The Hashgraph Association and DIFC Courts launch digital assets Will built on Hedera

The Hashgraph Association and DIFC Courts launch digital assets Will built on Hedera

The Dubai International Financial Centre (DIFC) Courts in partnership with The Hashgraph Association and its partner in the UAE Deca4 Consultancy have launched a DLT Hedera network enabled Digital Assets Will solution. Unveiled at GITEX Global 2024, live demonstrations showcased new service platforms, accessibility, functionality, and security protocol features.

The Digital Assets Will empowers individuals to distribute their digital assets using a non-custodial DIFC Courts wallet. A non-custodial wallet also allows an individual the freedom to reallocate the assets to the desired beneficiaries within their wallet, and for full control to mobilize in and out of the wallet in their lifetime, with assets finally distributed as ‘specific gifts’.

Digital format assets recognized by the wallet include ETH; BTC; MATIC; USDC; USDT; and HBAR. Future enhancements to the system will include supported NFT standards ERC 721; ERC 115; Ordinals; and HTS (Hedera Token Service).

The new Will template joins the extensive legacy Will types offered by the DIFC Courts, including the Full Will, the Property Will, the Financial Assets Will, the Business Owners Will and the Guardianship Will. An existing online automated Will drafting service, and a Virtual Registry reinforce a 360 digitally accessible service, allowing those living domestically and overseas to create and register a DIFC Courts Will. Investors and residents can access it from anywhere in the world and be connected, via video link, to a compliance officer sitting in Dubai.

Wills can also then be added to the global digital vault, tejouri. Launched in 2022, tejouri provides a unique platform that functions simultaneously as a cloud vault and an online safe for data, supported by a state-of-the-art onsite DIFC data centre and a secondary UAE-based backup data centre. Access to all data is restricted to the ‘vault holder’ and the listed intended recipients, guaranteeing zero knowledge proof privacy principles.

All uploaded life admin files are secured under the highest standards of security regulation, using multiple factors of authentication, encrypted data, personalized biometric information and safe-keeping ledgers through advanced cryptography. Using Distributed Ledger Technology (DLT), tejouri can ensure the transmission of your entire portfolio to your designated stakeholders, or loved ones, at a key time.

Also announced as part of the new upcoming digital services is the Notary Service, which will be the notarizing English documents only and is the first-of-its-kind service in the UAE. The service will provide three (3) options for users; an automated self-service; a live virtual system; and an in-person service. Users of the service will also have the option to utilize an authentication service through primary source verification (PSV).

An electronic or physical stamp and seal will be issued with each document and notarized documents will be verified using advanced cryptographic methods, powered by Hedera Blockchain, by logging notarization events with a timestamp on the blockchain. Preservation and integrity of documents will be ensured using distributed ledger technology (DLT) by converting documents to NFTs, in compliance with ERC20 standards. User privacy will be maintained at all times through advanced encryption methods and privacy-preserving protocols, ensuring that sensitive information is fully protected throughout the entire process.

Document types accepted for attestation and notarization will include, but is not limited to, affidavits, witness statements, Wills, power of attorney, trade licenses, title deeds, health certificates, marriage certificates, and bank statements.

As part of the mission of the DIFC Courts to provide an effective portfolio of dispute resolution mechanisms, a new alternative dispute resolution avenue will also be provided. The Mediation Service Centre will enable parties to negotiate resolution of their dispute with the help of DIFC Courts Part III registered mediators.

Parties will be able to choose the mediators and agree fees and terms in advance, as well as the choice to conduct mediation meetings online using the newly upgraded and AI-enabled Court Management System (CMS), or in-person at the DIFC Courts premises.

His Excellency Justice Omar Al Mheiri, Director, DIFC Courts, said: “In our new digitally driven societies, individuals and businesses are demonstrating increased desire for easily accessible public services. The strong growth momentum arising from the implementation of the Dubai Economic Agenda D33, and the Dubai Digital Strategy, has touched a diverse range of sectors, including government legal services. Our obligation is to deploy the latest emerging technologies to facilitate this growth and demand. Breaking down the boundaries of access to justice sits at the core of our operations and these new digital services provide ease of process across administrative tasks, such as notarisation, to more complex matters involving alternative dispute resolution and inheritance. The DIFC Courts, together with its public and private sector partners, is proud to spearhead some of the UAE’s most progressive government legal services, supported by smart technology implementations.”

The new suite of services were launched with the support of The Hashgraph Association, specialists in building Distributed Ledger Technology ecosystems, with Hedera technology utilised by the DIFC Courts to construct a bespoke DLT architecture and establish access to a decentralised trust application.

Kamal Youssefi, President, The Hashgraph Association, said: “We are proud to be part of this impactful journey and reaffirm our continued support to the DIFC Courts in launching both the Digital Assets Will, as well as the Notary Service, powered by Hedera DLT platform. This project underscores our commitment to strengthening decentralised infrastructures contributing to digital innovation across UAE. Through our partnerships and projects across the MENA region, with a focus on the GCC, we are committed to propelling the Web3 ecosystem and fostering the growth of Hedera network, with innovation programmes and strategic initiatives launched in Saudi Arabia, Qatar, Morocco and beyond. Working with trusted partners such as Deca4 Advisory and the DIFC Courts is a testament to the strength of public-private sector cooperation.”

Deca4 Advisory also supported the DIFC Courts with architecting the new digital services, as well as support from the DataFlow Group, who specialise in Primary Source Verification (PSV) solutions and background screening and provided a checkpoint for tamper-proof, verifiable credentials of documentation entering the DIFC Courts service systems.

Mohammed Mahfoudh, CEO, Deca4 Advisory, said: “The DIFC Courts is pioneering the integration of advanced technologies, setting a benchmark for government and semi-government entities in the UAE, the region, and globally. Our partnership with The Hashgraph Association and Hedera has been a key pillar in the success of this project, allowing us to build a deep architecture on Hedera and develop cutting-edge solutions. We are creating unique and practical use cases that will drive broader market adoption, especially with the Courts leading this transformative journey.”

Sunil Kumar, Chief Executive Officer, DataFlow Group, said: “At DataFlow, we are proud to collaborate with the DIFC Courts to introduce a new era of digital public services aligned with the UAE’s vision for digital transformation. By integrating our advanced AI-driven solution for document tampering detection and image forensics, we enhance the security and efficiency of these services, enabling fraud detection within seconds. This partnership strengthens our long-standing relationships with government authorities and represents a crucial step toward combating document fraud, reducing processing times, and increasing confidence in decision-making. As a leading verification and digital services organization, we remain committed to delivering innovative solutions that promote trust, transparency, and convenience in public services.”

The DIFC Courts is currently operating on a new roadmap for the years 2022 – 2024, which includes a strategic work plan that brings more national cohesion to the Courts’ projects and initiatives in line with the ‘D33’ economic agenda and the Dubai Digital Strategy. This in turn is providing effective support for both the federal and local Dubai strategic goals.

GCC Electronic Government Ministerial Committee approves Qatar’s digital asset framework

GCC Electronic Government Ministerial Committee approves Qatar’s digital asset framework

During the 8th GCC eGovernment Ministerial Committee meeting held in Qatar, which discussed the launch of eGovernment Guidance Strategy (2024-2030) as well as approving the unified digital asset framework that was prepared by Qatar. The committee also reviewed the minutes of sub-committee meetings, which included discussions on joint electronic services, unified software procurement, artificial intelligence, emerging technologies and digital trust services teams.

In his opening speech, HE the Minister of Communications and Information Technology Mohammed bin Ali al-Mannai stressed the importance of co-operation between the GCC countries in the fields of communications and information technology, highlighting the significant impact of these efforts in achieving the shared goals of member states.

He said: “Our co-operation today reflects the depth of the friendly and long-standing ties between our countries, and our mutual commitment to enhancing integration and unifying efforts in the postal and communications sectors, which play a crucial role in developing our national economies and enhancing competitiveness at both the regional and international levels.”

The minister added: “We are confident that this meeting will contribute to strengthening co-operation between the GCC countries and will be an important step towards realizing our aspirations in building a prosperous and secure digital society. What we have achieved so far is just the beginning of a series of achievements we aim to accomplish by establishing a strong and advanced technology sector that contributes to creating new job opportunities and seeks to increase investments by adopting innovative business models and localizing the latest technological advancements.”

The committee discussed key issues on agenda, including the launch of the eGovernment Guidance Strategy (2024-2030), developed under the leadership of Bahrain, which realigns the vision, goals and work plans aimed at meeting current trends and future challenges.

This follows the completion of the previous strategy launched in 2014, which helped GCC countries achieve high rankings in the United Nations eGovernment Readiness Survey and laid the groundwork for digital transformation within the member states.

The committee has approved the unified framework for digital access for GCC countries prepared by Qatar.

It praised Saudi Arabia’s Digital Government Authority for successfully hosting the fifth edition of the GCC Digital Government Award during the second Digital Government Forum in December last year and approved a proposal to organize the award annually in the country holding the presidency.

Qatar recently announced its digital assets framework in September 2024.

Bahrain central Bank licenses ATME digital assets tokenization exchange

Bahrain central Bank licenses ATME digital assets tokenization exchange

The Central Bank of Bahrain has recently licenses digital assets exchange ATME launched at FinTech Forward 2024. ATME aims to democratize access to a wide range of previously illiquid assets through ownership fractionalization using tokenized assets.

Built on the permissioned blockchain, Hyperledger Fabric network, ATME facilitates the conversion of traditionally less liquid real-world assets into digitally tradable, more liquid tokens. By incorporating the innovation of tokenization into established financial instruments, ATME enables businesses to gain access to new, more cost-effective and time-efficient ways of raising capital. Meanwhile, it opens doors to new, high-value investments and portfolio diversification for investors.

Alex Lola, CEO ATME stated, ” Tokenization is altering the rules of the game. It eliminates the need for a multitude of well paid intermediaries, facilitates greater accessibility, and inclusivity in the debt markets. It allows entities of all sizes to optimize their balance sheets and access new opportunities.”

According to the Boston Consulting Group (BCG), the total size of tokenized illiquid assets, including real estate and natural resources could reach $16.1 trillion by 2030.

ATME provides a comprehensive range of services that optimize the capital raising process and enhance investment potential. These services encompass initial token configuration, smart contract development, token minting and distribution to secondary market trading. Expert advisory is also provided on structuring, guidance on choosing the right token types, and investor onboarding.

Alex Lola recently met with H.E. Abdulla bin Adel Fakhro, Minister of Industry & Commerce. The productive discussion focused on the immense potential of blockchain and secure tokenization to unlock diverse investment opportunities.

The National Bank of Bahrain launches first Bitcoin Linked structured investment in GCC

The National Bank of Bahrain launches first Bitcoin Linked structured investment in GCC

The National Bank of Bahrain (NBB) has launched the GCC’s first Bitcoin-linked Structured Investment, in partnership with ARP Digital which provides crypto investment products and services such as Wealth management, coverage & OTC. The unveiling took place during a special ceremony at Fintech Forward 2024.

The investment product is designed exclusively for accredited investors to provide them the opportunity to gain exposure to Bitcoin’s (BTC) long-term growth while ensuring capital preservation. Through this structured product, accredited investors can benefit from Bitcoin’s upward performance, capped at a predefined threshold, while enjoying 100% capital protection on the downside. This offers a powerful hedge against the volatility traditionally associated with digital currencies.

Hisham AlKurdi, Group Chief Executive – Markets & Client Solutions at National Bank of Bahrain said, “We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection. This product underscores our focus on offering our wealth management clients innovative and secure avenues to diversify their portfolios in an evolving investment landscape. It is a testament to NBB’s continued leadership in financial innovation within the region.”

The launch of the Bitcoin-linked Structured Investment is aligned with the Bank’s strategy to enhance its product suite, particularly for wealth management clients, by providing tailored solutions that balance growth potential with risk mitigation. The product meets the demand for risk-averse investors seeking exposure to Bitcoin, while fully insulating their principal investment from market fluctuations.

Abdulla Kanoo, Co-Founder and Co-Chief Executive Officer at ARP Digital added, “Our collaboration with NBB is poised to be a game-changer in the regional market. By leveraging our expertise in digital assets and NBB’s extensive reach in the financial sector, we have created a product that introduces Bitcoin exposure within a highly secure framework. This structured investment opens new doors for investors seeking a calculated approach to digital assets.”

Dalal Buhejji, Executive Director of Business Development for Financial Services at Bahrain Economic Development Board stated, “The launch of this Bitcoin-linked Structured Investment is a prime example of the true potential of Bahrain’s robust financial services ecosystem, which provides an attractive and streamlined environment that gives rise to innovative solutions, which is key to maintaining Bahrain’s position as a leading regional fintech hub and trusted investment destination for local and global investors alike. This initiative embodies a seamless fusion of traditional financial practices and inventive blockchain-based solutions, and we are proud to witness local institutions like NBB driving cutting edge advancements and diversification to the sector.”

ARP Digital received its license from Bahrain earlier this year.

VARA Dubai tightens the reigns of VASP marketing campaigns

VARA Dubai tightens the reigns of VASP marketing campaigns

The Virtual Assets Regulatory Authority (VARA) updated its marketing regulations, which it states is aimed at strengthening the regulatory framework for Virtual Asset Service Providers (VASPs) operating in Dubai but whose effects transcends to the entire UAE and GCC region. VARA has introduced a comprehensive Marketing Guidance Document to provide clear and actionable insights for VASPs engaging in marketing activities within the region. The new regulations will come into effect on October 1st 2024.

As per the press release, marketing Regulations for Virtual Assets and Related Activities 2024 are designed to enhance the integrity and transparency of marketing practices within the virtual assets sector in Dubai.

The updated regulations place a strong emphasis on the accuracy of marketing communications, the avoidance of misleading information, and the protection of consumer interests. They apply to all entities involved in marketing virtual assets or related activities, regardless of their licensing status with VARA.

VARA also issued a new Marketing Guidance Document that will serve as a vital resource for VASPs. This document provides detailed instructions and best practices on how to conduct compliant marketing activities in Dubai, ensuring that VASPs can navigate the regulatory landscape with confidence. The guidance covers a range of topics, including the appropriate use of language in marketing materials, disclosure requirements, and the ethical considerations that should underpin all marketing efforts.

“As the world’s first independent regulator for virtual assets, VARA is dedicated to creating a regulatory environment that not only protects consumers but also supports the growth and innovation of the virtual assets sector,” said Matthew White, CEO of VARA. “Our updated marketing regulations and the newly issued guidance document reflect our commitment to maintaining Dubai’s position as a global leader in digital finance. We believe that by providing clear and actionable guidance, we can help VASPs deliver their services responsibly, while fostering greater trust and transparency in the market.”

The new guideline aims to make the marketing of that VASPs undertake to be fair, clear and not misleading so that participants and investors can make informed decisions based on marketing materials. The guideline covers anything from memes, short videos to articles. As per VARA the marketing articles, videos, or memes should use plain language, clear and concise.

As per the guidelines, the “fair, clear and not misleading” requirement should be assessed in a manner which is proportionate to the means of communication, content, target audience and/or the nature of the product or service being promoted. Different audiences may require variations in the content and presentation of the Marketing materials.

As per VARA, for instance, marketing addressed to broad retail clients may need to include more information on potential risks of investments.

 In addition, the marketing materials should provide a balanced impression of the product or service being promoted, so that recipients can make informed investment decisions. For example, Marketing materials should not emphasise or exaggerate potential benefits or investment returns without indicating relevant risks and should not omit or obscure important information, statements, or warnings.

License announcements should not imply VARA endorsement

Marketing should clearly state the regulatory status of any product, service and/or platform involved, whether in Dubai or, if applicable, other jurisdictions. This includes not containing messages which may mislead the public with regards to a business’s licensing status or scope of regulated activities.

For example, a person must not present VARA’s approval of the issuance of a Virtual Asset as a regulator’s endorsement of the quality of the Virtual Asset or its issuer.

Sponsored VASP Content

Moreover, if material has been paid for either as an advertisement, advertisement feature or promoted or sponsored content in a prominent place, it needs to be identified as such.

For example, large billboard advertisements in public areas, will be viewed as being obviously identifiable as promotional in nature without the need for additional wording as it is widely understood by the public that such areas are used for advertisements.

Social media posts can include both promotional and non-promotional content and as such must be identified as Marketing.

For any sponsored content, it should be clearly stated that the content is sponsored, along with the name of the sponsor (if the sponsor is not readily identifiable from the content) (e.g. “sponsored content”, “sponsored by ABC VASP”, “paid content brought to you by ABC VASP”, “in paid partnership with ABC VASP”) in a prominent place of the content (e.g. next to the heading of the content).

VARA showcased what it qualifies as monetary and non-monetary incentives. These include offers of:

•             incentives when investing in a Virtual Asset for the first time, or signing up for an Entity’s service provided as part of any VA Activity for the first time;

•             incentives where the client refers another Entity to invest in a Virtual Asset or use an Entity’s service provided as part of any VA Activity;

•             special offers when investing a particular amount in Virtual Assets;

•             offer of gifts or other incentives once an investment in a Virtual Asset has been made or once an Entity has signed up for an Entity’s service provided as part of any VA Activity; or

•             offer of gifts or other incentives for making additional investments when already using a product and/or service.

Monetary or non-monetary incentives should be made available for an adequate period of time so that they do not create a sense of urgency for recipients of Marketing to acquire Virtual Assets and/or use services as part of any VA Activities in anticipation of future appreciation in value or profits, or create a fear of missing out on future appreciation in value or profits due to inaction, in compliance with Marketing Regulation

While disclaimers need to be legible or audible and easy to spot.

The Role of journalists and influencers

The VARA guideline defines journalists as media personnel (content creators and/or presenters) that are duly licensed by the Media Regulatory Office of the UAE; and foreign media correspondents that are duly accredited by the Media Regulatory Office of the UAE.

 “Key opinion leaders” and/or influencers are not regarded as journalists and do not qualify for consideration under the journalistic exemption.

 VARA will assess the overall purpose of content to determine whether it qualifies for the respective exemption, or whether the content is Marketing.

 In doing so, VARA will consider whether the content taken as a whole , including any promotional material contained in it – including merchandise and/or give-aways at events, charities, ceremonies etc. – is for the promotion of any Virtual Asset or service provided as part of a VA Activity or the VASP.   

Educational content generally means content which is purely educational and for informational purposes only without the intention of leading the recipients to engage in the activity of investing in a Virtual Asset or signing up for a service provided as part of a VA Activity.

Educational content which does require buying a Virtual Asset for use, or using a service provided as a VA Activity, at any stage, should limit these to where they are necessary and provide multiple options, or explain that multiple options are available, where possible.

Content which is sponsored or paid for in return for any monetary or non-monetary benefit for the author Entity will not qualify as “educational content”.

Readers are reminded that educational content must still include prominent disclaimers where they are required in the Marketing Regulations, as applicable.

Whats app groups and Telegram groups are included

VARA considers purely personal or private communications as only those that include friends, family or colleagues.

Any communications which are accessible by fifty (50) individuals or more in aggregate, whether directly or indirectly, would not be considered personal or private. Communications which are accessible by fewer than fifty (50) individuals may still be considered as Marketing, and not deemed to fall within this exemption.

Conclusion

In Conclusion VARA considers that overall campaign in UAE or those targeting GCC (Gulf Cooperating Council) whether local newspaper, mail, broadcast online or physicals will be considered by VARA.

This includes marketing campaigns that use AED as the denominator currency or one of the denominator currencies in Marketing materials; campaigns with Emirati Arabic dialect or uses local slang, ‘in words’ or phrases (either in English or Arabic); campaigns using UAE and/or Dubai imagery (including, but not limited to, the UAE flag, Dubai skyline); campaigns using UAE celebrities or famous individuals with large influence base/followings in the UAE; any Marketing in public areas in the UAE; maintaining any communication channels which target UAE residents (e.g. chatrooms or social media pages); promotional plan(s) specifically addressing/intending to target the UAE; and/or restrictions (if any) that have been put in place to prevent or restrict UAE residents from accessing Marketing materials (e.g. geoblocking of websites or advertising campaigns).

Taurus in Qatar is offering digital asset, crypto and tokenized securities solutions

Taurus in Qatar is offering digital asset, crypto and tokenized securities solutions

Taurus announced its strategic partnership with the Qatar Financial Centre (QFC) Authority as part of the QFC Digital Assets Lab which will allow it to serve banks and financial institutions across Qatar and MENA by delivering enterprise technology from digital assets, to crypto to tokenized securities.

As per the press release, the QFC Digital Assets Lab is a key initiative within the QFC Innovation Dome, which is designed to accelerate innovation in digital assets and Distributed Ledger Technology (DLT). By fostering collaboration between businesses, start-ups, and researchers, the lab aims to position Qatar “as a leader in the digital economy, guided by the newly introduced QFC Digital Assets Regulatory Framework 2024.”

The framework sets rigorous standards for tokenization, legal recognition of digital assets, and the use of smart contracts, ensuring the highest levels of security and transparency. As a digital asset infrastructure provider, Taurus provides secure and scalable solutions for the custody, tokenization, and management of digital assets.

Through the QFC Digital Assets Lab, financial institutions in the region will now have access to Taurus’ enterprise-grade technology, which supports the full range of digital assets, from cryptocurrencies to tokenized securities.

Bashir Kazour, Managing Director at Taurus, commented, “The QFC Digital Assets Lab offers a robust regulatory environment, making Qatar a prime location for digital asset innovation. We are pleased to bring our expertise in digital asset management to this dynamic market and better serve our clients and partners across the Middle East.”

Taurus SA is a Swiss Fintech founded in April 2018, provides enterprise-grade digital asset infrastructure to issue, custody, and trade any digital assets, including cryptocurrencies, tokenized assets, NFTs, and digital currencies.

Depending on their business model, strategy, and risk tolerance, Taurus’ clients can seamlessly manage cryptocurrencies “including staking, digitize and tokenize any type of asset on any standard end-to-end, and process digital currencies of their choice.”

Taurus’ product portfolio is composed of  Taurus-PROTECT, the leading secure storage solution in Europe which is currently used by more than 30 financial institutions and corporations. Taurus-CAPITAL allows clients to issue and “manage tokenized assets on public and permissioned blockchains, as well as interact with any smart contract.

Both The Hashgraph Association as well as R3 also announced their partnerships with QFC digital assets lab and their offering.

The Hashgraph association explores five tokenization use cases in Qatar

The Hashgraph association explores five tokenization use cases in Qatar

The Hashgraph Association, a partner with Qatar Financial Centre (QFC) Digital assets Lab announced on LinkedIn, that within the next 12 months it will work together with stakeholders to explore implementing five innovative use cases, in the areas of equity tokenization, Sukuk Islamic Bonds tokenization, real estate tokenization, sustainability ESG Carbon credits, as well as consumer engagement and loyalty programs.

This is part of the partnership that was signed with QFC for a $50 million Digital Assets Venture Studio to develop the Web3 and DLT innovation ecosystem in Qatar.

As per the post, the QFC, and Qatar Central Bank digital assets framework recently announced in September was a major milestone establishing a comprehensive legal and regulatory foundation for tokenization, smart contracts, and asset custody, ensuring compliance and security.

The Hashgraph Association post noted, “These regulations strengthen The Hashgraph Association’s role in fostering innovation and trust within the digital assets ecosystem, further solidifying the region’s position as a global leader in fintech. By providing knowledge exchange, international visibility, and regulatory clarity, QFC and The Hashgraph Association are propelling the region toward the forefront of digital asset technology.”

R3 also one of the QFC partners for the Digital Assets Lab also noted as well that it will power tokenization projects across Qatar’s financial industry.

Soter a digital asset insurer, a portfolio company of UAE Further Ventures receives initial regulatory approval from BMA

Soter a digital asset insurer, a portfolio company of UAE Further Ventures receives initial regulatory approval from BMA

A portfolio company of Abu Dhabi based Further Ventures, Soter Insure, a provider of insurance products tailored to the digital asset economy, whose CEO was the former CEO of VARA Dubai ( Virtual Asset Regulatory Authority), has received initial approval from the Bermuda Monetary Authority (BMA), to offer a range of insurance solutions designed specifically for institutions operating in the blockchain and cryptocurrency space.

As per the press release, the approval marks a significant milestone for Soter, enabling the company to address the evolving risk management needs of the digital asset sector.‍

“This regulatory approval is a testament to the vision we share with our partners and the growing need for tailored risk management solutions in the digital asset space,” said Henson Orser, CEO of Soter Insure. “With the rise of institutional adoption of blockchain technology, our products provide a critical layer of security for asset managers, funds, and validators. We are proud to offer coverage that aligns with the assets themselves—whether it’s Bitcoin, Ethereum, or other native currencies—allowing policyholders to be indemnified in the very currency they are seeking to protect.”

Further Ventures noted on LinkedIN, “Our portfolio company Soter Insure has just announced receiving the initial approval from the Bermuda Monetary Authority. Great start for the project as we plan to share more updates and valuable content soon!”

Further Ventures is a venture builder and investment firm based in Abu Dhabi. It supports innovative startups such as fintech, VASPs which include virtual asset payments products, blockchain based asset custody and security solutions, and others. ‍

Soter has offices in Abu Dhabi Global Market Square, Abu Dhabi, United Arab Emirates

Previously UAE headquartered Fuze, a digital assets infrastructure provider, raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA) led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures.

Soter’s product suite includes Directors & Officers (D&O) coverage, Asset Loss policies, and a unique Slashing insurance product that protects validators in Proof of Stake networks. Notably, all policies are denominated in the native digital currency being insured. For instance, Ethereum Validator Slashing losses are paid out in Ether, while Bitcoin asset loss policies are settled in Bitcoin—a groundbreaking approach that ensures alignment between the asset at risk and the insurance coverage.

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UAE Fuze and Bit2Me partner to improve digital asset connectivity

UAE Fuze and Bit2Me partner to improve digital asset connectivity

Abu Dhabi’s Hub71 startups, Fuze, MENA provider digital assets infrastructure, and Bit2Me, a Spanish digital assets company, have partnered to improve digital assets infrastructure connectivity between Latin America, Europe, and the Middle East.

As per the press release, this agreement unites two of the world’s leading digital assets platforms to maximize the prospect of platform trading using the United Arab Emirates Dirham (AED). Fuze and Bit2Me’s collaboration will enable companies to collaborate on digital assets, products, and services. This includes enabling liquidity provision, collaborating on cross-border trading between Latin America, Europe, and the Middle East, and facilitating connections, trades, and transactions in target market currencies. Both organizations will benefit from enhanced stability, decreased operational costs, and increased market efficiency.

Mohammed Ali Yusuf, Co-Founder and CEO of Fuze, said, “Bit2Me has a strong focus on regulation, security, and compliance across digital assets, marking them as an ideal partner for our strategic expansion. Together, we will be able to innovate and tap into the wealth of possibilities for regulated digital assets globally. We are proud to sign this agreement in Abu Dhabi, where we started our journey, a place that will be pivotal in developing cryptocurrency and the future of finance.”

Koh Martinez, Co-CEO of Bit2Me added, “There is a significant demand for digital assets services across the Middle East. We are delighted to enhance our global offering in tandem with Fuze.  Our teams will be able to share unique experiences and case studies across three continents to provide solutions for the ever-evolving cryptocurrency market.”

Peter Abou Hachem, Head of Growth and Strategy at Hub71 commented, “Within just one year of accepting our first cohort in Hub71+ Digital Assets, we have seen international startups like Bit2Me and Fuze join our vibrant community and collaborate to accelerate development in the digital assets space. This partnership is a testament to our community-focused programs and the supportive regulatory environment of Abu Dhabi Global Market (ADGM). By connecting and nurturing startups within our ecosystem, we are meeting our objective of driving innovation and creating valuable partnerships from our ecosystem to advance Abu Dhabi’s position as a leader in technology globally.”

In August of this year, Klumi Ventures a blockchain-native Venture Capital Firm and Fund Manager based in Abu Dhabi, partnered with Fuze, to harness Klumi Ventures’ investment acumen and Web3 expertise alongside Fuze’s robust digital assets infrastructure to accelerate the adoption of Web3 technologies throughout the region. 

Even Tether, the global stablecoin and Fuze, signed a Memorandum of Understanding (MoU) to establish the terms of a collaboration on educational initiatives within the digital asset realm, with a particular focus on Turkey and the Middle East.

Five digital asset startups accepted into Abu Dhabi’s Hub71 cohort

Five digital asset startups accepted into Abu Dhabi’s Hub71 cohort

Abu Dhabi Hub71 welcomed 21 new startups to its Cohort 15, among them five startups into its digital asset’s cohort. The five startups set to join Hub71+ Digital Assets, a specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets include Norway-based Gateway.fm, a distributed blockchain infrastructure that automates and provides enterprises with turnkey solutions for deploying private blockchains and infrastructure. The company has raised USD 6 million (AED 22 million).

Also joining the Hub71 + Digital Asset cohort is Chainsight, a platform aggregating on-chain and off-chain data, including Real World Assets (RWAs), to deliver comprehensive insights through time-series analysis.

easeflow will also join. It is an AI enabled management tool that simplifies node setup, operation, and management for node operators in the blockchain industry, while Greengage is a Web3 FinTech company providing accounts and lending services to SME’s and family office clients.

UK-based Greengage that offers Web3 FinTech solutions for SME and family offices has raised USD 10 million (AED 36 million) in funding is set to join the Hub71+ Digital Assets specialist ecosystem. By joining Hub71, these startups are establishing operations in Abu Dhabi, further solidifying the UAE capital’s status as a leading global tech hub and a preferred destination for entrepreneurial growth.

Finally Stables has joined. It is a platform that offers a mobile-first digital wallet live in 130 countries, powered by stablecoins to make cross-border remittances.

So far since its inception the Hub71 Cohort 15 has raised over $130 million in capital for startups with 80 percent of those startups headquartered outside UAE.

Hub71, Abu Dhabi’s global tech ecosystem, has welcomed 21 startups in Cohort 15, increasing the total number of ventures it supports to 243. Following a rigorous selection process, these startups will enter Hub71’s Access program and the specialist ecosystems of Hub71+ Digital Assets and Hub71+ ClimateTech.

Collectively, the startups in Cohort 15 have raised USD 134.9 million in funding, which underlines Hub71’s success in attracting high-potential startups poised to drive technological innovation across the priority sectors of Abu Dhabi’s diversified economy.

Ahmad Ali Alwan, CEO of Hub71, said: “Cohort 15 is abundant with pioneering startups that are positioned to contribute to Abu Dhabi’s innovation ecosystem. By providing the startups with access to investment opportunities and market reach, Hub71 is supporting the founders’ journey in Abu Dhabi and accelerating their transformative impact globally.”

By joining Hub71 “Access” and Hub71+ specialist ecosystems, startups will be able to tap into a vibrant community of mentors, partners, and investors within Abu Dhabi’s thriving technology ecosystem, gaining access to market opportunities, top talent, and capital, which significantly enhances their prospects of securing commercial deals, attracting investment, and driving market growth. Additionally, startups will benefit from up to AED 250,000 worth of in-kind incentives and AED 250,000 in cash for equity, through a SAFE note. High-performing startups will also be eligible to receive a top-up of up to AED 250,000 in exchange for additional equity upon completing the program.