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.”

Kevin O’Leary’s Cypher crypto Fund is in partnership with UAE’s Cypher Capital

Kevin O’Leary’s Cypher crypto Fund is in partnership with UAE’s Cypher Capital

In September 2022, Kevin O’Leary announced that he was launching a crypto fund in UAE called Cypher with a lead investor from the UAE, yet he did not mention who. Today it has become public knowledge that the lead investor is no other than UAE Cypher Capital.

Vineet Budki, Managing Partner and CEO of UAE’s Cypher Capital, announced that the fund Kevin O’leary had mentioned at Converge22 was in partnership with Cypher Capital.

In his LinkedIn post he states, “We look forward to an amazing relationship with Kevin O’Leary and Paul Palandijian, CEO of O’Leary Ventures and as always the super human effort of Bijan Alizadeh Founder of Cypher Capital and Munaf Ali, Founder and CEO of Phoenix Group.”

He adds in his post, “The new bigger Cypher Capital fund is coming and we are happy to support the Web3 and Blockchain ecosystem globally and in MENA.”

It seems that the announcement was also made by Alizadeh during Gitex 2022 at TDeFi stage. 

Kevin O’ Leary, nicknamed “Mr. Wonderful”, a Canadian businessman, entrepreneur, and television personality and an advocate of crypto stated at Converge 22, “I recently became a citizen of the United Arab Emirates to work freely in a region that has attracted investment by some of crypto’s heaviest hitters, including exchanges FTX, Binance and Crypto.com. The new all-Web3 fund’s lead investor comes from the United Arab Emirates.  There’s a tremendous amount of capital and interest there to invest in this space.”

UAE Cypher Capital which launched in March 2022 is a private venture capital firm rooted in the UAE and MENA region. At the time of its launch it noted that it had a USD100 million seed fund that would focus on investments in blockchain, crypto and other digital asset projects with genuine value propositions.

At the time Bijan Alizadeh, Founder and General Partner at Cypher Capital stated, “We are very proud and honored to be launching our first and the biggest crypto, digital asset and blockchain private seed fund from the UAE and the Middle East Region.  This fund reflects our vision to be the leading global partner for projects in the blockchain, crypto and the digital asset community. We will collaborate closely with our portfolio projects, offering them access to our network and equipping them with our knowledge, as well as investing alongside other venture capital partners into innovative blockchain, crypto and digital asset projects.”

With this latest partnership it seems that Alizadeh has kept his promise and is working alongside other venture capital partners to help grow the blockchain and digital asset ecosystem.

Cypher Capital had already invested USD1.5 million into UAE’s Crypto Oasis Sentio, showcasing its belief that cooperating with other private venture capital funds builds the blockchain ecosystem. “

Abu Dhabi Finance Week inaugurates Crypto Abu Dhabi

Abu Dhabi Finance Week inaugurates Crypto Abu Dhabi

For the first time ever Abu Dhabi Finance week organized by ADGM in association with Abu Dhabi Department of Economic Development (ADDED) will be holding Crypto Abu Dhabi on November 16th 2022.

Abu Dhabi Finance Week (ADFW)’, is set to run between 14th November 2022 and 18th November 2022.

As per the event synopsis, Crypto Abu Dhabi in partnership with Roland Berger, will explore the next era of Digital Assets as the technologies experience the growing pains involved with shaping true innovation. The agenda of the conference will focus on the underlying blockchain and cryptography technologies that drive the innovation, and why financial products are served by their application.

The event will also focus on how major global financial institutions are now developing digital asset strategies, and how the tokenization of private market assets will open up a new multi-trillion dollar democratized opportunity for investors globally, and why regulation is on the horizon.

Some renowned speakers include, Changpeng Zhao, Founder & CEO, Binance, Henri Arslanian, Co-founder and Managing Partner, Nine Blocks Capital Management, Brett Tejpaul, Head of Institutional, Coinbase, Jaime Leverton CEO, Hut 8 (Bitcoin Mining), Herve Francois, partner Private Equity, Blockchain and Digital Assets, at Investcorp among other well renowned names.

Dr. David Chaum, CEO and Co-Founder of Elixrr will also be speaking on the theory behind digital currency and why it is an essential evolution for the financial sector and where it goes from here, in Digital Money 2.0.

There will also include a special announcement by globally renowned Economist, Dr. Nouriel Roubini, Chairman of Roubini Macro Associates

Another interesting discussion will be on how key Abu Dhabi Financial institutions view digital assets which will be held by a panel led by crypto exchange Coinbase.

Commenting on the launch of ADFW, H.E. Ahmed Jasim Al Zaabi, Chairman, ADGM stated, “As I look back on the past successes of Fintech Abu Dhabi’s Editions, and head to what comes next, I see us amid an exciting transformational era. We are on the cusp of a new, digital future, and making progress on a continuum of highly significant and progressive economic challenges. Harnessing these exciting opportunities regionally and internationally is of prime importance to ADGM. This pioneering edition of the ADFW looks to achieve that and couldn’t have been timed better.”

The UAE Crypto and Blockchain ecosystem employs 7000 people and DeFi is the next growth segment!

The UAE Crypto and Blockchain ecosystem employs 7000 people and DeFi is the next growth segment!

UAE Crypto Oasis ecosystem published its first annual report entitled the “Crypto Ecosystem in the UAE” with the collaboration of Roland Berger. The report highlighted the growth that the UAE has witnessed in its blockchain crypto ecosystem which has resulted in the employment of 7000 people across 1400 blockchain crypto entities currently operating in the country.

As per the report the number of blockchain crypto organizations is more than 1400 in total where 66 percent are native organizations and 34 percent are non-native. Saqr Ereiqat, Co-Founder and Managing Partner of Crypto Oasis Sentio, the investment arm of Crypto Oasis, told LaraontheBlock, “Based on the information we have the blockchain crypto ecosystem in UAE has employed approximately 7000 people.”

These 1,400 plus ventures are leveraging distributed ledger technologies and related technologies to build and provide new value propositions with Blockchain innovation. Interestingly the report confirms that the UAE is now home to 21 crypto exchanges including big names such as Binance and FTX who are now fully regulated under VARA (Dubai’s Virtual asset Regulatory Authority).

Another interesting finding in the report is the registered location of these blockchain and crypto entities. The majority 489 are based out of DMCC (Dubai Multi Commodities Centre) which was one of the first free zones to develop a crypto center. Interestingly IFZA (International Free zone Authority) houses 150 crypto and blockchain entities, while the Dubai World trade Centre, the home of VARA houses 48.

DeFi one of the biggest sectors in the blockchain crypto space is also mentioned in the report. As per the report DMCC has noted that the total value locked into DeFi protocols was $20 billion at the start of 2021 and increased exponentially to $260 billion by the end of the year.

It is also expected that the global DeFi market will hit $507.92 billion by 2028. The report notes that DeFi projects in the UAE include decentralized platforms that allow you to store, exchange or use assets. While the report mentions news where some platforms will allow POS terminals that will allows DeFi to reach the masses in the UAE.

The ADGM (Abu Dhabi Global Market) recently opened its fifth regulatory laboratory sandbox program inviting fintech organization to pitch their ideas on decentralized applications. This is further stance than DFSA; the regulatory arm of DIFC has taken. DFSA recently came out with its crypto feedback statement where it notes that it will not be undertaking anything in DeFi so far.

Finally according to Roland Berger global survey it found that creating a crypto economy strategy is of high priority for 60 percent of executives. While the top three leading sectors in crypto are telco and tech, automotive, transport and logistics, and Construction & Real Estate.

UAE ranked 4th globally as most favourable crypto economy in Q3 2022

UAE ranked 4th globally as most favourable crypto economy in Q3 2022

In a recent report published by CoinCub, the UAE ranked 4th in the third quarter of 2022 as the most favourable crypto economy globally. Germany ranked 1st place, followed by Switzerland at 2nd place, then Australia in 3rd. USA ranked 7th globally.

The crypto economy rankings compiled by Coincub looked into various factors such as favorable crypto outlook, clear crypto tax rules, more transparent regulatory communications and more to rank countries.

As per the report, Germany although not a tax haven, is considered one of the strongest all-around ‘traditional-tax’ crypto economies that reward long-term crypto holders. German law charges zero tax on crypto holdings of over a year.

Switzerland ranked second with its positive crypto regulatory stance and is home to some of the top crypto organizations in the world.

Australia has shown a great appetite for crypto and the government has been equally supportive of it over the past year, pushing positive crypto legislation along with reasonable tax policy.

As per the report the UAE has enormous tax advantages and rises up on their list from 18 in Q2 2022 to 4 due to rapid turn around on all things crypto.  UAE  has a government driving it towards becoming the leading crypto economy in the Middle East with the prospect of zero taxes to pay on crypto gains for those located within the UAE’s zero tax zone. 

Singapore, on the other hand, has established itself as a crypto powerhouse in Asia, with a significant chunk of the population involved in crypto trading and investment.

The U.S dropped to the seventh spot due to its unfavourable crypto tax policy and lack of clarity on the regulatory end. However, the report highlighted that the U.S is the only country to allow crypto to form part of strategic workplace pensions. With some key crypto regulations legislature under work, the U.S could see a significant improvement in its rankings by next quarter.

In terms of growth the USA added over 100 new crypto-related companies, with the UK adding 21, Singapore 13, and Switzerland 10 in Q3 of 2022. The world also saw the addition of some 540 new crypto coins, 52 crypto exchanges of which 43 are decentralized, and 233 new crypto companies.

US still leads the top of crypto economies overall, followed by Singapore.

More Arab women being recognized for their blockchain projects, in Oman and KSA

More Arab women being recognized for their blockchain projects, in Oman and KSA

More and more Arab females are starting to enter the blockchain ecosystem, and are being recognized for their Blockchain projects. This month both in Oman as well as Saudi Arabia, young women developed blockchain projects that will add value to their economies and societies. 

Oman in its efforts to support SMEs (Small Medium Sized), has accepted and will be funding a project developed by Egyptian engineer Mirna Mohamed. The blockchain enabled project looks to oversee the value added tax system that is being utilized in the Oman today.

In an interview Mirna Mohamed states, “My father is a credit manager and for him this was an important topic so he assisted me in developing an accounting budget system using latest technologies which included new value added tax system in Oman. I chose Blockchain because it is one of the best technologies that allow the Oman government to review and oversee the accounting procedures of different companies including their VAT disclosures.”

One of the challenges Mirna faced was the lack of understanding about Blockchain technology in the Arab world which is still not clear to many. She notes that even in Oman there is currently only one blockchain system and it is still being developed.

Oman’s Ministry of Higher Education Research and Innovation accepted Mirna’s Blockchain VAT accounting platform and will be funding its implementation.

As she notes in the interview, “Blockchain is the future.”  She calls on youth her age to learn about blockchain, how to code and utilize it because that will give them a place in the new world. Blockchain is still new in the Arab world and there are still so many opportunities out there.

In another Arab country close by, Saudi Arabia’s Princess Nourah Bint Abdulrahman University under the auspices of the Ministry of Education acknowledged the winners of the National Women’s She Codes 2022 where a blockchain project called BidChain won third place.

BidChain, is a bidding platform utilizing blockchain technology that was developed by the female students at KSA’s King Faisal University.

Among the other projects that were recognized was an edutainment application designed to teach children the principles of saving and investment using artificial intelligence, as well as Early Detection of Metastatic Breast Cancer in Lymph Nodes using Artificial Intelligence.” 

More and more we are seeing Arab females becoming more involved in the tech sector and specifically in Blockchain. This is a positive reflection of the role women can play in the future of Web 3.