The Saudi headquartered Digital Cooperation organization magazine covers topics on digital assets and tokenization

The Saudi headquartered Digital Cooperation organization magazine covers topics on digital assets and tokenization

The Saudi headquartered Digital Cooperation Organization (DCO), a global multilateral organization committed to enabling digital prosperity for all by accelerating the sustainable and inclusive growth of the digital economy, in its second edition of EconomiX magazine will cover the topics of digital assets, tokenization, and the digital economy. This publication serves as a key platform for knowledge sharing and insightful discussions on the ever-evolving digital landscape.

EconomiX magazine brings together thought leaders from governments, businesses, academia, and international organizations to explore critical topics influencing the global digital economy.

The Digital Cooperation Organization (DCO), an international multilateral organization that aims to promote digital prosperity for all by accelerating inclusive and sustainable growth of the global digital economy, announced in February 2024 that Jordan will hold the organization’s presidency in 2024. Jordanian Minister of Digital Economy and Entrepreneurship Ahmad Hanandeh will be the new chairman of the DCO Council for Digital Collaboration. The announcement was made during the DCO’s third annual General Assembly meeting, which took place in Bahrain attended by heads of delegations, ministers, and representatives from the 16 DCO member countries. The next DCO General Assembly is scheduled for February 2025 in Jordan.

The second issue of EconomiX delves into a range of thought-provoking themes, including empowering women via gender parity and technology, digitalizing women-led MSMEs and facilitating their access to user-friendly e-commerce platforms, equipping entrepreneurs with skills and tools to grow and thrive in the digital economy, digital FDI and the digital investment map, bringing global trade systems under one digital roof, combatting online misinformation, digital assets and tokenization, and deep diving into digital economies of several DCO Member States looking at the key projects, initiatives, and prospects, as well as the challenges they are facing and the opportunities they are leveraging.

“The DCO is committed to bridging the knowledge gap and fostering meaningful dialogue on crucial aspects of the digital economy. EconomiX magazine serves as a catalyst for innovation and collaboration, empowering our readers to navigate the complexities of the digital age and unlock its immense potential. Building on the success of the inaugural issue of EconomiX, this edition dives deeper into critical digital economy trends, offering insightful analysis and expert commentary to empower informed decision-making,” said Manel Bondi, the DCO Chief of Digital Markets Growth and Chief Editor of EconomiX.

This edition features exclusive interviews with prominent figures shaping the digital world, along with insightful articles and case studies that provide actionable guidance for navigating the digital revolution. Readers will gain valuable perspectives on leveraging digital transformation to drive economic and social prosperity.

The launch of EconomiX by DCO comes at a time in Saudi Arabia and GCC region where Web3, blockchain, AI, and digital asset projects are kicking off.

Blockchain Global Trade Project sets up headquarters in Oman

Blockchain Global Trade Project sets up headquarters in Oman

Advanced Horizon Markets s.r.o. developing its Blockchain and AI enabled GlobalTrade project, has set up its headquarters in Oman after an investment firm acquired 80% of its shares during its seed phase, valuing the project at 1.1 million Euros.

As per the press release, the investment marks a pivotal moment for GlobalTrade, propelling it into a new era of growth and expansion. As part of this development, the headquarters of the GlobalTrade project will be relocated to Muscat, Oman.

GlobalTrade aims to redefine international trade operations through digital innovation, transparency, compliance, and sustainability. With this investment, efforts to create a comprehensive digital marketplace that serves the global business community will be accelerated. The platform is designed to offer robust business verification, smart contracts, integrated quality control, comprehensive shipping solutions, and real-time tracking, all powered by advanced technologies such as blockchain and AI.

Advanced Horizon Markets will retain 15% of the shares, with a three-year cliff, while an additional 5% will be distributed among dedicated technical team members. Advanced Horizon Markets specializes in creating technology-driven solutions that push the boundaries of what’s possible. The company is committed to enhancing global trade through cutting-edge digital platforms and services that promote innovation, sustainability, transparency, compliance, and simplified global trade.

Partnerships with international organizations, financial institutions, insurance companies, tech startups, and logistics providers underscore the commitment to making GlobalTrade a one-stop solution for all global trade needs. These collaborations enhance the platform’s offerings, making it a comprehensive and seamless experience for businesses worldwide.

Amin Mirfakhraie, Co-Founder of GlobalTrade, expressed his excitement about this new chapter: “We are thrilled about this investment and the opportunities it brings for GlobalTrade. Relocating to Muscat and collaborating with our Omani partners will enable us to leverage their expertise and resources, accelerating our platform’s development and introducing innovative solutions to the global trade market.”

Ripple and DIFC to accelerate blockchain in UAE

Ripple and DIFC to accelerate blockchain in UAE

Ripple, a provider of enterprise blockchain and crypto solutions, has partnered with the DIFC Innovation Hub to accelerate blockchain and digital assets innovation in the UAE.

As per the press release, the new partnership will connect the next generation of developers with the DIFC Hub, the largest innovation community in the region and home to more than 1,000 growth-stage tech firms, innovation companies, digital labs, venture capital firms, regulators and educational entities. The partnership between Ripple and the DIFC Innovation Hub will provide the means to drive blockchain and crypto adoption amongst early-stage companies and scale-ups as well as to introduce and position the technology with traditional large strategic institutions and their use cases.

“The UAE is one of the most advanced jurisdictions globally when it comes to offering regulatory clarity for licensed firms to offer virtual asset services and fostering an environment in which the next generation of financial innovation can flourish,” said Brad Garlinghouse, Ripple Chief Executive Officer. “Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region’s start-ups and scaleups building real use cases.”

Ripple has committed one billion XRP to accelerate development and new global use cases on the XRP Ledger (XRPL), the decentralised, layer 1 blockchain. Through the commitment, Ripple will provide financial, technical, and business support to developers. Since announcing the 1B XRP Fund in late 2021, Ripple has funded over 160 teams building on the XRPL, reaching 47 countries to date, across a wide range of use cases spanning decentralised finance (DeFi), to Real World Assets (RWA), and other groundbreaking new solutions.

Arif Amiri, DIFC Chief Executive Officer, added, “Today marks a significant milestone in Dubai’s ongoing journey to accelerate its position as a leading international centre of excellence for business and finance. Our partnership with Ripple underscores the strength of our developer community and DIFC’s commitment to fostering technological advancements. The collaboration further cements DIFC’s role as a leading global hub for talent, tech and innovation, as we continue to enhance our ecosystem, powered by a world-class regulatory jurisdiction, to drive the future of finance.”

“The UAE’s progressive approach to fintech, coupled with Ripple’s billion XRP developer fund, creates a fertile ground for innovation in the UAE,” said Reece Merrick, Ripple Managing Director, Middle East and Africa. “Our new collaboration with the DIFC will empower regional talent to build the next generation of financial solutions on the XRP Ledger, solidifying the UAE’s position as a leading fintech hub globally.”

XRP as a digital asset was recently accepted as a recognized crypto in DIFC.

Digital Bank Ibanera joins UAE’s RAK digital assets oasis

Digital Bank Ibanera joins UAE’s RAK digital assets oasis

Ibanera, digital banking entity, has joined RAK Digital Assets Oasis (RAK DAO), a UAE Free Zone dedicated to digital assets. Ibanera wants to tap into the Web3 and fintech landscape in the Middle East.

According to the press release, by aligning with RAK DAO, Ibanera gains access to an array of resources designed to propel growth and innovation. This includes a robust ecosystem of Web3 companies, funding avenues, and cutting-edge blockchain technology.

Dr. Sameer Al Ansari, CEO of RAK DAO, expressed enthusiasm about the partnership, “Our mission is to be the future-centric free zone for tomorrow’s leading companies. Ibanera’s presence aligns seamlessly with our vision of fostering groundbreaking innovation and next-gen banking solutions. This partnership not only elevates Ibanera’s role in this vibrant market but also enriches our ecosystem with advanced financial services.”

The partnership will enable Ibanera to integrate its advanced financial solutions, including its PORTL API and other services, within RAK DAO’s network. This integration aims to enhance the accessibility and functionality of Web3 solutions and digital asset management for businesses ranging from startups to large enterprises.

Michael Carbonara, CEO of Ibanera, emphasized the strategic fit of the collaboration, “Joining RAK DAO’s ecosystem is a thrilling opportunity for us. Ras Al Khaimah’s progressive regulatory environment and business-friendly policies provide an ideal foundation for our growth. We look forward to contributing to and benefiting from the innovative community RAK DAO supports.”

Ibanera’s platform, known for its secure and innovative financial services, will now offer RAK DAO’s Web3 businesses a seamless experience, from NFT tokenization to advanced digital banking. This partnership is set to drive significant advancements in the fintech and digital asset spaces, reflecting both companies’ commitment to innovation and excellence.

UAE based Al Maryah bank launches blockchain digital wallet

UAE based Al Maryah bank launches blockchain digital wallet

Al Maryah Community Bank, a digital bank in the UAE has announced the launch of what it calls the first UAE Blockchain enabled national digital wallet, called Mbank Wallet.

As per the X post, “Al Maryah bank Introducing Mbank Wallet: UAE’s first national digital wallet using decentralized blockchain technology, enhanced with QR technology, and linked to Jaywan.”

Jaywan is the UAE’s domestic card scheme. Users open an account with their Emirates ID and add a the Blockchain enabled digital wallet with an IBAN.

The post adds that the Mbank wallet will allow for better financial inclusion within the UAE.

The new digital wallet will allow seamless financial transactions; send, receive, request, and pay money effortlessly, as well as send funds globally.

The Mbank Wallet is already accepted in TAMM, Emarat, Select Market, and Air Arabia.

In May 2024 Al Maryah Community Bank (mBank) has entered into a Memorandum of Understanding with Dubai Multi Commodities Centre (DMCC). This collaboration aims to streamline the account opening process for businesses within DMCC through an Mbank integrated digital platform.

Utilizing Mbank’s Corporate Platform, companies seeking to establish themselves in DMCC can now digitally complete their business bank account opening in six steps, within 48 hours.

In November 2023 Al Maryah Community Bank chose to leverage the services of Ripple ODL partner LuLu to facilitate cross-border money transfers.

Stc Bahrain launches Web3 infrastructure with Avalanche Blockchain

Stc Bahrain launches Web3 infrastructure with Avalanche Blockchain

Stc Bahrain recently announced the launch of “Intersect the Network” on Avalanche Blockchain. As per the press release, the initiative aims to advance Web3 innovation, promote digital transformation for decentralized applications (dapps). In April 2024, stc Bahrain announced its partnership with Avalanche Blockchain to build Web3 in the MENA region.

Intersect aims to be the entry point for new users and organization to transition from the world into the Web3.

The infrastructure for this network has been provided through a joint collaboration between stc Bahrain and their Qal’at Path partner Avalanche.

To commemorate the launch of ‘Intersect the Network’, a 30-day virtual Web3 Makeathon + Hackathon will be held starting August 12. stc Bahrain, along with Avalanche, is proud to announce their title sponsorship for this event. Additionally, Nirvana labs, Chainlink, Lionscraft, OneKey, K3 Labs and Candide Labs will be event partners, sponsoring exciting prizes for the participants. The event aims to bridge the gap between the real world and the world of Web3, fostering creativity and innovation through both coding and non-coding tracks.

No-code tracks will invite artists to design unique artwork and profile pictures, while coding tracks will challenge developers to build solutions in Gaming, Music, Media, Interoperability, and Security on ‘Intersect the Network’. Registrations for the Intersect Makeathon + Hackathon are now open at intersect.to

“We are thrilled to unveil Intersect, a new blockchain network on Avalanche that opens up new possibilities for Web3 innovation. We hope this platform will serve as a catalyst for Web3 development, providing a space for groundbreaking applications and services globally. This initiative also underscores our dedication to empowering the people of Bahrain with innovative solutions and new technologies in line with Bahrain’s Vision 2030 goals. The upcoming Intersect Makeathon + Hackathon is an exciting opportunity for creative minds from all over the world to showcase their talent and bring innovative ideas to life. We can’t wait to see how participants will leverage this platform to intersect the real world and the world of Web3.”

“We are proud to announce a significant milestone in our partnership with stc Bahrain through the unveiling of the Intersect Avalanche L1. We hope this initiative will help enhance the Avalanche ecosystem both in the Middle East and worldwide, fostering a thriving environment for decentralized applications. In addition, we’re excited to support the upcoming Makeathon + Hackathon, a great opportunity for developers and artists alike. We look forward to seeing some amazing applications and innovations come to life.”

For more information and to participate in the Intersect Makeathon + Hackathon, visit the website at intersect.to   
 

Saudi Arabia Web3 sector grows amidst challenges

Saudi Arabia Web3 sector grows amidst challenges

Cardano Blockchain accelerator, Adaverse published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

Web3 Growth

According to the Adaverse report, Saudi Arabia is well positioned to witness growth in the Web3 ecosystem. One of the main reasons is that is it the largest market in GCC with a youthful and tech savvy population. Already 63% of its 36 million residents are under 30, and 99% of Saudi residents are connected to the internet.

In addition, the ambitious Vision 2030 initiative further strengthens this by fostering a robust tech and innovation ecosystem. Saudi Arabia has also seen growth in funding for startups and Web3 ventures.

In 2024, according to Digital Digest, MENA based startups secured $429 million across 163 deals, with Saudi startups receiving 515 of the funding across 36.2% of the deals.

The Web3 startup ecosystems has four layers, the use case layer, the tooling and developer layer, the infrastructure layer, and the protocol layer.

According to the Adaverse report, the notable concentration in the user-facing application layer, indicates growing Saudi consumer interest in DeFi, GameFi, and SocialFi. Meanwhile, the scarcity of foundational infrastructure and protocol startups, presents a unique opportunity for entrepreneurs and investors to fill crucial ecosystem gaps.

Web3 startups in KSA includes names such as Umrah Cash, Verofax, TakaDAO, Ticket Souq, Dropp, TGE, MRHB, IR4LAB, Mithu, Nuqta, and others.

For example, Oumla, is a blockchain infrastructure provider that offers secure custody solutions and comprehensive infrastructure services for governments and businesses alike. With a suite of SDKs, Oumla enables developers to seamlessly build on various blockchains without the need to master blockchain.

Mohammed Aljasser, Founder and CEO of Oumla noted in the report, “Oumla’s journey began in 2022, when we laid the foundation for an exceptional blockchain infrastructure. In 2023, we officially launched our product, receiving overwhelmingly positive feedback from our customers. Building on this momentum, we are now preparing to introduce additional blockchain networks, along with a range of new features and products designed specifically for the MENA region.

He adds, “Notably, Saudi Arabia is making significant strides in embracing blockchain, evidenced by the burgeoning emergence of applications and experimental initiatives. It’s clear that blockchain is more than just a passing trend; it represents a seismic shift in digital infrastructure.”

According to him dealing with regulations has been one of the biggest hurdles in the blockchain world. But despite these challenges, he is convinced that blockchain is here to stay.

Another startup, Tharawat Green Exchange (TGE) is a blockchain-powered marketplace connecting carbon off setters with tree planting projects to achieve sustainability goals. TGE transparently tracks tree planting and maintenance, aiming to plant 10 million trees by 2030. This enhances Saudi Arabia’s Trade for a Greener Tomorrow green economy and supports local nurseries, ensuring transparency and security.

Opportunities

As per the report, key opportunities in Saudi’s Web3 space include fintech, where DeFi solutions promise enhanced financial transparency and efficiency. Blockchain integration in supply chain management, real estate, and digital identities offers transformative potential.

In addition to fintech, the entertainment and gaming sectors are also ripe for growth, with blockchain-based platforms opening new avenues for engagement and monetization.

Saudi Arabia is the largest gaming market in MENA with the gaming sector value proposed to reach $6 billion by 2027. MENA region contributes already 15% of the global gaming population.

In KSA, it is estimated that there are 21 million active gamers, constituting a remarkable 58% of the country’s population [22]. This substantial player base provides a strong foundation for the industry’s expansion.

Recognizing the potential of the gaming industry, Saudi Arabia established a comprehensive National Gaming and Esports Strategy (NGES). Aligned with broader economic objectives, the NGES aims to create 39,000 job opportunities and contribute $12 billion to the economy by 2030 [23].

However, despite this dominance, the adoption of Web3 gaming progresses at a measured pace. As per the Adaverse report, this gap presents a prime opportunity for young Saudi founders to lead the development of blockchain-based games and integrate advanced technologies such as NFTs, AI, and play-to-earn mechanisms into the existing Web2 gaming market.

The same goes for the Saudi Fintech sector which has attracted substantial funding, totalling $552 between 2020 and 2021.

The report also notes that the country’s tech landscape is uniquely characterized by its focus on recreational

and entertainment-based Web3 projects, particularly in gaming, NFTs, and GameFi, positioning Saudi Arabia as a regional hub for these emerging sectors.

The Challenges

According to the Adaverse report, regulatory uncertainty, the need for greater awareness and education around Web3 technologies and concerns about technological infrastructure  and cybersecurity are key hurdles.

Future of Web3 in KSA

In conclusion the report recommends that for Saudi Arabia to fully realize its potential, it must address challenges, such as establishing regulatory clarity to create a stable business environment in the Web3 space.

Also, Saudi Arabia needs to overcome technical hurdles, such as improving user interfaces, which will be essential for enhancing adoption and user experience.

In conclusion, the report believes that by leveraging its favorable market conditions, government support, and growing investor interest, while addressing regulatory and technical challenges, the country can establish itself as a regional powerhouse in Web3 technologies. Nurturing local talent and fostering collaboration between stakeholders will be key to shaping the future of innovation and investment in Saudi Arabia’s Web3 sector.

Azimut invests a total of $156 million in Alps Blockchain to expand operations in Oman and other markets

Azimut invests a total of $156 million in Alps Blockchain to expand operations in Oman and other markets

Azimut, an independent, global group in asset management, wealth management, investment banking and fintech, has successfully completed a new club deal to invest in Alps Blockchain totaling $156 million. Alps Blockchain is one of Europe’s leading companies and a leader in Italy in the production of computational power for blockchain and digital mining with operations in Oman.

This new €105 million ( $113 million) investment by Azimut in Alps Blockchain, follows a previous round of €40 million ($43 million) in 2023, confirming the confidence and involvement of private investors in the growth of this innovative company. Total club deal investments now stand at $156 million.

Azimut’s investment was made through Azimut Direct Investment Alps Blockchain II SCSp, a dedicated Luxembourg vehicle that invested in a 5-year guaranteed bond with the option of early redemption by Alps Blockchain. This transaction allowed around 1,000 customers, served by the Group’s network of financial advisors and wealth managers in Italy, to gain exposure to the growth of the blockchain sector.

Alps Blockchain is an Italian company that builds and operates mining farms with the aim of contributing to the development of new technologies and supporting the evolution of the energy sector, combining innovation and efficiency. In the last three years the company has quintupled the number of mining machines installed in its planned sites globally from 2,500 to over 15,000. This increase has enabled the company to reach a total energy capacity of 50 MW and more than 2 EH/s (exahash per second) of computing power produced by June 2024.

Alps Blockchain’s positive trend is also reflected in its financial results. Revenues increased from €697,000 in 2020 to €17.3 million in 2022. In 2023, thanks in part to Azimut’s first investment round, revenues reached €43.6 million, an increase of around 140% compared to the previous year, which, with a positive EBITDA.

The funds raised will be used to support Alps Blockchain’s growth and internationalization path, with a focus on consolidating and implementing its existing operations and considering expansion into new markets to further strengthen its global position.

From Italy, the company has already established operations in countries such as Paraguay and Ecuador, where the completed mining farms use hydroelectric power. Alps Blockchain actively supports the energy sector not only by focusing on hydropower, but also by exploring new sources and projects to promote the energy transition.

Among the key markets for future growth is Oman, where the company is already present with a state-of-the-art mining farm within the Green Data City technology hub. The strategic focus is also on North America, a major destination for the mining industry and attractive for new expansion opportunities.

Giorgio Medda, CEO and Global Head of Asset Management & Fintech of the Azimut Group, commented, “We are thrilled to strengthen our relationship with Alps Blockchain, whose objective is to make mining more sustainable, and to offer our customers the opportunity to participate in the growth of an all-Italian excellence that is rapidly establishing itself around the world. This new transaction is part of Azimut’s broader commitment to promoting a global and sustainable energy transition through innovative investment solutions in private markets. A commitment that from 2022 to date counts investments of over €350 million. Our vision is that asset management can increasingly play a crucial role in combining efficient capital allocation with building a more sustainable future’.

Francesco Buffa, CEO of Alps Blockchain, stated, ‘At Alps Blockchain we are committed to shaping projects that foster the synergy between new technologies and the world of energy, generating a positive impact in both sectors. This new investment is an extraordinary confirmation of the confidence in our work and an essential support for the near future. On the sixth anniversary of the company’s establishment, which was July 20th, we are enthusiastically inaugurating a new chapter in its history dedicated to the pursuit of ambitious growth targets.

Francesca Failoni, CFO of Alps Blockchain, added, “The increase in resources will allow us to contribute even more substantially to the blockchain ecosystem, fostering the development of solid and sustainable projects over time. Thanks to this financial transaction, we will not only be able to increase and make our existing sites more efficient, but also invest in the construction of new facilities, aiming to quadruple the production capacity of computing power in the service of this technology by the first quarter of 2025.”

UAE M2 now offers seamless AED to BTC and ETH conversions

UAE M2 now offers seamless AED to BTC and ETH conversions

M2 registered in ADGM, a virtual asset custodian and a Multilateral Trading Facility regulated by the Financial Services Regulatory Authority (FSRA) ADGM, has launched what it calls a simplified pathway for UAE residents to buy and sell Bitcoin (BTC) and Ethereum (ETH) through a direct integration with their bank account.

As per the press release, the integration serves as a significant milestone both for the wider accessibility of virtual assets in the region, as well as M2 working to offer a best-in-class product offering within a rapidly evolving landscape.

The new solution will allow UAE residents with banking services to seamlessly convert United Arab Emirates’ Dirhams (AED) into BTC and ETH – and vice versa – via trading pairs listed on M2’s spot market.

The press release adds, that this new pathway, which leverages the strength and security of robust banking infrastructure, is the most recent milestone in M2’s continued work to build trust and industry leading compliance in providing both the safe custody of virtual assets, and the ability to trade Bitcoin (BTC) and Ethereum (ETH) with UAE Dirham (AED).


CEO of M2 Stefan Kimmel said, “Through this compliant integration, UAE residents can enjoy the familiarity of their existing and trusted banking services, coupled with the cutting-edge security and functionality of our platform. This is all executed within one of the world’s strictest regulatory frameworks where consumer protection, technology, governance and custody are paramount. It is a significant step for M2 in ADGM as we work to expand our offering for the MENA region and reduce the friction in how clients can navigate between traditional finance and virtual assets.”

Sources close to the matter explained to Lara on the Block, that currently M2 is working with one major bank ( which prefers not to be named) and will expand this to other banks in the UAE in the future.

M2 registered in ADGM, which launched back in November 2023, announced that it was able to onboard retail and institutional clients and would be offering AED Fiat on and off ramp through its participation with a local bank. Eight months later, M2 is finally able to do this.

In a previous interview with Stefan Kimmel with Lara on the Block, Kimmel noted, that launching a fully regulated, transparent clean startup from Abu Dhabi ADGM ( Abu Dhabi Global Market) was because the FSRA ( Financial Services and Regulatory Authority) in ADGM is one of the oldest most respected and esteemed regulatory authorities when it comes to virtual assets and crypto. FSRA as Kimmel explained has been around for five years and has a comprehensive solid framework. He stated, “ After all that has happened in crypto over the past few years, everyone is looking for a safe protected transparent exchange, and this is what we are offering from ADGM.”

He also noted, M2 has is its strong liquidity which is essential for the success of any crypto exchange. M2 has an equity investment of $300 million with strategic partners being UAE based Phoenix Group and several Abu Dhabi family offices.

Commercial Bank of Dubai opens up to VASPs in UAE

Commercial Bank of Dubai opens up to VASPs in UAE

The Commercial Bank of Dubai (CBD), has launched a dedicated accounts for Virtual Asset Service Providers (VASPs) to manage client money and regulatory prudential requirements, in compliance with the latest regulations issued by the Central Bank of UAE and the Dubai Virtual Assets Regulatory Authority (VARA). The first VASP to be onboarded is Laser Digital a crypto broker and investment service provider, a subsidiary of Japanese Nomura.

As per the press release, this pioneering initiative underscores CBD’s commitment to fostering innovation and supporting the growing digital asset ecosystem in the region.

CBD has taken proactive steps to offer specialized accounts that meet the unique requirements of VASPs, while adhering to the regulatory framework established by VARA. CBD onboarded Laser Digital as the first VASP to benefit from its services.

CBD’s banking services for VASPs are fully compliant with VARA regulations, ensuring that VASPs operate within the legal and regulatory framework of Dubai. The segregation of client funds into multiple accounts ensures reduced risk and enhances operational efficiency.

Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, commented on the launch, stating, “As the financial landscape continues to evolve with the rise of digital assets, CBD remains at the forefront of innovation by providing tailored solutions that meet the needs of our diverse clientele. The introduction of core banking services for VASPs aligns with our strategic vision to support the digital economy and foster a robust regulatory environment that promotes growth and stability. As the bank that is backing the nation’s ambition, our efforts also contribute to promote the Emirate as an international hub for Virtual Assets and develop the digital economy in the Emirate.”

By offering these specialized accounts, CBD aims to attract more VASPs to Dubai, encouraging companies operating in this field to base their business in the Emirate.

Jez Mohideen, CEO of Laser Digital commented: “This launch demonstrates CBD’s commitment to encouraging the growth and progress of the virtual asset ecosystem in the UAE. We’re honored and grateful to be the first VASP to benefit from this service and we look forward to continued collaboration.”