Blockchain entity Belfrics sets up operations in UAE and seeks to trade digital assets

Blockchain provider Belfrics, part of Life Clips Group has set up its operation in the UAE after being admitted to DIFC (Dubai International Financial Centre) under Innovation business category. It is seeking a license for digital assets trading

As per the news, this is part of Belfrics expansion plans into the MENA region especially given that the UAE is at the forefront of blockchain and crypto adoption in the region.

Belfric’s will implement its proprietary blockchain Belrium identity and document management solution. Belfrics will be focusing on deploying decentralized applications for the government and non-government sectors in the health, education and human resource sectors.

Belfrics office is located in the Central Park Towers, one of the most prestigious business towers in the UAE. Belfrics will further proceed to apply for the newly launched ITL (innovation testing license) for digital assets trading by DIFC.

Through this new expansion, Belfrics Technologies Limited will be able to harness opportunities in the Middle East, Africa, and South Asia (MEASA), which comprise 72 countries with an approximate population of 3 billion and a nominal GDP of US$7.7 trillion.

Life Clips CEO, Robert Grinberg, said, “Belfrics’ objective is to support creators and innovators in the crypto and blockchain space, which is in line with Dubai’s recently announced blockchain strategy. The global financial services industry and wider business community’s confidence in the DIFC consistently enable it to facilitate substantial foreign direct investment into Dubai. This has supported Dubai’s top ranking globally in attracting FDI projects in the financial services sector in 2021, and DIFC ranking as the best performing free zone for the last five years. Designating the DIFC as regional hub for Belfrics’ Middle East Operations is a tremendous opportunity for our company.”

Belfrics CEO and Founder, Praveen Kumar, said, “Extending Belfrics Technologies Limited’s operations in the DIFC provides Belfrics an opportunity to set a new standard in the region. Our digital-first, forward-thinking approach has enabled us to implement the dynamic blockchain solutions Belfrics has been developing rapidly over the past decade. Since DIFC is the region’s leading global financial centre, it was a natural choice for us. As the opportunities in the region grow, with DIFC’s support, we look forward to growing with them, while catering to the technological needs of both local and international entities.”

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UAE Everdome metaverse receives 10 million USD to expand its offering

UAE Everdome metaverse receives 10 million USD to expand its offering

As UAE based Everdome, hyper realistic metaverse, prepared for the release of its Everdome Astro NFT collection which will be available for Genesis NFT holders, Everdome announced that GEM Digital Limited, a digital asset investment firm  invested 10 million USD in the company.

Everdome’s NFT collection will be the first metaverse wearable NFT inside Everdome.

Since June 2022, a total of 11,700 plots (97%) located throughout the Everdome metaverse were sold throughout an eight week auction experience. In total, plots were purchased for upwards of US$18.6 million, which is equivalent to 1,531,000,000 $DOME, Everdome’s own digital currency. The average price of a plot of land in Everdome was 130,000 $DOME.

Everdome will control the timing and the number of drawdowns under this facility, and has no minimum drawdown obligation. At its discretion, Everdome has the ability to sell up to 200% of their average daily volume in Tokens across multiple exchanges to GEM Digital.

According to Rob Gryn, CEO and Founder of Everdome, the commitment from GEM will be used to strengthen Everdome’s offering and ensure future sustainability in the business. “We’re thrilled to partner with and achieve this investment commitment milestone with GEM, which confirms that we’re on the right track as we seek to push new boundaries in the metaverse. This is the perfect time for us to put our foot on the gas and really grow our product, which GEM’s investment commitment will help us to do. Everdome is in a very exciting place, and together with GEM we’ve taken the next step in order to build our metaverse ecosystem to the next level.”

GEM’s investment will be focused on team growth and metaverse technological expansion, and will see the game’s virtual reality (VR) capabilities set on a fast track. Funds will also go towards boosting marketing efforts, partnership enablement, and investments that will aid Everdome’s sustainable growth.

Set to launch in three phases throughout 2022, Everdome takes users on an immersive journey from Hatta in the UAE, which is widely viewed via rocket launches, to colonize Mars in Everdome City. The metaverse platform leverages cutting-edge 3D scanning technology and Epic Games’ Unreal Engine 5 to deliver state-of-the-art, photo-realistic graphics that will leave players wondering about the boundaries between gameplay and reality.

UAE Etihad Airways NFT Collection now on sale

UAE Etihad Airways NFT Collection now on sale

UAE Etihad Airlines has officially announced the release of its first NFT collection for sale under the name “EY-ZERO1”. On the Etihad website the airline announced that its collection is now on sale.

As per the website announcement, “Aviation enthusiasts now have the chance to own digital 3D aircraft models showcasing our ten special liveries across our Dreamliner fleet. Each NFT comes with immediate Etihad Guest Silver status as well as other benefits.”

The announcement goes on to list all the reasons for purchasing Etihad’s NFT collection. First is that the NFTs are a  unique piece of art in limited numbers, purchases will also have immediate Etihad Guest Silver status benefits as well as additional prizes for first time owners.

The EY-ZERO1 sale has started with a limited number of to 2003 collectibles, each NFT is priced at US$349 (+ local sales tax). The sale will close on 18 August 2022 at 2pm UTC with all remaining unsold NFTs eliminated from the collection.

The number 2003 symbolizes the year Etihad airlines was established. The collection features ten highly detailed 3D aircraft models, each one showcasing a unique Etihad Boeing 787 Dreamliner livery, including the Greenliner and the iconic Manchester City-themed aircraft.

By purchasing EY-ZERO1 collectibles, owners will also be directly helping Etihad in its journey to increase its uptake of sustainable aviation fuel. All profits from this collection will go directly to fund the purchase of sustainable aviation fuel in 2022.

The NFT collection has been designed to be as efficient as possible. EY-ZERO1 is set to be minted on the energy-efficient Polygon blockchain. Etihad also partnered with blockchain firm Aerial.is to track the CO2 emissions of the NFTs, and offsetting the entire carbon footprint of the project through Aerial.is.

Dubai Virtual Assets regulator licenses digital asset fund of 1 billion USD

Dubai Virtual Assets regulator licenses digital asset fund of 1 billion USD

VARA has made public all the entities that are currently licensed under its authority. The entities fall under various categories including crypto exchanges, DeFi custodians, DeFi asset managers, DeFi service providers, and DLT platforms.

 As per VARA website in terms of native crypto exchanges, 13 crypto asset exchanges hold licenses. They include both international and regional players such as Binance, BitOasis, ByBit, CoinMENA, CoinMetro, Crypto.com, FTX (fully regulated with MVP license), GCEX Huobi, Midchains, Rain and OKx.

In terms of DeFi custodians, VARA has registered Hex Trust, Komainu, Monstera and ZampFi Labs . Hex Trust as one example is a fully-licensed and insured provider of bank-grade custody for digital assets. Through their proprietary platform Hex Safe™, they deliver custody, DeFi, brokerage, and financing solutions for financial institutions, digital asset organizations, corporate and private clients.

While ZampFi, is founded by: Amit Jain who was previously the Managing Director at Sequoia Capital. ZampFi is a digital banking entity.

VARA is also offering regulated licenses for DeFi asset managers. Names on the roster include Brevan Howard, Fintonia, Galaxy Digital, Nine Blocks and Noia Capital.

Bravan Howard asset management firm on Dubai VARA’s list has recently pulled off the largest crypto hedge fund launch as per the Block media. The firm’s flagship digital assets focused vehicle raised more than $1 billion from institutional investors, according to four sources with knowledge of the matter.

Brevan Howard Digital Asset Multi-Strategy Fund lost a scant 4% to 5% from inception through the end of June 2022, according to the source, even as the one-two punch of the implosion of Terra stablecoin UST and the insolvency of crypto lenders, such as Celsius and Voyager, locked price action and liquidity into respective death spirals.  “Their returns, relative to the market, are unbelievable,” another source adds.

Their strategies, including quantitative trades and relative-value plays, are implemented by teams of portfolio managers structured in so-called “pods” that feature supporting analysts and engineers. The division, additionally, now has more than 20 external blockchain engineers working under full-time retainers.

The global-macro-focused Brevan runs about $23 billion overall across a wide range of asset classes.

Brevan Howard Digital Asset Multi-Strategy Fund remains open to external capital, pursuant to a minimum check of $5 million. Its limited partners include a number of the world’s largest and most sophisticated hedge fund investors, including entities that have historically exclusively backed traditional financiers.

As for Fintonia, its Group founder Adrian Chng stated, “Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth. The virtual asset licence marks an important milestone in our aspiration to have a presence in every region where there are inn

As for Fintonia, its Group founder Adrian Chng stated, “Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth. The virtual asset licence marks an important milestone in our aspiration to have a presence in every region where there are innovative Web3 and crypto companies, enabling us to connect and collaborate with members of the crypto native ecosystem and the traditional financial services industry.”

Recently added is Nine Blocks Capital Management which was launched by PwC’s former global crypto head Henri Arslanian. Nine Capital has launched a $75m crypto hedge fund focused on institutional investors with the aim of becoming the world’s leading institutional grade crypto asset management firm as per a statement from the fund on launch.

The new fund is backed by $75m from Hong Kong-based hedge fund Nine Masts Capital Management, with additional investments from other partners.

Noia Capital has also joined the roster and is a Luxembourg based actively managed alternative asset manager pursuing excellence in digital assets and blockchain technology investments. As per the website the company is registered with CSSF and FSMA.

In terms of DeFi service providers the list includes Amber Group, Equiti, ScallopX, and TPS Capital.

VARA has also offered licenses to DLT platforms that include names such as Calvin Cheng Web3.0 Holdings, Mcontent, Polygon, and Woonkly Labs.

Finally in terms of DeFi services VARA has the following registered entities, BRE Holdings, Eros Investments, Hike, and Prypto.

VARA has yet to license NFT marketplace entities, crypto mining entities, and security token platforms.

Blockchain.com has applied for a crypto license in Dubai UAE

Blockchain.com has applied for a crypto license in Dubai UAE

 UK based Blockchain.com  secured regulatory approval from Italy’s Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP) allowing it to provide virtual currency and wallet services to Italian residents and institutional investors under the OAM’s regulatory framework. At the sametime Blockchain.com announced that it has a license underway in the UAE, through Dubai’s VARA. 

As per Blockchain.com medium article, “Through engaging with OAM we’ve been encouraged by the thoughtful approach to protecting consumers and preventing money laundering. A key growth market, Italy represents a significant economy in Europe with a high crypto adoption rate relative to its peer countries in the EU. Additionally, this milestone strengthens our position to offer services across Europe ahead of the forthcoming Regulation on Markets in Crypto Assets (MiCAR), a landmark law expected to take effect in 2024/2025 that will create a single market for crypto through harmonized rules.”

Blockchain.com has additional registrations and licenses in process in the U.S., Germany, France, Spain, Dubai, Ireland and The Netherlands, providing an ever-expanding range of options for our retail and institutional clients.

Blockchain.com currently has 83 million wallets in more than 200 countries

With 83 million wallets in more than 200 countries, and have transacted more than $1.2 trillion in crypto to date.

Major exchanges Binance and U.S.-based Coinbase Global Inc , as well as Singapore-based Crypto.com and German investment platform Trade Republic, are among those to have already secured registration with the OAM.

Crypto platforms are looking to increase their bases in Europe before ground-breaking crypto rules agreed last month by the European Union come into force. Under the rules, expected to go live after 2024, crypto firms will need a licence and customer safeguards to issue and sell digital tokens in the bloc.

UAE ranks third globally in terms of number of Blockchain startups

UAE ranks third globally in terms of number of Blockchain startups

The 2022 Worldwide crypto readiness report looks into the number of crypto ATMs, legislations, taxes surrounding cryptocurrencies, as well as the number of blockchain start-ups and the level of interest in crypto in order to find the most crypto ready countries. The 2022 report revealed that the UAE ranks third globally when it comes to the number of blockchain start-ups. The UAE has close to 120 blockchain start-ups or 1.2 blockchain startups per 100,000 people.

As per the 2022 report, Hong Kong was number one on the list in terms of crypto readiness, The country was crowned the most crypto-ready as it ranked in the top three for three of the categories looked at, including the number of blockchain start-ups per 100,00 people and the number of crypto ATMs proportional to the population. Hong Kong also doesn’t tax capital gains on crypto, making it appealing to investors.

Next up was the United States; the US took second place thanks to the huge number of crypto ATMs in the country, more than ten times that of its closest competitor, or 3.6 more per 100,000 people.

In third place was Switzerland. Switzerland ranked high due to its high number of crypto ATMs per 100,000 people and no capital gains tax, ranking in the top five for both factors. The country is also one of the most enterprising, took number one place for the number of blockchain start-ups.

Switzerland was crowned as the country with the most blockchain start-ups, boasting 12.9 blockchain start-ups per 100,000 residents, or 1,128 in total.  This has been due to the proactive approach taken by the Swiss financial authorities, which has lead to a booming blockchain industry with 14 of its start-ups worth over $1 billion.

While the United Arab Emirates took fourth place globally in the overall crypto readiness ranking, it also grabbed 3rd place with regards to the number of Blockchains start-ups. The UAE boasted of 1.2 blockchain start-ups per 100,000 people. UAE has a population of approximately 10 million which would mean that the UAE has 120 blockchain start-ups residing in the country.

UAE was preceded by Hong Kong who took second place with three blockchain start-ups per 100,000 people.

In terms of the countries which have the most interest in cryptocurrencies, Australia took first place, with 4,579 “cryptocurrency” searches per 100,000 people, just under 18% of Australia’s population owning crypto in 2021.

Second place went to Ireland which has 3,472 “cryptocurrency” searches per 100,000 people, followed by United Kingdom in third place with 3,409 “cryptocurrency” searches per 100,000 people. UAE took fourth place with 3, 342 ‘cryptocurrency’ searches per 100,000 people.

Security token regulations to be issued in Saudi Arabia by end of 2022

Security token regulations to be issued in Saudi Arabia by end of 2022

In an interview with CNBC Al Arabia, Yazeed Saleh Aldemaigi Deputy, Strategy & International Affairs, at Saudi Capital Market Authority (CMA) announced that regulations for Security Token offerings (STO) will be out before the end of 2022 in Saudi Arabia.

As per the interview, application for STO offerings will be available on the CMA digital platform by end of 2022. He added that the Fintech Lab at CMA has been working on finding the most appropriate environments for FinTech startups.

The STO regulations that will come out at the end of 2022 will help to attract foreign investment firms interested in the FinTech domain in KSA as well as support local companies.

The Fintech Lab from CMA was launched in 2017.  It aimed to provide a regulatory framework that is conducive for the innovation of Financial Technology (FinTech) in the capital market within the Kingdom.

One of the business models under the Fintech Lab was related to use of Distributed Ledger Technology (DLT) to arrange the Offering of Securities and Custody Services. It is a platform that uses Distributed Ledger Technology (DLT) to arrange the offering of securities (Sukuk as a preliminary stage) to investors, in coordination with the Issuer and the Authorized Person (AP) assigned by the Issuer as an Offering Advisor.

India based NFT startup raises $3.26 million with participation of UAE investors

India based NFT startup raises $3.26 million with participation of UAE investors

Artfi, a non-fungible token (NFT) focused startup, has raised $3.26 million from several investors including Sheikha Hend Al Qassemi, a member of the ruling family of Emirate of Sharjah, and Raza Beig, director of Landmark Group, UAE.

The current funding was raised at a valuation of $100 million. Artfi is on a mission to democratize the fine art space by fractionizing high-value artworks into limited editions NFTs.

The NFTs will be minted on the polygon network. The fine art fintech company is now gearing up for whitelisting for its first fine art NFT offering from August and is also working towards developing a museum in the metaverse where the art collection will be always accessible.

Asif Kamal, Founder of Artfi stated that the company will use the investment funds to build its technology and a dedicated marketplace for fine art NFTs. A portion of the funds will also be deployed to strengthen its product and team.

Kamal stated in an interview, “Artfi was launched with a vision to make art accessible to everyone. People can now invest in fine art with a very nominal investment and can liquidate it whenever they need to by using the secondary marketplace. At the end of the day, the company will re-sell the art that the Artfi Museum holds on behalf of NFT owners and share the profit with each NFT holder who owns shares in the painting. This is an opportunity for people to now diversify their portfolios from stocks, fixed deposits etc. and invest in one of the largest asset classes that have outperformed all these traditional investments for over 30 years.”

Artfi has already onboarded paintings from eminent personalities including contemporary British artist Sacha Jafri and Indian abstract artist VS Gaitonde.

UAE now home to first crypto basket investing app

UAE now home to first crypto basket investing app

Singaporean start-up, KoinBasket, which recently received a 2 million USD pre-seed funding, is launching the UAE’s first crypto basket application. The company wants to make investing in crypto as easy as online shopping.

As per the press release, the crypto basket application will also provide the with superlative fundamental analysis from KoinBasket. The company is backed by marquee investors that include Angellist quant fund, Stonks fund, Kube VC cryptopreneurs like Polygon founder Sandeep Nailwal and Global CXOs from Ripple, Binance Citibank, Google, Accenture, Nomura, Fiserv and many more.

Elaborating on how KoinBasket’s collaboration with global crypto exchanges will transform the way the world invests in crypto assets, Co-Founder and CEO Khaleelulla Baig states, “The UAE is an emerging market for us and we are excited to launch a variety of basket options in the Emirates, which is rapidly growing to become a global crypto hub with proactive and encouraging regulations by the government under a visionary leadership. Investing in crypto assets can be both fascinating and terrifying considering the mind-blowing returns on investment and the inherent volatility displayed by most crypto assets. At KoinBasket, we believe that investing in well-researched and curated baskets can be more rewarding in the long term and offers a hassle-free option for millions of investors who are still contemplating investing in this booming asset class.”

Created with the aim of solving the challenge faced by crypto investors in studying and investing in crypto assets like crypto tokens and non-fungible tokens (NFTs), KoinBasket is simplifying the entire process by offering thematic and sector-based crypto baskets such as its Moon basket, G.O.A.T basket, NFT & Gaming basket, Internet sensation basket and many more that are in the pipeline.

The application has 0% transaction fees and initial investments starting from as low as AED 500 AED. Users can trade in multiple crypto tokens simultaneously with KoinBasket’s basket order facility while its unique health check engine scours crypto data for both red flags and lucrative investing opportunities, to provide them with alerts to take prompt action and rebalance their portfolios accordingly.

Mr. Baig said: “KoinBasket will be catering to more than 300 million crypto users across the top crypto exchanges in the world and bowling them over with our secure, convenient and user-friendly investment interface that can help them build a diversified crypto portfolio offering a broader market exposure beyond the top cryptocurrencies. With more baskets in the offing, including those that focus on decentralized finance (DeFi), KoinBasket will soon be synonymous with mutual fund/ETF investing, but for crypto assets.”

Japanese crypto custody provider receives provisional license from Dubai VARA

Japanese crypto custody provider receives provisional license from Dubai VARA

Komainu,  a regulated digital asset custody provider created by Japanese investment bank Nomura, digital asset manager CoinShares and digital asset security company Ledger. has been granted a provisional regulatory approval from Dubai’s Virtual Assets Regulatory Authority [VARA] to commence operational readiness. The provisional license will enable Komainu to be amongst the first fully regulated digital asset custody services to institutional clients in the region.

As per the press release, Komainu acts as key gatekeeper to institutions gaining exposure to the digital asset industry with the provision of secure and regulated digital asset custody services for blockchain and beyond. Over the years, Komainu has established itself as one of the leading digital asset custody providers for institutional clients, providing the same safeguards and protections investors are accustomed to in traditional finance. The Custodian’s industry-leading services have been designed by security, financial services and cryptocurrency experts and have been approved by external auditors.

Komainu has elected to base its regional HQ in Dubai and participate in this fast-evolving global virtual asset valley – in order to establish its leadership in the provision of institutional-grade digital asset services across the wider region.

H.E. Helal Saeed Almarri, Chairman of VARA, said, “Komainu’s entry into VARA’s regime is symbolic of the confidence and credibility that the Virtual Assets industry is gaining when backed by such strong endorsement from traditional finance leaders like Nomura. Such acceptance and active participation of tier 1 global institutional finance firms is not only an affirmation of Virtual Assets being integral to the future of finance, but also indicative of the potential that this industry can offer for economic empowerment. Dubai is pleased to welcome credible players like Komainu into VARA’s virtual assets ecosystem.”

The regulatory license once received, will establish Komainu as one of Dubai’s first regulated crypto custody providers, bringing a much-needed service to the proliferating regional ecosystem. The endorsement from the Dubai Government strengthens the Custodian’s fast-paced growth projections, in line with their core underpinning of doing so in a secure, robust and regulated manner. With the continued support of the Dubai regulators, Komainu is set to be a first mover in the MENA region.

Sebastian Widmann, Head of Strategy at Komainu, said, “Dubai and VARA are establishing a new hub for digital asset businesses and bringing like-minded companies into the country to help establish its growing crypto ecosystem and we look forward to contributing to these exciting developments. Komainu actively works with regulators, partners and our clients to make sure that our platform is held to the highest of standards and this latest endorsement by the Dubai Government is a further testament to that fact. By expanding into the MENA region, we are bringing a much-needed service to institutions operating within a regulated crypto marketplace. We are excited to bring Komainu Yield as well as the other new services set to launch in the near future to this marketplace and thereby serve a new demographic of institutions.”