The House of Emirates, a UK based collector entity, specializing in ethereal jewellery, eternal treasures, splendid art, rare coins, and royal gifts has announced that it has tokenized for the first UAE Dirham tender coin minted in 1973.

As per the X post, ” House of Emirates is so thrilled to offer its elite clientele the FIRST EVER tokenized first UAE legal tender coin ( Dirham ) minted in 1973. This exceptional coin of a great historical significance was the first ever currency for the newly formed country. This historical decision to issue a united currency was ordained by the visionary founder of the UAE, HH Sheikh Zayed Ben Sultan Alnahyan. Now you can own this magnificent coin physically and on the blockchain at the same time.”

The coin was tokenized on the Galileo Protocol. Galileo is developing the world’s first platform and ecosystem for the tokenization and redemption of physical assets. Tokenization involves representing real-world assets as digital tokens on a blockchain, enabling secure and transparent exchange and transfer.

Using blockchain, Galileo’s platform offers solutions for tokenizing physical assets such as real estate, artwork, collectible cars, precious metals, and more. It allows asset owners to convert these assets into tokens, making it easier to divide them into fractions, trade them, and increase their liquidity.

Galileo’s ecosystem also includes asset custody infrastructure, ensuring the secure storage of the underlying physical assets. Owners can store their assets in certified and audited vaults, benefiting from a secure and regulated storage solution.

UAE Crypto mining entity Phoenix Group announced on Linkedin, their eminent preparation for a landmark IPO (Initial public offering) on the Abu Dhabi Securities Exchange.

As noted on LinkedIn, “We’re thrilled to announce that we are gearing up for a landmark Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange. As a pioneering technology conglomerate specializing in cutting-edge blockchain and crypto solutions, this marks a significant milestone for us and the UAE. We’re the first crypto and blockchain entity to be listed in the #UAE.”

Founded in 2017 by Bijan Alizadeh and Munaf Ali, Phoenix is set to be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

In an interview Bijan Alizadeh, Phoenix Group CEO and Munaf Ali, the Phoenix Group’s managing director stated, “Our journey, originating from the heart of Abu Dhabi, has always been visionary, looking beyond borders and horizons. Today, as we stand at the cusp of this significant milestone, we are not just announcing an intention to IPO – we are sharing our commitment to a future where technology knows no boundaries.”

The company aims to be able to help create a more resilient, inclusive, and diversified global blockchain economy, and listing is just the first step towards achieving that goal.

Alizadeh adds,“Our aim has always been to champion innovation and contribute to Abu Dhabi’s positioning in the global tech landscape. This landmark announcement offers local, regional and global investors the opportunity to participate in making this iconic vision, a reality.”

Phoenix Group  has a total installed capacity of 725 MW across the UAE, Oman, US, Canada and Commonwealth of Independent States (CIS) countries, Phoenix specialises in a range of services, from high-performance computing to crypto and cloud mining, data centre hosting, crypto trading, and crypto mining products and equipment.

Earlier this month Phoenix group announced that it had sold 10% of its company shares to Abu Dhabi conglomerate International Holding Company’s subsidiary.

This announcement came at the heels of an agreement between Muscat-based Green Data City and Phoenix Group to develop a $300 million crypto-mining farm in Oman. The 150-megawatt farm, which will be one of the largest crypto-mining data centers in the region, will be installed in Green Data City, the entities said in a joint statement.

While the Oman Capital Markets Authority awaits feedback for its virtual assets framework consultation paper, it has approved registry of Oman’s Easy Coins, a non custodial crypto provider, as the first VASP in the country.

Easy Coins has been operating in Oman for over two years. In December 2022 Easy Coins launched its trial of Tether USDT on the Tron Blockchain. Accordingly Easy Coin users in Oman could purchase TRC20 USDT.

Prior to that The Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group, trialed its stablecoin linked to the Oman Riyal. The company signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet.

Easy Coins was launched in Oman in June 2021, as a non custodial crypto Brokerage platform, The platform is powered by Quantoz Blockchain Technology for financial services, and running on Nexus from connectedChains and supported by ThawaniPay.

Given that Easy Coins was already self regulating and adhering to CMA’s FATF KYC nad AML requirements, they were considered the first to be registered as a VASP seeking full license in Oman.

Dr. Khalid M.W. Tahhan, Co-Founder, Easy Coins ME stated, “We at Easy Coins believe that innovation from society will always be ahead of any regulator in any industry and nation. Thats why for vision 2040’s primary innovation pillar to be properly realized, it is essential that innovation from society should not be slowed down or hindered till regulators catch up, but rather it is essential for innovators to innovate and regulators to catch up with them rapidly. We commend the capital markets for their rapid response and acclimatization towards innovations in virtual assets and believe with such adaptable regulators, this industry will have a healthy place in Oman to flourish.”

Speaking to LaraontheBlock Tahhan explained, ” Registration is stage one which means we were cleared for KYC, AML, CDD requirements, full licensing is the next stage and will happen next year. Today we are allowed to operate because our risk measures are covered.” 

HH Sayyid Azzan Bin Qais Al Said Co-Founder of Easy Coins added “ Easy Coins has been in operations for two years and has been self regulating its operations since its launch. Hence when CMA initiated its registration process for Virtual Asset Service Providers, we were able to instantly meet CMA’s and FATF’s KYC/AML requirements.“

Bahrain Central Bank has announced the issuance of regulation for security tokens as amendments to its current crypto asset module.

The Central Bank has expanded the crypto asset regulations to include digital token offerings, in specific those with the characteristics of security tokens.

In determining whether a digital token qualifies as a security, the CBB will examine the underlying economic purpose of the digital token, its structure, characteristics, as well as the rights attached to the digital token.

The new amendments also outline new requirements to enhance safeguarding clients’ assets to provide high levels of protection for investors.

In addition the Central Bank of Bahrain will allow crypto-assets licensees (after obtaining the CBB’s approval) to engage in additional activities, which are not within the stipulated regulated crypto-asset services.

 Commenting on the new amendments, Director of the Capital Markets Supervision Directorate – Mrs. Abeer Al Saad, stated,  “We at the CBB are delighted to issue the new amendments to our regulatory framework for crypto-assets and to specifically introduce new regulatory requirements for the digital tokens offerings, in order to regulate the crypto-assets market in a fair and transparent manner. Therefore, the CBB has adopted a risk-based regulatory approach towards requirements, which are proportionate and commensurate to the regulated activity undertaken by a licensee. We endeavour to provide adequate safeguards to investors without inhibiting innovation adoption at the CBB, as we continue to monitor market trends and review the regulatory framework to keep up with the latest developments in the field, as well as maintain the competitiveness of the sector. This milestone is a reflection of the pioneering role the CBB continues to play in regulating crypto-assets.”

Bahrain was the first country in the GCC region to regulate crypto allowing for the launch of crypto exchange brokers such as RAIN, CoinMENA, and most recently Binance. It is also one of the leading GCC and MENA countries when it comes to crypto payments.

The new amendments are also a first in the region, no other country has regulated security tokens onshore yet!