foundation, the non profit organization dedicated to Solana Blockchain adoption and security has partnered with UAE based DMCC free zone and Government of Dubai Authority on commodities trade and enterprise, crypto center. Solana will offer technical and business development suport and their existing grant program.

The partnership compliments DMCC’s existing offerings and collaborations by increasing its members’ ability to develop their concepts and scale their businesses using Solana, one of the industry’s leading blockchain platforms.

Lastly, the Solana Foundation will join the DMCC Crypto Centre in delivering webinars and other educational courses on a range of important Web3 topics.

As part of this collaboration, Solana will set up a presence at the DMCC Crypto Centre to integrate with the ecosystem and collaborate with its thriving network of technology partners, exchanges, government entities, investors, incubators and accelerators, and service providers, as well as engage with the wider community of 23,000 companies operating in DMCC’s business district.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Solana is one of the most prominent blockchains in the world, boasting a market capitalisation of USD 8 billion, placing it in the top 10 largest crypto projects globally. Through this landmark signing, we will provide complimentary set up and business licensing for Solana ecosystem projects whilst our members can access a world-class blockchain platform and dedicated Solana engineering teams that can take their businesses to new heights. Providing this type of supportive environment is our core philosophy for the DMCC Crypto Centre. It is through this strategy that we have developed one of the most dynamic and value-creating ecosystems for Web3 firms, offering the largest concentration of crypto, blockchain and Web3 businesses across the MENA region – and a central driver behind Dubai’s rise into the biggest global Web3 innovation hub.”

Dan Albert, Executive Director, Solana Foundation, added: “With its high density of crypto companies and pro-growth attitude, providing support to the DMCC was a natural fit as we look to tap into the abundant Web3 value in Dubai. We look forward to working with members of the Crypto Centre to onboard them to our chain, as well as introducing our existing ecosystem to DMCC so they can also scale their operations.”

The DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain technologies, and associated value-added services, providing everything that crypto businesses and entrepreneurs need to set up and scale their operations.