Crypto.com and Coca Cola offer Fans of World Cup FIFA 2022 from GCC and MENA NFT collection

Crypto.com and Coca Cola offer Fans of World Cup FIFA 2022 from GCC and MENA NFT collection

Coca-Cola and Crypto.com, sponsor of Qatar World Cup 2022, have teamed up to launch an NFT collection inspired by the Qatar 2022 FIFA World Cup. The collection, created in collaboration with digital artist GMUNK, is based on “heat maps” that visually represent the movements and highlights of the tournament’s players. GMUNK has created 10,000 NFTs based on these heat maps, which will be available to fans on the Crypto.com NFT platform from May 1 to July 31, 2022.

To access the NFT collection, fans will need to create an account on the Crypto.com NFT platform and visit Coca-Cola’s fan zone page to mint a token. The Coca-Cola fan zone is a digital hub for the Qatar 2022 FIFA World Cup that offers fans the opportunity to experience thrills, excitement, games, and moments to remember during the tournament.

 In addition to the NFT collection, the fan zone includes leaderboards, pledges, and predictions, allowing fans to compete with each other and interact with the tournament in real-time.

As per some news websites the registration sites for the NFTs are offered on either Coca-cola Middle East or the fan zone links officially provided for residents living in Qatar, Saudi Arabia, or the United Arab Emirates.

Just after the announcement Crypto.com’s CRO token (CRO) gained value this week. CRO climbed as much as 10% after the press release hit, and though it slipped to a 8.5% advance at press time CRO remains one of the top performing digital assets on Monday 5th of December. Despite this, CRO token remains lower by about 50% over the past month in the FTX-related crumbling in the cryptocurrency markets. CRO is down nearly 90% year over year.

This is the first World Cup that has not only features Blockchain and crypto sponsors but tokens and NFTs, growing the interest in both in the MENA region.

World Cup Qatar 2022 fan tokens a catalyst for mass crypto adoption

World Cup Qatar 2022 fan tokens a catalyst for mass crypto adoption

Qatar’s World Cup 2022 is a first in many ways. It is not only the first to be held in an Arab country but also the first to have crypto and blockchain sponsors, namely Algorand and Crypto.com, and the first to introduce fan tokens, NFTs, and metaverse experiences. Consequently, these actions have spurred the market capitalization of fan tokens to $300 million at the onset of the World Cup according to CoinGecko.

Fan tokens for FIFA

World Cup 2022 NFT Collection was launched with Algorand blockchain technology. FIFA fans now have the opportunity to attend the tournaments and enjoy a VIP experience thanks to the official digital collectibles. In this sense, they are one of the first utility NFTs in the World Cup space. Costing as low as $4.99, 216,862 packs had been claimed by Nov. 23 from the FIFA+ Collect website out of a collection of 532,980 packs, which include 1,593,480 NFTs. Users can purchase packs using credit cards or USDC-A on the Algorand network.

Moreover, the FIFA World Cup 2022 collaborated with Matchday, a company that developed a social prediction game based on football cards, and Upland, a company that built a virtual replica of the Lusail Stadium in Qatar for fans to visit the metaverse using collectible NFTs.

Will this impact the growth of fan tokens in the region?Nabil Al Sayed, the founder of the MENA-based Nifty NFT marketplace, believes that FIFA’s approach to Web3 is reassuring.

“Football has a great fan base, and the World Cup has an even bigger one,” he explains. “This adoption of Web3 by FIFA helps engage a wider base of fans in this new space, introduces a new world to fans also gives a nudge to the ones on the fence and also proves that Web3 is the future and it is here to stay.”

Al Sayed adds that these partnerships “are just the beginning for what is yet to come.”

However, the founder of UAE Web3 social engagement platform Bonuz, Matthias Mende, says the current efforts are not enough, and that FIFA faces challenges in making their NFTs simple and friendly to purchase as well as relieving fans of gas fees.

He states, “The greatest outcome to incentivize fans to purchase FIFA NFTs is their affordable prices. Nevertheless, acquiring the FIFA NFTs should be done with gasless payments, which are currently not available on Algorand.”

FIFA is not the only entity offering fan tokens and NFTs. Binance, for example, is offering $1 million in rewards in its Web3 Blockchain-enabled football challenge. UAE-based KoinBasket, a crypto investment firm, put up 100 million Bitcoin Satoshis for grabs, and Bybit crypto exchange, which had applied for a license in Dubai through VARA, is offering 500,000 in USDT as a prize pool in celebration of the World Cup.

Are these successful campaigns to gauge fan interest?Al Sayed believes that the secret behind successful fan NFTs and tokens is the utilities that these assets hold. He explains that NFTs allow fans to “participate in voting polls for the team, go on a hunt for digital collectibles, purchase gated NFTs, and enjoy gamification features tied with fan rewards or virtual experiences.”

As for Mende, NFTs that provide “Proof of Attendance” coupled with a quest map requesting users to carry out tasks might be effective to increase and measure social engagement.

“Using this strategy, companies can rate which community members add value and which are merely attendees,” Mende expounds. “Companies can filter benefits based on these data points and determine who to grant benefits to.”

Future of sport NFTs and fan tokens in MENA

Al Sayed reiterates, “This is the first step to a whole new way of consuming sports. We are just scratching the surface. This year it started with fan tokens, and by 2026 we will be seeing more immersive experiences and a wider range of products beyond tokens and games.”

Blockchain will be the norm for the upcoming World Cup, Mende predicts. According to him, the general public will see the emergence of “Tracking NFTs.” Since these NFTs will track users’ activity in a similar way that cookies do, they will provide a high level of transparency for understanding real user behavior. “Users will be happy to exchange this data for NFTs, digital rewards, and virtual benefits,” he claims.

Algorand Decipher conference kicks off in UAE with leading MENA Blockchain entities

Algorand Decipher conference kicks off in UAE with leading MENA Blockchain entities

The second annual conference Decipher, by the Algorand Foundation is being held today until the 30th of November at Madinat Jumeirah Conference & Events Centre in Dubai, UAE.  The Algorand Foundation’s mission is to grow and empower the ecosystem around Algorand-the leading carbon-negative Layer-1 blockchain-and Decipher’s programming will highlight top founders and investors from both within and beyond the Algorand network.

The event will witness more  than 120 speakers across four stages and 50 sessions. Registrants will also be able to sign up for one-on-one mentoring with blockchain leaders, learn to set up wallets and experience play-to-earn games, explore a high-end curated NFT art gallery, take part in hands-on workshops designed for developers and led by the engineers and product leaders behind the Algorand protocol, and more.

Topics include Financial Inclusion at Scale: A World Tour featuring Sanzar Kakar, Founder of HesabPay; Victor Mapunga, Co-Founder & CEO of FlexFinTx; Abhinav Sinha, Cofounder, Eko India Financial Services; and Matt Keller, Head of Social Impact at the Algorand Foundation.

Also is the topic of Building the Next Crypto Capital featuring Basil Al Askari, CEO & Cofounder of MidChains; Benjamin Ampen, CEO MENA at Kraken; and Jehanzeb Awan, Chairman of the Middle East, Africa and Asia Crypto and Blockchain Association.

As well as the topic of payments revolution featuring  Khaled Moharem, President Middle East at WadzPay; Eduardo Novillo Astrada, CEO & Cofounder of AgroToken; and more to be announced.

In addition topics include Safer Bridges to a Multichain Future featuring Nico Arqueros, Primary Contributor, Milkomeda; Adi Ben-Ari, Founder & CEO, Applied Blockchain; and Hugo Philion, CEO & Cofounder, Flare Network

Venture Perspectives Across the Crypto Landscape featuring Terry Culver, CEO & General Partner at DFG Group; Mona Hamdy, Chief Strategy Officer at Sino Global Capital; Abhinav Pathak, Research Partner at Woodstock Fund; and Ryan Terribilini, Head of Ecosystem Funding at the Algorand Foundation

View the full agenda and speaker lineup at https://www.decipherevent.com

Does Q9 Capital crypto investment platform have a provisional approval from Dubai’s virtual asset regulator? Don’t think so

Does Q9 Capital crypto investment platform have a provisional approval from Dubai’s virtual asset regulator? Don’t think so

On October 27th 2022, Q9 Capital published a press release where they unilaterally announced that they had received a provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA). LaraontheBlock since then has continuously been checking VARA’s website and no Q9 to be seen anywhere. Q9 is a crypto investment management platform offering capabilities to crypto and TradFi firms. So it should be on VARA’s website under TradFi, DeFi Asset Managers section, but it isn’t.

VARA lists all the entities which have applied for a license and have provisional approval. So for example on VARA’s website under Native Crypto Exchanges, users can see Binance [Issued MVP Licence], BitOasis, Bybit, CoinMENA, Crypto.com, FTX Exchange FZE [Suspended MVP License], GCEX, Huobi, MidChains and OKX.

Then under TradFi DeFi Custodians, you have the recently approved Hex Trust [Issued MVP Licence], Komainu [Issued MVP Licence] and then you have those who applied and have a provisionary license but not a full MVP one that include Monstera and Zamp.

In TradFi | DeFi Asset Managers there is Brevan Howard, Fintonia Group, NineBlocks and NOIA Capital. While under TradFi | DeFi Financial Services you have Amber Group, Equiti, Scallop, and TPS Capital

With Native Crypto-Content | DLT Platforms listed are Calvin Cheng Web3.0 Holdings and Woonkly Labs while in TradEcon | DeFi Services there is BRE Holdings, Eros Investments, Hike, and Prypto

Two weeks since the announcement and no Q9. This is despite the fact that VARA is quick to update its website when it has approved or provided preliminary approvals or MVP licenses. In addition in many cases it also publishes a press release.

Q9 had stated that this approval came as it expanded into the UAE and applied for a full operating license in accordance with VARA requirements.  As per the release, Q9 products and strategies can be created and executed on Q9’s platform, such as systematic investment portfolios and white-labeled offerings, within VARA’s framework and distributed globally in an automated, transparent, regulated and compliant manner.

The release added, the full operating license, once received, will allow Q9 to extend products and services to qualified investors and financial service providers. Q9 will also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem both in Dubai and globally.

The press release even goes on to say that the provisional approval is a major milestone that follows a number of registrations for Q9’s local entities in Hong Kong and Dubai. As a regulation-led platform with robust compliance and security controls that have consumer protection and market integrity at its core, the registration further strengthens Q9’s position.

James Quinn, Managing Partner of Q9, noted “Dubai’s Virtual Assets Regulatory Authority is a testament to the country’s forward-looking stance on digital assets and its willingness to support the industry through collaboration. We look forward to participating in the authority’s robust compliance framework and continue building partnerships as we expand our presence in Dubai to roll out additional services and enhanced products for the region.”

But until LaraontheBlock, sees the Q9 name on VARA’s website, Q9 ‘s provisional preliminary approval is still hanging in the wind!

Another crypto custodian gets licensed by Dubai’s VARA regulator

Another crypto custodian gets licensed by Dubai’s VARA regulator

Dubai’s regulator is currently pushing forth its crypto custodial licenses. Last week VARA ( Dubai Virtual Asset Regulatory Authority) provided Komainu DeFi, digital asset custodian with a provisionary license and today it has provided Hex Trust, fully licensed and insured provider of bank-grade custody and associated services for digital assets a Minimum Viable Product (MVP) license. 

The MVP license will allow Hex Trust to provide a wide range of virtual asset services to institutional clients and sophisticated investors] in Dubai within its framework for virtual asset service providers (VASPs). The range of services Hex Trust can now provide includes Virtual Assets custodial services, Broker-Dealer Services and Staking Services. 

 Hex Trust opened its Dubai office in June 2022, which is run by Filippo Buzzi, and serves as its headquarters for the MENA region.

Filippo Buzzi, Regional Director MENA of Hex Trust, commented, “Becoming one of the first virtual asset companies and custodian to receive the license is a big step for Hex Trust as we establish ourselves in the MENA region. We recognize the enormous potential this region has to build one of the leading virtual asset hubs in the world. Hex Trust looks forward to expanding our client base in Dubai following the license approval and making a positive contribution to the VA ecosystem in the region. 

Alessio Quaglini, cofounder and CEO of Hex Trust, commented, “From day one, Hex Trust was built to follow the strictest compliance policies and adhere to regulatory standards across the main jurisdictions. Being amongst the first companies to be granted the MVP is exciting, given the enormous potential of the sector in Dubai.”

UAE the new home for Gold-backed tokens

UAE the new home for Gold-backed tokens

In March 12022, the market capitalization of gold-backed tokens exceeded $1 billion for the first time.

As gold-backed tokens continue to increase in popularity, the UAE appears to be becoming a hotbed for the physical gold investment alternative.

Startups from the region and globally are setting up in the country as gold-backed tokens witness a growth surpassing that of cryptocurrencies. The market cap of gold-backed tokens has exceeded $1 billion — a far cry from $100 million in 2020.

A gold-backed cryptocurrency is a digital currency that is backed by physical gold. The currency’s value is based on the current market value of gold and can be used for transactions like any other cryptocurrency.

Bullion gold experts estimate that 20 to 40 percent of the $11 trillion global gold market passes through Dubai every year. These findings can be attributed to entities embracing gold tokenization and commodity token exchanges.

Ahmed Bin Sulayem, Chairman and CEO of Dubai’s Dubai Multi Commodities Centre (DMCC) asserts the pivotal role that Dubai plays in the global trade market due to its location and its refineries and sees

He states, “Gold plays a critical role in boosting the economies of producing countries and nations with large jewelry manufacturing sectors. Arguably the most important industrial use of gold is in the manufacture of electronics, so as technology improves, demand for gold from the tech sector is also rising rapidly. DMCC is at the center of precious metals and Blockchain technology.”

Gold token growth in UAE

Most of the entities developing gold tokens have chosen the UAE because of its positive crypto stance, its regulations, its gold hub, and the region’s affinity to Shariah compliant commodities.

Ben Sharon, the CEO of Illumishare SRG, says the UAE is the biggest blockchain hub in the world, with many top blockchain companies moving their headquarters to the country.

“We found partners that share the same beliefs as we do,” said Sharon, “We know that together we will make the world a better place where money will provide both stability and opportunities.”

The Abu Dhabi-based blockchain startup developed the SRG token based on a digital gold standard to open the crypto market to the masses. The gold that will be utilized for SRG will be held in the UAE in a bank in Abu Dhabi.

The project is supported by the Private Office of His Highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Royal Family of Abu Dhabi.

While others such as Comtech, view the UAE and Dubai in particular as the center of gold trade and  blockchain technology. Comtech, is digitizing gold on XDC blockchain network.

ComTech’s Global Marketing Director, Zulfiqar Naqvi, opines, “Our vision is to turn it from the City of Gold to the City of E-Gold.” There reserves are now 122 KG of gold bars in just five months. The 122 Gold bars, 1 kg each with purity of 999.9, are securely stored with Emirates Transguard.

Blockchain tokenization entity Aurus also set up in Dubai’s DMCC because Dubai is a city at the forefront of innovation, blockchain technology, adding to the scalability of their ecosystem. Aurus seeks to democratize the precious metals market using tokenization.

Mark Gesterkamp explains, “We want gold, silver and platinum to be traded by more people earning them passive rewards. At the moment we are onboarding local and region partners including crypto exchanges, bullion refineries and brokers, as well as expanding Aurus precious metal backed tokens to the global retail market.

The attraction of UAE also stems from it being at the center of a strong Islamic investment front. Australian based Marhaba DeFi Islamic compliant platform, better known as MRBH with an operational license in UAE recently launched its TijariX token commodity exchange. TijariX has already commenced with the listing of gold tokens.

Mohammed Naquib, Founder and CEO MRHB Network, explains, “The Islamic community has been using gold as a means of currency and store of value from the earliest days of Islam. Yet it was always difficult to ensure secure storage of physical gold, and liquidate it when needed. Tokenized gold solves these problems while Islamic compliant platform assures adherence to Islamic practice.”

Even entities operating gold refineries in Dubai have incorporated gold tokenization into their business model. UAE REIT Development which is currently building a gold refinery to be launched in 2023 will offer tokenized gold and a tokenized gold exchange. 

Karen Kriska, Vice President of Customer Relations at REIT Development says, “We will digitally mint 85 percent of the value of the gold into tokens. So if someone wants to stake their gold in the form of GoldCoin, they would stake it in our Goldexchange.com. “We will never allow our liquidity to increase to a point were those staking cannot make 0.5 percent in transaction fees per month or 6 percent a year      unless, of course, we increase the gold reserves.”

Why tokenize Gold

Every entity that has chosen to tokenize gold has attributed their interest to different factors. Some believe that it is easier to convince people to buy tokenized gold rather than crypto, while others see gold as an already well accepted investment commodity in need of a more open and accessible marketplace.

Ben Sharon, CEO of IllumiShare explains that only 4.2 percent of the world population has adopted crypto because they are unable to identify the real value behind crypto.  Yet when it comes to gold is has always been seen as a reliable asset in terms of store of value

By combining gold with technology and cash, IllumiShare is creating an additional hedge, defining a new crypto category and redefining money in the process. Sharon explains, “This is the reason we call SRG a Trust token.”

Comteq’s Naqvi sees gold as an investment product that is easier to understand and standardize. He says, “Gold has been used as an investment product for centuries as well as being a product close to people.”  Comteq built their gold token with two aspects in mind speed, and security which is attractive to investors.

Gesterkamp, from Aurus believes that tokenization of gold makes a more inclusive and efficient precious metals market attracting younger demographics while offering easy accumulation, wider payments and ability to be utilized in DeFi and GameFi applications. Gesterkamp adds, “The increased transaction from tokenized gold implies more fees collected and as such more yield generated to ecosystem partners.”

He adds, “We also believe there is a chance that precious metals will be used to back up CBDCs (Central Bank Digital Currencies) besides a basket of currencies.”

Islamic compliant tokenized precious metal exchange TejariX believes tokenized gold will attract low risk crypto investors as well as long standing investors in traditional gold. Naquib also believes it will make gold trading accessible to the masses and is a better alternative to dollar backed stablecoins. He states, “Using TejariX platform we plan to offer Gold & Silver Standard (GSS) bullion tokens to investors around the world at 0.03% transaction fee. Each token is worth 1 gram of precious metal, and investors can buy in increments of 1/18.”

Bin Sulayam emphasizes that the tokenization of gold may increase given that gold has always been a favorite of investors and has better performed during periods of higher inflation and economic crisis. He asserts, “Tokenized gold combines the benefits of cryptocurrencies with the underlying value of the precious metal. Tokenizing precious metals allows greater democratization of the asset class through easier access, increased liquidity, faster settlement, lower cost, and in some cases, enhanced risk management.”

The Future of Gold tokens

The Future of gold backed tokens looks bright globally opens up an opportunity for the UAE to play a pivotal role. With the World Gold council plan to make gold more liquid, starting with $500 billion in gold bars in UK utilizing blockchain technology for tracking and developing gold tokens, the tokenization of precious metals is just starting.

You can also read this on Cointelgraph MENA in arabic 

UAE $2 billion crypto mining farm will be finalized in Q2 of 2023

UAE $2 billion crypto mining farm will be finalized in Q2 of 2023

As Phoenix Technology announced its entrance into a strategic exclusive regional partnership with Blockchain crypto mining product entity, they also noted that Phoenix Technology which embarked on establishing a $2 billion crypto-mining farm in the UAE, the biggest crypto mining project in the region will be completed in the next six months, or Q2 of 2023.  The press release notes, “The project will be finalized within six months, giving the region a taste of technological advancement and development.”

In February 2022 Phoenix had announced it was part of the group of entities developing the UAE crypto mining farm and had also stated in a interview with Irena Heaver that the project would be finalized in the next six months. Almost a year later, and their latest press release states the UAE crypto mining farm will be launched in the next six months. 

The partnership with MicroBT, a technology company based on blockchain, will allow Phoenix Technology to sell WhatsMiner brand in the GCC countries (UAE, Bahrain, KSA, Oman, Qatar and Kuwait), Egypt and Turkey market.

Carl Agren, CEO of Phoenix Technology, commented, “I’m very excited about this strategic partnership. WhatsMiner by MicroBT is one of the leading brands for manufacturing mining equipment. They are already very successful in the rest of the world and would like to strengthen their presence in the MENA market with the support of Phoenix Technology.”

MicroBT, which was founded in 2016 and is headquartered in Shenzhen with R&D centers in Beijing and Shanghai, provides customers with high-quality products and services, and has become an industry leader in the field of blockchain servers.

Dr. Yang, Founder of MicroBT, said, “With our technical background, we noticed that blockchain technology is truly the key to a decentralized and advanced world. As the technology grows by the day, we are happy to partner with Phoenix Technology to spread these solutions worldwide, especially in the MENA region.”

According to the latest market forecast report by Technavio, the Cryptocurrency Mining Hardware Market share is set to increase by $12 billion from 2022 to 2027. The momentum of growth in the market is going to accelerate at a CAGR of 11.35%. The market will also experience a 10.71% Y-O-Y growth rate during this period.

The press release notes that given that the UAE is a crypto-friendly country, it is important to note that the mining business has dramatically grown in the territory. In fact, although Bitcoin mining started with solo miners quietly building up currency reserves on their home computers, those days are long gone.

UAE Midchain’s crypto exchange partners with UAE Bank to offer secure channel for crypto trading and investing

UAE Midchain’s crypto exchange partners with UAE Bank to offer secure channel for crypto trading and investing

UAE Midchain’s, crypto exchange for trading digital assets has partnered with UAE Al  Maryah Community Bank, the leading digital bank to provide a secure channel for investing and trading cryptocurrencies and digital assets through the bank’s establishment of escrow accounts in UAE dirhams to protect investors’ funds on cryptocurrency trading platforms and boost their trust.

Within the framework of this cooperation, Al Maryah Community Bank seeks to support cryptocurrency trading platforms by using artificial intelligence technologies to automate transfers of Escrow accounts while purchasing and trading transactions according to the highest standards of safety, reliability, and transparency, and to accommodate the needs of investors and enhance the trust in the cryptocurrency market. This will be monitored by the Central Bank of the United Arab Emirates and will be facilitated according to its regulations and laws to protect investors and to ensure the protection of investors’ accounts by separating them from the accounts of trading companies in order to avoid any potential risks.

This step contributes to achieving the strategy of the Al Maryah Community Bank to develop innovative and safe solutions for digital investment in line with the vision of the Abu Dhabi Global Market to strengthen the UAE’s economy and Abu Dhabi’s leading status as a global financial center, which was symbolized by the concept of the “Falcon Economy” that was announced during the activities of the “Abu Dhabi Financial Week”.

On this occasion, Mohammed Wassim Khayatah CEO of Al Maryah Bank stated, “We seek to protect users of local trading platforms from any potential risks, in accordance with the regulations of the Central Bank of the United Arab Emirates, and as part of such efforts, we are pleased to cooperate with “MidChains”, one of the first local trading platforms for cryptocurrencies and digital assets that is fully licensed by the Abu Dhabi Global Market, in order to provide safe Escrow accounts that protect investors’ funds and separate them from trading companies’ accounts, thus protecting transfers, transactions, and balances of funds in cryptocurrency trading.

In return, Basil Al-Askari added, “If cryptocurrency is to become mainstream, it is clear that mainstream players will need to be involved. Our partnership with Al Maryah Community bank comes in line with similar partnerships being forged across the virtual asset industry. Traditional institutions are working alongside exchanges to expand access to this exciting and innovative new asset class. As one of the only fully licensed exchanges in the world we can offer banks a trusted platform partner with regulatory oversight to provide a feasible way into the virtual asset space for their existing customers and also help the bank attract a whole new type of crypto savvy consumer.”

UAE now has two crypto hubs and two blockchain crypto asset associations

UAE now has two crypto hubs and two blockchain crypto asset associations

The Abu Dhabi Finance Week witnessed a lot of announcements including Abu Dhabi Global Market (ADGM) crypto hub the second crypto hub in UAE after Dubai’s Digital Assets Business Group and the crypto center in Dubai Multi Commodities Centre DMCC in Dubai. 

As per the announcement, given the rapid emergence of new virtual assets such as cryptocurrencies and other related assets, ADGM is leading the way to introduce progressive frameworks and regulations around these technologies and developments.

The launch of “Abu Dhabi Crypto Hub” is therefore an important representation of the strategic initiatives taken by ADGM in support of economic diversification and the growing role of Abu Dhabi as a financial hub, addressing the current and future needs of the market through innovative technologies.

Crypto Abu Dhabi served as a vital platform to facilitate the assembly of the global crypto, blockchain and decentralized finance entities and elaborated on some of the most disruptive financial technology of our age, while also discussing and planning the long-term growth and development goals of an exciting, dynamic and forward-looking sector of the financial industry.

This also comes after Abu Dhabi launched its own Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) backed as well by ADGM. As per the announcement it was seen as a pivotal step forward in the development of accessible, transparent, and compliant crypto-blockchain ecosystems.

The non-profit member-driven organization has cross-industry representation with a focus on education, coordination, and innovation for participants across the crypto and blockchain ecosystem.

  • Jehanzeb Awan (Chairman)
  • Richard Teng – Regional Head of MENA, Binance
  • Stuart Isted – GM, MEA, Crypto.com
  • Ola Doudin – CEO & Cofounder, BitOasis
  • Basil Al Askari – Co Founder and CEO, MidChains
  • Joseph Dallago – CEO and Co-Founder, Rain Financial
  • Dapo Ako – MD, J. Awan & Partners

Board Chairman, Jehanzeb Awan, stated “We are dedicated to educating the global community and helping all businesses succeed and thrive. This will be delivered by industry experts sharing knowledge through webinars, courses and events. The Association will also promote responsible innovation through its ‘Moon-shot’ lab to which all participants can contribute.”

Ahmed Jasim Al Zaabi, Chairman of ADGM, commented: “The decision by MEAACBA to incorporate in ADGM is a clear acknowledgment of the progressive regulations ADGM has built, to enable the development of technological innovation in crypto. We look forward to working closely with MEAACBA to support the development of crypto and blockchain ecosystems. We strongly believe that the Association will positively contribute towards bolstering Abu Dhabi and the UAE’s digital economy and adoption.”

MEAACBA membership is open to all companies and individuals across the Middle East, Asia, and Africa involved with the blockchain and crypto ecosystem, including exchanges, custodians, consulting firms, technology developers, digital asset traders, and NFT/ Metaverse firms.

Just two months prior, Dubai’s Digital Assets Business Group (D2A2) was launched by Dubai Chamber of Digital Economy. As per the announcement at the time, the group aimed to strengthen the digital asset industry’s role in the economic development of the UAE and the wider Middle East region, enhance digital business infrastructure and support the growth of digital companies in Dubai.

His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of Dubai Chamber of Digital Economy, emphasized the formation of D2A2 as a strategic move aligned with Dubai Chamber of Digital Economy’s strategy, which aims to fast track the growth of Dubai’s digital economy.

D2A2 was touted to be an important reference providing strategic and up-to-date market research data related to the digital asset sector to industry stakeholders, the private sector, policymakers and government entities.

Gaurang Desai, Chairman of D2A2, said: “We see an opportunity to turn Dubai and the UAE into a regional hub for digital assets. That is why it is very important to work towards creating a bridge for the digital asset industry to further integrate into the world economy by cooperating with counterpart organizations across the world. We wish to welcome all experts in the industry to come and join D2A2, to help us spread the principles of accountability, integrity and transparency, and promote the highest professional and ethical standards. D2A2 will reinforce the digital asset industry’s commitment to society by educating the public and developing tools to bolster the access to and advancement of technology for all. It will also support the digital asset industry’s efforts to improve quality, the environment, and energy management and investor protection.”

So where does the Crypto Oasis ecosystem come in to all of this? It was the first ecosystem to be launched in the UAE to help promote blockchain and crypto companies and regulations. Ralf Gabischnig told LaraontheBlock, “We have just started to accept memberships into the Crypto Oasis ecosystem and I believe every association or ecosystem has its own target. I believe in cooperation and doing all we can to grow a small markets together into a very big market.” He hopes to expand their scope to include the entire UAE and MENA region.

So while the world grapples with the events of FTX exchange and its aftermath, the UAE continues to build its crypto blockchain economy and we might see more associations pop up in other parts of the UAE.

UAE ADGM courts launches blockchain commercial judgements for international trade and commerce

UAE ADGM courts launches blockchain commercial judgements for international trade and commerce

UAE ADGM courts have launched the first ever introduction of blockchain technology for the global enforcement of commercial judgements during the Abu Dhabi Finance Week (ADFW) witnessed during its Fintech Abu Dhabi Festival.

The blockchain solution will result in substantial time and cost savings for parties in the enforcement of their commercial judgments. Secure, immutable judgments will be immediately available to parties and enforcing courts, via ADGM’s website, an API or directly on the blockchain for member courts. Parties will no longer need to wait for a certified copy of the judgment to start the process in the enforcing jurisdiction. This is a major development for international trade and commerce.

Commenting on this transformational development, Linda Fitz-Alan, Registrar and CEO of ADGM Courts states, “Our vision has always been to massively transform the delivery of judicial services through technology. Our focus has now turned to enforcement to respond to the pressing needs of the international business community, and to drive sustainable change for the justice sector. This trailblazing introduction of blockchain technology for commercial courts underscores ADGM and ADGM Courts’ reputation as leaders in the digitization of justice.

A month earlier the DIFC (Dubai International Financial Centre) courts announced the launch of its Blockchain enabled global digital vault, Tejouri. The Tejouri vault built on Hedera Hashgraph blockchain will enable the upload and secure storing of documents ranging from insurance contracts, title deeds, Wills, and financial certificates, to images and multimedia files and can be utilized by all individuals globally.

Access to all data will be restricted to the ‘vault holder’ and the listed intended recipients, guaranteeing zero knowledge proof privacy principles. At the time His Excellency Justice Omar Al Mheiri, Director, DIFC Courts, said: “In our new digitally driven societies, we are all accumulating mass amounts of important documentation, whether it is for professional, or personal purposes. tejouri has been engineered to help address issues of storage and security of these documents and to enable individuals to now transfer this data to one secure location. The DIFC Courts, together with its public and private sector partners, is proud to be able to offer this distinctive service to the public, and to help contribute to a safer digital environment for all.”