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.

The Hashgraph Association at Gitex 2023 Showcases stablecoin studio as UAE issues stablecoin regulations

The Hashgraph Association at Gitex 2023 Showcases stablecoin studio as UAE issues stablecoin regulations

The Hashgraph Association (THA), the non-for-profit accelerating adoption of the Hedera network globally, will be participating at Gitex 2023 between October 16th and 20th at the Dubai World Trade Center in Dubai UAE, as well as the Future Blockchain Summit being held between October 15th-18th at Dubai Harbour, announcing the launch of its stablecoin studio amidst VARA’s ( virtual asset regulatory authority) latest regulations regarding stablecoins.

The Hashgraph Association will be present at Gitex 2023, inking a groundbreaking partnership with Du Telecom this summer at Envision 2023.  The partnership harnesses the potential of the Hedera network to offer secure, traceable, and scalable solutions on the platform.

Hedera’s distributed ledger technology (DLT) ensures a trusted and reliable foundation for the newly developed solutions. Target sectors include manufacturing, healthcare, education, smart cities, and agriculture, catering to a wide range of industries seeking secure and efficient applications.

The Hashgraph Association will also be participating alongside AgNext, one of 12 projects offered grants by THA in 2022. The Hashgraph Association’s grant funding enables projects to scale globally. AgNext has innovated and developed a full-stack integrated algorithm, software, and hardware platform that address quality assessment issues across the agri-value chain, enabling businesses to analyze food supply chains on the spot in just 30 seconds.

THA had also previously worked with DIFC (Dubai International Financial Centre) Courts, on Tejouri. The first phase of Tejouri was launched at Gitex 2022. Tejouri is a global digital vault that enables the upload and secure storing of documents ranging from insurance contracts, title deeds, wills, and financial certificates to images and multimedia files. Tejouri can be utilized by all individuals globally and is built on Hedera’s DLT, establishing a decentralized trust application.

Alongside Gitex 2023, Jeffrey Tchui, Head of Advisory, at The Hashgraph Association, will be speaking on Hedera’s ecosystem and its stablecoin accelerator, Stablecoin Studio, at Bharat Blockchain Yatra (BBY) sessions under IDS at the Future Blockchain Summit. BBY sessions are powered by Hedera and supported by AICTE.  BBY has arrived in UAE after an awe-inspiring journey that spanned 25 series of events, spreading its wings across 18 states in India as part of a tech tour on Web3 and blockchain, narrating India’s Web3 story.

IDS has been a pioneer in the enterprise blockchain space, providing cutting-edge blockchain solutions to governments and corporations worldwide across nine industry verticals.

With over 17 years of technology and consulting experience, Jeff has a wealth of experience in blockchain and DLT at leading global organizations, Hitachi, Infosys, Cognizant, and even TOKO, an asset tokenized exchange and custodian that recently received a license in Dubai, UAE from VARA (Dubai Virtual Asset Regulatory Authority).

TOKO solves the inefficiencies of today’s capital markets, leveraging DLT technologies of Hedera Consensus Service and the Hyperledger Fabric plug-in. TOKO is a digital asset creation engine created by DLA Piper, a Hedera Governing Council member that couples the compliance and regulatory rigor of a global law firm with the innovative technology solutions of tomorrow. TOKO has also been a grant candidate for THA.

Kamal Youssefi, President of The Hashgraph Association, on the participation of THA at Gitex 2023, stated, “We are here at Gitex and in the UAE because we believe that the MENA region and UAE, in particular, is the new Web3 and crypto powerhouse of the world. We are happy to be launching our upcoming grant fund in Abu Dhabi at ADGM and we are ready to discuss the DLT solutions we can offer SMEs, governments, and enterprises in the region.”

He adds, “One of the biggest discussions we believe to be relevant to the region is the new stablecoin regulations recently released by VARA. This is especially important given the launch of Stablecoin Studio on the Hedera network. Stablecoin Studio is an open-source stablecoin issuance and management toolkit that makes it easy for Web3 stablecoin platforms, institutional issuers, enterprises, and payment providers to build stablecoin. Stablecoin Studio provides organizations worldwide with an all-in-one toolkit that enables stablecoin issuers to quickly configure, issue, and manage bespoke stablecoins on the Hedera network.” 

Dubai’s Virtual asset reglatory authority recently announced what it calls Fiat referenced virtual asset ( FRVA) regulations better know to most as virtual assets pegged to a stable value, or stablecoins.

BSV Blockchain and MENA tech entity Silverline to showcase digital passports at Gitex 2023

BSV Blockchain and MENA tech entity Silverline to showcase digital passports at Gitex 2023

MENA based Silverline, leading technology company specializing in innovative solutions for public and private sector in the MENA  focusing on security, data integrity, and digital transformation, in partnership with BSV Blockchain are hosting an event at Gitex 2023 to showcase latest innovations in security, data integrity, digital passports, payment services, governmental solutions, that will be running on BSV Tera node solution with over 2.9 billion transactions since 2018 and the new unbounded scaling up to 1 million transaction per second in 2024.

GITEX Global, the world’s largest tech event, will provide the perfect platform for this groundbreaking event. From October 16th to 20th, at the Dubai World Trade Centre, attendees will have the opportunity to explore the transformative power of technology and witness how blockchain is revolutionizing industries and talk to the BSV web3.0 integrators that will be available on the stand (Silverline, Nchain, Smart Ledger, Vaionex, Unisot, Elas, Timechain labs, Gate2Chain, Certhash, Capital  tegmant, Manufact, Neucron).

BSV blockchain and Sharjah University launched its blockchain pilot to develop a blockchain metaverse system to preserve the UAE culture and heritage.