Liminal crypto wallet custodian partners with Notabene to offer travel rule solution in UAE and globally

Liminal crypto wallet custodian partners with Notabene to offer travel rule solution in UAE and globally

Liminal, a provider of wallet infrastructure and custody solutions, with a presence in the UAE has launched its compliance solutions suite, with Notabene’s Travel Rule solution.

According to recent news pieces, Liminal’s compliance suite presents features to aid clients with their regulatory obligations, including integration to enable communication between virtual asset service providers, providing an interface to fulfil regulatory obligations, supplying compliance solutions to prioritise data protection, allowing customisation to cater to compliance, and real-time monitoring and alerts to address compliance issues.

Rahil Shaikh, AVP of product and blockchain, Liminal, stated, “We are looking forward to introducing our compliance solutions suite, strengthened through our collaboration with Notabene. At Liminal, our objective is to drive innovation within the digital asset industry, and this partnership aims to reinforce our commitment to providing regulatory-compliant solutions for our clients. By joining forces with Notabene, we seem to have empowered our customers with travel rule compliance.”

Liminal’s latest suite of compliance solutions, coupled with Notabene’s innovative Travel Rule integration, empowers clients with an efficient means to navigate compliance challenges. Liminal’s compliance suite presents a wealth of powerful features to aid clients in meeting their regulatory obligations, including:

a) Seamless Integration: The integration will enable smooth and secure communication between virtual asset service providers, streamlining the sharing of transactional data in compliance with regulatory mandates. 

b) Simplified Compliance Processes: Liminal’s suite empowers clients with a user-friendly interface that simplifies the compliance journey. Users can now effortlessly fulfill their regulatory obligations, saving time and resources. 

c) Enhanced Security: Security is of paramount importance in the world of digital assets. Liminal’s compliance solutions prioritize data protection, ensuring that sensitive information remains secure throughout the compliance process. 

d) Customizable Solutions: Recognizing the diverse nature of businesses operating in the cryptocurrency sector, Liminal’s suite allows customization to cater to specific compliance needs, ensuring flexibility and adaptability. 

e) Real-time Monitoring: With real-time monitoring and alerts, clients can proactively address compliance issues, thereby mitigating risks and reinforcing trust with regulatory bodies.

Liminal in May announced that it had applied for a license at at Abu Dhabi Global Market (ADGM) in an effort to offer regulated service in the region. Liminal which claims to have processed crypto transactions worth $5.6 billion on its platform, with over $550 million worth of assets under protection, believes that people will use digital assets either as part of investment or a part of underlying fundamental technology.

Mahin Gupta, Founder, Liminal stated to Khaleej Times, “Regulation will become uniform across the globe. UAE has taken a first mover advantage in the field of digital asset regulation, with much clarity. They have a clear idea about how they want to look at Metaverse, how they want to look at trading, how they want to look at custody and how they want to look at blockchain as a service and blockchain as a platform for other applications.”

Prior to that Liminal partnered with Dubai based payment gateway platform Magik Labs. Through this partnership, Liminal would empower Magik Labs to create a series of transit payment wallets to receive payments from their users. These payments will then be converted to desired tokens or NFTs via connectivity to other decentralized exchange (DEX) aggregators, over the counter (OTC) desks or trading platforms. Liminal’s MPC hot wallets will enable transit wallet addresses and provide automation of transaction flows.

At the time, Manan Vora, senior vice president, strategy and operations at Liminal had noted, “Our partnership with Magik Labs is a part of our continued efforts to strengthen Liminal’s position in the Mena region as the first choice of businesses for digital wallet infrastructure services.”

The compliance solutions suite will be offered to Liminal’s clients, including exchanges, custodians, and institutional investors. 

Saudi Arabia moving forward with blockchain and Web3 through new royal partnerships

Saudi Arabia moving forward with blockchain and Web3 through new royal partnerships

Saudi Arabia is moving forward with Blockchain and Web3 with partnerships such as the one between Indian Beyond Imagination technologies, a blockchain Web3 tech company and Saudi Aba’ad Alkhayal software company Co-founded by Princess Hesah Al Saud.

With this partnership Beyond Imagination technologies will expand into the Middle East.

Aba’ad Alkhayal is a Saudi-based software company that leverages the latest technologies like blockchain and artificial intelligence to help businesses thrive in the digital age.

The partnership aims  to ideate, develop, and deploy solutions that will help Middle East clients with blockchain. The move comes as part of the company’s commitment to fostering blockchain adoption and innovation across various industries in the region.

“We are thrilled to embark on this exciting journey, committed to reshaping the future of technology,” said Princess Hesah Al Saud, Co-Founder, Aba’ad Alkhayal. “With this partnership, we envision a future where we harness the power of blockchain to unlock the full potential of our economy. This new beginning will pave the way for digital transformation, creating countless employment opportunities for our citizens and empowering our students with the knowledge and skills needed to embrace this digital revolution. Thus, we aim to drive positive social impact and create a better tomorrow in Saudi Arabia through technology.”

Beyond Imagination Technologies will provide its flagship solution BitMemoir to Aba’ad Alkhayal, which will help clients with digital certifications. Users can convert personal identifiers, property documents, and other sensitive materials into digital certificates, or NFTs, and store them in their own wallets. By utilizing blockchain technology, BitMemoir enables users to own their personal documents in perpetuity.

“We are excited to bring our cutting-edge blockchain solution to the Middle East, “said Mr. Nikhil Goyal, Co-Founder – Technology, Aba’ad Alkhayal. “Our expansion into this dynamic region marks a significant milestone in our journey to revolutionize industries and empower businesses with the potential of blockchain technology. We firmly believe that blockchain has the power to reshape the future, and we are committed to being at the forefront of this transformation.”

He further added, “By 2030, Saudi Arabia aims to unleash the full potential of its citizens and resources, embracing digital transformation to forge a brighter, interconnected future for all. This ambitious path includes the transformation of the Kingdom into a fully digitized society, a beacon of technological advancement and innovation. Thus, being the frontrunners in the blockchain space, we want to contribute to this aim of the nation to our full potential.”

As part of its expansion strategy, Beyond Imagination Technologies plans to establish more regional offices and collaborate with local partners to enhance its reach and support customers more effectively. By engaging with the vibrant Middle Eastern community, Beyond Imagination Technologies seeks to foster knowledge sharing, workshops, and events to promote blockchain education and awareness.

Abu Dhabi’s twofour54, and UAE ADNEC Group to build metaverse enabled film studio

Abu Dhabi’s twofour54, and UAE ADNEC Group to build metaverse enabled film studio

Abu Dhabi’s twofour54 part of  UAE’s ADNEC Group, plan to build a major film studio – ‘twofour54 Studios’ to span over 100 acres, twofour54 Studios will be a future-proof, virtual production-ready, metaverse-enabled and fully-fledged production destination, addressing high demand in the regional and global production landscape. 

Spanning 400,000 sqm (4,400,000 sqft), twofour54 Studios will boast an impressive range of features including 11 best-in-class soundstages, a 3,000 sqm (32,000 sqft) exterior water tank and six versatile standing sets offering filmmakers ample opportunities for inventive storytelling. Complementing this lot will be 7,000 sqm (over 75,000 sqft) of office space and an array of other production facilities, encompassing post-production, permanent tenancies and screening rooms. At twofour54 Studios, every aspect has been carefully designed to foster an environment that nurtures creativity and ensures a seamless and efficient production process.

Humaid Matar Al Dhaheri, Board Member, Managing Director and CEO of ADNEC Group, said: “The creative industries have been identified as one of Abu Dhabi’s priority sectors given the important economic and social value they create. We are proud to drive Abu Dhabi’s vision of becoming a leading global destination for content creation through twofour54 Studios. It will take film and TV production to the next level, creating jobs and contributing to the local economy following its completion in 2025.”

“twofour54 has facilitated thousands of productions over the last 15 years, establishing a compelling track record and building a deep expertise of the global film industry’s demands. Leveraging this invaluable experience, twofour54 identified an opportunity in the MENA region – the demand for an integrated, future-ready production destination. We remain steadfast in our mission to foster creativity, nurture talent and provide a world-class platform where visionaries can bring their cinematic dreams to life.”  said Mark Whitehead, CEO of twofour54.

UAE DMCC Crypto Center and TDEFI incubator offers $100 K to select startups with the launch of second cohort

UAE DMCC Crypto Center and TDEFI incubator offers $100 K to select startups with the launch of second cohort

UAE DMCC crypto center TDeFi , a global Web3 incubator and consultancy company,  have entered the final phase of registrations for the second cohort of a Web3 startup incubator at the DMCC Crypto Centre. Last day for applications is September 1st 2023. TDEFI will offer $100,000 for select startups with VC Funding. 

All applicants will receive priority guidance and services from DMCC to formally set up in the DMCC Crypto Centre, with a handful of successful businesses set to receive USD 100,000 in liquidity from TDeFi, subject to meeting the criteria. Applications close on 1st September 2023.

The five-week programme is focused on enhancing expertise including refining business strategies, ensuring Web3 compliance, and marketing. The accelerator will culminate in a VC-focused fundraising event, ultimately bringing a new wave of innovative Web3 businesses to Dubai.

Ahmad Hamza, Executive Director – Free Zone, DMCC, said, “Providing a platform for success is an intrinsic trait of DMCC, and the Web3 space is no different. Through our Crypto Centre we are proud to be bringing this exciting accelerator opportunity to a new wave of innovative Web3 businesses to Dubai, particularly as the emirate grows as a competitive knowledge-based economy. With the mentoring services and liquidity on offer through TDeFi, there has never been a better time to establish a crypto business in the emirate.”

Gaurav Dubey, CEO TDeFi, added,  “From ideation to developing business scaling strategies, our extensive accelerator programme is designed to prepare nascent Web3 businesses for VC funding rounds and operating efficiently in the real-world. We are excited to partner with DMCC for this second cohort, developing these startups into thriving businesses.”

The second cohort follows on from the successful first round in March, in which 15 Web3 businesses successfully graduated from the accelerator programme.

With an impressive lineup of over 20 mentorship sessions led by senior leaders from the Web3 industry, such as Coinbase Singapore, StepN, Footprint Analytics, Hacken, Enjin, and more, participants will gain insights spanning from compliance practices to the intricacies of Token Engineering and Markets Management. This comprehensive journey is poised to attract a fresh influx of Web3 enterprises to Dubai and guide nascent concepts toward thriving businesses under expert tutelage.

Blockchain trade finance platform UAE Trade Connect processes $27 million in transactions

Blockchain trade finance platform UAE Trade Connect processes $27 million in transactions

Blockchain trade finance platform for banks in the UAE, UAE Trade Connect, an e&enterprise company has announced that it has surpassed $27 million in transactions identifying interbank duplicate financing and preventing fraud attempts.

According to their LinkedIn post, “ This accomplishment serves as a testament to the unwavering dedication and commitment of the 12 leading banks in our consortium to combat fraud in real-time. As we move forward, we remain committed to continuously improving our platform’s capabilities and staying ahead of evolving #fraud tactics.”

UAE Trade Connect includes the following UAE banks, Abu Dhabi Commercial Bank, ADIB – Abu Dhabi Islamic Bank, Al Masraf, Commercial Bank of Dubai, Commercial Bank International, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank (FAB), Mashreq Corporate & Investment Banking Group, National Bank of Fujairah, RAKBANK and United Arab Bank.

UAE Trade Connect  is seeking  to offer its solution to Saudi banking sector.

UTC, the fintech blockchain platform of e& enterprise, is the UAE’s first commercialized solution to combat fraud in the trade finance space built on advanced technologies, namely blockchain and Artificial Intelligence (AI). UTC is a collaborative project of the banking industry and co-created with e& enterprise. It was developed by UAE based Avanza Innovations.

Swiss crypto service provider Laser Digital awarded full crypto license by Dubai’s virtual asset regulator

Swiss crypto service provider Laser Digital awarded full crypto license by Dubai’s virtual asset regulator

Dubai’s virtual asset regulatory authority, VARA has granted Laser Digital Middle East FZE, the crypto arm of Japanese Nomura Holdings, a full crypto license that will allow it to offer virtual asset broker dealer and investment management services in the UAE.

Laser Digital announced that  Laser plans to launch over-the-counter trading services and digital-asset investment products for institutional investors in coming months.

According to VARA website, Laser Digital has been awarded This is the full VARA licence, issued to VASPs which satisfies all of the requirements as specified under the Virtual Assets and Related Activities Regulations 2023. It allows a VASP to offer approved Virtual Asset services to retail customers as well as institutional customers and Qualified Investors.

Laser Digital, which is headquartered in Switzerland with officers in Dubai and London, said in a statement it had received the licence from Dubai’s Virtual Asset Regulatory Authority, allowing it to offer crypto-related broker-dealer, management and investment services.

“VARA’s thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class. With the license now in place, we are looking forward to Laser’s growth over the coming years” said Jez Mohideen,  Co-Head of Global Markets EMEA. Laser Digital

Founded last year by Nomura, Laser Digital was the brainchild of Steven Ashley, the former head of Nomura’s wholesale division, and Jez Mohideen, Nomura’s former Chief Digital Officer.

The UAE Ministry of Finance hints to the launch of Digital Dirham CBDC soon

The UAE Ministry of Finance hints to the launch of Digital Dirham CBDC soon

In a recent LinkedIn post, the UAE Ministry of Finance praised Fintechs and technologies such as AI Big Data and Blockchain and their role in redefining payments stating in a video that the launch of digital dirham soon. The digital dirham project is the CBDC project being developed within the Central Bank of the UAE.

As per the post, “Fintech, the cutting-edge integration of digital technology into financial services is reshaping the future of finance. From AI to Big Data and blockchain, fintech innovations optimise investments and redefine payments.”

In the video the UAE Ministry of Finance states, “ The UAE has started its digital currency strategy and the digital dirham is on the way!”

In April 2023, it was announced that R3 was chosen by UAE Central Bank as its technology partner to design and build a CBDC for the first phase of the central bank’s CBDC project because it is a permissioned based DLT (Distributed Ledger Technology) that decentralize assets privately and works well in regulated industries, but more importantly is its interoperability and asset fluidity. R3 will not only assist UAE’s Central Bank in developing a CBDC but also in tokenizing financial and non-financial activities, in addition to the digitalization of other financial services.

The Central Bank of UAE announced on March 23rd 2023 that it had commenced the implementation of its CBDC strategy in partnership with technology entities, UAE based G42 Cloud and Blockchain global solution provider R3. R3 then followed this with its own press release on April 4th 2023 explaining on the UAE Central Bank CBDC project including as well Clifford Chance who will be providing critical legal oversight for the strategy. 

Blockchain technology offers tremendous potential for the banking and financial services industry, and it’s estimated to create $3.1 trillion in new business value by 2030 across all sectors.

79% of those in financial services believe that blockchain and digital assets will be important to the industry over the next two years. 

It would seem that the UAE Ministry of Finance is preparing and readying the public for the launch of UAE’s CBDC the digital dirham, 

Dubai’s WOW Blockchain Summit launches $1 million startup competition at its UAE October 2023 event

Dubai’s WOW Blockchain Summit launches $1 million startup competition at its UAE October 2023 event

WOW Summit has announced the launched of its WEB3 Summit Dubai, widely hailed as the WOW SUMMIT Dubai to be held on October 8th and 9th 2023. 

Following its successful events in Lisbon and Hong Kong, WOW Summit Dubai 2023 emerges to unite distinguished industry titans, esteemed government officials, visionary funds, enterprising venture capitalists, boundary-pushing NFT and digital artists, trailblazing entrepreneurs, and influential multinational corporations.  The event will unfold at the  Atlantis the Royal, The Palm—a sanctuary of innovation where dreams transform into reality.

The Summit aims to drive the innovative trajectory of Web3, covering cutting-edge trends and innovations in technology. Through carefully selected programs, attendees will explore topics including the Web2 – Web3 transition, CBDC, regulations, asset tokenization, and the social impact and applications of blockchain and DLT technologies for real-life applications. 

Blockchain visionaries and digital assets leaders, alongside respectful UAE government officials will grace the conference stage, including Eowyn Chen, CEO, Trust Wallet; Joy John, Director, Cloud Native and Innovation, EMEA, Oracle; Talal Tabbaa, CEO CoinMena; Prof. Hoda Alkhzaimi, Director for EMARATSEC & Co-chair of the WEF Global Future Council; Ben Caselin, MaskEx SVP & CSO; Scott Tiel, TOKO Founder & CEO of TOKO by DLA Piper; Sam Katiela, Founder & CEO of Mamemo and Chairman of Crypto Valley Partners.

The summit will cover a wide range of topics and activities, providing valuable insights into the main NFT use cases, the latest updates on DEFi, DAOs, and dApps, digital asset management companies, global digital assists regulations, and more. Additionally, startup competitions will be held, offering valuable prizes to the winners and a chance to win up to USD 1,000,000 with the MMPro Expert program.

Ivan V. Ivanov, global CEO of WOW Summit, said: “Our mission is to organize an exclusive event unlike any other in the landscape of blockchain, web3, and crypto events. Our vision is to create an unparalleled experience, setting us apart from others in the region. We are fully committed to delivering top-notch content, showcasing world-renowned speakers, and forging strategic partnerships that define the cutting edge. To ensure the utmost value for our attendees, we meticulously verify all participants, guaranteeing the finest networking opportunities and the best event experience possible.”

 Join us now as we redefine the boundaries of what is possible and chart a course towards unprecedented success.

UAE Blockchain startups among UAE’s Ministry of Economy choices for top 100 future enterprises

UAE Blockchain startups among UAE’s Ministry of Economy choices for top 100 future enterprises

The UAE Ministry of Economy in partnership with the Minister of State for Government Development and the future has commenced application for the top 100 future enterprises including blockchain startups.

The initiative which was launched in December 2022 aims to accelerate the growth of promising UAE ‘Future Economy’ SMEs, encourage investment in ‘Future Economy’ companies in the UAE, strengthen UAE’s position as the start-up and scale-up nation and support the continued sustainable growth of the ‘Future Economy’ ecosystem.

100 startups based out of the UAE and utilizing technologies such as Blockchain, AI, Web3, robotics, IoT, 3D printing, working in sectors such as renewable energy, agritech, space, advance manufacturing, biotech, creative industries, sustainability, healthtech and cybersecurity will be able to participate in the competitionad be awarded Future 100 Label with various perks and benefits.

The chosen startups will have fast Access to Investors, Regulators And Business Community, support – Funding, Legal, Commercial, and Capacity Building

Applicants for the Future 100 will be evaluated on the basis of their creative capacity, market potential, and environmental, social and corporate governance impact.

Startups andSMEs  that have offices or operations in the UAE that are eligible to apply can submit an online application on the Future 100 website.

Blockchain and AI enabled WorldCoin World ID orb available in UAE at Crypto Oasis Centre

Blockchain and AI enabled WorldCoin World ID orb available in UAE at Crypto Oasis Centre

As per a recent announcement, WorldCoin, blockchain and AI based digital identity protocol World ID has launched one of its orbs in Dubai UAE, at Crypto Oasis Centre.

World ID according to WorldCoin ia a more human internet with global proof‑of‑personhood. Privacy‑First. Self‑custodial. Decentralized.

Worldcoin is dramatically increasing access to World ID—the digital identity protocol powered by the Worldcoin ecosystem. The project will increase the number of available Orbs to 1.5K throughout the summer and fall in more than 35 cities around the world. One of those cities listed is Dubai UAE.

The World ID Orb will be located at Crypto Oasis Innovation Hub, Gate C, Floor 1, Office 176, DIFC

Over the last six months of its beta phase, the Worldcoin project has verified the uniqueness and humanness of more than 40,000 individuals per week. The availability of 1.5K Orbs will more than 5x sign up capacity globally and enable millions of additional people to join the 2 million who have already signed up for World ID.

In countries like Spain, where more than 150K people have already verified their World ID, the project will scale its existing operations up to 3x in the coming months. In other countries such as France and Brazil, for a limited time pop-ups will allow people to locate a nearby Orb and sign up for World ID.

To review, the Orb, which was originally developed by Tools for Humanity (TFH), is the first custom biometric imaging device built for the Worldcoin project to verify humanness and uniqueness in a secure and privacy-preserving way. Anyone with a World ID-compatible wallet, such as TFH’s World App, can sign up for World ID at an Orb by visiting a Worldcoin Operator location or community specialist to access an Orb.

Currently and in the future orbs will be available in Dubai, Kampala, Nairobi, in the MENA region. As for the Americas, it will be available in Bariloche, Bogota, Buenos Aires, Cordoba, Los Angeles, Mar del Plata, Mexico City, Miami, Monterrey, New York, Rio de Janeiro, Santiago, San Francisco, and São Paulo

In Asia the orb is and will be available in Bangalore, Delhi, Ho Chi Minh City, Hong Kong, Manila, Seoul, Singapore, and Tokyo. While in Europe it will be available in Barcelona, Berlin, Bilbao, Lisbon, London,Madrid, Munich, Palma de Mallorca, Paris, Porto, Sevilla, Valencia,  and Warsaw

On July 24, the OpenAI CEO Sam Altman announced the launch of the Worldcoin protocol and the WLD token after years in development.

Altman claims that Worldcoin could eventually pave the way for AI-funded universal basic income — all while “preserving privacy.”

Backed by Andreessen Horowitz, Khosla Ventures, and LinkedIn’s Reid Hoffman, the startup has already raised close to $250 million as it begins to roll out its new global initiative. Prior to Monday’s debut, the company has already experienced a significant wave of interest, with over two million users participating in its beta version.