Oman Corporation trials stablecoin pegged to Oman Riyal

Oman Corporation trials stablecoin pegged to Oman Riyal

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.

The companies have agreed to 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.

HH Sayyid Azzan Bin Qais Al Said, Co-Founder of Digital Digits states, “We are proud to empower such a trial within the Sultanate of Oman which in turn will improve Easy Coins’ service competitiveness to match global players in this space. Easy Coins customers will significantly benefit from the reduced cost of payment processor fees to use our service with Hasalah”.

Qais Al Zakwani, CEO of the Oman Water and Wastewater Services Company, adds: “In line with the company’s ambition to keep pace with the digital transformation and to provide our customers with innovative options to pay their monthly dues, we are extremely pleased to enter into this partnership, through which we hope our customers will be provided with a new experience to pay bills through the Hasalah wallet, when launched”.

Hamood Al Hamadan, Director of SaS Center from Ministry of Transport, Communications and Information Technology (MTCIT) said, “We believe that the advancement of technology in Sultanate of Oman is in need of increased collaboration and coordination of such trials. Through supporting technology innovation and experimentation by the government and private sector, we foresee many local tech products growing and scaling regionally and globally.”

Nabil Al Siyabi, CEO of Connected Chains Said, “We are excited to work with OWWSC, Easy Coins and the other relevant stakeholders in tokenizing the Omani Riyal to enable real life benefits in doing so to payments. We welcome any other government or private entities interested in accepting the tokenized Omani riyal, when fully rolled out with its associated benefits.”

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.

Binance MENA to offer crypto cards with MasterCard as part of 90 million stores initiative

Binance MENA to offer crypto cards with MasterCard as part of 90 million stores initiative

On August 23rd 2022,  Michael Miebach the CEO of MasterCard posted on LinkedIn, “We can unlock the full potential of blockchain technology when we make it easier to access and easier to use. One way we do that is by bringing crypto to everyday purchases. To make that a reality, we’re working with Binance to let people use their crypto to make purchases at 90 million stores that accept MasterCard. We are launching this work in Argentina with plans to expand from there.” 

It seems that the expansion will be in the MENA region and come very soon.

So as mentioned, MasterCard and Binance will start offering customers the opportunity to pay for items with their Bitcoin and BNB, using a Binance Card. A prepaid card, that bridges crypto and fiat currencies, in Argentina. The plan is to then roll out this offer to include 90 million stores worldwide.

The Binance Card can be used by anyone with a valid national ID to pay bills and make purchases with the card, using their Bitcoin and BNB holdings.

The first stop was Argentina launched earlier in August 2022, with speculations that the USA, and Venezuela or other countries that are big on crypto would be next.

But it seems that expansions could actually start in the MENA region. Richard Teng, Binance regional Head of MENA also posted on LinkedIn two days after Michael and stated, “Excited to announce our partnership with MasterCard on crypto cards and payment. Introducing this soon in MENA. Watch this space….”

This clearly indicates that the next stop for the Binance MasterCard partnership will be in MENA and most probably in the UAE. The UAE has one of the most forward looking crypto regulations globally as well as being the third biggest crypto user base in MENA.

In January 2022 a report published by TripleA cryptocurrency Payments Company, showed that Morocco topped the Arab countries in terms of crypto owners or users followed by Egypt, UAE, and then KSA. The report stated that in 2021 global crypto ownership was estimated at an average of 3.9 percent, 300 million crypto users and 18,000 businesses already accepting crypto payments.

New rules govern how virtual assets are marketed in Dubai

New rules govern how virtual assets are marketed in Dubai

Dubai’s Virtual Asset Regulatory Authority (VARA), with the commencement of its Minimum Viable Product (MVP) Phase, has announced Regulatory Guidelines on Marketing, Advertising and Promotions of VA across the Emirate of Dubai.

The new VARA regulations specifically address marketing and communications activities, ahead of operationalizing the MVP licensees so that any mass-market information dissemination and consumer solicitation are designed to safeguard community interests.

Regulations on Marketing, Advertising and Promotions of Virtual Assets cover all forms of outreach, communications and advertising, including publication of information, awareness building, customer engagement, and/or investor solicitation.

VARA rules extend to VA related communications by any entity leveraging Dubai-based media sites, search platforms, and online or off-line publishing channels that explicitly target customers within the Dubai market, establishing guardrails on permissible audience segments, in addition to content obligations.

Equally all content dissemination channels operating from Dubai are obligated to act responsibly, and ensure compliance with prevailing Guidance as it pertains to VA communications facilitated via their platforms.

VARA guidelines further detail the obligations of Dubai licensed VASPs and any advertising platforms that are positioning VA content across traditional and new-age media channels for the Dubai market, to ensure factual accuracy, explicitly demonstrate any promotional intent, and in no way mislead on the guaranteed nature of their returns.

The principles are supplemented by rigid enforcement standards and penalties for non-compliance that collectively provide market confidence ahead of MVP operations, as it augments marketing, data protection and consumer protection laws that have been well embedded across the UAE.

Abu Dhabi launches blockchain and virtual asset committee to grow ecosystem

Abu Dhabi launches blockchain and virtual asset committee to grow ecosystem

Abu Dhabi has launched the Abu Dhabi blockchain and virtual assets committee. The Abu Dhabi Blockchain and Virtual Assets Committee is comprised of representatives of major entities and stakeholders active in this field including Dhaher bin Dhaher Al Mheiri, CEO of Abu Dhabi Global Market (ADGM) Registration Authority, Wai Lum Kwok, Senior Executive Director Authorization at ADGM, Mohammed Kaissi, Director of Strategic Projects at ADQ, Faisal Al Hammadi, Executive Director Incubation at ADQ, H.E. Mohamed Jameel Al Ramahi , CEO of Masdar, Dr. Nikolas Meitanis , Advisor at Masdar CEO Office,  Ibrahim Ajami, Head of Ventures and Growth at Mubadala, Eng. Abdulla Al Shamsi, Director General of Abu Dhabi Investment Office (ADIO), and  H.E. Dr. Maryam Buti Al Suwaidi, CEO of Securities and Commodities Authority (SCA).

During the first meeting of the committee, under the chairmanship of H.E Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman Securities and Commodities Authority (SCA), discussed the aim of launching the committee which is to develop the strategy for blockchain and virtual assets,  aligned with the Emirates economic strategy.

The Committee emphasized the importance of regulating blockchain and virtual asset activities to comply with Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) International and local rules and regulations. This in turn will build an ecosystem that is safe, sound, and transparent, which will help build trust and attract more companies to Abu Dhabi.

As per the press release, the Committee is established to improve Abu Dhabi’s competitiveness in blockchain and virtual asset space, coordinate efforts of entities active in the industry, liaising with regulators, and promoting compliance of industry participants with global standards and regulatory requirements, particularly AML/CFT regulations, as well as supporting exchange of information and best practices.

H.E Mohamed Ali Al Shorafa, Chairman of ADDED and SCA, said; “The formation of Abu Dhabi’s Blockchain and Virtual Assets Committee reflects our leadership farsighted vision and approach, which enabled Abu Dhabi to nurture a supportive business environment, unparalleled connectivity and infrastructure and an entrepreneurial mind-set that presents investors with growth opportunities. The Committee is bringing together all the relevant stakeholders to build a robust, credible, and comprehensive regulatory and business ecosystem that addresses key risks and major governance issues, such as AML/CFT, investor protection, tech governance, and custody risk, to promote blockchain and virtual assets.”

He added, “This will allow us to capitalize on blockchain technology and virtual assets to achieve Abu Dhabi’s aspirations, and the priority areas for this will be growth clusters including AgriTech, FinTech, Healthcare and Biopharma, Energy, Tourism, and ICT as we aim to foster businesses in these sectors to expand and accelerate”.

Crypto one of the challenges included in the first UAE government cybersecurity competition at Gitex 2022

Crypto one of the challenges included in the first UAE government cybersecurity competition at Gitex 2022

UAE Cyber Security Council, Abu Dhabi Digital Authority (ADDA), and UAE Department of government support have launched the 1st annual global Capture the Flag (CTF) cybersecurity competition. Crypto is one of the themes included in the competition. 

Established in November 2020, the UAE Cyber Security Council is tasked with developing and overseeing a cyber security strategy for the UAE, and creating a safe and strong cyber infrastructure, while Abu Dhabi Digital Authority was established to enable, support and deliver a digital government that is proactive, personalized, collaborative and secure.

Both have come together with the support of UAE Department of government support to organize the first CTF cybersecurity competition.

The CTF competition will be held at Gitex 2022 which will take place from 10-14 October 2022 at the Dubai International Convention and Exhibition Centre.

The aim of the knowledge based challenge is to create a safer digital world. Challenges fall under several themes including, web exploitation, forensics, reversing, OSINT, IoT hardware, crypto, network, mobile, and Steganography.

Teams of 3 or 5 are considered eligible for the competition. They will need to register their teams. The qualification round which will take place online on 10-Sep-2022, and only five (5) teams from the online qualifier round will be selected for the finals.

The Final round will be held physically and in person at Gitex 2022. Qualified teams must be physically present with their laptops at Gitex Dubai from Oct 10 till Oct 14, 2022 for the final round.  Abu Dhabi Digital Authority will cover all the accommodation and travel expenses and the entry badges for the final CTF round in GITEX.

The winners will be announced at the end of the 5th day, of Gitex 2022, the first 3 teams will receive cash prizes. 1st place winner will receive 35,000 AED, 2nd place will 25,000 AED, and 3rd place will receive 15,000 AED.  

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Kuwait illustrator brings the Kuwait concept of Dewaniya to life in the form of NFTs

Kuwait illustrator brings the Kuwait concept of Dewaniya to life in the form of NFTs

F2o Designs Shop and F2o Studio founded by Kuwaiti national Fatima Fawzi Alothman launches the idea of bringing the GCC Arab cultural element of Dewaniya to the NFT (Non Fungible Token) Web3 world

Fatima, who currently resides in UAE, is a freelance illustrator specializing in character design, children’s books illustration editorial and advertisement illustrations. She also offers traditional animation services. She holds bachelor’s degree in civil engineering from the American University of Sharjah and a Master’s degree in fine arts from the Academy of Art University in San Francisco, USA.

For those unfamiliar with both the Arabic term and the cultural social aspect of Dewaniya here is a small explanation. A  Dewaniya is a place where friends and people from the community gather to discusses ideas and spread messages related to both local and international issues, and even circulate jokes. It’s where voices are heard, echoed, and taken to further places. It is the weight of the people in the Dewaniya that makes the difference in spreading news to the community.

The Dewaniya served an important purpose in the development of Kuwait over the last 250 years by facilitating quick communication and consensus building among other things. There are many type of Dewaniyas that have evolved from the original archetype and they differ only in terms of the groups they serve and the level of formality.

The Dewaniyas are the core of Kuwait’s social, business and political life, the places where topics of interest are discussed, associates introduced, alliances formed, and similar networking activities undertaken. 

Fatima along with Hamad AlSarraf creative Director, and Hala AlAsfour, Marketing and PR strategist have curated a collection of 3000 NFTs called The Dewaniya Dudes. These NFTs will be part of a Dewaniya platform which will mirror the model of the Real Dewaniya utilizing web 3.0.

To join the Dewaniya platform a user has to have a Dewaniya dude NFT. This will offer access to exclusive content and privileges. As per the website the Alpha mint is coming up soon, and is reserved for the whitelisted only.

Increasingly the Arab world is witnessing innovative ways of how artists and youth in the region are utilizing NFTs and Web3 to bring together the traditional social values and community beliefs with digital future. This is yet another example of how NFTs can be utilized while keeping traditions alive.

UAE French Bakery project raises more than 260,000 USD using Blockchain Security token platform

UAE French Bakery project raises more than 260,000 USD using Blockchain Security token platform

UAE based La Boulangerie, a French bakery whose goal is to bring quality standards that will revolutionize the food delivery industry, is raising capital for its venture through Blockchain enabled P2P Security token investment platform STOKR.

STOKR based in Luxumborg, is regulated under EU MiFID II law. The issuance of securities is governed by EU regulations and is available in a number of European countries. Both individuals and legal entities can invest on STOKR.

Investors with just 100 USD can invest in La Boulangerie, as the token price is 1 USD, but a minimum investment of 100 USD is required. Investors can invest using Euro, USDT (ERC20), Bitcoin USDT liquid and other cryptocurrencies.

As per Stokr website, the bakery will initially set up shop in the city of Dubai in the UAE but plans to expand across the UAE and GCC region. The food and beverage market in the UAE, particularly in Dubai, is already sizable with more than 11,000 businesses. Prominent established players dominate the bakery industry with more than 200 bakery-cafes in Dubai.

Utilizing Liquid blockchain allows for a direct link between ventures and investors, which mean investors, own the securities directly through the Security token, and verification is done over the blockchain.

In an AMA session, Adam Schneider, CEO of Le Boulangerie states, ”We ‘re focusing on quality which is something they do not, they compete mostly on prices and even with the prices that currently see here in Dubai and the UAE, there is a margin high enough for us to make quality while still matching their pricing.” Adam is an avid bitcoiner who has been in the space for past 12 years.

Arnab Naskar, the Co-founder of STOKR in an interview stated, “We want to provide people with direct ownership of assets when it comes to the stock market in the form of security tokens. Happily we are seeing interest from countries like Egypt, who have a young generation and these guys will be getting deep into the blockchain and crypto assets much more over the upcoming period. So we are quite also happy to support those audiences.”

He adds in the interview, “We have a very interesting bakery, French bakery in Dubai, which is raising money on STOKR. It is an interesting business, a mom and pop show. They may not become a unicorn, but they will definitely be a zebra in their own market. These kinds of products can  provide an interesting return for STOKR platform investors. So I see there is also a trend for this kind of alternative investment market to really grow in the coming years.”

La Boulangerie has raised over $261,000 from nine investors so far. Their security token  is listed under the ticker “BAKER.” La Boulangerie is currently focusing on setting up their production center in Dubai. The production center should be ready by October 2022. The STO offering is still open as they seek to raise 2.5 million USD.

On a side note, I wrote this piece and highlighted this story, as I think it will be interesting to see when the UAE itself will announce the regulation of security token offerings. In my opinion, this would bring in more alternative investments into the startup and Small and Medium Sized businesses in the UAE and GCC region.

UAE takes top spot globally in attracting crypto FDI in 2022

UAE takes top spot globally in attracting crypto FDI in 2022

According to a recent report by FDI markets published in FDI Intelligence, UAE topped the list of countries with most crypto related FDI projects. UAE had a whopping 15 projects making it number one. It was followed by the USA which attracted 11 crypto projects; Brazil came in third with 7 projects, followed by UK, Lithuania at 4th place with 5 crypto projects, then Singapore in fifth place with 4 projects, followed by Canada, Australia, ( 3 projects each) and France, Sweden with 2 projects 

Some 98 foreign direct investment (FDI) projects were announced in crypto related activities in the first half of 2022, an increase of 145% from the same period in 2021. This number was higher than any pre-recorded database since 2016. It was also double the figure for the whole of 2021.

Most of the companies who announced FDI projects in H1 of 2022 were those that involve crypto services, such as crypto exchanges, who set up new physical presence in foreign countries.

This is true of UAE which attracted the likes of Binance, OKx, Huobi, crypto.com, FTX, and many others in 2022 since it announced its virtual assets regulatory authority. Today the UAE boasts of over 1200 crypto blockchain related entities and is seeking to attract 5000 Blockchain and metaverse companies in the next 5 years.

Crypto ETP issuer sets up MENA base in UAE

Crypto ETP issuer sets up MENA base in UAE

21Shares, one of the largest issuers of cryptocurrency exchange traded products (ETPs), has expanded to the Middle East and hired Sherif El-Haddad, to Head the Middle East office from Dubai UAE.

As per the announcement, Sherif El-Haddad Crypto ETP issuer sets up MENA base in UAE joins 21Shares  in Dubai, where he will lead 21Shares’ market expansion in the region. 

El-Haddad previously served as Head of Asset Management at Al Mal Capital. Before that, he was the Managing Partner of Pearl Capital Management and led the asset management division of EFG Hermes for over 13 years. El-Haddad has extensive experience in the financial services sector across the Middle East and a broad set of capabilities and networks. El-Haddad holds an accounting degree from The American University in Cairo.

“In addition to Switzerland, where 21Shares is based, Dubai is one of the most exciting and favorable locations for crypto and blockchain businesses. As 21Shares embarks on its Middle East expansion, I am proud to be part of this growth journey. ” Sherif El-Haddad commented.

Commenting on the company’s new hires and market expansion, Isabell Moessler, Head of Distribution EMEA at 21Shares said: “We’re so glad to welcome Marina, Oliver and Sherif to our fast-growing team. Their experience will help us gain even more traction in our European core markets and begin our entrance into the Middle East.”

21Shares recently launched its Crypto Winter Suite, a set of products designed to help investors weather the bear market and provide various ways to enter the asset class. Recent product launches in the Crypto Winter Suite include the world’s cheapest Bitcoin ETP (CBTC) as well as two risk-controlled products, the 21Shares S&P Risk Controlled Bitcoin Index ETP (SPBTC) and 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH).

Qatar releases National Blockchain Blueprint

Qatar releases National Blockchain Blueprint

Qatar has finally started to truly embrace blockchain. The Communications Regulatory Authority has launched a national consultation paper about the “National Blockchain Blueprint for Qatar”.

The paper was collaboratively developed by CRA, Hamad Bin Khalifa University, and Qatar University. Qatar university recently announced its foray into the metaverse.

The consultation paper will establish the blueprint for the blockchain framework in Qatar. It identifies key elements such as regulations, adoption, innovation and creativity. It also identifies the key blockchain requirements.

The National Blockchain Blueprint highlights how blockchain technology can contribute to building an innovative and growing IT sector in Qatar by increasing domestic and foreign investment as stated in the CRA Strategy 2021-2025, to support Qatar National Vision 2030 (QNV) and Qatar National Development Strategy, as well as to enabling a seamless transition towards smart Qatar.

The blueprint examines the most prominent opportunities that blockchain could bring to various governmental and business sectors. It also outlines the necessities and incentives that must be provided by each sector for the technology adoption that contribute to emerging start-ups, pilot projects and new companies.

“The National Blockchain Blueprint highlights how blockchain technology can contribute to building an innovative and growing IT sector that contributes to increasing domestic and foreign investment, which supports Qatar National Vision 2030 and Qatar National Development Strategy,” said Ali Al Suwaidi, Technical Affairs Department Director, CRA.

He adds, “The regulation is important to protect users and provide the adequate legal framework that allows blockchain innovation and adoption. I would like to thank Hamad Bin Khalifa University and Qatar University for all their efforts and cooperation in developing this blueprint and we look forward to our further collaboration in the future.”

As per the consultation paper, In Qatar, the key governmental stakeholders that should be involved in regulating Blockchain are Qatar Central Bank (QCB) for cryptocurrencies and financial transactions, as well as ICO offerings, the Qatar Development Bank regulating investment related activities and providing incentives for blockchain.

In addition government entities also to be  involved are the Ministry of Communications and Information Technology (MCIT) with its Innovation Centre for blockchain technology; Ministry of Justice, to formulize the legal framework, and the National Cybersecurity Agency, for data classification and cyber security.

The consultation paper recommends establishing a national regulatory foundation guide in the form of a study of the common services’ regulatory requirements alongside benchmarking with relevant international examples.

They also recommend engaging different potential stakeholders and regulators in an open discussion about potential technology use cases and their associated regulatory requirements.

Finally they recommend establishing a country-wide initiative in the form of a government-led consortium with wide involvement from the private sector to kick-off the creation of country strategy as well as initiate and coordinate the regulatory activities.

Qatar also wants to establish a high-performance cloud-based blockchain platform to accelerate and facilitate prototyping and testing, with priority given to pilot projects and start-ups. 

Stakeholders and concerned parties can submit their related views and comments by emailing nbbconsultation@cra.gov.qa, by not later than Thursday, September 15, 2022.

Qatar has had an on and off relationship with both crypto and blockchain. In May of 2022, Don Tapcott, renowned blockchain expert was a speaker at the Blockchain revolution Summit.  In the meantime the CEO of Qatar Sovereign Wealth Fund praised blockchain but shunned crypto. Yet the Central Bank governor stated that crypto assets are a technological innovation that will take the country into a new era of fast accessible payments and services. 

It seems that finally Qatar has embraced Blockchain and crypto and hopefully will quickly step up the pace.