UAE regulated Emirates Coin Investment first to offer crypto and traditional investments

UAE regulated Emirates Coin Investment first to offer crypto and traditional investments

Emirates Coin Investment LLC (EmCoin) based out of Abu Dhabi UAE, has become the first regulated integrated investment platform to offer both crypto investments as well as traditional assets such as equities, commodities, and even ICOs.

Regulated by the UAE Securities and Commodities Authority, Emirates Coin Investment will be able to serve the entire UAE. As per the press release, this marks a bold new chapter in the UAE’s financial journey ushering in a smarter, safer, and more inclusive era for investors of all levels.

EmCoin will launch a cutting-edge investment platform that brings together digital assets and traditional finance all within a single, seamless mobile experience. Users will be able to trade Virtual Assets, invest in UAE and global equities, buy commodities, and access expert-managed portfolios with full transparency and trust.


“This is a landmark moment,” said Yasin Arafat, Chief Operating Officer of EmCoin. “We’re building a secure bridge between old and new finance. Thanks to the SCA’s vision, EmCoin gives everyday investors the tools to take control of their financial future with clarity, compliance, and confidence. The future of finance is tokenized, decentralized, and inclusive and EmCoin is leading that charge.”

EmCoin will bring under one roof both crypto assets, global stocks, managed funds, and even ICOs (Initial Coin offerings) onto a regulated, secure and expert supported platform.

EmCoin is working closely with the SCA to introduce regulated Initial Coin Offerings (ICOs) unlocking innovative new ways for businesses to raise capital and for investors to participate in previously inaccessible opportunities. These developments reinforce the UAE’s position as a forward-looking global hub for digital finance.

Prior to this the first AED (UAE Dirham) stablecoin approved by the Central Bank of the UAE, named AECOIN is also starting to be used as in Air Arabia.


Dubai Police and BitOasis partner to enhance security efforts

Dubai Police and BitOasis partner to enhance security efforts

The General Department of Criminal Investigation at Dubai Police has signed a Memorandum of Understanding (MoU) with BitOasis Technologies to strengthen cooperation, foster partnership ties, and enhance security efforts. The MoU also aims to bolster collaboration and exchange expertise in addressing economic crimes and exploring their future trends.

Brigadier Al Shamsi highlighted the importance of partnerships between Dubai Police and private sector entities, emphasizing their role in creating predictive frameworks that align with global economic, criminal, and technological changes. “These collaborations enable the implementation of proactive measures to enhance the security system effectively and efficiently,” he said.

Al Shamsi remarked, “Dubai is a global hub for business and investment, and Dubai Police is committed to strengthening its security framework through close collaboration with internal and external partners. Our strategic plans are designed to anticipate future challenges, particularly in combating economic crimes, which have become increasingly sophisticated due to growing reliance on technology in both professional and personal practices worldwide. Therefore, we continuously adapt to these trends to ensure that Dubai remains the safest city in the world.”

As part of the partnership, Dubai Police and BitOasis will exchange expertise to proactively enhance the safety of consumers and the virtual assets ecosystem. This initiative aligns with the UAE’s National Strategy for Anti-Money Laundering and Countering the Financing of Terrorism for 2024-2027, reinforcing our shared commitment to consumer protection and innovation.

Ola Doudin, CEO of BitOasis, expressed enthusiasm about the partnership, stating that the MoU represents a significant step towards achieving shared goals through exchanging expertise and knowledge. “This agreement opens new avenues for collaboration with Dubai Police and provides an opportunity to work together on innovative initiatives and projects across various fields,” Doudin said.

She added, “We are thrilled to deepen our partnership with Dubai Police. This collaboration is a pivotal step in our mission to enhance security and trust within the virtual assets ecosystem. By uniting our expertise, we aim to proactively safeguard consumers and drive technological innovation in line with Dubai’s economic vision.”

This comes in parallel with Crystal Intelligence MOU with Dubai Police and BitOasis.

CoinMENA crypto trading platform makes it easier to trade crypto assets with Mesh

CoinMENA crypto trading platform makes it easier to trade crypto assets with Mesh

CoinMENA, the crypto asset trading platform in MENA, has now made it easier to trade crypto assets, without the hassle of entering long crypto addresses, QR codes or seed phrases, with its recent partnership with Mesh, the connectivity layer for crypto.

As per the press release, the collaboration aims to enhance digital asset transfer services by allowing CoinMENA’s trusted platform to be embedded into Mesh’s product suite, setting new standards for secure and user-friendly crypto services in the region.

With this new partnership, Mesh’s API-based solutions will enhance the overall experience for CoinMENA users using other platforms, with crypto transactions being not only seamless but also more secure. 

With the crypto trade platform joining Mesh’s extensive network of integrations, managing crypto across platforms becomes significantly easier for its users. The integration enables CoinMENA users to access their accounts directly from other platforms without the hassle of long crypto addresses, QR codes, and seed phrases.

“As the leading crypto trading platform in the region, we are thrilled to team up with CoinMENA to help transform the user experience for crypto users in the Middle East,” said Bam Azizi, CEO and Co-Founder of Mesh. “Partnerships like this are essential to our goal of onboarding the next billion users into crypto and we are grateful to partner with companies like CoinMENA who share our vision of creating a more connected and secure financial ecosystem.”

“CoinMENA was established to meet the demand for a trustworthy platform where investors can seamlessly transition between fiat and crypto,” said CoinMENA Co-Founders Talal Tabbaa and Dina Sam’an. “The partnership aligns perfectly with our user’s needs, offering an additional method to fund their crypto wallets and reinforcing our commitment to being the most efficient gateway for MENA investors to access the crypto market.”

This announcement follows a previous one where CoinMENA expanded the range of crypto assets available on its platform through its partnership with Bitpanda Technology Solutions, the leading digital assets infrastructure provider as a liquidity provider. The collaboration will enhance trade efficiency on the platform as well.

UAE and Bahrain CoinMENA expands its crypto offering with Bitpanda

UAE and Bahrain CoinMENA expands its crypto offering with Bitpanda

CoinMENA B.S.C., a crypto asset platform licensed by the Central Bank of Bahrain and sister company CoinMENA FZE, licensed by the Dubai Virtual Asset Regulatory Authority (VARA), have expanded the range of crypto assets available on its platform through its partnership with Bitpanda Technology Solutions, the leading digital assets infrastructure provider as a liquidity provider. The collaboration will enhance trade efficiency on the platform as well.

CoinMENA Co-Founders Dina Sam’an and Talal Tabbaa said, “We are excited to partner with Bitpanda Technology Solutions, an industry leader that shares our commitment to providing top-tier crypto asset trading services. This collaboration will not only enhance trading efficiency but also fulfil one of the most requested features from our users, enabling us to add new crypto assets more rapidly to meet market demands.”

When fully implemented, CoinMENA will have the ability to integrate the most complete range of crypto assets available on the market to meet the demands of its users safely and securely. By integrating Bitpanda Technology Solutions as a liquidity provider, CoinMENA will enhance trading efficiency, and ensure users receive the best possible prices. These improvements will deliver a smoother and more reliable trading experience, reinforcing CoinMENA’s position as a leading crypto asset service provider in the region.

Nadeem Ladki, Global Head, Bitpanda Technology Solutions, added: “The MENA region is one of the most ambitious and innovative regions in the world when it comes to crypto assets. Bitpanda Technology Solutions provides institutions in the region access to one of the broadest ranges of crypto assets available, in a fully modular way, all with a highly regulated and trusted partner.” 

Both Bitpanda and CoinMENA will collaborate closely with respective regulators to ensure full compliance in all future endeavors. In August 2024 CoinMENA announced that they have achieved a new milestone with crypto, fiat trading volumes surpassing $2 billion.

BitPanda holds 5 million users amidst projections that digital assets in UAE will grow by 8 percent

BitPanda holds 5 million users amidst projections that digital assets in UAE will grow by 8 percent

Bitpanda.com, the crypto broker platform of European fintech unicorn Bitpanda, which recently announced its expansion into the UAE with a new office, now has 5 million retail users. This comes amidst projections that UAE’s digital assets market is projected to grow by 8.01% and reach a market volume of $616.80 million by 2028.

BitPanda Growth

After achieving a record-setting revenue of over $108 million in Q1 2024, Bitpanda added nearly 500,000 new users in Q2 as European investors have increasingly begun looking to take advantage of safe and secure digital assets trading.

BitPanda acquired several new licenses with major regulators including BaFin and Bitpanda Technology Solutions (a relaunch of its B2B-focused white-label solution). Additionally, the company also formed several industry-leading partnerships with well-known institutions like Deutsche Bank, N26, LBBW, and Raiffeisen.

Interest from MENA

Bitpanda has seen a significant rise in investment interest from not only Europe but also the Middle East. The UAE, with its digital assets marketed projected to grow by 8.01% and reach a market volume of $616.80 million by 2028, has been a key catalyst in Bitpanda’s recent decision to expand; with DMCC licensing,

the company launched Bitpanda MENA in early May at the most recent edition of the Dubai Fintech Summit to cater to the growing demand for digital assets that it is observing from the country and the wider region. Although this offering is not available to retail investors at the moment, Bitpanda already boasts the title of Europe’s leading crypto company and this expansion is further strengthening its global position as well.

Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda stated, “We have the right products, a proven history of working with regulators, immense trust from our users and partners – including Deutsche Bank, LBBW and FC Bayern Munich – and we remain absolutely focused on growth. It took us five years to reach our first million users; we were able to achieve this same feat in the past 12 months alone, with more than 500,000 users joining us in just the last three months. We know we’re on the right track, and as we approach our 10th anniversary later this year, I know we’re going to have a lot to celebrate.”

Walid BenOthman, Managing Director, concluded: “While we are proud of our progress in Europe and the overall success we’ve achieved over the past decade, this growth has not been rooted in complacency. That is why we are now targeting the Middle East, to further strengthen our global standing as an unparalleled fintech. With a 25% surge in users over the past 12 months, we are confident in the strength of the MENA region and aspire to achieve similar success over the next year. We look forward to what the future holds.”

Blockchain and digital assets enter the insurance sector in UAE

Blockchain and digital assets enter the insurance sector in UAE

The DFSA ( Dubai Financial Services Authority) the regulatory arm of Dubai’s International Financial center recently announced that it would be updating its crypto assets regulatory framework with new amendments that would cover crypto assets, crypto custody DeFi, stablecoins, crypto investment funds money laundering and terrorist financing, as well as blockchain and crypto in insurance

It is asking for feedback on its consultation paper by March 3rd 2024. One of the most interesting topics mentioned by DFSA was utilization of Blockchain and crypto in insurance.

The DFSA noted in their consultation paper that given that crypto tokens are being discussed in the context of insurance including the utilization of DLT (Distributed Ledger Technology), for insurance, as well as crypto tokens for denominating policies, receiving premiums and paying out claims, even underwriting risks in crypto market, has prompted DFSA to seek feedback.

DFSA is seeking feedback on market trends regarding underwriting Crypto Token specific risks and associated regulatory risks; regulatory risks, and the prudential treatment of crypto exposures where Insurers receive premiums and pay out claims in Crypto Tokens.

In parrallel BCG recently published an article on how insurance firms are utilizing metaverse and blockchain in their operations, and how this trend will grow.

According to BCG some firms use blockchain records to process claims and detect fraud, while others deploy the technology to offer customized insurance products. It is noteworthy that UAE’s Ministry of Health has utilized blockchain technology for some time now.

BCG believes there are six strategic opportunities for the insurance industry after BCG evaluated leading insurance companies on 43 relevant dimensions and found that insurance companies were not only willing but it was feasible for them to do so.

According to BCG, insurance companies can increase revenues by using blockchain technologies.

Blockchain technology-related revenues for the insurance industry are expected to rise from their 2022 level of $425 million to about $37 billion by 2030. This represents revenue growth of 70% per year.

BCG’s analysis found that 60% of insurance companies are already investing in blockchain, and 80% of their C-suite executives believe that blockchain can enable efficiencies. The increase in revenues is expected to develop within the broader context of a $708 billion revenue gain across all industries and regions from metaverse and blockchain technologies.

The many use cases for metaverse and blockchain technologies fall into six broad strategic opportunities that can unlock substantial business value.

Insure Digital assets

First it can create new revenue streams. Firms can underwrite policies that insure digital assets, such as non-fungible tokens (NFT) cryptocurrency investments, and cryptocurrency keys. Firms can also commercialize the assessment tools used to underwrite emerging risks.

Insurers can also create new revenue streams by developing offerings to address risks related to metaverse technologies. For example, virtual-asset policies can insure against risks such as cyber-attacks and data loses, which are inherent to virtual environments.

Smart Contracts for transactions

The second opportunity is smart contracts, programs stored in a blockchain that run when certain conditions are met and that keep a verified record of all related transactions, which can particularly help insurers expand their product portfolio.

Firms can use smart contracts to create new types of policies that can be activated and deactivated on demand. Specialized underwriters can pool their knowledge to write multiparty insurance policies, each underwriting the risks with which they feel comfortable, and use smart contracts to manage the complexity. And carriers can use smart contracts to offer inexpensive contingency-based insurance for many small risks that would otherwise be difficult to insure. For example, companies could cover short-term work engagements for freelancers, one-time events for commercial venues, seasonal residential rentals for homeowners, and transactions by drivers working with ride-sharing services.

Improved underwriting

Insurers can also improve Underwriting and Claims Processes. Insurers can use blockchain and metaverse technologies to improve some underwriting and claims processes. In doing so, companies can improve the reliability of customer data, reducing existing loss ratios and decreasing the risk profile of the entire portfolio.

By implementing blockchain, an insurer can access the end-to-end record of an insured object’s life cycle, enabling more accurate underwriting and preventing fraud. An insurer can not only store the current value of the insured object but also trace back its provenance, seeing the object’s value whenever it was bought and sold. The insurer will also be able to see its value at the time of all subsequent transactions.

Detect frauds, settle claims

In addition Blockchain systems can help detect fraud by assessing data reliability, thereby avoiding settlement costs for false claims. The systems can also reduce the costs associated with high-volume, low-value claims by making it easier to manage them. Additionally, the automated ledger and tracking inherent in blockchain systems can streamline operational inefficiencies and reduce delays in settling claims. The latter two benefits are possible given the immutability of a blockchain ledger and blockchain’s capability to monitor policyholders’ digital identities using digital identity wallets.

OneDegree in UAE to insure digital assets

The announcement made by DIFC comes just after Hong Kong based digital asset insurance provider, OneDegree, announced it was expanding its offering to the UAE through a local partnership with Dubai Insurance Company.

Both UAE local entity and OneDegree will insure digital asset firms in the UAE using its OneInFinity product offering.

OneDegree is in the process of setting up its entity in Dubai UAE. The company will offer several types of insurance required by the Virtual Assets Regulatory Authority’s (VARA) new cryptocurrency regulatory regime in Dubai, including commercial crime insurance, professional indemnity insurance, and directors and officers insurance.

Conclusion

The discussion both on a regulatory level, as well as in terms of partnerships on the ground in UAE for implementing blockchain and crypto in the insurance industry, is a reflection of the readiness the UAE is at in terms of digital asset adoption.

For many when insurance companies start ensuring crypto, NFTs, and digital assets that means the technology and the regulations around it have become mature, and is a pre-requisite for the onbaording of institutional investors.

Regulated Digital asset Insurance now in UAE

Regulated Digital asset Insurance now in UAE

OneDegree a Hong Kong based digital asset insurance provider has expanded its offering to the UAE through a local partnership with a 33 year old insurance company.

Both UAE local entity and OneDegree will insure digital asset firms in the UAE using its OneInFinity product offering.

As per Alvin Kwock Yin Iun speaking to the post, “ OneDegree is also in the process of setting up a new entity in Dubai and bringing on new hires in the city, according to Kwock. The move comes after the UAE’s economy minister Abdulla bin Touq Al Marri met with OneDegree during his visit to Hong Kong for the Belt and Road Summit in September. At this time he expressed interest in bringing OneDegree’s digital asset expertise to the UAE and more broadly to the Middle East and North Africa region.”

OneDegree and Dubai Insurance Company will offer several types of insurance required by the Virtual Assets Regulatory Authority’s (VARA) new cryptocurrency regulatory regime in Dubai, including commercial crime insurance, professional indemnity insurance, and directors and officers insurance.

OneInfinity by OneDegree, took part in the Dubai Future Blockchain Summit 2023. Alvin Kwock, co-founder of OneInfinity, was one of the panel speaker of the discussion on “Crypto Trading & Digital Asset – Redefining Custody in Web3 World”, where he stressed the importance of using a qualified custodian and highlighted the growing interest of banks in the crypto world.

Seven-year-old OneDegree launched its digital-asset insurance service OneInfinity in November 2021, which offers insurance to digital-asset businesses such as cryptocurrency exchanges, custodians and wallet providers.

Prior to this OneDegree Hong Kong Limited entered into a three-year strategic partnership with Munich Re to launch OneInfinity, a digital asset insurance product, making OneDegree the first licensed insurer in Asia to collaborate with a global leading reinsurer in offering digital asset insurance.

Cactus Custody™,  the qualified institutional digital assets custodian service provider of Matrixport, upgraded its USD 50 million insurance for its customers with protection now extended to include crime coverage, specifically for warm wallets.

The insurance is issued by OneInfinity by OneDegree, the first and only direct insurer for digital assets in Asia. In addition to enjoying additional insurance coverage, clients have the assurance of the group having passed and met the due diligence standards to be insured by one of the world’s largest crypto insurers.

Nine Blocks Capital is the first crypto hedge fund to receive license from Dubai’s regulator

Nine Blocks Capital is the first crypto hedge fund to receive license from Dubai’s regulator

Dubai’s virtual asset regulatory authority has just listed UAE based Nine Blocks Capital Management as a receiving a full VASP license and will make Dubai UAE its headquarters.

As per VARA website, Nine Blocks Capital will be able to offer crypto and virtual asset investment services to institutional and qualified investors.

Nine Blocks Capital received initial approval from VARA back in August 2022. Nine Blocks was launched by by PwC’s former global crypto head Henri Arslanian.

Nine Blocks is the investment manager of the Nine Blocks Master Fund, a market neutral crypto fund focused on generating alpha from inefficiencies in the crypto markets using relative value, arbitrage and quantitative strategies.
With around $100m in AuM and a track record of more than 2 years, Nine Blocks manages assets for many leading investors globally, from regulated financial institutions and private banks to public companies and fund of funds.
This license is the culmination of a process that started with an MOU between Nine Blocks and VARA, allowing knowledge sharing and consultation.
The Nine Blocks group was set-up in 2021 with the belief that institutional investors want digital assets exposure via fund managers who have established digital assets track record, are regulated, have traditional finance experience and comply with the highest operational due diligence requirements.
Henri Arslanian, co-founder and managing partner of Nine Blocks said, “We believe that a regulatory regime tailored for the fast-moving digital assets space can not only provide comfort to institutional allocators but also contribute to the growth of a healthy crypto ecosystem.The UAE is quickly becoming a leading jurisdiction globally for digital assets and we are honored to be part of this journey.”

Nine Blocks follows a market neutral trading strategy, profiting from arbitrage opportunities and market inefficiencies across the crypto space.

G20 governors adopt crypto asset roadmap while Saudi Central bank governor sees crypto as threat

G20 governors adopt crypto asset roadmap while Saudi Central bank governor sees crypto as threat

While the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Marrakech, Morocco communicated their appreciation to the IMF and FSB for putting together the IMF-FSB synthesis paper and their adoption of the roadmap on crypto assets offered in the synthesis paper, The Saudi Central Bank (SAMA) Governor Ayman Alsayari said that cryptocurrencies and their brokers pose a potential threat to financial stability.

The detailed and action-oriented Roadmap was considered by G20 FMCBG meeting attendees as essential to achieving their common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.

Members called for swift and coordinated implementation of the G20 Roadmap, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation and information sharing; and addressing data gaps. Members also asked the IMF and FSB to provide regular and structured updates on the progress of implementation of the G20 Roadmap on Crypto Assets.

As noted in their communiqué, “We support the ongoing work and global implementation of FATF standards on cryptoassets.”

On the other hand, The Saudi Central Bank (SAMA) Governor Ayman Alsayari said that crypto currencies and their brokers pose a potential threat to financial stability. At the meeting he stated, “We need good supervision, regulation, and coordination of crypto currency activities. In this context, we support the work and relevant roadmap of the IMF and the Financial Stability Board to address risks related to crypto currencies.”

The SAMA chief said that the global economy is witnessing massive slowdown compared to past decades, with high levels of inflation rates. “Tight monetary policies are being adopted around the world to bring down inflation. As a result, the global growth rate is expected to be around three percent this year and next,” he said.

This comes as Saudi Arabia develops its CBDC for internal bank payments and works on its virtual asset regulations.

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

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

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

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

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

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

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

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

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