South Korean blockchain developer WEMIX and Hub71, Abu Dhabi’s global tech ecosystem, have signed a memorandum of understanding (MoU) to create and accelerate growth opportunities for their respective portfolio companies and Web3 startups.

WEMIX startups will have the opportunity to join Hub71’s community of over 200 startups and gain access to its range of value-add programs and incentives. Select startups will also benefit from the ability to scale globally through Hub71’s web3 and digital assets specialist ecosystem, Hub71+ Digital Assets, to unlock access to a host of programs, initiatives, and wide network of corporate, government and investment partners in the UAE and global markets.

 At the same time, startups within Hub71+ Digital Assets will be able to leverage the deep technical knowledge and expertise of WEMIX and its parent, Wemade, in different areas of blockchain technology including GameFi and DeFi.

“Developing strong partnerships with key stakeholders like Hub71 is an important part of our commitment to growing the blockchain ecosystem in the MENA region,” said Shane Kim, CEO of WEMIX Pte Ltd. “We are confident that this partnership will accelerate the creation of more opportunities for blockchain startups from across the world looking to expand into the Middle East and help realize our vision of developing a global blockchain economy powered by a wide spectrum of innovative applications that evolve past traditional technology barriers to drive sustainable future innovation.”

Elodie Robin Guillerm, Head of Growth and Strategy at Hub71, said: “The addition of WEMIX to our Hub71+ Digital Assets ecosystem is testament to the growth potential there is to be seized from Abu Dhabi. Hub71 truly values partnership and collaboration and by joining forces with leading blockchain companies like WEMIX, we can work together towards developing industry leading blockchain technologies to give rise to more opportunities for Web3 startups.” 

The WEMIX and Hub71 partnership will offer key advantages including  WEMIX ability to join Hub71+ Digital Assets and its ecosystem of leading regional and global partners of digital asset exchanges and service providers, technology providers, venture studios, venture capital funds, and blockchain platforms.

It also includes fast tracking of applications by WEMIX startups to join the Hub71 Incentive Program, designed to alleviate the cost and processes of setting up in Abu Dhabi, and dedicated resources for mentorship and technical support will be provided by WEMIX to Hub71 GameFi and DeFi startups

Finally the partnership will allow  Hub71 startups to access WEMIX’s global Web3 community and blockchain companies within the WEMIX ecosystem will also gain access to Hub71+ Digital Assets. 

This is the second MOU signed by WeMADE in the region. Prior to this WEMADE signed a Memorandum of Understanding (MOU) with KSA based Nine66, a Savvy Games Group (“Savvy”) company, to drive the development of the gaming industry in Saudi Arabia.

Earlier this year WEMIX expanded its presence into MENA with the opening of its office in UAE.

The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority in a bilateral meeting in Abu Dhabi on 29 May, have agreed to enhance collaboration between the two jurisdictions on virtual asset regulations and development.  

In addition, the two central banks facilitated discussions between their respective innovation hubs on joint fintech development initiatives and knowledge sharing efforts. A joint working group led by the CBUAE and HKMA, with support from the relevant stakeholders of the two jurisdictions’ banking sectors, will be formed to take forward the agreed initiatives.

Following the bilateral meeting, the two central banks, joined by senior executives from the UAE and Hong Kong banks, conducted a seminar on key opportunities to pursue between Hong Kong and the UAE. The seminar covered discussions on possible arrangements to facilitate better cross-border trade settlement, how UAE corporates can better utilize the Hong Kong financial infrastructure platforms to access Asia and the Mainland markets, as well as financial and investment solutions and capital markets opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area).

Banks operating in the UAE that participated in the seminar included First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, HSBC and Standard Chartered, whilst participation from banks operating in Hong Kong included Bank of China, Citi, HSBC and Standard Chartered.

H.E. Khaled Mohamed Balama, Governor of the CBUAE, stated, “We are pleased to have welcomed the Hong Kong Monetary Authority and its delegation to the UAE as we look to build on our central banks’ existing and robust relations. During the day’s discussions, we explored deepening collaboration across several important areas including financial market infrastructure development and mutual opportunities for growth in digitization and technological advancement.”

Eddie Yue, Chief Executive of the HKMA, added, “These events enhanced the collaboration between the central banks of Hong Kong and the UAE in a number of important areas, and provided a platform for financial institutions and corporates from Hong Kong and the UAE to step up exchange and collaboration.  Hong Kong and the UAE are two financial centers sharing many complementary strengths and mutual interests, and there is much room for market participants from these two places to work together and build up the connectivity.”

This is not the first time the Central Bank of UAE has cooperated with Hong Kong Monetary Authority, prior to this they worked on the mBridge CBDC project. 

UAE based HAYVN, a digital asset payment, trading, custodian service provider regulated in the UAE, Cayman Islands, Australia, British Virgin Islands, has also received a VASP ( Virtual asset service provider) license from European jurisdiction, Lithuania.

The Lithuanian Financial Crime Investigation Service (FNTT) has provided HAYVN with a VASP license.

According to HAYVN, by obtaining the VASP license from the Lithuanian regulators, HAYVN is further equipped to offer its suite of services throughout Europe.

“We are delighted to have obtained the VASP license from Lithuanian regulators,” said Christopher Flinos, CEO of HAYVN. “This achievement solidifies our position as the trusted and compliant European cryptocurrency provider, enabling us to deliver innovative solutions to clients across Europe. HAYVN remains committed to upholding the highest standards of regulatory compliance and security, as we continue to expand our presence and contribute to the growth of the digital asset ecosystem globally.”

Leago Papo, Director of Compliance and Regulatory Affairs at HAYVN, added, “Obtaining the VASP license from Lithuanian regulators is a significant milestone. We have worked diligently to ensure that our operations adhere to the most rigorous compliance standards. This license reaffirms our commitment to maintaining regulatory compliance across multiple jurisdictions and showcases our dedication to building trust with our clients and regulators alike.”

Saudi Imam Abdulrahman Bin Faisal University department of computer Science and Saudi Aramco Cybersecurity chair, published in MDPI a study for a solution for Smart Flood Detection to save lives using the integration of AI (Artificial Intelligence), Blockchain and drones.

According to the study, floods pose a serious risk and require immediate management and strategies for optimal response times. The Saudi city of Mecca has been impacted by climate change in the last decade as floods have increased despite the city’s location in the Arabian Gulf, which has a hot and wet climate. According to the General Authority for Statistics in Mecca, since 2010, the average peak rainfall has increased by 350%. Mecca experienced torrential rains on 23 December 2022, at least partly because of its location, surrounded by mountains, causing numerous vehicles to be swept away.

The authors propose a secure method of flood detection in Saudi Arabia using a Flood Detection Secure System (FDSS) based on deep active learning (DeepAL) based classification model in federated learning to minimize communication costs and maximize global learning accuracy.

As per their abstract, “We use blockchain-based federated learning and partially homomorphic encryption (PHE) for privacy protection and stochastic gradient descent (SGD) to share optimal solutions. Utilizing images and IoT data, FDSS can train local models that detect and monitor floods. The proposed FDSS enabled us to estimate the flooded areas and track the rapid changes in dam water levels to gauge the flood threat. This study concludes with a discussion of the proposed method and its challenges in managing floods in remote regions using artificial intelligence and blockchain technology.

The study introduces a drone application that uses blockchain to manage flooding in remote regions safely and in real-time. The framework can be helpful in missions based on both blockchain and IPFS. The proposed architecture of system nodes makes the process more secure by preventing information from being manipulated and enhancing the data analysis capability within the management system. In a blockchain network, the text data is recorded as part of the transaction information that is recorded during transactions. In addition, a visualization platform will allow access to transaction data, making it easier for operators to supervise their operations.

The study offers a scheme that improves the FL system performance by using DeepAL to select the optimal edge nodes and integrating the learned model parameters into a blockchain-based FL scheme to enhance the reliability and security of the FL system. This method is combined with modern cryptography techniques, such as homomorphic encryption, to achieve a high level of privacy and security capabilities.

In natural disasters, UAVs’ real-time data acquisition can prevent harm by controlling operations efficiently. They can be used to obtain aerial photographs and read water levels, wind speeds, and water speeds to predict weather events, prevent disasters, and aid rescues. These complex interactions can be achieved using AI, the computer-based system that executes tasks requiring intelligence.

With AI and machine learning, systems will be able to resist new, sophisticated attacks with shifting characteristics. Drones must be built with a collective machine-learning model integrating all data from IoT devices and webcams that can be sent to the MEC to create an algorithm with strong predictive capability.

The proposed framework assumes that UAVs collect data and MEC servers store it in the blockchain. This includes basic data, such as the device name, MAC address and type, and geographic data, such as latitude and longitude that help MEC servers acquire data. Before data is added to the blockchain, MEC servers verify UAV validity.

The study utilizes the Internet of Drones (IoD) which can help to save many lives during floods and other catastrophic weather events in places that are difficult for people to reach. IoT devices can be used to collect data on the location and status of people in the affected areas, such as their vital signs, to prioritize rescue efforts.

The data will be sent to a central server where deep-learning algorithms will be used to analyze the data and create a rescue plan. The plan will be sent to relevant organizations involved in the rescue efforts, allowing them to provide aid quickly and efficiently to those in need.

In conclusion the study believes that the system has the potential to significantly improve the efficiency and effectiveness of rescue efforts in disaster situations. By utilizing AI, blockchain, and IoT technologies, the system can quickly analyze large amounts of data and provide a comprehensive rescue plan, ultimately saving more lives.

In a recent announcement by Dubai’s virtual asset regulatory authority ( VARA), the Department of Economy and Tourism is now offering regulated virtual assets activities in its branches.

This means that Virtual Asset Service Providers (VASPs) seeking to conduct business in Dubai’s mainland or make changes to their current commercial licenses may submit their applications for the below-mentioned activities at DET branches.

The list of Regulated Virtual Assets Activities (require a license from VARA) include, VA Advisory Services,  VA Broker-Dealer Services,  VA Custody Services,  VA Exchange Services, VA Lending and Borrowing Services and  VA Management and Investment Services. In addition to VA propriety trading which requires a NOC from VARA. 

Firms carrying on VA activities in Dubai [except DIFC] prior to 7 February 2023 [Legacy VASPs], must have their applications seeking regulatory oversight or relevant guidance from VARA by the final deadline of 30 April 2023.

As per the announcement, firms that have failed to comply with the regulatory framework by the aforementioned deadline must comply immediately to avoid substantial punitive measures including material fines/penalties and potential firm closure.

DET Centres offering commercial licences for the Regulated Virtual Assets Activities are available in – Al Barsha Mall, DED Café, Palm Strip Mall Jumeriah,  Al Twar Centre , Dubai Mall and  Clock Tower Deira

FLUUS, which means money in Arabic, with founders from the MENA region, has been offering citizens in developing the countries the opportunity to receive financial freedom through the use of crypto and Blockchain, and has grown to now listing their token on MEXC global, a global cryptocurrency exchange while partnering with providers to cover India. 

According to a recent medium post by FLUUS, “The listing on MEXC Global marks a significant milestone for FLUUS, as it opens up new avenues for participants and enthusiasts to engage with their innovative ecosystem. FLUUS aims to provide seamless trading opportunities and ensure that $FLUUS is readily available to participants worldwide.”

FLUUS is a layer of consumer and developer-facing products, evolving the world’s access to web3. Developers can integrate FLUUS into their platform and give their users GLOBAL access to crypto using any payment method, including CASH and MOBILE MONEY.

In March 2023, FLUUS raised $600,000 ahead of its beta launch through Fundrs LaunchPad. FHS Capital, Base 64 and a number of angel investors participated in the raise.

Furthermore, FLUUS has integrated with top ramping providers such as Moonpay and Transak, and will soon cover more markets, including 100% coverage in India, while expanding its FLUUS Pay network to support cash-to-crypto ramping in more regions. Additionally, FLUUS’s AID3.0 product has supported over $1.2 million in aid money in Ukraine and will expand to more partners, increasing coverage and support.

FLUUS will also be launching its staking pools to create further benefits for holders in Q2 of 2023.

In the third quarter of 2023, FLUUS plans to also launch on a DEX, as well as initiate liquidity pools to enable users to earn passive income. FLUUS pay will aggregate DEX and swapping services, enabling users to trade their cryptocurrencies and tokens in a decentralized environment with the most suitable providers.

Moreover, FLUUS plans to launch its FLUUSAuth Alpha, a revolutionary product that will allow users to create their wallets using traditional SSO methods, facilitating web2 user onboarding. Additionally, FLUUS plans to increase its human capital and obtain provisional licenses to operate in more jurisdictions. T

In Q4 2023, FLUUS is focused on achieving significant milestones. This includes finalizing strategic partnerships with web3 solutions to provide global cryptocurrency access. The implementation of FLUUS DAO Governance structures will empower the community, enabling active participation in decision-making. FLUUS also aims to expand the geographical reach of the FLUUS Pay network, making it accessible to more regions, and strengthen its utility by supporting a wider range of cryptocurrencies.

Prior to this FLUUS had worked in several regions across MENA including Lebanon. Tey El Rjula, Founder of FLUUS, told LaraontheBlock,

Overall, there is a total of 49,563,636 $FLUUS tokens in circulation.

Saudi Arabian unified national platform for government services recently carried out an interesting survey on twitter. It posted a general consultation request by the Ministry of telecom, Space and IT with regards to which emerging technology would citizens of Saudi Arabia like to see implemented in KSA.

People were asked to choose between IoT (internet of things), Blockchain, 3D printing and VR/AR/XR. 7895 votes were casted with 49 percent of them choosing IoT, with 10 percent choosing blockchain, 16 percent choosing 3D printing and 24 percent choosing VR/AR/XR.

This is interesting and shows that Internet of things and AR are the most popular emerging technologies among those who voted. In addition it seems that the Saudi government is interested in these four technologies.

This comes at a time when the Saudi Central Bank is moving forward to CBDCs, digital assets, and more. In addition recently many blockchain use cases have been launched in KSA.

But more eye opening is the recent news about UAE government and IOT Blockchain platform IoTa. Could this mean IOT and Blockchain will be the next use cases both in UAE and KSA?

In a recent tweet, Qatar’s AhliBank warned customers against, trading, buying and selling virtual assets and currencies through accounts and banking services, citing the reasons as being associated with high risks.

According to the statement, “The regulators have banned trading, buying and selling virtual assets and currencies through accounts and banking services, as they are associated with high risks. Please be careful and don’t deal with any person or entity that provides trading services in virtual assets and currencies through your bank account and banking services, to avoid any risks that may arise as a result of trading in these virtual assets and currencies. “

The statement reflects the growing interest in clients for trading in virtual assets, while the regulatory authorities in Qatar specifically the Central Bank have yet to regulate this sector or introduce crypto exchange licenses. 

In 2022, CoinMENA, crypto broker exchange had announced that it was now serving clients in Qatar, as does Binance and other international crypto exchange platforms. 

Yet Qatar has been moving forward both in Blockchain, DLT, and digital assets with the recent news coming from Qatar Financial Authority Center which has just finalized its digital assets framework.

During the recent MENA FATF (Financial Action Task Force) regional body’s workshop attendees adopted several recommendation proposes by Abu Dhabi including those pertaining to virtual assets, in the fight against money laundering, and terrorism.

The Abu Dhabi recommendations consist of 24 best practice commitments made by MENAFATF member states for enhancing regional efforts to counter money laundering and financing of terrorism.

The recommendations were agreed at the closing of the MENAFATF Typologies and Capacity Building Workshop held between 6-8 March 2023 under the patronage of H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, and hosted by the UAE Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) in Abu Dhabi.

Of the 24 recommendation five pertained to virtual assets. The first discussed enhancing MENAFATF countries’ understanding of the requirements of Recommendation 15, including the sectorial risk assessment of virtual assets, given the rapid development in this field.

The second recommendation  urged countries to build capacities in the field of virtual assets with the competent authorities, especially in the field of supervision, control, investigations and management of seized and confiscated assets and the extent of their use in evading sanctions.

While the third recommendation proposed continuing to adopt new technologies to mitigate the risks of virtual assets in partnership with the private sector.

As for the fourth and fifth recommendations, one proposed enhancing national cooperation in following up on issues related to virtual assets between the competent authorities and urged the use of best practices such as specialized task forces (working groups), while the other proposed raising awareness among member countries about the risks of cybercrime, particularly ransom ware and related payment methods, especially concerning VAs.

Suliman Al Jabrin, Executive Secretary of MENAFATF, stated that regional alignment on best practices has created of a set of shared standards that strengthens the national AML/CFT systems of member states. He added, “I am delighted that the 24 recommendations made by MENAFATF members in Abu Dhabi cover a comprehensive range of the most pressing issues facing us today. It is right that the list includes Virtual Assets (VA), ML typologies, Public-Private Partnerships, regional assessments, and multiple means of expanding cooperation. The MENA region plays an important role in the global economy, and the Abu Dhabi recommendations send a strong signal to our international partners that there is no place for financial crime in our part of the world.”

The Jordanian government has commissioned the United Nations Economic and Social Commission for Western Asia (UNESCWA) Economic and Social Commission for Western Asia to draft a national blockchain policy for Jordan.

As a result the UNESCWA is hiring a consultant from Jordan to work remotely on drafting a national Blockchain policy for Jordan. The application for the job will be closed on June 14th 2023.

As per UNESCWA, The project should be finalized within 4 months; UNESCWA explains that Arab countries need to develop their Blockchain national plans to meet the requirements that were brought forth by the digital age.

In addition UNESCWA stated, “The Ministry of Digital Economy and Entrepreneurship (MoDEE) in Jordan requested UN-ESCWA’s assistance to develop the national policy for blockchain. The provision of this advisory service is the subject of these terms of reference.”

The report will include reviewing best regional and international practices on Blockchain policies, strategies and frameworks (at least 4 international and 4 regional practices); analyzing the different existing policies and frameworks related to digital technologies in Jordan; holding interviews with the various stakeholders and summarize their remarks and observations; suggestion of the needed national policy in Jordan based on the gap analysis and national needs.