From UAE to Turkey Crypto exchange OKX expands in MENA

From UAE to Turkey Crypto exchange OKX expands in MENA

After OKX received its crypto exchange VASP license from Dubai UAE through VARA ( Virtual Asset Regulatory Authority), the crypto exchange now receives a license in Turkey. OKX TR, will provide Turkish users with a trusted, compliant and transparent gateway to crypto trading and decentralized finance. The OKX Web3 Wallet is currently available in Türkiye through OKX’s global platform.

With the launch of OKX TR, users have access to enhanced localized features, including Turkish Lira direct deposits and withdrawals from banking partners such as: Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank and Türkiye Finans. The OKX TR team also offers 24/7 local customer support in Turkish and English, ensuring users receive timely assistance and comprehensive guidance when needed.

Also available is OKX Wallet, a non-custodial Web3 wallet that provides access to a user-friendly self-custody portal to trade NFTs, use dApps, and more. It’s the first wallet to feature both Multi-Party Computation (MPC) technology and Account Abstraction (AA) features, which paves the way for wider adoption among less technical users.

OKX President Hong Fang said: “The official launch of OKX TR is a significant milestone in our global expansion strategy. With a crypto adoption rate close to 50%, Türkiye represents a very dynamic and promising market for the industry as it continues to develop. The population’s high level of engagement and understanding of digital assets makes it an ideal environment for OKX, and we’re strongly committed to helping continue to grow this already vibrant ecosystem.”

OKX TR Board Chairman Mehmet Çamır said: “The launch of OKX TR is a testament to our belief in the country’s huge potential for growth and our commitment to the market. Already a global leader in crypto trading, Türkiye is also in a prime position to grow in the decentralized finance space. We’re excited to support this development, and firmly believe that our presence here will play a pivotal role in nurturing Türkiye’s emergence as a Web3 innovation hub.”

Blockchain real estate tokenization blossoms with Desert Pearl in UAE

Blockchain real estate tokenization blossoms with Desert Pearl in UAE

The UAE is set to witness the launch of a large scale real estate blockchain tokenization project called Desert Pearl. Dubai based tokenization consultancy company, DDX, which is involved in both real estate and gold tokenization projects announced Desert Pearl.

As per their website, “This amazing blockchain tokenization project will be the first large scale tokenization project.” The project vision is to create an eco-tourist attraction that combines Dubai’s history and heritage with the natural beauty of the desert.

The DDX Global team and its partners will build a desert resort city with hotels, apartments, shops, entertainment and business venues. Current plans are to build 1000 hotel rooms, 1200 apartments, a shopping mall and conference center, alongside an amazing pearl shaped building for tourism and entertainment (40 storeys high), as well as a Museum and Heritage center.

The project will be tokenized using Blockchain technology. Land tokens will be collaboratively minted by DDX Launchpad partners. DDX Global and its partners will carry out the development over the next 5 years.

Chris Santilhano, Chief Operating Officer of DDX Global  stated, “Our aim as a tokenization consultancy is to leverage blockchain technology for tokenizing real-world assets, we are committed to creating exceptional value for our investors. In addition to the opportunity for long-term value, our strategic approach of digitizing real estate assets will help strengthen liquidity and enhanced international investment in Dubai’s property sector. Our goal is to create a blue-print for responsible real estate tokenization. The integration and interaction of different tokens and their use cases contribute to the DDX Global ecosystem. We are bridging two core markets – the luxury property sector in Dubai with the growth in fintech enterprises driven by Web3 innovation.”

Designed by Zhuzh, a Dubai-based international luxury, bespoke architectural design company, Desert Pearl will feature two luxury hotels, luxury apartments, a high-end commercial cluster and a luxury retail precinct in addition to a boulevard and private marina. The luxury boutique hotel with 88 keys will also house an arena, an Arabic astronomy museum, planetarium, Concord’s Gallery, and hanging gardens.

The first residential building in Desert Pearl is the Qamar Residences, featuring the Pearl Collection of homes at 400 square meters, the Oasis Collection at 650 square meters and the Sky Penthouse, a triplex, will be a record breaking 5,000 square metres. All the items in the apartments will be customized. All these assets can be tokenized, delivering more value for investors. More details of the project will be announced shortly.

‘Desert Pearl’ resort in Dubai will combine sustainability and high-end tokenization.

DLT experts in high demand in Saudi Arabia

DLT experts in high demand in Saudi Arabia

In a recent LinkedIn post, Anthony Butler, senior advisor to Saudi Central Bank ( SAMA) an expert in Blockchain and digital assets, called for DLT ( Distributed Ledger Experts) or Blockchain experts, as well as AI ( Artificial Intelligence), Machine Learning and software engineers to apply for positions in some world class projects in KSA.

According to Butler there are exciting opportunities in KSA. He states, “There are some world class projects that have an impact in KSA.”

In June 2023, Butler had made a similar call for talents for blockchain, AI and digital assets experts for jobs in KSA. At the time he mentioned roles for software engineers with experience working with DLT protocols and applications. According to Butler the role required experience implementing solutions using tech such as Ethereum, Hyperledger Besu, Hyperledger Fabric, and/or R3 Corda.”

KSA has been launching and investing in digital economy projects across the country.

They had launched a nationwide CBDC project in 2022 which is still underway.

In addition last week, KSA based Marhaba Blockchain Information Systems (MRHB) a blockchain web3 Infrastructure,  partnered with Saudi Arabia’s Digital Economy Centre (DEC)  an institution driving the digital transformation of Saudi Arabia’s economy in alignment with Vision 2030. The collaboration focuses on Blockchain, DLT and Artificial Intelligence (AI), initiatives.

Even Saudi Arabia’s Muqassa, a subsidiary of Saudi’s Tadawul Group, specialized in settlement of trades, signed an MOU (Memorandum of Understanding) with Swiss Blockchain enabled Instimatch, a cash management platform for institutions across industries and geographies to interconnect. The MOU will work to launch a repo trading platform to enhance the financial structure of the Saudi Capital Market.

Blockchain enabled entities such as Crysp Farms, a UAE based innovator and operator of decentralized blockchain enabled vertical farms, secured a $2.25 million ‘Pre-Series A’ round structured and led by Gate Capital with participation from regional investors, including those from the UAE and Saudi Arabia.

Additionally AI and Blockchain enabled Tribal Credit, founded by Egyptian entrepreneurs, will be expanding into Saudi Arabia, and using a renewed and increased debt facility of $150 million with Partners for Growth.

Swiss based The Hashgraph Association (THA), for Blockchain DLT digital enablement signed a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch a “DeepTech Venture Studio” in Riyadh worth $250M USD over five years (2024-2028).

Blockchain has even infiltrated the LEAP 2024 Tech Exhibition and Conference, taking place between March 4th-7th 2024, in Riyadh KSA. Already many blockchain and DLT entities have announced their participation at the event, including names such as Antematter, who specialize in crafting cost-effective, innovative solutions in AI, Blockchain, and Cloud Development, iBLOCKCHAIN, who are fostering blockchain adoption across governments, enterprises, and the public sphere,  and companies such as BitWits, will be showcasing their web game, blockchain, and AI development.

So it would seem that KSA is definitely becoming a blockchain, DLT, and digital economy hub.

UAE Fuze to tokenize gold with UK’s Minted Connect

UAE Fuze to tokenize gold with UK’s Minted Connect

In a recent press release, UAE based Fuze, digital assets infrastructure provider, has partnered with UK based Minted Connect; an FCA licensed and regulated API services platform to tokenize precious metals such as gold. Both entities will explore the tokenization of Real World Assets (RWA).

Minted Connect offers a cutting-edge API service that empowers businesses to seamlessly offer their customers access to buying, selling, transferring, and tokenizing 100% asset-backed precious metals.

Fuze is a VC-backed startup specializing in digital asset infrastructure, providing businesses in the MENA region with embedded experiences for their customers, facilitating access to innovative crypto and digital asset products through a regulatory-compliant infrastructure.

Fuze has already established partnerships with leading global and regional banks, fintech firms, financial institutions, and super apps.

The Middle East currently holds a substantial portion of the world’s above-ground gold reserves, with a staggering 1,174 tonnes securely held within the region. This represents not just wealth, but also a historical testament to the region’s deep-rooted affinity for precious metals.

Minted Connect and Fuze want to digitize of 1% of this gold, opening up unprecedented opportunities for individuals to easily save and invest in precious metals, making it accessible to all in a fractionized and digitized form.

Together, Minted Connect and Fuze are poised to transform the tokenization of Real World Assets, leveraging Minted Connect’s expertise in asset-backed precious metals and Fuze’s robust digital asset infrastructure.

This strategic partnership represents a pivotal moment for enabling businesses to tap into the value of real world assets through tokenization, providing new avenues for investment and financial inclusion.

“We’re thrilled to partner with Fuze,” said Shahid Munir, Co-Founder of Minted Connect. “This collaboration truly showcases our commitment to providing innovative and secure solutions for businesses seeking to offer asset-backed precious metals transactions to their customers. The path forward in this collaboration will be exciting for both entities, and will deliver a tangible impact on the industry.”

Commenting on the partnership, Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze said; “We are excited to sign this agreement with Minted Connect, who have already made significant innovations in the way people can trade precious metals. Integration with digital assets infrastructure is a game changer for businesses who want to roll out asset-backed, tokenized products to their customers in a secure and compliant manner.”

Others including Aurus believe that Precious metal owners can generate earnings on their gold and make it work for them just by holding it in tokenized form. UAE based Aurus Technologies, offered family offices the opportunity to tokenize real world assets through its sustainable tokenization as a service solution (TAAS) platform.

In 2022 UAE became the home for gold-backed token providers.

Blockchain enabled Instimatch partners with Saudi Muqassa for repo trading

Blockchain enabled Instimatch partners with Saudi Muqassa for repo trading

Saudi Arabia based Muqassa, a subsidiary of Saudi’s Tadawul Group, specialized in settlement of trades, signed an MOU (Memorandum of Understanding) with Swiss Blockchain enabled Instimatch, a cash management platform for institutions across industries and geographies to interconnect.

The MOU will work to launch a repo trading platform to enhance the financial structure of the Saudi Capital Market.

A repo is a repurchase agreement, which is defined as short-term lending mechanism that involves a bank selling securities, usually government bonds or other debt instruments with steady values, to an investor and then buying them back a short time after at a slightly higher price.

Muqassa works to reduce post-trade risk by introducing new mechanisms to guarantee the settlement of trades.

The signing was held during Saudi Capital Market Forum (SCMF), held in Riyadh between 19 and 20 February.

Under the MoU, Muqassa will conduct central clearing for all repo transactions on the new platform. Instimatch which leverages blockchain technology, working with Blockchain platforms such as R3 and AlGorand, will be responsible for continually enhancing the trading platform in collaboration with Muqassa, ensuring its adaptation to the evolving requirements of its users.

The MoU will also allow both parties to cooperate in order to introduce new products and services in the Saudi capital market. This will support the efforts exerted for the development and diversification of the market, which come in the context of Vision 2030.

Instimatch’s mission is to establish a global network of trust, enabling counterparties across the globe to conduct money market trades transparently and frictionless. This will facilitate the global flow of liquidity between counterparties, leading to a more efficient, stable and diversified money market system

In 2021, Instimatch Global, and Algorand, blockchain powering secure and efficient frictionless exchange, partnered to disrupt the regulated payment networks with advanced solutions powered by blockchain. Prior to that in 2020, Instimatch had partnered with R3 and also opened up its regional MENA office in Qatar.

Fastex crypto exchange gets initial approval from VARA in Dubai

Fastex crypto exchange gets initial approval from VARA in Dubai

Fastex, a crypto exchange, payments gateway and ecommerce platform, has set up an office in Dubai World Trade Center, as it seeks a license from Dubai’s virtual asset regulatory authority (VARA). Fastex has already received initial approval from VARA.

As per the press release, Fastex chose the office because of its proximity to VARA. As stated, “This proximity enhances Fastex’s ability to work closely with the authority and expedite the licensing process as a Virtual Asset Service Provider (VASP). In addition to the office opening, Fastex has received initial approval from VARA to conduct Broker-Dealer and Exchange operations, highlighting its commitment to regulatory compliance.”

Vardan Khachatryan, the Chief Legal Officer and Member of the Board of Directors at Fastex, stated, “Opening our new Dubai World Trade Center office is a noteworthy step in Fastex’s growth strategy. This move underscores our commitment to adhering to industry standards and maintaining high-quality service in the digital asset field. Being located in the DWTC, close to VARA and other key industry participants, positions us well to offer reliable and regulated services to our clients.”

Fastex will be participating at the AIBC Summit in Dubai UAE. They announced on X platform that they were nominated for best exchange of the year award.

This comes as DKK Partners FZE, subsidiary of DKK Partners a fintech company also announced that it has been granted an initial approval by the Dubai Virtual Assets Regulatory Authority (VARA) for crypto brokerage dealer services.

So far more than 11 crypto exchanges have received licenses in UAE.

New crypto broker license on the way for DKK partners with initial approval from Dubai VARA

New crypto broker license on the way for DKK partners with initial approval from Dubai VARA

DKK Partners FZE, subsidiary of DKK Partners a fintech company, has announced that it has been granted an initial approval by the Dubai Virtual Assets Regulatory Authority (VARA) for crypto brokerage dealer services.

DKK Partners FZE will continue to work towards acquiring a full Virtual Asset Service Provider crypto broker license from VARA.

The VARA initial approval allows DKK FZE to move forward in the licensing process as they look to offer corporate and institutional customers in Dubai and the UAE access to stablecoin blockchain technology, utilizing USDT and USDC.

Khalid Talukder, Co-Founder and CEO of DKK Partners, stated, “It is an incredibly exciting time for DKK in the Middle East and securing the VARA Initial approval will enable us to continue making a splash in the region. Our expansion to Dubai last year was a huge success and we’re looking to extend our influence in the market by strengthening our compliance and innovation in the Virtual Asset space. This license is a game-changer for DKK and the digital asset landscape in Dubai empowering businesses to confidently engage in blockchain technology, benefiting from the stability of stablecoins and the regulatory framework.”

Victoria Albergini, Head of Partnerships for DKK Partners FZE in Dubai added, “Since our launch last year, DKK Dubai has gone from strength to strength and is now in a prime position in the rapidly evolving digital asset landscape. The VARA initial approval enhances our ability to serve the unique needs of corporate and institutional customers.”

UAE regulated digital assets custodian Tungsten now hiring

UAE regulated digital assets custodian Tungsten now hiring

UAE organically incubated, digital assets custodian, Tungsten, regulated under the FSRA (Financial Services Regulatory Authority) in ADGM is on a hiring spree.

Tungsten, according to Further Ventures, UAE Venture Capital firm, and its incubator, is a 100% UAE sovereign digital asset custodian that offers secure and regulated custody service.  It is also backed by an Abu Dhabi Sovereign Wealth fund.

As per Tungsten, “ We are on a mission to create the most advanced digital assets custody and treasury services for our clients, helping them to become self-sovereign organizations with strong mechanisms for access control, multi-tier and multi-factor authentication, no single points of failure, and advanced transactional risk management.”

Tungsten goes on to note, “Our offering will be insured by global underwriters, regulated exclusively by ADGM (Abu Dhabi Global Markets), and host its core services in a Tier IV data center with 24/7 physical security.”

Tungsten is custodian of virtual assets that protects client funds from geo-political, regulatory, and cloud risk by operating a fully private physical and application infrastructure out of the most secure facilities in the world.

The website states that Tungsten goes beyond custody, their integrations span exchanges, liquidity providers, analytics, tokenization, and more, providing a holistic solution.

The company is founded by Christian Desjardins, Co-Founder and CEO , as well as Jose J. Perez Aguinaga as the Co-Founder and CTO.

Tungsten is currently hiring an assistant Manager-Deputy MLRO.

In the advert for the position it states that Tungsten, backed by an Abu Dhabi Sovereign Wealth Fund has expansion plans across the Middle East and Eastern Europe.

The job advert notes, “We aim to redefine the landscape of secure, user-friendly virtual asset custody solutions. Our commitment is to unparalleled security, reliability, and ease of use, positioning Tungsten as the preferred choice for institutions managing their virtual assets.”

Tungsten is looking for Assistant Manager – Deputy MLRO, to support the Money Laundering Reporting Officer (MLRO) in implementing and managing their anti-money laundering (AML) and counter-terrorist financing (CTF) framework.

This comes as more and more Blockchain and digital asset entities launch from ADGM in UAE.

This article was updated on Feb 27th 2024. Update concerned founding members.

UAE regulated crypto exchange expands to 11 states in the USA

UAE regulated crypto exchange expands to 11 states in the USA

In a recent statement on the X platform ( formerly Twitter), The CEO of BackPack, UAE regulated crypto exchange, announced that the crypto exchange had expanded to reach 11 US states, including California, Colorado, Indiana, Missouri, Wyoming and others.

CEO Armani Ferrante outlined plans to consolidate the exchange’s presence in the US, saying, “Today, we beginning our journey to bring Backpack Exchange into the USA. It’ll be slow. It’ll be steady. It’ll be hard. But it’ll be worth it. If we don’t support your state yet, hold on. We’ll get there. This is something that will take years to complete. But we’re committed to doing it right.”

The exchange, currently in its beta phase, facilitates spot trading activities and intends to diversify into derivatives, margin trading, and more as it secures additional licenses globally.

Backpack was co-founded by Can Sun, former general counsel at FTX, and Ferrante, previously and a software developer at Alameda Research.

The Backpack Exchange platform boasts multiple licenses across global jurisdictions, including the United Arab Emirates (UAE), Lithuania, Australia, and the United States.

In October 2023, BackPack Web3 non-custodial XNFT wallet and exchange received a full license by Dubai Virtual asset regulatory authority allowing it to run a regulated crypto exchange in UAE. Backpack, which was considered one of top 30 best crypto wallets in 2023, was developed by Coral. It offers XNFTs built on Solana Blockchain.

Backpack Exchange is set to launch in private beta for its community members in November before going live to the public in Q1 2024.

UAE based Trek Labs Ltd FZE, will launch under the name Backpack Exchange. This license only covers Backpack Exchange and not any of the other virtual asset products and services offered by Backpack.

Digital asset investment firm launches Shari’ah compliant crypto Fund

Digital asset investment firm launches Shari’ah compliant crypto Fund

Netherlands-based investment firm, The Growth Capital, has partnered with Shari’ah Review Bureau (SRB) as its Sharia advisor to oversee its investment activities in digital assets, particularly cryptocurrencies, through the TGC Trading Fund.

The Growth Capital views digital assets as catalysts for revolutionary changes in global finances. Omid Rahimi, CEO, emphasized the company’s commitment to leveraging its full licensing in the Netherlands to bring about positive transformations in the financial investment community. Obtaining Sharia compliance certification is a significant milestone for The Growth Capital, enabling the company to offer the Muslim community exposure to digital assets with regulatory adherence and Sharia assurance.

The Growth Capital has proactively established a fund dedicated to investing solely in Sharia-compliant cryptocurrencies, employing a long-term appreciation strategy. Omid Rahimi highlighted the collaboration with SRB, citing their extensive experience working with asset managers, blockchain, and fintech companies as a strategic move to focus on private Islamic investors and provide them exposure to Sharia-compliant digital assets.

SRB, renowned for its end-to-end Sharia advisory solutions, offers centralized services for Sharia supervision, functionality, and swift product certification.

This approach not only streamlines the process for global Islamic financial establishments and fintech startups but also reduces overheads associated with Sharia scholarly tasks.

Yasser S. Dahlawi, Founder and CEO of SRB, acknowledged the growing trend in the investment community towards alternative investments in the digitized asset class, emphasizing how SRB’s Sharia assessment of the assets, controls and audit services align with the unique nature of non-traditional products. Dahlawi concluded by expressing how their collaboration with The Growth Capital supports the firm in maintaining focus on critical investment functions while ensuring ongoing Sharia compliance.

Prior to this MRHB Network partnered with Shari’ah Review Bureau (“SRB”), a Bahrain-based Shari’ah advisory firm, to independently assess and review its new product EMPLIFAI (Earnings Amplified with Algorithms & AI) which aims to provide Sharia-compliant passive income.