TON and XRP tokens join Bitcoin, Ethereum and Litecoin in DIFC recognized crypto regime

TON and XRP tokens join Bitcoin, Ethereum and Litecoin in DIFC recognized crypto regime

Two new crypto tokens TonCoin (TON), and Ripple’s XRP have joined Bitcoin (BTC), Ethereum, and Litecoin as recognized crypto tokens by the Dubai Financial Services Authority (DFSA), the financial regulatory agency of the special economic zone, the Dubai International Financial Centre (DIFC).

One year since the launch of DFSA the crypto token regime and five crypto tokens can now be utilized by virtual asset firms within the DIFC. License firms will be able to incorporate XRP and TON into their virtual asset services. XRP and TON will be available for use by institutions located in the DIFC to accelerate faster, more efficient global value exchange.

Commenting on the acceptance of XRP in DIFC crypto token regime, Brad Garlinghouse, CEO of Ripple,  “Dubai continues to demonstrate global leadership when it comes to the regulation of virtual assets and nurturing innovation. It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth. Ripple will continue to double down on its presence in Dubai and we look forward to continuing to work closely with regulators to realize crypto’s full potential.”

The recognition of TON comes a few days after TON set a world record for network speed. The TON team conducted a public test of blockchain speed. The developers reported that in 12 minutes of the experiment about 42 million transactions were performed, and the maximum speed amounted to 108,409 transactions per second.

Under the regime, firms in the Dubai International Financial Centre (DIFC) can apply for and obtain a license to provide financial services with Crypto Tokens in or from the DIFC. The DFSA’s regulatory regime is largely technology-neutral, allowing firms to provide a wide range of financial services with Crypto Tokens.

The framework is designed to accommodate firms who want to operate a Crypto Token market, provide custodial services, manage clients’ assets, establish or manage funds, or provide other financial services. The rules cover a wide range of risks relating to financial crime, technology, governance, custody, disclosure, market abuse and fraud.

Since its inception the crypto token regime has received enquiries from 100+ firms have inquired regarding operating a Crypto Token business, 5 Crypto Token variations were issued (a mix of funds and trading business). In addition one license to offer Investment Tokens was issued (to tokenize units of a fund);  and five crypto tokens have now been recognized.

DFSA will be launching its next set of proposals that will focus on custody; financial Crime; Staking for Proof of Stake (PoS) consensus mechanisms; and Fund Management

Dubai Freezone Oraseya Capital launches $136 million fund for tech startups

Dubai Freezone Oraseya Capital launches $136 million fund for tech startups

Under the patronage of H.H. Sheikh Mohamed Bin Rashid Al Maktoum, Oraseya Capital, launched from the Dubai Integrated Economic Zones Authority (DIEZ) will fund high technology startups from initial seed investment to Series B. The $136 million fund is aligned with the objectives of the Dubai Economic Agenda, D33 which aims to develop SMEs. Their investment tickets go up to $3 million but startups have to have some form of presence in Dubai, UAE.

The fund will serve as a strategic partner for startups, providing guidance, support, and the necessary tools to navigate the challenges of growth and innovation. Oraseya Capital is poised to play a significant role in shaping the future of technology startups, contributing to the sustainable development and progress of Dubai’s economy.

This launch comes days after Saeed Al Darkmaki, a UAE national well known in the crypto, blockchain and DeFi circles as an entrepreneur and investor joined BoCG, a Venture firm focused on an Arabian Peninsula Fund in MENA region, to oversee the growth of blockchain-based venture portfolios seeking the next stage of growth through their Venture Operating Model (VOM).

In early October, Deus X Capital with offices in the UAE launched with $1 billion in assets according to an article published in CoinDesk. As per the article the family office backed investment firm launched on October 2nd with Tim Grant as CEO.

VARA to license 15 entities by end of 2023, and launch DeFi regulations, Gamefi, and crypto derivatives

VARA to license 15 entities by end of 2023, and launch DeFi regulations, Gamefi, and crypto derivatives

In a recent LinkedIn post, Soham Panchamiya, Associate for tech companies and regulatory disputes at Reed Smith, one of the leading global law firms with more than 1,500 lawyers in 30 offices throughout the United States, Europe, the Middle East and Asia, announced that they are expecting Dubai Virtual Asset Regulatory Authority (VARA) will fully license 15 entities before the end of 2023.

According to Panchamiya, “New developments continue to come forward in the UAE VARA in Dubai is making great strides to earn its stripes as the premier regulator for crypto and Web3 companies in the world.”

He also expects major announcements and change for game-fi, DeFi and crypto derivatives.

So far Dubai VARA has already fully licensed four crypto exchange, brokerage, and custodial firms. Most recently is BackPack exchange, TOKO, received full crypto exchange licenses, while Komainu received full crypto custodial and custody staking services. VARA was one of the first regulators globally to issue crypto staking regulations.  The fifth license was given to Laser Digital for crypto broker and investment services.

On VARA’s register listing are 11 entities that have either received a full license or at the MVP preparatory or operational phase. These include names such as Bybit crypto exchange, Binance, OKX, crypto.com, GCX exchange, as well as Hextrust crypto custodian. Meanwhile, BitOasis license is still inactive, after it had received MVP operational license.

There are others who have received preliminary approval not listed on VARA website.

Given the current numbers, VARA will be licensing 11 more entities before the end of the year.

In August 2023, the Dubai Department of Economy and Tourism and Dubai VARA signed an MOU to unify VASP (virtual asset service provider) offering in the city. The two entities are collaborating to offer a synchronized VA market assurance across the Emirate of Dubai –spanning Customer Care + Complaints; [Business] On-Site Inspection + Enforcement; [Business] VASP Registration + Licensing; [G2G + G2B + G2C] Education-Training-Knowledge Sharing.

During DACOM (The Digital Asset Compliance and Market Integrity Summit) hosted by Solidus Labs, a crypto-native market surveillance and risk monitoring hub tailored for digital assets, in Abu Dhabi in May  2023, Henson Orser CEO of VARA stated, that the future will include tokenization of real world assets, including real estate, as well as micro financing, royalty rights for creators and publishers, with smart contracts for movies /music, permissioned DeFi (Decentralized Finance), gaming and the metaverse. Here he sees, “A billion users will start to challenge the boundaries of title and value” and finally interoperability, transfers identity and more.

Furthermore in an exclusive LaraontheBlock interview with Henson Orser, discussing VARA stated that while the term DeFi is not specifically referenced in the 7 Rulebooks from VARA, DeFi lies very much at the core of Dubai’s Future Economy considerations. Orser explained that VARA’s Rulebooks have focused on facilitating borderless ‘value-exchange’ both in the traditional and new economy contexts, by leveraging a full spectrum of cross-cutting ‘activities’, which should not in any way be construed as TradFi specific.

He stated, “We are well aware that in this sector new technologies and products will be continually emerging, and constructively challenging traditional financial systems. It is exactly for this reason that VARA has been constructed as a technology agnostic and product-neutral framework that allows us to remain progressive and future-focused.  This means that our regime will provide for R&D sandboxes to test, learn and evolve prototypes across DeFis and DAOs today, to wider innovations across Metaverse and Web3.0. As we have maintained, the VARA Regulations will strike a measured balance between remaining agile so we benefit from future waves of technological innovations, yet being definitive in their ability to provide the required market certainty, FATF assurances, and cross-border security which are non-comprisable to us.”

In September 2023, VARA updated its virtual asset rulebook and added new regulations with regards to what it calls Fiat referenced virtual asset ( FRVA) better known to most as virtual assets pegged to a stable value, or stablecoins.

Prior to that VARA opened the door to regulate crypto staking services with its revised Custody Services Rulebook, allowing staking by virtual asset custody Service providers. As per the revised rule book, virtual asset service providers who carry out custody services can offer staking services as well without obtaining a separate license for VA Management and Investment Services. Additional licensing and supervision fees will be payable in connection with the provision of this additional service.

As per Panchamiya in his post, he states, “Not a bad start. It remains to be seen how viable the industry sector is going to be moving forward as the continuance of the bear market dampens spirits worldwide, but with the spot ETF movements in the US, the recent wins in courts and the continued regulatory developments, it seems that market players and UAE regulators are bullish.”

Blockchain XRP Healthcare platform expands to UAE and MENA

Blockchain XRP Healthcare platform expands to UAE and MENA

Pharma and healthcare Blockchain platform, XRP Healthcare, built on XRP Ledger has expanded into UAE and the Middle East.

As per the press release, XRP Healthcare recognizes the Middle East’s forward-thinking approach to blockchain and crypto regulation, which is more favorable and progressive compared to many other jurisdictions, including the United Kingdom. This strategic expansion aims to benefit from and harness the untapped potential of blockchain technology in healthcare, legislation, investment, and new partnerships, ultimately benefiting consumers and token holders alike.

In a statement, XRP Healthcare’s Business Development Officer Laban Roomes noted, “The Middle East has demonstrated a remarkable embrace of innovation and technology, especially in the blockchain and crypto space. This alignment with Dubai’s progressive regulatory framework makes it the ideal destination for XRP Healthcare’s expansion and upward trajectory. What is important to bear in mind is that XRP Healthcare is a long-term project, with a roadmap reaching into 2027, anyone who wants to share in our vision should fully understand we are not here to make people rich overnight but rather to build a fully functional and real-world utility business consolidating the highly fragmented private healthcare sector, starting in Africa – that has blockchain technology at the heart of it. Our expansion into the Middle East by incorporating XRP Healthcare L.L.C in Dubai positions the company perfectly for accelerated growth, our operations in Africa, and the rest of the world.”

Founder of XRP Healthcare Kain Roomes said, “I am thrilled to announce the exciting expansion of XRP Healthcare into the bustling hub of Dubai and the broader Middle East. This move represents a significant leap in our journey, one that combines healthcare innovation with the transformative power of blockchain technology. Dubai and the Middle East offer a uniquely fertile ground for our endeavours. It’s a region known for its forward-thinking approach to business, blockchain technology, and an unmatched commitment to fostering innovation. This environment aligns perfectly with our vision of a healthier world powered by the convergence of healthcare and blockchain.”

He adds,” As a company, we are bringing a fresh perspective to the private healthcare industry, specializing in mergers and acquisitions starting in Africa. Our approach is grounded in transparency, security, and efficiency, which are the hallmarks of what we have set out to achieve. In a world where data integrity and privacy are paramount, we are proud to be creating solutions that redefine how healthcare mergers and acquisitions will be conducted. As part of our expansion, we will be collaborating with local healthcare professionals, businesses, and investors in Dubai and the Middle East, with the main goal of enhancing patient care on a global scale.”

Blockchain settlement entity WadzPay receives initial regulatory approval in UAE

Blockchain settlement entity WadzPay receives initial regulatory approval in UAE

WadzPay has been granted “Initial Approval” by Dubai’s Virtual Assets Regulatory Authority (VARA), marking a pivotal step in Wad pay’s journey towards obtaining a Virtual Asset Service Provider (VASP) License for virtual asset services and activities.

“We are immensely honored to have received initial approval from VARA,” said Mr. Anish Jain, Founder and Group CEO of WadzPay. “This recognition reaffirms our commitment to delivering cutting-edge blockchain-based solutions that not only revolutionize but also adhere to the highest regulatory standards. We are grateful for the opportunity to contribute to the growth of the fintech ecosystem in the UAE.”

This Initial Approval is a key milestone and allows WadzPay to commence preparations for the provision of virtual asset services and activities under the VASP License for Transfer & Settlement and Broker/Dealer activities.

“Receiving VARA’s initial approval is a testament to our unwavering dedication to regulatory and compliance excellence,” said Mr. Khaled Moharem, President – MENA at WadzPay. “We’ve built a robust ecosystem that not only meets but exceeds industry standards, guaranteeing a safe and efficient gateway to virtual assets for users in the UAE. We’re poised to launch with strict adherence to VARA’s requirements, ushering in a new era of secure and seamless access to the world of virtual assets.”

While the initial approval is a pivotal achievement, WadzPay emphasizes that it is still in the process of working towards receiving the final approval from VARA and the VASP license. This progression marks a crucial step towards obtaining the necessary regulatory green light to fully operate within the UAE and bring its innovative products and solutions to life.

Prior to this WadzPay Founder Anish Jain had announced that WadzPay had made strides on the licensing front and are in the “final stages”. In addition he added that WPC token would be listed on a Tier1 regulated exchange in the Middle East.

WadzPay, an interoperable blockchain-based technology provider, had also launched the WadzPay 2.0 which it believes will redefine the landscape of virtual asset-based transactions. WadzPay 2.0 provides a unique new architecture primarily based on the Algorand blockchain with inbuilt support for several others such as Ethereum, Tron, Avalanche and several others to be added. WadzPay 2.0 construct is designed in line with evolving regulations and needs of banks, financial institutions, telcos and central banks.

UAE FD Capital holds blockchain investor day

UAE FD Capital holds blockchain investor day

UAE based FD Capital, a blockchain-focused investment company that empowers investors by providing access to the rapidly evolving blockchain industry  is holding an investor day under the title “ Chains Beyond Borders” on November 1st 2023 in Dubai UAE. The event will explore blockchain technology showcasing latest updates and insights from seasoned investors and experts.

This event features a notable lineup of speakers from the blockchain industry, with keynote speakers including Robert Edward Grant, the Founder of Crown Holdings, and Evan Luthra, a Parallel Entrepreneur and Angel Investor. Other speakers include individuals like Aishwary Gupta, Matt Schmenk, Fabio Tomaschett, Kyle Rojas, Mehmet Buyukakarsu, and more, bringing diverse expertise representing different aspects and ecosystems within the blockchain landscape.  Dariia Vasylieva, the Founder and CEO of FD CAPITAL, will moderate the event.

“Our unwavering vision in the ever-changing landscape of Investments vs. Turbulence is clear: By transcending borders, we empower the community to unleash its potential and create a transformative impact in the blockchain industry and beyond, forging new investment opportunities and strategic partnerships” Dariia Vasylieva, the Founder and CEO of FD CAPITAL said.

This event is proudly supported by partners Cypher Capital, Albus Protocol, GOSH, and Aureli Ventures, as well as media partners Luna PR, IBC Group, AIBC,  Pro-blockchain Media, BeInCrypto, SalAd Lab, cryptorank, TheNewsCrypto,  VNTR,  CoinEasy, BlockDelta,  Syndika, Heir Story, MonteCrypto, Crypto Data Space, BlockBeats and more.

Taking place in the Cypher Capital Hub in Dubai, this event will also be available through a special online segment via Zoom, which ensures accessibility for a global audience. The Zoom link will be sent to approved registered guests, making it a truly exclusive experience.

FD CAPITAL’s mission is to empower investors with access to the fast-evolving blockchain industry, bridging the gap between traditional finance and Web3 to unlock the vast potential of blockchain technology.

A new real estate tokenization project launched in UAE, the Desert Pearl luxury project

A new real estate tokenization project launched in UAE, the Desert Pearl luxury project

DDX Global, a consultancy specializing in real-world asset tokenization, has launched a tokenized real estate development project called Desert Pearl as it cements its operations in Dubai UAE.

At the launch ceremony held at the Armani Hotel in Burj Khalifa, DDX Global unveiled details about ‘Desert Pearl,’ which will be underpinned by smart coding and tokenization and stands at the intersection of high-end living and ultramodern technology.

According to the press release, complementing the leadership’s vision for the Dubai Urban Plan 2040 and the Dubai Economic Agenda 2033, ‘Desert Pearl’ reflects the fast-paced digital transformation that is positively influencing every sector of the economy.

Desert Pearl’ is designed by Zhuzh, a Dubai-based international luxury, bespoke architectural design company that will draw on advanced technology and design solutions. It will feature several state-of-the-art amenities and futuristic design elements inspired by the rich heritage of the city.

Albert Weiglhofer, Chief Commercial Officer of DDX Global said: “We chose to launch our business in Dubai due to the city’s leadership, vision, and outlook on accelerating digital transformation. We see tremendous opportunity to support the digitization journey, especially in the real estate sector as it adopts blockchain technology.”

He added: “Desert Pearl brings the opportunity to introduce real-world-asset tokenization to Dubai’s real estate sector on a major scale. We look forward to a rich partnership ecosystem that will facilitate the realization of our vision and Dubai’s strategic outlook to be a leader in leveraging advanced technology, which will result in adding significant value to the Dubai economy.”

Marco van Ham, CEO of Zhuzh said: “The Desert Pearl opportunity has allowed Zhuzh to get super-creative as we delved into the heritage and culture of Dubai.  We’re aiming to create a landmark project for both Dubai and the world and partnering with DDX has given us that potential. It’s been brilliant to work with a fast-moving, innovative company like DDX Global and we’re looking forward to a great collaboration with them.” 

In an interview on the security token show, the creator of Desert Pearl cofirmed that $10 billion worth of assets will be tokenized in Desert Pearl for profit sharing and not actually owning shares in the project.

UAE based OKA2B ventures into digital assets funding connection service

UAE based OKA2B ventures into digital assets funding connection service

UAE based OKA2B is a Dubai-based high-net-worth connection service renowned for introducing boutique projects to eager investors which traditionally focused on real estate projects, has now diversified into the funding of companies rooted in digital assets, capitalizing on the rising interest and adoption of cryptocurrency among private investors.

The company provides a personalized introduction service that bridges the gap between keen investors and innovative projects. Despite the initial contact occurring in the digital sphere, the company places great emphasis on the value of initiating meaningful connections through face-to-face meetings, wherever the parties may be located.

While real estate and construction projects have traditionally formed the core of their introduction portfolio, the company is now steering its expertise towards digital asset initiatives. High-net-worth investors with a keen interest in projects exceeding 3 million USD are invited to connect with OKA2B, gaining access to an extensive network of investment opportunities and tailored introductions.

Angelo Dilibero, the Managing Partner of OKA2B, stated, “Our network acts as a bridge between individuals, and we’ve observed a growing appetite among high-net-worth investors for exposure to start-ups based on digital assets.”

Blockchain startups get recognized at Gitex 2023

Blockchain startups get recognized at Gitex 2023

Blockchain startups such as IR4LAB and Verofax are just a few of the startups that are making waves in the region and being recognized during Gitex 2023 held in Dubai UAE.

IR4LAB R4LAB, a Saudi-based company Blockchain and AI specialized startups in disruptive technologies announced on LinkedIn that their startup was selected to join the “Expand North Star Launchpad” accelerator Market entry program. This would as noted enabled them to forge business opportunity in the UAE and beyond given that it is under the auspices of the Dubai Chamber of Digital Economy.

According to Mohamed El Kandri, Founder and CEO of IR4LAB “This is another step towards global expansion after the launch of IR4LAB Africa during Gitex Africa 2023 in Morocco.”

We are thrilled to announce that IR4LAB has been selected for the Launchpad Accelerated Market Entry Program at Expand North Star, to help launch and expand its business in Dubai, another step forward towards Global Expansion after the launch of IR4LAB Africa during Gitex Africa in Morocco.

In addition, Verofax won the GITEX Supernova Web3 and Blockchain Award. As per their linkediN post, “We’re pleased to announce that Verofax has been recognized with the prestigious GITEX Supernova Web3 & Blockchain award at this year’s GITEX Impact’s Supernova Challenge Pitch Competition in Dubai.

UAE based Verofax is a blockchain enabled traceability specialist for consumer packaged goods (CPG) brands. By creating a digital passport for each item in an inventory, and situating all of those passports within a digital twin, the startup makes inventories interactive and entirely traceable

The Supernova Challenge stands as one of the most significant pitch competitions across the Middle East, Africa, and South Asia, offering startups a platform to present innovative solutions.

Scalo tech venture firm supports blockchain mobile gaming

Scalo tech venture firm supports blockchain mobile gaming

UAE tech venture company Scalo Technologies is backing plans to integrate blockchain technology into mobile gaming, a trend that it believes will revolutionize the way games are played.

Dubai-based Scalo has been working closely with mobile game developer and publisher Hexacore, one of its portfolio companies, on a new strategy built around blockchain giving players long overdue ownership of their in-game assets, and the time they devote to playing.

Hexacore, whose central team is located in Poland, has now fast-tracked development and publishing of its flagship space fantasy product, ‘Pocket Space,’ which boasts multiplayer modes and asset ownership mechanics.

In July2023 Scalo Technologies, led a $3.5 million investment round for Hexacore, mobile game publisher specialising in hybrid mobile web3 games. The funding was also supported by Xsolla, Estoty, and other angel investors, will fuel the expansion of Hexacore’s team, known for creating games that have garnered over 350 million downloads. Notable titles include Sushi Roll, Blend It 3D and Merge Animals.

“We believe that blockchain technology will usher in a new era of mobile gameplay experiences,” said Abdumalik Mirakhmedov, Director and co-founder of Scalo Technologies, which led a US$3.5 million investment round for Hexacore earlier this year.

“By integrating blockchain into their gaming ecosystem, Hexacore intends to elevate the overall user experience, with the main focus on enhancing asset ownership, and the ease of in game transactions. This will not only make the game more exciting, but also increase a player’s value to the game.”

The ‘Pocket Space’ community launch will take place in Q4 2023, with the soft launch scheduled for H2 2024 and the global release to follow in 2025.

One of the main problems for mobile gaming, which is forecast to be worth $160.6 billion by 2025, is that players are increasingly distracted by multiple entertainment options, and prefer shorter gaming sessions. Hexacore is tackling the challenge to retain their attention head-on.

“The strategy is to firstly embed a game IP across multiple platforms and media,” says Rashit Makhat, Director and co-founder at Scalo Technologies, who have been working with Hexacore for almost two years.

“The IP of your game should be everywhere. Not just on smartphones and social networks, but also in cartoons, books, toys, clothing, on the streets, and even billboards.

“Then you have a higher likelihood that users will stick with you for the long term. In addition, strong community engagement will be another vital tool in retaining players, so we are focusing on community to provide a strong sense of belonging to a specific circle of people.” Scalo and Hexacore see mobile games becoming the gateway for new web3 users, driven by the growing adoption of crypto wallets on smartphones, attracting investors and fostering innovation in gaming worldwide.

“Both traditional and web3-focused investors are now attracted to mobile gaming,” said Mikita Khazau, co-founder and CEO of Hexacore. “This continuous influx of funds will drive innovation, creativity, and deliver new gaming experiences that captivate audiences across the globe.

Singapore-based VC firm Scalo Technologies shifted its headquarters to Dubai UAE in April 2023 and had announced an investment of $100 million in MENA startups over the next three to five years.