UAE NFT market to reach $4.7 billion USD by 2028 up from $1 billion in 2022

UAE NFT market to reach $4.7 billion USD by 2028 up from $1 billion in 2022

According to a report by ResearchAndMarkets, the NFT industry in the UAE is  expected to grow steadily, recording a CAGR of 32.1% during 2022-2028. The NFT Spend Value in the country will increase from US$982.1 million in 2022 to reach US$ 4.746.3 million by 2028.

As per the report the non-fungible token (NFT) scene is growing as more and more entrepreneurs, businesses, and celebrities enter the fast-growing industry. Like the rest of the world, the UAE market is also rapidly adopting NFTs.

The report notes that over the last 12 months, several innovative NFT marketplaces have also emerged in the country, which has made it relatively simpler for the general public to buy, sell, and trade in NFTs. From NFT-based startups to cryptocurrency exchanges, several players are entering the UAE NFT market; the presence of several NFT marketplaces has also supported the rise in NFT trading transaction value and volume, the trend expected to gain further momentum over the next three to four years in the UAE.

Already the NFT market is witnessing a resurgence in 2023. Digital ownership continues in 2023 with $256.69 million in non-fungible token (NFT) sales over the last seven days up to January 22nd 2023,  according to statistics from cryptoslam.io. This represents a 16.39% increase from the previous week’s NFT sales and includes 1,355,376 NFT transactions. A total of 320,580 buyers participated in the market activity, a 43.48% increase from the prior week.

The rise of blockchain-based gaming is expected to drive NFT market growth in the UAE. With blockchain-based gaming, people are frequently awarded cryptocurrencies or NFTs for participating in gaming tournaments. This explains why the Abu Dhabi government-backed AD Gaming program has entered into a strategic collaboration with local crypto platforms such as Attarius Network, which attempts to increase the chances of blockchain-based gaming. The collaboration aims to create a participatory and collaborative NFT ecosystem for gamers.

For example GLEAC, an Abu Dhabi Hub71 entity announced the launch of the world’s first utility NFT, called Lovely Humans that allows users one-on-one time with global industry experts for five hours. The winning bidder can use the time with the industry expert to gain work-related knowledge and advice, solve problems or even try to co-create a new project that can be monetised. The knowledge gained from the discussion can also be minted into a utility NFT that could be co-owned by the buyer and the industry expert. The first round of bidding will include a group of 25 experts from industries including Fintech, Metaverse, Sustainability, Data, and others.

In addition UAE based Farming Online launched its NFT marketplace on UAE’s 51st National Day at Gracia Farm under the theme you farm on the internet we farm on the ground. Gracia Group is an innovative model of future farming, created by an Emirati entrepreneur Hamed Al Hamed to influence and change the agricultural sector. 

Rolls-Royce has unveiled its latest Bespoke Series Phantom ‘The Six Elements’ as NFTs in UAE. This unique project features six one-of-a-kind Phantom Extended Series II cars, each featuring a commissioned hand-painted artwork by world-renowned British artist Sacha Jafri. The cars were designed and crafted by the Bespoke Collective at the Home of Rolls-Royce at Goodwood in collaboration with the resident Bespoke designer in the Rolls-Royce Private Office in Dubai.

The project has raised over $1 million for charity. The project, initiated by Rolls-Royce Motor Cars Dubai and Rolls-Royce Motor Cars Abu Dhabi, began in late 2020 and has taken two years to complete.

The use of NFTs in the “The Six Elements” series allows each car to have its own unique digital token, which can be sold independently to raise funds for charity. This represents a new way for luxury car manufacturers to use blockchain technology for philanthropy and could potentially open up new opportunities for collaboration between artists, car manufacturers, and collectors.

WEF to support UAE’s Blockchain and AI enabled Trade Tech Initiative

WEF to support UAE’s Blockchain and AI enabled Trade Tech Initiative

At Davos, the UAE government signed an MOU with WEF (World Economic Forum) to support UAE’s new Blockchain and AI enabled Trade Tech initiative. The initiative is designed to accelerate the digitization of international supply chains, enhance customs procedures, and improve developing countries’ access to the global trading system and, as a result, spur a new era of trade growth.

From the UAE’s side, the MoU was jointly signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED), and Prof. Klaus Schwab, WEF Founder and President.

The agreement will support the UAE’s efforts to deliver the initiative’s four key components: a global forum to gather trade, industry and technology leaders to share best-practice; an annual research report into the trade tech landscape, real-life applications and emerging trends; a regulatory sandbox to enable companies and startups to experiment with trade-tech innovations; and an incubator for promising startups in the trade tech space.

Dr. Al Zeyoudi said, “The Trade Tech Initiative is a crucial step in modernizing global trade, using the tools of the Fourth Industrial Revolution (IR 4.0) to reduce the cumbersome and inefficient paper-based processes that continue to dominate supply chains. We believe it is essential to harness the benefits of advanced technology to catalyze global trade  using artificial intelligence to automate customs processes and warehouse management to deploying blockchain to revolutionize trade finance, cross-border payments, and know-your-customer procedures, the potential for enhancement is limitless.”

He added, “International buy-in and regulatory frameworks are essential for these ideas to take root and our partnership with the World Economic Forum is a vital first step in realizing the goals of the Trade Tech Initiative. In 2024, the UAE will host MC13, the leading decision-making body of the World Trade Organization, and we are determined to build consensus over the next 12 months to begin pioneering a new era of fully digitized, operationally efficient global trade.”

Al Shorafa stated, “The UAE has a strong track record in developing and deploying innovative technologies to enhance efficiencies in the trade process. A typical example is our Advanced Trade & Logistics Platform (ATLP), the one-stop-shop for all trade operations. The emirate utilizes advanced technology such as AI-powered systems to enable traders facilitate their import and export transactions. We believe The UAE’s new Trade Tech Initiative further strengthens our efforts to enable traders to export and import seamlessly by accelerating the digitization of supply chains, and enhancing customs procedures.”

Concurrently UAE’s Minister for Foreign trade H.E. Thani Al Zeyoudi stated in an interview with Bloomberg, “Crypto will play a major role in the United Arab Emirates’ global trade moving forward.

Minister Thani Al-Zeyoudi, commenting on the crypto sector, said, “Crypto will play a major role for UAE trade going forward. The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”

 Al-Zeyoudi went on to suggest that as the UAE works on its crypto regulatory regime, the focus will be on making the Gulf country a hub with crypto-friendly policies that also have sufficient protections in place. He explains, “We started attracting some of the companies to the country with the aim that we will build together the right governance and legal system needed.”

UAE emirate offers Soul NFT Plaques to honor partners

UAE emirate offers Soul NFT Plaques to honor partners

UAE’s government of Sharjah has honored its partners with the first Soul NFT (Non Fungible Token) plaque. Sharjah became the first in the world to introduce NFTs with SBT technology as its Higher Committee of the Government of Sharjah at GITEX Global 2022 honored the participants, supporting entities, departments, and media outlets for their contribution in the success of Sharjah’s participation in the global event with Soul NFT plaques.

Sheikh Saud bin Sultan Al Qasimi – Chairman of the Higher Committee for the Government of Sharjah at GITEX Technology Week 2022, Director of the Sharjah Digital Office, gifted the supporting entities non-fungible tokens digital trophies (NFTs) using Soul Bound Tokens (SBTs) technology, replacing traditional appreciation plaques for the first time ever in the world. A trophy is an NFT stored in a digital ledger, whose identity can be verified via the blockchain system.

SBT’s are digital identity tokens that represent the traits, features, and achievements that make up a person or entity. SBTs are issued by “Souls”, which represent blockchain accounts or wallets, and cannot be transferred or sold.

Sheikh Saud bin Sultan Al Qasimi said: “Based on the vision of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, our efforts continue to focus on the development of sustainable growth across all sectors. In line with the technology evolution that we are witnessing in all aspects of daily life, we have – for the first time ever in the world – replaced traditional appreciation plaques with sustainable digital assets to honor our partners”.

UAE Abu Dhabi gaming government initiative to put gaming on the metaverse with AA Meta

UAE Abu Dhabi gaming government initiative to put gaming on the metaverse with AA Meta

As Abu Dhabi strives to become a global gaming hub through the AD Gaming government led initiative it is accelerating the growth of the region’s gaming industry with its recent partnership with AA Meta a local Metaverse and Web3 Development Company. The company will deliver cutting-edge Web3 solutions to the emirate’s game development eco-system.

Fostering an environment of innovation and knowledge, AD Gaming provides a support system for the next generation of game developers and players, businesses, and fans alike. AD Gaming is powered by the collaboration of multiple Abu Dhabi-based government and commercial organizations, as well as content creators and gamers, all with the shared passion to see locally produced content on the world’s gaming stage.

AD Gaming has signed a partnership agreement with AA Meta which provides metaverse infrastructure and Web3 technology solutions that enable next-generation gaming.

Alongside using this technology for its own projects, AA Meta provides its offering to other gaming businesses as well. Metaverses and blockchain gaming allow gamers to interact in new, community-driven worlds, whilst providing businesses with new payment solutions to power new in-game economic models and innovative ways to deliver immersive experiences to audiences across the world.

Based in Abu Dhabi’s purpose-built creative industries campus, Yas Creative Hub, AA Meta is part of a booming community of businesses that span all forms of interactive media and entertainment, including gaming. By partnering with AD Gaming to offer Web3 solutions to Abu Dhabi’s gaming ecosystem, AA Meta is empowering metaverse users as the global gaming industry capitalizes on the advanced capabilities of a Web3-based environment.

In partnership with AD Gaming, AA Meta aims to grow the local metaverse industry, providing job opportunities for UAE residents looking to forge careers in this expanding sector. The global metaverse industry, of which the MENA region is a leading investor, is expected to generate revenues of USD 966 billion (AED 3.55 trillion) worldwide by 2030.

“By providing expert solutions for gaming businesses looking to leverage Web3 technologies, AA Meta is able to fully support the development of a blockchain gaming community in Abu Dhabi. This new avenue of interactive media presents an exciting career path for aspiring gaming industry talent, and for gamers across the world, it offers a new way to play-to-earn in the metaverse,” said Hussain Al Omaeirah, AA Meta Co-founder, Chairman & Managing Director. 

James Hartt, Director of Strategic Initiatives and Business Development at AD Gaming, added: “Abu Dhabi offers a comprehensive ecosystem for the gaming industry, with AA Meta adding yet another string to our bow. The increased immersion and focus on community-building provided by Web3 technologies makes this an incredibly exciting area for gamers and game developers alike, so we’re proud to be pioneering it in Abu Dhabi.”

 AA Meta’s platform recently saw the launch of the highly anticipated MMORPG (massively multiplayer online role-playing game) Thunder Lands. Available on both on PC and Android, Thunder Lands allows gamers to be rewarded for the time they spend playing the game by earning cryptocurrencies through in-game activities. 

Following the success of Thunder Lands, AA Meta plans to us its expertise in the areas of Game Fi technology and decentralised apps (DApps) to grow its active user base to over 50,000 by Q2 2023. It will achieve this by building out its portfolio through the addition of new, immersive games.

UAE has not granted a single operational virtual asset license VARA and UAE Minister announce

UAE has not granted a single operational virtual asset license VARA and UAE Minister announce

As HE Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications participated in the WEF session ‘Finding the right balance for crypto’  announcing that the UAE has not licensed a single crypto exchange, concurrently the Dubai based Virtual Asset Regulatory Authority (VARA)  affirmed this on its website in its latest announcement.

Al Olama told audiences at WEF, that the regulations in UAE are not light. There are extensive regulations at VARA. He affirmed, “ UAE has not issued a single licensed crypto exchange in UAE neither Binance nor FTX.” He explained that there is a four step process  and to date, “no one was able to onboard any customers even last week.”

Concurrently VARA stated on its website, “VARA has not granted any operating permits to date this is a four stage licensing process” VARA’s website explained, that the VARA regime is founded on the principles on enforcing responsible market participation backed by a future-proofed and responsive regulatory framework that remains technology agnostic; that collectively deliver socio-economic stability; robust consumer protection; and jurisdictional resilience.”

As such there are four stages to regulation at VARA, the first is Provisional permit; graduating to a 2-step [(2) Preparatory + (3) Operating] Minimum Viable Product (MVP) license; and culminating at the (4) Full Market Product (FMP) license.

The fourth stage takes into effect after regulations have been tested within the regime. As such according to VARA every Virtual Asset Service Provider [VASP] must go through all 4 stages in this current environment, wherein VARA expects to evaluate, observe, and only then authorize suitably qualified entities to undertake any market servicing activities under its licensing regime.

VARA then clarifies that at this stage the only licenses that have been issued are Stage Gate (1) Provisional or (2) MVP-Preparatory to enable VASPs to fulfill all pre-conditions, and undertake readiness steps establish offices, onboard employees with work visas, secure domestic bank account etc. prior to being in a position to undertake any market operations.

So VARA affirmed that no VARA licensee has, to date, been awarded an MVP-Operating permit.

Each VASP that is awarded an MVP license must comply with the [MVP License Conditions Document] issued by VARA, and strictly adhere to the licensing conditions outlined in the appended letter. One of the MVP conditions is that VA activities during this phase may only be provided to qualified and/or institutional investor segments.

Mass retail consumers are strictly prohibited until the Stage Gate (4) FMP license approval has been secured. [Virtual Assets and Related Activities Regulations 2023] will stipulate relevant licensing conditions and requirements.

VARA adds that when it publishes its full market regulation, it will enable borderless economic opportunity across the global VA industry, protecting investors and market participants, backed by active enforcement of all regulatory requirements beyond security and cross-border compliance including those pertaining to custody and segregation of client money; prudential requirements (viz. insurance and liquidity cover); FATF compliance, market manipulation and/or abuse prevention.

In terms of Virtual Assets Exchanges, VARA has awarded Binance (MVP Preparatory License Issued) while Bybit, Crypto.com, Equiti, GCEX, Huobi, and OKX have provisionary approval and started the process.

In terms of Virtual Assets Payment Services, Zamp has applied and have provisional approval. 

In terms of Virtual Assets Broker – Dealer services those who have applied and been granted provisional approval include BitOasis, CoinMENA, MidChains and Scallop

Virtual Assets Issuance Services include Calvin Cheng Web3.0 Holdings, Hike, Monstera, Prypto, Woonkly Labs, and Xfinite

While under Virtual Asset Custodians only Hex Trust (MVP Preparatory License Issued) and Komainu (MVP Preparatory License Issued)

Virtual Assets Management/ Investment Services: Amber Group, BRE Holdings, Brevan Howard, Fintonia Group, NineBlocks, NOIA Capital, TPS Capital and Q9 Capital have all been granted provisional approvals, first stage. 

Al Olama also noted at the WEF session that the job of a regulator is to try and be proactive and to protect people as much as possible whenever people adopt a technology. He states, “In UAE we have a young population so we need to ensure that we regulate fast because youth are early adopters. He added, “The UAE wants to protect talent since we aim to be the country with the highest per capital talent on earth.”

According to him there are other sides of crypto such as Web3 and UAE wants to attract Web3 and Blockchain talent. Blockchain is a technology of the future given that traceability cannot be removed. This according to H.E. Al Olama is a positive thing for the world as it is easier to trace someone who transacts through Bitcoin than through hard cash.”

He ascertained that regulators across the board need to work together. First bad actors should not be able to move from one place to another, and the same incidents should not be repeated tomorrow.

In terms of DeFi Al Olama believes it is is evolving and is least regulated. He states, “ We want to jump into each vertical on its own, the only issue we have is that while the UAE government can move fast  if we work with other governments as teams and we all scrutinize  every single vertical it is better as we cannot wait for next catastrophe.”

UAE to issue stablecoin for payments legislation soon and maybe even DeFi

UAE to issue stablecoin for payments legislation soon and maybe even DeFi

As per a recent PWC Crypto regulation report 2023, the UAE has finalized its crypto regulation, includes AML/ CTF Money laundering and counter terrorist financing rules as well as its travel rule and has already prepared the stablecoin regulation for payments which is awaiting final legislation. ( refer to graph page 8 of report).

For those not familiar with the travel rule, it is a Bank Secrecy Act (BSA) rule [31 CFR 103.33) which requires all financial institutions to pass on certain information to the next financial institution, in certain funds transmittals involving more than one financial institution.

This PwC Global Crypto Regulation 2023 report provides an overview of the crypto regulation landscape, with a focus on financial services. It offers insights into how the regulatory frameworks are developing across the world and seeks to identify how this may impact relevant industry participants and virtual service providers within the financial services sector.

The report notes that UAE authorities are assessing their approach to areas including stablecoins and wider DeFi.

In addition as per the report, the Central Bank of UAE is establishing its position in communicating permissible virtual asset activities to local banks. These include opening accounts for Virtual Asset Service Providers (VASPs) better known as crypto exchanges. 

 UAE Securities Commodities Authority with its Decision on Crypto Assets Activities Regulation (CAAR), regulates the offering, issuing, listing and trading of crypto assets in onshore UAE. This includes the initial coin offering exchanges, marketplaces, crowdfunding platforms, custodian services and related financial services based upon or leveraging crypto assets.

In December 2022 the UAE Cabinet updates some of its legislations including those pertaining to virtual business and virtual assets allowing them to be regulated onshore.

As for the rest of the GCC and Arab countries, the report notes that Bahrain has implemented crypto regulations and AML/CTF  yet has not implemented neither the travel rule nor stablecoin regulations for payments.

Jordan, Kuwait, and Oman have not initiated a crypto regulation process, while KSA and Qatar have prohibited cryptocurrencies.

It is interesting that while the report for example considers that Oman has not initiated the crypto regulation process, Oman had announced in 2021 that it was launching through the Central Bank a high level Oman cryptocurrency task force to study the economic advantages and disadvantages of authorizing the use of cryptocurrencies in the country.

In January 2022 Oman capital markets Authority announced a tender for specialized companies to assist in setting up a legislative and regulatory framework for virtual assets and licensing supervision and regulations of Virtual assets service providers within the Sultanate of Oman. Since then no other announcements have been made.

Both Bahrain and Oman have allowed crypto payments to be made in the country through virtual asset providers. Oman based, cryptocurrency broker, Easy Coins 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.

In the meantime even stablecoins are being trialled in Oman. The Oman Water and Waste Water Services Company (OWWSC), member of Nama Group, to trial a stablecoin linked to the Oman Riyal. The company signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet.

While in Bahrain EazyPay, a payments solution provider partnered with Binance’s Binance Pay to launch a regulated and approved crypto payments service offering in the Kingdom.

The Kingdom of Saudi Arabia crypto traders and investors are growing despite the ban on cryptocurrencies and the Central Bank of Saudi Arabia has created a division to study implementation of virtual assets and CBDCs. In 2022, Qatar announced the introduction of its blockchain blueprint for the country.

So while regulations are essential for the growth of crypto ecosystem, and the UAE is leading in this regards, it doesn’t mean that crypto is not being utilized in other countries regardless of their regulatory status. 

ChainUp Blockchain solutions provider sets up in UAE offering digital asset solutions

ChainUp Blockchain solutions provider sets up in UAE offering digital asset solutions

Singaporean ChainUp Group, a global blockchain technology solutions provider, has expanded its operations into the UAE and MENA region with a sales office in Dubai. The company aims to provide blockchain solutions to businesses across the Middle East region.

The new sales office in Dubai has since begun operations and seeks to form new partnerships with enterprises in the region. The team will work to curate blockchain solutions to fulfill the needs of prospective clients for them to operate more efficiently and securely.

ChainUp Group has a foothold across multiple locations around the world including Hong Kong, Japan, Korea, and the United States.

The company  offers a suite of blockchain solutions covering infrastructure development and ecosystem support including digital asset trading systems, NFT trading systems, wallet solutions, liquidity solutions, Web3 infrastructure, digital assets custody, and more.

Ms. Tan Bin Ru, Deputy CEO & COO of ChainUp Group commented, “The United Arab Emirates (UAE) has one of the fastest growing cryptocurrency ecosystems in the world and is a key strategic region of our global expansion plan. We are excited as ChainUp has a complete suite of Digital Assets Exchange Solutions to support the needs of these business requirements.”

The company has served more than 1,000 clients in 30 countries, reaching over 60 million end-users.

1,650 Blockchain crypto entities in the UAE a 13.8 percent growth YOY

1,650 Blockchain crypto entities in the UAE a 13.8 percent growth YOY

According to a Crypto Oasis at the end of 2022 there were 1,650 blockchain and crypto entities in the UAE. Crypto Oasis notes that the ecosystem has been growing faster than previously anticipated.

As per the release, the Ecosystem has witnessed a sturdy 13.8% growth that proves that the Crypto Oasis is expected to continue its robust growth in the coming months as regulators in the region welcome innovation and disruption, making it easier for blockchain-related companies to secure licenses and operate.

At the forefront of this is Dubai Multi Commodities Centre(DMCC) which is home to over 500 of these native Blockchain organizations, representing the largest concentration of crypto and blockchain companies in the Middle East and North Africa (MENA) region.

Crypto Oasis has added 200+ new organizations in Q4 2022 that have brought in 1,300+ new professionals to the burgeoning Ecosystem, bringing the total number of individuals working in this industry to 8,300+. This 19% growth in employment numbers can be attributed to the UAE being a force to reckon with in the global Blockchain landscape. 78.2 percent (approx. 6,500) of these individuals work in native blockchain organizations, i.e. those which are focused on blockchain and related decentralized technologies. 21.8 (approx. 1,800) percent work for non-native companies, i.e. those that offer blockchain related services or products but do not have blockchain as their primary focus.

Ralf Glabischnig, Founder of Crypto Oasis, stated, “We’re thrilled to have identified these new organizations in our ecosystem that are contributing to a diverse community of stakeholders. The possibilities for Web3 technology are vast, from finance and supply chain management to gaming and social media. However, as it’s a relatively new and emerging technology, its full potential hasn’t been reached yet and the industry is facing challenges such as scalability, security, and user adoption. It’s an exciting and rapidly evolving field to watch and we’re eager to collaborate and learn from each other as we work to improve Web3 and decentralized technologies.”

“The UAE is the perfect amalgamation of Talent and Capital built on a world class Infrastructure,” said Saqr Ereiqat, Co-Founder of Crypto Oasis. “The Ministry of Economy (MoE) has become one of the first Government entities in the world to be active in the metaverse. In 2022 the MoE published its Digital Economy Strategy which aims to double the contribution of digital economy from 9.7% to 19.4% in the next decade. The inception of regulators like VARA and various industry events like the Abu Dhabi Finance Week and Dubai Fintech Week, as well as the launch of the Dubai Economic Agenda “D33″, demonstrate UAE’s commitment in taking an active step to becoming the center of digital economy globally.”

UAE Restaurant pilots Blockchain Halal food traceability with DNA verification

UAE Restaurant pilots Blockchain Halal food traceability with DNA verification

A UAE restaurant is piloting Blockchain enabled halal food traceability with DNA verification with OneAgrix and its partner Blockchain OriginTrail, and Inexto.

OneAgrix, Inexto, OriginTrail and their ecosystem partners are pioneering and comprehensive halal digitalization solution, tracing beef from the DNA to QR code. With just a smartphone, food consumers can now verify the origins of their food, trace it through the supply chain, verify the authenticity of the halal certificate, and confirm that the product is genuine.

This end-to-end food traceability technology was showcased at a high-end restaurant in Dubai as a joint effort by OneAgrix, Inexto, OriginTrail, and their ecosystem partners for the launch of the traceability technology.

Technology that enables buyers to trace the supply chain journey of the food is important to build consumer trust and ensure food safety by the retailers selling their products, also enabling fast product recall. OneAgrix and eight ecosystem partners have developed an end-to-end supply chain traceability and transparency solution that is commercially viable. The solution will enable consumers and food distributors to provide consumers with clear information on the origin of their food and verify that their food is genuine.

The comprehensive food traceability solution connects the serving on the plate to the farm from which it came. Identification technology, provided by Inexto, traces the product through the supply chain, and DNA traceability verifying the connection to the animal itself. Together, they identify the type and origin of the meat, the identity of the farm and the meat processor, the authenticity of the halal certifications, and the health certificates required for processing and export.

Certificates are stored in OriginTrail’s network operating system, built on blockchain technology to maintain their integrity and all stored on OneAgrix’s platform.

Mr Philippe Chatelain, CEO of Inexto explained, “INEXTO Solutions are yearly securing over 100 Billion products across their global supply chains and delivers the highest degree of trust and security to consumers, customers, and governments. INEXTO is excited to be part of the Halal End-to-End traceability project with OneAgrix, thus providing halal food product consumers with a demonstrated proof of origin and authenticity.”

Žiga Drev, Founder and Managing Director at Trace Labs, the core developers of OriginTrail highlighted, “At Trace Labs, we are committed to building a more transparent, collaborative and trusted global economy with the OriginTrail Decentralized Knowledge Graph.This pilot is a comprehensive exercise following a multi-year integration of OneAgrix platform, focused on bringing the benefits of blockchain-based technologies closer to stakeholders within faith-based food supply chains around the world to advance transparency and trust.”

According to the ecosystem partners, Dubai was chosen as the city to launch this pioneering and comprehensive technology as the city is known as the ‘city of the future’, famous for its innovation as well as being a global halal hub. 

“We are delighted that Dubai is the destination to launch the world’s first comprehensive food traceability solution, which is in line with His Highness Sheikh Mohammed bin Rashid Al Maktoum’s national vision for UAE 2031, on the importance of food security by utilizing the latest in technology and innovative approaches,” said Ms Diana Sabrain, CEO of OneAgrix.

UK Agriculture and Horticulture Development Board (AHDB) s Halal Sector Manager, Dr Awal Fuseini said, “OneAgrix’s halal digitalization project would improve traceability and transparency in the halal sector. The UK meat industry is well positioned to continue to supply premium halal meat products to the growing halal market, this digitalization project is expected to increase consumer confidence in our products”.

OneAgrix, Inexto, OriginTrail and their ecosystem partners announce a pioneering and comprehensive farm-to-retail solution, tracing beef from the DNA to QR code.

KSA Minister of Finance: CBDCs are a fantastic tool for developing countries

KSA Minister of Finance: CBDCs are a fantastic tool for developing countries

During the World Economic Forum’s session’ Financial Institutions innovating under pressure’ The Saudi Minister of Finance Mohammed al-Jadaan stated that while CBDCs have privacy issues they are a fantastic tool in developing countries.

While the panel discussed the risks that crypto and new technologies were posing especially given that crypto losses were over $1 trillion in 2022, most agreed that the regulation was a key element in mitigating these risks.

Saudi Finance Minister Al Jadaan also believes that the real risks of these innovations haven’t even been seen yet, and the one incident with the loss of 12 zeros has triggered a lot of thinking of what needs to be done.

He believes that Central Banks, traditional financial institutions and even innovators in Fintech need to discuss how to deal with Anti Money laundering issues, terrorism financing and entities that use these technologies to circumvent the regulatory framework.

When discussing CBDC (Central Bank Digital Currencies) Al Jadaan noted “Whether CBDCs and similar government sponsored currencies one will need to think about privacy.” He believes that the minute a government issues a CBDC or government sponsored cryptocurrency there is a compromise on privacy.

He states, “There is a lot of data to whoever is holding that currency.”

Yet he believes that CBDC is a fantastic tool in developing countries. He explains, “It can be used as a social safety net. CBDC can be used by people to exclusively buy milk, rice, oil but may not be allowed for other items.” He notes that while on one hand it is beneficial the other side of it is the risk of privacy invasion. ‘Bottom line no perfect solution.

Saudi Arabia piloted a CBDC with the UAE under the name ABER. The report on the final project was positive from a technical standpoint and the report highlighted the need for further use case trials.

In addition in July 2022, the Central Bank of KSA hired former Accenture Director Mr. Mohsen Alzahrani to lead the virtual asset and Central Bank Digital currency project at the bank.

It seems KSA is still studying the impact of CBDC implementation and is worried about the issue of privacy infringement.