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UAE based NEOPIN launches new real world assets platform

UAE based NEOPIN launches new real world assets platform

NEOPIN Permissioned DeFi platform based in Abu Dhabi UAE, which launched the first DeFi product for the Klaytn-Finischia ecosystem, has announced a new RWA ( Real World Assets), platform that will position the protocol to become a global leading Real World Asset (RWA) DeFi protocol. The platform will combine the rich liquidity of traditional finance with blockchain technology, creating global marketability with high levels of security and regulatory compliance.

Prior to this UAE based Finschia Foundation, which works to expand public blockchain and Web3 technologies, and NEOPIN, partnered to provide decentralized exchange services.

The key objectives of the new RWA platform include the development of a dedicated RWA platform based on the order book, the expansion of innovative RWA product offerings, and the expansion of the RWA multi-chain strategy.

NEOPIN’s RWA platform is being developed as an all-in-one platform that can meet the diverse needs of institutions, users and the industry. It will provide a more intuitive and simplified solution for institutional participants to engage with RWA technology and markets without the need for a complex review process. It will also be designed with a decentralized order book to make it easy to use for global users familiar with equity or crypto exchanges.

In terms of product offerings, RWA will continue to expand its innovative product suite, with more than five RWA products in the pipeline with institutional partners that are poised to make a significant impact in the DeFi and physical markets. In parallel, we are also working on a strategy to expand the RWA issuance chain, continuing the multi-chain strategy that has underpinned the success of NEOPIN’s DeFi on a dedicated RWA platform.

In March, NEOPIN launched the platform’s first RWA-linked DeFi product and entered the $5.7 billion global RWA market in earnest. With the success of its recently launched RWA derivative products, NEOPIN’s consolidated total value locked (TVL) has exceeded USD 200 million.

“NEOPIN’s RWA platform aims to attract global institutional partners and users and then position itself as an essential infrastructure for institutions,” said Ethan Kim, CEO of NEOPIN. “With our new platform, innovative product suite and institutional acquisition, we will grow into the top tier of global RWA within two years.”

Since 2017, NEOPIN has been building its blockchain expertise and technology by participating as a node validator operator for various global blockchains, including Ethereum, Tron, Cardano, Cosmos, Klaytn, and Finschia. Last year, the company was selected as an innovative company by the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE) in recognition of its regulatory compliance and expertise, becoming the first Korean blockchain company to receive direct and indirect investment, and is working with the Abu Dhabi Global Market (ADGM), a financial special zone in the UAE, to create the world’s first DeFi regulation in a public-private partnership. 

UAE nuclear and blockchain expert appointed as advisor to Sustainable Bitcoin protocol

UAE nuclear and blockchain expert appointed as advisor to Sustainable Bitcoin protocol

U.S. based Sustainable Bitcoin Protocol (SBP), which aims to unlock Bitcoin’s potential to become the most transparent and sustainable asset has appointed UAE national, an entrepreneur and pioneer in nuclear energy technology, space industry and digital assets Ali AlNuaimi.

Ali Alnuaimi, will hold the position of advisor at Sustainable Bitcoin Protocol. As per the Xpost of SBP, “Ali brings a wealth of experience to Sustainable Bitcoin Protocol. His visionary leadership in launching the UAE’s 1st nuclear reactor & integrating blockchain technology into the energy & financial sectors is a testament to his expertise in sustainable #energy & technological innovation.”

The post adds, “Ali’s pioneering work in leveraging blockchain for energy sustainability aligns perfectly with the company’s objectives, promising to accelerate the adoption of #cleanenergy solutions in bitcoin mining.”

AlNuaimi holds other advisory roles in well renowned entities in the digital asset, AI and Blockchain fields. He is an advisor at Buildr.ai, Marathon Digital, Gigaenergy, and Mysten Labs, the creators of Sui Blockchain.

He is also the Founder and Managing Director of AI firm Shafra.

SBP enables investors to hold verifiably sustainable BTC through the introduction of a new environmental commodity derived from clean energy bitcoin mining, called the Sustainable Bitcoin Certificate (SBC). SBC are paired with BTC 1 for 1 by investors. SBC financially incentivizes Bitcoin miners to use verified clean energy sources.

Finally, SBP’s certificate allows Bitcoin to become fully sustainable with transparent clean energy use without disrupting the fungibility of BTC.

Sustainable Bitcoin Protocol is turning environmental sustainability into an appreciating commodity, in turn supporting clean energy bitcoin miners and helping investors reach their ESG goals.

SBC are a new environmental commodity specifically designed to align Bitcoin mining with climate action. SBC incentivize verified clean energy use and waste methane mitigation, as well as mobilize capital from investors toward the energy transition.

The SBP aims to bring in new revenue and energy transparency by mining Bitcoin with clean energy.

UAE has become a hub for Bitcoin mining, whether with Marathon Digital in Abu Dhabi, or Phoenix Technology, could this be the starting point for digital assets mining, using nuclear energy available in Abu Dhabi?

Dubai virtual asset regulator: big Web3 and crypto players will bear the compliance cost for small players

Dubai virtual asset regulator: big Web3 and crypto players will bear the compliance cost for small players

During the Paris Blockchain Week, at the Global regulatory Landscape Panel session, Mathew White, CEO of Dubai’s VARA (Virtual Asset Regulatory Authority) discussed the cost of compliance for smaller crypto and Blockchain firms and the solution he is proposing where big players sponsor the cost of compliance for smaller ones.

White in his contribution during the panel made several points with regards to how he views VARA’s regulatory standpoint.

Firstly, VARA wants to regulate without damaging the presence of nearly 2000 Web3 and crypto companies already present in Dubai UAE. He states, “We seek to set a regulation that we feel anybody can be part of and is not exclusive by nature. We engage with the industry, governments, and continue to do that. While it is still not perfect, there are a number of things we are looking into to make the regime fit for everybody, one of which is how we deal with cost of compliance for small entities.”

According to White, compliance is a costly exercise and not many players have the resources to go and get regulated. His proposal is “looking towards a structure where larger market participants host smaller ones, where the cost of compliance can be borne by the large players.” He adds, “We are on this journey of allowing innovation whilst being able to regulate it.”

White explains that two years ago when he was part of the team building VARA, the Dubai government decided as part of their economic diversification project to prioritize technology and in specific virtual assets.

VARA was established to be able to position Dubai as a hub with financial stability and investor protection in mind.

When the topic of self-regulation through technology came up White acknowledge that he believes that this will one day be possible. He also stated he would be looking into piloting this idea at VARA.

He stated, “No doubt some point in the future it will be available. For the short to medium there will be regulation and it will be significant.”

Earlier this week, Crypto.com became the first international crypto exchange to receive a full license from VARA, while OKX is still awaiting final requirements to receive its full VASP operational license.

Lebanese operated money exchanger sanctioned by OFAC for crypto transfers

Lebanese operated money exchanger sanctioned by OFAC for crypto transfers

In the last week of March 2024, The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against six entities based in Lebanon, Liberia, India, Vietnam, and Kuwait.

As per the OFAC announcement, among those targeted was a Syrian national money exchanger Tawfiq Muhammad Sa’id al-Law based out of Lebanon. The Treasury Department stated that Sa’id al-Law provided Hezbollah with digital wallets to receive funds from IRGC-QF commodity sales and conduct crypto transfers.

Sa’id al-Law was also accused of facilitating financial transactions for sanctioned Hezbollah officials and providing financial services to Sa’id al-Jamal and his network.

As per the announcement, the sanctioned entities were implicated in facilitating commodity shipments and financial transactions, including cryptocurrencies for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), the Houthis, and Hezbollah.

Furthermore, two Kuwait-based companies, Orchidia Regional for General Trading and Contracting Company and Mass Com Group General Trading and Contracting Company WLL, were also implicated in transferring money to support Sa’id al-Jamal’s network.

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said, “Treasury remains resolute in our commitment to deploy our tools against those who seek to fund illicit activities. The United States will continue to take action to disrupt the abuse of international energy markets to facilitate terrorist activities.”

On June 27, 2023, Israeli Defense Minister Yoav Gallant announced that Israel’s National Bureau for Counter Terror Financing (NBCTF) seized cryptocurrency from Hezbollah, and from Iran’s Quds Force. In total, the agency seized roughly $1.7 million worth of cryptocurrency and disrupted crypto “terrorism financing” infrastructure jointly run by the two organizations.

As per Chainalysis article, The NBCTF seizure focused on wallets controlled by Tawfiq Muhammad Said Al-Law, who “supposedly” worked with senior Hezbollah operators like Muhammad Qasim Al-Bazzal and Muhammad Ja’far Qasir, both of whom are sanctioned by OFAC, to operate Hezbollah’s crypto funding infrastructure.

In March 2024 as well, OFAC sanctioned a UAE registered business entity and its subsidiary for helping to build or operate blockchain based services to facilitate potential sanctions evasion on behalf of Russian nationals.

A UAE based Social impact fund creates watchdog index for crypto and blockchain

A UAE based Social impact fund creates watchdog index for crypto and blockchain

UAE based Humanity International Investments (HII), social impact fund, has created a watchdog index for the crypto and blockchain ecosystem. The index will serve as a barometer for assessing the socio-economic impact of cryptocurrencies and blockchain projects worldwide, with a keen focus on Environmental, Social, and Governance (ESG) impact.

In a push for ethical investment within the crypto sector, HII’s initiative introduces a rigorous ESG framework. The index is designed to evaluate and rate blockchain entities, crypto tokens and crypto funds based on a multifaceted methodology, incorporating market performance, technology robustness, regulatory compliance, and community engagement, alongside a keen ESG analysis.

The HII index will guide investors towards sustainable, responsible, and socially beneficial crypto ventures.

The HII Blockchain Index recognizes the essential role ESG considerations play within the investment landscape. The aim is to encourage investment in projects that align with sustainability goals and have a meaningful impact, particularly for those at the bottom of the economic pyramid.

“By prioritizing investments that align with broader sustainability goals, the Humanity Blockchain Index will direct the crypto industry towards a future where it holds a sustainable and socially responsible modus operandi”, said Mr. Marcus Dukes, President of HII.

The launch of this index demonstrates HII’s unwavering dedication to closing the income gap for the unbanked and ultra-poor, particularly in Africa.

HII is championing a new investment paradigm – one that values humanity’s future as much as immediate financial returns. This initiative is set to catalyze a shift towards more sustainable business practices in the crypto industry and foster an inclusive and ethically robust digital economy.

“Through our pioneering Blockchain Index, we are setting a new standard for responsible investment in the crypto world. By factoring in a token’s environmental impact, societal contribution, and governance quality, the index ensures investors have a clear understanding of which crypto enterprises are contributing positively to society and which may be falling short,” said Dukes.

The HII Blockchain Index will measure the impact of crypto and blockchain companies on individuals at the bottom of the pyramid, with a particular emphasis on the unbanked population. The index will evaluate how these companies are leveraging technology to provide financial services, increase accessibility, and foster economic empowerment for those who have historically been excluded from the traditional banking system. By focusing on key metrics such as accessibility, usability, and the implementation of projects that directly benefit the unbanked, the HII Blockchain Index aims to highlight and support those entities making tangible strides towards financial inclusion.

DIFC launches digital assets and smart contracts regime

DIFC launches digital assets and smart contracts regime

Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA) region, enacts the world’s first Digital Assets Law, a new Law of Security and related amendments to select existing legislation to cater for the consequences of the new digital assets regime and revised security regime. The legislative enactments aim to ensure DIFC Laws keep pace with the rapid developments in international trade and financial markets arising from technological developments, and to provide legal certainty for investors in, and users of, Digital Assets.

Digital Assets Law – DIFC Law No. 2 of 2024

Digital Assets represent a trillion-dollar asset class and the scope for future innovation and market opportunities within it are considerable. Thus far, the primary focus in many jurisdictions has been to regulate and impose enforcement related sanctions on some of the practical applications of this asset class from a regulated financial services perspective. However, the fundamental benefits brought about by blockchain technology, the digital assets that can be created thereby, and their application across a wide spectrum of use cases will grow and become of increasing importance in a much wider context. In this regard, the broader legal questions as to the exact nature of the legal features and consequences of digital assets has very much remained open for debate on a number of key issues. International legal developments and judgments across the common law world have begun to provide some clarity in this regard but have not yet provided a comprehensive legal framework mapping out the full extent of the legal characteristics of a digital asset and how users and investors within this asset class may interact with digital assets and each other.  

Following extensive review of the legal approaches taken to digital assets in multiple jurisdictions, and a period of public consultation in 2023, DIFC is now enacting its own Digital Assets Law. 

Existing DIFC laws such as the Contracts Law, Law of Obligations, Law of Security, Law of Damages and Remedies, Trust Law and Foundations Law have also been updated through DIFC Amendment Law, No. 3 of 2024, to cater to specific issues arising in relation to this asset class. 

Updates to the Law of Obligations also provide for the use of electronic transferable records. Electronic transferable records are functionally equivalent to paper trade documents or instruments such as bills of lading, bills of exchange, promissory notes and warehouse receipts. Recognition of such documents in electronic form facilitates greater efficiencies within cross-border digital trade by increasing the speed and security of transmission of documentation and allowing for the automation of certain transactions through smart contracts.

Similarly, a great deal of innovation has taken place in secured transactions regimes internationally – particularly since the DIFC Law of Security was enacted in 2005. This includes the emergence of businesses and platforms that enable the extension of credit in, and secured or covered by, digital asset collateral arrangements, and an increasing drive to digitise international trade.  

Following consideration of regimes in other jurisdictions and, in particular, UNCITRAL’s Model Law on Secured Transaction, in conjunction with the new Digital Assets Law, DIFC is repealing the 2005 Law of Security, and replacing it with a new Law of Security to significantly amend and enhance DIFC’s securities regime. This will align the regime with international best practice and provide clarity in relation to taking security over digital assets.  In doing so, DIFC is also repealing the Financial Collateral Regulations, amalgamating the financial collateral provisions into a new chapter of the new Law of Security. 

Jacques Visser, Chief Legal Officer at DIFC Authority, said: “DIFC is excited to announce the enactment of its Digital Assets Law. We consider this legislation to be groundbreaking as the first legislative enactment to comprehensively set out the legal characteristics of digital assets as a matter of property law, and to provide for how digital assets may be controlled, transferred and dealt with by interested parties. At the same time, we are also enacting a new Law of Security, replacing the 2005 law. The revised regime is modelled on the UNCITRAL Model of Secured Transactions and significantly enhances DIFC’s securities regime to keep pace with international developments in this field and to ensure DIFC remains at the forefront of best practice.”

The new legislation came into effect on 8 March 2024 and can be accessed via DIFC’s Legislative Database: here.
The new laws reflect the Centre’s commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practice.
 

India’s largest crypto exchange CoinDCX eyes international expansion starting with MENA

India’s largest crypto exchange CoinDCX eyes international expansion starting with MENA

In a recent CoinDCX blog post, where the founders Sumit Gupta and Neeraj Khandelwal addressed their users, investors and partners, the crypto exchange noted that their strategic investment in UAE based BitOasis crypto exchange was part of their expansion plans.

The six-year-old crypto exchange now one of the largest in India celebrated its anniversary.

While talking of the journey including the ups and downs from crypto market cycles, to regulatory hurdles, the founders noted that two things remained constant, their commitment to empowering Indians with the tools and knowledge they need to thrive in the crypto world, and the love and support of their incredible community.

What started as a crypto exchange in 2018 has evolved into a comprehensive ecosystem, encompassing an exchange, CoinDCX Ventures, the Okto self-custodial wallet, and the Okto SDK that bridges Web2 and Web3.

CoinDCX Ventures has already invested in 15 Web3 startups.

CoinDCX also mentions their strategic investment in UAE homegrown crypto exchange BitOasis. The post noted, “Our recent strategic investment in BitOasis, one of the leading exchanges in the MENA region, will facilitate CoinDCX’s expansion into international markets.” In the image associated with the blog post, it pointed out BitOasis as a “partner exchange”.

In August 2023, UAE based BitOasis crypto broker exchange announced that it had secured an investment from CoinDCX, India’s biggest crypt exchange. The announcement came after BitOasis’s license was deemed non-operational by Dubai’s virtual asset regulatory authority VARA and still stands to date as “non-operational” on VARA’s website.

The Blog post also notes that moving forward CoinDCX anticipates a bull run and expects surge in transactions and volumes. They post notes, “We have a huge responsibility to serve our customers better and introduce products that align with the market’s expectations. Going forward, we will continue empowering the masses by democratizing access to Web3. We promise that the coming year will be as exciting as the years gone by. As we continue to build in Web3, some of those initiatives will be rolled out soon. We are committed to take CoinDCX to the next level.”

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Again Saudi Arabia is barred from an AI investment

Again Saudi Arabia is barred from an AI investment

Once again Saudi Arabia has not been allowed to invest in an AI entity out of the United States. This time the company is Anthropic partly owned by the fallen FTX crypto exchange. As per CNBC, while sovereign wealth funds are among the investors eyeing to buy into Anthropic, including UAE Mubadala, Saudi Arabia is not one of them.

Anthropic according to sources speaking to CNBC, has ruled out taking money from investors or sovereign wealth fund in KSA. Anthropic executives cited national security, one of the sources told CNBC.

The stake in Anthropic is for sale because it belongs to FTX, the failed cryptocurrency exchange started by Sam Bankman-Fried, and is being unloaded as part of the company’s bankruptcy proceedings. FTX bought the shares three years ago for $500 million. The 8% stake is now worth more than $1 billion due to the recent boom in AI.

As per the article proceeds from the sale will be used to repay FTX customers. The transaction is ongoing and is on track to wrap up in the next couple weeks, said people with knowledge of the talks who asked not to be named because the negotiations are private.

The class B shares, which don’t come with voting rights, are being sold at Anthropic’s last valuation of $18.4 billion, sources said. Anthropic has raised roughly $7 billion in the last few years from tech giants like Amazon, Alphabet and Salesforce

While Anthropic’s founders told bankers they wouldn’t accept Saudi money, they don’t plan to challenge funding from other sovereign wealth funds, including United Arab Emirates fund Mubadala. The UAE-based firm is actively looking at investing, according to one of the sources.

In November 2023, The Biden administration forced a Saudi Aramco-backed venture capital firm to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman, as per Bloomberg

Altman-backed Rain Neuromorphics, a startup designing chips that mimic the way the brain works and aims to serve companies using artificial intelligence algorithms, raised $25 million in 2022.

Aramco’s Prosperity7, a lead investor in the $25 million round for Rain AI, sold its shares in the startup after a review by the Committee on Foreign Investment in the United States, people familiar with the matter said, according to the Bloomberg report.

The agency, a U.S. watchdog for deals with national security implications, told the Saudi fund to unwind that deal sometime over the past year, the report said.

This comes as Saudi Arabia plans to create a fund of about $40 billion to invest in artificial intelligence. In recent weeks, representatives of Saudi Arabia’s Public Investment Fund have discussed a potential partnership with Andreessen Horowitz, one of Silicon Valley’s top venture capital firms.

Cardano accelerator and Saudi ventures ASFA to drive Web3 adoption in KSA

Cardano accelerator and Saudi ventures ASFA to drive Web3 adoption in KSA

Adaverse, a Cardano focused accelerator that supports Web3 and blockchain solutions with funding, mentorship and tech infrastructure, has signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond.

ASFA ventures is a ventures capital builder that focuses on technology ventures, Web3 technologies. It has already invested in Saudi projects such as AqarToken, and Tokenha. In the meantime, Adaverse has funded 40+ startups across Africa, Asia and beyond.

As per the statement on X, “We’re excited to announce Adaverse has signed an MOU with ASFA Ventures to drive Web3 innovation in Saudi Arabia and beyond. This partnership will empower startups, together we advance tech landscape across MENA.”

The MOU between Adaverse and ASFA plans to boost start up growth, drive Web3 innovation and empower technology advancement.

Adaverse adds, “This marks a pivotal step towards propelling Web3 innovation in Saudi Arabia. Together with ASFA Ventures, we’re on a mission to empower entrepreneurs and set new benchmarks in the digital landscape across MENA.”

Earlier this year, Adaverse invested in Saudi based Blockchain Fintech startup Takadao. This came at the heels of Adaverse’s expansion into Saudi Arabia with the opening of an office in Riyadh. Adaverse became the first venture capital fund in the KSA to specialize in Web3 and blockchain early-stage investing. In 2024, the company plans on investing $10 million in local Saudi Web3 startups.

UAE FAB bank completes Blockchain payments pilot with J.P. Morgan

UAE FAB bank completes Blockchain payments pilot with J.P. Morgan

UAE FAB bank, (First Abu Dhabi Bank), has announced the successful completion of its J.P Morgan’s Coin blockchain based cross border payments.

Coin systems support digital solutions on proprietary blockchain network to enable instant transfer and settlement of value on a permissioned distributed ledger.  The pilot phase, executed seamlessly and within satisfactory response times, have demonstrated the capabilities and potential of blockchain technology in enhancing cross-border payment solutions.

FAB’s achievement through collaboration with Onyx by J.P. Morgan, is a demonstration of the bank’s commitment to leveraging cutting-edge technologies to provide innovative solutions to its clients around payments space and particularly cross border payments domain.  Looking ahead, FAB’s Global Transaction Banking business plans to explore further opportunities using J.P. Morgan’s Coin Systems.

Bahrain’s ABC Bank was the first bank to actually go live with Coin System built on Onyx by J.P Morgan, after two years of piloting.