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TripBtoz signs MOU to build Blockchain enabled travel platform in MENA

TripBtoz signs MOU to build Blockchain enabled travel platform in MENA

Web 3.0 travel TripBtoz to develop has signed an MOU with NEOPIN a CeDeFI wallet platform to build a Web 3.0 blockchain enabled based travel platform in the MENA region.

Tripbtoz is a travel platform based on user-created short-form video content. Beyond simple travel commerce, Tripbtoz offers features such as a “community” for sharing travel videos and a “reward system” in the form of “trip cash”. These features have formed a positive travel cycle, resulting in rapid growth in total revenue, monthly active users (MAUs) and user-generated content since the platform’s launch in 2017.

The two entities, NEOPIN, a CeDefi wallet solution and Tripbtoz, established a connection as officials of the business delegation that accompanied the Korean government’s economic summit in UAE, decided to collaborate on a Web3.0 project based in the Middle East.

This is the first incubation project in which NEOPIN supports the web3 transition of a web2 tech company. NEOPIN will help translate Tripbtoz’s existing travel platform into a Web 3.0 version that will showcase the “Travel Web3.0” ecosystem for young travellers to communicate. 

Jake Kim, the CEO of NEOPIN, stated that as NEOPIN participates in the incubation and supports Tripbtoz’s Web3.0 translation, we aim to turn the service into a successful Web3.0 travel platform by leveraging both companies’ experience in blockchain and the travel industry.

Jiha Jung, the CEO of Tripbtoz, stated, “The travel industry is in a big transition period, with lines blurring between the real world and metaverse. We want to create Tripbtoz to excite its customers with high-performing ‘Travel to Earn’ service that is perfectly suitable for Web 3.0.” He also added, “The combination of travel and future tech will disrupt the existing ecosystem, eventually creating a new form of industry.”

UAE based DWF Labs invests $1 million in Blockchain music Korean firm

UAE based DWF Labs invests $1 million in Blockchain music Korean firm

DWF ( Digital Wave Finance) Labs a crypto investment firm, based out of UAE, has invested $1 million into LABEL Foundation, a Korean Based blockchain entity revolutionizing the music industry. 

The investment will be used to foster the development of their pioneering Dapp TRACKS and to expand their user base by bringing innovative solutions to the market. This is the third round for LABEL Foundation. Previously it raised funds from eBest Investment & Securities and Groom investments. This allowed LABEL to launch their Listen and Earn TRACKS decentralized application. 

LABEL believes that this revolutionary application has enormous prospects not just for artists but also listeners who want to contribute to the revenue flow of music and help make this sector more profitable

DWF Labs Managing Partner Andrei Grachev conveyed his enthusiasm for LABEL Foundation’s quest to promote innovation in the music business, stating “Their Listen-and-Earn TRACKS dApp is an exciting opportunity that has the potential to change the way music is created, shared, and monetized”. 

LABEL Foundation CSO Hyungsoon Choi also stated, that for them, this investment is not just about expanding their user base or bringing innovative solutions to the market, it’s perhaps about getting closer to creating a more equitable profit-sharing economy that includes permissionless IP rights application, monetization of music rights, and direct interaction between fans and artists.

DWF Labs is the multi-stage Web 3.0 investment firm. The investment firm is an affiliate of Digital Wave Finance (DWF) which has consistently maintained its position among the top 5 trading entities by volume in the crypto space thanks to its proprietary technology for high frequency trading. It has offices in Singapore, Switzerland, the UAE, Hong Kong, South Korea, and even the British Virgin Islands.

UAE Ghaf Labs and Blockchain firm Republic Crypto partner to offer investment accelerator services in MENA

UAE Ghaf Labs and Blockchain firm Republic Crypto partner to offer investment accelerator services in MENA

UAE Ghaf Labs, sister company of Ghaf Capital Partners, a premier blockchain consultancy and incubator firm based in the Middle East, focused on cultivating and fostering dynamic startups in the blockchain domain and Republic Crypto, a global blockchain firm that provides end-to-end white glove advisory services to accelerate the best crypto companies from seed to liquidity, have partnered in UAE to offer consulting, acceleration services to blockchain and Web3 entities in MENA.

Obtaining a license from the DIFC in 2022, Republic Crypto is now extending its tech advisory services to the UAE market. This is the first step towards its plan to deliver its full stack of products and services with an intention to enrich and further develop the local and regional web 3 landscape. The company is also committed to contributing to the regional regulatory framework by collaborating with all relevant governmental entities, starting within the UAE.

Republic Crypto is bringing its experience in advising companies and protocols on tokenization, smart contract development, marketing, fundraising, and more.  Republic Crypto will help the region’s startups and businesses tap into and leverage the web 3 industry to further realize their full potential. Avalanche, Dappradar, and Zed are a few of the company’s many successes thus far.

Ghaf Labs will help Republic Crypto identify and support exciting new projects as well as build a strong presence within the UAE. Together, the two firms aim to provide the highest quality service and support for the UAE’s web 3 needs.

Republic Crypto has signed an agreement with MyCo ( formerly MContent ), a Dubai-based web3 streaming platform, to help build their web 3 strategy, making MyCo the first advisory project from the region.  MyCo is the first-of-its-kind vertically integrated streaming platform that empowers creators and users alike and offers a diverse content slate, including film, tv shows, influencer content, live sports, and UGC.

Anwaar AlMahmeed, Managing Director of Republic Crypto in MENA, stated, “At Republic, we have been evaluating the MENA landscape, building our network, and having consistent conversations with investors, startups, and regulators for our various lines of business.  We determined early on that the UAE is a regional leader in the web 3 space. I am excited to finally announce Republic Crypto’s local presence and services, along with our partnership with the wonderful team at Ghaf Labs, a leader in the local UAE market, whom I trust will help build our vision for this market according to our shared values and dreams.  I am confident that this partnership will be able to foster a robust ecosystem of quality and innovation and help shape the future of the industry in the region.”

Feras Al Sadek, Founder and CEO at Ghaf Labs, commented on the partnership, stating that “The expansion of Republic Crypto into the UAE market and its partnership with Ghaf Labs is a significant step forward for the local blockchain industry. By leveraging each other’s networks and experiences, we shall create a very precise strategy based on growth, acceleration, advisory, and consultancy services. This will allow us to provide cutting-edge solutions to our clients and further enrich the blockchain ecosystem around us.”

US Everything Blockchain and KSA based Al Rushaid tech ART to expand blockchain next generation database in MENA

US Everything Blockchain and KSA based Al Rushaid tech ART to expand blockchain next generation database in MENA

USA based Everything Blockchain Inc, a technology company that is blending blockchain, DBMS and Zero Trust to deliver disruptive new ways to store, manage and protect data, has partnered with Saudi Arabia’s Al-Rushaid Technologies (ART) IT subsidiary of Al Rushaid Group. ART will become a non-exclusive reseller of BuildDB, EBI’s next-generation database powered by a advanced private blockchain architecture that delivers superior performance, reduced latency, zero trust and unmatched resilience.

As per the press release, the two companies will work to deliver highly-differentiated data protection solutions to countries in the Middle East and North Africa.

ART offers a variety of innovative IT solutions suitable for companies of all sizes and across various industries. The five-year distribution deal with a combined total of $47 million in performance based milestone payments to EBI will position ART as the exclusive agent of the company’s EB Control platform in several MENA countries, including Saudi Arabia, Bahrain, Kuwait, the United Arab Emirates, Oman and Egypt.

EB Control safeguards data on the owner’s local device by creating a secure vault. This vault can be stored, transported or shared, allowing owners to maintain complete control for the lifespan of the data. With EB Control, data and files can be geo-fenced, time-fenced and data rights management invoked. With this innovative technology, data can be confidently shared and controlled outside of a secure domain.

“We are thrilled for this partnership with ART,” said Toney Jennings, Chief Executive Officer, EBI. “EB Control merges simplicity of use with elevated and extended security protections. We are confident that our technology will exceed all data protection needs of small and medium-sized businesses to large corporations across MENA countries.”

In March 2022, USA based Everything Blockchain,, opened its offices in Saudi Arabia (KSA).

Originally called GigeTech Inc. and then OBITX, Inc., Everything Blockchain, was established in March 2017. In April 2020, through a change of control action, it discontinued that line of operations in favor of Blockchain development. 

Kuwait Banks implement Blockchain KYC Solution while its Central Bank studies CBDC

Kuwait Banks implement Blockchain KYC Solution while its Central Bank studies CBDC

Governor of Central Bank of Kuwait Basel Al Haroon in an interview with John Everington from the Banker, discussed the implementation of Blockchain EKYC solution as well as the ongoing research for CBDCs.

According to the governor of Kuwait’s Central Bank, the bank is closely following the experiences of other countries that are issuing CBDCs, as well as the debates taking place among stakeholders in various countries regarding the various pros and cons.  He tells the Banker that they have formed a team of experts from various fields within the CBK to study the topic. According to Al Haroon, any such issuance would need to be accomplished in a way that preserves monetary and financial stability, while maintaining confidence in Kuwait’s payment system.

In addition when it comes to blockchain, two local Kuwait banks have obtained the Central Bank’s approval to launch their blockchain based KYC verification and API interfaces.

In June 2021, Akcess which utilizes Hyperledger Fabric to provide KYC Blockchain enabled solution to customers in Egypt, Kuwait, Qatar and UAE opened its offices in Kuwait as it currently had projects underway in Kuwait, Egypt, UAE and Qatar.

In the announcement CEO Abouzeid stated, “With a team of over 30 developers spread across London, Romania, and Moldova, Our global blockchain platform is AKcessChain, built on Hyperledger Fabric, and we launched the private blockchain network globally and in Kuwait,” Abouzeid says. “We currently have nodes in the UK, Switzerland, and Canada, and have configured nodes in Kuwait, one for each of our large clients. The Kuwait network is being used by top financial institutions for onboarding clients, verifying and updating KYC profiles, as well as managing transactions. We are now in advanced talks with financial institutions in the UAE and Saudi Arabia, and are also preparing for our expansion into the GCC market.”

Bahrain first country in MENA to launch onshore security token regulations

Bahrain first country in MENA to launch onshore security token regulations

Bahrain Central Bank has announced the issuance of regulation for security tokens as amendments to its current crypto asset module.

The Central Bank has expanded the crypto asset regulations to include digital token offerings, in specific those with the characteristics of security tokens.

In determining whether a digital token qualifies as a security, the CBB will examine the underlying economic purpose of the digital token, its structure, characteristics, as well as the rights attached to the digital token.

The new amendments also outline new requirements to enhance safeguarding clients’ assets to provide high levels of protection for investors.

In addition the Central Bank of Bahrain will allow crypto-assets licensees (after obtaining the CBB’s approval) to engage in additional activities, which are not within the stipulated regulated crypto-asset services.

 Commenting on the new amendments, Director of the Capital Markets Supervision Directorate – Mrs. Abeer Al Saad, stated,  “We at the CBB are delighted to issue the new amendments to our regulatory framework for crypto-assets and to specifically introduce new regulatory requirements for the digital tokens offerings, in order to regulate the crypto-assets market in a fair and transparent manner. Therefore, the CBB has adopted a risk-based regulatory approach towards requirements, which are proportionate and commensurate to the regulated activity undertaken by a licensee. We endeavour to provide adequate safeguards to investors without inhibiting innovation adoption at the CBB, as we continue to monitor market trends and review the regulatory framework to keep up with the latest developments in the field, as well as maintain the competitiveness of the sector. This milestone is a reflection of the pioneering role the CBB continues to play in regulating crypto-assets.”

Bahrain was the first country in the GCC region to regulate crypto allowing for the launch of crypto exchange brokers such as RAIN, CoinMENA, and most recently Binance. It is also one of the leading GCC and MENA countries when it comes to crypto payments.

The new amendments are also a first in the region, no other country has regulated security tokens onshore yet!

KSA working on policy decision to define different virtual asset types

KSA working on policy decision to define different virtual asset types

During the Financial sector conference 2023 in Riyadh KSA, Mohsen Al Zahrani, Virtual assets and CBDC Program Director at Saudi Arabia’s Central Bank, told Anna Tutova, CEO of Coinstelegram media platform when asked about the regulation of cryptocurrencies in the country, that there is a current forum looking into  that, yet no policy decision has been made yet on different virtual asset types.

He noted in his reply during a panel discussion on CBDC, public money in the digital age, “We are working on a policy decision with the Saudi Central Bank and other relevant governmental agencies.”

KSA appointed AlZahrani in September 2022 to lead the virtual assets and digital currency program at the Central Bank.  In January 2023, The Saudi Central Bank (SAMA) confirmed that the Central Bank is continuing to experiment on Central Bank Digital Currencies (CBDC).  SAMA is currently working on a project that focuses on domestic or national wholesale CBDC use case in collaboration with local banks and FinTech’s. Experts explained to LaraontheBlock that this is a CBDC for local wholesale bank settlements.

During the 2023 World Economic Forum’s session on Financial Institutions innovating under pressure, the Saudi Arabian Minister of Finance Mohammed Al Jadaan states that while CBDCs have privacy issues they are fantastic tool in developing countries.

Prior to this KSA had engaged in a pilot with UAE on CBDC Aber project for cross border wholes sale CBDC transactions utilizing Hyper Ledger Fabric at the time.

Kucoin cryptocurrency exchange revealed in a report published in July 2022 “ Crypto Verse Report on adoption of digital currencies in Saudi Arabia” that 3 million Saudi Arabians are crypto investors who currently own cryptocurrencies or have traded in past six months. This means 3 million out of an adult population of 21 million or 14 percent currently own cryptocurrencies.

The survey also found that another 17 percent of adult population surveyed, was crypto curious and are likely to invest in crypto in the next six months. This would be imply that by the end of 2022, 31 percent of Saudi adult population or 6.6 million will be trading or owners of cryptocurrencies.

Global crypto exchanges in first phase of Dubai’s regulator journey with Binance and Crypto.com a step further

Global crypto exchanges in first phase of Dubai’s regulator journey with Binance and Crypto.com a step further

Global Crypto exchanges, Huobi, Bybit, Equiti, and OKx have all made it to the MVP ( Minimum Viable Product) provisional phase of VARA’s regulatory journey, while crypto.com  and Binance have moved one step forward to the preparatory license phase. 

As per VARA the MVP License is a 3-stage process starting with a (1) Provisional Permit; graduating to a (2) Preparatory License and concluding with an (3) Operating License. Applicants that are already in the MVP process will be advised by VARA to either continue within the MVP licensing process and/or be transitioned to the FMP Licensing process, ensuring a seamless transition with a focus on efficiency.

So far as per VARA the only crypto exchanges in the second phase under preparatory license are Binance and crypto.com. Binance is also in preparatory phase for its payments offering. 

VARA recently announced that Crypto.com move to the preparatory phase of the license after graduating from the provisional phase. 

As per the release, Crypto.com  received this MVP preparatory license after a detailed review of its key personnel, governance procedures, Anti Money Laundering / Countering the Financing of Terrorism (AML / CFT) capabilities, Know Your Customer (KYC) and Ultimate Beneficial Owner (UBO) policies and procedures, cross-border safety and security measures, and best-in-class compliance practices. 

“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase,” said Henson Orser, Chief Executive Officer of VARA. “VARA’s regulatory framework will be instrumental in creating and managing a unique, resilient and securely future-proofed ecosystem that delivers a sustainable and thriving global best-in-class VA market with secure cross-border interoperability. As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework”.

“This achievement is the next significant step for Crypto.com in an incredibly important market for our business and industry,” said Kris Marszalek, CEO of Crypto.com. “With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers the most comprehensive and secure crypto experience.”

Only VASPs that receive a final approval post review from VARA – and receive the FMP License, are in a position to undertake any regulated VA activities, or offer such services to and/or from the Emirate of Dubai.

The only entity in VARA that has reached one stage before a fully operational license is HexTrust which provides crypto custody and staking services.

During a recent interview by LaraontheBlock with the CEO of VARA, Orser explains how VARA will be offering more licenses in areas such as DAOs, DeFi, Crypto mining, and more. He also explains what is of most importance to VARA as a regulator.

Sygnum Digital asset bank receives license from UAE ADGM and opens its hub in Abu Dhabi

Sygnum Digital asset bank receives license from UAE ADGM and opens its hub in Abu Dhabi

Sygnum, a global digital asset bank, has opened its Middle East hub in the Abu Dhabi Global Market international financial center to provide a portfolio of Swiss-regulated crypto banking services after receiving its license from UAE ADGM. 

Sygnum Bank Middle East has received a Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA), following its in-principle approval in October 2022. Seasoned Middle East Executive, Giulia Finkbeiner-Bertoni, leads Sygnum’s operations across the region and opens the office in the ADGM International Financial Centre.

Sygnum Bank Middle East will offer personal, concierge-style client service, enabling convenient local client access to a portfolio of Swiss-regulated digital asset banking, asset management, tokenization and B2B banking services. With regional demand for regulated crypto services on the rise, clients will be drawn from a diverse range of sectors, ranging from existing local crypto foundations and projects to “traditional” institutional investors and qualified HNWI looking for trusted crypto asset exposure through a regulated partner.

Sygnum Bank Middle East’s Senior Executive Officer, Giulia Finkbeiner-Bertoni, said, “The UAE has a proactive investment program, a progressive crypto regulatory framework and a dynamic, tech-driven economy. We look forward to leveraging this momentum by bringing Sygnum’s trusted digital asset services to Abu Dhabi and the region.”

Sygnum’s local presence in Abu Dhabi enables it to directly access a large and increasingly crypto-active wealth management market. According to new research[i], the Emirate of Abu Dhabi is a true “falcon economy” possessing the highest economic growth in the MENA region. Abu Dhabi has the potential to become a future regional and international hub for Web3, metaverse and blockchain-based projects.

Welcoming the FSP announcement, Arvind Ramamurthy, Chief of Markets at ADGM said, “ADGM congratulates Sygnum Bank ME for obtaining their Financial Services Permission from ADGM’s FSRA and welcome them to our rapidly growing business ecosystem. We believe that Sygnum’s regulated finance offering in Abu Dhabi is a significant addition to our community and will contribute to the growth of the region. As the largest regulated jurisdiction for digital assets in the MENA region, ADGM acts as a catalyst with the right tools that enable the growth of such companies within the UAE’s financial sector. With Sygnum’s presence in the region, we are committed to upholding market transparency and integrity that bolsters the economic growth of Abu Dhabi, attracts global companies and aids in making it a digital-first international financial hub for seamless business transactions.”