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.

QFC accepts Polygon among 24 companies into digital assets lab

QFC accepts Polygon among 24 companies into digital assets lab

Qatar Financial Centre (QFC), financial and business center has announced that its QFC Digital Assets Lab is now live with the onboarding of 24 participants which include entities such as Polygon and Blade Labs among others. This cohort will benefit from a comprehensive support system for developing, testing and commercializing their digital solutions and services.

As per the press release, the participants will develop transformative solutions tailored to a variety of use cases across different industries. By leveraging blockchain/ distributed ledger technology, these innovators seek to address industry challenges and drive digital transformation in their respective sectors.

Among the 24 successful candidates are ALT Realtech, Bladelabs, Polygon, Taurus, Settlemint and Partior.

To bolster the capabilities of the Digital Assets Lab, QFC has partnered with leading international organizations such as Google Cloud, Masraf Al Rayan, The Hashgraph Association, and R3. According to QFC, these strategic partners will offer subject matter expertise, providing participants with valuable knowledge and industry insights. The full list of partners and participants is available on the QFC website

The Digital Assets Lab supports the stakeholders in exploring and experimenting with various use cases, such as trade finance, real-world asset tokenization, carbon credit tokenization and various ancillary services to support the end-to-end tokenization. To facilitate these processes, the Lab and its participants will operate under the newly launched QFC Digital Assets Framework, established to ensure a secure and transparent digital asset ecosystem for asset tokenization processes and the implementation of a trusted technology infrastructure.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, commented on the diversity of the first cohort, stating: “I am delighted that the Digital Assets Lab has officially commenced, with 24 participants working on technologies with different applications. Their collective effort and expertise will be pivotal in advancing digital asset solutions across multiple industries. The technologies we aim to develop through the Lab will support our goal of creating a resilient and secure financial sector, fostering a thriving wealth management hub, and positioning Qatar at the forefront of innovation.”

In a Linkedin post, Henk Jan Hoogendoorn, Chief of Financial Services sector at QFC, noted, ” We are open for Financial Institutions that would like to partner with our Digital Assets Lab. We are aiming to attract use cases around tokenization of Real World Assets.”

While, Aditya Kumar Sinha, Head of Fintech & Digital Innovation at Qatar Financial Centre noted, “Congratulations to all the participants and lot of thanks to all our partners! We look forward to accelerate the pace of innovation in Qatar!”

The QFC Digital Assets Lab was launched in October 2023 to accelerate the development of Qatar’s digital ecosystem and provide a platform for transforming promising digital concepts into cutting-edge technologies that can be practically applied in various industries.

This comes weeks after Qatar announced its digital assets framework, and its DLT guidelines.

R3 DLT instrumental in UAE’s RAKBANK CBDC cross border transaction

R3 DLT instrumental in UAE’s RAKBANK CBDC cross border transaction

R3 announced on LinkedIn that it was thrilled about the success of UAE RAKBANK  in their first cross border CBDC transaction using mBridge in which R3’s issuance layer technology solution played an instrumental role.

David E Rutter, CEO of R3 said: “The first cross-border CBDC transaction by a UAE local bank, RAKBANK, is a groundbreaking development for the UAE, and the region more broadly.

He added, “R3’s issuance layer technology and CBDC integration solutions have been instrumental in supporting RAKBANK to achieve this exciting milestone in production. R3’s ambition is to continue to deliver interoperable distributed ledger solutions, using Corda, our open, permissioned tokenization platform to the UAE and beyond.”

Rutter adds that R3 is committed to working with UAE domestic banks like R3 to build their digital ecosystem.

The National Bank of Ras Al Khaimah (“RAKBANK”) recently became one of the first banks in the United Arab Emirates to execute an international remittance using mbridge CBDC. The Bank utilized China’s digital Yuan (eCNY) in exchange for the Digital Dirham, the UAE’s CBDC.

Vikas Suri, Co-Head of Wholesale Banking Group at RAKBANK, added, “The successful transfer of eCNY to our correspondent in China is a game-changer in several respects. It’s one of the first UAE-led foreign currency transfers executed in local currencies without involving a third currency to China and without using conventional payment rails. This is a gamechanger that paves the way for instant blockchain based CBDC exchanges with payment versus payment, fundamentally altering how we approach international payments. Our next steps will focus on supporting the China and UAE business corridor for our clients, by leveraging mBridge to reduce costs and improve the speed of remittances.”

In an IMF blog, the International Monetary Fund noted that almost two-thirds of countries in the Middle East and Central Asia are exploring adopting a central bank digital currency with Bahrain, Saudi Arabia and UAE in the more advanced proof of concept stages. The countries in MENA and Central Asia are studying CBDCs as a way to promote financial inclusion and improve the efficiency of cross-border payments.

The IMF Blog noted however that CBDCs require careful consideration, with each weighing their own unique set of circumstances.

Many of the 19 countries currently exploring a CBDC are at the research stage. Bahrain, Georgia, Saudi Arabia, and the United Arab Emirates have moved to the more advanced “proof-of-concept” stage. Kazakhstan is the most advanced after two pilot programs for the digital tenge.

Jordan launches Blockchain network for e-government enhancement

Jordan launches Blockchain network for e-government enhancement

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In May 2023, the Jordanian government represented by Jordanian Ministry of Digital Economy and Entrepreneurship ( MODEE)) commissioned the United Nations Economic and Social Commission for Western Asia (UNESCWA) Economic and Social Commission for Western Asia to draft a national blockchain policy for Jordan. Fast forward one year, and MODEE has officially launched a national blockchain network, called MODEE DLT ( Distributed Ledger Technology) to enhance e-government services.

Blockexe, which stands for Blockchain excellence and expertise, a company based out of Jordan that develops customized blockchain solutions has been chosen by MODEE to partner with it on the delivery of the national blockchain network. The aim of the network called MODEE DLT will be to enhance trust and transparency in governmental services.

MODEE will be integrated with Jordan’s government portal Sanad, to offer a decentralized and verifiable digital record of all Sanad transactions.

As per the press release on Petra news agency website, the initiative will bolster trust and streamline the integration of e-government services.

This is aligned with Jordan’s digital transformation Strategy, and will support Jordan’s goals of robust and trustworthy digital economy.

In the past there has been some news on blockchain projects and success stories within Jordan. One example is when Fresh Del Monte Produce a global integrated producer, distributor, and marketer of fresh and fresh cut fruits and vegetables acquired a 39 percent stake in Jordanian Blockchain driven food safety and traceability startup Decapolis. 

Additionally in 2024, Blockchain Center and Binance Academy came together to expand its Global University Outreach program to included Jordan based Al Ahliyya Amman University.

Blade Labs joins Qatar’s digital assets lab partnering with The Hashgraph Association

Blade Labs joins Qatar’s digital assets lab partnering with The Hashgraph Association

Blade Labs is a financial technology that tokenizes financial productions and services secure a fintech license at Qatar Financial Center, and admittance to the Digital Asset Lab, as it partners with The Hashgraph Association, a Swiss digital enabler of the Hedera Network, to utilize DLT ( distributed ledger technology) to foster and advance financial services to the masses of the MENA region.

In addition Blade Labs is registering for a Financial Services Regulatory Association (FSRA) license in Abu Dhabi Global Market (ADGM).

Kamal Youssefi, President of The Hashgraph Association, said, “The Hashgraph Association is actively invested in ensuring digital enablement and inclusion, particularly, in the Middle East. Our strategic investment in Blade Labs, which provides innovative fintech solutions in the region, is testimony to our commitment to empowering enterprises with Web3-compliant solutions.

The partnership comes at the heels of two major government-backed Venture Studio initiatives being undertaken by The Hashgraph Association in the region; together, these co-investment ventures are valued at $300 million over the next 5-years.

As part of the collaboration, Blade Labs will provide both a conventional and Shariah compliant Digital Securities Platform to support these investments. The strategic investment and partnership address the growing need for digital transformation solutions required by enterprises to participate in the digital economy, effectively.

Blade Labs is currently focused on providing non-custodial fintech APIs that distribute tokenized funds across multiple jurisdictions in a compliant and user-friendly manner. Tokenizing funds enhances liquidity with real-time settlement, reduces operational costs, and improves collateral management by allowing these funds to be used as collateral across various platforms. These benefits make tokenized funds an attractive option for both traditional and digital-native investors, offering better returns, capital efficiency, and advanced risk management.

“As an investor and strategic ecosystem partner of Blade Labs, The Hashgraph Association’s deep multi-level relationship will enable us to integrate our cutting-edge digital asset solutions with more businesses in the Middle East and beyond. We are also well placed to support the execution of strategic initiatives in the region to grow and empower ecosystems that will help us drive digital transformation.” said Sami Mian, CEO of Blade Labs.

The Hashgraph Association has been at the forefront of key ventures in the Middle East and GCC (Gulf Cooperation Council) region. The first in Saudi Arabia has already commenced this year to build a $250 million DeepTech Venture Studio in Riyadh, in close partnership with the Ministry of Investment Saudi Arabia (MISA), and the second in Qatar aims to build a $50 million Digital Assets Venture Studio in Doha, in collaboration with the Qatar Financial Centre (QFC), with both these partnerships considered long-term and spanning over the next five years. 

The Central Bank of UAE commences domestic CBDC payments phase

The Central Bank of UAE commences domestic CBDC payments phase

The Central Bank of the UAE (CBUAE)is planning for phase two implementation for domestic CBDC payments after the Central Bank with the Bank for International Settlements Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Bank of Thailand, and the Digital Currency Institute of the People’s Bank of China, launched the Minimum Viable Product (MVP) platform of the mBridge project. Mbridge is a multi-central bank digital currency (CBDC) common platform for wholesale cross-border payments and settlement.

CBUAE is planning for Phase 2 implementation, which includes domestic CBDC payments and further enhancements of cross-border fund transfers.

The CBUAE anticipates the growing use of the mBridge platform for cross-border payments among the participating jurisdictions. Ongoing reviews and enhancements are also underway as the platform progresses towards a full production launch. This is the first multi-CBDC platform which has reached the MVP phase, ready for use by early adopters.

In January 2024, His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the CBUAE, initiated the first cross-border payment of ‘Digital Dirham’, the CBUAE’s CBDC, to China worth AED50 million through mBridge. It also marked the first real-value cross-border CBDC payment between a MENA country and a country outside the region on an MVP-ready platform.

To date, a number of UAE licensed financial institutions (LFIs) have been onboarded onto the mBridge platform, with collaborative efforts underway for to accelerate its adoption. Onboarded LFIs are now ready to initiate and process cross-border CBDC payments with their counterparts of the participating jurisdictions.

According to the Central Bank of UAE press release, the mBridge platform is a key initiative under the CBUAE’s Financial Infrastructure Transformation (FIT) programme which seeks to accelerate the digital transformation of the UAE’s financial services sector. The deployment, testing and launch of the mBridge MVP comes as part of the CBUAE’s Phase 1 implementation of its broader CBDC strategy, supported by the use of the Digital Dirham.

Presently, the CBUAE is planning for Phase 2 implementation, which includes domestic CBDC payments and further enhancements of cross-border fund transfers. Utilizing distributed ledger technology, the mBridge project aims to connect economies through a multi-CBDC platform to help support international trade and cooperation, whilst overcoming challenges of existing cross-border payment systems and offering efficient, low-cost, and instant cross-border payments settled in central bank money.

Khaled Mohamed Balama, Governor of the CBUAE, said, “The CBUAE’s participation in mBridge aligns with our strategic objectives of promoting innovation, efficiency, and financial inclusion in the financial services sector. By collaborating with our international partners, we aim to contribute to the development of a more robust, efficient, economical, interconnected and instant global payments infrastructure that benefits all participants, while maintaining the highest security standards.”

A few days prior to this announcement, the Central Bank of UAE approved the issuance of a regulation for licensing and overseeing stablecoins and a series of policies aimed at supporting the banking, insurance, and financial services sectors.

Saudi’s Central Bank joins CBDC project, Mbridge

Saudi’s Central Bank joins CBDC project, Mbridge

As the BIS (Bank for International Settlements) announced that it had reached a minimum viable product stage, Saleh Algrayan, AI Advisor at Bank for International Settlements and an employee of Saudi Central Bank, announced that Saudi Central Bank had now joined mBridge. Saudi Arabia’s Central Bank becomes the second Arab central bank to join after the UAE Central Bank.

Saleh Algrayan noted on LinkedIn, “I am immensely proud to announce that the Saudi Central Bank – SAMA has joined Project mBridge as a full participant, coinciding with the project reaching its minimum viable product (MVP) stage! As a dedicated SAMA employee and Advisor at the Bank for International Settlements – BIS Innovation Hub (BISIH) – Hong Kong Centre, I am honoured to be part of this revolutionary journey.”

He adds, “Project mBridge, leveraging advanced distributed ledger technology (DLT), aims to transform cross-border payments by addressing high costs, slow speeds, and operational complexities. This collaborative effort, starting in 2021 with partners like the Bank of Thailand, UAE Central Bank, Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority, now includes over 26 observers.”

He added, that SAMA’s participation marks a significant step forward, demonstrating the kingdom’s leadership in global financial innovation. He concluded, “We are paving the way for efficient, cost-effective, and instant cross-border transactions, addressing financial inclusion and making payments universally accessible.”

The Saudi Central Bank had previously participated in a CBDC project with the UAE under the name of ABER.

The announcement followed BIS press release where it invited private sector participants to propose value-added solutions that can be connected to the mBridge MVP platform.

The press release noted, “Project mBridge is the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members. More central banks and commercial banks can join the platform through the mBridge MVP legal framework and perform real transactions on it. Project expands international cooperation with a new full member and observers.”

The project aims to explore a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks, built on distributed ledger technology (DLT) to enable instant cross-border payments and settlement.

Project mBridge was the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members.

The project aims to tackle some of the key inefficiencies in cross-border payments, including high costs, low speed and operational complexities. It also addresses financial inclusion concerns, particularly in jurisdictions where correspondent banking (which connects countries to the global financial system) has been in retreat, causing additional costs and delays. Multi-CBDC arrangements that connect different jurisdictions in a single common technical infrastructure offer significant potential to improve the current system and allow cross-border payments to be immediate, cheap and universally accessible with final settlement.

A platform based on a new blockchain – the mBridge Ledger – was built to support real-time, peer-to-peer, cross-border payments and foreign exchange transactions. In 2022, a pilot with real-value transactions was conducted. Since then, the mBridge project team has been exploring whether the prototype platform could evolve to become an MVP – a stage now reached.

Four-founding participant central banks and monetary authorities have each deployed a validating node, while commercial banks have conducted more real-value transactions in preparation for the MVP release. In tandem, the project steering committee has created a bespoke governance and legal framework, including a rulebook, tailored to match the platform’s unique decentralized nature.

The MVP platform is enabled to undertake real-value transactions (subject to jurisdictional preparedness) and is also compatible with the Ethereum Virtual Machine. This allows it to be a testbed for add-on technology solutions, new use cases and interoperability with other platforms.

It is noteworthy that Qatar Central Bank recently launched its CBDC project for settling large payments with local and international banks.

Qatar tests CBDC for settlement of large payments

Qatar tests CBDC for settlement of large payments

 The Qatar Central Bank (QCB) has announced the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC) and the commencement of testing of CBDC for settlement of large payments with local banks. According to the press release, this initiative will serve as a proactive step to keep pace with the rapid global developments in this field.

Qatar Central Bank confirms that, after successfully completing the comprehensive study conducted in this field, it will proceed with testing and developing selected applications for the CBDC to settle large payments with a group of local and international banks in a trial environment designed according to the latest advanced technologies.

The project will focus on the applications of the CBDC to increase access to capital markets for operating banks in the country, enhance domestic settlement, and improve the efficiency of securities transactions.

This project, which will enter its first experimental phase extending to October 2024, aims to achieve a set of primary objectives, including leveraging artificial intelligence technologies, distributed ledger technology (DLT), and emerging technologies and establish a strong foundation to enhance liquidity by expanding participation in financial market facilities, considering the aspects related to information security during project implementation.

In line with the Third Financial Sector Strategy, the Fintech Strategy, and Qatar National Vision 2030, and based on Qatar Central Bank’s ongoing efforts to regulate and develop the financial sector in the country, Qatar Central Bank announced the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC), QCB said in a press release.

This project reflects Qatar Central Bank’s full commitment to contributing to digital transformation within the financial sector, noting in this context that the start of the CBDC project represents an important milestone and a strategic step towards building a digital economy in the country.

It was also noted that the results of this experiment will be the cornerstone towards identifying the different use cases that the Qatar Central Bank will adopt in the future, which will contribute to enhancing the efficiency of the current systems and instant settlement.

In April 2023 Qatar Financial Centre Authority and Blockchain solution provider R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology). Soon after, QFC announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. The digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

In May 2024 The Hashgraph Association (THA), the Swiss-based organization at the forefront of global digital enablement, signed a strategic partnership with the Qatar Financial Centre to launch a Digital Assets Venture Studio, a platform to support local Qatari and international portfolio companies in the development of regulatory-compliant decentralized finance (DeFi) solutions and digital assets built on the Hedera Distributed Ledger Technology (DLT) network.


The $50 million digital assets venture studio will focus on investments in Hedera-powered Web3 startups and enterprises building bankable DeFi solutions. The program will span over the next five years (2024-2028) with The Hashgraph Association investing $10million (20%).

First Saudi Arabian Blockchain Layer 0 infrastructure launches for gaming

First Saudi Arabian Blockchain Layer 0 infrastructure launches for gaming

Throughput™ , the first Saudi Arabian engineered Layer 0 Blockchain/DLT infrastructure has been launched with the aim of reshaping the Web3 and gaming industry with state-of-the-art technological solutions to developers worldwide.

Throughput™ is led by Yasser Alobaidan, with co-founders Assad Dar of MoonGaming Studio and Alvin Reyes, former Chief Architect at Protocol Labs(Filecoin).

Throughput introduced “Ledger as a Service” , a game-changing approach in blockchain technology. A single process manages multiple ledgers across blockchains offering secure and efficient management.

As per the medium post, designed ground up, Throughput™ addresses game developers’ and players’ unique needs and challenges, setting the stage for creating the world’s most engaging and sophisticated games.

Throughput™, aims to offer a robust, scalable, and secure infrastructure that caters specifically to the dynamic requirements of modern gaming. Throughput offers gamers and developers blockchain technology that easily allows them to set up their networks. It also supports the management of multiple ledgers into a single system.

In addition it allows for the sharing of a portion of transaction fees with originating wallet service providers and applications, while incorporating quantum resistant cryptography to safeguard against future threats.

Throughput also adds that it enables gamers to secure loans with digital assets while maintaining ownership and facilitates in game economies with a focus on asset ownership and exchange.

Yasser Alobaidan, Co Founder of Throughput comments, “Throughput™ is more than just technology; it’s our commitment to transforming the gaming experience. By blending cutting-edge blockchain solutions with Saudi Arabia’s vibrant talent, we’re not just creating games. We’re setting the stage for the future of gaming globally. We’re excited to lead this journey and invite everyone to join us in this revolution,”

Plans are in place to establish a dedicated hub in Saudi Arabia to nurture game development, attracting the world’s top talent to collaborate and innovate, pushing Riyadh to the forefront of Web3 advancements.

ADGM’s DLT Guide now made easier with MHQ and ACX Compliance

ADGM’s DLT Guide now made easier with MHQ and ACX Compliance

UAE private wealth optimization platform and ACX compliance, a crypto and Web3 compliance advisory firm, have published a guidebook ” Navigating ADGM’s DLT Foundations”. This initiative is designed to equip businesses with the knowledge and strategies necessary to navigate the intricacies of the Abu Dhabi Global Market’s (ADGM) Distributed Ledger Technology (DLT) ecosystem.

In November 2023, the Abu Dhabi Global Market (ADGM) introduced the Distributed Ledger Technology (DLT) Foundations Regulations 2023, marking the world’s first legal framework for blockchain within its jurisdiction. They have been actively broadening its regulatory framework relating to digital assets and DLT, with the objective of establishing a comprehensive legal and regulatory structure for such businesses.

The ADGM DLT foundations regime offers a supportive ecosystem for blockchain-based businesses, prioritizing investor protection and market integrity. Specifically tailored guidelines provide clarity and certainty for businesses in the blockchain and DLT sector, emphasizing transparency, accountability, and investor confidence. Key benefits include regulated token issuance, programmable governance, and legal protection for decentralized protocols, bridging the gap between on-chain and off-chain realms.

Entities interested in registering a DLT foundation with the ADGM Registration Authority (ADGM RA) must meet stringent application criteria outlined in the Regulations. Eligible applicants include a diverse array of entities such as blockchain foundations, web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations seeking to harness the potential of DLT for enhanced operations.

According to the guidebook, DLT foundations are bound by numerous ongoing and annual compliance obligations to ensure their operations align with legal standards. These ongoing obligations necessitate DLT foundations to maintain a registered office within the ADGM, serving as a central point for all communications and notices.
Additionally, foundations are required to appoint a Company Service Provider1 responsible for several critical functions. This provider must keep all corporate records as mandated by applicable laws, ensure the foundation has a registered office within the ADGM, act as the foundation’s representative in all interactions with the ADGM RA, including the service of documents, and manage all required notifications and filings with the ADGM RA in accordance with relevant laws.

Hermione Harrison, Director, and Head of Corporate Governance M/HQ commented: “The introduction of the ADGM DLT Foundations Regulations in 2023 signifies a significant breakthrough for the UAE’s cryptocurrency industry, positioning DLT foundations as leaders in innovation and progress within both the ADGM and beyond. These Regulations establish an unprecedented level of regulatory clarity, opening doors to a future marked by heightened transparency and efficiency across the blockchain and Web3 sectors.”

So far two DLT Foundations have been registered in ADGM, IoTa and Finischia.