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OKX says Dubai’s Virtual asset regulator has given MVP Preparatory license approval …. But… has it really?

OKX says Dubai’s Virtual asset regulator has given MVP Preparatory license approval …. But… has it really?

It s no surprise that global crypto exchanges are flocking to the UAE, first it was Binance, then Kraken which left, then crypto.com, coinbase, and now the second biggest global exchange OKX.

OKX announced unilaterally that it had received a minimal viable Preparatory license from Dubai’s virtual asset regulatory authority (VARA). In 2022 OKX had received its provisional license and opened offices at the Dubai World Trade Centre. 

In the announcement they stressed that the UAE is a key strategic growth and business hub for OKX global with the company planning ot hire 30 staff locals and senior management.

OKX also added that it plans to extend its nine-figure brand partnerships to the UAE with customer and fan-focused activations and activities.

As per the announcement, once licensed to be operational, OKX Middle East will be able to extend its approved suite of duly regulated virtual assets activities and will provide spot, derivatives, and fiat services, including USD and AED deposits, withdrawals and spot-pairs, to institutional and qualified retail customers.

OKX Global Chief Commercial Officer Lennix Lai said, “We’re thrilled to receive the MVP preparatory licence from VARA. Regulated entities are the future of digital assets and capital markets and Dubai and VARA have succeeded in creating a unique environment where VASPs can thrive. With the expansion into a new office this year, we are focused on hiring local staff and senior management. The MENA region has incredible potential as a centre of excellence for Web3 and virtual assets, we look forward to the opportunity to expand the already growing ecosystem across the region.”

OKX Chief Marketing Officer Haider Rafique  added “We’ve been waiting to enter the UAE and we want people here to experience our products first hand. We’re different – we do things in a measured and transparent manner. May was our seventh consecutive month of publishing our proof of reserves, making us the only crypto exchange globally with that commitment. This attitude is consistent with the brand partners who represent us, Manchester City Football Club, McLaren Racing, and the Tribeca Festival. We take our time, and do things the right way.”

But on VARA’s website OKX is not listed in its public register, while Crypto.com, Binance, and BitOasis are. This is despite the fact that both Crypto.com and Binance have the same license approval as OKX.

This is not the first crypto exchange or virtual asset service provider to unilaterally announce they have received a license yet have never been put on VARA’s public register. Examples include, Aquanow, Maskex crypto exchange, Fasset tokenized assets exchange, and many others.

The question that is puzzling is why? Why put some names and not others, why highlight some companies in VARA press releases, like for example BitOasis, Crypto.com, GCEX, Enjinstarter, Binance, Hextrust, , but not Maskex, OKX and many more?

It might seem to be a small discrepancy, but to those who look at the VARA website as a legitimate source for knowing the status of VASP entities regulated in Dubai, it is a significant slip-up or maybe not!

As an update to this article, OKX has now been listed on VARA’s registry page on its website, still waiting to see Maskex, Aquanow and others 

UAE Ferg money exchange group to start accepting crypto after UAE central bank regulations come out

UAE Ferg money exchange group to start accepting crypto after UAE central bank regulations come out

UAE money exchange company, Ferg ( Foreign Exchange and Remittance Group) CEO has stated that the company as well as other money xchanges will start to accept crypto after Central Bank regulations are out sometime at the end of 2023 or early 2024. 

Adeeb Ahamed, Vice Chairmen of Ferg and managing director of LuLu exchange stated, “We are constantly in conversation with the Central Bank and waiting for the regulations. The Central Bank understands the use case of cryptos – CDBC (central bank digital currency). Cryptos is something that has definitely been taken up by the world. It needs to be part of the payment ecosystem. We are very sure that with the regulations coming out by the Central Bank, we will also start accepting.”

Ahamed expects regulations around digital currency are likely to come out later this year or early next year.

These statements were made on the sidelines of Ferg’s Techno meet 23 in Dubai UAE.

Ahamed added that exchange houses could no longer be content by being traditional models of doing business. “In the fast era of digitalisation, it is very important that we find partners that make the journey of customers much easier.

UAE Blockchain tokenization exchange for Carbon credits partners with UK BeZero Carbon

UAE Blockchain tokenization exchange for Carbon credits partners with UK BeZero Carbon

UK based  BeZero Carbon has partners  with UAE Blockchain security token platform for carbon credits ACX (formerly known as AirCarbon Exchange) to host its carbon credit ratings on ACX’s Abu Dhabi exchange – bringing transparent carbon ratings to a new audience in the Gulf States.

The ACX Abu Dhabi exchange is the world’s first fully regulated carbon trading exchange built on blockchain. All users of this exchange will now be able to access BeZero’s Carbon’s ratings for carbon offset projects in real time, allowing them to make informed decisions about carbon credit quality before investment.

This new partnership expands on an existing partnership between BeZero and ACX, which saw BeZero’s ratings hosted on other ACX platforms across the world.

BeZero’s risk-based ratings are essential to scale investment in the Voluntary Carbon Market, providing market participants with the information they need to make informed decisions about carbon credit investments.

Tommy Ricketts, CEO and Co-founder of BeZero Carbon stated, “We are pleased to extend our partnership with ACX and bring our expert assessment of carbon credit quality to a new audience in the Gulf. The Voluntary Carbon Market is a critical tool for climate action, and companies need access to risk analytics to help them make informed decisions about how to invest in high quality credits. By offering our carbon ratings on the exchange, we hope to scale investment in the VCM and support the allocation of vital capital towards high quality projects to enable the Net Zero transition.”

William Pazos, Co-CEO and Co-Founder of ACX, added, “Transparency is integral to scaling the Voluntary Carbon Market. We are proud to be building upon our existing partnership with BeZero Carbon to offer their carbon ratings to participants on our Abu Dhabi exchange. The risk-based ratings they provide will help our members better understand their carbon credit investments, and we are pleased to continue our partnership with a knowledgeable business committed to upholding integrity in this rapidly scaling market.”

Blockchain solutions provider Avanza Innovations to unveil metaverse solutions with UAE Banks and governmental entities

Blockchain solutions provider Avanza Innovations to unveil metaverse solutions with UAE Banks and governmental entities

UAE based Blockchain enterprise solution provider, Avanza Innovations, has announced the Orion metaverse platform and will unveil metaverse solutions for banks and governmental entities during Gitex 2023.

Avanza has been offering blockchain solutions built on its Cipher blockchain platform to governmental banking, and enterprise clients across the UAE and GCC region, adding to this offering Avanza Innovations has now introduced its metaverse platform, Orion.

Orion is specifically tailored for businesses and enterprises that want to go beyond existing metaverse platforms to offered a comprehensive digital channels for interaction and transactions.

Speaking to LaraontheBlock, Waqas Mirza, CEO of Avanza Innovations explained, “ We will be offering Orion in the UAE in two verticals, banks and government tier one entities. Both industry sectors will be launching something, they all want to go beyond just 3D immersive  content to offering actual services on the metaverses. We are working with quite a few government entities here and banks and you will see a lot of solutions getting unveiled at Gitex.”

While Orion is a totally different product it does use some of the offerings available in Blockchain platform Cipher. Mirza explains, “ Cipher and Orion are very different products  obviously the team has used a lot of things from Cipher but I wouldn’t say Orion is built on Cipher architecture or framework. In terms of AI we integrate with AI models such as Chat GPT or anything else for self service bots or AI driven bots, we ride on other AI models.”

Avanza believes that a metaverse platform designed for enterprises must not only offer immersive 3D experiences, but also encompass a robust toolkit and a comprehensive range of enterprise-ready features that secure and assist both enterprises and their customers across various journeys and transactions.

Orion bridges the gap between current metaverse platforms and enterprises’ expectations of a comprehensive 3D digital channel that adheres to their security and customer service policies. With extensive experience working with top-tier government entities and large enterprises, the company comprehends the requirements and expectations of businesses for an all-encompassing 3D channel.

Avanza believes that enterprises face two major challenges in adopting the metaverse: finding a metaverse platform that aligns with their security, customer service, and governance policies, allowing for enhanced customer interactions, engagements, and transaction experiences, and identifying suitable use cases and journeys that meet the criteria for integration with a metaverse platform.

Orion, equipped with a comprehensive set of features and enterprise-ready frameworks, is poised to redefine enterprises’ perception of metaverse adoption. By unlocking a plethora of new use cases and customer engagement models, Orion will revolutionize business operations and customer experiences.

Qatar research Innovation Council: Blockchain, AI, and metaverse most important tech transformations

Qatar research Innovation Council: Blockchain, AI, and metaverse most important tech transformations

In a recent interview with Qatar News Agency, the  Secretary-General of Qatar’s Research Development and Innovation Council (QRDI) Eng. Omar Ali Al Ansari affirmed that artificial intelligence (AI) science and the digital revolution related to “metaverse” and “blockchain” are among the most important technological transformations in the current era.

He believes that these technologies are important due to their contributions to the development of scientific research and innovation, through its ability to analyze huge amounts of data and process them faster and more effectively, which leads to the discovery of new patterns in the data and contributes to innovative scientific discoveries.

Al Ansari  added that  the digital revolution and Blockchain technology will provide new levels of security, transparency and security for information, which contributes to the development of methods of dealing with information and data, storing and exchanging them. It also enhances trust and cooperation and opens new horizons in this field.

As such the council aims to promote technological development by stimulating and nurturing talent, as well as expanding the knowledge of the research and development community in the areas of artificial intelligence, big data analysis, and others.

The Council endevours to  provide new opportunities for cooperation with relevant authorities from various countries of the world, with the aim of exchanging information and expertise and promoting scientific and technological progress.

According to Al-Ansari  the Council is about to launch a new program package to support innovation in the private sector, as part of the third national development strategy, where it provided new platforms and programs in order to explore innovation opportunities in a limited range of major national companies and some government agencies, which establishes the importance of adopting innovative solutions in order to build new competitive advantages to raise its production efficiency.

Al Ansari explained that QOI program has received, since its launch, more than 400 submissions from innovators across Qatar and the world,  all of which focused on the areas of health, energy, environment, transportation, education and smart cities, noting that the council announced during the past months that 9 companies won this grant.

In addition the Product Development Management Program, which is being implemented in cooperation with Qatar Development Bank, has attracted 25 participants from 11 small and medium local companies.  About 30 senior government employees (directors and heads of departments) from 10 ministries participated in the Government Innovation Leadership Program. (QNA) 

These statements come at a time where,  Qatar Genesis Technologies, the developers of the Maxya Blockchain platform, are holding meetings and workshops with banks in Qatar to learn from the experiences of fintech.

According to Mazen El-Masri Cofounder and CEO of Genesis Technologies in a LinkedIn statement, “ A banking-as-a-service approach can be adopted to expedite the move from the monolithic structures of legacy core banking systems into a lighter service-oriented banking solution stack. To achieve this transformation, it is now more important than ever for banks to partner with (or acquire) fintechs with solid innovations and at the same time exploit their existing assets to enable new sources of growth in their reconfigured banking value chain.”

He added, “ With the sponsorship of Qatar Central Bank, we enjoyed a great discussion with the banking sector in Qatar with over 50 attendees. We at Genesis Technologies LLC are enthusiastic about the coming banking/fintech partnership and we expect that it will bring to light the next generation of banks.”

Qatar has been strongly moving forward in its blockchain and digital asset strategy. It seems we will be seeing a lot in Qatar over the next few years.

Blockchain Research Institute partners with Saudi IR4LAB to spur Blockchain adoption in KSA

Blockchain Research Institute partners with Saudi IR4LAB to spur Blockchain adoption in KSA

The Blockchain Research Institute – Middle East (BRI-ME), the exclusive partner of The Blockchain Research Institute, an independent, global think tank, dedicated to exploring and sharing knowledge about the strategic implications of blockchain on business, government, and society co-founded by Dr Don and Alex Tapscott, has signed a partnership agreement with KSA based IR4LAB, a Saudi-based company specialized in disruptive technologies such as Blockchain and Artificial Intelligence, to develop and spread the blockchain adoption in Saudi Arabia and the MENA region.

The signing ceremony was held under the auspices of the Saudi Arabia’s Ministry of Communication and IT (MCIT) in Center of Digital Entrepreneurship (CODE) Riyadh headquarters. In attendance live from Canada was Dr Don Tapscott, well renowned global blockchain author and expert, and founder of BRI.

Key representatives from several Saudi governmental and private entities were present including MCIT, Communications space & Technology Commission, Saudi Aramco Entrepreneurship, Plug and Play as well as the Canadian embassy.

Both BRI-ME and IR4LAB will work together to collaborate in the area of blockchain technology research, consulting and development of solutions, use cases, as well as cooperate to organize blockchain events, training programs and workshops in the Kingdom and the MENA Region.

Majd AL AFIFI Co-Founder and CEO of IR4LAB, stated,”We are very proud of this partnership; it will bring much needed collaboration and cement Saudi Arabia’s position in Blockchain technology.”

Mohamed EL KANDRI Co-Founder and CTO of IR4LAB added, “Partnering with the largest Blockchain Think tank in the world is a landmark development for Blockchain adoption in the region, and we are happy to lead the way alongside likeminded partners”

Aline Daoud, Managing Partner and Founder at the Blockchain Research ME, said, “We are proud to join forces with IR4LAB who have been revolutionizing the Blockchain adoption in the Kingdom and the region. Together we will be fostering, growing, and supporting the interest in the blockchain technology in the country as we offer our joint trainings, research, events and consultancies. “

BRI-ME and IR4Lab took the opportunity to announce about the first upcoming event in Riyadh which will take place on the 19th of October 2023, The Web3 Summit: Blockchain and Beyond, will be a private event covering Blockchain for Oil & Gas, Banking & Finance, Supply chain & logistics, Smart Cities and Women in Web3. Dr Don Tapscott will be flying in all the way from Canada to address the audience with a 45-min keynote speech for the first time in Saudi Arabia. (More on the event can be found: https://web3summit-ksa.com/)

This comes after IR4LAB announced its expansion into Africa. 

UAE Next IT systems partners with U.S. Blockchain entity for digital identity solutions

UAE Next IT systems partners with U.S. Blockchain entity for digital identity solutions

UAE based NEXT IT & Systems partners with U.S. based IDD Lab  to revolutionize solutions for multiple industries by leveraging  Blockchain Technology. NEXT IT & Systems, a prominent software development group, has joined forces with IDD Labs, a leading blockchain technology group based in USA, to develop cutting-edge blockchain solutions aimed at enhancing identity across diverse sectors, including supply chain, KYC/AML, payments, and more.

IDD Labs, a software technology group with specialization in blockchain, played an instrumental role in launching the identity-based Accumulate network, which went live November 2022, and is a hard fork of Factom – a blockchain network which has been running successfully since 2016.

“As the CEO of Next IT & Systems, I am thrilled about our partnership with IDD Labs,” says Shaik Hamdan. “This collaboration represents a pivotal moment in our journey towards revolutionizing the market and driving the widespread adoption of cutting-edge technologies. By combining our expertise, we are confident that we can achieve remarkable breakthroughs that will reshape industries and empower businesses on a global scale.”

“With our combined capabilities, we will develop game-changing solutions that redefine industry standards,” serial entrepreneur Mr. Hamdan continues. “Our focus will be on delivering innovative products and services that enable businesses to gain a competitive edge. By harnessing the power of blockchain, artificial intelligence, and other cutting-edge technologies, we will empower our clients to unlock new levels of efficiency, security, and profitability.”

Mr. Hamdan concludes by expressing his confidence in the partnership’s potential to make a lasting impact. “The journey ahead is one of immense opportunity, and I am excited to embark on it together with IDD Labs. By leveraging our collective strengths, we are confident that we will create a lasting legacy of innovation and transformation. This partnership will not only benefit our respective companies but also elevate the entire industry to new heights.”

Michael Creadon, president of IDD Labs added, “We are thrilled to partner with Shaik and his NextUAE team. Along with NextUAE and our friends at Leonard Mcdowell who brought us together, we share the vision and desire to change the world for the better. Counterparties across every border, corporation and industry in the world need better information about who they are transacting with on a daily basis. Regulators demand this; so, too, do clients and shareholders. The tools we will jointly design, build and take to the market will serve as the base layer to move “identity as a service” in to the big leagues”.

Accumulate disrupts the blockchain landscape as the first-ever blockchain organized around decentralized digital identities. With its cutting-edge technology, Accumulate enables the construction of complex organizations and data structures through interconnected identities and human-readable URLs. The platform also introduces a groundbreaking security architecture, empowering users to rotate, backup, and recover keys seamlessly, while offering enterprises advanced access controls for digital asset management. By transcending the limitations of traditional smart contracts, Accumulate paves the way for unprecedented possibilities in various industry verticals.

Saudi-Based Blockchain Company IR4LAB expands its operations to Africa

Saudi-Based Blockchain Company IR4LAB expands its operations to Africa

During Gitex Africa, held in Morocco from 31 May – 2 June 2023, IR4LAB, a Saudi-based company specialized in disruptive technologies such as Blockchain and Artificial Intelligence., announced that it would be expanding its operations into Africa. The announcement was made during Gitex Africa. 

The expansion is part of IR4LAB’s commitment to the African continent and their aim to spur innovation in deep technologies and implement use cases utilizing IR4LAB’s Blockchain solution, DocCerts as well as other solutions offered.

Mohamed El Kandri, CTO and Co-Founder of IR4LAB, who made the announcement at the event, stated, “We are happy to be expanding into the African market. We believe that Africa’s digital economy will grow and we want to be part of this growth in innovation and digitization, but also building local capabilities right from Morocco to Africa”.

According to Mckinsey & Company, Africa’ digital economy should top $712 billion by 2050 fostered by its youthful population, smartphone adoption, and internet penetration.

Majd AL AFIFI, CEO and Co-Founder of IR4LAB adds, “More and more blockchain entities are setting up base in Africa, but we are glad that IR4LAB will be the first from Saudi Arabia to do so with the support of our leadership”.

This was not their first participation in Africa. In March at the first World Maintenance Summit 2023, held between 11th-12th May at King Mohamed 6 University in Marrakech (Morocco), organized by Morocco’s largest group OCP and its subsidiary OCP MS, IR4LAB presented on the use of Blockchain in industrial maintenance in general and specifically in industrial inspection.

At the event El Kandri highlighted the role that Blockchain could play in maintenance 4.0 and the benefits of using Blockchain in industrial inspection, he has also provided real life examples from IR4LAB’s current projects.

Prior to this During Saudi’s leading tech event LEAP 2023, held between February 7th-9th in Riyadh KSA, IR4LAB and SGS (Saudi Ground Services), jointly announced the implementation of DocCerts Blockchain management solution for all training related digital documents and ground service equipment licenses issued by SGS at 28 Saudi Arabian airports where SGS provides ground services.

IR4LAB, also recently was accepted into the Ministry of Communications Information Technology tech champions accelerator program powered by Silicon Valley’s Plug and play. Plug and Play was an early investor in Google, PayPal, Dropbox, LendingClub, N26, Soundhound, Honey, Kustomer, and Guardant Health.

UAE ADGM imposes penalties on 10 Leaves blockchain and digital asset business consultant

UAE ADGM imposes penalties on 10 Leaves blockchain and digital asset business consultant

UAE’s Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has announced that it has taken enforcement actions against 10 Leaves Limited (10 Leaves), an ADGM-licensed company, and its three directors by imposing financial penalties amounting to USD 32,000 for a repeated failure to file annual accounts and reports by the statutory deadlines specified under the RA’s administered legislation.

10 Leaves was established in the ADGM, offering a breath of specialist consultancy services including blockchain, digital asset business setup in the UAE. They assist businesses to setup in the UAE.

The RA found that 10 Leaves and its directors, Bishr Shiblaq, Rohit Ghai and Satidanand Auchoybur failed to submit statutory accounts and reports for the financial years ending 31 December 2020 and 31 December 2021 by the specified timelines. 10 Leaves and its directors failed to deliver consecutive accounts and reports to the RA by the statutory timelines despite reminders sent by the RA.

The RA imposed financial penalties totaling USD 32,000.

Hamad Sayah Al Mazrouei, Chief Executive Officer of the Registration Authority said: “ADGM registered directors shall adhere to the highest standards of diligence and care in discharging their responsibilities and duties stipulated under RA administered regulations. The RA considers that the imposition of financial penalties against companies and directors who commit contraventions of accounts filing requirements supports promoting compliance with the regulations and filing obligations.”

MENA Bank receives award for its blockchain cross border payments solution and CBDC project with Central Bank of Bahrain

MENA Bank receives award for its blockchain cross border payments solution and CBDC project with Central Bank of Bahrain

MENA based Bank ABC has won two distinguished awards at Global Finance’s much-coveted The Innovators Awards -2023. The Bank’s innovation and digitization Centre, ABC Labs, has been named as one of “the World’s Best Financial Innovation Labs.

ABC bank is implementing the GCC region’s first blockchain based cross border instant payment solutions as well as CBDC project with the Central Bank of Bahrain. In 2020 The Central Bank of Bahrain collaborated with J P Morgan and Bank ABC in a pilot scheme to introduce instantaneous cross border payment solution leveraging state of the art technology and digital currency. The pilot was successfully completed in 2022. 

Bank ABC along with J.P. Morgan will pilot the transferring of funds from and to the Kingdom of Bahrain in US-Dollars for payments from buyers to suppliers. This will lead to suppliers being paid faster and buyers originating payments in shorter time periods without the need for holding funds in advance. The Central Bank of Bahrain will act as a close partner in the pilot between Bank ABC and J.P. Morgan and going forward would look to extend the collaboration to Central Bank Digital Currencies (CBDCs).

Global Finance’s Publisher & Editorial Director, Joseph Giarraputo notes, “Bank ABC continues to put digital innovation as a key strategic priority in providing world-class customer focused banking initiatives. It is playing a key role in the Gulf region’s first blockchain-based cross-border instant payment solution. Through ABC Labs, the Bank is collaborating with several central banks, including the Central Bank of Bahrain ‘CBB’, in studying and launching central bank digital currencies and is now scaling up its payment services for corporate clients.”

Bank ABC has also been presented with the ‘Top Innovations in Finance’ award, an accolade that underscores the Bank’s outstanding Digital Transformation Program which delivers an unparalleled, personalized banking experience to corporates and individuals.

The award was an acknowledgment of ABC bank’s commitment to emerging technologies such as AI, Blockchain and Data analytics.

Bank ABC’S Group CEO, Mr. Sael Al Waary said: “Innovation is at the heart of our strategy as we continue our digital transformation journey to build a more intuitive and sustainable bank of the future. We are honored and proud to accept this prestigious recognition for our world-class innovation lab, ABC Labs. This award acknowledges our commitment to staying ahead of the curve and embracing emerging technologies such as AI, Blockchain and Data Analytics. It is a testament to our commitment to delivering enhanced customer experiences and encourages us to continue to invest in our innovation and digital initiatives.”

Since inception, ABC Labs established the digital architecture and agile methodologies to enable the Bank’s strategic objectives. These steps enabled the launch of ‘ila Bank’ – a revolutionary digital mobile-only retail offering, and the development of an emotionally intelligent AI-powered digital assistant ‘Fatema’ among other achievements. Bank ABC’s digital transformation program has resulted in multiple ground-breaking digital deployments. Most recently, the Bank introduced a regional-first digital corporate onboarding service, reducing the account opening process to less than a day.  It is also digitising its Supply Chain Finance, Documentary Trade Finance and Cash management businesses.