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.  

Crypto ETP issuer sets up MENA base in UAE

Crypto ETP issuer sets up MENA base in UAE

21Shares, one of the largest issuers of cryptocurrency exchange traded products (ETPs), has expanded to the Middle East and hired Sherif El-Haddad, to Head the Middle East office from Dubai UAE.

As per the announcement, Sherif El-Haddad Crypto ETP issuer sets up MENA base in UAE joins 21Shares  in Dubai, where he will lead 21Shares’ market expansion in the region. 

El-Haddad previously served as Head of Asset Management at Al Mal Capital. Before that, he was the Managing Partner of Pearl Capital Management and led the asset management division of EFG Hermes for over 13 years. El-Haddad has extensive experience in the financial services sector across the Middle East and a broad set of capabilities and networks. El-Haddad holds an accounting degree from The American University in Cairo.

“In addition to Switzerland, where 21Shares is based, Dubai is one of the most exciting and favorable locations for crypto and blockchain businesses. As 21Shares embarks on its Middle East expansion, I am proud to be part of this growth journey. ” Sherif El-Haddad commented.

Commenting on the company’s new hires and market expansion, Isabell Moessler, Head of Distribution EMEA at 21Shares said: “We’re so glad to welcome Marina, Oliver and Sherif to our fast-growing team. Their experience will help us gain even more traction in our European core markets and begin our entrance into the Middle East.”

21Shares recently launched its Crypto Winter Suite, a set of products designed to help investors weather the bear market and provide various ways to enter the asset class. Recent product launches in the Crypto Winter Suite include the world’s cheapest Bitcoin ETP (CBTC) as well as two risk-controlled products, the 21Shares S&P Risk Controlled Bitcoin Index ETP (SPBTC) and 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH).

Qatar releases National Blockchain Blueprint

Qatar releases National Blockchain Blueprint

Qatar has finally started to truly embrace blockchain. The Communications Regulatory Authority has launched a national consultation paper about the “National Blockchain Blueprint for Qatar”.

The paper was collaboratively developed by CRA, Hamad Bin Khalifa University, and Qatar University. Qatar university recently announced its foray into the metaverse.

The consultation paper will establish the blueprint for the blockchain framework in Qatar. It identifies key elements such as regulations, adoption, innovation and creativity. It also identifies the key blockchain requirements.

The National Blockchain Blueprint highlights how blockchain technology can contribute to building an innovative and growing IT sector in Qatar by increasing domestic and foreign investment as stated in the CRA Strategy 2021-2025, to support Qatar National Vision 2030 (QNV) and Qatar National Development Strategy, as well as to enabling a seamless transition towards smart Qatar.

The blueprint examines the most prominent opportunities that blockchain could bring to various governmental and business sectors. It also outlines the necessities and incentives that must be provided by each sector for the technology adoption that contribute to emerging start-ups, pilot projects and new companies.

“The National Blockchain Blueprint highlights how blockchain technology can contribute to building an innovative and growing IT sector that contributes to increasing domestic and foreign investment, which supports Qatar National Vision 2030 and Qatar National Development Strategy,” said Ali Al Suwaidi, Technical Affairs Department Director, CRA.

He adds, “The regulation is important to protect users and provide the adequate legal framework that allows blockchain innovation and adoption. I would like to thank Hamad Bin Khalifa University and Qatar University for all their efforts and cooperation in developing this blueprint and we look forward to our further collaboration in the future.”

As per the consultation paper, In Qatar, the key governmental stakeholders that should be involved in regulating Blockchain are Qatar Central Bank (QCB) for cryptocurrencies and financial transactions, as well as ICO offerings, the Qatar Development Bank regulating investment related activities and providing incentives for blockchain.

In addition government entities also to be  involved are the Ministry of Communications and Information Technology (MCIT) with its Innovation Centre for blockchain technology; Ministry of Justice, to formulize the legal framework, and the National Cybersecurity Agency, for data classification and cyber security.

The consultation paper recommends establishing a national regulatory foundation guide in the form of a study of the common services’ regulatory requirements alongside benchmarking with relevant international examples.

They also recommend engaging different potential stakeholders and regulators in an open discussion about potential technology use cases and their associated regulatory requirements.

Finally they recommend establishing a country-wide initiative in the form of a government-led consortium with wide involvement from the private sector to kick-off the creation of country strategy as well as initiate and coordinate the regulatory activities.

Qatar also wants to establish a high-performance cloud-based blockchain platform to accelerate and facilitate prototyping and testing, with priority given to pilot projects and start-ups. 

Stakeholders and concerned parties can submit their related views and comments by emailing nbbconsultation@cra.gov.qa, by not later than Thursday, September 15, 2022.

Qatar has had an on and off relationship with both crypto and blockchain. In May of 2022, Don Tapcott, renowned blockchain expert was a speaker at the Blockchain revolution Summit.  In the meantime the CEO of Qatar Sovereign Wealth Fund praised blockchain but shunned crypto. Yet the Central Bank governor stated that crypto assets are a technological innovation that will take the country into a new era of fast accessible payments and services. 

It seems that finally Qatar has embraced Blockchain and crypto and hopefully will quickly step up the pace. 

Lebanese media figure embraces crypto, blockchain and the metaverse

Lebanese media figure embraces crypto, blockchain and the metaverse

Well know Lebanese media figure Wissam Breidy embraces crypto and partners with UAE’s Crypto Oasis ecosystem to help educate the region on Blockchain and Web3 which will increase adoption and engagement.

Breidy will use his credibility as a popular and accomplished celebrity to help publicize the inherent potential of these disruptive products. As an Arab cultural icon, Breidy is the new ambassador for blockchain and Web3 for Crypto Oasis, the fastest-growing blockchain ecosystem in the world. As one of the most entertaining Arab TV show hosts in the recent era, Wissam Breidy will bring relevance and relatability as Crypto Oasis looks to scale blockchain and Web3 adoption in the region.

Wissam is very passionate about decentralized technology and is committed to creating awareness within the Arab World. “The Future of the Internet has arrived. Web3, NFTs, and Metaverse are our tools for Universal State Layers with Open Gates. Embrace it –don’t be late!,” Breidy says.

“We are delighted to welcome Wissam Breidy on board as our new strategic partner,” commented Ralf Glabischnig, founder of Crypto Oasis. “With Wissam’s strong industry knowledge and outreach, we expect this partnership to help educate the wider Arab Community on Web3 and blockchain technology and tap into something that hasn’t been explored before. We are also looking forward to working with him as an initiator for arte, and to build meaningful connections, educate and inform the market about the ever-growing and evolving ecosystem.”

As a strategic advisor to Crypto Oasis, Wissam will promote the adoption of blockchain and ease out the complexities of the metaverse to make people more familiar with these seemingly tangled digital landscapes for the Arabic speaking population.

For arte, the Web3 Meta-Community by Crypto Oasis, Wissam will help bring together Web3 communities and individuals worldwide to create an environment that enables individuals in the art, NFT and Metaverse area to engage and interact continuously and effortlessly. arte is a global platform focused on creativity, community-building and entrepreneurship in the Web3 space. It aims to bring changemakers in art and technology to discuss the future of digital assets and the metaverse. arte intends to work on educating the wider public on blockchain technologies and Wissam will be a major contributor in the success of the initiative.

Blockchain entity Belfrics sets up operations in UAE and seeks to trade digital assets

Blockchain provider Belfrics, part of Life Clips Group has set up its operation in the UAE after being admitted to DIFC (Dubai International Financial Centre) under Innovation business category. It is seeking a license for digital assets trading

As per the news, this is part of Belfrics expansion plans into the MENA region especially given that the UAE is at the forefront of blockchain and crypto adoption in the region.

Belfric’s will implement its proprietary blockchain Belrium identity and document management solution. Belfrics will be focusing on deploying decentralized applications for the government and non-government sectors in the health, education and human resource sectors.

Belfrics office is located in the Central Park Towers, one of the most prestigious business towers in the UAE. Belfrics will further proceed to apply for the newly launched ITL (innovation testing license) for digital assets trading by DIFC.

Through this new expansion, Belfrics Technologies Limited will be able to harness opportunities in the Middle East, Africa, and South Asia (MEASA), which comprise 72 countries with an approximate population of 3 billion and a nominal GDP of US$7.7 trillion.

Life Clips CEO, Robert Grinberg, said, “Belfrics’ objective is to support creators and innovators in the crypto and blockchain space, which is in line with Dubai’s recently announced blockchain strategy. The global financial services industry and wider business community’s confidence in the DIFC consistently enable it to facilitate substantial foreign direct investment into Dubai. This has supported Dubai’s top ranking globally in attracting FDI projects in the financial services sector in 2021, and DIFC ranking as the best performing free zone for the last five years. Designating the DIFC as regional hub for Belfrics’ Middle East Operations is a tremendous opportunity for our company.”

Belfrics CEO and Founder, Praveen Kumar, said, “Extending Belfrics Technologies Limited’s operations in the DIFC provides Belfrics an opportunity to set a new standard in the region. Our digital-first, forward-thinking approach has enabled us to implement the dynamic blockchain solutions Belfrics has been developing rapidly over the past decade. Since DIFC is the region’s leading global financial centre, it was a natural choice for us. As the opportunities in the region grow, with DIFC’s support, we look forward to growing with them, while catering to the technological needs of both local and international entities.”

Blockchain.com has applied for a crypto license in Dubai UAE

Blockchain.com has applied for a crypto license in Dubai UAE

 UK based Blockchain.com  secured regulatory approval from Italy’s Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP) allowing it to provide virtual currency and wallet services to Italian residents and institutional investors under the OAM’s regulatory framework. At the sametime Blockchain.com announced that it has a license underway in the UAE, through Dubai’s VARA. 

As per Blockchain.com medium article, “Through engaging with OAM we’ve been encouraged by the thoughtful approach to protecting consumers and preventing money laundering. A key growth market, Italy represents a significant economy in Europe with a high crypto adoption rate relative to its peer countries in the EU. Additionally, this milestone strengthens our position to offer services across Europe ahead of the forthcoming Regulation on Markets in Crypto Assets (MiCAR), a landmark law expected to take effect in 2024/2025 that will create a single market for crypto through harmonized rules.”

Blockchain.com has additional registrations and licenses in process in the U.S., Germany, France, Spain, Dubai, Ireland and The Netherlands, providing an ever-expanding range of options for our retail and institutional clients.

Blockchain.com currently has 83 million wallets in more than 200 countries

With 83 million wallets in more than 200 countries, and have transacted more than $1.2 trillion in crypto to date.

Major exchanges Binance and U.S.-based Coinbase Global Inc , as well as Singapore-based Crypto.com and German investment platform Trade Republic, are among those to have already secured registration with the OAM.

Crypto platforms are looking to increase their bases in Europe before ground-breaking crypto rules agreed last month by the European Union come into force. Under the rules, expected to go live after 2024, crypto firms will need a licence and customer safeguards to issue and sell digital tokens in the bloc.

UAE ranks third globally in terms of number of Blockchain startups

UAE ranks third globally in terms of number of Blockchain startups

The 2022 Worldwide crypto readiness report looks into the number of crypto ATMs, legislations, taxes surrounding cryptocurrencies, as well as the number of blockchain start-ups and the level of interest in crypto in order to find the most crypto ready countries. The 2022 report revealed that the UAE ranks third globally when it comes to the number of blockchain start-ups. The UAE has close to 120 blockchain start-ups or 1.2 blockchain startups per 100,000 people.

As per the 2022 report, Hong Kong was number one on the list in terms of crypto readiness, The country was crowned the most crypto-ready as it ranked in the top three for three of the categories looked at, including the number of blockchain start-ups per 100,00 people and the number of crypto ATMs proportional to the population. Hong Kong also doesn’t tax capital gains on crypto, making it appealing to investors.

Next up was the United States; the US took second place thanks to the huge number of crypto ATMs in the country, more than ten times that of its closest competitor, or 3.6 more per 100,000 people.

In third place was Switzerland. Switzerland ranked high due to its high number of crypto ATMs per 100,000 people and no capital gains tax, ranking in the top five for both factors. The country is also one of the most enterprising, took number one place for the number of blockchain start-ups.

Switzerland was crowned as the country with the most blockchain start-ups, boasting 12.9 blockchain start-ups per 100,000 residents, or 1,128 in total.  This has been due to the proactive approach taken by the Swiss financial authorities, which has lead to a booming blockchain industry with 14 of its start-ups worth over $1 billion.

While the United Arab Emirates took fourth place globally in the overall crypto readiness ranking, it also grabbed 3rd place with regards to the number of Blockchains start-ups. The UAE boasted of 1.2 blockchain start-ups per 100,000 people. UAE has a population of approximately 10 million which would mean that the UAE has 120 blockchain start-ups residing in the country.

UAE was preceded by Hong Kong who took second place with three blockchain start-ups per 100,000 people.

In terms of the countries which have the most interest in cryptocurrencies, Australia took first place, with 4,579 “cryptocurrency” searches per 100,000 people, just under 18% of Australia’s population owning crypto in 2021.

Second place went to Ireland which has 3,472 “cryptocurrency” searches per 100,000 people, followed by United Kingdom in third place with 3,409 “cryptocurrency” searches per 100,000 people. UAE took fourth place with 3, 342 ‘cryptocurrency’ searches per 100,000 people.