UAE ShipFinex partners with Tokeny to ensure regulatory compliance

UAE ShipFinex partners with Tokeny to ensure regulatory compliance

UAE based ShipFinex, tokenization platform for maritime finance, has announced a strategic partnership with Tokeny, the leading onchain finance operating system specializing in tokenized securities.

As per the announcement, the collaboration aims to transform the tokenization and management of maritime assets, introducing a new era of transparency, security, and compliance in the multi-billion-dollar maritime sector.

ShipFinex will leverage Tokeny’s state-of-the-art technology to ensure that all tokenized maritime assets on its platform adhere to the highest standards of regulatory compliance and security. This integration will utilize the ERC-3643 standard, bolstering investor confidence and setting a new benchmark for digital finance in the maritime industry.

ShipFinex and Tokeny will aim to offer a secure, transparent, and regulated marketplace that opens maritime investments to a broader range of global investors.

The announcement follows ShipFinex’s recent milestone of receiving initial approval from the Virtual Asset Regulatory Authority (VARA) in the UAE.

This partnership with Tokeny further underscores ShipFinex’s commitment to adopting world-class solutions to enhance the security and compliance of its platform. By integrating Tokeny’s robust infrastructure, ShipFinex is well-positioned to lead the digital transformation of maritime finance.

R3 DLT instrumental in UAE’s RAKBANK CBDC cross border transaction

R3 DLT instrumental in UAE’s RAKBANK CBDC cross border transaction

R3 announced on LinkedIn that it was thrilled about the success of UAE RAKBANK  in their first cross border CBDC transaction using mBridge in which R3’s issuance layer technology solution played an instrumental role.

David E Rutter, CEO of R3 said: “The first cross-border CBDC transaction by a UAE local bank, RAKBANK, is a groundbreaking development for the UAE, and the region more broadly.

He added, “R3’s issuance layer technology and CBDC integration solutions have been instrumental in supporting RAKBANK to achieve this exciting milestone in production. R3’s ambition is to continue to deliver interoperable distributed ledger solutions, using Corda, our open, permissioned tokenization platform to the UAE and beyond.”

Rutter adds that R3 is committed to working with UAE domestic banks like R3 to build their digital ecosystem.

The National Bank of Ras Al Khaimah (“RAKBANK”) recently became one of the first banks in the United Arab Emirates to execute an international remittance using mbridge CBDC. The Bank utilized China’s digital Yuan (eCNY) in exchange for the Digital Dirham, the UAE’s CBDC.

Vikas Suri, Co-Head of Wholesale Banking Group at RAKBANK, added, “The successful transfer of eCNY to our correspondent in China is a game-changer in several respects. It’s one of the first UAE-led foreign currency transfers executed in local currencies without involving a third currency to China and without using conventional payment rails. This is a gamechanger that paves the way for instant blockchain based CBDC exchanges with payment versus payment, fundamentally altering how we approach international payments. Our next steps will focus on supporting the China and UAE business corridor for our clients, by leveraging mBridge to reduce costs and improve the speed of remittances.”

In an IMF blog, the International Monetary Fund noted that almost two-thirds of countries in the Middle East and Central Asia are exploring adopting a central bank digital currency with Bahrain, Saudi Arabia and UAE in the more advanced proof of concept stages. The countries in MENA and Central Asia are studying CBDCs as a way to promote financial inclusion and improve the efficiency of cross-border payments.

The IMF Blog noted however that CBDCs require careful consideration, with each weighing their own unique set of circumstances.

Many of the 19 countries currently exploring a CBDC are at the research stage. Bahrain, Georgia, Saudi Arabia, and the United Arab Emirates have moved to the more advanced “proof-of-concept” stage. Kazakhstan is the most advanced after two pilot programs for the digital tenge.

Five digital asset startups accepted into Abu Dhabi’s Hub71 cohort

Five digital asset startups accepted into Abu Dhabi’s Hub71 cohort

Abu Dhabi Hub71 welcomed 21 new startups to its Cohort 15, among them five startups into its digital asset’s cohort. The five startups set to join Hub71+ Digital Assets, a specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets include Norway-based Gateway.fm, a distributed blockchain infrastructure that automates and provides enterprises with turnkey solutions for deploying private blockchains and infrastructure. The company has raised USD 6 million (AED 22 million).

Also joining the Hub71 + Digital Asset cohort is Chainsight, a platform aggregating on-chain and off-chain data, including Real World Assets (RWAs), to deliver comprehensive insights through time-series analysis.

easeflow will also join. It is an AI enabled management tool that simplifies node setup, operation, and management for node operators in the blockchain industry, while Greengage is a Web3 FinTech company providing accounts and lending services to SME’s and family office clients.

UK-based Greengage that offers Web3 FinTech solutions for SME and family offices has raised USD 10 million (AED 36 million) in funding is set to join the Hub71+ Digital Assets specialist ecosystem. By joining Hub71, these startups are establishing operations in Abu Dhabi, further solidifying the UAE capital’s status as a leading global tech hub and a preferred destination for entrepreneurial growth.

Finally Stables has joined. It is a platform that offers a mobile-first digital wallet live in 130 countries, powered by stablecoins to make cross-border remittances.

So far since its inception the Hub71 Cohort 15 has raised over $130 million in capital for startups with 80 percent of those startups headquartered outside UAE.

Hub71, Abu Dhabi’s global tech ecosystem, has welcomed 21 startups in Cohort 15, increasing the total number of ventures it supports to 243. Following a rigorous selection process, these startups will enter Hub71’s Access program and the specialist ecosystems of Hub71+ Digital Assets and Hub71+ ClimateTech.

Collectively, the startups in Cohort 15 have raised USD 134.9 million in funding, which underlines Hub71’s success in attracting high-potential startups poised to drive technological innovation across the priority sectors of Abu Dhabi’s diversified economy.

Ahmad Ali Alwan, CEO of Hub71, said: “Cohort 15 is abundant with pioneering startups that are positioned to contribute to Abu Dhabi’s innovation ecosystem. By providing the startups with access to investment opportunities and market reach, Hub71 is supporting the founders’ journey in Abu Dhabi and accelerating their transformative impact globally.”

By joining Hub71 “Access” and Hub71+ specialist ecosystems, startups will be able to tap into a vibrant community of mentors, partners, and investors within Abu Dhabi’s thriving technology ecosystem, gaining access to market opportunities, top talent, and capital, which significantly enhances their prospects of securing commercial deals, attracting investment, and driving market growth. Additionally, startups will benefit from up to AED 250,000 worth of in-kind incentives and AED 250,000 in cash for equity, through a SAFE note. High-performing startups will also be eligible to receive a top-up of up to AED 250,000 in exchange for additional equity upon completing the program.

Holon a decentralized green storage provider signs agreement with Arclive

Holon a decentralized green storage provider signs agreement with Arclive

Holon Global Investments Limited (Holon), a technology company aimed at creating a greener Web3 ecosystem, has signed partnership agreement with ArcLive Limited to deliver a solution to enhance energy performance and sustainable data management for both domestic and commercial premises.

Launching this strategic and promising collaboration, Holon and ArcLive signed a Memorandum of Understanding (MoU) on the first day of the Dubai AI & Web3 Festival. Holon’s Managing Director Heath Behcncke and ArcLive’s Co-founder Nicholas Edwards were present to sign the agreement.

Holon, is a green, verifiable distributed data storage and computing company that operates energy-efficient, immersion-cooled edge data centers powered by renewable energy sources utilizing blockchain technology, Holon provides robust governance over the data stored in its systems, ensuring security and sustainability.

ArcLive specializes in the collection, storage, collation, analysis, and presentation of real-time data from various premises and buildings. By leveraging sensors and other hardware, ArcLive collects performance data to help customers analyze and improve the energy efficiency of their buildings.

This joint solution enables regulatory compliance with sustainable finance objectives and helps property owners and their lending banks achieve their decarbonization targets, all while being powered by green energy.

In addition Holon also entered into a partnership with Magma ,a platform that integrates 3D modeling with blockchain technology to enhance collaboration in real estate by exploring opportunities in decentralized data storage, tokenization of real estate assets, and the integration of blockchain technologies.

Holon and Magma aim to develop new solutions that enhance data privacy, ownership, and energy efficiency in building management. By combining their expertise, both companies will focus on creating secure, sustainable, and efficient data management options for residential and commercial properties.

Holon Global Investments Limited (Holon) officially appointed Michael Clark as its Global Holon Evangelist at the highly anticipated Dubai AI & Web3 Festival.

Michael, a renowned data scholar and industry advisor, will work closely with Heath Behncke, Holon’s Managing Director, to advance Holon’s pioneering roadmap for data custodianship, decentralized sustainable storage, and tokenization.

These partnership agreements comes weeks after Holon announced its presence with an office in the UAE.

Ripple renews blockchain research partnership with NYU Abu Dhabi University

Ripple renews blockchain research partnership with NYU Abu Dhabi University

Ripple, provider of digital asset infrastructure, proudly has renewed its partnership with NYU Abu Dhabi through its University Blockchain Research Initiative (UBRI). As per the announcement, this extension solidifies Ripple’s commitment to advancing blockchain research by supporting innovative student initiatives in the region, bringing the total funding grant to over $1 million in support of NYU Abu Dhabi research projects and student initiatives.

“Ripple and NYU Abu Dhabi share a vision of unlocking the full potential of blockchain research and innovation in the region,” said Reece Merrick, Ripple Managing Director, Middle East, and Africa. “The UBRI program plays a crucial role in supporting cutting-edge research and academic exploration, and this ongoing collaboration exemplifies Ripple’s dedication to driving transformative advancements in digital finance. Coupled with our recent partnership with the DIFC Innovation Hub to support blockchain innovation in the region, these initiatives highlight our broader strategy to integrate blockchain technology into startups and established institutions in the UAE.”

Ripple’s UBRI program is dedicated to fostering blockchain research and development at over 58 universities worldwide. The initiative aims to drive global adoption and interoperability of digital assets through strategic support, technical resources, and funding grants. UBRI’s global impact encompasses over $60 million in funding since its launch in 2018.

Lauren Weymouth, Director, University Partnerships at Ripple, added, “Ripple’s University Blockchain Research Initiative is dedicated to advancing blockchain research and education globally. In the past year alone, we’ve seen remarkable progress, funding over 313 scholarships and blockchain-related research projects and publishing over 150 research papers and technical projects. As we build on this momentum, we’re eager to further collaborate with NYU Abu Dhabi to cultivate innovation, foster fintech advancements, and contribute to the UAE’s growing leadership in the digital economy. By supporting UBRI-led research, we are investing in a region that leads in innovation and technological advancement, reinforcing our mission to foster transformative projects and support the UAE’s vision of becoming a global financial hub.”

Raša Karapandža, Visiting Professor of Economics at NYU Abu Dhabi, added, “NYU Abu Dhabi is thrilled to extend its partnership with Ripple, which has been instrumental in placing the university at the forefront of blockchain research and education in the region. The continued support from Ripple’s UBRI program strengthens our commitment to driving innovation and fostering a forward-thinking mindset within our academic community. As we extend this partnership, we aim to further empower our students and faculty by deepening their engagement with blockchain technology, advancing research in this transformative field, and equipping the next generation with the skills and knowledge needed to lead in the rapidly evolving digital economy.”

NYU Abu Dhabi was the first UAE university to join Ripple’s University Blockchain Research Initiative (UBRI). Since its inception in 2021, the Ripple Blockchain Collaboratory at NYU Abu Dhabi has successfully driven research and project-based courses in blockchain, cryptocurrency, cybersecurity, and fintech. Additionally, it has integrated with the Corporate Sprint Accelerator Program powered by startAD, helping fintech and blockchain startups launch and scale in the UAE through innovative pilot projects.

In its fourth year, this renewed partnership with NYU Abu Dhabi is part of Ripple’s broader strategy to deepen its engagement in the UAE and the wider Middle East region, underscoring its dedication to nurturing talent, fostering innovation, and advancing the adoption of digital assets.

As part of its commitment to its university partners, UBRI has played a pivotal role in this collaboration. NYU Abu Dhabi professors, including Raša Karapandža and Yaw Nyarko, are conducting world-class, UBRI-led research using blockchain and AI to create efficient markets in Africa, with a live crypto project in Ghana. The goal of their research is to leverage technology and markets to transform rural agricultural markets in developing countries, apply innovative blockchain technologies, digital currencies, and AI to benefit these markets, and improve the livelihoods and economic development of the poorest farmers in sub-Saharan Africa through technological innovations, enabling sustainable prosperity and growth.

Additionally, the university has been running an XRP Ledger (XEPL) validator and a new EVM side chain validator to enhance XRPL interoperability and support the broader adoption of innovative technologies in the region. Furthermore, the university has been offering fintech courses as well as courses on Technology and Economic Development that cover blockchain and AI technologies in great depth to prepare the next generation of leaders.

Upcoming AIM Congress in Abu Dhabi to delve into digital economy, blockchain, and IoT

Upcoming AIM Congress in Abu Dhabi to delve into digital economy, blockchain, and IoT

The AIM Congress 2025, a well-known global investment platform, which will be held from April 7th-9th 2025, under the theme “Mapping the Future of Global Investment” will have a dedicated portfolio for Digital Economy in addition to its FDI (Foreign Direct Investment) portfolio which will address digital transformation as one of the key drivers.

The Digital Economy portfolio is dedicated to supporting the transformation of the global economy into a digitally-driven economy, fostering a sustainable, inclusive and secure digital future. Digital technologies present unparalleled opportunities for economic transformation. They enable novel interactions among individuals, communities, and governments, facilitate access to information, streamline business operations and enhance engagement with public authorities. Also, the diminishing of geographical and physical barriers creates new avenues for economic, social and cultural development, while also boosting regional and global competitiveness.

As per the announcement, digital transformation, data-driven insights, automation, the Internet of Things, blockchain adoption, focussing on cybersecurity and cognitive technologies are among the key drivers revolutionizing the finance industry. Over the next five years, these advancements are expected to significantly reshape the sector at all levels. The Future of Finance portfolio offers a unique opportunity for finance professionals and stakeholders to network, exchange experiences, and gain valuable insights, enabling participants to navigate and thrive in this rapidly evolving financial landscape.

The AIM Congress 2025 will include eight portfolios, which include Foreign Direct Investment (FDI), Global Trade, Startups & Unicorns, Future Cities, Future Finance, Global Manufacturing, Digital Economy, and Entrepreneurs. These portfolios will encompass a broad range of sectors such as smart agriculture, energy, infrastructure, finance and stock exchange markets, and information and communication technology. Additionally, they will address industry, medical tourism, biotechnology, medical technology, the pharmaceutical industry, international trade, logistics and transportation, water technology, tourism, and education. This diverse lineup underscores AIM’s comprehensive approach to exploring and advancing critical areas of development and innovation.

Focussing on innovation and entrepreneurial opportunities, the Startups and Unicorns portfolio will bring together leading innovators, seasoned investors, industry professionals and influential organizing bodies from around the globe, thereby contributing to equipping startups with essential information, tools and networking opportunities to ensure their success in the competitive market environment.

AIM Congress 2025 will explore the latest trends and developments shaping the global investment landscape, focusing on addressing current and future challenges while driving collaborative efforts to forge innovative solutions, with the goal of fostering a balanced, prosperous and sustainable global economy.

The event will see the participation of an elite group of leaders, government officials, policymakers, industry leaders, senior regional and international investors, as well as prominent international companies and organizations from various sectors.

His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and President of AIM Congress, emphasized the significance of this gathering, stating, “AIM Congress 2025 is an opportunity to reaffirm the UAE’s unwavering commitment to leading global efforts in addressing the pressing economic challenges of our time. As the world navigates profound economic shifts, AIM will provide a crucial platform for the international community to come together, devise innovative investment strategies, and build a framework that ensures sustainable and inclusive growth for all.”

HE Al Zeyoudi went on to say, “As the hosts of this prestigious global investment congress, the UAE is leveraging its forward-looking vision and the guidance of our wise leadership to deepen our engagement with the world in trade and investment, expanding economic partnerships with key global economies that will drive progress towards a more interconnected and resilient world economy. AIM Congress 2025 is a critical opportunity to exchange expertise, share pioneering innovations, and lay down a roadmap for the future of sustainable global investment.”

Building on the continued success of the previous editions of AIM Congress, the organizing committee is committed to meeting the high expectations of the global investment community. AIM Congress 2025 will be expanded significantly, with an increased number of events, activities and exhibitors. The exhibition area will be doubled to over 30,000 square metres, and the event will host more than 25,000 distinguished participants from 180 countries, with over 1,000 speakers are expected to engage in more than 350 panel discussions.

Dawood Al Shezawi, Chairman of the Organizing Committee of AIM Congress, emphasized the event’s ongoing success and increasing participation. He said: “Following the resounding success of the previous AIM Congress, which attracted 12,427 prominent figures from 180 countries and featured 412 dialogue sessions exploring investment trends, challenges and opportunities, we are committed to building on this momentum. The previous edition featured 927 speakers, including industry leaders and policymakers, who engaged in discussions to foster collective action and collaboration aimed at driving sustainable global economic growth.”

Al Shezawi added: “As we prepare for AIM Congress 2025, we are dedicated to organizing a bigger and more impactful edition with the goal of continuing the journey towards shaping a more prosperous and inclusive global economy and achieving sustainable economic development, contributing to shaping the evolving investment landscape with renewed vigour.”

Al Shezawi said: “In its commitment to stimulating strategic partnerships, the AIM Congress 2024 signed 43 memorandums of understanding between government entities, financial institutions and private sector companies. It also coordinated 8,130 bilateral meetings between investors and participating entities. The agenda of AIM Congress 2024 also included an exhibition, which was dedicated to highlighting the latest innovations, products and services showcased by 352 exhibitors.”

UAE based Klumi Ventures for Web3 partners with DWF Labs

UAE based Klumi Ventures for Web3 partners with DWF Labs

Klumi Ventures and DWF Labs, an investor and market maker have partnered to offer comprehensive strategic advisory, investments, and market-making expertise for companies entering the UAE market.

As per the press release, the collaboration provides essential support in go-to-market strategies, regulatory compliance, fundraising, and business development. Additionally, DWF Labs will facilitate OTC deals and launch a new options platform, offering Klumi Ventures’ clients access to crucial liquidity, tailored trading solutions, and varied yield opportunities.

Kristiina Lumeste, SEO and Founder of Klumi Ventures, commented, “DWF Labs is one of the leaders in the Web3 space and has seen notable success in Asia. The team is now expanding its footprint to the UAE and we are excited to support DWF’s top portfolio companies and contribute to the growth of their Web3 ecosystem in the UAE.”

Klumi Ventures and DWF Labs will collaborate to offer comprehensive strategic advisory services to companies looking to expand into the UAE market. This includes guidance on go-to-market strategies, regulatory compliance, fundraising, and business development to ensure successful expansion.
Leveraging DWF Labs’ expertise in investments and market making, the partnership aims to provide Klumi Ventures’ portfolio companies with access to crucial liquidity and capital resources, enabling them to scale effectively in the UAE’s growing digital asset market.
OTC Deals and Options:

DWF Labs will facilitate OTC deals, providing tailored solutions for clients seeking to trade large volumes of digital assets securely and efficiently. In addition, DWF Labs is soon launching its own full scale options platform where Klumi Ventures clients can access various levels of yields.
The partnership will launch a series of educational initiatives in the UAE, including workshops, aimed at sharing critical knowledge and tools needed to thrive in the UAE Web3 ecosystem. These initiatives will focus on strategies, networking, regulatory and legal requirements, and the complexities of operating within the UAE market.

“This partnership with Klumi Ventures represents a significant step forward in our shared vision to build a robust Web3 ecosystem that supports innovation and sustainable growth across the UAE region. Together, we are strategically positioned to drive the digital transformation in the UAE, empowering both new entrants and established institutions to thrive in this dynamic landscape,” said Andrei Grachev, Managing Partner at DWF Labs.

The collaboration between Klumi Ventures and DWF Labs stands as a testament to the UAE’s ambition to become a leading global blockchain hub. By combining their expertise and resources, Klumi Ventures and DWF Labs are set to foster innovation and accelerate Web3 adoption across the MENA region, delivering significant benefits to startups and established institutions alike.

Last month Klumi Ventures partnered with Fuze, the Middle East’s regulated digital assets and blockchain infrastructure provider to harness Klumi Ventures’ investment acumen and Web3 expertise alongside Fuze’s digital assets infrastructure to accelerate the adoption of Web3 technologies throughout the region.

UAE University carries out study on Blockchain for food safety

UAE University carries out study on Blockchain for food safety

The American University of Ras Al Khaimah ( AURAK) in UAE has released a new study on how the use of the Internet of Things (IoT) and blockchain to dramatically boost food safety.

The study, done by Dr. Tahseen Arshi, Associate Provost for Research and Community Service at AURAK, in collaboration with researchers from the University of Naples, Italy, advocates integrating the IoT and blockchain to revolutionize the food supply chain significantly. Dr. Tahseen argues that combining these technologies into the food supply chain gives companies visibility into the upstream supply chain.

Food safety is a pressing global concern, particularly in light of the rapidly growing world population (currently 8.11 billion). WHO estimates that 600 million people – almost 1 in 10 persons in the world – fall ill after eating contaminated food, and 420,000 die every year.

This underscores the critical need for innovative solutions, such as those proposed in the study, to enhance food safety. For instance, IoT can track the temperature of food products during transportation, helping to prevent spoilage. Similarly, blockchain can provide a transparent record of a food product’s journey, from farm to table, helping to identify the source of contamination in case of an outbreak.

Prof. Stephen Wilhite, Senior Vice President of Academic Affairs and Student Success and Provost at AURAK, stated: “Food safety is a highly complex issue. Given the dangers it poses to public health, it is vital we use new technologies to monitor the supply chain. AURAK is happy to support this research study, which is an earnest effort to highlight how the effective use of IoT and blockchain can prevent contaminated food from reaching consumers by enabling enhanced transparency and traceability in the food supply chain.”

Dr. Tahseen Arshi commented, “With the rising population, food safety will be under greater threat. Coupled with this, changing climatic weather patterns, scarcity of water, and soil degradation caused by industrialization and urbanization are adding to the problem. Our study investigates how technologies like the IoT and blockchain can revolutionize how food is monitored, traced, and managed across the supply chain, enhancing transparency, accountability, and efficiency.”

The study demonstrates how these new technologies can be game-changers in the area of food safety. Blockchain enables end-to-end traceability of food products. Each stage of the food supply chain—from production to processing to distribution—can be logged on a blockchain. IoT can track food products in real-time through sensors that capture and transmit data on where food has been, how long it has been stored, and under what conditions.

According to the study, these technologies are used for a wide variety of applications, such as Real-Time Monitoring (using sensors and smart tags to monitor environmental conditions during transportation), Predictive Maintenance (IoT devices monitoring equipment for signs of wear and tear); Automated Compliance (monitoring compliance with food safety regulations); Immutable Records (providing a decentralized, immutable ledger to record every transaction or change in the food supply chain) and Enhanced Transparency (access to detailed information about the origins and handling of food).

One of the biggest benefits offered by these technologies is Streamlined Recalls. In the event of a food safety issue, blockchain can help quickly identify and isolate affected products, streamlining the recall process and minimizing the impact of food safety incidents.

The study was published in 2023 as a chapter in IGI Global’s book ‘Impactful Technologies Transforming the Food Industry.’ IGI Global is a Scopus-indexed, US-based, independent international academic publisher dedicated to releasing high-quality, peer-reviewed scholarly research publications.

Central Bank of Qatar token regulations excludes crypto and stablecoins

Central Bank of Qatar token regulations excludes crypto and stablecoins

Qatar just announced its digital assets or token regulations. The Central Bank of Qatar, Qatar Financial Authority, as well as the QFC regulatory authority released the regulations that would allow for tokenization of real world assets not including cryptocurrencies or stablecoins. This comes after Qatar had announced its DLT regulations, as well as launched its Digital Assets Lab. Throughout this time Qatar had always made it clear especially through QFC that this pertained to tokenization of real world assets for financial and investment purposes.

On Sunday October 29th, Qatar announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. The digital asset lab was aimed to develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

Today the digital asset token regulations has provided the framework to implement this.

The regulations cover all activities related to permitted tokens

As per the framework the regulations apply to tokens meeting the criteria specified which are under permitted tokens. It also covers transactions involving permitted tokens, and the provisioning of these token services. It also covers token custodians, and token exchanges, token transfer providers, token validators as well as token issuers which they call token generators.

Token custody services means the service of holding or controlling tokens on behalf of clients; or holding or controlling the means by which clients’ tokens may be recorded and transacted on token infrastructure. A company that holds or safeguards the private keys for its clients’ tokens is providing custody services in relation to those tokens. An entity licensed to provide token custody services may be referred to as a token custodian.
Qatar regulations also discussed Operating a token exchange which means operating a system which brings together multiple third party buying and selling interests in tokens, in accordance with the system’s non-discretionary rules, in a way that results in a contract in respect of the tokens. As per the regulation a token exchange which operates a facility which is merely an order routing system where buying and selling interests in, or orders for, tokens are merely transmitted but do not interact is not operating a token exchange.

Token is defined as digital representation of real property or rights

As per the regulation a token means a unique electronic data unit that is cryptographically secured. It is a digital representation of real or personal property rights including contractual rights and is capable of being issued, transferred or stored using DLT ( Distributed Ledger technology) or other similar technology.

DLT or blockchain technology will be used to transfer and store the permitted token.

Crypto and stablecoins not included in Digital asset regulation

The new digital asset regulations however are very clear on what they considered as not permitted tokens. In short, non permitted tokens are tokens that do not represent a right in a property. As such cryptocurrencies, and stablecoins are considered not permitted or excluded tokens from this regulation.

As noted in the regulation “ Excluded tokens include a currency that can otherwise be used as a means of payment. Examples: A cryptocurrency token that is used as an alternative to fiat currencies but is not issued or backed by any governmental authority and does not represent any ‘off-chain’ property, is an example of an excluded token.”

It goes on to add, “ A token commonly referred to as a stablecoin, is an example of an excluded token. This is because a stablecoin is regarded as a substitute for currency that can be used as a means of payment.”

Accepted tokens include for example a token representing a right to a commodity, such as a precious metal.

Investment tokens included in regulation

The regulation also allows investment tokens under what it calls tokenized schemes or token investing schemes or tokenized funds.
As per the regulations, “ A QFC scheme, or a sub scheme of a QFC umbrella scheme, is a tokenized scheme if any of the units in the scheme or sub scheme are investment tokens. A QFC scheme, or a sub scheme of a QFC umbrella scheme, is a token investing scheme if the scheme’s, or sub scheme’s, constitutional document states that it is an object of the scheme to invest in tokens.”
The regulation notes that tokenized investment schemes could cover Islamic funds, money market funds, feeder funds or property fund schemes.
In addition the regulation discusses tokenized investment funds and notes that, “ a professional investor fund is a tokenized fund if any of the units in the fund are investment tokens; a token investing fund if the fund’s constitutional document states that it is an object of the fund to invest in tokens.

 H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Qatar Central Bank Governor, stated, “Launching the 2024 Digital Assets Regulations marks a significant milestone in our journey towards realizing the Third Financial Sector Strategy.” He noted that this framework will create significant opportunities and support establishing a robust regulatory environment within the financial sector. This will support Qatar’s digital transformation goals, in line with the Third National Development Strategy, the final phase of the Qatar National Vision 2030.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, added “The introduction of the Digital Assets Framework 2024 underscores our commitment to creating a robust regulatory regime aligned with international best practices. We are proud to set a blueprint for developing, applying, and operating digital assets, that promotes market trust and confidence. We anticipate that this regulatory clarity will attract both domestic and international players, boosting Qatar’s financial services sector competitiveness.”

UAE based Web3 entity Verofax for customer relations raises $3 million

UAE based Web3 entity Verofax for customer relations raises $3 million

The Abu Dhabi-based Web3 services provider Verofax has raised $3 million in bridge capital. Leads in the round were King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK. Other participants included Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.

As per the announcement, the money will be used by the company to carry out its planned projects in the Middle East and the EU, including AI-powered guides in the GCC and sports fan guides in the EU and North America.

Verofax uses patented Web3 technologies like augmented reality, blockchain, and artificial intelligence to create elevated tourist, shopper, and brand marketing experiences. These technologies allow retailers, sports stadiums, and destinations to make their experiences more interactive, increase conversion, and promote social virality. Through direct involvement and the use of gamification, brands can establish a closer relationship with their customers and achieve better outcomes from AI and AR experiences.

Leading companies such as Anheuser Busch Inc. and Emirates Airlines currently use Verofax products, which are applicable to a variety of industries, including retail, tourism, and sports.

Wassim Merheby, CEO of Verofax, said, “Our solution helps tourists elevate their experiences, unlock personalized discounts and offer gamified ‘Explore to Win’ sponsored games in augmented reality. This allows enterprises and brands to sponsor and elevate their marketing efficiency, power direct-to-consumer communication and deliver amazing experiences to drive growth and boost loyalty. We are thrilled to be joined by strategic investors that will help us accelerate our AI guide solution and AR gamified experiences and grow through their collective network and with their advice.”

This allows travel destinations, retailers, and sports stadiums to make their experiences interactive in order to increase conversion and social virality. Through direct involvement and gamification, brands can increase consumer intimacy and get unparalleled outcomes from AI and AR experiences.

Verofax has received numerous accolades for using artificial intelligence in the retail and tourism industries, and it has made over $3 million in sales for Fortune 100 firms in 50 different countries so far.