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

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

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

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

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

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

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

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

UAE Etihad Airways NFT Collection now on sale

UAE Etihad Airways NFT Collection now on sale

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UAE ranks third globally in terms of number of Blockchain startups

UAE ranks third globally in terms of number of Blockchain startups

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

OasisX MultiChain NFT marketplace the Oasis for NFTs in the MENA region

OasisX MultiChain NFT marketplace the Oasis for NFTs in the MENA region

The NFT (Non Fungible Token) marketplace trading volume is currently at around 4 billion USD per month despite the crypto bearish sentiments. Yet, the NFT segment is still far from saturated or mature, thus promising massive opportunities. Dubai-based OasisX, the first multi chain curated NFT Marketplace and Creator Studio is launching in a few weeks, paving the way for MENA based creators, collectors, and brands to take part in this new digital era. The platform has already on boarded more than 100 artists for its launch in addition to multiple regional brands for web3 activations.

Najib Khanafer, Ramzi Mneimneh, and Jimi Ibrahim decided to take on the challenge of building secure and accessible tools to navigate the NFT and web3 world, bringing meaningful impact to artists, creators, collectors and brands from the region. All three have extensive knowledge in crypto, blockchain and technology and have been early adopters of this disruptive digital trend According to the founders, Web3 is a more trustworthy foundation for achieving financial freedom; and NFTs represent a first, modest step towards solving one of the core problems of Web 2.0: digital applicability and ownership.

LaraontheBlock sat down with the Co-Founder of OasisX Najib Khanafer to learn more about the founders’ story and their unique and innovative platform, predicted to onboard artists, creators and collectors into the realm of NFTs.

What is OasisX?

As the name suggests, an oasis is a fertile ground in the middle of the desert, where water and plants are found. The X in OasisX is for Xploration, and marks the final destination for creators, collectors, and brands to position themselves on the web3 map. OasisX is a world where creativity is unlocked and where everyone can belong and discover their full potential.

NFTs have the right formula for success in MENA. Creative talent, culture, and the rich history of the region coupled with right tech infrastructure and regulatory environment will drive adoption. Khanafer states, “We are building the tech foundation and frontier to bridge the gap between MENA creators and web3, while providing collectors with a new way to support, own and trade in the upside of creativity.”

The broad NFT ecosystem continues to grow and expand, branching out into various new fields that have yet to be explored. At OasisX, users will be exposed to a wide range of categories, including 1/1 art, editions, PFPs, domain names, metaverse objects, music, and many more. To cater to that, OasisX supports the creation of NFTs using different multimedia types such as images, gifs, videos, audio, AR/VR, 3D objects and even documents.

Khanafer states: “We are still just scratching the surface of NFT applications. OasisX aims to support future use cases beyond digital art and collectibles, the obvious being other forms of creative output like utility NFTs and financial contracts (real-world assets). ”

With this in mind, OasisX intends to empower communities by supporting ownership through its inclusive NFT marketplace and Creator Studio, which will unlock new opportunities for artists, creators, brands, and collectors.

NFTs at scale done easy

The current NFT journey is complex, expensive and out of reach for artists, creators and creative teams. The Creator Studio, LaunchX, will securely enable its users to create, manage and mint NFTs at scale, without a single line of code, and at a highly reduced cost.

Khanafer explains, “We created a product that gives creators and brands the opportunity to engage with a tech trend. LaunchX is powered by an AI art generator, a smart contract creator and minting page editor, preserving true creative ownership.”

The user-friendly platform removes the barriers to entry for anyone who wants to tokenize their IP, while reducing the go-to-market and NFT deployment time from months to minutes. In short, LaunchX will enable NFT project creation in a few clicks.

Community empowering NFT Marketplace

As for the Marketplace, it allows users to list and shop NFTs on multiple chains including Ethereum, Polygon and Solana, while offering simple on boarding, non-crypto checkout options, and many other power tools such as bulk creation. Additionally, in its efforts to serve the MENA region, OasisX supports Arabic language on the platform.

Building the Oasis

After raising its pre-Seed round led by angel investors; the company is now looking to raise an additional 3 million USD in a new funding round. A majority of the funding will go into scaling the team, product and brand.

OasisX founders envision a future where the company will continue to exploit the potential of this technology, cementing it as a web3 powerhouse from the MENA region.

Blockchain RippleNet to power remittance service between Qatar and Philippines

Blockchain RippleNet to power remittance service between Qatar and Philippines

Qatar National Bank (QNB) has launched a direct remittance service powered by Blockchain RippleNet. The remittance service will offer money transfers from Qatar to Philippines connecting through China Bank.

China Bank is one of the leading private banks in the Philippines.

RippleNet is a financial technology powered by leading enterprise blockchain and crypto solutions provider. The new service will provide the Bank’s customers with a convenient remittance experience and a fast cross-border money transfer solution.

The service, which mainly targets Philippine nationals in Qatar, will allow them to make fund transfers  up to PHP 50,000 to any bank in the Philippines in real- time. All transactions above PHP 50,000 sent prior to the cut off time (3pm Manila time during working days)      will be credited on the next working day.

Adel Al-Malki, General Manager QNB Group Retail Banking, said: “QNB has always been pioneer financial technology accelerator in Qatar and the region. Our partnership with Ripple will provide our customers with a frictionless and safe experience to send funds in a way that fits their lifestyle.”

Navin Gupta, Managing Director, South Asia & MENA at Ripple said: “QNB is our biggest partner in the MENA region and we are delighted to continuously strengthen this partnership on RippleNet to additional countries. The Philippines is one of the largest remittance receivers globally, and we are pleased to be connecting QNB with China Bank to process remittances from Qatar to Philippines via RippleNet. ”

Zimbabwe grants UAE Mulk International exclusive license to establish a blockchain and digital assets zone

Zimbabwe grants UAE Mulk International exclusive license to establish a blockchain and digital assets zone

UAE Mulk International has been granted an exclusive license to establish a blockchain and digital assets special economic zone in Zimbabwe. This comes in parallel with Mulk International pledge to develop a 500 million USD Cyber City Hi tech park near the capital of Zimbabwe, Harare.

The project Zim Cyber City, will facilitate special window clearance of blockchain and digital assets licenses and bank accounts, cutting-edge office spaces and high-end residential living for all individuals and entities operating and living in the community.

Owner of Mulk International, Dubai based billionaire Shaji Ul Mulk has pledged to fund the project. As per an interview with Zimbabwean media, Ul Mulk stated, “The project will include villas, cyber technology offices, shopping malls, and the tallest tower in Africa the Mulk Towers all constructed on 2.5 million square metres of land.”

The first phase of the project is expected to be complete in the next two years. Local businessman Tempter Tungwarara, who first brought the investor, said he was ecstatic that his efforts were finally coming to fruition.

The President of Zimbabwe, Emmerson Mnangagwa broke ground to launch the $500 million (Dh1.83 billion) Zim Cyber City.

Adnan Ul Mulk, Vice-Chairman of Mulk International, says, “We are keen to witness Zim Cyber City’s role in the successful integration of blockchain and crypto technology and premium, residential living. I am thankful to President Emmerson Mnangagwa for his staunch support in making Zim Cyber City a project of national importance.”

Saudi PetroChemicals manufacturer launches traceability Blockchain pilot

Saudi PetroChemicals manufacturer launches traceability Blockchain pilot

Saudi based SABIC, petrochemicals manufacturer majority owned by Aramco, has launched a pilot project to investigate utilizing blockchain technology to support end to end traceability of circular feedstock. KSA based SABIC has partnered with Finboot, Plastic Energy, and Intraplás.

SABIC has launched this pilot project to demonstrate the feasibility of using a blockchain-based, value-chain IT application. SABIC’s is the first project of its kind in the industry to trace the product from feedstock production to converter, going further than previous industry applications of blockchain in end-to-end tracing. The platform offers reduced costs, time and improved data integration for all value chain partners.

Waleed Al-Shalfan, Vice President Polymers Technology & Innovation at SABIC, said: “At SABIC, we have a deep commitment to innovation and technology that can help us to deliver more sustainable solutions to our customers. Our vision to create a circular economy for plastics requires a total transformation of the value chain, and pioneering partnerships with partners both upstream and downstream. Blockchain technology holds exciting potential for the provision of our TRUCIRCLE products to customers, and therefore for our commitment to supporting customers in their sustainability ambitions.”

Finboot’s MARCO software solution acts as middleware layer and will track the TACOIL produced by Plastic Energy from their recycling process, the delivery of this oil to SABIC for conversion into its TRUCIRCLE circular polymers, and finally the delivery of the polymers to Intraplás for conversion into their packaging solutions. The technology also ensures that all data gathered remains immutable while shared across suppliers, customers and regulators – providing transparency, auditability and accountability in a complex industrial ecosystem.

 Juan Miguel Pérez Rosas, CEO of Finboot, commented: “We are excited to embark on this pilot as it will significantly contribute to the development and progression of a circular economy, while setting the example for best practice for the global manufacturing sector. SABIC is at the forefront of its industry, always looking to the future and investing in technology and innovation to accelerate its digital transformation that supports the circular economy.

Marisa Alves, Chief Procurement Officer at Intraplás, also stated, “As a global provider of packaging solutions, Intraplás has the clear ambition to make sustainable packaging broadly available to the market, without compromising the environment and food safety, something that boosted the participation on this important project with our supplier and long-term partner SABIC. The blockchain technology project will reinforce our objectives even more, as it will help us to improve performance, create additional transparency to the supply chain and promote digital traceability for our certified circular packaging. This is an Intraplás contribution, through more concretely sustainable solutions, to a real circular economy.”

 Carlos Monreal, Founder and CEO of Plastic Energy commented, “As a company who has developed our own innovative technology, we at Plastic Energy are excited to explore the opportunities that new technologies like blockchain can offer. This pilot has the potential to make a big impact in the value-chain, providing a new level of traceability and transparency for recycled plastics, and demonstrating how advanced recycling can play a valuable role in the circular economy of plastics