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Cardano Summit to be held for second year in Dubai

Cardano Summit to be held for second year in Dubai

As Cardano Foundation gears up for its upcoming Cardano Summit which will be held once again in Dubai UAE between October 23rd-24th, Cardano news is buzzling in the UAE, with the announcement that the UAE police have piloted Cardano blockchain.

As per Cardano press release, the decision to host the Cardano Summit in Dubai once again pays homage to the city’s rich tradition of facilitating commerce and connectivity, plus driving forward technological innovation. Dubai has consistently ranked as one of the world’s most influential crypto hubs, with an encompassing blockchain strategy that makes the city a key region for the blockchain sector. By hosting the Summit in Dubai for the second year, the Cardano community will have the opportunity to tap into the innovation showcased at the Summit last year, strengthening connections, and building new relationships in one of the nerve centers of the blockchain world.

In addition, Cardano in its press release made it clear that Dubai in particular has deployed Blockchain in several key sectors. The Cardano Foundation’s CEO, Frederik Gregaard, commenting on the importance of the Summit 2024, said: “This is shaping up to be an exciting year for blockchain, with adoption across a wide range of sectors growing significantly. Dubai, in particular, has deepened the strategic deployment of blockchain in several key sectors, and we are thrilled to host the Cardano Summit in Dubai for the second time. Year on year, the Summit has proven to be invaluable in building connections, consolidating relationships, and catalyzing innovation.”

This comes at the heels of the announcement made by Chris O, the Founder of the Cardano GhostFund DAO, that Dubai police had submitted a Cardano based pilot project holding data management capabilities. As per Chris O’s X statement, “The project analyzed the secure sharing of sensitive data related to criminal investigations with authorities such as Interpol. The presentation of the Cardano integrated project highlighted the high level of security involved in sharing the scans of bullets in concrete obtained through an advanced scanner. Using the blockchain, significant forensic information was distributed safely among international stakeholders worldwide.”

He adds, “The blockchain ensures that the data is not tampered with and can be tracked among various stakeholders. This is an ideal use case for blockchain & Cardano. Ensuring data can be securely shared and managed in a decentralized network is becoming more and more relevant in industries from energy, defense to IoT.”

Few days earlier on March 4th 2024, EMURGO Africa, the investment and commercial arm of Cardano in Africa, announced the launch of EMURGO Labs, a dedicated development entity for emerging Web3 technologies. EMURGO Labs is designed to support the growth of established and nascent Web2 and Web3 organizations. EMURGO Labs is set to spearhead the digital transformation across borders, leveraging the transformative power of the Cardano blockchain.

Dubai’s DMCC now home to 600 crypto blockchain companies

Dubai’s DMCC now home to 600 crypto blockchain companies

DMCC announced the number of new companies that enrolled in 2023, with 123 new crypto and blockchain entities registering at the DMCC crypto center, culminating in 600 companies in total. By the end of 2022 DMCC had announced that it had 500 crypto blockchain entities registered in its freezone.

In total Dubai Multi Commodities Centre (DMCC) has enrolled 2,692 new companies in 2023, taking the total number of companies in DMCC to over 24,000.

The launch of new industry ecosystems, the expanded service offerings and the physical growth of the Uptown Dubai district with the launch of Uptown Tower have driven DMCC’s 2023 growth story.

DMCC accounted for 11% of Dubai’s total FDI inflows. As per the 2023 annual report, DMCC became a hub for trading of commodities such as diamonds, and precious stones, gold, as well as a hub for high value services such as crypto, gaming and Web3.

 Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “For DMCC, 2023 showcased its ability to sustain its record performance whilst undertaking crucial infrastructure expansions. Attracting 2,692 new companies is testament to our efforts to continuously enhance our value proposition year after year, reinforcing the role we and our members play in driving trade and investment, contributing up to 11% of all FDI inflows to Dubai. With the opening of Uptown Tower and the wider development of Uptown Dubai, our business district is stronger now than it has ever been, and we have set ourselves up for accelerated growth, a crucial factor as we accommodate new waves of investment to Dubai.”

 The DMCC Crypto Centre welcomed industry leaders such as Bybit, Solana and TDeFi into the fold alongside an additional 129 companies. The Centre is now home to 600 firms, further reinforcing its position as the largest concentration of crypto, blockchain and Web3 companies in the region.

Two core growth sectors for DMCC show promising opportunities in 2024 are the Gaming Centre and the impending launch of a new AI Centre. Over the past year, DMCC’s Gaming Centre doubled in size to reach almost 100 members at the year end.

UAE Judicial department puts virtual currencies on the table

UAE Judicial department puts virtual currencies on the table

The UAE Abu Dhabi Judicial department held the Fifth Abu Dhabi Justice Partners Forum and discussed virtual currency laws in regards to money laundering and terrorist financing. The forum discussed how legal professionals can fight these crimes in accordance to UAE legislation and international best practices.

Topics on the table included the definition and risks associated with virtual currencies, the relationship between blockchain technology and these currencies, and the potential impact of virtual currencies on the global economy.

Also discussed was deceptive techniques used in money laundering and terrorist funding, the involvement of regulatory organizations in combating these offenses, and the UAE’s efforts to address money laundering through legislation and international agreements.

The forum specifically focused on money laundering offenses, their elements and background, the obligations placed on financial institutions, business sectors, and non-financial professions in terms of combating money laundering based on national laws, and the connection between virtual currencies and financial crimes.

 Attendees were provided with information about the characteristics of cryptocurrencies and their connection to money laundering and terrorist financing, as well as tactics for identifying suspicious transactions involving virtual currencies.

The forum highlighted the responsibilities and roles of lawyers and legal experts in combating financial crimes. It specifically emphasized the importance of finding a middle ground between client privacy and ethical principles while reporting suspicious criminal activities.

Furthermore, the forum emphasized the significance of conducting due diligence on customers when dealing with virtual currencies and staying informed about the challenges posed by new and advanced technologies.

This Forum and discussions held come after the UAE was taken off FATF (Financial Action Task Force) and is indicative of the UAE’s commitment to combating financial crime.

Qatar Blockchain startup unveils two new SaaS products

Qatar Blockchain startup unveils two new SaaS products

Qatar based Blockchain solutions provider Genesis Technologies unveiled two innovative software as a service offerings during their participation at the Web Summit in Qatar in February 2024.

The first offering, Imdaat is a decentralized digital signature system powered by blockchain technology. Imdaat is specifically designed to streamline the process of document signing and attestation, providing a secure and efficient solution for businesses.

The second offering Sheel is a distributed file management system that leverages blockchain technology to enhance the security and privacy of critical documents. Sheel offers a robust platform for managing sensitive information with confidence.

According to Mazen El Masri, CEO of Genesis Technologies, both products harness the power of blockchain to offer cutting-edge solutions in their respective domains.

El Masri added, “The Genesis Technologies LLC team exhibited imdaat and sheel to prospects, discussed industry pain points with experts in the field, and established valuable connections. As young startup, we need platforms such as the Web Summit to share knowledge and build relevant partnerships.”

These two new products were announced after Genesis Technologies partnered with BRI Middle East for the launch of a Blockchain Data Storage System in Qatar. The system backed up databases in a distributed way, which increased security, availability and readiness to data, and secured continuous connectivity without downtime.

In 2022, Genesis launched its first product Maxya, a blockchain that requires miners to solve complex logistics problems and produce business-usable data, unlike other proof-of-work blockchains that require solving complex computational puzzles with no usefulness beyond securing the network.

Mazen El Masri described Maxya’s consensus mechanism as Proof of Useful Work, and indicated that designing blockchains this way makes them carbon negative, because they create two uses for electricity solving logistics problems and validating transactions.

Oman based Mamun to invest $1 million in Shariah compliant and digital asset startups

Oman based Mamun to invest $1 million in Shariah compliant and digital asset startups

Oman based Mamun Ventures announced that it will be investing $1 million in Shariah compliant startups and digital asset startups.

As per a LinkedIn post Mamun stated, “Exciting News!  Mamun is dedicating $1,000,000 USD to Invest in Sharia-Compliant Startups in MENA Region! We’re thrilled to announce that Mamun Ventures is allocating $1,000,000 USD in funding from our generous partners to fuel our mission of investing in innovative startups across the Middle East and North Africa (MENA) region.”

Startups in the MENA region, at early stages, pre-seed or seed stages are eligible.

Mamun notes that they are interesting in startups that have a marketplace angle and involve supply chain participants.

Mohammed Al-Tamami speaking to LaraontheBock stated, “We will also be investing in Shariah compliant digital assets, Web3 companies, crypto entities covering the entire Shariah compliant space.”

In December 2023, UAE and Singapore based Triterras, a fintech company focused on digital trade and supply chain finance, using Blockchain enabled trade finance platform Kratos, partnered with Oman based Mamun, fintech infrastructure provider to bolster trade finance in Oman.

In February of this year, Oman’s Ministry of Housing and Urban Planning (MoHUP) announced its roadmap for 2024 which will encompass 130 initiatives of which blockchain technology will play a part.  The Oman Ministry of Housing intends to launch a unified portal with one of its main components being blockchain.

Oman was also one of the first countries in the MENA region to launch crypto mining datacenters.

UAE AYA Blockchain fundraising platform for sustainability partners with Blockpass

UAE AYA Blockchain fundraising platform for sustainability partners with Blockpass

UAE based AYA, a regulated fundraising platform focused on the intersection of Blockchain and sustainability has partnered with Blockpass, Web3 OG identity verifier, to strengthen AYA’s compliance procedures.

Through the partnership Blockpass will provide risk assessment and risk classification of onboarding customers, customized forms based on the customer’s and regulator’s requirements, regular rigorous wallet compliance checks to protect user transactions, and evaluation of risks associated with wallets to ensure the absence of fraudulent and suspicious transactions.

This will involve the gamut of Blockpass’ products, including KYC, KYB and AML solutions, the new Advanced KYC Bot™, ongoing monitoring, and Blockpass’ Unhosted Wallet KYC™.

Blockpass, has pioneered reusable identities and crypto-native KYC/AML solutions. Its turnkey suite of compliance tools is designed to lower onboarding costs, automate remediation, prove humanity and protect against malicious actors, fraudulent activities, bots, and AI.

Businesses can set up services quickly, test them for free, and start verifying users. With around one million verified identity profiles, Blockpass facilitates instant onboarding, and to date over a thousand businesses have taken advantage of this opportunity to benefit from Blockpass’ compliant network.

AYA is the Middle East and North Africa region’s first regulated Climate Finance Platform, regulated by Dubai’s Virtual Assets Regulatory Authority (VARA) in 2023. Built on blockchain technology, AYA focuses on helping climate tech projects raise capital from its community of investors, utilizing carbon and nature-based credits as assets. AYA will leverage its team’s experience from building and running Enjinstarter – an extensive crowdfunding platform focused on gaming, entertainment, and the metaverse – to curate a nurturing ecosystem of mentorship, funding and collaboration where trailblazers can leave a lasting legacy of sustainability for future generations.

“Through our strategic partnership with Blockpass, we at AYA reaffirm our commitment to upholding the highest standards of AML and KYC practices in the industry. This collaboration underscores our dedication to fostering a secure, compliant, and trustworthy environment for our users, laying the foundation for a more responsible and sustainable future in the virtual asset space.” said Vasseh Ahmed, Managing Director of AYA.

“We’re delighted to be working with a company that is so focused on the future of both blockchain technology and the planet.” said Blockpass CEO Adam Vaziri. “We have previously worked with Enjinstarter and it’s an honor to be chosen once again to work with such a visionary team on such an important project.”

By working together, Blockpass and AYA will ensure that the sustainable futures of blockchain technology and the world are secured against identity fraud and money laundering. In ensuring regulatory compliance, Blockpass will help AYA grow and flourish as it seeks to nourish suitable projects and innovate in a responsible manner.

UAE carbon management company launches blockchain and AI ESG platform

UAE carbon management company launches blockchain and AI ESG platform

ImpactGulf, a UAE based carbon management company, has launched an AI Blockchain enabled platform called G4Green, to bring transparency to the ESG (Environmental Sustainable Goals) space. The platform will enable large organizations as well as government agencies and global institutions to bring together their entire network of suppliers, partners, members or portfolio companies on the basis of ethical principles, onboard them in one go, monitor and drive their sustainability performance and implement incentive tools to accelerate their ESG journey.

As per the press release, the platform serves as an internal database and green navigator to help organizations map the ESG factors that are beyond their direct control, yet for which they are held accountable. With a complete view of their stakeholders’ green performance, organizations can easily engage their suppliers in green activities, enable them to set sustainability goals and upload their CSR, ESG and carbon accounting reports and accreditations, while companies new to green practices can use AI to help set their first sustainability goals.

As an enterprise solution, G4Green also assists in identifying sustainable products, services, partners and suppliers, as well as initiating green procurement and building a green supply chain.

Using AI to detect false sustainability claims from large organizations and their suppliers and partners, the platform also helps companies avoid greenwashing, including through scanning their own social media posts for sustainability claim violations before posting.

Commenting on the platform, Yassin Nasri, Founder & CEO of ImpactGulf, stated, “G4Green represents a significant milestone in our ongoing commitment to driving positive environmental change and building capacities in the sustainability space. By providing organizations with the tools and resources to streamline their sustainability efforts, we aim to catalyze a broader shift towards greener business practices. Building and operating a sustainable business is not possible without engaging the entire supply chain.”

The platform provides an excellent foundation for green procurement, ESG risk assessment and sustainable stakeholder empowerment. It is built on the latest technological infrastructure, including the use of AI for data analysis and greenwashing avoidance, as well as blockchain technology for sustainability data traceability.

“Ultimately, the platform is about how key stakeholders in business and society can take their corporate community on an ESG journey, identifying the emissions hotspot within their value chain and minimizing the risk of dumping chemicals into the ocean anywhere in the world, or other unethical practices such as the employment of children by a supplier or partner. G4Green is the answer to all these key ESG risks,” concludes Yassin.

Vidunas Gedeikis, CTO at ImpactGulf, added: “Depending on individual needs, our platform is able to adapt to clients’ own ESG and partner engagement metrics, and integrate advanced technologies, including AI-driven data analytics and blockchain-enabled traceability, to ensure the integrity and reliability of sustainability initiatives. With the customization capabilities of G4Green, we are paving the way for a more transparent, interconnected approach to sustainability management.”

Venom Blockchain Foundation exits UAE to The Cayman Islands

Venom Blockchain Foundation exits UAE to The Cayman Islands

One year ago to date, the Abu Dhabi Global Market, (ADGM) an international financial center, based out of Abu Dhabi UAE, had announced on LinkedIn that Venom Foundation was the first licensed crypto foundation which would be building a scalable blockchain, today Venom Foundation is no longer in ADGM, but has established a new foundation in the Cayman Islands.

A year ago, ADGM was very hopeful. ADGM statement read, “Venom Foundation is set to become one of the most anticipated blockchain phenomena, enriching the ADGM community and the nation as a whole! Subject to the relevant regulatory approvals, Venom Foundation will work with ecosystem participants to ensure that such products are offered in a compliant manner within the trusted and well-regulated environment of ADGM.”

Today Venom’s announcement made on medium changes the narrative, as Venom Blockchain gears up towards its mainnet launch on March 18th 2024. The post reads, “Recently, Venom underwent a transformative phase by establishing a new foundation in the Cayman Islands. This strategic move signifies a leap forward, aligning Venom with the progressive regulatory framework of the Cayman Islands and the British Virgin Islands (BVI). By doing so, Venom reaffirms its commitment to providing secure, reliable, and innovative cryptocurrency services to its users worldwide.”

So it would seem that either ADGM dropped Venom Foundation after all the turmoil that the entity went through in the past year, or Venom Foundation dropped ADGM license, created a new foundation, and set it up in the Cayman Islands and BVI.  

Talking about turmoil, Venom Foundation was brawled in a legal battle. In July 2023, Alibek Garcia Isaev, one of the main investors in Venom Foundation, was pushed into the center of a very controversial legal entanglement which brought a lot of criticism not only to Issaev but inadvertently Venom Blockchain, and its Foundation. He was then found innocent in December 2023.

But before the final ruling, Venom had also lost one of its very early investors and executives. Mustafa Kheriba, the Executive Chairman of Venomex, a UAE regulated crypto exchange and one of the initial investors and supporters of UAE based Venom Blockchain Foundation resigned from his position at Venom Foundation. It is noteworthy that it seems the relationship between Venomex and Venom Foundation is no longer there. Venomex looks to be a standalone entity still regulated in ADGM, while on Venom Foundation website, there is no mention of Venomex anymore. What’s more Kheriba is still a registered director according to FSRA website.

In the about section of Venom Foundation on medium, the company notes that Venom is a multi-blockchain network being a basis for scalable Web3 applications in the DeFi and Global Payments markets. Venom Foundation main priority to develop and support a self-sufficient blockchain ecosystem has attracted developers to build various projects: VenomWallet (non-custodial wallet with a multisig option and ledger support), VenomScan (to access transactions history), VenomGet (an easy gateway to Venom tokens), VenomBridge (allowing the interchain transactions), VenomPools (to stake on validator nodes), Web3.World (native decentralized exchange). No Venomex exchange is listed.

So while Venom Foundation has moved on to greener pastures, so has ADGM. It launched its new DLT regulation that would allow DLT (Distributed Ledger Technology) Foundations, DAO (Decentralized Autonomous Organizations) to issue tokens. Soon afterwards, IoTa Foundation received the first DLT Foundation license.

If there is one takeaway from all this, it is that the virtual assets scene is ever changing and the regulations ever growing. So while the UAE says goodbye to Venom Foundation, as it did to Hayvn, it is welcoming many others onboard.

Moroccan Blockchain startup raises $1.5 million for brand loyalty market

Moroccan Blockchain startup raises $1.5 million for brand loyalty market

Tookeez, a Moroccan Blockchain loyalty startup, has raised $1.5 million from Azur Innovation Fund, a public private seed capital fund in Morocco.

As per the press release, the startup plans to use the funds to expand into Morocco and the MENA region. The funds will also go into technical development for its blockchain technology system. The fintech startup is a universal system that aggregates loyalty points from a wide range of brands into a single wallet. This wallet enables transactions to be carried out across a wide network of shops and brands, making the platform a source of additional value and complementary income for the ecosystem.

Following this, tookeez plans to expand into other African countries by 2026 to reach 4 million active members by 2028.

Hicham Amadi, Wiam and Siham Emejjad founded tookeez with an aim of eliminating the challenges associated with loyalty point conversions and transforms the royalty program ecosystem. The biggest challenge is point accumulation which is usually slow, while redemption is also difficult.

Siham Elmejjad, CEO of tookeez, comments, “We are humbled by the trust of our investors. This fundraising marks a crucial step in our development. Our goal is to reach 4 million active members by 2028. To make tookeez a true ecosystem of economic and financial inclusion for our continent.”

tookeez collects loyalty points from multiple brands and stores them in a wallet, which users can then use to transact across a large network of stores and brands. Brands use tookeez to allow their customers to pay with accumulated points.

Azur Innovation Fund noted that it is proud to collaborate with tookeez, recognizing that the startup is redefining the customer loyalty ecosystem. “Our ambition is to support entrepreneurs who have a significant impact on the world, and tookeez embodies this vision perfectly,” Adnane Filali, President of Azur Innovation Fund, said.

The loyalty market in Africa and the Middle East is expected to reach $6.48 billion in 2024. Between 2019 to 2023, this market recorded a CAGR value of 12.1%. It is predicted that this market in the region will continue to grow at a CAGR of 9.7% between 2024-2028.

Customers of M2 crypto exchange can win big with token loyalty campaign

Customers of M2 crypto exchange can win big with token loyalty campaign

M2, the UAE regulated crypto exchange has launched a token loyalty reward program. By simply holding MMX tokens, users win a guaranteed share of up to 300,000 USDT. The campaign aims to reward al MMX token holder on M2 exchange.

The campaign, which runs March 8th to April 19th, offers participants the chance to win their share of a 300,000 USDT simply by holding MMX tokens in their M2 wallet.

How does it work? It is simple, hold a minimum of 200 MMX tokens in a M2 wallet to qualify for entry into the draws. The more MMX tokens held, the greater your chances of winning. Existing MMX holders are automatically eligible for the draw from the campaign’s launch date. New customers can join the campaign by purchasing 200 MMX tokens during the campaign period.

Weekly Draws Schedule:

• 15th March: 20,000 USDT draw – top prize 2,000 USDT

• 22nd March: 30,000 USDT draw – top prize 3,000 USDT

• 29th March: 40,000 USDT draw – top prize 4,000 USDT

• 5th April: 50,000 USDT draw – top prize 5,000 USDT

• 12th April: 60,000 USDT draw – top prize 6,000 USDT

• 19th April: 100,000 USDT draw – top prize 10,000 USDT

The campaign will conclude with a final draw on April 19th at the Token2049 event in Dubai, featuring a top prize of 10,000 USDT from a guaranteed prize pool of 100,000 USDT.

“Our MMX token promotion campaign underscores our commitment to rewarding our loyal community members and driving engagement within the MMX ecosystem,” said Stefan Kimmel, CEO of M2. “We’re excited to offer this exclusive opportunity to our valued MMX holders and look forward to seeing the positive impact it has on our community.”

To qualify for the MMX Loyalty Rewards, participants are required to hold their MMX tokens within an M2 wallet. All M2, MMX holders, whether existing or new, are eligible to participate in the campaign from the day of its launch subject to the exclusions specified in the Terms and Conditions. This inclusive approach ensures that all members of the MMX community have the opportunity to take part and potentially win big.

To participate in the campaign, MMX holders simply need to ensure they hold a minimum of 200 MMX tokens in their M2 wallet. Existing holders are automatically entered into the draw, while new customers can join by purchasing 200 MMX tokens during the campaign period.

This offer is from M2 Global Wealth Limited, a registered Digital Asset Business regulated and authorized by the Securities Commission of The Bahamas. It is not a product offered by M2 Limited; M2 Custody Limited, which is regulated and licensed by the Financial Services Regulatory Authority of Abu Dhabi Global Market.