UAE Helion Ventures is going to Lebanon with Beirut Digital District

UAE Helion Ventures is going to Lebanon with Beirut Digital District

UAE Helion Ventures investment, is heading to Beirut Lebanon for a round table meeting on May 11th at Beirut Digital District. Helion launched its operations in Dubai’s DIFC in September 2022 focusing on four major sectors, banking 3.0, healthcare, tokenization of real world assets, green technology, gaming, and fintech in projects across the GCC and African region.

The founders, Oliver von Wolff and Bojan al Pinto Brkic, have long-term experience in venture capital and regulated products. Oliver von Wolff, Founder and CEO, at launch stated, “Our products and services perfectly complement the ecosystem for Dubai start-ups, we are a classic equity provider and venture builder with focus on institutional investors”, to which Bojan added “we intend to capitalize on our experience, bringing the investment management know-how to new industries, such are blockchain and fintech, and even gaming and crypto.”

It is not surprising to see Helion Ventures off to Beirut, given that they are one of the most active investment venture entities when it comes to partnerships and event participation. Just before Beirut, launched Helion has partnered with Crypto 306 event taking place on May 8th 2023 at the Ritz Carlton in Dubai UAE.

Partnerships are a key pillar for Helion. For example, They have partnered with Syndicate Capital Group incubator given Helion’ interest in investing in South East Asia. Earlier, they partnered with the African Chamber of Digital Commerce, and the Hong Kong Federation of e-commerce.

Their spirit of partnerships goes even further, as they have equally partnered with other venture builders such as UAE based Masary Capital, New Tribe Capital, and Uganda based CryptoSavannah.

When it comes to startups, their most well-known investments and partnerships include cryptobank, DeFi startup Yieldster, dOTC MarsBase, DeFi OTC desk as well as African Blockchain internet startup 3air.

The 3air ecosystem is built to make it easier for previously unconnected users to join the global blockchain community. Internet subscriptions are purchased which grant the user a Connectivity NFT that can be shared, transferred and used at any 3air-compatible location. Once connected, 3air’s blockchain platform offers users access to the world of blockchain and DeFi. Users can own a digital identity, create wallets, take micro-loans and participate in revenue-generating activities.

Helion has even partnered with UAE free zones such as IFZA International Free Zone Authority

LaraontheBlock spoke to Oliver earlier to understand why Helion Ventures chose to set up in UAE and focus on MENA and Africa. He stated, “Given my previous role at Swiss Based CV Labs and then at Dubai’s Crypto Oasis, I helped build UAE’s Web3 ecosystem. So when I ventured to launch Helion I thought of Dubai because it has three essential pillars, financial capital, infrastructure, and human capital as well as its entrepreneurial spirit.”

He adds, “Helion Venture stands in the middle on one side we have friends and family investors which is not regulated and on the other we offer family offices and high network individuals the opportunity to invest with us.”

Helion invests anywhere between $50,000 – $100,000 for early pre seed stage projects, and take equity stakes for anywhere between $250,000- $500,000. They invest both in tokens and equity.

According to Oliver, Helion has a steady good quality deal flow given his long term experience and his former work at CV Labs and as such there are always great projects being presented to Helion and not spam projects.

He explains, “ We carry out strong due diligence and make selected investments, but we are also venture builders which means we actively manage our investments by supporting them with marketing, networking, business cases and so forth. We are also always open to working with other VCs because we believe if one VC has a strong project it should be shared to support these projects even more.”

While Helion’s policy is not to lead investments they do like to be anchor investors. Oliver clarified, “Anchor investors give money and support while lead investors like to take a more strategic managerial influence which I believe is not the best choice. When we invest we have already done our due diligence and trust the technology but more importantly the team.”

Oliver is bullish for2023 and believes crypto markets will go up in mid-2023. He sees the biggest markets will come from NFTs that actually have customer uses cases, like ticketing, etc.. and also sees the metaverse growing with serious projects as well as early stage token market.

Blockchain Integration Cloud platform launched in MENA region

Blockchain Integration Cloud platform launched in MENA region

Blockchain compatible EVM ( Ethereum Virtual Machine) platform built on NEAR protocol, Aurora Labs, with offices in Business Bay in Duba, has launched its Aurora Cloud in the MENA region.

The platform is designed to integrate blockchain technology to their business without friction or the need for expert teams, significant resources, or large investments in time. With Aurora Cloud, businesses can connect their existing products to their own blockchain, allowing for a seamless end user experience that still looks familiar to what their customers use every day.

The platform enables businesses to choose to operate on their own private blockchain, known as an Aurora Silo, implementing KYC/KYB access restrictions and dictating which apps and tokens are available to trade and use, allowing for a bespoke and tailored experience. The ability to control whether they or their customers are responsible for gas fees is another game-changing feature that provides total commercial flexibility and a strong incentive to both businesses and their consumers.

Whilst Aurora Cloud is largely an industry agnostic solution that can provide blockchain benefits across a wide range of industries, the company sees significant benefits for Fintech companies, brokers, banks, investment funds, the energy sector, and those operating within the luxury goods and retail spaces.

“The launch of Aurora Cloud is an exciting moment for Aurora Labs and the wider blockchain industry. With our unique products and innovative approach, we are breaking down the technical barriers and increasing the transition of traditional businesses to the blockchain,” said Alex Shevchenko the CEO of Aurora Labs. “We are confident that Aurora Cloud will position us at the forefront of this shift and provide the industry with a much wider pool of potential customers and partners.”

Aurora raised $12 million in October of 2021. 

UAE virtual asset regulator takes further action against OPNX tokenized exchange

UAE virtual asset regulator takes further action against OPNX tokenized exchange

The Dubai Virtual asset regulatory authority, has issued a formal letter of reprimand to OPNX the tokenized exchange for bankrupt crypto entities,  and its founders for carrying out virtual asset Exchange Services on an unregulated basis in Dubai; and for marketing, promoting and/or advertising OPNX services and its native token [FLEX] without the necessary permits from VARA.

Dubai virtual asset regulator in February 2023 became aware that OPNX exchange was soliciting, and collecting personal data from the public to participate in its new (to be launched) exchange. Through social media platforms, OPNX had been engaged in marketing the exchange without establishing warranted restrictions for residents of Dubai/UAE.

The announcement on VARA goes on to note, “Then on April 4th  OPNX launched the exchange on opnx.com, providing VA Exchange services – a regulated activity under the VARA regime, without securing any regulatory licenses, and as such operating in contravention of local laws.”

As a result VARA issued several cease and desist orders for OPNX followed by the marketplacealert which was later followed with a  written Reprimand issued by VARA to OPNX; 4 founders (Mark Lamb, Sudhu Arumugam, Kyle Davies and Su Zhu); and CEO (Leslie Lamb).

With the continued lack of satisfactory remedial action by the responsible parties, VARA has stated that it is continuing to actively monitor the situation and investigate OPNX’s activity to assess further corrective measures that may be required to protect the market.

This action from VARA comes after OPNX has raised criticsm with some of its recently named investors distancing themselves and refuting investments in OPNX. 

OPNX CEO Lesli Lamb had announced the list of investors which included a saudi arabian investment firm. 

Dubai Virtual asset regulator warns against dealing with virtual asset exchange OPNX

Dubai Virtual asset regulator warns against dealing with virtual asset exchange OPNX

Dubai’s virtual asset regulator, VARA has issued an alert and warning with regards to virtual asset exchange OPNX (opnx.com) which launched on April 4th 2023.

As per VARA’s announcement investors should note that OPNX is not regulated by VARA and any activity being carried out by them in Dubai is being performed on an unregulated basis.

The warning adds that while OPNX.com claims to offer exchange services for complex VA products including but not limited to derivatives and tokenized bankruptcy claims. These products have not been reviewed by VARA, and may not be suitable for all investors;

As per Dubai Law No. (4) of 2022: mandates that all VA Activity must be regulated in order to be deemed permissible in this jurisdiction, and as such, OPNX is not legally authorised to provide any VA services from/in the Emirate of Dubai; and

Cabinet Resolution No. 111/2022: advises the market to not engage with unregulated VASPs

Any promotions, advertising, solicitation and/or marketing of opnx.com or its native token FLEX has not been approved by VARA, and OPNX is hence not permitted to offer, promote or advertise any of its products or services in/from Dubai, or to residents of the Emirate.

The alert also noted that given that OPNX’s products and services are not permitted to be made available to Dubai residents, the market may wish to notify VARA at varaconnect@vara.ae if anyone has been (i) a subject of any of OPNX’s solicitation/ promotional activities; or (ii) their services have been made available to users in the UAE.

UAE Securities and Commodities Authority and Dubai’s Virtual asset regulator race against the clock to regulate virtual asset entities

UAE Securities and Commodities Authority and Dubai’s Virtual asset regulator race against the clock to regulate virtual asset entities

The virtual regulatory environment is heating up in Dubai and across the UAE as both UAE’s Securities and Commodities Authority and VARA race towards regulating virtual asset entities both across UAE as well as in Dubai. The UAE Securities and Commodities Authority in a recent press release announced that it has opened up registration for those seeking licenses as virtual asset providers across UAE and has added new licensing virtual asset sectors, while Dubai’s VARA is working with both the Dubai’s Department of Economy and Dubai’s free zones to ensure the set deadline of 30th April for all initial disclosure questionnaires (IDQs).

As stated in the release all virtual asset providers who have a presence in the UAE with exception to those who are licensed in financial free zones are required to apply for a license from UAE SCA authority while entities in Dubai should apply through the unified requirement of both Dubai’s Virtual Asset Authority and SCA enabling them to quickly and easily received their virtual asset service provider licenses.

As per the recent regulations set forth by UAE SCA regarding the operation of virtual asset platforms under Article 3, virtual asset providers in the UAE are not allowed to trade virtual assets until after they have been listed as official licensed virtual asset service providers by the regulatory bodies.

As per article 6 SCA can request documents from virtual asset providers and has the right to oversee, regulate and review the activities of virtual asset platforms. UAE SCA will also have the right to approve virtual assets traded on these platforms as part of the officially accepted virtual asset list.

UAE SCA added that as per recent amendments, SCA has also added other regulated activities to its list of licenses, including virtual asset brokerage services, virtual asset custodians, virtual asset operators, and virtual asset service providers as well as virtual asset wallets.

But this is not all, Dubai’s Virtual Asset Regulatory Authority also announced it is working with Dubai’s Department of Economy and Tourism (DET) and Free Zone Authorities (FZAs), towards meeting the set deadline of 30th April for all initial disclosure questionnaires (IDQs) across the sector to be received as the first step towards the migration of the market to a regulated regime.

Under Cabinet resolution No. 111 of 2022 concerning the regulation of virtual assets and their service providers, which came into effect on 15th January 2023, all companies operating in or seeking to operate in this sector in or from the emirate of Dubai must be licensed by VARA. VARA has been actively engaged, with DET and Dubai’s numerous FZAs to facilitate the seamless transition of existing Virtual Asset Service Providers (VASPs) into the VARA regulatory regime as well as formalize the application process for new regulated licenses.

Helal Saeed Almarri, Director-General of DET, said, “Under the directive of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, we are making progress with Dubai’s D33 Agenda which outlines our mission to establish the Emirate as the capital of the Future Economy anchored by Metaverse, AI, Web3.0 and Blockchain. The virtual assets sector that spans all these pillars is integral to the strategy presenting a dynamically evolving ecosystem that fuels all aspects of sustainable economic growth. Ensuring that our marketplace is secure, participants are responsible, and investors and consumers are effectively protected is our top priority. With key stakeholders responsible for commercial licensing across the Emirate working closely to deploy VARA’s full market regulatory construct, we aim to set a benchmark that positions the Emirate of Dubai as a global role model for VA sector development”.

Legacy market operators carrying out VA activities in Dubai (excluding DIFC) are required to declare their desire to undertake regulated activities by submitting an IDQ to their current licensing authority – DET or any of FZAs, by the final deadline of 30th April 2023. Upon subsequent receipt of an Application Acknowledgement Notice (AAN), operating VASPs will commence the appropriate course of action for those requiring regulation or registration under VARA by 31st August 2023.

Dr. Mohammed Al Zarooni, Secretary-General of the Dubai Free Zones Council, added, “Dubai’s Free Zones have been an integral part of the business landscape for decades, providing start-ups, entrepreneurs and overseas companies looking to establish regional headquarters with access to a geographically strategic, multicultural, dynamic and bureaucracy-free environment. We have witnessed growing interest from virtual assets-focused entities who are keen to adhere to the VARA licensing regime. Adopting the new regulations, provides a safe and sustainable operating environment for VA companies and further establishes Dubai as a credible destination for this sector”.

A total of seven distinct types of regulated VA activity licenses can be applied for: Advisory Services, Broker-Dealer Services, Custody Services, Exchange Services, Lending and Borrowing Services, Transfer and Settlement Services and Management and Investment Services.

Commenting on the imminent April deadline to receive all legacy operator IDQs as the first phase of the migration plans, Henson Orser, Chief Executive Officer, VARA, said, “VARA has been working closely with both DET and the emirate’s Free Zone Authorities in order to ensure a smooth transition for legacy VASPs in Dubai, many of whom were at the forefront of innovation in this space. This transition was further supported by VARA’s Minimum Viable Product (MVP) program, a time bound initiative that enabled new applicants to set up operations and become market ready until official release of our full suite of regulations on 7th February 2023. The introduction of the Virtual Assets and Related Activities Regulations gives the existing companies, a clear timeline to ensure that they submit their initial disclosures by the end of April.”

UAE YallaMarket to use Binance and IvendPay for crypto payments

UAE YallaMarket to use Binance and IvendPay for crypto payments

YallaMarket, a Dubai grocery delivery service has announced it intends to embrace crypto payments and utilized Binance Pay and IvendPay for their solution. 

Leo Dovbenko, CEO and co-founder of YallaMarket and YallaHub, commented: “YallaMarket and YallaHub are based in the UAE, a global hub of financial technology, so we couldn’t stand aside. Moreover, our product development strategy is focused on our customers’ evolving demands. Thanks to Binance and ivendPay, we will be able to stay agile, adopt new payment technologies, and focus on providing the best customer service possible.” 

Cryptocurrency payments offer many opportunities for businesses and users alike. As more merchants and consumers adopt this method of making everyday purchases, we will see continued growth and innovation in this space.

This comes after Binance onboarded international payment service ivendPay, as a global cryptocurrency payment gateway for Binance Pay – a contactless, borderless, and secure user-to-user cryptocurrency payment feature on the Binance App.

The partnership will contribute to making cryptocurrencies an even bigger part of users’ everyday life, further extending digital assets’ real-world utility and making payments easier and more accessible. Binance users can now make purchases at all locations of IvendPay’s international network with their crypto.

ivendPay is an international payment service that allows businesses to accept cryptocurrency payments through point-of-sale (POS) terminals, mobile apps, e-commerce platforms, API, and vending machines. Currently, the service operates in seven countries with some 400 active merchants, and the number of new sales points continues to grow weekly.

Pakning Luk, Binance Pay’s regional head of business development, said about the partnership: “We’re more than excited to announce ivendPay as a strategic payment partner as their solutions help both online and offline merchants make users’ payment experience seamless.” 

UAE Based VAF Compliance democratizes crypto compliance with telegram bot

UAE Based VAF Compliance democratizes crypto compliance with telegram bot

UAE based VAF Compliance, a virtual assets and fintech compliance firm has launched a telegram bot service that assesses the risks associated with accepting cryptocurrency as payment.

VAF Compliance’s Telegram Bot can help individual clients and small businesses avoid situations where they may unknowingly accept tainted funds. With this service, VAF Compliance aims to democratize access to AML solutions to all users, who now can assess risks before accepting crypto, receive a clear and user-friendly report, understand the risks associated with interacting with other wallets, and prevent the receipt of crypto with criminal origins.Crypto exchanges, the entry point to cryptocurrencies, are particularly vulnerable to compliance issues. To maintain compliance, the implementation of robust Know Your Customer (KYC) and Anti-Money Laundering (AML) policies is essential.

While recent sanctions against entities providing money laundering services to criminals have had a positive impact, alternative money laundering services may still be found, highlighting the need for robust KYC and AML policies in the crypto industry.

The bot is now available in English and Chinese (Mandarin) and will cover over 45 blockchains. It also provides an easy-to-read report to understand the risk level prior to accepting any funds in the user’s wallet. 

 In addition, users have the option to pay fees per report or package, and if they refer the service to others, they can receive free reports that cover more than 70 different risk parameters.

“We are very excited to launch our newest solution, the VAF Compliance Bot service, which provides an easy-to-use, yet comprehensive solution for individuals and small businesses looking to navigate the complex world of crypto compliance,” said Gilson Ribeiro Da Costa, CEO of VAF Compliance.

“We believe our innovative solutions will help our clients achieve their compliance goals, while also enhancing the overall reputation and credibility of the crypto industry.”

Not only does the company offer support to clients in the MENA region, but it also extends its services in countries such as Turkey, Africa, and Europe. In fact, the company has announced its expansion to Switzerland and the establishment of its office in Zug. The team will be led by Farzaad Gaibie, a seasoned financial services consultant with extensive industry knowledge and experience.

The expansion to Zug will enable VAF Compliance to better understand the needs of its clients and offer tailored solutions that meet their unique requirements.

UAE and USA based C1 Investmet advisors launch $500 million Crypto, blockchain, digital assets fund

UAE and USA based C1 Investmet advisors launch $500 million Crypto, blockchain, digital assets fund

UAE and USA based C1 Secondary’s Fund managed by C1 Investment Advisors LLC, a team of international entrepreneurs and investors, have announced a $500 million investment fund targeting secondary’s in blockchain, crypto, Web3, and Fintech entities.

Secondary funds, commonly referred to as secondaries or continuation transactions, purchase existing interests or assets from primary private equity fund investors. For example, a primary private equity fund may purchase a stake in a private company, and then sell that interest to a secondary buyer.

The C1 Secondary’s Fund is a regulated private investment fund formed for the purpose of investing in secondary’s asset acquisition – the purchase of shares in existing private growth companies. 

 The C1 Fund portfolio focuses on digital assets, blockchain technology and applications, cryptocurrency services (not direct investment in cryptocurrencies), Web3 financial applications, and advanced FinTech.  Sample target company applications include digital assets and cryptocurrency exchanges, payment systems and/or related financial services companies, including wallets, custodian-services, lending, and decentralized finance.

The Fund will invest across multiple geographies but with a focus on secondary’s investments in international markets, especially those with strong and/or growing regulatory regimes.

The C1 Secondary’s Fund is led by Dr. Najamul Kidwai, Co-Founder and Managing Partner, Michael Lempres, Co-Founder and Managing Partner, Michael (Xu) Zhao, Co-Founder and Managing Partner, David Hytha, Co-Founder and Partner, and Cheriyl Lakshmy, Co-Founder, Director of Research and Operations.

The C1 team recently founded and led the successful initial public offering of Crypto 1 Acquisition Corp $230M raise.

C1 Secondary’s Fund Co-Founder and Managing Partner Dr. Najam Kidwai stated, “Despite the so-called Crypto reset, investment in Digital Assets and Crypto-related services continues to grow rapidly.  At its core this is the next digitization of finance”.

The C1 Secondary’s Fund will focus on companies operating under significant regulatory frameworks. Co-Founder and Managing Partner, Michael Zhao stated “the regulated route is the only route for any crypto company’s growth if it wants to be a serious player for the long run. Long gone are the days when digital asset players enjoyed an early-mover advantage and benefited from a fast-growing bull market. Recent crypto market turbulence is just another example that shows why the market needs proper risk control and compliance; we are focused on these companies.”

UAE SEED group partners with two new Blockchain Web3 entities

UAE SEED group partners with two new Blockchain Web3 entities

Over the years, UAE SEED Group has partnered with several or more blockchain and crypto entities as part of its business development activities for the region. Recently SEED Group has partnered with Canadian Blockchain Web 3.0 metaverse company TerraZero technologies, as well as with Farm to Plate , a blockchain-powered SaaS platform built to empower the food supply chain with end-to-end transparency and trust.

 As part of the partnership with TerraZero, Seed Group will help bring its services to SMEs and businesses in the UAE and the Middle East and help them make inroads into the high-potential world of Metaverse.

In reflecting upon the partnership, Hisham Al Gurg, CEO of Seed Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, states, “The Metaverse will become an integral part of all businesses sooner than we realize. The launch of the Dubai Metaverse Strategy was a major step in the direction of turning Dubai into one of the world’s top 10 Metaverse economies as well as a global hub for the Metaverse community. Our partnership with TerraZero seeks to further empower this aim of the emirate. I believe the association will prove fruitful to not just businesses in the UAE but to the regional economic ecosystem on the whole.”

“It is clear where innovation is taking place when it pertains to the future of the Internet and the Metaverse. This is a monumental moment for the industry, and TerraZero sees massive growth potential. Our partnership with the Seed Group will empower the next generation of enterprise businesses and brands to monetize and progress their ecommerce and omnichannel strategies, just as much as we can open the door for legacy corporations and government entities to meaningfully connect with their audiences–and create new ways to build equity in all forms,” says TerraZero CEO Dan Reitzik.

In addition Seed Group onboarded Farm to Plate as its new strategic partner, with an aim to help and guide it to bring its solutions to the UAE and the region. Seed Group will facilitate Farm to Plate’s growth with guidance on how to reach the right audience, access top decision-makers in the government as well as private sectors, and contribute to adding the latest technological innovations in the region.

Farm to Plate is transforming how the food and beverage industry operates through a digital platform that empowers stakeholders to better manage their food supply chain – with visibility from farm to plate. Built by global software developer Paramount Software Solutions, one of the top award-winning tech companies in Atlanta, the Farm To Plate platform uses emerging technologies like Blockchain to work with customers’ existing software assets and provide customisable, secure, web-based visibility of the food and beverage supply chain. With Farm to Plate, stakeholders now have one view of their entire chain of supply – eliminating any chances of data fudging or misalignment. At the same time, the use of blockchain ensures direct financial transactions, secure data management and access controls – creating a truly secure digital ecosystem.