UAE Web3 social networking and content monetization platform receives investment from UAE Cypher Capital

UAE Web3 social networking and content monetization platform receives investment from UAE Cypher Capital

UAE-based social networking and content monetization platform Lyvely,  that provides an integrated multimedia e-commerce and payments solution, has successfully raised an undisclosed amount from UAE based Cypher Capital, an early strategy venture firm.

Lyvely soft launched early this month (August) and is already experiencing rapid growth and user adoption.  Led by experienced cofounders, Farah Zafar and Dave Catudal, Lyvely aims to compete with Big Tech global giants and revolutionize the current social networking and social e-commerce landscape. 

“We are the world’s first social networking profile that pays,” says Zafar, who is Lyvely’s Co-Founder and CEO. Every time you post content on Big Tech platforms, they make money. When was the last time you got a cheque or received a payment from Instagram? It just doesn’t work that way in Big Tech because it’s a biased and broken system. Lyvely’s doing it differently. We’re the Platform for the People. Our commitment to our users is to reward them fairly for their contribution to the Lyvely ecosystem. Our mission is to empower people to thrive in this new digital age.”

With the recent funding round led by Cypher Capital, Lyvely has a strategic advantage in the Web3 space. With Cypher Capital’s support, Lyvely will be developing a Cryptocurrency Token that seamlessly integrates into the platform, enhancing the user experience and earning potential on Lyvely.

“We’re designed as a familiar and intuitive Web2 platform, but we’re actually the bridge to a Web3 future for hundreds of millions of people” says Dave Catudal, Lyvely Co-Founder and CXO. “We’re here to create the #1 platform for anyone to monetize their content or services online. With our Token having extensive utility within our platform, we introduce the use of cryptocurrency to the masses, with zero barrier to entry.”

Joining the ranks of Lyvely’s advisory board are Bijan Alizadeh, the Co-Founder of Phoenix Group and Co-Founder of Cypher Capital, and Bill Qian, Chairman of Cypher Capital.

Bijan Alizadeh said “Lyvely is a company that excites us because of the quality of the founders, and the vision they have for becoming the bridge to Web3 for the masses. With Lyvely’s platform, they have seamlessly integrated a tokenized ecosystem using a Web2 user experience and have created a fully integrated platform that revolutionizes the way people make money online. We believe in its future and potential.”

India’s CoinDCX investment into UAE BitOasis crypto broker breaths new life into the company

India’s CoinDCX investment into UAE BitOasis crypto broker breaths new life into the company

UAE based BitOasis crypto broker exchange has announced that it has secured an investment from CoinDCX, India’s biggest crypt exchange. This comes after BitOasis’s license was suspended by VARA for not meeting requirements. The latest investment will give BitOasis a new life line.

As per the news, the new capital injection will help to support BitOasis’s vision to amplify its regional presence and secure further licenses in the region.

Commenting on the news, Ola Doudin, Co-Founder and CEO of BitOasis said: “We are delighted to be working with CoinDCX, India’s leading crypto platform. From our first conversations, it was clear we share a common vision and synergies across our markets that we look forward to building towards. The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets. We are very excited about the opportunities the funding will unlock for us.”

Sumit Gupta, Co-Founder and CEO of CoinDCX stated: “We are immensely excited about investing in BitOasis, the largest crypto trading platform in the Mena region. We have been impressed by BitOasis’s excellent product offering, strong leadership and their persistence to serve customers in the most secure and compliant manner.”

The investment comes after news that CoinDCX was in talks to acquire BitOasis. BitOasis in the past month had let go of more than 30 employees.

Prior to that VARA had freezed BitOasis’s MVP operational license for non compliance to requirements set by the Dubai virtual asset regulator.

With this an Indian crypto exchange now has a foothold in the MENA region with the investment in BitOasis.

Qatar Financial Centre to launch its digital assets lab on October 29th 2023

Qatar Financial Centre to launch its digital assets lab on October 29th 2023

On their LinkedIn page, the Qatar Financial Centre (QFC) announced  that in its journey to accelerate the development of Qatar’s digital ecosystem it will be launching the QFC Digital Assets Lab, a ground-breaking programme aimed at accelerating open innovation and promoting peer collaboration within the industry through proof-of-concept and proof-of-value, on September 6th 2023.

As per the post, “ It is with pleasure that we invite you to join us on this momentous event, that will be streamed live via LinkedIn and YouTube. The event will present the qualifying criteria for entry, the Lab’s operating model and key benefits, and announce the opening for applications.”

The post adds, “With the QFC Digital Assets Lab, we aim to seamlessly integrate transformative technologies into real-world applications, spanning finance, supply chain management, energy and sustainability, compliance and reporting, healthcare and beyond.”

A few weeks prior to this announcement, Henk Jan Hoogendoorn , Chief Financial Sector Officer at Qatar Financial Centre (QFC) Authority revealed that the digital assets framework that the authority has been working on will soon be launched along with the digital asset lab.

As noted, QFC is working with Price Waterhouse Cooper ( PWC) to finalize the digital assets framework and the launch of the digital assets lab.

While Qatar has not opened up to the crypto scene, its financial center is opening up to digital assets enabling them to tokenize asset classes to facilitate the needs of qualified investors with its digital assets framework.

In addition Qatar Financial Centre Authority (QFCA) financial business center has been moving forward with its blockchain strategy.It signed MOUs with both Blockchain solution provider R3 Blockchain SettleMint platform. The agreement with Settlemint will also as with R3 work on Blockchain and digital asset initiatives in the financial sector.

Article updated on October 4th 2023 with new launch date information.

Japanese Nomura owned crypto custodian, Komainu first to receive full VASP license by VARA in UAE

Japanese Nomura owned crypto custodian, Komainu first to receive full VASP license by VARA in UAE

Komainu, a regulated digital asset custody provider created by Japanese investment bank Nomura, digital asset manager CoinShares and digital asset security company Ledger. has been granted a full virtual assets service provider license by Dubai’s virtual asset regulatory authority in UAE. The license was issued on August 18th 2023.

Prior to that Komainu had received in July 2022 the MVP license from VARA.

Komainu will be able to serve qualified retail and institutional clients both as a crypto asset custodian and offer custodial staking services. 

“We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches,” said Sebastian Widmann, Komainu’s Head of Strategy. “Dubai has a vibrant digital asset ecosystem and impressive talent pool, and we are proud to contribute to the growth of this innovative financial hub. Our presence and desirable regulatory status in the region marks another differentiator for us as we execute the next phase of our business.”  

Prior to this VARA had issued the first VASP license to Laser Digital Middle East FZE, the crypto arm of Japanese Nomura Holdings. Laser Digital now has a full crypto license that will allow it to offer virtual asset broker dealer and investment management services in the UAE.

Nomura owned crypto entities now have two full licenses in Dubai UAE, while others such as BitOasis has lost their active MVP operational license and are in the midst of being acquired by other players.

The UAE has been attracting crypto entities over the past two years, and is poised to be one of the leading regulated crypto hubs in the world. 

Updated August 22nd 2023

BingX to offer Fiat to crypto Peer to Peer trading services in MENA and Turkey

BingX to offer Fiat to crypto Peer to Peer trading services in MENA and Turkey

BingX, a cryptocurrency exchange, has introduced  Peer-to-Peer (P2P) trading services for multiple countries in the MENA region including UAE, Qatar, Jordan, Egypt, Kuwat, Saudi Arabia and Turkey. This means that trading includes fiat currencies such as  AED, DZD, EGP, JOD, KWD, QAR, SAR, MAD, TRY, and more. By opening up this feature, BingX aims to foster greater accessibility and convenience for users seeking to purchase cryptocurrencies with their local fiat currencies.

According to BingX press release, this strategic move empowers merchants and users in the MENA region and Turkey to engage in direct cryptocurrency transactions with zero transaction fees. Building on its successful P2P trading services available in over 40 countries and regions with support for 300+ payment methods, BingX now extends its user-friendly and cost-effective trading experience to the MENA and Turkey market.

BingX is seeking merchants in the Middle East and Turkey.

“We are delighted to introduce our P2P trading services with more accessibility for all users,” said Elvisco Carrington, PR and Communications Director of BingX. “As we continue to enhance our platform’s offerings, we are committed to providing our users with professional, secure, and cost-effective trading solutions. By expanding into the MENA and Turkey market and offering zero-fee P2P trading, we aim to create a dynamic trading environment that caters to the unique needs of local users and merchants.”

Oman inaugurates first crypto mining data center in Salalah worth $348 million

Oman inaugurates first crypto mining data center in Salalah worth $348 million

As part of the strategy to build  crypto mining datacentres in Oman, the first phase of Asyad Group crypto mining center was launched in the Free zone in Salalah.

Built and managed by Exahertz, a subsidiary of Afaq Advance Technologies firm, the first phase was inaguarated during a ceremony attended by top Omani governmental officials. The ceremony was held under the auspices of Eng. Said Hamoud Al Ma’awali, Minister of Transport, Communications and Information Technology. It was attended by HH Sayyid Marwan Turki Al Said, Governor of Dhofar.

The ceremony included the inauguration of a pilot facility for the first phase of the project on the centre for data processing and hosting of cryptocurrency mining.

During the event the second phase of the project was also launched.

Al Ma’awali stated, “The inauguration of the first phase of the project reflects the ministry’s keenness on promoting digital investment and localizing advanced technologies. He added that the company in charge of the project is expected to achieve a quarter of envisaged volume of production before the end of 2023.

Dr. Ali Mohammed Tabook, CEO of Salalah Free Zone, underscored the significance of laying down the foundation stone for the Exahertz Blockchain Data Centre at an investment value of $348 million on an area of 312,000 square metres.

According to Sam Ferdos, CEO of Moonwalk Systems and Strategic Partner of Exahertz International, a wider network of blockchain-based data centres in planned in the Sultanate of Oman, starting with a pilot in Salalah.


Ferdos stated to Observer media, “The pilot is already online with 11 megawatts of power and over 2,000 machines. By October, capacity will be ramped up to have up to 15,000 machines online, with development fast-tracked to cover three locations in Salalah and one in Al Jabal Al Akhdar in Al Dakhiliyah Governorate.”

Prior to this announcement, Oman Ministry of Transport, Communications, and IT in partnership with Green Data City (GDC) the next generation data blockchain ecosystem, launched the first licensed sustainable crypto mining datacenter in Oman, and the GCC.  The delegation witnessed the first Bitcoin officially mined in Oman using immersive cooling technology which will reduce electricity consumption.

Under this license, industrial mining companies can now register directly with GDC Mining and operate within the development.

In addition Oman Investment Authority (OIA) took part in a $350mn equity round in Crusoe Energy Systems. The US firm helps oil and gas producers cut flaring by using stranded natural gas to power cryptocurrency mining. Crusoe systems set up operations in Oman as well.

Oman Easy Coins becomes first registered VASP entity with Capital Markets Authority

Oman Easy Coins becomes first registered VASP entity with Capital Markets Authority

While the Oman Capital Markets Authority awaits feedback for its virtual assets framework consultation paper, it has approved registry of Oman’s Easy Coins, a non custodial crypto provider, as the first VASP in the country.

Easy Coins has been operating in Oman for over two years. In December 2022 Easy Coins launched its trial of Tether USDT on the Tron Blockchain. Accordingly Easy Coin users in Oman could purchase TRC20 USDT.

Prior to that The Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group, trialed its stablecoin linked to the Oman Riyal. The company signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet.

Easy Coins was launched in Oman in June 2021, as a non custodial crypto Brokerage platform, The platform is powered by Quantoz Blockchain Technology for financial services, and running on Nexus from connectedChains and supported by ThawaniPay.

Given that Easy Coins was already self regulating and adhering to CMA’s FATF KYC nad AML requirements, they were considered the first to be registered as a VASP seeking full license in Oman.

Dr. Khalid M.W. Tahhan, Co-Founder, Easy Coins ME stated, “We at Easy Coins believe that innovation from society will always be ahead of any regulator in any industry and nation. Thats why for vision 2040’s primary innovation pillar to be properly realized, it is essential that innovation from society should not be slowed down or hindered till regulators catch up, but rather it is essential for innovators to innovate and regulators to catch up with them rapidly. We commend the capital markets for their rapid response and acclimatization towards innovations in virtual assets and believe with such adaptable regulators, this industry will have a healthy place in Oman to flourish.”

Speaking to LaraontheBlock Tahhan explained, ” Registration is stage one which means we were cleared for KYC, AML, CDD requirements, full licensing is the next stage and will happen next year. Today we are allowed to operate because our risk measures are covered.” 

HH Sayyid Azzan Bin Qais Al Said Co-Founder of Easy Coins added “ Easy Coins has been in operations for two years and has been self regulating its operations since its launch. Hence when CMA initiated its registration process for Virtual Asset Service Providers, we were able to instantly meet CMA’s and FATF’s KYC/AML requirements.“

Highest salaries for Blockchain developers are in KSA, followed by Oman, Bahrain and Qatar

Highest salaries for Blockchain developers are in KSA, followed by Oman, Bahrain and Qatar


The Blockchain related job market in the GCC MENA region is growing, and salaries differ between varying GCC countries depending on need, and availability.

According to Salary Explorer 2023 reports, the average blockchain developer salary in the UAE per month is $3348 ( 12,300 AED), in Oman $3922 (1,510 OMR), in KSA $3945 (14,800 SAR), in Qatar $3597 (13,100 QAR), in Bahrain $3630  ( 1,370 BHD), while in Egypt and Morocco the average salary is $266 ( 8,230 EGP), and $1810 ( 17,500 MAD).

Interestingly others have noted that the average crypto salary per month in Dubai is $6582. As per their report salary estimates are based on anonymous submissions by cryptos, website users collected in Dubai from past and present job posts.

Concurringly a number of entities in the UAE are requesting job positions. One example is Crypto.com that is hiring a Web3 senior regulatory reporting analyst, in Dubai.

Recently as wel the Commercial Bank of Dubai was searching for Head of CBDC digital technology with yearly salary of $350,000.

Emagine Solutions FZE in Abu Dhabi was also requesting a job as it has been retained on a CBDC project within the UAE. The candidate could have experience as Head of Digital Banking, Head of Technology, EVP or SVP level.

As per the job description, the candidate will  work within a specialist business unit focused on developing the the Central Bank Digital Currency (CBDC) which will be responsible for analysing the opportunities and challenges presented by CBDC and developing the design of a CBDC. The candidate will be expected to offer input to and be the principal source of technological advice on other forms of digital assets (e.g., stablecoin). The monthly salary range is set anywhere between $30,000- $50,0000.

These job postings for blockchain, CBDC, and other crypto related opportunities are increasing in the region. Prior to this, there were requests for blockchain developers in UAE, for example at FuCoin, Swisstronic, Deriv, Storm2, as well as digital assets custody professional for Binance UAE.

A CoinJournal crypto job research published in November 2022 stated that the UAE has 137 crypto career listings or 14.51 jobs per one million people, which is the ninth highest globally, the research showed. There are more crypto-related jobs in the UAE than in other markets like Australia, Canada, France or Germany

The growth of the blockchain and crypto ecosystem in the region is pushing the growth of jobs in the field. We should see more of these postings in the future especially in KSA, Oman, and Qatar, as well as the UAE.

Liminal crypto wallet custodian partners with Notabene to offer travel rule solution in UAE and globally

Liminal crypto wallet custodian partners with Notabene to offer travel rule solution in UAE and globally

Liminal, a provider of wallet infrastructure and custody solutions, with a presence in the UAE has launched its compliance solutions suite, with Notabene’s Travel Rule solution.

According to recent news pieces, Liminal’s compliance suite presents features to aid clients with their regulatory obligations, including integration to enable communication between virtual asset service providers, providing an interface to fulfil regulatory obligations, supplying compliance solutions to prioritise data protection, allowing customisation to cater to compliance, and real-time monitoring and alerts to address compliance issues.

Rahil Shaikh, AVP of product and blockchain, Liminal, stated, “We are looking forward to introducing our compliance solutions suite, strengthened through our collaboration with Notabene. At Liminal, our objective is to drive innovation within the digital asset industry, and this partnership aims to reinforce our commitment to providing regulatory-compliant solutions for our clients. By joining forces with Notabene, we seem to have empowered our customers with travel rule compliance.”

Liminal’s latest suite of compliance solutions, coupled with Notabene’s innovative Travel Rule integration, empowers clients with an efficient means to navigate compliance challenges. Liminal’s compliance suite presents a wealth of powerful features to aid clients in meeting their regulatory obligations, including:

a) Seamless Integration: The integration will enable smooth and secure communication between virtual asset service providers, streamlining the sharing of transactional data in compliance with regulatory mandates. 

b) Simplified Compliance Processes: Liminal’s suite empowers clients with a user-friendly interface that simplifies the compliance journey. Users can now effortlessly fulfill their regulatory obligations, saving time and resources. 

c) Enhanced Security: Security is of paramount importance in the world of digital assets. Liminal’s compliance solutions prioritize data protection, ensuring that sensitive information remains secure throughout the compliance process. 

d) Customizable Solutions: Recognizing the diverse nature of businesses operating in the cryptocurrency sector, Liminal’s suite allows customization to cater to specific compliance needs, ensuring flexibility and adaptability. 

e) Real-time Monitoring: With real-time monitoring and alerts, clients can proactively address compliance issues, thereby mitigating risks and reinforcing trust with regulatory bodies.

Liminal in May announced that it had applied for a license at at Abu Dhabi Global Market (ADGM) in an effort to offer regulated service in the region. Liminal which claims to have processed crypto transactions worth $5.6 billion on its platform, with over $550 million worth of assets under protection, believes that people will use digital assets either as part of investment or a part of underlying fundamental technology.

Mahin Gupta, Founder, Liminal stated to Khaleej Times, “Regulation will become uniform across the globe. UAE has taken a first mover advantage in the field of digital asset regulation, with much clarity. They have a clear idea about how they want to look at Metaverse, how they want to look at trading, how they want to look at custody and how they want to look at blockchain as a service and blockchain as a platform for other applications.”

Prior to that Liminal partnered with Dubai based payment gateway platform Magik Labs. Through this partnership, Liminal would empower Magik Labs to create a series of transit payment wallets to receive payments from their users. These payments will then be converted to desired tokens or NFTs via connectivity to other decentralized exchange (DEX) aggregators, over the counter (OTC) desks or trading platforms. Liminal’s MPC hot wallets will enable transit wallet addresses and provide automation of transaction flows.

At the time, Manan Vora, senior vice president, strategy and operations at Liminal had noted, “Our partnership with Magik Labs is a part of our continued efforts to strengthen Liminal’s position in the Mena region as the first choice of businesses for digital wallet infrastructure services.”

The compliance solutions suite will be offered to Liminal’s clients, including exchanges, custodians, and institutional investors. 

Swiss crypto service provider Laser Digital awarded full crypto license by Dubai’s virtual asset regulator

Swiss crypto service provider Laser Digital awarded full crypto license by Dubai’s virtual asset regulator

Dubai’s virtual asset regulatory authority, VARA has granted Laser Digital Middle East FZE, the crypto arm of Japanese Nomura Holdings, a full crypto license that will allow it to offer virtual asset broker dealer and investment management services in the UAE.

Laser Digital announced that  Laser plans to launch over-the-counter trading services and digital-asset investment products for institutional investors in coming months.

According to VARA website, Laser Digital has been awarded This is the full VARA licence, issued to VASPs which satisfies all of the requirements as specified under the Virtual Assets and Related Activities Regulations 2023. It allows a VASP to offer approved Virtual Asset services to retail customers as well as institutional customers and Qualified Investors.

Laser Digital, which is headquartered in Switzerland with officers in Dubai and London, said in a statement it had received the licence from Dubai’s Virtual Asset Regulatory Authority, allowing it to offer crypto-related broker-dealer, management and investment services.

“VARA’s thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class. With the license now in place, we are looking forward to Laser’s growth over the coming years” said Jez Mohideen,  Co-Head of Global Markets EMEA. Laser Digital

Founded last year by Nomura, Laser Digital was the brainchild of Steven Ashley, the former head of Nomura’s wholesale division, and Jez Mohideen, Nomura’s former Chief Digital Officer.