DeFi crypto custodian Komainu receives MVP license from Dubai virtual asset regulator

DeFi crypto custodian Komainu receives MVP license from Dubai virtual asset regulator

Komainu, listed on VARA website as a DeFi (Decentralized Finance) digital asset custodian has received its minimum viable product license from Dubai’s Virtual Assets Regulatory Authority (VARA). This is following the issuance of its provisional approval in July 2022. This is a interesting development given the recent FTX scandal and the migration of crypto wallets from centralized exchanges to self custody.

Komainu can now offer an approved range of virtual asset related services to institutional investors in Dubai within an internationally benchmarked legislative framework for virtual asset service providers (VASPs) following completion of its readiness requirements.

The transition to an MVP license, from a provisional approval received earlier this year, means the firm can provide institutional clients in the UAE with Virtual Assets Custodial Services and Virtual Assets Management Services.

Komainu MEA is the first ‘dedicated’ institutional digital asset custodian to receive its MVP license approval from VARA.

Helal Saeed Al-Marri, chairman of VARA stated, “In this current phase of heightened global appreciation for responsible virtual asset participant, VARA is pleased to on board our first tradFi VASP Komainu to join the MVP phase of the regulatory regime. Participation from the VA specialist ventures of deeply respected global financial institutions, allows VARA the opportunity to structure interoperable guidelines and risk mitigation levers for secure market operations.”

Nicolas Bertrand, CEO of Komainu, commented: “Komainu actively works with regulators, partners, and our clients to make sure that our platform and the overall industry is held to the highest of standards to facilitate the wide adoption of virtual assets by institutions. With the full MVP license now granted by VARA, we look forward to launching our services in the MEA region and assist institutions gain exposure to virtual assets, whilst relying to secure and regulated virtual asset custody services.”

Komainu’s CEO is currently attending the AIM Investment Summit in Dubai UAE.

Dubai VC Helion Ventures partners with metaverse VMeta3

Dubai VC Helion Ventures partners with metaverse VMeta3

Dubai VC Helion Ventures has partnered and invested in VMeta3, the First High-Poly Modeling Technique Metaverse to provide a life-like experience with “Any-Fi” economic incentive into the new mindset of Behavior to Earn. 

VMeta3 is the first metaverse related project to be part of Helion Ventures. VMeta3 envisions a world where users can freely create and explore digital worlds, own virtual property, conduct business, buy and sell goods, interact with the AI of their digital avatars, and much more.

The Co-Founder and CEO of Helion Ventures Oliver von Wolff stated,  “The metaverse is the next big thing in web3 and it is exciting to get on board its growth by investing in an interesting and creative project such as VMeta3”.

Jobs Chang, Founder and CEO of VMeta3  adds,  “The Dubai Metaverse Strategy aims to turn Dubai into one of the world’s top 10 metaverse economies as well as a global hub for the metaverse community, and we are pleased to receive investment and partner with Helion Ventures to take this vision forward and be present in Dubai. I always say: Never predict the future, instead create the future! Through our cooperation, this is exactly what we aim to do”.

Muhammad Hamza, MENA CEO, explained, “VMeta3 aims to provide the First High-Poly Modelling Technique Metaverse to provide a lifelike experience for its users and provide standards such as protection of IP for artists that is challenging the industry today. VMeta3 will be launching its Alpha by Q1 2023. The token sale is now open for potential partners and pioneers who want to be a part of our eco-system via Helion Ventures, Dubai”.

Helion Ventures is a venture capital based in Dubai, to be regulated by DIFC. They focus on investing in early-stage tokens/coins, Fintech/Blockchain projects, Metaverse, and DeFi in the MENA region and Africa.  They have been a part of the region’s Ecosystem with strong connections and roots in the Middle East ever since 1999.

VMeta3 provides unique NFT standards that ensure the IP of the actual artist is protected by the encrypted file in the blockchain whereas each NFT that is minted from VMeta3 will be initiated from VMeta3 timestamp. The project envisions a world where users can freely create and explore digital worlds, own virtual property, conduct business, buy and sell goods, interact with the AI of their digital avatars, and much more. By building and providing a life-like experience in the digital world, VMeta3 allows their users to strive and live in a digital ecosystem in the comforts of their computer and mobile devices.

Dubai’s Virtual Asset Regulatory Authority to look into impact of FTX exposure in local market

Dubai’s Virtual Asset Regulatory Authority to look into impact of FTX exposure in local market

Dubai’s Virtual Asset regulatory Authority (VARA) has issued a statement with regards to FTX exchange. It reiterates that is has revoked the approval of FTX license as well as suspended its MVP License. As per the market notification, while FTX MENA had not commence local operations, VARA will be looking into the impact of FTX on domestic market exposure not limited to FTX MENA

As per the statement, On November 11, 2022, one hundred and thirty-four [134] entities related to, and including, FTX Trading Ltd., FTX Exchange FZE, and Alameda Research [Bahamas] Ltd. [collectively, the “Debtors”] filed a petition in the U.S. Bankruptcy Court for the District of Delaware for relief under Title 11 of the United States Code.

FTX Exchange FZE [FTX MENA], one of the aforementioned entities, had received approval from VARA for a Minimum Viable Product [MVP] licence on 15-Jul-2022 – the Approval was revoked as of 10-Nov-2022 and the Licence stands suspended in consequence.

FTX MENA was in the readiness preparatory phase and had not received VARA approval to commence operations, on board clients or service the market in the MVP Phase of the regulatory regime. Client Money Account with a domestic bank account had also not been secured – which is a pre-requisite for VARA to authorise any VASP operations in the UAE.

As such, the FTX MENA is confirmed to have no client exposure.

Further, in line with VARA’s principles of mitigating market and investor risk, all Virtual Asset Service Providers [VASPs] that have engaged with VARA to participate in Dubai’s regulated ecosystem, have been asked to provide disclosures to determine the severity of domestic market exposure, and contagion scale across the UAE. Details sought include:

·       Exposure to the FTX group of companies referenced in the 11-Nov-2022 bankruptcy filing, including holdings of the FTT token and any other assets

·       Nature and risk of the exposure; alongside the scale/magnitude; and impact/severity and manageability;

·       UAE residents that are impacted, including number of users and magnitude of exposure – both retail and institutional clients [not limited to FTX MENA];

Detailed action plans to mitigate the exposure highlighted above.

Following receipt of the information, VARA will publish a summary closure statement on impact within the VARA Regime. 

VARA also published the following statement, ” The MVP Phase is in its readiness preparatory stage to allow for approved licensees to fulfil all pre-conditions required to undertake MVP market operations within the VARA Regime. As such, no MVP licensees are permitted to provide any regulated services/activities to their specifically authorized market segment(s) until after VARA’s operationalization of the MVP Phase. VARA is following a developing matter involving the potential insolvency, and alleged fraudulent behavior of an affiliate of a Virtual Assets Service Provider (VASP) licensed for participation in the MVP Phase. The situation has been, and will continue to remain closely monitored for latest updates to ensure that timely and substantive actions are taken within the Emirate of Dubai to protect investors and all market participants, backed by active enforcement of regulatory requirements relating to custody and segregation of client money; insurance and liquidity cover; and in general all aspects pertaining to market abuse prevention.”

It is obvious that while FTX MENA had not commenced operations, there were a number of entities and individuals utilizing FTX international platform. This is well noted given that the MENA region was the third biggest revenue generator for FTX not in terms of number of customers but in terms of volume of trades. 

UAE the new home for Gold-backed tokens

UAE the new home for Gold-backed tokens

In March 12022, the market capitalization of gold-backed tokens exceeded $1 billion for the first time.

As gold-backed tokens continue to increase in popularity, the UAE appears to be becoming a hotbed for the physical gold investment alternative.

Startups from the region and globally are setting up in the country as gold-backed tokens witness a growth surpassing that of cryptocurrencies. The market cap of gold-backed tokens has exceeded $1 billion — a far cry from $100 million in 2020.

A gold-backed cryptocurrency is a digital currency that is backed by physical gold. The currency’s value is based on the current market value of gold and can be used for transactions like any other cryptocurrency.

Bullion gold experts estimate that 20 to 40 percent of the $11 trillion global gold market passes through Dubai every year. These findings can be attributed to entities embracing gold tokenization and commodity token exchanges.

Ahmed Bin Sulayem, Chairman and CEO of Dubai’s Dubai Multi Commodities Centre (DMCC) asserts the pivotal role that Dubai plays in the global trade market due to its location and its refineries and sees

He states, “Gold plays a critical role in boosting the economies of producing countries and nations with large jewelry manufacturing sectors. Arguably the most important industrial use of gold is in the manufacture of electronics, so as technology improves, demand for gold from the tech sector is also rising rapidly. DMCC is at the center of precious metals and Blockchain technology.”

Gold token growth in UAE

Most of the entities developing gold tokens have chosen the UAE because of its positive crypto stance, its regulations, its gold hub, and the region’s affinity to Shariah compliant commodities.

Ben Sharon, the CEO of Illumishare SRG, says the UAE is the biggest blockchain hub in the world, with many top blockchain companies moving their headquarters to the country.

“We found partners that share the same beliefs as we do,” said Sharon, “We know that together we will make the world a better place where money will provide both stability and opportunities.”

The Abu Dhabi-based blockchain startup developed the SRG token based on a digital gold standard to open the crypto market to the masses. The gold that will be utilized for SRG will be held in the UAE in a bank in Abu Dhabi.

The project is supported by the Private Office of His Highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Royal Family of Abu Dhabi.

While others such as Comtech, view the UAE and Dubai in particular as the center of gold trade and  blockchain technology. Comtech, is digitizing gold on XDC blockchain network.

ComTech’s Global Marketing Director, Zulfiqar Naqvi, opines, “Our vision is to turn it from the City of Gold to the City of E-Gold.” There reserves are now 122 KG of gold bars in just five months. The 122 Gold bars, 1 kg each with purity of 999.9, are securely stored with Emirates Transguard.

Blockchain tokenization entity Aurus also set up in Dubai’s DMCC because Dubai is a city at the forefront of innovation, blockchain technology, adding to the scalability of their ecosystem. Aurus seeks to democratize the precious metals market using tokenization.

Mark Gesterkamp explains, “We want gold, silver and platinum to be traded by more people earning them passive rewards. At the moment we are onboarding local and region partners including crypto exchanges, bullion refineries and brokers, as well as expanding Aurus precious metal backed tokens to the global retail market.

The attraction of UAE also stems from it being at the center of a strong Islamic investment front. Australian based Marhaba DeFi Islamic compliant platform, better known as MRBH with an operational license in UAE recently launched its TijariX token commodity exchange. TijariX has already commenced with the listing of gold tokens.

Mohammed Naquib, Founder and CEO MRHB Network, explains, “The Islamic community has been using gold as a means of currency and store of value from the earliest days of Islam. Yet it was always difficult to ensure secure storage of physical gold, and liquidate it when needed. Tokenized gold solves these problems while Islamic compliant platform assures adherence to Islamic practice.”

Even entities operating gold refineries in Dubai have incorporated gold tokenization into their business model. UAE REIT Development which is currently building a gold refinery to be launched in 2023 will offer tokenized gold and a tokenized gold exchange. 

Karen Kriska, Vice President of Customer Relations at REIT Development says, “We will digitally mint 85 percent of the value of the gold into tokens. So if someone wants to stake their gold in the form of GoldCoin, they would stake it in our Goldexchange.com. “We will never allow our liquidity to increase to a point were those staking cannot make 0.5 percent in transaction fees per month or 6 percent a year      unless, of course, we increase the gold reserves.”

Why tokenize Gold

Every entity that has chosen to tokenize gold has attributed their interest to different factors. Some believe that it is easier to convince people to buy tokenized gold rather than crypto, while others see gold as an already well accepted investment commodity in need of a more open and accessible marketplace.

Ben Sharon, CEO of IllumiShare explains that only 4.2 percent of the world population has adopted crypto because they are unable to identify the real value behind crypto.  Yet when it comes to gold is has always been seen as a reliable asset in terms of store of value

By combining gold with technology and cash, IllumiShare is creating an additional hedge, defining a new crypto category and redefining money in the process. Sharon explains, “This is the reason we call SRG a Trust token.”

Comteq’s Naqvi sees gold as an investment product that is easier to understand and standardize. He says, “Gold has been used as an investment product for centuries as well as being a product close to people.”  Comteq built their gold token with two aspects in mind speed, and security which is attractive to investors.

Gesterkamp, from Aurus believes that tokenization of gold makes a more inclusive and efficient precious metals market attracting younger demographics while offering easy accumulation, wider payments and ability to be utilized in DeFi and GameFi applications. Gesterkamp adds, “The increased transaction from tokenized gold implies more fees collected and as such more yield generated to ecosystem partners.”

He adds, “We also believe there is a chance that precious metals will be used to back up CBDCs (Central Bank Digital Currencies) besides a basket of currencies.”

Islamic compliant tokenized precious metal exchange TejariX believes tokenized gold will attract low risk crypto investors as well as long standing investors in traditional gold. Naquib also believes it will make gold trading accessible to the masses and is a better alternative to dollar backed stablecoins. He states, “Using TejariX platform we plan to offer Gold & Silver Standard (GSS) bullion tokens to investors around the world at 0.03% transaction fee. Each token is worth 1 gram of precious metal, and investors can buy in increments of 1/18.”

Bin Sulayam emphasizes that the tokenization of gold may increase given that gold has always been a favorite of investors and has better performed during periods of higher inflation and economic crisis. He asserts, “Tokenized gold combines the benefits of cryptocurrencies with the underlying value of the precious metal. Tokenizing precious metals allows greater democratization of the asset class through easier access, increased liquidity, faster settlement, lower cost, and in some cases, enhanced risk management.”

The Future of Gold tokens

The Future of gold backed tokens looks bright globally opens up an opportunity for the UAE to play a pivotal role. With the World Gold council plan to make gold more liquid, starting with $500 billion in gold bars in UK utilizing blockchain technology for tracking and developing gold tokens, the tokenization of precious metals is just starting.

You can also read this on Cointelgraph MENA in arabic 

UAE $2 billion crypto mining farm will be finalized in Q2 of 2023

UAE $2 billion crypto mining farm will be finalized in Q2 of 2023

As Phoenix Technology announced its entrance into a strategic exclusive regional partnership with Blockchain crypto mining product entity, they also noted that Phoenix Technology which embarked on establishing a $2 billion crypto-mining farm in the UAE, the biggest crypto mining project in the region will be completed in the next six months, or Q2 of 2023.  The press release notes, “The project will be finalized within six months, giving the region a taste of technological advancement and development.”

In February 2022 Phoenix had announced it was part of the group of entities developing the UAE crypto mining farm and had also stated in a interview with Irena Heaver that the project would be finalized in the next six months. Almost a year later, and their latest press release states the UAE crypto mining farm will be launched in the next six months. 

The partnership with MicroBT, a technology company based on blockchain, will allow Phoenix Technology to sell WhatsMiner brand in the GCC countries (UAE, Bahrain, KSA, Oman, Qatar and Kuwait), Egypt and Turkey market.

Carl Agren, CEO of Phoenix Technology, commented, “I’m very excited about this strategic partnership. WhatsMiner by MicroBT is one of the leading brands for manufacturing mining equipment. They are already very successful in the rest of the world and would like to strengthen their presence in the MENA market with the support of Phoenix Technology.”

MicroBT, which was founded in 2016 and is headquartered in Shenzhen with R&D centers in Beijing and Shanghai, provides customers with high-quality products and services, and has become an industry leader in the field of blockchain servers.

Dr. Yang, Founder of MicroBT, said, “With our technical background, we noticed that blockchain technology is truly the key to a decentralized and advanced world. As the technology grows by the day, we are happy to partner with Phoenix Technology to spread these solutions worldwide, especially in the MENA region.”

According to the latest market forecast report by Technavio, the Cryptocurrency Mining Hardware Market share is set to increase by $12 billion from 2022 to 2027. The momentum of growth in the market is going to accelerate at a CAGR of 11.35%. The market will also experience a 10.71% Y-O-Y growth rate during this period.

The press release notes that given that the UAE is a crypto-friendly country, it is important to note that the mining business has dramatically grown in the territory. In fact, although Bitcoin mining started with solo miners quietly building up currency reserves on their home computers, those days are long gone.

Another huge Blockchain investment for UAE Mubadala Fund

Another huge Blockchain investment for UAE Mubadala Fund

UAE Mubadala Investment Company PJSC (Mubadala) has acquired a majority stake in Abu Dhabi based blockchain enabled AirCarbon Exchange (ACX), the global exchange revolutionizing the voluntary carbon market. ACX is building the first fully regulated carbon trading exchange and carbon clearing house in Abu Dhabi. This comes after Mubadala Capital led a Series B funding round of $70 million for Ramp Network, whose mission is to make Web3 a reality by enabling mainstream adoption of products and services offered by pioneering blockchain ventures.

Mubadala did not disclose the value and size of the deal, but according to earlier reports, the sovereign fund was looking to acquire at least a 20% stake.

ACX is a global environmental commodities exchange that uses distributed ledger technology within a traditional commodity trading construct. It leverages blockchain architecture to create securitized carbon credits. This framework allows corporates to trade and finance carbon credits like conventional financial assets, increasing participation and investment in global carbon reduction and offset programs.

H.E. Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Global Market (ADGM), stated, “The UAE continues to be a leader in leveraging the path to a lower carbon economy to safeguard the environment, drive down emissions and create lasting economic opportunities. The investment by Mubadala in ACX is a great testament to the commitment toward climate action, which will enable investors and businesses to voluntarily purchase verified emissions reductions in the form of carbon credits within the progressive ecosystem of ADGM. ADGM is committed to playing a leading role in facilitating the transition to a lower carbon economy by stimulating sustainable finance flows of investments.”

Commenting on this transaction, Badr Al Olama, Executive Director of UAE Clusters at Mubadala Investment Company, added, “AirCarbon Exchange is set to be an important player within the international sustainable finance ecosystem, supporting the growth of environmental commodities, especially in light of the on-going impact of climate change globally. This transaction will strengthen the UAE’s competitiveness on the world stage, while driving forward a future-focused sector that is vital to the UAE’s decarbonization journey.”

William Pazos, Managing Director & Co-Founder of ACX said, “Carbon markets are growing at breakneck speed, making innovation key to maintaining relevance. Mubadala and the broader Abu Dhabi government have the impetus to take a leading role in scaling carbon markets. We are honored to form a partnership with them and look forward to the exciting years ahead.”

ADGM is the first jurisdiction globally to regulate carbon credits and offsets as spot commodities supported by the introduction of environmental instruments as financial instruments, and to license carbon exchanges and clearing houses that operate both spot and derivatives markets.

UAE Midchain’s crypto exchange partners with UAE Bank to offer secure channel for crypto trading and investing

UAE Midchain’s crypto exchange partners with UAE Bank to offer secure channel for crypto trading and investing

UAE Midchain’s, crypto exchange for trading digital assets has partnered with UAE Al  Maryah Community Bank, the leading digital bank to provide a secure channel for investing and trading cryptocurrencies and digital assets through the bank’s establishment of escrow accounts in UAE dirhams to protect investors’ funds on cryptocurrency trading platforms and boost their trust.

Within the framework of this cooperation, Al Maryah Community Bank seeks to support cryptocurrency trading platforms by using artificial intelligence technologies to automate transfers of Escrow accounts while purchasing and trading transactions according to the highest standards of safety, reliability, and transparency, and to accommodate the needs of investors and enhance the trust in the cryptocurrency market. This will be monitored by the Central Bank of the United Arab Emirates and will be facilitated according to its regulations and laws to protect investors and to ensure the protection of investors’ accounts by separating them from the accounts of trading companies in order to avoid any potential risks.

This step contributes to achieving the strategy of the Al Maryah Community Bank to develop innovative and safe solutions for digital investment in line with the vision of the Abu Dhabi Global Market to strengthen the UAE’s economy and Abu Dhabi’s leading status as a global financial center, which was symbolized by the concept of the “Falcon Economy” that was announced during the activities of the “Abu Dhabi Financial Week”.

On this occasion, Mohammed Wassim Khayatah CEO of Al Maryah Bank stated, “We seek to protect users of local trading platforms from any potential risks, in accordance with the regulations of the Central Bank of the United Arab Emirates, and as part of such efforts, we are pleased to cooperate with “MidChains”, one of the first local trading platforms for cryptocurrencies and digital assets that is fully licensed by the Abu Dhabi Global Market, in order to provide safe Escrow accounts that protect investors’ funds and separate them from trading companies’ accounts, thus protecting transfers, transactions, and balances of funds in cryptocurrency trading.

In return, Basil Al-Askari added, “If cryptocurrency is to become mainstream, it is clear that mainstream players will need to be involved. Our partnership with Al Maryah Community bank comes in line with similar partnerships being forged across the virtual asset industry. Traditional institutions are working alongside exchanges to expand access to this exciting and innovative new asset class. As one of the only fully licensed exchanges in the world we can offer banks a trusted platform partner with regulatory oversight to provide a feasible way into the virtual asset space for their existing customers and also help the bank attract a whole new type of crypto savvy consumer.”

UAE now has two crypto hubs and two blockchain crypto asset associations

UAE now has two crypto hubs and two blockchain crypto asset associations

The Abu Dhabi Finance Week witnessed a lot of announcements including Abu Dhabi Global Market (ADGM) crypto hub the second crypto hub in UAE after Dubai’s Digital Assets Business Group and the crypto center in Dubai Multi Commodities Centre DMCC in Dubai. 

As per the announcement, given the rapid emergence of new virtual assets such as cryptocurrencies and other related assets, ADGM is leading the way to introduce progressive frameworks and regulations around these technologies and developments.

The launch of “Abu Dhabi Crypto Hub” is therefore an important representation of the strategic initiatives taken by ADGM in support of economic diversification and the growing role of Abu Dhabi as a financial hub, addressing the current and future needs of the market through innovative technologies.

Crypto Abu Dhabi served as a vital platform to facilitate the assembly of the global crypto, blockchain and decentralized finance entities and elaborated on some of the most disruptive financial technology of our age, while also discussing and planning the long-term growth and development goals of an exciting, dynamic and forward-looking sector of the financial industry.

This also comes after Abu Dhabi launched its own Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) backed as well by ADGM. As per the announcement it was seen as a pivotal step forward in the development of accessible, transparent, and compliant crypto-blockchain ecosystems.

The non-profit member-driven organization has cross-industry representation with a focus on education, coordination, and innovation for participants across the crypto and blockchain ecosystem.

  • Jehanzeb Awan (Chairman)
  • Richard Teng – Regional Head of MENA, Binance
  • Stuart Isted – GM, MEA, Crypto.com
  • Ola Doudin – CEO & Cofounder, BitOasis
  • Basil Al Askari – Co Founder and CEO, MidChains
  • Joseph Dallago – CEO and Co-Founder, Rain Financial
  • Dapo Ako – MD, J. Awan & Partners

Board Chairman, Jehanzeb Awan, stated “We are dedicated to educating the global community and helping all businesses succeed and thrive. This will be delivered by industry experts sharing knowledge through webinars, courses and events. The Association will also promote responsible innovation through its ‘Moon-shot’ lab to which all participants can contribute.”

Ahmed Jasim Al Zaabi, Chairman of ADGM, commented: “The decision by MEAACBA to incorporate in ADGM is a clear acknowledgment of the progressive regulations ADGM has built, to enable the development of technological innovation in crypto. We look forward to working closely with MEAACBA to support the development of crypto and blockchain ecosystems. We strongly believe that the Association will positively contribute towards bolstering Abu Dhabi and the UAE’s digital economy and adoption.”

MEAACBA membership is open to all companies and individuals across the Middle East, Asia, and Africa involved with the blockchain and crypto ecosystem, including exchanges, custodians, consulting firms, technology developers, digital asset traders, and NFT/ Metaverse firms.

Just two months prior, Dubai’s Digital Assets Business Group (D2A2) was launched by Dubai Chamber of Digital Economy. As per the announcement at the time, the group aimed to strengthen the digital asset industry’s role in the economic development of the UAE and the wider Middle East region, enhance digital business infrastructure and support the growth of digital companies in Dubai.

His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of Dubai Chamber of Digital Economy, emphasized the formation of D2A2 as a strategic move aligned with Dubai Chamber of Digital Economy’s strategy, which aims to fast track the growth of Dubai’s digital economy.

D2A2 was touted to be an important reference providing strategic and up-to-date market research data related to the digital asset sector to industry stakeholders, the private sector, policymakers and government entities.

Gaurang Desai, Chairman of D2A2, said: “We see an opportunity to turn Dubai and the UAE into a regional hub for digital assets. That is why it is very important to work towards creating a bridge for the digital asset industry to further integrate into the world economy by cooperating with counterpart organizations across the world. We wish to welcome all experts in the industry to come and join D2A2, to help us spread the principles of accountability, integrity and transparency, and promote the highest professional and ethical standards. D2A2 will reinforce the digital asset industry’s commitment to society by educating the public and developing tools to bolster the access to and advancement of technology for all. It will also support the digital asset industry’s efforts to improve quality, the environment, and energy management and investor protection.”

So where does the Crypto Oasis ecosystem come in to all of this? It was the first ecosystem to be launched in the UAE to help promote blockchain and crypto companies and regulations. Ralf Gabischnig told LaraontheBlock, “We have just started to accept memberships into the Crypto Oasis ecosystem and I believe every association or ecosystem has its own target. I believe in cooperation and doing all we can to grow a small markets together into a very big market.” He hopes to expand their scope to include the entire UAE and MENA region.

So while the world grapples with the events of FTX exchange and its aftermath, the UAE continues to build its crypto blockchain economy and we might see more associations pop up in other parts of the UAE.

UAE ADGM courts launches blockchain commercial judgements for international trade and commerce

UAE ADGM courts launches blockchain commercial judgements for international trade and commerce

UAE ADGM courts have launched the first ever introduction of blockchain technology for the global enforcement of commercial judgements during the Abu Dhabi Finance Week (ADFW) witnessed during its Fintech Abu Dhabi Festival.

The blockchain solution will result in substantial time and cost savings for parties in the enforcement of their commercial judgments. Secure, immutable judgments will be immediately available to parties and enforcing courts, via ADGM’s website, an API or directly on the blockchain for member courts. Parties will no longer need to wait for a certified copy of the judgment to start the process in the enforcing jurisdiction. This is a major development for international trade and commerce.

Commenting on this transformational development, Linda Fitz-Alan, Registrar and CEO of ADGM Courts states, “Our vision has always been to massively transform the delivery of judicial services through technology. Our focus has now turned to enforcement to respond to the pressing needs of the international business community, and to drive sustainable change for the justice sector. This trailblazing introduction of blockchain technology for commercial courts underscores ADGM and ADGM Courts’ reputation as leaders in the digitization of justice.

A month earlier the DIFC (Dubai International Financial Centre) courts announced the launch of its Blockchain enabled global digital vault, Tejouri. The Tejouri vault built on Hedera Hashgraph blockchain will enable the upload and secure storing of documents ranging from insurance contracts, title deeds, Wills, and financial certificates, to images and multimedia files and can be utilized by all individuals globally.

Access to all data will be restricted to the ‘vault holder’ and the listed intended recipients, guaranteeing zero knowledge proof privacy principles. At the time His Excellency Justice Omar Al Mheiri, Director, DIFC Courts, said: “In our new digitally driven societies, we are all accumulating mass amounts of important documentation, whether it is for professional, or personal purposes. tejouri has been engineered to help address issues of storage and security of these documents and to enable individuals to now transfer this data to one secure location. The DIFC Courts, together with its public and private sector partners, is proud to be able to offer this distinctive service to the public, and to help contribute to a safer digital environment for all.”

Blockchain enabled payment solutions provider partners in KSA to offer ewallet payments to Hajj Pilgrims

Blockchain enabled payment solutions provider partners in KSA to offer ewallet payments to Hajj Pilgrims

KSA based Geidea, a leading fintech company in Saudi Arabia and Blockchain based payments solutions, WadzPay Middle East Technology (affiliate of WadzPay Worldwide) have forged a new strategic partnership to power the transformation of pilgrimage payments.

Geidea is utilizing the issuance of an e-money wallet, specifically for Hajj and Umrah, to be used in over one million point-of-sale (POS) terminals deployed across multiple merchants throughout the Kingdom of Saudi Arabia.

WadzPay blockchain-based payment solutions allow Hajj and Umrah pilgrims to set up their own e-Money wallets on their mobile devices to be used for their expenses. Once the wallet is loaded, the pilgrim is ready to spend in Saudi Arabia with lower transaction fees and a user-friendly refund process.


According to Mastercard’s latest Global Destination Cities Index, Mecca attracted $20 billion in tourist dollars in 2018, second only to Dubai. The number of pilgrims is expected to increase significantly in the coming years, with the Kingdom has set a goal to host 30 million pilgrims by 2030,  in line with Saudi Vision 2030.

This year, the hajj rituals were performed by at least one million pilgrims worldwide after two years of restrictions due to the COVID-19 pandemic.

WadzPay partnered with Algorand, a high-performance, next-generation ISO 20022 and Sharia-compliant blockchain with a roadmap to 46,000 transactions per second to deliver industry-leading stability and near-instant finality to its clients.

WadzPay Founder and Group CEO Anish Jain said, “I am delighted to team up with Geidea to deliver the absolute best in payments experience for pilgrims. Saudi Arabia is home to the annual Hajj and Umrah, about one million people from nearly two hundred countries perform these pilgrimages; with Geidea merchant and POS networks, WadzPay is also enabling merchants to benefit from faster, secure and seamless payments”.

Renier Lemmens, CEO at Geidea said, “The pilgrim market is an incredibly important part of the Saudi economy, which is why we are thrilled to partner with WadzPay in a move that will unlock vast SME business success for merchants across the Kingdom. The integration of an e-wallet into over a million merchant POS systems will also make transactions faster and safer for the millions of pilgrims that visit Hajj and Umrah every year – and we’re delighted to be able to help them on their way.”

Sailesh Malhotra, GM, GCC at Geidea, said: “This partnership enables us to offer our merchants and pilgrims a best-in-class experience whenever they make payments. The delivery of a swift transaction process for merchants – and a seamless payment experience for pilgrims – are critical drivers for this partnership goal.”

WadzPay, which was awarded Top 10 Most Promising Payment and Merchant Service Providers by SiliconIndia Magazine 2021, is a leading blockchain payment technology, solution and service provider. It operates in and serves partners and clients across APAC, MENA, Africa and the United States.

Geidea is a leading fintech and fully licensed payment service provider offering digital banking technologies, smart payment terminals and business management solutions for both financial institutions and small businesses in retail and digital commerce across the region.