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Local Oman crypto broker Easy Coins launches Tether USDT on its platform

Local Oman crypto broker Easy Coins launches Tether USDT on its platform

Oman based, cryptocurrency broker, Easy Coins announced on twitter that it had launched its trial of Tether USDT on the Tron Blockchain. Accordingly Easy Coin users in Oman can now purchase TRC20 USDT. At the end of 2021 there were 43 thousand registered crypto wallet addresses in Oman. 

LaraontheBlock spoke with Dr. Khalid M.W. Tahhan, Co-Founder, Easy Coins ME on the recent Tether trial. According to Tahhan the reason for choosing to trial tether is that it is the largest stablecoin and there is a huge demand for it in the Omani market. He adds, “Easy Coins is also in the process of launching its own Omani Riyal backed stablecoin which will be backed 1:1 with Omani Riyals, ensuring a better peg than USDT.”

While most consider the crypto market to be falling and bearish, Tahhan feels otherwise. He states, “We at Easy Coins believe that Bitcoin will remain competing as a reserve asset. We also believe a lot of the tokens produced from thin air will lose their value. Finally and most importantly, we believe these public Decentralized blockchains will be the new payment rails of the future and are developing solutions to utilize them.”

He explains that Easy Coins is the first non-custodial crypto broker in the MENA region. He states, “We always believed in self-custody and hence deployed a compliance focused self-custody solution from the start to ensure nothing like FTX can happen to our customers.”

In terms of crypto regulations in Oman, while still not regulated, Easy Coins is a formally registered startup at the Oman Ministry of Commerce and Industry as well as part of Jadara Program of the Oman Ministry of Transport, communication and Information Technology.

In short he states, “We are self-regulated and follow compliance methodologies from Europe in the interim. We will become a licensed entity once the regulators in Oman are ready to license such activities.”

Easy Coins is the only cryptocurrency broker in the region that accepts all Omani Debit and Credit Cards and offers lower payment processor fees when using our service with Omani Debit Card.

Prior to this announcement Easy Coins was trialing a stablecoin backed by the Oman Riyal with the Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group. Oman Water signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet.

The companies would trial a cryptographic stablecoin pegged to the Omani Riyal to be utilized as payment from subscribers in select OWWSC customer halls as well as on Easy Coin. Payments will be made using Hasalah Digital Wallet.

In June 2022, The Executive President of the Central Bank of Oman, Mr. Tahir Salim Al Amri, commented during the 7t Edition of the new Age Banking Summit on the topic of CBDCs (Central Bank Digital Currencies)  that the Central Bank of Oman is working to issue its own CBDC. 

In Parallel, the Oman Capital Market Authority issued its new Securities Law (46/2022) which stipulates that the authority can “Agree to application of technologies, virtual digital investments or any products or services in the areas related to the provisions of this law, as set out in the Regulation.”

Additionally Oman is working towards tokenization of real-estate. The Oman Capital Market Authority (OCMA) is set to include real estate tokenization in its virtual asset regulatory framework, a report quoting an advisor of the authority has said. According to the report, Oman expects to complete drafting the virtual assets regulatory framework by Q3 of 2022.

World Cup Qatar 2022 fan tokens a catalyst for mass crypto adoption

World Cup Qatar 2022 fan tokens a catalyst for mass crypto adoption

Qatar’s World Cup 2022 is a first in many ways. It is not only the first to be held in an Arab country but also the first to have crypto and blockchain sponsors, namely Algorand and Crypto.com, and the first to introduce fan tokens, NFTs, and metaverse experiences. Consequently, these actions have spurred the market capitalization of fan tokens to $300 million at the onset of the World Cup according to CoinGecko.

Fan tokens for FIFA

World Cup 2022 NFT Collection was launched with Algorand blockchain technology. FIFA fans now have the opportunity to attend the tournaments and enjoy a VIP experience thanks to the official digital collectibles. In this sense, they are one of the first utility NFTs in the World Cup space. Costing as low as $4.99, 216,862 packs had been claimed by Nov. 23 from the FIFA+ Collect website out of a collection of 532,980 packs, which include 1,593,480 NFTs. Users can purchase packs using credit cards or USDC-A on the Algorand network.

Moreover, the FIFA World Cup 2022 collaborated with Matchday, a company that developed a social prediction game based on football cards, and Upland, a company that built a virtual replica of the Lusail Stadium in Qatar for fans to visit the metaverse using collectible NFTs.

Will this impact the growth of fan tokens in the region?Nabil Al Sayed, the founder of the MENA-based Nifty NFT marketplace, believes that FIFA’s approach to Web3 is reassuring.

“Football has a great fan base, and the World Cup has an even bigger one,” he explains. “This adoption of Web3 by FIFA helps engage a wider base of fans in this new space, introduces a new world to fans also gives a nudge to the ones on the fence and also proves that Web3 is the future and it is here to stay.”

Al Sayed adds that these partnerships “are just the beginning for what is yet to come.”

However, the founder of UAE Web3 social engagement platform Bonuz, Matthias Mende, says the current efforts are not enough, and that FIFA faces challenges in making their NFTs simple and friendly to purchase as well as relieving fans of gas fees.

He states, “The greatest outcome to incentivize fans to purchase FIFA NFTs is their affordable prices. Nevertheless, acquiring the FIFA NFTs should be done with gasless payments, which are currently not available on Algorand.”

FIFA is not the only entity offering fan tokens and NFTs. Binance, for example, is offering $1 million in rewards in its Web3 Blockchain-enabled football challenge. UAE-based KoinBasket, a crypto investment firm, put up 100 million Bitcoin Satoshis for grabs, and Bybit crypto exchange, which had applied for a license in Dubai through VARA, is offering 500,000 in USDT as a prize pool in celebration of the World Cup.

Are these successful campaigns to gauge fan interest?Al Sayed believes that the secret behind successful fan NFTs and tokens is the utilities that these assets hold. He explains that NFTs allow fans to “participate in voting polls for the team, go on a hunt for digital collectibles, purchase gated NFTs, and enjoy gamification features tied with fan rewards or virtual experiences.”

As for Mende, NFTs that provide “Proof of Attendance” coupled with a quest map requesting users to carry out tasks might be effective to increase and measure social engagement.

“Using this strategy, companies can rate which community members add value and which are merely attendees,” Mende expounds. “Companies can filter benefits based on these data points and determine who to grant benefits to.”

Future of sport NFTs and fan tokens in MENA

Al Sayed reiterates, “This is the first step to a whole new way of consuming sports. We are just scratching the surface. This year it started with fan tokens, and by 2026 we will be seeing more immersive experiences and a wider range of products beyond tokens and games.”

Blockchain will be the norm for the upcoming World Cup, Mende predicts. According to him, the general public will see the emergence of “Tracking NFTs.” Since these NFTs will track users’ activity in a similar way that cookies do, they will provide a high level of transparency for understanding real user behavior. “Users will be happy to exchange this data for NFTs, digital rewards, and virtual benefits,” he claims.

Algorand Decipher conference kicks off in UAE with leading MENA Blockchain entities

Algorand Decipher conference kicks off in UAE with leading MENA Blockchain entities

The second annual conference Decipher, by the Algorand Foundation is being held today until the 30th of November at Madinat Jumeirah Conference & Events Centre in Dubai, UAE.  The Algorand Foundation’s mission is to grow and empower the ecosystem around Algorand-the leading carbon-negative Layer-1 blockchain-and Decipher’s programming will highlight top founders and investors from both within and beyond the Algorand network.

The event will witness more  than 120 speakers across four stages and 50 sessions. Registrants will also be able to sign up for one-on-one mentoring with blockchain leaders, learn to set up wallets and experience play-to-earn games, explore a high-end curated NFT art gallery, take part in hands-on workshops designed for developers and led by the engineers and product leaders behind the Algorand protocol, and more.

Topics include Financial Inclusion at Scale: A World Tour featuring Sanzar Kakar, Founder of HesabPay; Victor Mapunga, Co-Founder & CEO of FlexFinTx; Abhinav Sinha, Cofounder, Eko India Financial Services; and Matt Keller, Head of Social Impact at the Algorand Foundation.

Also is the topic of Building the Next Crypto Capital featuring Basil Al Askari, CEO & Cofounder of MidChains; Benjamin Ampen, CEO MENA at Kraken; and Jehanzeb Awan, Chairman of the Middle East, Africa and Asia Crypto and Blockchain Association.

As well as the topic of payments revolution featuring  Khaled Moharem, President Middle East at WadzPay; Eduardo Novillo Astrada, CEO & Cofounder of AgroToken; and more to be announced.

In addition topics include Safer Bridges to a Multichain Future featuring Nico Arqueros, Primary Contributor, Milkomeda; Adi Ben-Ari, Founder & CEO, Applied Blockchain; and Hugo Philion, CEO & Cofounder, Flare Network

Venture Perspectives Across the Crypto Landscape featuring Terry Culver, CEO & General Partner at DFG Group; Mona Hamdy, Chief Strategy Officer at Sino Global Capital; Abhinav Pathak, Research Partner at Woodstock Fund; and Ryan Terribilini, Head of Ecosystem Funding at the Algorand Foundation

View the full agenda and speaker lineup at https://www.decipherevent.com

SwissBorg crypto wealth management app launches in UAE

SwissBorg crypto wealth management app launches in UAE

SwissBorg, a cryptocurrency wealth management app, has launched in the UAE, to offer a secure way to invest and earn interest on assets through Web 3.0. The award-winning app’s formula for mass adoption is two-fold, simplicity and automation, to help anyone regardless of age or skills, become a community member. 

As per the press release, SwissBorg brings more than six years of expertise to the UAE, introducing a digital asset management app that takes the guesswork out of crypto investments. 

In the first year of its operation, the organization raised $54 million via a successful Initial Coin Offering across 146 countries from 25,000 individual contributors across the globe. The platform has 700,000 active users across multiple countries, having established strong relationships with various banks with fiat gateways for 16 currencies and credit cards.

 According to Gemini’s 2022 report ‘Global State of Crypto’, 35% of the UAE population have adopted some form of crypto tokens, compared to 17% uptake in developed nations. And of the part of the population that has not yet invested, 32% are likely to purchase crypto in 2023. A third of the crypto owners use it to make in-person purchases at brick-and-mortar retailers, compared to just 19% of owners globally.

Anthony Lesoismier, Co-Founder & Chief Strategy Officer at SwissBorg, commented on the launch, said: “We are pioneering a new era in asset management and private banking supported by blockchain technology and cryptocurrencies assets. We see cryptocurrencies as a serious investment, and our goal is to provide a variety of long-lasting crypto financial products that everyone can use to participate in the largest wealth transition in human history. The UAE serves as our perfect Middle Eastern launch pad because it is the region’s commercial, technological and cultural hub. Our extensive experience will enable UAE investors to make more confident cryptocurrency investments.”

Alexander Fazel, Chief Partnerships Officer added: “The UAE is on a trajectory to becoming the crypto capital of the world by gathering industry leaders from all corners of the globe. At SwissBorg, our goal is to be the bridge between traditional finance and decentralized finance and contribute to a world where one community will reshape centuries of broken finance. We’re at the crossroads of a new era and are forever grateful to be a part of this vibrant community. We are bringing in people from all walks of life and there is nothing more rewarding than having teenagers to senior citizens with the same purpose. SwissBorg will redesign the Bank of the Future layer by layer by educating new crypto investors in the UAE to be a part of this paradigm shift.”

SwissBorg has entered partnerships with local leaders Crypto Oasis in the UAE and is also currently raising funds in the region for a strategic round focusing on short to long-term value creation.  

SwissBorg is also one of first companies to give complete transparency on Proof of Assets and Proof of Liabilities trackable at any time in real-time using blockchain technology, creating new norms to restore trust among centralized exchanges in the wake of the recent FTX incident. 

SwissBorg seperates between custodial service and exchange, as such it does not hold custody of users’ funds and instead uses FireBlocks a trusted custodian with MPC technology.  

Binance, Kraken, LMAX, Bitfinex, and SwissBorg, are connected to the order management system (OMS), which actively searches for the best pricing for its users resulting in the platform becoming their main trading account.

 Users can start investing in three simple steps — upload their personal information and proof of identity, which is completely automated, make a deposit with their credit card or cryptos and they can then start investing.

4 percent of FTX Global Clients based out of UAE

4 percent of FTX Global Clients based out of UAE

Bloomberg  just published a piece today November 27th 2022 that is rocking the UAE crypto ecosystem and is one of the most read pieces on Bloomberg as of now. As per the article roughly 4 percent of FTX’s global client base is in the UAE. This comes as no shock. LaraontheBlock had noted in an article on November 11th 2022 that VARA had suspended FTX’s crypto exchange license. The article at that time also noted that FTX MENA users brought in high revenues for FTX and was considered as the third biggest revenue region for FTX. 

Ben Bartenstein the author writes in the Bloomberg article, “Several crypto hedge funds recently launched in the UAE had dumped all of their client money on FTX, forcing an insane struggle to exit the platform before halting withdrawals to avert their own collapse, according to those familiar with the matter.”

The article also notes that roughly 4% of FTX’s global clients are based in the UAE, according to court filings in the company’s bankruptcy case, making it one of the ten most impacted jurisdictions.

The article adds that UAE officials have privately raised concerns about the pace of regulatory approvals that they may have moved too quickly and failed to identify the Three Arrows Capital and FTX blasts, people familiar with the matter said.

It goes on to state that Dubai’s VARA plans to announce its CEO in the coming weeks and intends to hold further consultations with key stakeholders before the end of the year. This information was provided by people familiar with the matter.

What the article fails to mention but was published in a separate piece recently on LaraontheBlock was that VARA is carrying out an investigation into the FTX impact on local UAE Market not limited to FTX MENA alone.

As VARA stated on its platform, ” VARA is following a developing matter involving the potential insolvency and alleged fraudulent behavior of an affiliate of a VASP licensed for participation in the MVP Phase. 

Does Q9 Capital crypto investment platform have a provisional approval from Dubai’s virtual asset regulator? Don’t think so

Does Q9 Capital crypto investment platform have a provisional approval from Dubai’s virtual asset regulator? Don’t think so

On October 27th 2022, Q9 Capital published a press release where they unilaterally announced that they had received a provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA). LaraontheBlock since then has continuously been checking VARA’s website and no Q9 to be seen anywhere. Q9 is a crypto investment management platform offering capabilities to crypto and TradFi firms. So it should be on VARA’s website under TradFi, DeFi Asset Managers section, but it isn’t.

VARA lists all the entities which have applied for a license and have provisional approval. So for example on VARA’s website under Native Crypto Exchanges, users can see Binance [Issued MVP Licence], BitOasis, Bybit, CoinMENA, Crypto.com, FTX Exchange FZE [Suspended MVP License], GCEX, Huobi, MidChains and OKX.

Then under TradFi DeFi Custodians, you have the recently approved Hex Trust [Issued MVP Licence], Komainu [Issued MVP Licence] and then you have those who applied and have a provisionary license but not a full MVP one that include Monstera and Zamp.

In TradFi | DeFi Asset Managers there is Brevan Howard, Fintonia Group, NineBlocks and NOIA Capital. While under TradFi | DeFi Financial Services you have Amber Group, Equiti, Scallop, and TPS Capital

With Native Crypto-Content | DLT Platforms listed are Calvin Cheng Web3.0 Holdings and Woonkly Labs while in TradEcon | DeFi Services there is BRE Holdings, Eros Investments, Hike, and Prypto

Two weeks since the announcement and no Q9. This is despite the fact that VARA is quick to update its website when it has approved or provided preliminary approvals or MVP licenses. In addition in many cases it also publishes a press release.

Q9 had stated that this approval came as it expanded into the UAE and applied for a full operating license in accordance with VARA requirements.  As per the release, Q9 products and strategies can be created and executed on Q9’s platform, such as systematic investment portfolios and white-labeled offerings, within VARA’s framework and distributed globally in an automated, transparent, regulated and compliant manner.

The release added, the full operating license, once received, will allow Q9 to extend products and services to qualified investors and financial service providers. Q9 will also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem both in Dubai and globally.

The press release even goes on to say that the provisional approval is a major milestone that follows a number of registrations for Q9’s local entities in Hong Kong and Dubai. As a regulation-led platform with robust compliance and security controls that have consumer protection and market integrity at its core, the registration further strengthens Q9’s position.

James Quinn, Managing Partner of Q9, noted “Dubai’s Virtual Assets Regulatory Authority is a testament to the country’s forward-looking stance on digital assets and its willingness to support the industry through collaboration. We look forward to participating in the authority’s robust compliance framework and continue building partnerships as we expand our presence in Dubai to roll out additional services and enhanced products for the region.”

But until LaraontheBlock, sees the Q9 name on VARA’s website, Q9 ‘s provisional preliminary approval is still hanging in the wind!

UAE HayVN wants to buy FTX Pay because of its strong relationships, are they serious?

UAE HayVN wants to buy FTX Pay because of its strong relationships, are they serious?

It is all over the news that UAE HayVN, regulated virtual asset trading platform is considering to bid for FTX Pay, FTX crypto exchange’s payment business. The reason the CEO of HayVN gives is that FTX Pay is valuable because of its relationships with establish companies such as MasterCard. Well is that a valid reason, given that most of these established companies have severed their relationships with FTX Pay, while it is actually Visa that was a partner and not MasterCard.

UAE National newspaper came out with a story that UAE HayVN regulated by ADGM is interested in purchasing FTX Pay  to integrate it with HayVN Pay infrastructure according to statements made by Christopher Flinos, co-founder and chief executive of Hayvn.

As he told the UAE National, “We are pleased to learn that some of the FTX businesses have solvent balance sheets, responsible management and valuable franchises. We are open to a discussion with their bankers, Perella Weinberg, as soon as they have the court’s approval to proceed.”

FTX Pay is an application that allows merchants to accept both cryptocurrency and fiat payments for a flat 1 per cent transaction fee with no minimum or upfront costs, according to its website.

In the interview Flinos did not disclose the amount Hayvn was willing to pay for FTX’s payments business, but said its plan to bid for the company had been approved by the Hayvn board and “back-channel discussions” had begun to indicate their interest. “It will be a public process but we want to be more ahead of the others for when that drops.”

Flinos believes FTX Pay is valuable because of its relationships with established companies such as Mastercard. He states, “From the advisers’ perspective, they want to know that the bidders have got money; tick, we have got money. They want to know that the bidders have got a good business; tick, we have got a good business, we are regulated, we have a game plan, we can value it [and] we know what it is worth to us. Because Sam Bankman-Fried had such a strong presence as an individual and was the darling of the industry, then companies like MasterCard had arrangements with FTX Pay.”

He adds “I am basically not buying it for its tech, as we have got better tech. I am buying it for the relationships that it has and the presence that it has with these people, so it is less risky.”

Hayvn Pay is a regulated financial network for blockchain-based currencies and works with UAE companies such as DAMAC Properties, developer Nakheel and the Dubai government, allowing people to buy property using cryptocurrency.  Earlier Hayvn had partnered with WooCommerce, an open source, e-commerce platform.

The CEO notes, “Acquiring FTX Pay will help solidify our position as the global leader in cryptocurrency payment solutions.”

But does HayVN know that VISA severed this relationship in the aftermath of FTX debacle and fall?

Yes, VISA had teamed up global crypto exchange FTX to offer debit cards in 40 countries with a focus on Latin America, Asia and Europe. But Visa terminated this partnership and their global agreements with FTX as well as their U.S. debit card program which is being wound down by their issuer.

Other companies have sought to distance themselves from FTX, such as BitPay.  Even Stripe removed the press release on its website that talks about its partnership with FTX for seamless payment, as has Nuvei a company that provides on and off ramp payment services to FTX users.

As for Reddit it also had a partnership with FTX to integrate Reddit’s Community Points in the US, EU, Australia, and other global markets. The partnership featured the integration of FTX Pay as a white-label payment and exchange solution to support users onboarding Community Points, but is surely now also a thing of the past.

So where are the partnerships that were forged with FTX Pay and if you purchase FTX Pay does that mean that the former partnerships come to life again? If the purchase is not for the technology, but for the relationships, severed ones, will it be so easy to revive them?

I really don’t know why HayVN whose technology is as they say better than FTX’s, and which is regulated by UAE ADGM would want to get into the position of purchasing an unregulated, bankrupt and partner less  sub entity of FTX. Beats me

UAE DMCC goes all in on tokenized Gold

UAE DMCC goes all in on tokenized Gold

In the past week, UAE’s Dubai Multi Commodities Centre (DMCC) has signed two partnership agreements with Gold tokenization entities. DMCC signed an MOU with Asian digital gold platform, SafeGold, to develop an ecosystem in the MENA for gold backed digital certificates starting from the UAE and then spreading across MENA.

The MENA region is home to a $20 billion gold market. Gold is a high-growth industry in the UAE; according to the World Gold Council, UAE gold consumption surged by 57 percent in 2021.

As per the announcement Gold bars will be physically stored in secure vaults, and verified by warrants issued on DMCC’s Tradeflow platform, a transparent central registry of ownership for gold and commodities stored in UAE facilities. The digital certificates that are backed by gold can then be traded on SafeGold’s platform, providing investors with greater levels of transparency and confidence.

Gaurav Mathur, Founder and MD, SafeGold, noted that the UAE is an ideal hub for a global digital gold platform.

Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC, added “Given the increased ease of trading digital assets, especially in gold and precious metals, our collaboration with SafeGold is a vital step towards consolidating an ecosystem for digital gold at the global level. Partnerships built on trust and transparency is vital in serving the entire gold industry, and DMCC is perfectly positioned to drive these efforts given our extensive knowledge in gold, world-class infrastructure across the entire gold value chain and ongoing work in blockchain and web3 sectors.”

The DMCC had also announced its partnership with Comtech Gold to digitize the trade of gold through tokenization which will also be registered on DMCC’s TradeFlow platform. Comtech Gold Tokens (“CGO”) will be created on the XinFin Protocol (XDC) blockchain network based on the deposit of physical gold bars located in DMCC-approved vaults.

Each gold bar will be backed by a Tradeflow warrant, meaning that the increased ease of trading a tokenized asset is combined with the additional security, transparency, and real-asset allocation provided by the Tradeflow warrant.

With each token representing one gram of gold, investors and traders will be able to buy as little as one gram, democratizing the asset class by making it more accessible. The tokens are Shariah compliant and fully backed by physical gold in the form of 1kg gold bars of 999.9 purity from globally-renowned brands. In line with international best practices for transparency in the precious metals sector, each bar will feature unique ID numbers and certificates direct from the refiners.

 

Ahmed Bin Sulayem,  believes that the  partnership with Comtech Gold  for tokenized gold bullion  using  blockchain solutions will drive long-term growth in global trade across industries and asset classes.

Navin D’Souza, Chief Executive Officer at ComTech Gold, said: “A partnership with DMCC is an exciting moment for us as we continue to grow with 122 kgs of gold already tokenized. Tradeflow warrants add the security, control, and transparency to the gold tokens necessary to build investor trust and confidence. This, along with the Shariah certification, makes Comtech Gold Tokens (CGO) an ideal and robust product developed on blockchain technology for regional and international investors.”

In My previous article ‘ UAE the new home for Gold backed tokens’ on LaraontheBlock it was noted that the UAE has become home to Gold tokenization entities from around the globe and this could be the market that many crypto enthusiasts are looking for amidst the bearish crypto and financial markets.

UAE HAYVN Pay and WooCommerce offer plug in crypto payments

UAE HAYVN Pay and WooCommerce offer plug in crypto payments

UAE based HAYVN Pay, a regulated financial network for cryptocurrencies, has partnered with WooCommerce, the leading open source, ecommerce platform to offer a plug-in, allowing WooCommerce merchants to create an additional revenue stream by accepting cryptocurrency payments from customers globally. 

HAYVN Pay is a simple to install, trusted plugin which allows businesses to accept cryptocurrency payments, and then get paid in traditional currency. Verified for compliance and trusted by leading institutions globally, it represents an expansion of HAYVN’s offering as a regulated cryptocurrency focused financial institution.

Christopher Flinos, HAYVN’s Chief Executive Officer, stated. “Our goal is to ensure that within two years, 75% of the world’s e-commerce and point-of-sale transactions have a cryptocurrency payment option available for the customer. Partnering with WooCommerce, who capture 93% of the WordPress e-commerce market, is another important milestone in delivering on that vision”. 

WooCommerce is the leading open source, ecommerce platform, powering 25% of the top million online stores built with WordPress. WooCommerce empowers anyone, anywhere, to sell anything with truly unlimited extensibility, flexibility, and control over how they build and evolve their business.

 Keala Gaines, Payments General Manager, WooCommerce commented.” We are excited to work with HAVYN Pay to deliver an innovative, global crypto payment solution for WooCommerce merchants. HAVYN Pay allows our merchants to begin accepting crypto payments quickly, efficiently, and with the many of the benefits of crypto without touching it directly.”

DeFi crypto custodian Komainu receives MVP license from Dubai virtual asset regulator

DeFi crypto custodian Komainu receives MVP license from Dubai virtual asset regulator

Komainu, listed on VARA website as a DeFi (Decentralized Finance) digital asset custodian has received its minimum viable product license from Dubai’s Virtual Assets Regulatory Authority (VARA). This is following the issuance of its provisional approval in July 2022. This is a interesting development given the recent FTX scandal and the migration of crypto wallets from centralized exchanges to self custody.

Komainu can now offer an approved range of virtual asset related services to institutional investors in Dubai within an internationally benchmarked legislative framework for virtual asset service providers (VASPs) following completion of its readiness requirements.

The transition to an MVP license, from a provisional approval received earlier this year, means the firm can provide institutional clients in the UAE with Virtual Assets Custodial Services and Virtual Assets Management Services.

Komainu MEA is the first ‘dedicated’ institutional digital asset custodian to receive its MVP license approval from VARA.

Helal Saeed Al-Marri, chairman of VARA stated, “In this current phase of heightened global appreciation for responsible virtual asset participant, VARA is pleased to on board our first tradFi VASP Komainu to join the MVP phase of the regulatory regime. Participation from the VA specialist ventures of deeply respected global financial institutions, allows VARA the opportunity to structure interoperable guidelines and risk mitigation levers for secure market operations.”

Nicolas Bertrand, CEO of Komainu, commented: “Komainu actively works with regulators, partners, and our clients to make sure that our platform and the overall industry is held to the highest of standards to facilitate the wide adoption of virtual assets by institutions. With the full MVP license now granted by VARA, we look forward to launching our services in the MEA region and assist institutions gain exposure to virtual assets, whilst relying to secure and regulated virtual asset custody services.”

Komainu’s CEO is currently attending the AIM Investment Summit in Dubai UAE.