Tether partners with UAE based Fuze for digital assets

Tether partners with UAE based Fuze for digital assets

Tether, the global stablecoin and UAE based Fuze, a digital assets infrastructure provider with offices in Abu Dhabi, Dubai, and Istanbul, have signed a Memorandum of Understanding (MoU) to establish the terms of a collaboration on educational initiatives within the digital asset realm, with a particular focus on Turkey and the Middle East.

Through these cooperation efforts, Tether and Fuze aim to address various facets of education around crypto asset space, encompassing cross-border payment solutions, compliance, regulatory framework development, and education for local financial institutions.

In pursuit of these objectives, this collaboration will see the two companies undertaking a range of collaborative endeavors which include educational campaigns to promote the adoption of virtual assets such as Bitcoin, Blockchain, and Stablecoins like Tether (USDT) to facilitate cross-border payments. These initiatives will be strategically designed to highlight the efficiency and accessibility benefits of using digital assets in a compliant manner for businesses and individuals across Turkey, the Middle East, and North Africa.

Tether and Fuze will also analyze the development of programs and workshops aimed at enhancing awareness and understanding of digital assets and blockchain technology among local financial institutions and individuals in the aforementioned regions. These efforts will align with evolving regulatory requirements and standards to ensure compliance in the dynamic regulatory landscape. Joint strategies will be designed to promote educational initiatives and workshops, demonstrating a commitment to ethical and responsible educational practices.

Additionally, these strategies will prioritize educating merchants and businesses on the practical utility of digital assets like Bitcoin and Tether for everyday transactions, aiming to increase awareness and adoption of digital assets. The initiatives will also include the engagement of local and regional banks and financial institutions to educate them on the benefits of utilizing stablecoins and digital assets for their customers, empowering financial institutions with the knowledge and tools necessary to leverage digital assets effectively.

“As we team up with Fuze, we’re thrilled to be part of a movement that brings digital assets within reach of people across Turkey, the Middle East, and North Africa,” said Paolo Ardoino, CEO of Tether.  “Our collaboration isn’t just about technology; it’s about empowering individuals, businesses, and financial institutions to navigate the evolving landscape of finance with confidence and clarity.” 

Commenting further on the collaboration, Mo Ali Yusuf, Co-Founder and CEO of Fuze said, “We’re proud to team up with the Tether team who share our vision that digital assets will power the future of finance. By educating stakeholders at all levels, we can accelerate the digital assets landscape and ensure that everyone from institutions to end consumers benefit from the vast opportunities presented by well-managed, secure, and trusted digital assets.”

First it was Qatar now its Abu Dhabi buying Bitcoin according to Max Keiser

First it was Qatar now its Abu Dhabi buying Bitcoin according to Max Keiser

Max Keisser the Bitcoin activist is at it again. Over the past months Max continues to make claims that a nation state is purchasing large amounts of Bitcoin. First, he pointed the finger at Qatar, claiming it would purchase $500 billion worth of Bitcoin.

Qatar obviously did not confirm or negate these claims; however, its central bank and government continue to prohibit the trading of cryptocurrencies noting the risky nature of these virtual assets. This has not stopped Qatar from embracing digital assets, and developing a regulatory framework as well as the digital assets Lab.

However, this has not discerned Keisser, he commented on an X (formerly twitter) post by Vivek4real that notes that an “undisclosed nation-state just bought another 100 Bitcoin. They now own 59K Bitcoin.”

Keisser comments on X that his new intelligence points to Abu Dhabi being the purchaser of Bitcoin. He states, “Just got some new intel . . .  Abu Dhabi is now the top contender.”

So now it is not Qatar but its Abu Dhabi, the capital of the UAE.

This while still seeming farfetched, could be closer to the truth than assuming that Qatar is purchasing Bitcoin. First Abu Dhabi and the UAE in particular have been positively approaching virtual assets. Both Abu Dhabi’s ADGM (Abu Dhabi Global Market) regulatory arm the FSRA as well as Dubai’s virtual asset regulatory authority (VARA) have come out with crypto regulations and have licensed crypto exchanges, and custodians.

Moreover Abu Dhabi is home to a Bitcoin mining farm co-owned and managed by Marathon Digital so it could be plausible that they are accumulating Bitcoin from revenues of the crypto mining farm. It is also the base of Phoenix Group another huge bitcoin mining investor.

So while Keisser continuously tries to allude to the fact that an rich oil country, or a country in the MENA region is buying up Bitcoin, the biggest governmental owners of Bitcoin are the United States, Britain, and Germany. They own the most Bitcoin according to Arkham Intelligence. The crypto analytics firm noted that the United States owns 212,847 Bitcoins.

What one can say for sure, is that the ownership of Bitcoin is falling more into the hands of institutional investors, and governments whether with Bitcoin ETFs or confiscated crypto.

BitOasis aims for full VASP license after receiving operational go ahead from from Dubai’s VARA

BitOasis aims for full VASP license after receiving operational go ahead from from Dubai’s VARA

In a blog post, BitOasis acknowledged that while it has resumed its acceptance of new clients onto the platform as a crypto broker operating under Dubai’s virtual asset regulatory authority (VARA), it is working “towards securing a full virtual asset service provider license under the supervision of VARA”.

In the blog post, BitOasis announced that the crypto broker would resume accepting new registrations retail and institutional customers starting 12 April 2024.  New users would be able to create accounts on the platform and enjoy a safe, secure and convenient way to buy, sell and trade over 60 tokens with multiple currencies, including AED, SAR, and USD.

The blog post adds,” The reopening of our platform to new retail and institutional customers is a testament to our continued dedication to serving our users in full compliance with the applicable regulatory requirements.”

BitOasis had been working since July 2023 to fulfill select conditions associated with its Operational MVP License with respect to serving Institutional and Qualified Retail Investors.

In August 2023, BitOais received an investment from Indian crypto exchange CoinDCX. At the time, Ola Doudin, Co-Founder and CEO of BitOasis said: “We are delighted to be working with CoinDCX, India’s leading crypto platform. The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets. We are very excited about the opportunities the funding will unlock for us.”

With VARA granting renewed active operational status to BitOasis, as well as the license to crypto.com, the UAE crypto exchange regulatory landscape is now one of the most competitive in the world.

Kindly note that this article has been updated on April 14th 2024 based on VARA’s website page which noted that BitOasis hasnt received a VASP license but has now become actively operational once again.

UAE based NEOPIN launches new real world assets platform

UAE based NEOPIN launches new real world assets platform

NEOPIN Permissioned DeFi platform based in Abu Dhabi UAE, which launched the first DeFi product for the Klaytn-Finischia ecosystem, has announced a new RWA ( Real World Assets), platform that will position the protocol to become a global leading Real World Asset (RWA) DeFi protocol. The platform will combine the rich liquidity of traditional finance with blockchain technology, creating global marketability with high levels of security and regulatory compliance.

Prior to this UAE based Finschia Foundation, which works to expand public blockchain and Web3 technologies, and NEOPIN, partnered to provide decentralized exchange services.

The key objectives of the new RWA platform include the development of a dedicated RWA platform based on the order book, the expansion of innovative RWA product offerings, and the expansion of the RWA multi-chain strategy.

NEOPIN’s RWA platform is being developed as an all-in-one platform that can meet the diverse needs of institutions, users and the industry. It will provide a more intuitive and simplified solution for institutional participants to engage with RWA technology and markets without the need for a complex review process. It will also be designed with a decentralized order book to make it easy to use for global users familiar with equity or crypto exchanges.

In terms of product offerings, RWA will continue to expand its innovative product suite, with more than five RWA products in the pipeline with institutional partners that are poised to make a significant impact in the DeFi and physical markets. In parallel, we are also working on a strategy to expand the RWA issuance chain, continuing the multi-chain strategy that has underpinned the success of NEOPIN’s DeFi on a dedicated RWA platform.

In March, NEOPIN launched the platform’s first RWA-linked DeFi product and entered the $5.7 billion global RWA market in earnest. With the success of its recently launched RWA derivative products, NEOPIN’s consolidated total value locked (TVL) has exceeded USD 200 million.

“NEOPIN’s RWA platform aims to attract global institutional partners and users and then position itself as an essential infrastructure for institutions,” said Ethan Kim, CEO of NEOPIN. “With our new platform, innovative product suite and institutional acquisition, we will grow into the top tier of global RWA within two years.”

Since 2017, NEOPIN has been building its blockchain expertise and technology by participating as a node validator operator for various global blockchains, including Ethereum, Tron, Cardano, Cosmos, Klaytn, and Finschia. Last year, the company was selected as an innovative company by the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE) in recognition of its regulatory compliance and expertise, becoming the first Korean blockchain company to receive direct and indirect investment, and is working with the Abu Dhabi Global Market (ADGM), a financial special zone in the UAE, to create the world’s first DeFi regulation in a public-private partnership. 

UAE nuclear and blockchain expert appointed as advisor to Sustainable Bitcoin protocol

UAE nuclear and blockchain expert appointed as advisor to Sustainable Bitcoin protocol

U.S. based Sustainable Bitcoin Protocol (SBP), which aims to unlock Bitcoin’s potential to become the most transparent and sustainable asset has appointed UAE national, an entrepreneur and pioneer in nuclear energy technology, space industry and digital assets Ali AlNuaimi.

Ali Alnuaimi, will hold the position of advisor at Sustainable Bitcoin Protocol. As per the Xpost of SBP, “Ali brings a wealth of experience to Sustainable Bitcoin Protocol. His visionary leadership in launching the UAE’s 1st nuclear reactor & integrating blockchain technology into the energy & financial sectors is a testament to his expertise in sustainable #energy & technological innovation.”

The post adds, “Ali’s pioneering work in leveraging blockchain for energy sustainability aligns perfectly with the company’s objectives, promising to accelerate the adoption of #cleanenergy solutions in bitcoin mining.”

AlNuaimi holds other advisory roles in well renowned entities in the digital asset, AI and Blockchain fields. He is an advisor at Buildr.ai, Marathon Digital, Gigaenergy, and Mysten Labs, the creators of Sui Blockchain.

He is also the Founder and Managing Director of AI firm Shafra.

SBP enables investors to hold verifiably sustainable BTC through the introduction of a new environmental commodity derived from clean energy bitcoin mining, called the Sustainable Bitcoin Certificate (SBC). SBC are paired with BTC 1 for 1 by investors. SBC financially incentivizes Bitcoin miners to use verified clean energy sources.

Finally, SBP’s certificate allows Bitcoin to become fully sustainable with transparent clean energy use without disrupting the fungibility of BTC.

Sustainable Bitcoin Protocol is turning environmental sustainability into an appreciating commodity, in turn supporting clean energy bitcoin miners and helping investors reach their ESG goals.

SBC are a new environmental commodity specifically designed to align Bitcoin mining with climate action. SBC incentivize verified clean energy use and waste methane mitigation, as well as mobilize capital from investors toward the energy transition.

The SBP aims to bring in new revenue and energy transparency by mining Bitcoin with clean energy.

UAE has become a hub for Bitcoin mining, whether with Marathon Digital in Abu Dhabi, or Phoenix Technology, could this be the starting point for digital assets mining, using nuclear energy available in Abu Dhabi?

Dubai virtual asset regulator: big Web3 and crypto players will bear the compliance cost for small players

Dubai virtual asset regulator: big Web3 and crypto players will bear the compliance cost for small players

During the Paris Blockchain Week, at the Global regulatory Landscape Panel session, Mathew White, CEO of Dubai’s VARA (Virtual Asset Regulatory Authority) discussed the cost of compliance for smaller crypto and Blockchain firms and the solution he is proposing where big players sponsor the cost of compliance for smaller ones.

White in his contribution during the panel made several points with regards to how he views VARA’s regulatory standpoint.

Firstly, VARA wants to regulate without damaging the presence of nearly 2000 Web3 and crypto companies already present in Dubai UAE. He states, “We seek to set a regulation that we feel anybody can be part of and is not exclusive by nature. We engage with the industry, governments, and continue to do that. While it is still not perfect, there are a number of things we are looking into to make the regime fit for everybody, one of which is how we deal with cost of compliance for small entities.”

According to White, compliance is a costly exercise and not many players have the resources to go and get regulated. His proposal is “looking towards a structure where larger market participants host smaller ones, where the cost of compliance can be borne by the large players.” He adds, “We are on this journey of allowing innovation whilst being able to regulate it.”

White explains that two years ago when he was part of the team building VARA, the Dubai government decided as part of their economic diversification project to prioritize technology and in specific virtual assets.

VARA was established to be able to position Dubai as a hub with financial stability and investor protection in mind.

When the topic of self-regulation through technology came up White acknowledge that he believes that this will one day be possible. He also stated he would be looking into piloting this idea at VARA.

He stated, “No doubt some point in the future it will be available. For the short to medium there will be regulation and it will be significant.”

Earlier this week, Crypto.com became the first international crypto exchange to receive a full license from VARA, while OKX is still awaiting final requirements to receive its full VASP operational license.

Lebanese operated money exchanger sanctioned by OFAC for crypto transfers

Lebanese operated money exchanger sanctioned by OFAC for crypto transfers

In the last week of March 2024, The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against six entities based in Lebanon, Liberia, India, Vietnam, and Kuwait.

As per the OFAC announcement, among those targeted was a Syrian national money exchanger Tawfiq Muhammad Sa’id al-Law based out of Lebanon. The Treasury Department stated that Sa’id al-Law provided Hezbollah with digital wallets to receive funds from IRGC-QF commodity sales and conduct crypto transfers.

Sa’id al-Law was also accused of facilitating financial transactions for sanctioned Hezbollah officials and providing financial services to Sa’id al-Jamal and his network.

As per the announcement, the sanctioned entities were implicated in facilitating commodity shipments and financial transactions, including cryptocurrencies for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), the Houthis, and Hezbollah.

Furthermore, two Kuwait-based companies, Orchidia Regional for General Trading and Contracting Company and Mass Com Group General Trading and Contracting Company WLL, were also implicated in transferring money to support Sa’id al-Jamal’s network.

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said, “Treasury remains resolute in our commitment to deploy our tools against those who seek to fund illicit activities. The United States will continue to take action to disrupt the abuse of international energy markets to facilitate terrorist activities.”

On June 27, 2023, Israeli Defense Minister Yoav Gallant announced that Israel’s National Bureau for Counter Terror Financing (NBCTF) seized cryptocurrency from Hezbollah, and from Iran’s Quds Force. In total, the agency seized roughly $1.7 million worth of cryptocurrency and disrupted crypto “terrorism financing” infrastructure jointly run by the two organizations.

As per Chainalysis article, The NBCTF seizure focused on wallets controlled by Tawfiq Muhammad Said Al-Law, who “supposedly” worked with senior Hezbollah operators like Muhammad Qasim Al-Bazzal and Muhammad Ja’far Qasir, both of whom are sanctioned by OFAC, to operate Hezbollah’s crypto funding infrastructure.

In March 2024 as well, OFAC sanctioned a UAE registered business entity and its subsidiary for helping to build or operate blockchain based services to facilitate potential sanctions evasion on behalf of Russian nationals.

A UAE based Social impact fund creates watchdog index for crypto and blockchain

A UAE based Social impact fund creates watchdog index for crypto and blockchain

UAE based Humanity International Investments (HII), social impact fund, has created a watchdog index for the crypto and blockchain ecosystem. The index will serve as a barometer for assessing the socio-economic impact of cryptocurrencies and blockchain projects worldwide, with a keen focus on Environmental, Social, and Governance (ESG) impact.

In a push for ethical investment within the crypto sector, HII’s initiative introduces a rigorous ESG framework. The index is designed to evaluate and rate blockchain entities, crypto tokens and crypto funds based on a multifaceted methodology, incorporating market performance, technology robustness, regulatory compliance, and community engagement, alongside a keen ESG analysis.

The HII index will guide investors towards sustainable, responsible, and socially beneficial crypto ventures.

The HII Blockchain Index recognizes the essential role ESG considerations play within the investment landscape. The aim is to encourage investment in projects that align with sustainability goals and have a meaningful impact, particularly for those at the bottom of the economic pyramid.

“By prioritizing investments that align with broader sustainability goals, the Humanity Blockchain Index will direct the crypto industry towards a future where it holds a sustainable and socially responsible modus operandi”, said Mr. Marcus Dukes, President of HII.

The launch of this index demonstrates HII’s unwavering dedication to closing the income gap for the unbanked and ultra-poor, particularly in Africa.

HII is championing a new investment paradigm – one that values humanity’s future as much as immediate financial returns. This initiative is set to catalyze a shift towards more sustainable business practices in the crypto industry and foster an inclusive and ethically robust digital economy.

“Through our pioneering Blockchain Index, we are setting a new standard for responsible investment in the crypto world. By factoring in a token’s environmental impact, societal contribution, and governance quality, the index ensures investors have a clear understanding of which crypto enterprises are contributing positively to society and which may be falling short,” said Dukes.

The HII Blockchain Index will measure the impact of crypto and blockchain companies on individuals at the bottom of the pyramid, with a particular emphasis on the unbanked population. The index will evaluate how these companies are leveraging technology to provide financial services, increase accessibility, and foster economic empowerment for those who have historically been excluded from the traditional banking system. By focusing on key metrics such as accessibility, usability, and the implementation of projects that directly benefit the unbanked, the HII Blockchain Index aims to highlight and support those entities making tangible strides towards financial inclusion.

DIFC launches digital assets and smart contracts regime

DIFC launches digital assets and smart contracts regime

Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA) region, enacts the world’s first Digital Assets Law, a new Law of Security and related amendments to select existing legislation to cater for the consequences of the new digital assets regime and revised security regime. The legislative enactments aim to ensure DIFC Laws keep pace with the rapid developments in international trade and financial markets arising from technological developments, and to provide legal certainty for investors in, and users of, Digital Assets.

Digital Assets Law – DIFC Law No. 2 of 2024

Digital Assets represent a trillion-dollar asset class and the scope for future innovation and market opportunities within it are considerable. Thus far, the primary focus in many jurisdictions has been to regulate and impose enforcement related sanctions on some of the practical applications of this asset class from a regulated financial services perspective. However, the fundamental benefits brought about by blockchain technology, the digital assets that can be created thereby, and their application across a wide spectrum of use cases will grow and become of increasing importance in a much wider context. In this regard, the broader legal questions as to the exact nature of the legal features and consequences of digital assets has very much remained open for debate on a number of key issues. International legal developments and judgments across the common law world have begun to provide some clarity in this regard but have not yet provided a comprehensive legal framework mapping out the full extent of the legal characteristics of a digital asset and how users and investors within this asset class may interact with digital assets and each other.  

Following extensive review of the legal approaches taken to digital assets in multiple jurisdictions, and a period of public consultation in 2023, DIFC is now enacting its own Digital Assets Law. 

Existing DIFC laws such as the Contracts Law, Law of Obligations, Law of Security, Law of Damages and Remedies, Trust Law and Foundations Law have also been updated through DIFC Amendment Law, No. 3 of 2024, to cater to specific issues arising in relation to this asset class. 

Updates to the Law of Obligations also provide for the use of electronic transferable records. Electronic transferable records are functionally equivalent to paper trade documents or instruments such as bills of lading, bills of exchange, promissory notes and warehouse receipts. Recognition of such documents in electronic form facilitates greater efficiencies within cross-border digital trade by increasing the speed and security of transmission of documentation and allowing for the automation of certain transactions through smart contracts.

Similarly, a great deal of innovation has taken place in secured transactions regimes internationally – particularly since the DIFC Law of Security was enacted in 2005. This includes the emergence of businesses and platforms that enable the extension of credit in, and secured or covered by, digital asset collateral arrangements, and an increasing drive to digitise international trade.  

Following consideration of regimes in other jurisdictions and, in particular, UNCITRAL’s Model Law on Secured Transaction, in conjunction with the new Digital Assets Law, DIFC is repealing the 2005 Law of Security, and replacing it with a new Law of Security to significantly amend and enhance DIFC’s securities regime. This will align the regime with international best practice and provide clarity in relation to taking security over digital assets.  In doing so, DIFC is also repealing the Financial Collateral Regulations, amalgamating the financial collateral provisions into a new chapter of the new Law of Security. 

Jacques Visser, Chief Legal Officer at DIFC Authority, said: “DIFC is excited to announce the enactment of its Digital Assets Law. We consider this legislation to be groundbreaking as the first legislative enactment to comprehensively set out the legal characteristics of digital assets as a matter of property law, and to provide for how digital assets may be controlled, transferred and dealt with by interested parties. At the same time, we are also enacting a new Law of Security, replacing the 2005 law. The revised regime is modelled on the UNCITRAL Model of Secured Transactions and significantly enhances DIFC’s securities regime to keep pace with international developments in this field and to ensure DIFC remains at the forefront of best practice.”

The new legislation came into effect on 8 March 2024 and can be accessed via DIFC’s Legislative Database: here.
The new laws reflect the Centre’s commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practice.
 

Web3Firewall for blockchain security raises $2.5 million

Web3Firewall for blockchain security raises $2.5 million

U.S. based Web3Firewall founded by Lebanese born Dr. Samer Fayssal has raised $2.5 million pre-seed investment round led by Laser Digital, Nomura’s digital asset subsidiary, which is licensed in Dubai UAE, gumi Cryptos Capital (gCC), and SPEILLLP, a member of Susquehanna International Group.

We3Firewall has developed an intelligence-driven risk and compliance platform specifically to meet the evolving challenges of companies engaged in blockchain technology and digital assets.

The company was founded in 2023 by Dr. Samer Fayssal, who was previously CISO and Head of Security at digital asset custodian BitGo. Fayssal and team recognized that Web3 and blockchain technology companies require a next-generation cybersecurity product rather than the fragmented solutions currently available. The product, Web3Firewall Enterprise, addresses increasingly sophisticated risk and compliance demands in one seamless platform, which is equipped to handle the unique risk profiles of DeFi, NFTs, DAOs, and other emerging Web3 applications, providing a security layer that will be able to keep pace as the tokenized economy develops.

Web3Firewall Enterprise can be easily integrated with and tailored to security infrastructure through APIs, which can detect, protect, and respond to malicious transactions and AML/KYC-related incidents even before they occur. Furthermore, the platform simulates transaction outcomes with artificial intelligence to enhance actionable insights. Additional accuracy and precision are delivered by machine learning to self-correct false negative and false positive results. Web3Firewall Enterprise is currently in a beta testing phase and is due to launch onto the market in Q2 this year.

Dr. Samer Fayssal, CEO of Web3Firewall, commented, “We are grateful to have the support of our investors, who are aligned with our vision to bring intelligence-driven security to blockchain-enabled companies. As a proactive risk and compliance platform, Web3Firewall Enterprise provides actionable insights so that these companies can better protect themselves and stay compliant.”

Olivier Dang, Head of Ventures, Laser Digital, added “Laser Digital is delighted to support this exciting project — The uniquely heightened security and compliance of Web3Firewall’s product, which proactively protects against malicious transactions, will allow institutional engagement in tokenized and digital assets to grow and progress.”

Miko Matsumura; Managing Partner of gumi Cryptos Capital, said, “One of the greatest dissatisfactions with web3 is ensuring strong cybersecurity measures. Web3Firewall has the strongest team and vision for how to strengthen this key area”

Vir Anand, Investor, Susquehanna Private Equity Investments, said, “As the crypto industry matures AML, compliance, detection and prevention become paramount. Samer and his team have developed tools to assist companies in creating custom compliance parameters, which adhere to the regulatory framework in which the company operates, as well as cutting edge, self-learning solutions that promise to provide unparalleled protection against malicious transactions in real-time to ensure a protocol’s integrity.”