Crypto Oasis launches the Green Block initiative in commitment to Cop28 in UAE

Crypto Oasis launches the Green Block initiative in commitment to Cop28 in UAE

Crypto Oasis launched its crypto Oasis report for Q2 of 2023 announcing the Green Block initiative as part of its commitment to the UAE’s Environmentally Sustainable goals. This comes as the UAE hosts the COP28 in December 2023.

Crypto Oasis, a blockchain ecosystem fostering innovation in the UAE, has witnessed a significant growth in the blockchain crypto ecosystem in the UAE.

In its second edition of the Crypto Oasis Ecosystem report for Q2 2023, it noted that there were now over 1,800 organizations in the blockchain and crypto industry within the country with over 8,650 employees working in crypto blockchain, metaverse, and Web3 ecosystem.

The numbers are up from the ones shared in Crypto Oasis’s annual report of 2022 published in October. At that time there were 1,400 blockchain and crypto entities in the country employing 7000 people. This shows that 400 new entities registered their companies in the UAE over the past 8 months employing an extra 1,650 people in the sector.

In Crypto Oasis Q2 2023 report, native organizations made up 70.5% of total blockchain crypto entities, while in October 2022 report they stood at 66%. There has been an increase of 4.5% of native entities in just 8 months. Dubai’s DMCC is still home to the majority of blockchain and crypto entities with 600 registered companies, followed by Dubai Economic Department with 420 plus, and IFZA freezone with 200 and DIFC with 110. 

The Crypto Oasis report was published in partnership with DLT Science Foundation and Roland Berger.

To build on the successes of the past years, Crypto Oasis announced in their report the launch of a new initiative, the “Green Block”, an ecosystem for the ESG (Economic Sustainable Goals) part of Web3 to foster a sustainable future by bringing together innovators and entrepreneurs to develop and implement solutions that promote environmental sustainability and social responsibility.

The Green Block focuses on promoting, leading, and connecting this part of the industry to align with the goals of the UAE.

Saqr Ereiqat, Co-Founder of Crypto Oasis told LaraontheBlock, “We will be launching the Green Block initiative formally during the Future Blockchain Summit in Dubai being held in October. Since this is a UAE centric report and one of the primary themes of the country this year is ESG we follow suit in our report and are currently working on the Green Block initiative in Web3 for COP28.”

Blockchain technology holds particular promise in the fight against climate change for three key reasons: it can amplify voluntary carbon markets to channel billions of dollars towards green investments, facilitate the widespread adoption of parametric insurance for climate events and accelerate development of open data infrastructure necessary to help coordinate global actors.

CoinBase, Circle, and Bittrex leaving USA and heading to the MENA region

CoinBase, Circle, and Bittrex leaving USA and heading to the MENA region

The exodus of Crypto and Blockchain startups from the United States seems to be intensifying and it looks like the MENA region, and UAE are the new preferred destinations for CoinBase, Circle and Bittrex. 

Tim Draper, Founder of DFJ VC tweeted recently that Silicon Valley startups are relocating to Middle East, Asia, and Europe.

He states, “CoinBase and Gemini are moving out of the US for regulatory reasons. Dubai, London and Singapore are eating into New York’s blockchain leadership. This exodus is not good for US jobs, economy, and homelessness.”

Additionally, in the last 24 hours CoinBase announced that its CEO and Co-Founder Brian Armstrong is currently in the UAE for a series of engagements with policymakers, regulators, partners, Web3 and crypto founders as well as clients.

Armstrong is delivering a keynote address at the inaugural Dubai Fintech Summit, under the patronage of His Royal Highness, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.

As per CoinBase blog, “Crypto and Web3 serve as enormous opportunities for economic and technological diversification for the UAE, and the region has the potential to be a strategic hub for CoinBase, amplifying our efforts across the world.”

The blog adds, “It further serves as a particularly strategic bridge between Asia and Europe – two of our existing focus international regions to date.”

CoinBase reiterated that it is not only working with Abu Dhabi Global Market (ADGM) regulators to further expand the licensing and availability for CoinBase International Exchange but is also engaging with Dubai’s Virtual Assets Regulatory Authority (VARA), a dedicated regulator for virtual assets, as they put forward a comprehensive retail framework built on the principles of economic sustainability and cross-border financial security. 

CoinBase believes that their presence in the UAE will not only expand their global footprint but also help to bring 1 billion users to crypto.  

The blog adds that the MENA region is out to be a leader in the development of a web3 ecosystem, making it an attractive location to consider investing in. The vacuum created by other notable jurisdictions means that international counterparts, such as the UAE, are racing to fill the regulatory gap.

CoinBase is not the only US Company that is looking at the UAE. It also seems Circle is interested in the region as well. The Circle team were recently present in Dubai UAE at a dinner hosted by Miriam Kiwan, the partner of Raiven Capital.

Jeremy Allaire, CEO of Circle Internet Financial, during an interview with Bloomberg, blamed the shrunken value of the company’s stablecoin, USD Coin, on regulatory challenges in the United States and concerns about its banking system.

In addition in March 2023 the SEC sued crypto exchange Bittrex shortly after it announced it was leaving the US markets. Bittrex, announced it would no longer do business with U.S. citizens because “it’s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment.”

Stephen Stonberg, CEO of Bittrex Global crypto exchange  has stated that the UAE and Dubai are among the friendliest jurisdictions for the cryptocurrency industry. He added in a Bloomberg interview Dubai is likely to benefit from the expanding crypto market in the Middle East as local regulators increasingly accept blockchain related technologies.

Finally in a recent LinkedIn post by Ali Jamal, CEO of UAE based Cryptos Consultancy, a crypto and Blockchain licensing firm, he noted, “We at Cryptos Consultancy have been getting lots of queries from crypto and tradfi businesses about setting up Virtual Asset practices in Dubai. There is a real buzz around Dubai’s virtual assets ecosystem now that the Virtual Assets Regulatory Authority (VARA) regulations are out.”

So as crypto and Blockchain businesses flee the USA, the tightening regulations in the USA continue with The New York State Attorney General (NYAG) Office announcing last week that Attorney General Letitia James has proposed “landmark legislation to tighten regulations on the cryptocurrency industry to protect investors, consumers, and the broader economy.” The announcement stated, ” Attorney General James’ program bill, which proposes the strongest and most comprehensive set of regulations on cryptocurrency in the nation, would increase transparency, eliminate conflicts of interest, and impose commonsense measures to protect investors, consistent with regulations imposed on other financial services.” 

It seems that this is only the beginning and the MENA region with UAE and Bahrain at the helm will become the new crypto Silicon Valley. 

If you would like to support LaraontheBlock blog and are happy with the content being published you can do so by donating USDT . Thank you!

Blockchain crypto veteren James Bernard appointed as Chief Commercial Officer at UAE’s RAK Digital Assets Oasis

Blockchain crypto veteren James Bernard appointed as Chief Commercial Officer at UAE’s RAK Digital Assets Oasis

UAE’s latest digital asset and Web3 free zone in Ras Al Khaimah, RAK DAO, has appointed James Bernard at its Chief Commercial Officer. Bernard has been working in the digital asset blockchain sector since 2015. In the UAE he worked within Dubai’s DMCC and later on as an advisor to several Web3 blockchain entities within the UAE.

James will be responsible for all commercial activities, the implementation of business strategies and the development of partnerships, supporting entrepreneurs, innovators, and businesses across new and emerging tech sectors, digital assets, and web3, metaverse, AI, NFT, DApp, AI, blockchain, tokenization as well as many others. 

He was a founding member in 2015 of the Global Blockchain Council in Dubai, and leading DMCC’s Crypto strategy, developing early proof of concepts for various Web 3.0-powered ventures including Diamond Track and Trace, and property leasing applications, while also launching crypto asset licenses and making significant contributions to regional regulatory environment.

Commenting on James’ appointment, Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis, said: “James brings with him a wealth of experience across the web3, digital assets and future tech landscape, enabling us to develop truly ground-breaking, strategically positioned models to support these sectors and tap into the growing global tech-enabled markets. We aim to open our doors to the companies of the future in the second quarter of 2023 and at such a crucial point in our emergence as innovation-enablers, we have no doubt that James’ formidable knowledge and experience will help us reach our ambitious targets.”

James Bernard, CCO of RAK Digital Assets Oasis, said: “I am thrilled to be part of RAK Digital Assets Oasis. With our forward-leaning approach to maximizing opportunities in disruptive technologies, the free zone is committed to supporting, empowering, and partnering with global leaders, entrepreneurial talent and innovators, building transformative solutions and creating impact.”

MENA open banking platform Tarabut gateway raises $32 million to expand in KSA

MENA open banking platform Tarabut gateway raises $32 million to expand in KSA

MENA based Tarabut open banking platform, which recently signed its first partnership with a crypto brokerage exchange RAIN in Bahrain, has raised $32 million in its series A, led by Pinnacle Capital. The funds will be used to bolster Tarabut’s footprint in Saudi Arabia.

Pinnacle Capital is a leading alternative investment firm that focuses on KSA investments to provide unique alternative investment opportunities. Pinnacle Capital partners have extensive transactional experience in the venture capital industry with a proven track record, including leading the first Saudi unicorn tech startup, Jahez, to a public listing. The raise also saw participation from Aljazira Capital, Visa, Tiger Global, and other leading existing investors.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated, “Open banking is reshaping the financial landscape in KSA and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation. This fundraise reflects the potential of open banking, our advanced technology, and the trust placed in us by our partners both in KSA and globally. Tarabut Gateway’s mission is to create an open financial services sector that delivers open banking benefits to MENA’s consumers, banks, and fintechs – and the proceeds of this fundraise will help us execute our strategy and contribute to realizing the Kingdom of Saudi Arabia’s ambitious vision 2030.”

In KSA, Tarabut Gateway has achieved over 60% market coverage through partnerships with leading banks such as Alinma Bank, Arab National Bank, Saudi National Bank and Riyad Bank. The Saudi Central Bank (SAMA) has included Tarabut Gateway as one of the first participants in its Regulatory Sandbox, which is a key component of the open banking framework rollout.

Tarabut Gateway will also be partnering with Visa. Andrew Torre, Regional President of Visa CEMEA, said, “Next-generation digital experiences and innovation are driving the future of financial services, and open banking is a growing movement that can help consumers better access and manage finances. We look forward to partnering with Tarabut Gateway, combining our global payments network and proven local solutions with their open banking platform to allow innovative financial services across the region.”

Abdulwahab Al Betairi, Founding Partner of Pinnacle Capital, added, “We’re thrilled to be backing Tarabut Gateway’s ambitious growth plans. Their innovative approach to open banking and their strong focus on Saudi Arabia make them a perfect partner for us, and we’re excited to see them grow to new heights and contribute to the growth of the Saudi Arabian fintech space as part of the Vision 2030 strategy.” 

Prior to this announcement, Tarabut Gateway partnered with Rain. As per the announcement it would brig faster, cost effective fiat to crypto transaction to Bahrain end users and enable funding payments directly from user bank accounts without leaving Rain’s platform.

The new feature will utilize Tarabut Gateway’s open banking payment solutions to facilitate on and off-ramp (fiat-crypto-fiat) transfers for users, dramatically increasing speed and reducing errors associated with traditional bank wire transfers.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated at the time that crypto trading, crypto wallets and other blockchain use cases were a natural ally in opening up traditional banking and finance. He stated, “We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective – as well as enable such funding methods directly from bank accounts. We are proud to partner with Rain to provide a user-focused approach to crypto services by bringing the advantages of open banking digital solutions.”

UAE Helion Ventures is going to Lebanon with Beirut Digital District

UAE Helion Ventures is going to Lebanon with Beirut Digital District

UAE Helion Ventures investment, is heading to Beirut Lebanon for a round table meeting on May 11th at Beirut Digital District. Helion launched its operations in Dubai’s DIFC in September 2022 focusing on four major sectors, banking 3.0, healthcare, tokenization of real world assets, green technology, gaming, and fintech in projects across the GCC and African region.

The founders, Oliver von Wolff and Bojan al Pinto Brkic, have long-term experience in venture capital and regulated products. Oliver von Wolff, Founder and CEO, at launch stated, “Our products and services perfectly complement the ecosystem for Dubai start-ups, we are a classic equity provider and venture builder with focus on institutional investors”, to which Bojan added “we intend to capitalize on our experience, bringing the investment management know-how to new industries, such are blockchain and fintech, and even gaming and crypto.”

It is not surprising to see Helion Ventures off to Beirut, given that they are one of the most active investment venture entities when it comes to partnerships and event participation. Just before Beirut, launched Helion has partnered with Crypto 306 event taking place on May 8th 2023 at the Ritz Carlton in Dubai UAE.

Partnerships are a key pillar for Helion. For example, They have partnered with Syndicate Capital Group incubator given Helion’ interest in investing in South East Asia. Earlier, they partnered with the African Chamber of Digital Commerce, and the Hong Kong Federation of e-commerce.

Their spirit of partnerships goes even further, as they have equally partnered with other venture builders such as UAE based Masary Capital, New Tribe Capital, and Uganda based CryptoSavannah.

When it comes to startups, their most well-known investments and partnerships include cryptobank, DeFi startup Yieldster, dOTC MarsBase, DeFi OTC desk as well as African Blockchain internet startup 3air.

The 3air ecosystem is built to make it easier for previously unconnected users to join the global blockchain community. Internet subscriptions are purchased which grant the user a Connectivity NFT that can be shared, transferred and used at any 3air-compatible location. Once connected, 3air’s blockchain platform offers users access to the world of blockchain and DeFi. Users can own a digital identity, create wallets, take micro-loans and participate in revenue-generating activities.

Helion has even partnered with UAE free zones such as IFZA International Free Zone Authority

LaraontheBlock spoke to Oliver earlier to understand why Helion Ventures chose to set up in UAE and focus on MENA and Africa. He stated, “Given my previous role at Swiss Based CV Labs and then at Dubai’s Crypto Oasis, I helped build UAE’s Web3 ecosystem. So when I ventured to launch Helion I thought of Dubai because it has three essential pillars, financial capital, infrastructure, and human capital as well as its entrepreneurial spirit.”

He adds, “Helion Venture stands in the middle on one side we have friends and family investors which is not regulated and on the other we offer family offices and high network individuals the opportunity to invest with us.”

Helion invests anywhere between $50,000 – $100,000 for early pre seed stage projects, and take equity stakes for anywhere between $250,000- $500,000. They invest both in tokens and equity.

According to Oliver, Helion has a steady good quality deal flow given his long term experience and his former work at CV Labs and as such there are always great projects being presented to Helion and not spam projects.

He explains, “ We carry out strong due diligence and make selected investments, but we are also venture builders which means we actively manage our investments by supporting them with marketing, networking, business cases and so forth. We are also always open to working with other VCs because we believe if one VC has a strong project it should be shared to support these projects even more.”

While Helion’s policy is not to lead investments they do like to be anchor investors. Oliver clarified, “Anchor investors give money and support while lead investors like to take a more strategic managerial influence which I believe is not the best choice. When we invest we have already done our due diligence and trust the technology but more importantly the team.”

Oliver is bullish for2023 and believes crypto markets will go up in mid-2023. He sees the biggest markets will come from NFTs that actually have customer uses cases, like ticketing, etc.. and also sees the metaverse growing with serious projects as well as early stage token market.

UAE virtual asset regulator takes further action against OPNX tokenized exchange

UAE virtual asset regulator takes further action against OPNX tokenized exchange

The Dubai Virtual asset regulatory authority, has issued a formal letter of reprimand to OPNX the tokenized exchange for bankrupt crypto entities,  and its founders for carrying out virtual asset Exchange Services on an unregulated basis in Dubai; and for marketing, promoting and/or advertising OPNX services and its native token [FLEX] without the necessary permits from VARA.

Dubai virtual asset regulator in February 2023 became aware that OPNX exchange was soliciting, and collecting personal data from the public to participate in its new (to be launched) exchange. Through social media platforms, OPNX had been engaged in marketing the exchange without establishing warranted restrictions for residents of Dubai/UAE.

The announcement on VARA goes on to note, “Then on April 4th  OPNX launched the exchange on opnx.com, providing VA Exchange services – a regulated activity under the VARA regime, without securing any regulatory licenses, and as such operating in contravention of local laws.”

As a result VARA issued several cease and desist orders for OPNX followed by the marketplacealert which was later followed with a  written Reprimand issued by VARA to OPNX; 4 founders (Mark Lamb, Sudhu Arumugam, Kyle Davies and Su Zhu); and CEO (Leslie Lamb).

With the continued lack of satisfactory remedial action by the responsible parties, VARA has stated that it is continuing to actively monitor the situation and investigate OPNX’s activity to assess further corrective measures that may be required to protect the market.

This action from VARA comes after OPNX has raised criticsm with some of its recently named investors distancing themselves and refuting investments in OPNX. 

OPNX CEO Lesli Lamb had announced the list of investors which included a saudi arabian investment firm. 

UAE sovereign wealth fund launches its digital asset entity as part of its Web3 strategy

UAE sovereign wealth fund launches its digital asset entity as part of its Web3 strategy

Zero Two, an ADQ sovereign wealth fund  entity, has launched its digital assets business in Abu Dhabi UAE to offer latest generation technologies. Zero Two will build and operate data center and offer digital asset management services as part of ADQ’s digital asset strategy. The name “Zero Two” is derived from the significance of the numerals 0 and 2 in Web3 technology.

Zero Two aims to become a trusted partner to companies seeking to capitalize on the broad innovative scope and transformative potential the technology offers. The company’s services range from developing power infrastructure to sourcing and testing latest generation technologies, to building and operating data centers, and providing digital assets management services.

Zero Two was created to develop, operate and invest in best-in-class technologies accelerating and supporting the digital asset and Web3 ecosystem in the region, which comprises concepts such as decentralization and token-based economics.

Commenting on the start of the company’s operations, Ahmed Al Hameli, Chief Executive Officer at Zero Two, said: “Digital assets hold vast potential that is only beginning to be explored and leveraged. Zero Two enters the market with a robust and broad business model catering to rapidly emerging demand and a demonstrated commitment to meeting the highest standards of security and compliance. We are confident that our offering that utilizes excess power from the local power grid, which is the first of its kind in the UAE and the wider region, will not only meet the needs of our clients but also exceed their expectations with regards to the various benefits that can be derived from deploying distributed ledger technologies.”

This is not the first digital assets entity to be owned by ADQ. ADQ also registered FSI ( FS Innovation) which entered into an agreement with USA based Marathon digital holdings, a digital asset mining entities to establish and operate one or more mining facilities for digital assets. The business entity will be in the field of digital asset/crypto mining. The initial phase will consist of two digital asset mining sites comprising 250 MW (megawatts) in Abu Dhabi UAE. Marathon Holdings will own 20% of the joint company in UAE only. The cost of the project will be $406 million.

In September 2022, Abu Dhabi’s ADQ and Further Ventures, an investment firm back by ADQ launched a $200 million fund focused on Fintech, digital assets and supplychain.  As per the news, entrepreneurs and experienced executives who choose to launch their next venture with Further will have access to product and engineering resources for concept development; seed capital required to take the business to Series A; and reserved capital for following on through multiple rounds of funding beyond capital investment.

Has OPNX tokenized exchange for bankrupt crypto companies’ raised large funds from Bahrain?

Has OPNX tokenized exchange for bankrupt crypto companies’ raised large funds from Bahrain?

OPNX exchange, which was recently tagged by Dubai’s VARA (Virtual Asset Regulatory Authority) as not regulated in the UAE, has been rumored to have investors from Bahrain, in the form of the Bahrain sovereign wealth fund given it has recently raised $25 million.

According to a  tweet by BitMEXcrypto exchange founder Arthur Hayes, “A little birdie told me that OPNX has raised big money from Bahrain Sovereign Wealth Fund. They are trading via Tai Ping Shan. Be Warned. I want my fucking money.”

Bahrain’s sovereign fund Mumtalakt website didn’t show any investment in OPNX directly but it is noted that the sovereign fund is an investor in Al Waha Fund whose portfolio consists of venture capital funds which could have invested in OPNX given that some of them have invested in crypto and blockchain entities before. 

OPNX exchange  aims to tokenize users’ claims to bankrupted crypto companies, allowing them to use bankruptcy claims as collateral to trade perpetuals’.

Kyle Davies said the fundraising deal was done, but he didn’t disclose the investors. OPNX will acquire all assets of CoinFLEX including people, tech, and tokens. $FLEX will be the exchange token. As per OPNX website, “ A $20 billion market of claimants is desperately looking for a solution. This list includes FTX, Voyager, Celsius, Genesis, BlockFi, Mt Gox, and our creditors.”

According to the website, OPNX will combine the transparency of decentralized finance with the user experience of centralized finance platforms, so that traders no longer need to compromise on performance or security— allowing them to trade claims, spot and futures all on one platform, with one universal account.

OPNX is offering spot and futures trading for major tokens such as bitcoin (BTC), ether (ETH), dogecoin (DOGE) and USD coin (USDC). Claims’ trading is expected to go live in the coming weeks, according to Lamb.

CoinFLEX’s FLEX token will serve as the native token of the OPNX platform. Holders can get up to a 50% discount on trading fees with the token, which will be periodically burned, or permanently taken out of circulation. That may potentially improve value for FLEX holders in the future if demand and traction for OPNX increases and the supply gradually decrease.

Zhu Su and Kyle Davies, the founders of bankrupt hedge fund Three Arrows Capital, last month teamed with the co-founders of troubled crypto exchange CoinFLEX to create Open Exchange, calling it the “world’s first public marketplace for crypto claims trading and derivatives,” as CoinDesk reported

UAE YallaMarket to use Binance and IvendPay for crypto payments

UAE YallaMarket to use Binance and IvendPay for crypto payments

YallaMarket, a Dubai grocery delivery service has announced it intends to embrace crypto payments and utilized Binance Pay and IvendPay for their solution. 

Leo Dovbenko, CEO and co-founder of YallaMarket and YallaHub, commented: “YallaMarket and YallaHub are based in the UAE, a global hub of financial technology, so we couldn’t stand aside. Moreover, our product development strategy is focused on our customers’ evolving demands. Thanks to Binance and ivendPay, we will be able to stay agile, adopt new payment technologies, and focus on providing the best customer service possible.” 

Cryptocurrency payments offer many opportunities for businesses and users alike. As more merchants and consumers adopt this method of making everyday purchases, we will see continued growth and innovation in this space.

This comes after Binance onboarded international payment service ivendPay, as a global cryptocurrency payment gateway for Binance Pay – a contactless, borderless, and secure user-to-user cryptocurrency payment feature on the Binance App.

The partnership will contribute to making cryptocurrencies an even bigger part of users’ everyday life, further extending digital assets’ real-world utility and making payments easier and more accessible. Binance users can now make purchases at all locations of IvendPay’s international network with their crypto.

ivendPay is an international payment service that allows businesses to accept cryptocurrency payments through point-of-sale (POS) terminals, mobile apps, e-commerce platforms, API, and vending machines. Currently, the service operates in seven countries with some 400 active merchants, and the number of new sales points continues to grow weekly.

Pakning Luk, Binance Pay’s regional head of business development, said about the partnership: “We’re more than excited to announce ivendPay as a strategic payment partner as their solutions help both online and offline merchants make users’ payment experience seamless.” 

UAE Based VAF Compliance democratizes crypto compliance with telegram bot

UAE Based VAF Compliance democratizes crypto compliance with telegram bot

UAE based VAF Compliance, a virtual assets and fintech compliance firm has launched a telegram bot service that assesses the risks associated with accepting cryptocurrency as payment.

VAF Compliance’s Telegram Bot can help individual clients and small businesses avoid situations where they may unknowingly accept tainted funds. With this service, VAF Compliance aims to democratize access to AML solutions to all users, who now can assess risks before accepting crypto, receive a clear and user-friendly report, understand the risks associated with interacting with other wallets, and prevent the receipt of crypto with criminal origins.Crypto exchanges, the entry point to cryptocurrencies, are particularly vulnerable to compliance issues. To maintain compliance, the implementation of robust Know Your Customer (KYC) and Anti-Money Laundering (AML) policies is essential.

While recent sanctions against entities providing money laundering services to criminals have had a positive impact, alternative money laundering services may still be found, highlighting the need for robust KYC and AML policies in the crypto industry.

The bot is now available in English and Chinese (Mandarin) and will cover over 45 blockchains. It also provides an easy-to-read report to understand the risk level prior to accepting any funds in the user’s wallet. 

 In addition, users have the option to pay fees per report or package, and if they refer the service to others, they can receive free reports that cover more than 70 different risk parameters.

“We are very excited to launch our newest solution, the VAF Compliance Bot service, which provides an easy-to-use, yet comprehensive solution for individuals and small businesses looking to navigate the complex world of crypto compliance,” said Gilson Ribeiro Da Costa, CEO of VAF Compliance.

“We believe our innovative solutions will help our clients achieve their compliance goals, while also enhancing the overall reputation and credibility of the crypto industry.”

Not only does the company offer support to clients in the MENA region, but it also extends its services in countries such as Turkey, Africa, and Europe. In fact, the company has announced its expansion to Switzerland and the establishment of its office in Zug. The team will be led by Farzaad Gaibie, a seasoned financial services consultant with extensive industry knowledge and experience.

The expansion to Zug will enable VAF Compliance to better understand the needs of its clients and offer tailored solutions that meet their unique requirements.