UAE DMCC and South Korean Blockchain industry in Busan City to spur blockchain web3 adoption

UAE DMCC and South Korean Blockchain industry in Busan City to spur blockchain web3 adoption

UAE DMCC, Dubai MultiCommodities Centre has signed an agreement with South Korea’s blockchain industry, Busan Metropolitan City, to support global development and adoption of blockchain and web3 technologies. 

During a two-day roadshow of Seoul and Busan, DMCC signed a Memorandum of Understanding (“MoU”) with Busan Metropolitan City that will see the two parties work together on connecting the blockchain ecosystems in Dubai and Busan by hosting regular knowledge-sharing events and connecting crypto, blockchain and web3 businesses in the two cities.

During a welcome speech at the Blockchain Week Busan event, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Blockchain and web3 technologies are revolutionizing industries and sectors across the globe, from finance, healthcare and gaming to business operations such as supply chain management and the sale of goods and services. As we solidify the emirate’s position as a global capital for blockchain and web3, it is clear that there is a substantial opportunity for Dubai and South Korea to collaborate more closely to advance the global industry.”

DMCC’s latest MoU with Busan bolsters the free zone’s global network and reinforces its commitment to building an interconnected blockchain ecosystem.

Park Heong-joon, Mayor of Busan Metropolitan City, added, “Busan has great potential to become a regional hub for blockchain development. This has been reinforced through our partnership with DMCC, which will allow us to replicate the successes of their Crypto Centre and develop a strong crypto ecosystem in Busan. We look forward to working with them closely over the coming months.”

Dubai’s blockchain sector contributes over USD 500 million to the economy and is estimated to support more than 40,000 jobs by 2030 and add USD 4 billion to Dubai’s economy.

Blockchain Valereum’s acquisition of Gibraltar Stock Exchange to help Middle East and African entities access crypto capital

Blockchain Valereum’s acquisition of Gibraltar Stock Exchange to help Middle East and African entities access crypto capital

UK based Blockchain company Valereum has received consent from the Gibraltar Financial Services Commission (“GFSC”) to complete the acquisition of the Gibraltar Stock Exchange (“GSX”). Valereum will utilize GSX to expand access of early stage and small cap companies in the Middle East, India and Africa to European Capital.

In early 2022, Valereum stated that it would be purchasing 90% of the Gibraltar Stock Exchange (GSX) to create the world’s first bourse where shares and crypto assets can be traded

Valereum at the time stated that GSX would the first fully regulated bridge that links the fiat and crypto markets. As they noted at the time, “This will give listed instruments on the GSX access to a regulated pool of crypto capital that is not available anywhere else, and it will give cryptocurrency holders the ability to have a direct, verifiable holding in fiat securities.”

The recent press release notes that there is a significant gap in the available small cap markets where we will provide solutions building from the ecosystem of accelerators and incubators through a full suite of private and public markets. This will provide a new transnational access to capital.

In addition Valereum will be launching its NFT strategy in the first quarter of next year linking real world assets via NFT ownership.

Valereum also announced that its candidates for the new board of the GSX have all been approved by the GFSC. These appointments will officially take place with the completion of the change of control process. They include  Chairman: Richard Poulden, the Chairman of Valereum Plc., Executive Director: Patrick L Young, Chief Financial Officer: Jack Sun Non-Executive Directors will include Simon Brickles and James Lasry

The acquisition is expected to be completed in the first quarter of 2023.

Chairman Richard Poulden noted, “We are delighted to have received this news from the GFSC and look forward to completing the acquisition of the GSX. It is auspicious to be announcing this on the day of the Gibraltar Financial Services Lunch in London. We have ambitious plans for the GSX and for Valereum linking the fiat and digital worlds. All our expansion plans will be fully regulated in the environments in which we plan to operate. The GSX will harness proven exchange technology from established providers and will be updated with full front to back trading and clearing functionality on a significant scale and expandability.”

He adds, “Just as The Rock of Gibraltar has been a physical port for centuries, GSX will encourage a new generation of companies and assets to see Gibraltar as a virtual node in financial trade. In time we will seek an international listing for the Valereum group as we see this as a compelling investment proposition.”

ME Jets partners with UAE based digital assets payments provider Hayvn to offer crypto payment services

ME Jets partners with UAE based digital assets payments provider Hayvn to offer crypto payment services

All women luxury jet charter, ME Jets, partners with UAE digital asset service provider Hayvn to offer crypto payment services.

ME Jets Managing Partner Amy Spicer, stated,  “With the crypto world being relatively unknown to us at ME Jets we wanted a company that would offer a lot of support when getting started, and HAYVN did just that.  Our requirement was to partner with a global company with a local presence based here in the UAE,that supports local companies and builds a trusted business relationship. “

HAYVN CEO, Christopher Flinos, added, “Being an all-woman team who saw an opportunity, makes ME Jets pioneers in the aviation industry, much like HAYVN is in the digital asset space. Partnering with ME Jets ensures HAYVN continues our expansion of crypto payments into the aviation charter and brokerage industry, adding further credibility to our global presence and abilities”.

Hayvn’s customers in UAE include DAMAC properties.

UAE crypto mining hardware retailer to invest $300 million in global expansions

UAE crypto mining hardware retailer to invest $300 million in global expansions

Amidst what some might consider as bearish markets especially for the crypto mining industry given high energy prices and decreased value in crypto markets, UAE’s crypto mining hardware retailer, Phoenix Technology is investing $300 million in crypto mining sites across the globe.

As per recent news, Phoenix Technology is developing a large scale site in the United States which will be launched in Q2 of 2023. The site will utilize the latest mining technologies including immersive cooling.

Carl Agren, CEO of Phoenix Technology, stated, “Phoenix Technology is aiming to switch from a regional player in the mining space to a global one. In other words, developing, maintaining, and operating sites all around the world. We have been currently focusing on the North American markets, mainly the US and Canada. However, we are planning on setting foot in other regions to try to identify opportunities in untapped mining areas. We are devoting $300 million to be invested in different sites that are development opportunities, under development, or currently operational.”

The company has also signed a strategic partnership with MicroBT, blockchain and AI entity, making it the exclusive sales partner of WhatsMiner in the MENA region.

Phoenix Technology has claimed that it will develop partnerships with other companies that are also pushing the boundaries of mining, such as gas flaring, to bring more technologically advanced solutions to the local market and globally.

Recently Munaf Ali, founder and CEO of UAE-based Phoenix Group, stated that he believes MENA is fast moving toward crypto and blockchain adoption. In the interview he explains, “The Middle East is fast helping the global diversification of jurisdictions which are friendly to operate in. This goes for countries where crypto firms can set up, whether they are crypto exchanges or mining operations.”

In November 2021, Phoenix Technology announced that it signed one of the world’s largest purchases on record for crypto mining rigs, worth US $650 million. In an interview Munaf Ali stated that Phoenix was part of a project that would be developing a large scale crypto mining farm in the UAE.

Real estate Agency Casa Nostra now accepts crypto payments

Real estate Agency Casa Nostra now accepts crypto payments

UAE’s real estate agency Casa Nostra announced that it is now accepting cryptocurrencies from property buyers as well as renters. According to the tweet everything at Casa Nostra can be paid through cryptocurrencies.

As per the tweet, “The future of real estate is here! You can buy your property with crypto. Rent, service fees, and everything can be paid through cryptocurrencies.”

This is not the first real estate agency or property developer in the UAE to accept cryptocurrency payments. A while back DAMAC also started to accept cryptocurrency payments as has Emaar.

Even UAE Properties developer Nakheel partnered with Abu Dhabi based crypto exchange Hayvn offering crypto payment options for Nakheel clients. Nakheel clients are able to pay for their rent, service fee, and real estate purchases in cryptocurrency.

While Huobi partnered with fäm Properties to offer secure crypto payment options for its real estate investors, offering more payment flexibility with this new service. 

In March 2022, UAE based Real estate and industry experts estimated that crypto payments for Dubai real estate increased by 300 percent in 2022 and that the trend would continue. Majority of buyers were using stablecoins such as Tether, USDT as well as Bitcoin and Ethereum.

Saudi Arabia launches Blockchain SMS tracking system to decrease fraud

Saudi Arabia launches Blockchain SMS tracking system to decrease fraud

Saudi Arabia’s Information and Communication technology Commission has launched a blockchain enabled identity tracking management system for Bulk SMS messages in an effort to decrease fraud and enhance trust in Bulk messaging service offerings.

The CITC utilized blockchain technology in both the governance and management of the system. The solution was launched during the Digital Technology Forum 2022 in KSA.

CITC explained that this system will track 34,000 trusted SMS service providers  as well as decrease the operational cost for sending bulk SMS by these service providers by 66 percent. The blockchain enabled system will also  decrease the time needed to process requests by 60 percent. In addition 20,000 governmental and private sector entities will benefit from this system.

The Blockchain enabled digital tracking management system will serve more than 46 million people as well as 25 local SMS service providers. The innovative solution aims to protect users and instill trust in service providers.

Interestingly the KSA Digital technology Forum dedicated a whole day on blockchain technology. The panel discussions included topics such as harnessing the Power of Blockchain for Digital Government with speakers from IBM, CasperLabs, and Oracle.

The forum also saw the participation of blockchain entities from the region including Avanza Innovations based out of UAE which showcased its enterprise blockchain, metaverse and Web3.0 success stories to KSA government and private sector.

Another Blockchain entity IR4ILab based out of KSA also participated at the Forum.

In addition Seamless KSA which will be held during first week of November 2022 will also host blockchain solution providers including DT One.

Not only that but in a press release from Seamless, it states that there will be discussions led by Mohsen Al Zahrani, head of virtual assets and CBDC initiative at Saudi Central Bank, given the accommodating stance that KSA is showing towards blockchain and cryptocurrency solutions.

So has Saudi started its blockchain, and crypto journey, it seems so!

The home of Bahrain’s F1 Grand Prix now accepting crypto payments

The home of Bahrain’s F1 Grand Prix now accepting crypto payments

Bahrain international Circuit is now accepting crypto payments using Bahrain’s Eazy Financial services, which has a partnership with Binance.

Using EazyPay, BIC will be provided with POS terminals at BIC outlets that will accept all types of debit and credit cards from Visa and MasterCard as well as the latest methods of payment using crypto assets via Binance application.

BIC is now the first International Circuit in the World to accept crypto assets Payments in a regulated, secure and extremely fast manner. 35,000 fans attended the F1 Grand Prix race in 2022 which is held at Bahrain international circuit.

The benefits of bringing in EazyPay to BIC will ensure simple and effective transaction journeys for customers, with a partner which is able to ensure first-class service.

“We are pleased to have brought on Eazy Financial Services as a POS service provider,” BIC Chief Commercial Officer Sherif Al Mahdy said.

“The services they offer will benefit our operations greatly while offering a smooth, hassle-free experience for our customers. We look forward to further building on our relationship for the benefit of both our companies.”

Nayef Tawfiq Al Alawi, Founder & CEO of Eazy Financial Services, said they are very proud to become the partners of the Bahrain International Circuit, the home of Motorsports in the Middle East, by providing EazyPay competitive, and innovative payment services.

Tameem Al Moosawi, General Manager of Binance Bahrain, said they are excited to welcome ‘The Home of Motorsport in the Middle East’ to the Web 3 Economy stating “This agreement enables BIC to become the first international racing circuit in the world to accept crypto-asset payments through Binance Pay’s partnership with EazyPay, showcasing how the Kingdom of Bahrain is continuously in the forefront, supporting regional & global players in keeping up with global trends.”

In late September 2022, 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.

At the time, Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy in Bahrain stated on LinkedIn,  “Now you can pay in stores with any preferred Cryptocurrency using Binance App.  A special thanks goes to Central Bank of Bahrain, Binance and Eazy Financial Services B.S.C (Closed) teams.”

BitOasis beats Binance to it and launches crypto cards with MasterCard in MENA

BitOasis beats Binance to it and launches crypto cards with MasterCard in MENA

UAE based crypto exchange BitOasis, and MasterCard are launching crypto card programs across the MENA region to facilitate day to day usage of cryptocurrencies at points of sale and ecommerce website.

BitOasis customers will be able to convert their cryptocurrency holdings to fiat currency allowing the consumer to easily shop and pay at more than 90 million merchant locations globally. The first BitOasis cards are expected to launch in early 2023 in markets with regulatory approvals.

BitOasis customers, who can also access a range of MasterCard benefits, will be issued with virtual and physical BitOasis cards through a simple and compliant digital on boarding experience via the BitOasis app, allowing them to transact seamlessly physically and online.

BitOasis customer transactions will be enabled to take place in Fiat currency, thereby adding consumer protection – such as provisions for dispute resolution and refunds – which doesn’t exist today when paying with a digital asset. The partnership will address these pain points and further drive customer awareness and crypto adoption in the region. 

Amnah Ajmal, Executive Vice President Market Development, EEMEA, MasterCard, said: “Changes in consumer demand, as they look for new, fast and flexible digital experiences, are fueling an increase in the adoption of emerging payment technologies. With this comes a greater expectation for businesses to provide multiple ways to shop and pay. Through our collaboration with BitOasis, one of the most innovative crypto platforms in MENA, we enable the consumer experience to be seamless by using their cryptocurrencies in a safe and secure environment.”

 Ola Doudin, CEO and co-founder, BitOasis, stated,  “We continue to witness sustained demand amongst our customers for crypto to be integrated into, and relevant, for their daily lives.  Research tells us that 47% of the Middle East population now believe crypto is the future of money. As the largest crypto platform built for the GCC and MENA region, we are delighted to partner with Mastercard to enable BitOasis customers to benefit from the convenience of linking their BitOasis wallets to their BitOasis Mastercard Crypto Cards for use across Mastercard’s global merchant network. Our mission at BitOasis is to enable a new digital financial system that is transparent, inclusive, regulated, and relevant on a daily basis, whilst providing even greater safety and security for cryptocurrency payments. Today’s partnership helps us deliver against our mission”.

It seems BitOasis beat Binance to it. In August Richard Teng head of Binance MENA had stated that they would be close to launching crypto cards with MasterCard in MENA. Since then no announcement. But here is BitOasis all partnered up and ready to go.

The GCC and MENA region very attractive destination for crypto mining

The GCC and MENA region very attractive destination for crypto mining

Crypto mining is an integral part of the development of crypto economies. As the MENA region opens up its economy to digitization and crypto-related activities and as the world is challenged by an ongoing energy crisis, MENA is probing to become an attractive destination for crypto mining.

While the biggest crypto mining markets are currently in the USA, China, Kazakhstan and Canada, the energy crisis and the crypto bear market could help the GCC become a leading crypto mining hub.

Mohamed El Masri, founder and CEO of Permianchain, which operates Bitcoin mining data centers in Canada using wasted energy, states, “The adoption and implementation of blockchain data center infrastructure can support the digital stability and financial security of the GCC region. Hypothetically, the GCC has the opportunity to attract close to $1.0 trillion in economic growth by laying the groundwork for powering the digital economy.”

El Masri confirms the main challenge is calling out the financial regulators, mainly in the financial free zones, to stop taking the “enforceability approach” and take a “regulate-first approach.”

Nonrenewable resources to boost mining 

El Masri also mentions that given that the GCC is an oil and gas-rich region, there is an abundance of natural gas energy being wasted each day. Notably, such gas energy supports the implementation and commissioning of low-cost power plants to attract bitcoin mining companies from all over the world to set up in the region.

According to him, this will allow the region to become a leader in providing field-generated electricity “to power the future digital economy all while reducing emissions and decarbonizing the GCC’s oil and gas sector.”

The World Bank has reported that the MENA region accounted for 40% of the world’s flaring, with Iran, Iraq and Algeria generating 75% of MENA’s flaring. Meanwhile, Saudi Arabia, Kuwait, UAE and Qatar have low flaring intensity.

Adopting new technologies

Munaf Ali, founder and CEO of UAE-based Phoenix Group, involved in crypto mining equipment sales and projects, believes MENA is fast moving toward crypto and blockchain adoption.

“The Middle East is fast helping the global diversification of jurisdictions which are friendly to operate in,” Ali states. “This goes for countries where crypto firms can set up, whether they are crypto exchanges or mining operations.”

Ali confirms that GCC governments have started to address this by recognizing these new business activities and are issuing licenses to crypto market participants.

The Phoenix CEO espoused other benefits, including job creation, the development of a green renewable energy industry, and the generation of crypto/USD for circulation inside the local economy which in turn boosts economic activity.

Growing interest in mining

UAE investment firms have also shown interest in crypto mining investments. Nabyl Al Maskari, executive chairman of Al Maskari Holding, in a panel discussion during the Security Token Summit in June 2022, noted that there will be significant crypto mining investments happening in the UAE.

“We will have significant crypto-mining investments because the UAE is a low-cost energy producer,” Al Maskari certifies. “We are in the solar belt and have nuclear power with two reactors online. We can as such mine green Bitcoin or other tokens that come out.”

During Binance Week 2022, Khalifa AlJaziri, AlShehhi, Commercial Affairs Regulatory Sector Projects advisor at the Ministry of Economy in UAE, claimed that the Dubai World Trade Center Authority (DWTCA) would be legislating the crypto mining sector. He stated, “We are setting the guidelines and rules needed to regulate crypto mining within this crypto framework.

The UAE is not the only country that has shown interest in crypto mining. Oman Investment Authority (OIA) took part in a $350mn equity round in Crusoe Energy Systems. The US firm helps oil and gas producers cut flaring by using stranded natural gas to power cryptocurrency mining. Crusoe systems set up operations in Oman as well. 

Pierre Samaties, global head of Crypto Economy and Energy, reaffirmed that Bitcoin mining in the region is growing.

“Given we have a huge difference between the summer load curve and the winter load curve, Bitcoin mining helps to support renewable energy investments to increase utilization of the asset by using it during downtimes for Bitcoin mining,” Samaties says. The executive says this helps to balance the energy system.

Samaties also affirms that Bitcoin mining is seen as a strategic asset, a cornerstone for building a crypto economy in the region.

For those who would like to read or share this article in arabic it is also on Cointelegraph MENA 

UAE Vision Night club will allow crypto payments, offer NFTs and metaverse experience

UAE Vision Night club will allow crypto payments, offer NFTs and metaverse experience

One of China’s biggest entertainment companies, WanTing Group, will be opening its venue in the GCC, with VISION in November 2022. The night club will located at The H Hotel Dubai, VISION will be the first night club build around the metaverse, where payments can be made in crypto and NFTs can be used and bought. It will also be  the only nightclub in the world to achieve cross-border collaboration with the famed Jacob&Co brand with the launch of the VISION x Jacob&Co wristwatch.

Club-goers and crypto-owners will be able to turn coins into cocktails and enjoy a plethora of exclusive benefits at the venue, with NFTs also available for purchase and for use.

Further elevating the guest experience, VISION will launch in partnership with Jacob&Co, the renowned luxury jewellery and wristwatch brand, to create exclusive VISION x Jacob&Co timepieces, that will be available to those who purchase the venue’s unique NFTs. An exclusive branded VIP table will also be established at VISION along with other Jacob&Co elements.

The ambiance at VISION exudes opulence set in a futuristic space, featuring laser beams and LED lights that radiate through the entire venue. Guests can look forward to visionary décor and entrancing techno beats blended with Hip-Hop and Pop favourites that are sure to transform any night into an other-worldly experience. Situated at the luxurious H Hotel Dubai, VISION will be an extraordinary destination with a vibrant dancefloor as well as options for intimate, private booths and rooms for VIP clientele.              

Chris Wang, Chief Executive Officer of VISION and Hang Zhou WanTing Catering & Entertainment Management Co., stated, “We are extremely excited to be launching our first venue in the region in Dubai. There is so much potential in the Middle East in terms of nightlife entertainment, and we look forward to presenting a celestial nightlife experience for guests and clients with VISION. At the venue, we plan to provide club-goers space to connect through light and sound, turning their evenings into a stellar visual and audio haven.”