UAE IHC holding spurs its growth in Blockchain, AI, and IoT with new joint venture

UAE IHC holding spurs its growth in Blockchain, AI, and IoT with new joint venture

UAE IHC Holding, which bought 10 percent of UAE Phoenix Group, a leading Bitcoin mining entity continues to spur its growth in Blockchain, AI and IoT in a joint venture with Indian Adani Group.

The joint venture, Sirius Digitech will be based out of Abu Dhabi UAE. Indian based Adani Global Ltd. and UAE IHC’s Sirius International Holding Ltd. will own 49% and 51% respectively in the Sirius Digitech International Ltd. Both partners will have an equal representation on the board of new entity which will also explore Internet of Things and blockchain besides AI.

The venture aims to explore sectors ranging from Fintech and Healthtech to Greentech, leveraging Adani’s proven track record of incubating successful businesses within its extensive portfolio.

The partners emphasized their dedication to collaborative decision-making through equal representation on the board, highlighting the alignment of Adani’s innovation and IHC’s strategic vision. In addition, they aim to go beyond AI, exploring the transformative possibilities of IoT and blockchain technologies to bring about significant advancements across industries.

Prior to this IHC  purchased 10 percent of Pheonix Group which holds investments in Bitcoin mining, as well as investments in the recently launched M2 regulated crypto exchange out of Abu Dhabi. This positions IHC not only in the realm of digital assets but now more so in Blockchain, AI, and other technologies.

UAE based Venom Blockchain gets good news

UAE based Venom Blockchain gets good news

It seems good news are in order for UAE based Venom Blockchain. Alibek Garcia Isaaev, one of the founders and main investors in Venom Blockchain has been found innocent of all civil and criminal charges. Not only that but he will be receiving close to a billion dollars in restitution. This closes a very bleak chapter in the Venom Blockchain history and it comes at the right time.

In July 2023, Alibek Garcia Isaev, was pushed into the center of a very controversial legal entanglement which brought a lot of criticism not only to Issaev but inadvertently Venom Blockchain, and its Foundation.

In the media Issaev was called a “fraudster” but now he has been cleared of all charges, and it is Ilya Kligman, a Russian banker that has been found guilty and has been sentenced to prison in the UAE. UAE court convicted Ilya Kligman for a prison term in absentia. According to news sources, “He is set to face a prison term, extradition from Germany to the UAE, and the recovery of multibillion-dollar damages he caused to numerous companies through extortion, blackmail, and obstructing their normal functioning.”

It seems Kligman fled from Russia to Germany for multiple financial crimes. He is noted to have siphoned off billions of rubles from Russia and bankrupted dozens of Russian banks.

One of the companies owned by Kligman, Papaya Ltd, registered in Malta (with partners such as Mastercard and dozens of payment projects), will be seized. Lawyers have already filed requests with law enforcement agencies in Germany, Malta, and the Czech Republic.

On the other hand, all charges against Alibek Isaev, one of the main investors in Venom, have been dropped in both civil and criminal courts. Ilya Kligman will be obligated to pay Alibek Isaev compensation amounting to $940 million. This sum represents restitution for all the damage caused and is part of the efforts to restore justice and punish unlawful actions.

After serving his prison term in the UAE and settling all compensations, Kligman will face extradition back to Russia, to face sentencing there.

This is good news, after many have noted that Venom Blockchain has been quiet with no investments being made into startups. Now the case is cleared Venom will be able to resume its activity. Venom on launching early 2023 had noted that it would be launching a $1 billion venture fund.

UAE based Venom Ventures Fund, invested $5 million in Everscale, a premier blockchain platform that aims to solve the scalability issues bogging down the Web3 industry. It also acquired a crypto exchange naming it Venomex after it received its license from ADGM in October 2022.

Earlier this month Mustafa Kheriba, the Executive Chairman of Venomex, a UAE regulated crypto exchange and one of the initial investors and supporters of UAE based Venom Blockchain Foundation resigned from his position at Venom Foundation.

However it seems that there is light at the end of the tunnel for Venom Blockchain.

Decentralized exchange gets a push in the UAE

Decentralized exchange gets a push in the UAE

UAE based Finschia Foundation, an independent non-profit organization, based in Abu Dhabi, UAE, established in March 2023 to expand public blockchain and Web3 technologies, and NEOPIN, DeFi multichain platform have partnered to provide decentralized exchange services.

Finschia and NEOPIN will collaborate to develop the Finschia Network Swap (hereinafter referred to as FNSwap). NEOPIN is currently developing FNSwap, which will be the first Automated Market Maker (AMM) Decentralized Exchange in the Finschia ecosystem.

NEOPIN has been building blockchain expertise and technology since 2017, participating as a node validator for various global blockchains, including Ethereum, Tron, Cardano, and Cosmos. In 2022, the company launched the CeDeFi protocol NEOPIN to provide a secure and convenient environment for using the DeFi protocol.

This year, the company was selected as an innovation program company by the Abu Dhabi Investment Office (ADIO) in the UAE to attract direct and indirect investment, and is working with the Abu Dhabi Global Market (ADGM), a special financial zone in the UAE, to create the world’s first DeFi regulation as a public-private partnership.

As per the news, FNSwap is envisioned as a community-first, community-owned centered and fair platform, offering various range of DeFi products and incentives. These include token swapping, earning fees and rewards by depositing tokens into through token deposits in pools, gaining incentives incentive acquisition through token staking, and token transfers with EVM-based chains via bridge.

FNSwap is set to launch in the near future, providing users with a stable and convenient platform to access DEX services within the Finschia ecosystem.  Later it will be expanded by creating an environment where various Finschia dApp services can easily list tokens and users can trade conveniently.

According to the news, the Foundation will continuously provide necessary technical support and integration for the development of a diverse array of ‘money legos’, starting with supporting the basic token swap services. This support aims to facilitate the onboarding of DeFi services, propelling the platform towards becoming the №1 DeFi platform in Asia.

UAE headquartered Fasset crypto exchange joins the regulated VASP community in Dubai

UAE headquartered Fasset crypto exchange joins the regulated VASP community in Dubai

In less than a year UAE headquartered, Fasset, digital assets platform, has gone from receiving an initial approval for an FMP license to becoming a fully licensed VASP crypto broker in UAE.

In May 2023 Fasset, a digital asset exchange platform with a vision to offer affordable and frictionless gateway for people in emerging markets to own and grow their wealth in digital assets  announced  that it has been granted an Initial Approval for a Full Market Product (FMP) license by the Dubai’s Virtual Assets Regulatory Authority (VARA) in UAE.

Mohammad Raafi Hossain, Founder and CEO of Fasset, told LaraontheBlock, “Our ability to connect loved ones, families and small businesses across borders while transporting economic value across borders -is a milestone and a historic shift in the way we will all operate in the near future.”

He also commented that the license will strengthen Fasset’s portfolio and connect regions  like Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey. Fasset users can now confidently transfer assets from the GCC to Asia, enabling sustainable and ethical wealth growth in one of the world’s busiest remittance corridors.

Previously, Hossain had noted in a LinkedIn post that 47.8% of the world’s household wealth is owned by 1.2% of the people. He stated, “ It’s becoming increasingly clear that the traditional routes to asset ownership are no longer equitable; as access to high quality assets – be it real estate, commodities or equities – are only easily attainable to a mere fragment of the world’s population. A fresher approach of tokenization and crypto can positively impact emerging markets by giving everyone an equal chance to own high quality real world and digitally native assets.”

Fasset recently received a strategic investment from Investcorp as it prepared for a series B funding round.

This license follows Fasset’s launch in Indonesia in August, where it partnered with Mastercard Indonesia and telco giant Indosat Ooredoo Hutchison.

Fasset;s license comes on the same day that CoinMENA has received its license, and just a week after Abu Dhabi M2 received theirs.

Binance crypto exchange is being monitored by Dubai’s Virtual asset regulator

Binance crypto exchange is being monitored by Dubai’s Virtual asset regulator

As the woes pack up on Binance crypto exchange, first with the guilty plea from CZ, and then Ronaldo being sued because he promoted Binance products, the Dubai Virtual asset regulator VARA has made a statement that it is continuing to asses and monitor Binance activities to strict regulatory requirements, rigorous KYC and due diligence.

As per VARA, Binance FZE crypto exchange currently only holds a Minimum Viable Product [MVP] Operational License with VARA, which allows them access to a restricted client base. As such to date, Binance have on boarded approximately 180 qualified investors and institutional clients.

VARA notes that it  cannot comment on regulatory and enforcement actions taken on business conducted in other jurisdictions, but does assure, “ We have been, and will continue to be, closely monitoring ongoing developments and specifically how they relate to Binance FZE operations in accordance with our commitment to uphold market integrity, consumer protection, and the security of the domestic ecosystem.”

Binance while being one of the first to apply for a license in the UAE, has been late in receiving a license while others such as M2 in Abu Dhabi, RAIN crypto broker, CoinMENA, Fasset,  and many others have been able to become fully licensed.

It seems that Richard Teng, the new CEO of Binance will have a lot on his plate in the coming months.

UAE regulated, Laser Digital integrates with Institutional digital asset provider Talos

UAE regulated, Laser Digital integrates with Institutional digital asset provider Talos

Laser Digital, crypto broker and investment service provider, a subsidiary of Japanese Nomura has integrated with Talos, which provides an institutional-grade technology infrastructure that supports the full lifecycle of digital assets trading and procurement including liquidity sourcing, price discovery, trade execution, settlement, lending, and borrowing.

As per the press release,this partnership broadens Laser Digital’s reach among institutional clients while adding a new source of institutional-grade liquidity to the Talos network.

“We are proud to join forces with Talos to expand institutional access to digital assets,” said Jez Mohideen, CEO of Laser Digital. “Talos and Laser Digital share a heritage in traditional financial markets and a common goal to simplify digital asset trading in a way that is familiar and trusted by institutions”

Laser Diigtal’s quant-driven liquidity provision and market-making capabilities are powered by a proprietary technology platform based on years of experience in systematic trading.

“We are thrilled to welcome Laser Digital to the Talos provider network, reinforcing our commitment to providing comprehensive trading solutions to institutional clients,” said Anton Katz, CEO and Co-Founder of Talos. “Laser Digital stands out in the digital asset landscape and will enrich the liquidity available to Talos clients looking to achieve best execution.”

Prior to this Laser Diigtal launched an Ethereum adoption fund.

eToro beats Binance to it and receives crypto broker license from Abu Dhabi ADGM

eToro beats Binance to it and receives crypto broker license from Abu Dhabi ADGM

The eToro platform which offers traders and investors more than 3,000 different financial assets, including stocks, cryptocurrencies, ETFs, indices, currencies and commodities has announced receiving approval for Financial Services Permission from the regulatory body FSRA at ADGM ( Abu Dhabi Global Market) in UAE.

While eToro’s main research and development office is located in Tel Aviv, Israel, it has legal entities registered in the UK, US, Australia and Cyprus. The firm is regulated by the CySEC authority in the EU; it is authorized by the FCA in the UK, and by FinCEN in the United States, and by the ASIC in Australia. eToro boasts of 35 million customers across 100 countries.

In September 2022, eToro has recieved its in principle approval.

The approval will allow eToro to operate as a broker for securities, derivatives, and cryptoassets in the United Arab Emirates.

Yoni Assia, Founder and CEO of eToro, comments, “The approval of our operating license by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing fintech hub, and we are excited to become part of this flourishing ecosystem. With our team in Abu Dhabi led by Jason Hughes, Senior Executive Officer for eToro Middle East and George Naddaf, GCC & MENA Regional Manager, we are looking forward to deepening our relationships in this dynamic market and to helping our UAE clients grow their financial knowledge and wealth as part of a global community of investors.”

Arvind Ramamurthy, Chief of Market Development at ADGM, added, “We are delighted to welcome eToro to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable eToro’s vision, ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers, and reinforce the UAE’s strategic value to global finance.”

eToro, M2, Rain have all beat Binance to it by recieving crypto broker exchange licenses from ADGM, while Binance currently has a crypto custodial license allowing it only to deal with institutional clients.

Three Blockchain Web3 startups Pravica, Evai and TimeSwap win DMCC Bybit Hackathon

Three Blockchain Web3 startups Pravica, Evai and TimeSwap win DMCC Bybit Hackathon

Three Blockchain enabled startups present in the UAE have won the Bybit DMCC hackathon. Web3 messaging platform Pravica, crypto rating platform Evai, and DeFi lending platform Timeswap have one the $100,000 Hackathon in Dubai UAE.

With a total prize pool worth USD 100,000 directed toward fostering crypto innovation in Web3, the Hackathon is the first of its scale in the MENA region.

During the final stage of the hackathon, ten exceptional teams were chosen to pitch and showcase their groundbreaking innovations in diverse areas of the blockchain industry, encompassing GameFi, decentralised finance (DeFi), Web3 infrastructure, Web3 Education NFTs, and sustainable blockchain solutions, with three teams selected as the final winners.

Three winners were selected were Evai Crypto Ratings,  a pioneering world-class decentralized Supervised Machine Learning rating system for Crypto, DeFi and NFTs, Pravica, a peer-to-peer web3.0 messaging and value transfer infrastructure, and Timeswap a fully decentralized lending & borrowing protocol in DeFi powered by a unique 3 variable AMM enabling permissionless lending borrowing for any crypto asset powered by their unique 3 variable AMM.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “With groundbreaking innovations covering GameFi, Web3 infrastructure, sustainable blockchain solutions and more, the DMCC-Bybit hackathon is a great example of the ways we are positioning Dubai as a leader and global hub in Web3. The technology and innovation demonstrated today by DMCC Crypto Centre members across all areas of the blockchain industry will only serve to reinforce this status and attract even more global talent to the region. We are delighted to be working with Bybit to harness Dubai’s Web3 potential, and I look forward to seeing even more pioneering developments by our community members in the future.”

Ben Zhou, Co-founder and CEO of Bybit added: “We are proud to work with DMCC in hosting such a vibrant hackathon that challenged participants and unveiled some inspiring levels of tech talent. We look forward to working with DMCC and its Crypto Centre members on a range of new exciting projects over the coming period.”

DMCC and Bybit joined forces earlier this year to offer financial assistance worth $136,000 to new cryptocurrency businesses that intended to establish their operations at DMCC Crypto Centre. As part of this collaboration, Bybit became the listing partner for the Crypto Centre, providing specialized assistance to cryptocurrency firms that want to list their digital assets on one of the world’s top global exchanges.

GCEX crypto broker becomes fifth licensed VASP in Dubai UAE

GCEX crypto broker becomes fifth licensed VASP in Dubai UAE

GC Exchange part of the GCEX Group, has been granted an Operational VASP Licence for VA Broker Dealer services from Dubai’s Virtual Asset Regulatory Authority (VARA)

GCEX, which opened its Dubai office in July 2022 and received its MVP (Minimal Viable Product) Preparatory Licence from VARA in February 2023, can now start market operations as a Virtual Asset Service Provider (VASP) in the Emirate of Dubai, enabling brokers, hedge funds, family offices and professional traders to access its deep liquidity in digital assets and range of technology solutions.

GCEX facilitates institutional access to digital assets through its proprietary XplorDigital trading solutions, which comprises of a technology-agnostic platform covering regulation, regulated custody, the safety of funds, tier 1 liquidity and technology (both back-end and front-end). GCEX only partners with regulated institutional digital custody and staking providers and always segregates client funds.

Mehtap Önder, Managing Director, GCEX in Dubai, commented in a press release, “VARA is leading the way in the global digital asset industry, and we are extremely proud to be one of the first firms to receive a VASP Operating Licence to provide Virtual Asset Broker-Dealer services and the first firm to gain approval to operate with a client money account, highlighting our focus on client protection.Being a regulated entity in the region is important to us – it’s the ideal way to demonstrate our commitment to adhering to international standards and implementing robust processes, with transparency and investor protection at the core of our offering. This is a major milestone for our business and is critical to GCEX’s growth strategy, enabling us to have a stronger presence in the region.”

GCEX Group enables institutional clients to access deep liquidity in FX and CFDs on digital assets, as well as digital assets spot trading and conversion and a broad range of trading solutions. Headquartered in London, with multiple offices across the globe, GCEX is regulated by the UK’s FCA and registered with the Danish FSA. True Global Ventures are investors in GCEX.

To date five crypto exchanges, Fuze, BackPack, Toko, Laser Digital, and GCEX have received full licences to operate in UAE under the VARA regime, with Crypto.com still awaiting final sign offs before it receives its full VASP license. The more well global names such as Binance, ByBit, OKX have yet to receive theirs, while BitOasis remains in frozen status.

Crypto.com will soon operate in the UAE after receiving license

Crypto.com will soon operate in the UAE after receiving license

Crypto.com, a global crypto exchange with more than 50 million clients has announced that it will soon be operational in the UAE after receiving a license from Dubai’s virtual asset regulatory authority (VARA).

As per the press release, the license is still subject to operational approval. This could be the reason why VARA’s registry still has crypto.com under MVP preparatory (pending).

Once fully approved as operational, Crypto.com license will allow the company to offer virtual asset services to retail and institutional investors, such as exchange services, broker dealer services, services, investment services, and lending and borrowing services.

“Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation,” Kris Marszalek, CEO of Crypto.com said.

In March 2022, five crypto exchanges made it to the status of having an MVP preparatory license, including crypto.com, OKX, Bybit, Huobi, and Equiti. Yet out of those Huobi and Equiti have not been listed on registry showcasing they dropped out, while Bybit, OKX and even Binance have yet to receive their final licenses and operate.  

While homegrown BitOasis had its license frozen for not meeting all the requirements for license, and even after receiving investment from CoinDCX has yet to move out of the frozen position.

With this new license in place, crypto.com will join BackPack exchange, Toko, and Laser Digital as licensed operational crypto exchanges in UAE.

It is expected that 15 licenses will be granted by VARA before the end of the year, as for the 1000 VASPs who applied to VARA, only two days are left for them to submit all requirements. The race is on!