Dubai Chambers collaborates with Korean Blockchain game developer Wemade for UAE gaming ecosystem

Dubai Chambers collaborates with Korean Blockchain game developer Wemade for UAE gaming ecosystem

The Biggest South Korean blockchain enabled game developer, Wemade has announced its collaboration with UAE’s Dubai Chambers to develop the blockchain gaming ecosystem in Dubai and UAE.

The two are in talks to contribute to game development industry initiatives. A meeting between Henry Chang, the CEO of Wemade and  H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers  marked the next phase of Wemade’s efforts to support and grow blockchain gaming ecosystems in Dubai and the UAE.

As an advocate for the interests of Dubai’s business community, Dubai Chambers serves as a bridge connecting the local business community with Dubai’s dynamic government and is committed to ensuring a thriving environment in which businesses can flourish. The chamber seeks to facilitate and improve the ease of doing business in the emirate and advance Dubai’s position as a highly competitive global commercial center.

“The UAE is among the most dynamic regions building the next generation of games and gaming industry talent with Dubai and key stakeholders including Dubai Chambers playing an important role,” said Henry Chang, CEO, Wemade. “Wemade will focus on working with Dubai Chambers to explore how we can contribute our expertise and technology to support key initiatives including the Dubai Program for Gaming 2033.”

H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “We are pleased to initiate this collaboration with Wemade, which will contribute to driving innovation in the UAE’s rapidly evolving digital ecosystem. Dubai’s growing influence in the global gaming and blockchain arenas reflects our dedication to fostering an ecosystem that is rich in technological expertise. We remain committed to further strengthening the emirate’s position as a leading global hub at the heart of the digital economy.”

Unveiled recently by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai and Chairman of the Board of Trustees of Dubai Future Foundation (DFF), the Dubai Program for Gaming 2033 set out major industry goals. These are: to position Dubai among the top 10 cities in the global gaming industry; generate 30,000 new jobs in the gaming sector; significantly boost the sector’s contribution to the growth of Dubai’s digital economy; and increase the GDP by approximately US$1 billion by 2033.

Wio bank customers can trade crypto, Bitcoin, and Ethereum using UAE Fuze digital assets infrastructure

Wio bank customers can trade crypto, Bitcoin, and Ethereum using UAE Fuze digital assets infrastructure

UAE digital assets infrastructure provider Fuze has partnered with Abu Dhabi headquartered Wio Bank to empower its customers with virtual assets trading services.

Customers will be able to buy and sell popular cryptocurrencies such as Bitcoin and Ethereum, directly through Wio Bank’s recently launched application, Wio Personal.

Wio Personal is an intelligent everyday banking application redefining the way individuals see, manage, and grow their money. The personal banking application allows all customers to start investing simply and effortlessly. Wio Personal users can access thousands of global stocks, ETFs, fractional shares and even UAE IPOs seamlessly in a single, integrated app.

Speaking about the significance of the partnership, Jayesh Patel, CEO of Wio Bank PJSC, said, “The region is emerging as an important hub for cryptocurrency and there is a demand from customers for convenient, seamless access to crypto trading services integrated within their daily banking apps. As a business that was created to catalyze the digital banking ecosystem, we are excited at the opportunities this collaboration with Fuze provides, to better serve our customers and support the UAE’s forward-thinking transformation of the financial services sector. Fuze mirrors our own robust governance, compliance, and risk capabilities, so our customers can be confident in having secure access to Virtual Assets.”

Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, added, “As a regulated provider, we are proud to partner with Wio Bank, which has already made tremendous strides in redefining banking for the modern era across the region. There is a clear synergy with our mission to build the future of finance and we look forward to supporting Wio Bank in delivering regulated, trusted crypto services to its flourishing customer base.”

In a recent UAE poll suggested 48% of crypto users lacked trust in crypto exchanges. Through such partnerships, neobanks can provide regulated options for their customers and help to increase trust in the crypto ecosystem.

UAE based Aurus joins forces with Authic Labs introducing the first Gold-Backed NFTs

UAE based Aurus joins forces with Authic Labs introducing the first Gold-Backed NFTs

UAE based Aurus, pioneers in the tokenization of precious metals, and Authic Labs, a leader in Web3 customer loyalty solutions, have partnered to utilize blockchain technology for precious metals including gold with the first Gold backed NFTs.

This partnership opens new avenues for Real World Assets (RWAs) in the realm of digital collectibles (NFTs).

This partnership seeks to harness each company’s strengths, with several initiatives already underway, including gold-backed NFTs and blockchain-powered loyalty programs. The initiative aims to offer brands the opportunity to engage their audiences with digital collectibles, backed by the real-world value of physical gold. These NFTs, redeemable both digitally and physically, introduce groundbreaking possibilities for traditional companies that have been hesitant to launch their own collections.

By linking NFTs to gold, brands can set a stable price floor for their collectibles. This approach not only protects their brand and community from potential market downturns but also introduces new dimensions of utility.

Authic Labs is implementing tGOLD as a tool for loyalty rewards on their platform. Aurus will be integrating the Authic Labs interactive DApp on its platform, enabling users to engage in a variety of functionalities. These include minting and burning tGOLD tokens into NFTs, participating in staking, governance and DeFi, among other features.

Improving the practical uses of tokenized precious metals during our combined efforts will greatly benefit AurusX (AX), the Aurus ecosystem token. AurusX tokens can be staked to claim monthly rewards in tGOLD, tSILVER, and tPLATINUM, as well as vote on ecosystem proposals. These rewards are generated from the various transactions that occur within the Aurus ecosystem, including NFT mintings. AurusX is traded on several venues.

Wouter Kloosterman, CEO of Authic Labs, expressed enthusiasm, “Our partnership with Aurus marks a new era where Web3 technology and real-world precious metals intersect. Integrating cutting-edge technology with traditional assets sets a new standard for value and utility in the digital collectables space.”

Mark Gesterkamp, CCO of Aurus, added, “We are very excited about our collaboration with Authic Labs, which promises to bolster our presence in the NFT space. Our conviction is that brand engagements will onboard the next mass wave of users to crypto. Adding the value of gold to digital collectibles will redefine its utility and improve overall user experiences.”

M2 crypto exchange first in UAE to cater to all retail clients

M2 crypto exchange first in UAE to cater to all retail clients

On the launch day of M2 crypto exchange and custodian the exchange which is fully regulated by ADGM (Abu Dhabi Global Market) is the first to serve retail clients in the UAE.

Abu Dhabi headquartered M2, which is licensed by the FSRA in the ADGM, has been recognized as a fully regulated Multilateral Trading Facility (MTF) and Custodian and is now able to on-board UAE residents and institutional clients.

M2 will be able to offer best-in-class trading products targeted at both retail and institutional investors in the UAE. The services coming soon will include, virtual Asset Custody where Investors will be able to manage their Virtual Assets in M2’s custodial wallets and offline storage facility, conveniently and securely with the easy-to-use on ramp and off ramp mechanism.

In addition clients will be able to trade AED to BTC & ETH . M2 will shortly be able to offer institutions and retail clients the ability to trade AED with leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).

AED Fiat On/Off-Ramp: Allow the on/off ramp of AED with ease through its partnership with a local bank.

While other crypto exchanges have received licenses from ADGM none of them have been allowed to cater to retail clients or have they partnered with a UAE Bank.

Designed with regulatory compliance and customers in mind, M2 adheres to strict regulatory requirements set by ADGM in relation to consumer protection, technology governance, custody and all its trade activities such as market surveillance, transparency, settlement, and transaction recording.

The ADGM has been recognized as being one of the most respected regulated jurisdictions of virtual assets globally.  Taking its first steps on the journey to becoming a global FinTech champion for Abu Dhabi, and in line with Abu Dhabi’s Economic Vision 2030, M2.com is live and the team is setting its sights on being a leader in innovation whilst always maintaining regulatory compliance.

Stefan Kimmel, M2, CEO, comments: “We take pride in being a Abu Dhabi headquartered platform, licensed by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This recognition underscores our commitment to our customers and to the FSRA’s notably high and sophisticated regulatory standards. We look forward to offering crypto investors in the UAE the opportunity to utilize our platform, including the ability to trade on/off-ramp AED and to trade market leading cryptocurrencies such as BTC and ETH by the end of the year.”

He added: “As positive sentiment returns to the crypto market, we want to offer crypto investors a trusted place to buy, sell and custody crypto assets. Regulation is our routine, and we will continue to demonstrate our commitment to compliance and regulatory excellence.”

Arvind Ramamurthy, Chief of Market Development at ADGM said: “We are delighted to welcome M2 to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable M2’s vision, ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and M2’s innovative solutions will add to our vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.”

Notably M2 will be having its launch party today and will be featuring the Mayyas Dance show and superstar singer Guy Manoukian as they reimagine the future of digital assets.

The article was updated at 11:51 am GMT+2 removing ADCB bank reference.

Nine Blocks Capital is the first crypto hedge fund to receive license from Dubai’s regulator

Nine Blocks Capital is the first crypto hedge fund to receive license from Dubai’s regulator

Dubai’s virtual asset regulatory authority has just listed UAE based Nine Blocks Capital Management as a receiving a full VASP license and will make Dubai UAE its headquarters.

As per VARA website, Nine Blocks Capital will be able to offer crypto and virtual asset investment services to institutional and qualified investors.

Nine Blocks Capital received initial approval from VARA back in August 2022. Nine Blocks was launched by by PwC’s former global crypto head Henri Arslanian.

Nine Blocks is the investment manager of the Nine Blocks Master Fund, a market neutral crypto fund focused on generating alpha from inefficiencies in the crypto markets using relative value, arbitrage and quantitative strategies.
With around $100m in AuM and a track record of more than 2 years, Nine Blocks manages assets for many leading investors globally, from regulated financial institutions and private banks to public companies and fund of funds.
This license is the culmination of a process that started with an MOU between Nine Blocks and VARA, allowing knowledge sharing and consultation.
The Nine Blocks group was set-up in 2021 with the belief that institutional investors want digital assets exposure via fund managers who have established digital assets track record, are regulated, have traditional finance experience and comply with the highest operational due diligence requirements.
Henri Arslanian, co-founder and managing partner of Nine Blocks said, “We believe that a regulatory regime tailored for the fast-moving digital assets space can not only provide comfort to institutional allocators but also contribute to the growth of a healthy crypto ecosystem.The UAE is quickly becoming a leading jurisdiction globally for digital assets and we are honored to be part of this journey.”

Nine Blocks follows a market neutral trading strategy, profiting from arbitrage opportunities and market inefficiencies across the crypto space.

Abu Dhabi regulator in 2024 to amend virtual asset regulations and introduce DeFi regulations

Abu Dhabi regulator in 2024 to amend virtual asset regulations and introduce DeFi regulations

The Abu Dhabi financial free zone hub, ADGM (Abu Dhabi Global Market) and its regulatory body the FSRA (Financial Services regulatory Authority) have published their business plan for 2024 which outlines introducing DeFi regulations as well as amendments to its virtual assets regulatory framework.

ADGM which announced its virtual assets framework back in 2018 has since then been growing its framework most recently announcing its DLT Foundation regulations that would allow the issuance of governance tokens.

But more interestingly in its newly published business plan for 2024, the ADGM FSRA states, they are developing a framework for DeFi activities in 2024. ADGM business plan states, “The current focus for the FSRA has been on admitting decentralized finance (DeFi) solutions to the RegLab so that it can learn from the experiences of these companies and thereby take steps to develop a suitable regulatory framework for DeFi activities.”

Together, the RegLab and Digital Lab showcase how effective government led initiatives can advance the local ecosystem and be drivers of a business friendly environment.

ADGM and FSRA will also work to utilize AI (Artificial Intelligence)  and has engaged with several projects that leverage this technology, as well as to provide more interactive and chatstyle ‘Regulation as a Service.

In terms of its virtual assets framework while the FSRA has continued to refine and enhance its VA framework and in September 2022 published an update of the ‘Guiding Principles for the Financial Services Regulatory Authority’s Approach to Virtual Asset Regulation and Supervision’ on its approach to VA regulation and supervision, in 2024 the FSRA will review its regulatory framework for VAs to assess whether any enhancements are necessary. As stated in business plan,” This goes back to the FSRA’s experience gained from supervising VA businesses and the emergence of new VA regulatory frameworks introduced in relevant peer jurisdictions.”

Finally the FSRA is working with FinTech business models that can promote greater liquidity and financial inclusion in private capital markets using as well FSRA’s regulations that support the adoption of digital assets and tokenized securities which have enabled greater accessibility and transferability of private capital market investments.

So In 2024 the UAE and in particular Abu Dhabi will witness advancements in the virtual assets regulatory landscape, as well as introduction of DeFi regulations and more utilization of security tokens and digital assets for investments.

Those who have been following ADGM know that already Binance has gained a license, as has Bahrain headquartered RAIN exchange, and most recently IOTA announced it was launching its DLT Foundation from ADGM Abu Dhabi.

This article was first published in Cryptopolitan

UAE Fils fintech platform launches employing Blockchain for digital payments

UAE Fils fintech platform launches employing Blockchain for digital payments

UAE Homegrown Fils fintech platform which employs blockchain launched prior to Cop28 to integrate sustainable values into the core of digital payments.

Fils aims to bring together buyers with capital and suppliers with high integrity carbon credits.

Nameer Khan, the founder of Fils and chairman of the Mena Fintech Association (MFTA), has designed along with his team a holistic, enterprise-grade B2B2C product offering, Fils leverages the power of leading technologies including Blockchain for its end-to-end infrastructure to transform various industries, including financial services, hospitality, and e-commerce.

This makes it easier for businesses to act on the core values of environmental, social, and corporate governance (ESG), said Khan, adding that major partnerships with some of the leading names in the industry would be announced soon.

Khan said Fils is poised to transform the world of ESG, through an API-first digital payment infrastructure that makes sustainability a lifestyle and can be easily embedded into platforms across sectors. He stated, “Fils is a catalyst for the evolution of ESG enforcement and has the right team, technology, experience and expertise to lead the market. With our robust infrastructure, it spells the end of greenwashing and clears a path towards greater accountability and implementation of actionable outcomes that can improve the sustainability of the world we live in.”

Prior to this UAE Ghad Capital partners celebrated the launch of Fils which they stated employed blockchain and AI for a transparent secure payment infrastructure, supporting 17 UN SDGs.

Animoca Brands invests in UAE gaming startup Farcana to introduce Bitcoin ordinals

Animoca Brands invests in UAE gaming startup Farcana to introduce Bitcoin ordinals

Animoca Brands, early investors in The Sandbox, has invested in UAE gaming startup Farcana, to advance digital property rights for gaming and the metaverse fueling Farcana’s beta launch and development within the Bitcoin Ecosystem with Free Mint Bitcoin ordinals.

Built with Unreal Engine 5, Farcana is a team arena third person shooter that offers competitive tournaments backed by permanent Bitcoin prize pools and will be one of the first AAA Web3 games to introduce its “Free Mint” Bitcoin ordinals. The game has attracted over 40,000 users and is planning new tournaments based on initial playtests in Dubai.

The majority of the new capital will be used for the enhancement of Farcana and its integration within the Bitcoin ecosystem, as the project gears up for a token launch and full game release earlier next year.

Animoca Brands, a Hong Kong-based Web3 industry leader, has been collaborating with Farcana on tokenomics and go-to-market strategy since Q2 2023. With the investment announced today Animoca Brands maintains its strong level of activity in the MENA region, following the Web3 leader’s recently announced strategic partnership with Saudi Arabia’s NEOM.

Yat Siu, co-founder and executive chairman of Animoca Brands, praised Farcana’s progress and commented: “We have been working with Farcana over the past year and we’ve been impressed with the development and traction it’s received so far. Our strategic investment into Farcana is part of the vision of Animoca Brands to drive Web3 development in MENA; the region is rapidly modernizing and adopting emerging technologies, and we’re excited to support partners such as Farcana as they actively lead the sector and bring exciting products to market.”

Ilman Shazhaev, founder and CEO of Farcana, shared his impressions about the strategic investment from Animoca Brands, stating: “We did amazing work with the Animoca Brands advisory team this year. With the redesign of our tokenomics, improvements within the in-game economy, documentation, and go-to-market strategy, we had tremendously productive team-to-team collaboration. Sometimes I would forget that we were working in different companies. This strategic investment from Animoca Brands is definitely a significant milestone for Farcana. During the bear market, we were fully focused on building and delivering one of the best games in web3, and we are incredibly excited to bring it to the market next year.”

Early Investor and supporter resigns from UAE based Venom Blockchain

Early Investor and supporter resigns from UAE based Venom Blockchain

In a surprise move, Mustafa Kheriba, the Executive Chairman of Venomex, a UAE regulated crypto exchange and one of the initial investors and supporters of UAE based Venom Blockchain Foundation has resigned from his position at Venom Foundation.

Sources in the know confirmed this to LaraontheBlock, however Mr. Kheriba would not comment when asked about the reasons for resignation.

Prior to this in August 2023, the CEO of Venomex, Arshad Khan also resigned his position at the crypto exchange and is now a partner at UAE based Fils.

Venomex Limited is a Multilateral Trading Facility and Custodian, based in Abu Dhabi Global Market (ADGM) and received FSP from Financial Services Regulatory Authority of ADGM. Venomex as such became a regulated, crypto asset exchange and custodian in the region that focuses on institutional and retail investors. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has given FSP to establish and operate a full-fledged MTF and digital custodian.

In terms of Venom Foundation, its chairman and Co Founder Peter Knez the former CIO at BlackRock & ex Goldman Sachs executive has been active, recently speaking at the Genesis XBT event. The event brought together market-makers, VCs, and mining industry leaders in EMEA & CIS’s leading crypto gathering. According to Knez, “ It was a fantastic opportunity for the Venom team to connect, share, and learn in the vibrant hub of Dubai’s blockchain community!”

Venom Foundation earlier this year in January had launched in partnership with Iceburg Capital a $1 billion Venom Ventures Fund.

Venom Foundation, is a  Layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM), and Iceberg Capital is an ADGM regulated investment manager. The Venom Ventures fund is a blockchain-agnostic fund that was targeting  innovative protocols and Web3 dApps, focusing on long-term trends such as payments, asset management, DeFi, banking services, and GameFi.

At the time the fund’s leadership team consisted of Peter Knez, ex-CIO at BlackRock and Mustafa Kheriba, but now given that Kheirba has resigned, it would seem he will no longer be involved in the fund as well.

Mustafa had served on the Board of Directors of several financial services and insurance companies prior to Venom Blockchain Foundation.

Venom Blockchain Foundation back in October 2022 became the first ADGM licensed crypto foundation to build a scalable blockchain platform. ADGM at the time stated, “Venom is on its way to developing an NFT marketplace, derivative exchange and fiat-backed stablecoin.”

Yet to date Venom Foundation’s only achievement was an MOU signed with the UAE Ministry of Climate Change and environment to launch the first blockchain enabled national system for carbon credits, as well as the launch of their testnet.

Venom Foundation also faced some challenges in 2023 with regards to one of its early investors Alibek Garcia Issaev, which is said to have involved a UAE court case against him.

Whatever the case, it seems Venom Foundation is facing big challenges when one of its early supporters and investors resigns.

The article was updated at 14:34 Monday 27th 2023.

eToro beats Binance to it and receives crypto broker license from Abu Dhabi ADGM

eToro beats Binance to it and receives crypto broker license from Abu Dhabi ADGM

The eToro platform which offers traders and investors more than 3,000 different financial assets, including stocks, cryptocurrencies, ETFs, indices, currencies and commodities has announced receiving approval for Financial Services Permission from the regulatory body FSRA at ADGM ( Abu Dhabi Global Market) in UAE.

While eToro’s main research and development office is located in Tel Aviv, Israel, it has legal entities registered in the UK, US, Australia and Cyprus. The firm is regulated by the CySEC authority in the EU; it is authorized by the FCA in the UK, and by FinCEN in the United States, and by the ASIC in Australia. eToro boasts of 35 million customers across 100 countries.

In September 2022, eToro has recieved its in principle approval.

The approval will allow eToro to operate as a broker for securities, derivatives, and cryptoassets in the United Arab Emirates.

Yoni Assia, Founder and CEO of eToro, comments, “The approval of our operating license by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing fintech hub, and we are excited to become part of this flourishing ecosystem. With our team in Abu Dhabi led by Jason Hughes, Senior Executive Officer for eToro Middle East and George Naddaf, GCC & MENA Regional Manager, we are looking forward to deepening our relationships in this dynamic market and to helping our UAE clients grow their financial knowledge and wealth as part of a global community of investors.”

Arvind Ramamurthy, Chief of Market Development at ADGM, added, “We are delighted to welcome eToro to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable eToro’s vision, ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers, and reinforce the UAE’s strategic value to global finance.”

eToro, M2, Rain have all beat Binance to it by recieving crypto broker exchange licenses from ADGM, while Binance currently has a crypto custodial license allowing it only to deal with institutional clients.