Arab Super Star Singers to hold the first ever concert in the metaverse

Arab Super Star Singers to hold the first ever concert in the metaverse

Moroccan Arab singer, dubbed “Al Mualem”, meaning the teacher, Saad LAMajarred and Arab Super star Ragheb Alama will be holding the first ever Arab joint music concert in the metaverse.

The two well renowned Arabic singers announced that they would be holding their upcoming concert in the metaverse in collaboration with famous Arab composer Michel Fadel.

The concert will be held on the 20th of October 2022, organized by Metaboundless. Metaboundless is a Web3.0 platform that connects creators and creator IP with fans to produce and scale creator content. MetaBoundless in partnership with Karma Return Opportunities, a regulated Web3.0 asset manager run helps creators generate attractive returns while preserving capital.

Tickets will be sold in the form of NFTs (Non Fungible tokens). A tutorial on how to purchase the tickets is present on the Metaboundless website.

Blockchain platform AlGorand is the exclusive blockchain partner for the event along with famous Arab Cartoon NFT collectibles, the Crypto Arabs as community sponsors.

Ragheb Alama, Saad La Mjarred and Michel Fadel will be present at the concert through their avatars.

Ragheb Alami on twitter stated, “I have dreamt to be able to communicate directly with all my fans anywhere, anytime and with every generation, and after months of work with MetaBoundless, we are now able to make this a reality. It is now time to enjoy this technologically advanced and different project. Be with us on the 20th of October at 11 pm where we will for the first time hold a futuristic concert in the metaverse with my Avatar.”

Saad Al Mjarred also took to Twitter and stated, “I have always dreamed of being able to perform live with all of you globally together. MetaBoundless

 is making that dream a reality. Together we Step into the Metaverse, a worldwide virtual performance.”

I am pleased to be participating with the Star Ragheb Alameh in this concert. We will be showcasing new music and songs in a futuristic way that goes with the environment in the metaverse.”

It is noteworthy that prior to this in July 2020, Nancy Ajram released her new song in the metaverse. She had announced that she would be launching her new song “Sah Sah” in the metaverse. Tickets were sold in crypto for the first time in the Arab world.

EazyPay and Binance to offer crypto payments in Bahrain

EazyPay and Binance to offer crypto payments in Bahrain

Bahrain EazyPay, a payments solution provider,  has partnered with Binance’s Binance Pay to launch a regulated and approved crypto payments service offering in the Kingdom.

Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy in Bahrain stated on LinkedIn,  “Now you can pay in stores with any preferred Cryptocurrency using Binance App.  A special thanks goes to Central Bank of Bahrain, Binance and Eazy Financial Services B.S.C (Closed) teams.” 

‎‏Eazy Financial Services “EazyPay”, a  Bahraini financial institute specialized in Point-of-Sale (POS) & Online Payment Gateway Acquiring services licensed & regulated by the Central Bank of Bahrain, has partnered with Binance, to offer crypto  payments using “Binance Pay” over “EazyPay”  across 5000+ Point-of- Sale (POS) Terminals & Online Payment gateways in the Kingdom of Bahrain.

Merchants such as ‎‏ Lulu Hypermarket, Sharaf DG and Al Zain Jewellery as well as local favorites such as Jasmi’s will now be able to accept 70+ cryptocurrencies from “Binance Pay” customers in a very fast & extremely secure way.

Customers can pay at Merchants Stores in “Real-Time” with cryptocurrency by simply scanning the generated QR from Eazy’s POS using their Binance App and pay with preferred cryptocurrency.

Lawrence Summers, previous US Secretary of Treasury showcases his views on Crypto and Blockchain at UAE AIM summit 2022

Lawrence Summers, previous US Secretary of Treasury showcases his views on Crypto and Blockchain at UAE AIM summit 2022

Lawrence H. Summers, the renowned American economist who served as the 71st United States Secretary of Treasury from 1999-2001 under Bill Clinton, as well as the Director of the National Economic Council from 2009 to 2010 under Barack Obama, will be offering his insights into the global economy and financial markets as well as his views on crypto and Blockchain during the 13th edition of AIM Summit being held on the 21st and 22nd of November 2022 in Dubai UAE.

AIM Summit is the region’s leading forum for providing insights on investment developments and global market conditions. This year, special emphasis is placed on the current global economy, inflation, stagflation and recession. Summers will provide his views on why the U.S. will likely be headed into a recession within the next two years. Summers will discuss how globalization, trade, and technology will play a pivotal role in the future of the global economy.

In 2021, Summers repeatedly called out the potential for inflation in U.S. while the U.S. Federal Reserve and many economists viewed rising prices as transitory.

Commenting on his participation at AIM Summit, Summers states, “Investors in alternative assets must navigate a challenging macroeconomic environment today and anticipate how it will impact their portfolios tomorrow. At the AIM Summit in Dubai, I will address some of the most pressing questions investors should be asking – will the Fed’s newfound hawkishness lead to a painful recession, or will they engineer a soft landing? Will we return to the post-2009 era of secular stagnation, or a new paradigm? Will prognostications of China’s economy overtaking America’s prove similar to those of Russia and Japan, which look ridiculous today?”

Raha Moradi, Chief Executive Officer of AIM Summit stated, “We are honoured as organizers of AIM Summit to be welcoming a well renowned economist and top U.S. ranking official such as Lawrence H. Summers. His views on U.S. and global inflation, recession, and world policies will offer our audience valuable information that will benefit their policies and strategies moving forward. Investors and policy makers alike across the GCC ad MENA region are invited to join us as we hear Summers’ predictive insights.”

The AIM summit gathers and connects investors within hedge funds, private equity, venture capital, digital assets, FinTech with global industry leaders. This year the Summit will cover topics pertaining to portfolio construction, emerging markets, frontier markets, private credit, hedge funds, the future of digital assets, NFTs, metaverse, crypto mining, ESG, impact investing and Web 3.

Audiences will also hear Summers’ views on crypto and Blockchain. Lawrence Summers, is currently an advisor for Digital Currency Group and a board member of Block.Inc, He is also well versed on the topics of cryptocurrencies, stablecoins and CBDCs. In previous events and interviews, he has espoused his belief that cryptocurrencies will do better when regulated in a sound way. He has touted crypto as being one of the most important innovations of this period akin to Digital Gold, and praises stablecoins yet believes global digital currencies are still at a nascent stage. 

Bitcoin Payments in Bahrain being tested by Central Bank of Bahrain

Bitcoin Payments in Bahrain being tested by Central Bank of Bahrain

OpenNode, a “Bitcoin-as-a-payment-network” infrastructure company, has started testing a Bitcoin payment processing and payout solution in Bahrain, with the Central Bank of Bahrain’s regulatory Sandbox.

OpenNode intends to provide the infrastructure to help the country grow its economy and will showcase why Bitcoin is synonymous with better business.

Bahrain was one of the first to grant a crypto exchange license to RAIN crypto exchange and since then has accepted in Binance and others.

The CBB authorized OpenNode to participate in the new Regulatory Sandbox Framework that allows FinTech firms to test their ideas and solutions in the Kingdom.

OpenNode intends to bring payment innovation to Bahrain in using Bitcoin. 

Afnan Rahman, CEO and Co-Founder at OpenNode, stated”This is a watershed moment for the people of Bahrain, the Middle East and the Bitcoin economy as a whole. OpenNode’s leading Bitcoin infrastructure solution continues to pave the way for countries, governments and reputable financial institutions to adopt the Bitcoin standard and transact on the lightning network.”

OpenNode  is currently active in more than 160 countries around the world.

Dalal Buhejji, Executive Director – Investment Development for Financial Services at the Bahrain Economic Development Board said, “We are proud to have worked with the Central Bank towards establishing a strong financial services ecosystem within the Kingdom of Bahrain. As a country, we have always been ahead of the curve in adopting Fintech solutions thanks to our regulator’s flexibility and forward thinking. Financial services is an important sector within our economy, and fintech platforms such as the one soon to be tested by OpenNode are essential to ensure we continue to innovate while simultaneously adhering to best regulatory measures.”

UAE ADGM grants Klickl a digital asset dealer and custodian preliminary license

UAE ADGM grants Klickl a digital asset dealer and custodian preliminary license

UAE ADGM (Abu Dhabi Global Market) has granted Klickl, a virtual asset service provider with offices in Hong Kong and Abu Dhabi, an in principle Approval license to operate as a digital asset broker and custodian.

Michael Zhao, Co-Founder and CEO at Klickl said “The regulated route is the only route for any crypto company’s growth if it wants to be a serious player for the long run.  Long gone are the days where digital asset players enjoy early-mover advantage benefiting from fast growing bull market. Recent crypto market turbulence and big selloff caused by greed-led FOMO driven sentiment is just another example to show why the market needs proper risk control and compliance.”

Formerly known as IDCM, the digital asset exchange group recently rebranded to Klickl representing the sound coins make when clicking in harmony and prosperity.

Klickl aims to deliver that All-in One crypto super app which serves all crypto needs in the ever-evolving digital era.

ADGM has approved license for more than seven virtual asset exchanges to operate in the UAE. The names include Binance, Kraken, as international players, and BitOasis, Midchains, Matrix and others as local ones.

The UAE has become a blockchain and crypto hub and one of the leading regulated environments across the globe. This has attracted crypto entities that were previously headquartered in Hong Kong and Singapore among others.

UAE start-up purifies indoor air using blockchain and bio-tech

UAE start-up purifies indoor air using blockchain and bio-tech

UAE based start-up Urbie, is purifying indoor air using blockchain, bio-tech, and crypto. Inspired by NASA, Urbie leverages plant evolution and technology to absorb and neutralize common pollutants found in enclosed areas.

The start-up utilizes biological air purifiers and green wall purifiers with self-watering systems. These are connected to mobile apps so users can not only monitor their indoor air quality but also keep track using blockchain.

Users are able to earn green crypto coins based on the number of hours of purification. These coins can be used to plant trees, build water wells in an effort to curb the negative impact of climate change.

As per the news, Urbie’s goal is to attach a carbon credit to their coins so users can trade their coins in crypto exchanges around the world.

Urbie’s products utilize the natural filtering power of plants and manmade filters using naturally occurring materials to safely filter out harmful chemicals, viruses and bacteria found in homes, corporate offices, and hotels. The team plans to develop additional products in the near future, including green wall purifiers that accommodate larger spaces like corporate offices and hotels.

The founder of Urbie Bilal and Bassel Jouni, are two brothers born and raised in the UAE.

Bilal Jouni states, “As a kid born and raised in the UAE, I’ve always idolized H.H. Sheikh Zayed Al Nahyan and witnessed his devotion to transforming the desert into a green haven. He changed the face of the UAE and gave the country an environmental conscience. His legacy still lives on.”

Oman Corporation trials stablecoin pegged to Oman Riyal

Oman Corporation trials stablecoin pegged to Oman Riyal

The Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group, to trial a 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.

The companies have agreed to trial a cryptographic stablecoin pegged to the Omani Riyal to be utilized as payment from subscribers in select OWWSC customer halls as well as on Easy Coin. Payments will be made using Hasalah Digital Wallet.

HH Sayyid Azzan Bin Qais Al Said, Co-Founder of Digital Digits states, “We are proud to empower such a trial within the Sultanate of Oman which in turn will improve Easy Coins’ service competitiveness to match global players in this space. Easy Coins customers will significantly benefit from the reduced cost of payment processor fees to use our service with Hasalah”.

Qais Al Zakwani, CEO of the Oman Water and Wastewater Services Company, adds: “In line with the company’s ambition to keep pace with the digital transformation and to provide our customers with innovative options to pay their monthly dues, we are extremely pleased to enter into this partnership, through which we hope our customers will be provided with a new experience to pay bills through the Hasalah wallet, when launched”.

Hamood Al Hamadan, Director of SaS Center from Ministry of Transport, Communications and Information Technology (MTCIT) said, “We believe that the advancement of technology in Sultanate of Oman is in need of increased collaboration and coordination of such trials. Through supporting technology innovation and experimentation by the government and private sector, we foresee many local tech products growing and scaling regionally and globally.”

Nabil Al Siyabi, CEO of Connected Chains Said, “We are excited to work with OWWSC, Easy Coins and the other relevant stakeholders in tokenizing the Omani Riyal to enable real life benefits in doing so to payments. We welcome any other government or private entities interested in accepting the tokenized Omani riyal, when fully rolled out with its associated benefits.”

In June 2022, The Executive President of the Central Bank of Oman, Mr. Tahir Salim Al Amri, commented during the 7t Edition of the new Age Banking Summit on the topic of CBDCs (Central Bank Digital Currencies)  that the Central Bank of Oman is working to issue its own CBDC.  

In Parallel, the Oman Capital Market Authority issued its new Securities Law (46/2022) which stipulates that the authority can “Agree to application of technologies, virtual digital investments or any products or services in the areas related to the provisions of this law, as set out in the Regulation.”

Additionally Oman is working towards tokenization of real-estate. The Oman Capital Market Authority (OCMA) is set to include real estate tokenization in its virtual asset regulatory framework, a report quoting an advisor of the authority has said. According to the report, Oman expects to complete drafting the virtual assets regulatory framework by Q3 of 2022.

Binance MENA to offer crypto cards with MasterCard as part of 90 million stores initiative

Binance MENA to offer crypto cards with MasterCard as part of 90 million stores initiative

On August 23rd 2022,  Michael Miebach the CEO of MasterCard posted on LinkedIn, “We can unlock the full potential of blockchain technology when we make it easier to access and easier to use. One way we do that is by bringing crypto to everyday purchases. To make that a reality, we’re working with Binance to let people use their crypto to make purchases at 90 million stores that accept MasterCard. We are launching this work in Argentina with plans to expand from there.” 

It seems that the expansion will be in the MENA region and come very soon.

So as mentioned, MasterCard and Binance will start offering customers the opportunity to pay for items with their Bitcoin and BNB, using a Binance Card. A prepaid card, that bridges crypto and fiat currencies, in Argentina. The plan is to then roll out this offer to include 90 million stores worldwide.

The Binance Card can be used by anyone with a valid national ID to pay bills and make purchases with the card, using their Bitcoin and BNB holdings.

The first stop was Argentina launched earlier in August 2022, with speculations that the USA, and Venezuela or other countries that are big on crypto would be next.

But it seems that expansions could actually start in the MENA region. Richard Teng, Binance regional Head of MENA also posted on LinkedIn two days after Michael and stated, “Excited to announce our partnership with MasterCard on crypto cards and payment. Introducing this soon in MENA. Watch this space….”

This clearly indicates that the next stop for the Binance MasterCard partnership will be in MENA and most probably in the UAE. The UAE has one of the most forward looking crypto regulations globally as well as being the third biggest crypto user base in MENA.

In January 2022 a report published by TripleA cryptocurrency Payments Company, showed that Morocco topped the Arab countries in terms of crypto owners or users followed by Egypt, UAE, and then KSA. The report stated that in 2021 global crypto ownership was estimated at an average of 3.9 percent, 300 million crypto users and 18,000 businesses already accepting crypto payments.

New rules govern how virtual assets are marketed in Dubai

New rules govern how virtual assets are marketed in Dubai

Dubai’s Virtual Asset Regulatory Authority (VARA), with the commencement of its Minimum Viable Product (MVP) Phase, has announced Regulatory Guidelines on Marketing, Advertising and Promotions of VA across the Emirate of Dubai.

The new VARA regulations specifically address marketing and communications activities, ahead of operationalizing the MVP licensees so that any mass-market information dissemination and consumer solicitation are designed to safeguard community interests.

Regulations on Marketing, Advertising and Promotions of Virtual Assets cover all forms of outreach, communications and advertising, including publication of information, awareness building, customer engagement, and/or investor solicitation.

VARA rules extend to VA related communications by any entity leveraging Dubai-based media sites, search platforms, and online or off-line publishing channels that explicitly target customers within the Dubai market, establishing guardrails on permissible audience segments, in addition to content obligations.

Equally all content dissemination channels operating from Dubai are obligated to act responsibly, and ensure compliance with prevailing Guidance as it pertains to VA communications facilitated via their platforms.

VARA guidelines further detail the obligations of Dubai licensed VASPs and any advertising platforms that are positioning VA content across traditional and new-age media channels for the Dubai market, to ensure factual accuracy, explicitly demonstrate any promotional intent, and in no way mislead on the guaranteed nature of their returns.

The principles are supplemented by rigid enforcement standards and penalties for non-compliance that collectively provide market confidence ahead of MVP operations, as it augments marketing, data protection and consumer protection laws that have been well embedded across the UAE.

Crypto one of the challenges included in the first UAE government cybersecurity competition at Gitex 2022

Crypto one of the challenges included in the first UAE government cybersecurity competition at Gitex 2022

UAE Cyber Security Council, Abu Dhabi Digital Authority (ADDA), and UAE Department of government support have launched the 1st annual global Capture the Flag (CTF) cybersecurity competition. Crypto is one of the themes included in the competition. 

Established in November 2020, the UAE Cyber Security Council is tasked with developing and overseeing a cyber security strategy for the UAE, and creating a safe and strong cyber infrastructure, while Abu Dhabi Digital Authority was established to enable, support and deliver a digital government that is proactive, personalized, collaborative and secure.

Both have come together with the support of UAE Department of government support to organize the first CTF cybersecurity competition.

The CTF competition will be held at Gitex 2022 which will take place from 10-14 October 2022 at the Dubai International Convention and Exhibition Centre.

The aim of the knowledge based challenge is to create a safer digital world. Challenges fall under several themes including, web exploitation, forensics, reversing, OSINT, IoT hardware, crypto, network, mobile, and Steganography.

Teams of 3 or 5 are considered eligible for the competition. They will need to register their teams. The qualification round which will take place online on 10-Sep-2022, and only five (5) teams from the online qualifier round will be selected for the finals.

The Final round will be held physically and in person at Gitex 2022. Qualified teams must be physically present with their laptops at Gitex Dubai from Oct 10 till Oct 14, 2022 for the final round.  Abu Dhabi Digital Authority will cover all the accommodation and travel expenses and the entry badges for the final CTF round in GITEX.

The winners will be announced at the end of the 5th day, of Gitex 2022, the first 3 teams will receive cash prizes. 1st place winner will receive 35,000 AED, 2nd place will 25,000 AED, and 3rd place will receive 15,000 AED.