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!

OKX now has a General Manager for MENA based out of Dubai UAE

OKX now has a General Manager for MENA based out of Dubai UAE

OKX crypto exchange, with more than 50 million users, seeking a license in the UAE, has announced that it has appointed a General Manager for MENA region based out of Dubai.

Rifad Mahasneh, in his role as General Manager will be responsible for leading OKX’s operations and regulatory approach, and growing the company’s user base and market share in the region.

OKX President Hong Fang said: “We’re thrilled to welcome Rifad as OKX’s leader in MENA. With his extensive background in digital assets, finance and growth, and years of local leadership in the region, Rifad is a key strong addition to the team. With MENA being one of the fastest growing markets globally for digital assets and Web3 adoption, this appointment is a testament to our commitment to drive sustainable growth in this region.”

OKX MENA General Manager Rifad Mahasneh said: “I’m excited to join OKX and lead its MENA business – it’s a privilege to be a part of such a forward-thinking and innovative company. I look forward to contributing to the development of OKX in the UAE and across the MENA region, and to playing a role in helping to onboard the next billion users to Web3.”

Rifad has extensive experience in digital assets, strategy, and public policy in the UAE and is a board member of the Dubai Digital Asset Association (D2A2). Prior to joining OKX, Rifad held the position of Vice President with Rain, leading business and licensing efforts in the UAE. His earlier roles included leading Uber’s ride hailing business in the Gulf Cooperation Council and the Levant regions.

UAE Phoenix crypto mining Group and M2 partner for crypto yield product

UAE Phoenix crypto mining Group and M2 partner for crypto yield product

UAE based M2 crypto exchange and investment platform has partnered with UAE crypto mining Group Phoenix, to offer crypt investors with Bitcoin and Ethereum yields that reach up to 10.5%.

The alliance brings together the innovative UAE based entities and will reduce the level of counter party risk and in turn minimize volatility for investors wanting to gain exposure to cryptocurrency.

Stefan Kimmel, M2, CEO, said: “The industry leading collaboration between M2 and Phoenix Group has allowed us to design a product that utilizes Bitcoin mining to offer genuine returns for investors. Most investment platforms that offer yield returns on crypto provide it through one of two routes. The first route is proof of stake, which can result in some modest returns, alternatively the mechanic involves lending it out, and this incurs a considerable amount of counter-party risk. In our case, we are generating our returns predominantly with Bitcoin mining, which underpins the M2 Earn product.”

M2’s financial protocols are capable of reconciling client and M2 funds in near time, providing the highest levels of transparency to regulators and ensuring liquidity remains in place at all times.

The partnership with Phoenix Group empowers M2 to offer investors the assurance of investment yields based on real returns, which are generated via a 725MW Bitcoin mining operation. Founded in 2017 by Bijan Alizadeh and Munaf Ali. Phoenix aims to be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

Bijan Alizadeh, Phoenix Group, Co – Founder and Group CEO M2, Founder and Managing Director “Phoenix vision was to set up and build an established UAE Crypto exchange, with full services for both retail and institutional investors and seeing this come to fruition is a very proud moment for us. With this strategic partnership we are in a position to provide unparalleled returns backed by the worlds largest bitcoin mining operations. We are delighted to announce this partnership which further cements the M2 and Phoenix proposition towards a collective vision, building the future of finance on secure and regulated investment products for all investors.”

“M2 has obtained a Bahamas License issued by the Securities Commission of the Bahamas (SCB), which enables it to offer the M2 Earn product to a global audience. M2 is also actively pursuing licenses in several European countries and navigating the Markets in Crypto Assets (MiCA) licensing process.

M2 Group’s  commitment to the UAE is further showcased by our two other entities: M2 Limited and M2 Custody Limited (M2 ADGM). Both are headquartered in the Abu Dhabi Global Market (ADGM).

M2 is also working towards obtaining the necessary regulatory approvals to allow UAE residents to onboard, in addition to M2, with M2 ADGM which will be regulated by the Financial Services Regulatory Authority (FSRA) of ADGM. M2 ADGM will be going live at a later date with their ADGM license.

BackPack XNFT wallet receives regulated crypto exchange license in UAE

BackPack XNFT wallet receives regulated crypto exchange license in UAE

BackPack Web3 non custodial XNFT wallet has received a full license by Dubai Virtual asset regulatory authority allowing it to run a regulated crypto exchange in UAE. BackPack,which was considered one of top 30 best crypto wallets in 2023 was developed by Coral. It offers XNFTs built on Solana Blockchain.

Backpack Exchange is set to launch in private beta for its community members in November before going live to the public in Q1 2024. UAE based Trek Labs Ltd FZE, will launch under the name Backpack Exchange. This license only covers Backpack Exchange and not any of the other virtual asset products and services offered by Backpack.

xNFTs are a different type of non-fungible token, that combine use cases of NFTs and applications in one asset. xNFT stands for executable non-fungible token, meaning it is a unique digital item that can run code inside it.

The XNFT is new, programmable non-fungible token (NFT) standard that act as Web3 applications, built on Solana by the developers at Coral which is part of The WAO Company. xNFTs allowing users to interact with their NFTs and use them for more than just collectibles on the blockchain. Their unique feature is to enable applications to run natively inside the NFT. For example, an xNFT lets users play a game, listen to music, or access a DeFi protocol, all within one open, programmable system built for Web3. You can also have a xNFT that updates itself based on external data or events.

The combination of Backpack Exchange and Backpack Wallet (which is currently an unregulated product) is designed to provide the smoothest transition for users from fiat to on-chain applications. While Backpack Wallet users already have access to a variety of dApps and executable NFTs (xNFTs) unique to Backpack, they will now be able to conduct trades on the exchange directly in the app.

Coral is also the company behind Mad Lads which is the Number 1 NFT collection on Solana. Backpack’s CEO and founder, Armani Ferrante, managed to navigate the challenges posed by the collapse of FTX, after which Coral lost approximately $14.5 million of FTX’s investment in a $20 million funding round backed by FTX Ventures.

Over the past five months, Backpack Exchange has developed a next-generation exchange that incorporates a novel zero-knowledge proof of reserves (zk-proofs), Multi-Party Computation (MPC) for custody, and low latency order execution, while also securing licenses in several jurisdictions worldwide and establishing premium fiat on and off ramps for users.

A VARA Spokesperson noted, “Dubai’s VA sector is fully regulated and VARA’s founding principles have been anchored on the need to structure guardrails for market security while remaining progressive and responsive to innovation. To this end, the licensing process is rigorous in its evaluation of suitably qualified ‘responsible’ participants that can serve as the UAE’s bar for convergence across global jurisdictions. In keeping with Dubai’s repute as a preferred global hub for entrepreneurship, Backpack Exchange must be recognized for their commitment to prioritize investor protection and risk assurance, and VARA appreciates their readiness to fulfill necessary prerequisites that has made them among the first VA exchanges to secure a full market license within the VARA regime”.

Armani Ferrante, CEO and Founder of Backpack, stated: “It’s time to put an end to the days of opaque crypto exchanges representing everything our industry stands against. It shouldn’t be normal to use an exchange with a single point of failure, without proof of reserves, or without auditability. A verifiable, unforgeable ledger is the exact problem blockchains solve, and Backpack Exchange is taking full advantage of that. Using cryptographic techniques like zk-proofs, MPC, and state machine replication, Backpack Exchange hopes to raise the bar for transparency and compliance to demonstrate the best this technology has to offer. Don’t trust, verify.”

Backpack Exchange will launch in private beta for existing Backpack and MadLads community members this November. The beta will feature spot crypto trading functionality. The exchange is set to go live to the public in Q1 of 2024. The Backpack Exchange team will be working to add in various trading functionalities such as derivatives, margin, cross-collateral while its compliance team, with decades of experience from Barclays, State Street, HSBC, Coinbase, and other prominent financial institutions continues to secure additional licenses around the world.

UAE M2 crypto exchange,custodian and investment platform launches Bitcoin Ethereum yield product

UAE M2 crypto exchange,custodian and investment platform launches Bitcoin Ethereum yield product

UAE base M2, a crypto exchange, custodian, and investment platform for crypto investors has officially launched its international platform, and is offering its first product M2 Earn, that provides yields of up to 10.5% on Bitcoin and Ethereum.

The M2 Earn product available at launch by M2, provides up to 10.5% yield on Bitcoin and Ethereum and investors can calculate their investment yields over a preferred timeframe by using the Earn calculator featured in the app.  M2 investment products and the app have been inspired by extensive industry benchmarking and mirror the rigorous systems of investment banking which are now being applied to the digital asset sector.

Stefan Kimmel, M2, CEO, said: “The arrival of M2 group gives institutional investors, family wealth offices and retail investors the invitation they have been looking for to confidently and securely invest in the fast-growing digital asset sector. The first decade of crypto was marked by the introduction of Bitcoin and the highs and lows of a volatile asset class with a heavy focus on speculation. M2 has been built to give experienced investors exposure to the digital asset sector by offering market leading yields that are based on real returns.”

As per the press release, M2 has to date obtained a license from The Securities Commission of Bahamas (SCB) as a Digital Assets Business and M2 Limited and M2 Custody Limited (M2 ADGM) a Financial Services Permission from the Financial Services Regulatory Authority of the ADGM as a Multilateral Trading Facility (MTF) and for Providing Custody.  Combined, the regulatory bodies offer the most comprehensive and progressive regulatory frameworks for digital assets in the world. Additionally, M2 has initiated licenses in several jurisdictions globally.

The M2 user experience has been designed by investors for investors and aims to eliminate the barriers slowing them down, features available on M2 at launch include:

  • Calculate the Real Yield – the M2 Earn calculator allows investors to easily evaluate what level of returns they can anticipate over 30, 60, 90 days. The Earn calculation you see is the real yield.
  • Set and Earn– The institutional grade Smart Trading features on M2 allows users to execute large buy and sell orders seamlessly, reducing transaction costs and saving users time.
  • Security beyond banking benchmarks – M2 security systems have been designed by cybersecurity experts who operate at the highest-level and all protocols are externally audited.
  • Global Community Support – The M2 support team provides coverage across multiple time zones ensuring 24-hour support for customers.

Marking the arrival of M2, the MMX token (ERC20) will be available to users and feature at the core of the M2 experience. The MMX token is designed to provide onboarded clients with specialized access to specific products and services within the M2 ecosystem that will include the ability to boost yields for M2 earn products (MMX tokens used to boost yields will be burned by M2, making it deflationary). The MMX token will also provide advanced access to new yield products and new digital asset listings. 

M2 plans to make the MMX token available on both centralized and decentralized secondary marketplaces. The token’s primary purpose is to enhance users’ experience of the M2 ecosystem and is not intended to serve as an investment vehicle or represent an ownership stake in M2. 

MMX will be freely transferable on the Ethereum blockchain. Provided users meet the M2 onboarding requirements, MMX tokens can be exchanged for other virtual assets and fiat currency, depending on the user’s needs. The M2 platform enables fast and secure trading of digital assets for fiat, fiat for digital assets, and digital assets for other digital assets, as well as offering high yield earn products. Visit M2.com.

South African crypto exchange receives initial approval from Dubai’s virtual asset regulator

South African crypto exchange receives initial approval from Dubai’s virtual asset regulator

In a blog announcement published by VALR, a South African based crypto exchange, they state that their subsidiary VALR FZE has won an initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA), marking a pivotal moment in our journey towards global expansion.

As per the blog post, “The initial approval granted to VALR FZE does not allow it to undertake any virtual asset services yet, but is a critical step as it seeks to establish a virtual asset exchange in Dubai and affirms VALR’s position as a reputable player in the virtual asset industry, committed to upholding the highest standards of operational integrity, compliance and security. “

Co-founder and CEO, Farzam Ehsani, stated, “For the past 5 years, VALR has been working closely with regulators to inform regulatory frameworks that protect the public while allowing responsible innovation to flourish. This initial approval from VARA is a significant milestone for VALR to bring our products and services to a more global audience under the auspices of a world-leading regulator.”

Blake Player, Head of Growth at VALR highlighted the strategic importance of Dubai and the Middle East, adding, “We see Asia, the Middle East, and the UAE as attractive markets with significant crypto flows. Dubai is quickly gaining recognition as a forward-thinking and pragmatic jurisdiction for crypto businesses. Setting up in Dubai provides an excellent opportunity to serve the regional market and a global customer base from a crypto and business-friendly jurisdiction.”

VALR is not the first crypto exchange seeking a license in the UAE nor will it be the last. Many international crypto exchanges including Binance, crypto.com, Bybit, and CoinBase have all expressed their interest in the UAE.

100K USD prized Web3 Hackathon in Dubai UAE with Bybit crypto exchange and DMCC

100K USD prized Web3 Hackathon in Dubai UAE with Bybit crypto exchange and DMCC

Crypto exchange Bybit, which recently launched its headquarters out of Dubai UAE, but is still seeking its regulatory license has once again forged a partnership with DMCC ( Dubai Multi Commodities Center) to launch a $100K hackathon to develop the Web3 ecosystem in Dubai.

The hackathon will take place in Dubai on 22 November 2023 and is the latest milestone between DMCC and Bybit since both sides announced a strategic partnership in June to accelerate the mass adoption of crypto and web3 in Dubai.

During the final stage, up to 10 teams will compete to develop creative technical solutions to a range of challenges within the fields of artificial intelligence (AI), gaming and information security.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC said: “Dubai is fast consolidating its position as the most important Web3 hub in the region, and the DMCC-Bybit hackathon is the perfect testament of this in action. As Dubai continues its transition into an innovation-driven and knowledge-based economy, furthering the development of Web3 technologies is vital. This will be the largest hackathon of its kind in the region, pioneering the latest technical innovation in areas such as AI and gaming. We are delighted to continue our partnership with Bybit as we look to boost our Web3 community at DMCC Crypto Centre.”

Ben Zhou, Co-founder and CEO of Bybit added: “Tapping into the high levels of Web3 innovation taking place in Dubai is a key pillar of our strategy as we continue growing our global market share. This partnership with DMCC is enabling us to do exactly that, so we are excited to host the largest hackathons that this region has seen and further build our symbiotic relationship with the DMCC Crypto Centre.”

Prior to this Bybit contributed $250K scholarship fund to the American Univeristy of Sharjah.

The new partnership for the hackathon comes as Bybit suspends its services in the United Kingdom after financial regulator’s final warning. Bybit had also announced a similar winding down of services in Canada in May 2023.

Dubai virtual asset regulator issues market notice against JPEX crypto exchange

Dubai virtual asset regulator issues market notice against JPEX crypto exchange

As Hong Kong police investigate allegations of fraud against cryptocurrency trading platform JPEX after investors complained of HK$1.3bn ($166m; £134m) in losses, Dubai’s virtual asset regulator VARA has alerted the public to the fact that JPEX is not regulated nor under VARA supervision.

JPEX on its website states, “At present, the JPEX operating headquarters is located in Dubai. As the financial hub of the Middle East, Dubai is the only global economy with an independent regulatory environment. Its newly established Virtual Assets Regulatory Authority (VARA) is bound by the international regulatory framework. Under the supervision of VARA, The trading system established by JPEX has stricter regulatory standards and more transparency and openness in cross-border transactions, thereby ensuring the integrity of the global market.”

Eleven people, including popular influencers, were arrested this week after complaints filed by 2,000 people. The case could be one of Hong Kong’s biggest fraud cases, local media say.

Virtual Assets Regulatory Authority (VARA) is issuing this Alert to call the attention of all investors and market participants, to recent media coverage of regulatory action that is being considered and/or has been initiated against the Virtual Asset Service Provider (VASP) JPEX and/or associated companies within the holding group [operational through www.jp-ex.io] and specific individuals associated with these entities.

VARA clarifies that JPEX is an unregulated operation. As VARA states, “JPEX is not regulated by or registered with VARA, and any VA Activity being carried out or offered by this entity, whether in/from the Emirate of Dubai or otherwise, has not been permitted or otherwise authorised by VARA.

False claims: Any claims by JPEX and any responsible individuals that it is regulated by VARA, or that it is subject to VARA’s oversight, are entirely false and inaccurate. Further, Law No. 4 of 2022 deems all VA activities in/from the Emirate to be are fully regulated, and under the purview of VARA – as such, should JPEX be performing any of these activities, it is operating in breach of Dubai Law.”

The notice adds that JPEX has also not been approved by VARA, and JPEX is hence not permitted to offer, promote or advertise any of its products or services, or solicit any client participation, in or from the Emirate of Dubai.

Customers may wish to notify VARA at  if they have been (i) the subject of any of JPEX’s solicitation/promotional activities; or (ii) if any of JPEX’s services have been made available to them specifically from Dubai.

VARA concludes that it will monitor the situation and may take enforcement actions against JPEX and any responsible individuals as may be warranted subject to evidenced wrongdoing.

This is the second time VARA takes action against a crypto exchange, OPNX was the first.