Blockchain and AI enabled WorldCoin World ID orb available in UAE at Crypto Oasis Centre

Blockchain and AI enabled WorldCoin World ID orb available in UAE at Crypto Oasis Centre

As per a recent announcement, WorldCoin, blockchain and AI based digital identity protocol World ID has launched one of its orbs in Dubai UAE, at Crypto Oasis Centre.

World ID according to WorldCoin ia a more human internet with global proof‑of‑personhood. Privacy‑First. Self‑custodial. Decentralized.

Worldcoin is dramatically increasing access to World ID—the digital identity protocol powered by the Worldcoin ecosystem. The project will increase the number of available Orbs to 1.5K throughout the summer and fall in more than 35 cities around the world. One of those cities listed is Dubai UAE.

The World ID Orb will be located at Crypto Oasis Innovation Hub, Gate C, Floor 1, Office 176, DIFC

Over the last six months of its beta phase, the Worldcoin project has verified the uniqueness and humanness of more than 40,000 individuals per week. The availability of 1.5K Orbs will more than 5x sign up capacity globally and enable millions of additional people to join the 2 million who have already signed up for World ID.

In countries like Spain, where more than 150K people have already verified their World ID, the project will scale its existing operations up to 3x in the coming months. In other countries such as France and Brazil, for a limited time pop-ups will allow people to locate a nearby Orb and sign up for World ID.

To review, the Orb, which was originally developed by Tools for Humanity (TFH), is the first custom biometric imaging device built for the Worldcoin project to verify humanness and uniqueness in a secure and privacy-preserving way. Anyone with a World ID-compatible wallet, such as TFH’s World App, can sign up for World ID at an Orb by visiting a Worldcoin Operator location or community specialist to access an Orb.

Currently and in the future orbs will be available in Dubai, Kampala, Nairobi, in the MENA region. As for the Americas, it will be available in Bariloche, Bogota, Buenos Aires, Cordoba, Los Angeles, Mar del Plata, Mexico City, Miami, Monterrey, New York, Rio de Janeiro, Santiago, San Francisco, and São Paulo

In Asia the orb is and will be available in Bangalore, Delhi, Ho Chi Minh City, Hong Kong, Manila, Seoul, Singapore, and Tokyo. While in Europe it will be available in Barcelona, Berlin, Bilbao, Lisbon, London,Madrid, Munich, Palma de Mallorca, Paris, Porto, Sevilla, Valencia,  and Warsaw

On July 24, the OpenAI CEO Sam Altman announced the launch of the Worldcoin protocol and the WLD token after years in development.

Altman claims that Worldcoin could eventually pave the way for AI-funded universal basic income — all while “preserving privacy.”

Backed by Andreessen Horowitz, Khosla Ventures, and LinkedIn’s Reid Hoffman, the startup has already raised close to $250 million as it begins to roll out its new global initiative. Prior to Monday’s debut, the company has already experienced a significant wave of interest, with over two million users participating in its beta version.

Bitget crypto exchange to hire 60 staff for its regional Middle East headquarters eyeing UAE and Bahrain

Bitget crypto exchange to hire 60 staff for its regional Middle East headquarters eyeing UAE and Bahrain

Bitget, crypto derivatives exchange has expanded into the Middle East with plans to hire 60 new staff for its regional headquarters. Bitget is currently serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution

Bitget is preparing to launch either in  Bahrain and or the UAE, including such as the crypto-friendly emirates of Dubai, Abu Dhabi, and Ras Al Khaimah. The expansion foresees the setting up regional headquarter, as well as the recruitment of new team members who will be assigned various mid-office and back-office functions.

Recent statistical data on MENA region crypto adoption indicates that it is home to the fastest-growing cryptocurrency industry, taking up a 9.2% share of global transactions in the period from 2021 to 2022. The UAE alone experienced 400% growth in the number of registered crypto businesses between 2020 and 2022, leading to a surge in global digital asset trading, accounting for 10% of global volume. In addition, the region saw a 300% increase in blockchain-related educational programs and accounts for as much as 8% of all mining hash rates.

“We hope to scale our Middle East team rapidly to support business growth, with between 30 to 60 hires over the next 2 years or more across the Middle East region. New team members will include various mid-office and back-office functions. We may consider selecting Dubai as an operational hub for the Middle East market. This move is not just about business, it is about our core values, which rest on advancing blockchain and crypto adoption worldwide,” as Gracy Chen, Managing Director of Bitget, commented on the announcement.

Bitget has already begun exploring license applications in order to operate in target Middle East markets.

Bitget has been scaling its operational reach globally in recent months, including the registration as VASP (Virtual Asset Service Provider) in Poland and similar crypto registration in Lithuania. The new expansion plan in the Middle East region comes on the heels of Bitget’s launch in Turkey earlier this year, which now boasts a full localization including its Turkish website, Bitget TR, to provide localized services for users in Turkey.

Many other crypto exchanges have been seeking licensing in the region, including OKx, Coinbase, Crypto.com, Binance and local exchanges such as BitOasis and CoinMENA. 

UAE Crypto Oasis ventures to support Dubai’s DIFC innovation hub and startups

UAE Crypto Oasis ventures to support Dubai’s DIFC innovation hub and startups

UAE based Crypto Oasis Ventures has signed a Memorandum of Understanding (MoU) with Dubai International Financial Centre (DIFC),  to support the DIFC Innovation Hub with subject matter expertise for their ongoing and upcoming start-up accelerator programmes.

This coincides with Crypto Oasis Ventures official opening of its second office in the DIFC Innovation Hub for its Venture Studio.

“We are thrilled to partner with Dubai International Financial Centre (DIFC), a renowned financial hub known for its regulatory excellence and commitment to fostering innovation,” said Faisal Zaidi, Co-Founder and CMO of Crypto Oasis Ventures. “By establishing our office within the DIFC Innovation Hub, we aim to leverage The Centre’s vibrant ecosystem, collaborate with like-minded organisations, and explore new opportunities for growth.”

DIFC is a leading global international financial centre that plays a pivotal role in driving economic diversification and innovation in the region. As a strategic partner, DIFC will provide the Crypto Oasis Ventures ecosystem with access to a network of global investors, industry experts, and regulatory resources. This collaboration will facilitate the development of cutting-edge blockchain solutions, positioning Crypto Oasis Ventures at the forefront of the digital transformation in the financial sector.

Mohammad Alblooshi, Chief Executive Officer of DIFC Innovation Hub commented: “The DIFC Innovation Hub has a long history of partnering with leading and visionary institutions to enable business growth for our start-up ecosystem. This partnership will bring immense value to start-ups participating in our various accelerator programmes this year who will be able to leverage on Crypto Oasis’s expertise to amplify their existing business models.” 

“We are pleased to see Crypto Oasis expand their presence here in Dubai at the DIFC Innovation hub as they continue to innovate and drive growth in collaboration with our vibrant community of tech and innovation disruptors”, he added.

Crypto Oasis Ventures has spearheaded several successful ventures, including Crypto Oasis Labs, Crypto Oasis Sentio, arte, Crypto Oasis Games Guild, Inacta Communications, and The Green Block. These ventures showcase the company’s commitment to innovation, collaboration, and sustainable development within the Web3 space.

UAE top 100 tech investors invested only 4.6% of capital on Blockchain startups

UAE top 100 tech investors invested only 4.6% of capital on Blockchain startups

Deep Knowledge Group, pioneers of big data analytics system and dashboard solutions have published a report on the top 100 tech investors in the UAE of which 4.6% of their investments are in blockchain technology while 2.9% are in Artificial Intelligence and machine learning.

The report makes several findings which include that 50% of the top 100 tech investors are venture capital entities with some of the well known blockchain investors including Crypto Oasis, Shurooq Partners, Seed Group, DisruptAD, Ghad Capital Parners, Mubadala and Ceras Ventures.

More than 50% of the top Tech investors are based out of Dubai UAE with 29% of their investments going to the Middle East startups, 17% going to GCC based entities and 18% in Africa.

74% of the top 100 tech investors have invested less than $10 million per deal, while only 11% have invested over $50 million.

In the last 12 months, Kube VC was the most active in terms of investments which totaled 48, followed closely by Maven Capital with 47 investments, and UAE Ghaf Capital making 20 investments.

The data from the report was gathered from all types of funding rounds, non-equity assistance, investors performance and characteristics were collected and analyzed according to various parameters set forth in Deep Knowledge Group evaluation criteria methodology.

The top 100 Tech investors in UAE have been selected based primarily upon the following criteria, ● number of investments made in DeepTech Companies;  potential for equity and non-equity financing (lead investors in seed/venture rounds); Investors overall background, intangible assets and philosophy;  investor investment activity;  % of successful investments; and  Investment impact on the company.

Within the framework of the given research, data related to over 3,000 investment deals, concluded by top 100 UAE tech investors, were collected. The share of deals concluded in 2022 constituted circa 20% of the total number of investment deals.

Data related to 2,600 portfolio companies, 77% of which are among active portfolio companies, has been gather and evaluated according to the ranking framework as well.

Prior to this report, LaraontheBlock issued a survey in early January 2023 entitled “MENA Investor Survey 2022-2023 for crypto Blockchain sector” found that 50% of those surveyed stated they will be allocating more funds to blockchain and crypto projects and entities in 2023. 19% of those surveyed stated in 2022 they had invested more than 50% of allocated capital and funds into crypto and Blockchain projects.

In June 2023 GCC (Gulf Cooperation Council) and MENA based Investcorp, a global alternative investment firm has led a $15 million investment round for BitMe a Spanish crypto exchange. Included in the list of investors was Telefonica Ventures, Stratminds VC, Cardano, and YGG Fund.While just this week, UAE based Global Millennial Capital Ltd (“Global”), an emerging technology and digital assets investment manager, and venture capital firm launched its Global Millennial Web3 Investment Program, out of UAE which aims to accelerate emerging companies to their full potential in the realm of Web3, DeFi, and Blockchain.

The Mining Future, crypto mining hosting provider sets up headquarters in UAE

The Mining Future, crypto mining hosting provider sets up headquarters in UAE

In a recent press release, The Mining Future, a Bitcoin and crypto mining hosting services, has set up its headquarters in the UAE. The reason for this is the regulatory challenges being faced in China, USA, and EU as well as the rising costs. The company is also opening a datacentre in Kuwait.

As per the release, The Mining Future has strategically established its headquarters in the United Arab Emirates (UAE) to capitalize on the country’s ambitious vision to become a global leader in the crypto industry. The UAE’s commitment to fostering crypto-friendly regulations, inviting startups and miners within its jurisdiction, and making significant investments to secure its position as a hub for crypto companies have been instrumental in The Mining Future’s decision to choose the UAE as its base.

“We believe that the UAE’s proactive approach to regulation and its commitment to supporting the growth of the crypto industry aligns perfectly with our vision for The Mining Future,” said a spokesperson of The Mining Future. “By operating from the UAE, we can offer our clients a secure and reliable hosting environment while tapping into the country’s thriving crypto ecosystem.”

In addition to their presence in the UAE, The Mining Future is expanding its operations by opening two new state-of-the-art data centers in the Dominican Republic and in Kuwait. This move reflects the company’s commitment to securing clean energy sources and providing its clients with significantly lower rates than the market average.

The company accepts a minimum order quantity (MOQ) of just one miner, compared to the industry-standard MOQ of >10 miners allowing more individuals to participate in the Bitcoin mining network and contribute to its decentralization.

According to the data provided by the Hashrate Index, bitcoin miners in the UAE should produce approximately 13 EH/s, which is equivalent to 3.7% of the total Bitcoin hash rate at an assumed average energy efficiency of 30 J/TH. This comes as the UAE becomes an attractive hub for crypto mining. 

Marathon Digital Holdings confirmed earlier in 2023 that the company along with Abu Dhabi based Zero Two (Registered name FS Innovation), an emerging blockchain and digital assets infrastructure development company, will be launching the two digital asset mining sites with a combined capacity of 250 Megawatts in the sustainability hub of Abu Dhabi Masdar City and the port zone of Mina Zayed by the end of 2023.

UAE Crypto exchange Bitoasis clarifies that VARA’s market notification doesn’t impact their services

UAE Crypto exchange Bitoasis clarifies that VARA’s market notification doesn’t impact their services

A day after Dubai’s virtual asset regulatory authority issued a market notificiation stating that it had taken enforcement actions against BitOasis and advised investors and consumers that BitOasis’s MVP operational license is under review for not meeting mandated conditions, BitOasis replies back that this does not effect the services being offered to existing customers. 

BitOasis was supposed to satisfy certain requirements within 30-60 days of receiving their MVP operational license prior to being permitted to undertake any VARA regulated market activity. 

As such VARA is  exercising its authority to supervise and monitor compliance, assure fulfilment of prescribed conditions, impose remedial measures, and take necessary enforcement actions, including but not limited to holding BitOasis’ Licence status as non-operational.

In response to this BitOasis replied, “ BitOasis  ongoing work to fulfill select conditions associated with its Operational MVP License with respect to serving Institutional and Qualified Retail Investors. BitOasis is working closely with VARA on fulfilling the remaining conditions and is committed to providing a safe and secure service to its users.” 

BitOasis notes that the notification issued by Dubai’s VARA only covers institutional and qualified investors. BitOasis confirmed that it had not began offering thse services to these segments as they needed to fullfill all VARA mandated conditions under its Operational MVP license. 

As such according to the clarificiaiton by BitOasis, “This does not impact our ability to continue to provide broker dealer services to our existing retail users, although we undertake to not onboard any new clients until we have fully complied with VARA requirements.” 

BitOasis added that they are committed to remediate all outstanding post licensing conditions of their Operational MVP license as committed to the regulator, as well as working towards Full Market Product (FMP) licensing.  The clarification adds, “ We remain committed to securing a broker-dealer license, and operating a compliant, regulated platform in and from Dubai under VARA’s supervision. Transparency has always been a key value of our business – we will continue to update our community as we address these requirements prior to applying for an FMP license.” 

Binance receives MVP operational license from Dubai’s virtual asset regulator

Binance receives MVP operational license from Dubai’s virtual asset regulator

After Dubai’s virtual asset regulatory authority revoked the MVP ( Minimum Viable Product) license for BitOasis earlier this month, Binance has now announced that it is the first crypto exchange to receive an operational MVP license from VARA.

As per Binance blog, “Users who qualify will now be able to access regulated virtual asset services in Dubai under VARA’s investor protection and market assurance standards. This milestone achievement affirms Binance’s commitment to building a compliant exchange in collaboration with local regulators.”

Dubai’s Virtual Assets Regulatory Authority has issued Binance with an Operational Minimum Viable Product (MVP) license to operate virtual asset exchange services.

The blog goes further to state, “ We are pleased to announce that our Dubai subsidiary, Binance FZE, has become the first exchange to receive the Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). “

The Operational MVP license enables Binance to offer services in Dubai approved by VARA, including exchange and broker-dealer services, initially to institutional and qualified retail investors.

The issuance of the operational MVP license follows Binance’s successful attainment of a provisional MVP license in March 2022 and a preparatory MVP license in September 2022.

VARA has now permitted Binance to operate two licensed activities: virtual asset exchange services and virtual asset broker-dealer services, limited to institutional and qualified retail investors in Dubai.

The progression from the Provisional License, granted in 2022, to an Operational MVP License, means eligible users in Dubai will now be able to access authorized services, including the ability to safely convert virtual assets to fiat under VARA-designated standards compliant with the intergovernmental Financial Action Task Force.

Institutions and residents that qualify to use the services provided by the Operational MVP License in Dubai can do so knowing they’re under investor protection and market assurance standards tailored specifically for the virtual asset sector, and required by VARA for any licensees to provide regulated virtual asset services in Dubai.

Richard Teng, Head of Regional Markets at Binance, commented: “We are honored to be the first exchange to be granted an operational Minimum Viable Product License by VARA — a result of over a year of due diligence, collaboration, and consistent demonstration of responsible intent – that now allows us to be able to leverage the potential of a progressive regulatory framework, enabling innovation while furthering user protection. Operating within this regulated ecosystem, we are committed to ensuring secure and seamless customer migration, with robust Know-Your-Customer and Customer-Due-Diligence as part of the rigorous onboarding remediation as stipulated by VARA. Our priority is to be able to operate this first fully regulated exchange in, and from Dubai, in a FATF-compliant ecosystem, setting the stage for global scalability with uncompromised user assurance.”

Alexander Chehade, Binance Dubai’s General Manager, noted: “The last few years have cemented Dubai as a global virtual asset hub and we are excited to be a witness to that growth as we build on our operations here, with continued commitment to market and investor security. With this operational MVP license, all users onboarded through this platform can expect access to a trusted and regulated service that prioritizes security alongside compliance with highly specialized, tier-one virtual asset regulations under VARA. This milestone achievement is one step closer to providing even more users with access to our services and we are excited about the continued work in this space.”

VARA’s website has updated that status of Binance to an MVP operational license. In the meantime Binance has been retreating from various countries, includig Germany, France, Canada, Cyprus, Austria and the Netherlands as it also faces legal battles in the USA and UK. 

This is the third license Binance receives in the GCC region. The first license granted to Binance was in Bahrain, as well as in Abu Dhabi UAE through ADGM ( Abu Dhabi Global Market).

Bybit officially receives MVP preparatory license from Dubai’s virtual asset regulator

Bybit officially receives MVP preparatory license from Dubai’s virtual asset regulator

After receiving is preliminary approval for a license, Bybit has jumped to the next stage with a minimum viable product preparatory license from Dubai’s virtual asset regulatory authority ( VARA).

VARA placed ByBit on its public registery.

This comes after global crypto exchange ByBit partnered with UAE’s DMCC freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center. Bybit’s pledge of financial support in the amount of $136,000 will be used to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre.

Again Bybit also supported crypto and blockchain ecosystem in the UAE with the University of Sharjah. Bybit contributed $272.000 equivalent to 1 million AED to establish a scholarship fund to support 20 students to accelerate their academic and research career into fintech and blockchain at the American University of Sharjah.

In March 2023 Bybit was one of the global crypto exchanges to have received preliminary approval from VARA.

Crypto.com is close to receiving its operational license just as BitOasis did. Binance is still in the preparatory license phase. 

Swiss Private Bank Julius Baer to offer digital asset wealth management services from Dubai UAE

Swiss Private Bank Julius Baer to offer digital asset wealth management services from Dubai UAE

Swiss private Bank Julius Baer in a recent Bloomberg article announced that it will be expanding its crypto wealth management services in Dubai UAE. This will be the first digital assets service offering outside of Swtizerland by the bank.

As per the article, Julius Baer’s subsidiary JBME will apply for a digital assets license variation on top of its existing permissions in the Dubai Financial Services Authority (DIFC). This would allow the entity to arrange and provide advice and custodial services on digital assets such as Bitcoin, Ethereum and other cryptocurrencies.

This is not surprising given that in Julius Baer’s recent global wealth and Lifestyle report, it published that Dubai had risen to the seventh position demonstrating its remarkable success a a destination for the wealthy.

The city has emerged as the preferred choice for companies and entrepreneurs seeking a foothold in the Middle East and is highly favoured by expatriates. By providing an attractive tax framework, investment incentives, superior living standards, robust safety measures, excellent global connectivity, and top-notch infrastructure, Dubai is poised to maintain its position among the top cities in these rankings.

In addition in 2023, Julius Baer participated in the Dubai Fintech Summit, where Jonathan Hayes Head of Digital assets development at Julias Baer spoke on the bank’s digital asset strategy.

In its 2023 strategy report Julius Baer noted that in its strategic cycle 2023-2025 the bank would focus on scaling its business in key markets through organize and inorganiz growth as well an innovate wealth management through digital advancements.

In their stategy report the bank notes, “Over the next strategic cycle 2023-2025, Julius Baer forsaw an additional investment into technology of about CHF 400 million in total, on top of today’s investment budget, to be achieved incrementally and largely capitalised. Further to current investments in its alternative assets offering, such as private markets and real estate, the Group will explore the emerging, albeit volatile, class of digital assets, keeping a close eye on how it evolves and the opportunities it presents. Integrating digital assets into its holistic wealth management proposition will position Julius Baer firmly at the interface of digital assets and the fiat world. The Group is well-prepared to successfully navigate both its clients and its business through the disruptions decentralised finance will inevitably pose.”

This comes as the UAE and Dubai become a destination of choice for global crypto exchanges seeking licenses. Dubai earlier this year launched the first virtual asset regulatory authority in the world, and has witnessed the creation of a digital assets framework on a federal level through its Security and Commodities Authority.

DIFC has also been working heavily on its digital assets framework. In April 2023, The Dubai Financial Services Authority, the regulator of Dubai International Financial Centre,noted that it has a strong pipeline of digital asset companies and global hedge funds that are looking to set up in the emirate’s financial centre. The DFSA has yet to issue a licence in the cryptocurrency space and it may take longer for companies looking to set up a new business than for those already licensed by the regulator.

CoinW crypto exchange receives initial approval from Dubai’s virtual asset regulator

CoinW crypto exchange receives initial approval from Dubai’s virtual asset regulator

In a recent blog post by CoinW, a crypto exchange, the company unilaterally announced that it has received an initial approval from Dubai Virtual Asset regulatory Authority. According to CoinW this is a significant step in their global expansion which will lead to substantial investments in the UAE market and MENA region.

As per the post the initial approval from VARA means that CoinW will be able to operate its regional business in Dubai within the newly announced regulatory framework and serve as its foundation for operation in the region.

Sonia Shaw the Global Cooperation Director of CoinW based out of UAE, commented that the UAE is growing into an important global cryptocurrency hub, with Dubai being the first global economy to establish a dedicated regulatory authority for the virtual asset industry. It is foreseeable that the cryptocurrency business in the Middle East will thrive in the coming years.

She states, “CoinW is optimistic about the potential of this city and the future opportunities it offers. We look forward to working with VARA and other local authorities to further invest in Dubai and promote the development of the virtual asset industry in the Middle East.”

CoinW has been dedicated to compliant operation since its inauguration in 2017. To date, CoinW has obtained various crypto-related compliant licenses in multiple countries and regions, including the US MSB financial license, Canadian MAB license, Lithuanian financial regulatory license, SVGFSA license, and others. This preliminary approval from VARA marks another important milestone for CoinW in terms of regulatory compliance and accelerates its strategic positioning for global expansion.