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UAE Based Creta develops blockchain game for Web3

UAE Based Creta develops blockchain game for Web3

UAE based Creta, a Web3 entertainment company developing and publishing video games and a suite of solutions for Web3 gaming, with offices in Dubai, Armenia and Japan has unveiled the gameplay of the upcoming blockchain game Kingdom Under Fire: The Rise and showcases the progress achieved in building its ecosystem of Web3 products, comprised of a one-stop-shop gaming platform, the metaverse, and blockchain gaming community service Super Club.

The announcement took place at Creta Summit 2022 in Tokyo, Japan, attended by video games and blockchain aficionados from Japan and overseas, heralding a significant step forward in bringing advancements in Web3 to the realm of video games.

Gameplay footage of the upcoming Kingdom Under Fire: The Rise set the engine of the Summit humming, unraveling the look and feel of the title with a sneak peek into the NFT avatars system, one of the numerous applications of the non-fungible tokens in the game.

Ray Nakazato, Chief Creative Officer at Creta provided an insight into how blockchain will be leveraged in KUF, ”Some characters and items acquired during gameplay will be turned into NFTs and can be traded or bought. But to protect the game economy from devaluation and maintain a subtle balance, regular in-game item classes will be exempt from such transactions. The game will be playable in seasons, and data will reset at the end of each season with an opportunity to transfer player NFTs to a new season”.

The announcement of other blockchain games that have been in active development by Creta comes as an extra frosting on top. Not much is known about their genres or specs except for the names of the upcoming titles: Tokyo War Hana and Sakura, Fortress, and Warhands.

Advancements in the development of the gaming platform, the metaverse, and Super Club, a blockchain community service, were also disclosed at the event. KUF and other gaming juggernauts developed by Creta will be launched and played via the tailor-made gaming platform, similar to how games are played on prominent Web2 platforms now.

 The metaverse layer will offer extended social and economic features for users craving extra fun and extended NFTs utilization. Super Club will propel the community-building behavior of players looking for familiarization with the benefits of blockchain gaming as well as a hub to relax and share gameplay experiences.

UAE’s Emirates Health Services utilizes IoT, Blockchain and AI in its metaverse

UAE’s Emirates Health Services utilizes IoT, Blockchain and AI in its metaverse

UAE’s Emirates Health Services (EHS) has launched a Metaverse-based Virtual Telemedicine Solution using 3D virtual reality technology which utilizes technologies such as AI ( Artificial Intelligence), IoT (internet of Things) and Blockchain technology. 

As per the press release, the launch is part of transformative projects which leverage advanced technology and promote smart services such as remote health solutions and telemedicine. 

Through the project, EHS aims to deliver virtual medical consultation services supported by advanced technologies. This first-of-its-kind technology enables members of society to access e-services via smart devices, thus scaling up service to reach broader segments of individuals and enhance the customer experience. Through the new virtual channel, patients can effortlessly access psychiatric consultation services, family health promotion clinics, and customer happiness centers.

Dr. Yousif Mohammed Al-Serkal, EHS Director-General,  states, “ It is the first global healthcare provider to apply Metaverse technology to provide advanced services and promote sustainable health development goals by adopting best practices that leverage AI, IoT and Blockchain technologies. This aims to strengthen governance, clinical review services, and research, promote global ethical standards and best practices, and enhance the sector’s competitiveness to world-class levels. The above aligns with our strategy of future-proofing our services against emerging challenges.”

He added, “Our transformative projects aimed at promoting innovation, investing in national healthcare capacities, and continuing to keep abreast of the rapid global developments and changes in the sector by using the latest global medical devices and AI-based treatments and service automation.”

The project will provide psychiatric consultation services for different age groups in addition to accessing the Customer Happiness Centre and family-centered health promotion services. The project complements the goal of EHS to be at the forefront in applying Metaverse technology and equipment-free services.

Metaverse provides a 3D interactive space that allows customers to engage with healthcare professionals through a secure link using their devices equipped with a camera, microphone, and speakers. This way, patients need not purchase equipment such as headphones or controllers. Doctors can assess conditions, discuss treatment plans, and provide treatment and other clinical services.

Egyptian Central Bank forms internal and external committees for CBDC implementation study

Egyptian Central Bank forms internal and external committees for CBDC implementation study

Egyptian Central bank has announced that it is currently studying the implementation of CBDC (Central Bank Digital Currency) which should offer a safer and more secure replacement to current cryptocurrencies and the risks associated with them while making use of digital economy.

The Egyptian Central Bank in its 2021 financial stability report stated that it had created an internal and external committee which includes representatives from different Ministerial entities headed by the governor of the Central Bank to study the implementation of CBDCs in Egypt.

It also noted that it is working with external counterparts to study the potential risks and benefits of CBDC implementations. 

Cryptocurrency trading in Egypt is still not regulated and the Central Bank of Egypt has on several occasions mentioned the risk involved in dealing with cryptocurrencies and the fact that it is illegal in the country to do so.

In September, the central bank of Egypt reiterated its warning against dealing in any types of cryptocurrencies, saying that crypto is risky, highly volatile, and is used in financial crimes and e-piracy. At the time the Central Bank of Egypt stated it would fine anyone who violates the Law No 194 of 2020 which prohibits issuing, trading, promoting cryptocurrencies, operating crypto exchanges or any other related activities. The Central Bank will fine violators up to $516,000 ( 10 million LE) or face imprisonment.

The Egyptian central bank had issued a similar warning about cryptocurrencies in January 2018, specifically naming Bitcoin. At that time the Central Bank had noted, “Cryptocurrencies are not backed by any tangible assets and are not supervised by any regulators worldwide, and consequently, they lack the official governmental guarantee and support enjoyed by the other official currencies issued by central banks.”

Yet Egypt has one of the highest crypto usages across Africa and Middle East. In January 2022, TripleA published a report which noted that Morocco topped the Arab countries in terms of crypto ownership, followed by Egypt, then UAE and KSA. The report stated that in 2021 global crypto ownership was estimated at an average of 3.9 percent, 300 million crypto users and 18,000 businesses already accepting crypto payments.

Egyptian national Husayn Hashim, Listing manager of Betconix crypto exchange regulated out of Estonia, states, “The Central Bank of Egypt’s move comes within the framework of the Egyptian government’s efforts to shift to digital payments and achieve financial inclusion. The move is also in line with the growth in the number of Egyptian cryptocurrency traders, as according to the latest estimates, about 1.8% of Egyptians trade cryptocurrencies despite the Egyptian government’s ban on that. I believe that the Egyptian government will soon legally allow the trading of digital currencies after completing the issuance of the legislation regulating this.”

Oman to develop Blockchain valley with Chainsense

Oman to develop Blockchain valley with Chainsense

Oman’s National Real Estate Development and Investment SAOC (OSOS) and Blockchain development company Chainsense have signed an MoU to set up  a Blockchain Valley within the Sultanate of Oman.

OSOS offers a variety of services that meet the requirements of the real estate market efficiently, through a specialized management team and its strong backing from the major shareholders such as Royal Oman Police (ROP) Pension Fund (PF), Ministry of Defence PF, Diwan PF, Public Authority of Social Insurance, Bank Muscat, MB Holdings, Al Madina Investments and Al Rayan Bank Qatar.

Activities of OSOS include the real estate development, management, operations, and valuations of real estate, along with special focus on investments in lucrative and value-added opportunities in the region which synchronized with the Oman Vision 2040.

Chainsense Ltd is a Tech MNC headquartered in London with its presence in four countries including the UAE. It offers its services to over 429 clients and has completed 85 blockchain projects.

The MOU was signed in the presence of Mir Ata Ali Khan, Adviser, Nipoon Agarwal— Director and COO Chainsense, Ganesh Lore, Founder and CTO Chainsense, and Abdullah Al Hinai, HOP at OSOS.

U.S based Blockchain services provider expands to MENA region with UAE as its base

U.S based Blockchain services provider expands to MENA region with UAE as its base

SmartLedger a  U.S. blockchain services company providing advanced solutions to clients through a combination of consultancy, partnership, and internal development has announced that it has entered the MENA region through its subsidiary Blockchain Smart Technologies in Dubai UAE.

As per the press release, Dubai has emerged as a global leader in the adoption and implementation of innovative technologies such as blockchain. The city has made significant investments in the development and implementation of blockchain-based solutions across various sectors, including finance, transportation, and government services.

Blockchain Smart Technologies will work to improve manufacturing and supply-chain efficiencies, airport safety, identity management, nano-technologies, I-gaming, ESG initiatives, and Sharia compliant blockchain services.

Launched in 2016, the Dubai Industrial Strategy outlines the government’s vision for the city’s future development and is based on four key pillars: economic, infrastructure, and social development, as well as environmental sustainability.

“We are thrilled to be a part of the blockchain ecosystem in Dubai. This expansion represents a significant milestone for our company as we continue to grow and expand our presence in the Middle East and beyond.” said Eva Porras, PhD, CEO of Blockchain Smart Technologies.

“Technological advancement is a key priority for Dubai 2030, and Blockchain Smart Technologies can play a key, innovative role in this area. For example, blockchain can be used to improve the efficiency and transparency of infrastructure projects, by enabling secure and transparent record-keeping and data sharing. It can also be used to automate and streamline the process of procurement and contracting for government and the private sector, saving both time and money.” continued Porras.

 “Blockchain Smart Technologies is proud to bring its suite of transformative technologies to support and achieve the strategic visions of UAE 2071 and Dubai 2030, launched by H. H. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai” said George Ginil, Head of Business Development for Blockchain Smart Technologies.

“Dubai is a hub for innovation, investment and technology, making it the perfect location in the region for our new company. We believe this expansion will allow us to better serve our clients in the region and provide them with the solutions they need to thrive sustainably in the fast-changing times.” continued Ginil.

“We are grateful for the opportunity to serve the dynamic and growing community in Dubai and look forward to contributing to its thriving technology ecosystem.” said Porras.

Central Bank of Morocco ends 2022 with launch of draft crypto bill

Central Bank of Morocco ends 2022 with launch of draft crypto bill

On December 20th, the Central Bank of Morocco represented by its governor Abdellatif Jouahri announced in Rabat Morocco that the draft crypto bill to regulate the use of cryptocurrencies is ready.

The announcement was carried out at the press briefing following BAM’s 4th and final quarterly meeting of 2022. Jouahri stressed that the full draft is ready to put in place a proper regulatory framework.

Jouahri stated, “Discussions are to be held with all stakeholders, including the Moroccan Capital Markets Authority (AMMC) and the Insurance and Social Security Supervisory Authority (ACAPS),” 

“We proceeded to a specific definition of the cryptocurrency and prepared a general public survey that details the specifics and use of this virtual currency in Morocco,” he added.

In June 2022, The Central Bank of Morocco, Bank Al Maghrib, announced during its second quarterly meeting that it would be introducing a cryptocurrency bill soon. Abdul Latif Al Jawhari, Governor of Central Bank of Morocco noted that the crypto CBDC committee created in February 2022 is putting in place an appropriate regulatory framework to combine innovation, tech and consumer protection.

He also noted that the crypto bill is being benchmarked against global experiences with IMF and World Bank. He also noted that this regulatory framework will also update the legislation on the fight against money laundering and terrorist financing.

In March 2022, during a session with media He revealed that the Central Bank of Morocco had created a council headed by him to oversee the required regulations for both cryptocurrencies and CBDCs. He stated, “We are in discussions with the Central Banks of friendly nations such as Switzerland, Sweden, and France as well as international financial institutions such as the IMF and World Bank to learn from their expertise and experience.”

Despite the fact that the Moroccan government considers crypto illegal in the country, Morocco has the highest number of crypto owners within the Arab region, followed closely by Egypt. 2.38 percent of Moroccan population own crypto.

UAE Sharjah University officially launches its Blockchain pilot

UAE Sharjah University officially launches its Blockchain pilot

Sharjah University has launched its blockchain pilot in the presence of Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and President of the University of Sharjah.

‏The President of the University was briefed about the advantages of using Blockchain technology, which includes several aspects, including information security and confidentiality, and ensuring the credibility of information and documents, in addition to accelerating procedures.

As per the news, the work teams at the university worked effortlessly to unify and simplify procedures and to coordinate with all parties and partners to gain access to academic, scientific, and administrative services that serve the University of Sharjah community, which includes students, graduates, and the teaching and administrative staff.

In September 2022 UAE The University of Sharjah launched a research project aimed to develop a blockchain metaverse system to preserve the UAE culture and heritage. Working with BSV Blockchain Association, the University of Sharjah planned to retain ownership of UAE culture in the form of digital assets, and then develop an NFT and physical marketplace where users can exchange physical originals as well as NFTs all in a metaverse environment.

University of Sharjah has been working closely with BSV Blockchain on several projects. During the BSV Blockchain convention in UAE, BSV stated that they were working with several entities in the UAE including the Ministry of Energy, University of Sharjah, and UAE Department of Community, Dubai Police and othe

UAE ADIB Bank secured over $128 million in deals on Blockchain trade finance platform in 2022

UAE ADIB Bank secured over $128 million in deals on Blockchain trade finance platform in 2022

UAE Abu Dhabi Islamic Bank secured 130 deals valuing over $128 million from 11 banks in Bangladesh using Blockchain trade finance platform TradeAssets. TradeAssets is powered by blockchain technology for digital origination and the distribution of trade assets.

As a result UAE based Blockchain trade finance e marketplace TradeAssets has awarded Abu Dhabi Islamic Bank (ADIB), e-Marketplace Champion Award for its excellence in digital adoption from blockchain-powered e-Marketplace 

ADIB has been constantly embracing new and emerging technologies, with the strategic partnership signed last year with TradeAssets further strengthening the efficiency and productivity of businesses. 

Commenting on the recognition, Abdulla Shehhi , Global Head International Business Group (IBG), at ADIB, stated, “ADIB is at the cutting-edge of global transaction banking offering end-to-end Sharia’a-compliant trade financing through digital channels. Through the successful implementation of TradeAssets, ADIB has demonstrated to the world its commitment to efficiency, productivity, innovation and leading the way business should be done in a digital world.”

Sumit K Roy, Co-founder and Chief Marketing Officer of Fintech Innovations International DMCC, TradeAssets, added, “This award and certificate of excellence are presented to a member bank in recognition of its commitment to the adoption of digital processes that support global access and efficiency. ADIB, through its active usage of our e-marketplace for the last three years, has demonstrated that the banks with progressive and futuristic thinking can change the entire industry for the better.”

$128 million in secured deals is double the amount of deals done on Blockchain platform TradeAssets in 2021. In April 2021 ADIB Bank executed over 60 trade finance cross border transactions in the first year of its partnership with  Blockchain trade finance market place, TradeAssets. In April 2020, ADIB became the first Islamic bank to use Blockchain technology for trade distribution.

This e-marketplace complements ADIB’s diversified digital cash, trade, and foreign exchange offerings, available to businesses through its flagship ADIB Direct platform. Aimed at businesses of all sizes, ADIB Direct improves companies’ ability to manage their finances locally and internationally. The key features include customisable dashboards, cashflow forecasting and online trade issuance and financing which are accessible across all devices including a mobile app.

UAE Blockchain farmer marketplace merges with Bahrain BeanBoat

UAE Blockchain farmer marketplace merges with Bahrain BeanBoat

UAE Farmsent, a blockchain platform for farmers and producers where they can directly supply goods to the consumers, has merged with Bahrain Beanboat, pioneers of coffee direct-trade in MENA.

BeanBoat created Bahrain’s first coffee subscriptions service. Their offerings brought coffee shops and roasters some of the best and rarest coffee in the world owing to their extensive network of farmers in Colombia.

Beanboat has merged with Farmsent allowing them to tap on Farmsent’s extensive reach with clients in the MENA regions and network farmers in Colombia, and combining it with the power of Web3 of Farmsent’s network to push for the next generation of trade.

Yog Shrusti, CEO and Co-Founder of Farmsent stated, “Our mission at Farmsent is to connect farmers directly with people who are looking for quality, sustainable, traceable products. With Beanboat’s knowledge of the MENA region, we will continue to lead the way in bringing people across the region together around sustainable living. With this merger, and combined with Farmsent’s ongoing efforts in Indonesia, we aim to foster and leverage on the community of coffee farmers in Colombia and provide them access to more regions and more clients. More importantly, farmers of a different variety of produce will now have the opportunity to directly trade with clients in the MENA region. On the other side, distributors and wholesale buyers will have access to an extensive network of farmers in Colombia to ensure supply and QA of their product lines.”

 Saleh Sharif, CEO and Co-Founder of Beanboat added, “We are very excited to collaborate with Farmsent. As we aim to make the supply chain more transparent, I feel the scalability issues that were obvious in our coffee trading are now even more apparent. Beanboat will add more SKUs than coffee and bring transparency to our supply chain. With the advent of blockchain technology, we safely look forward to our new collaboration!”

Dubai virtual asset regulator to release its Full market framework soon

Dubai virtual asset regulator to release its Full market framework soon

In a recent article on Pinsentmasons legal firm website, the article discusses Dubai VARA’s Full market product regulatory regime for virtual assets and its upcoming rollout.

The legal expert Tom Bicknell states, that after VARA’s roll out of its minimum viable product license regime which allowed participants to undertake their activities within an agreed limited scope and specifically to their authorized market segment, VARA will soon be launching its FMP framework which will seek to monitor global trends of the virtual industry and where appropriate issue further rules and guidance

Tom Bicknell of Pinsent Masons states, “Encompassing the learning’s from its MVP licensing stage and widespread industry engagement, VARA’s introduction of the FMP ( Full Market Product) license will serve as a firm footing for the next stage of growth for the UAE’s leading virtual asset industry.”

Once the rollout begins, MVP license holders and other VASPs will have to apply for an FMP license to undertake their activities in the market. The FMP regime is structured around ensuring that anti-money laundering and combating the financing of terrorism (AML/CFT) compliance standards are met in accordance with the Financial Action Taskforce’s recommendations for VASPs. VARA said the FMP regime will also apply ongoing internal controls, corporate governance and conduct of business rules appropriate to the risk profile of the applicant.

Bicknell adds, “VARA is undertaking engagement and consultation with market participants as part of its development of the FMP framework with a version of the framework expected to be released shortly. It is worth noting that VARA has made clear that, notwithstanding the release of the FMP framework, the regulator will seek to monitor global trends of the virtual industry and where appropriate issue further rules and guidance.”