DEWA uses cutting edge tech including blockchain for sustainable energy solutions

DEWA uses cutting edge tech including blockchain for sustainable energy solutions

UAE based Dubai Electricity and Water Authority (DEWA) announced that it is utilizing cutting edge technologies including blockchain to develop innovative and sustainable energy solutions to provide its electricity services according to the highest standards of availability, reliability, sustainability, and quality. This is supported by an advanced infrastructure for managing facilities and services through smart and integrated systems, utilising cutting-edge technologies such as the smart grid, artificial intelligence (AI), Space-D programme, blockchain, energy storage and integration of its sources, Internet of Things (IoT), and 3D printing, among others.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, emphasised DEWA’s ongoing efforts and commitment to global sustainability goals, leadership in digital transformation, and spearheading clean and renewable energy projects and initiatives. These efforts are aligned with the vision of the wise leadership to enhance effective adaptation to future developments and address challenges securely and sustainably across all areas. DEWA’s preparedness reflects its strategy and unwavering efforts to achieve its vision of being a globally leading sustainable and innovative corporation committed to achieving Net-Zero by 2050.

Energy production and storage projects:

DEWA relies on pioneering initiatives and projects to diversify clean energy production sources. This includes clean and renewable energy technologies such as photovoltaic panel technology, concentrated solar energy, and green hydrogen production using solar energy, along with projects and initiatives to increase energy efficiency.

DEWA is also developing energy storage technologies through several pioneering projects, including the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, which will have the largest energy storage capacity in the world of 15 hours, allowing for energy availability around the clock, and the pumped-storage hydroelectric power plant in Hatta.

Smart grid:

DEWA aims to enhance its leadership in innovation, sustainability, and future shaping across all its projects and initiatives, focusing on Fourth Industrial Revolution technologies and digital transformation. To achieve this goal, DEWA has developed a comprehensive strategy to implement a smart water and electricity infrastructure, known as the Smart Grid. This intelligent grid incorporates advanced features such as automated decision-making and interoperability throughout the electricity and water network.

Among the programmes launched by DEWA under the umbrella of the smart grid is an Automatic Smart Grid Restoration System (ASGR), the first of its kind in the MENA region, to increase the control, management, and monitoring of its power network. The system works around the clock without any human intervention. It uses a smart, innovative, and central system that locates the fault in the power network, isolates it, and automatically restores the service.

Smart meters

Smart meters serve as the backbone of the smart grid and play a pivotal role in driving digital transformation. They enhance operational efficiency and mitigate losses. In Dubai, all active traditional meters for electricity and water have been upgraded to smart meters. These smart meters offer numerous benefits, enabling customers to proactively and digitally manage their consumption without the need to contact DEWA. The Smart Meters Analysis and Diagnosis Centre remotely monitors the smart meters every 15 minutes. As of the end of 2023, the number of smart meters in Dubai reached 2.2 million.

Automatic Smart Grid Restoration System (ASGR):

Among the programmes launched by DEWA under the umbrella of the smart grid is an Automatic Smart Grid Restoration System (ASGR), the first of its kind in the Middle East and North Africa, to increase the control, management, and monitoring of its power network. The system works around the clock without any human intervention. It uses a smart, innovative, and central system that locates the fault in the power network, isolates it, and automatically restores the service. This improves grid automation, fault detection and retrieval of connections.

Enhancing efficiency through Space-D

DEWA’s Space-D programme contributes to raising the development, maintenance and planning of electricity and water networks. It improves the efficiency of DEWA’s generation, transmission, and distribution divisions by monitoring solar power plants and enhancing the accuracy of generation predictions. This is achieved through forecasting weather patterns, seawater temperature and salinity, and monitoring electricity transmission lines. Additionally, it aids in detecting water leaks and identifying any changes in the infrastructure, further optimising DEWA’s operations. As part of its Space-D programme, DEWA launched two nanosatellites DEWA-SAT1 in January 2022, and DEWA-SAT2 in April 2023. DEWA is the first utility in the world to launch nanosatellites to improve its operations.

Innovative initiatives for the production, transmission, and distribution divisions:

DEWA’s initiatives for its production, transportation and distribution sectors, which rely on expertise, experiences and capabilities, contribute to enhancing DEWA’s leadership and excellence. These initiatives ensure the sustainability and preservation of resources and provide ways to develop them by applying best practices in all initiatives and projects to raise production and operational efficiency. During 2023, there were many initiatives undertaken by various divisions within DEWA, the most important of which were: Distribution Automation of Secondary Distribution Substations, Distribution Network Smart Centre, and DEWA Cable Lab.

Globally competitive results:

The seamless, swift, and effective operation of the smart grid has enabled DEWA to achieve competitive results that surpass prominent European and American companies in terms of efficiency and reliability. DEWA has reduced electricity Customer Minutes Lost (CML) in Dubai from 4.9 minutes in 2014 to 1.06 minutes in 2023, which is the lowest in the world. DEWA has also reduced losses in electricity transmission and distribution networks from 3.3% in 2014 to 2.0% last year by adopting the best international technical standards and the most accurate engineering practices in the planning, design, construction, and operation of energy systems. This percentage is also the lowest worldwide. In 2014, water network losses were at 9.1%, and reached 4.6% in 2023, which is the lowest in the world.

Tether partners with UAE based Fuze for digital assets

Tether partners with UAE based Fuze for digital assets

Tether, the global stablecoin and UAE based Fuze, a digital assets infrastructure provider with offices in Abu Dhabi, Dubai, and Istanbul, have signed a Memorandum of Understanding (MoU) to establish the terms of a collaboration on educational initiatives within the digital asset realm, with a particular focus on Turkey and the Middle East.

Through these cooperation efforts, Tether and Fuze aim to address various facets of education around crypto asset space, encompassing cross-border payment solutions, compliance, regulatory framework development, and education for local financial institutions.

In pursuit of these objectives, this collaboration will see the two companies undertaking a range of collaborative endeavors which include educational campaigns to promote the adoption of virtual assets such as Bitcoin, Blockchain, and Stablecoins like Tether (USDT) to facilitate cross-border payments. These initiatives will be strategically designed to highlight the efficiency and accessibility benefits of using digital assets in a compliant manner for businesses and individuals across Turkey, the Middle East, and North Africa.

Tether and Fuze will also analyze the development of programs and workshops aimed at enhancing awareness and understanding of digital assets and blockchain technology among local financial institutions and individuals in the aforementioned regions. These efforts will align with evolving regulatory requirements and standards to ensure compliance in the dynamic regulatory landscape. Joint strategies will be designed to promote educational initiatives and workshops, demonstrating a commitment to ethical and responsible educational practices.

Additionally, these strategies will prioritize educating merchants and businesses on the practical utility of digital assets like Bitcoin and Tether for everyday transactions, aiming to increase awareness and adoption of digital assets. The initiatives will also include the engagement of local and regional banks and financial institutions to educate them on the benefits of utilizing stablecoins and digital assets for their customers, empowering financial institutions with the knowledge and tools necessary to leverage digital assets effectively.

“As we team up with Fuze, we’re thrilled to be part of a movement that brings digital assets within reach of people across Turkey, the Middle East, and North Africa,” said Paolo Ardoino, CEO of Tether.  “Our collaboration isn’t just about technology; it’s about empowering individuals, businesses, and financial institutions to navigate the evolving landscape of finance with confidence and clarity.” 

Commenting further on the collaboration, Mo Ali Yusuf, Co-Founder and CEO of Fuze said, “We’re proud to team up with the Tether team who share our vision that digital assets will power the future of finance. By educating stakeholders at all levels, we can accelerate the digital assets landscape and ensure that everyone from institutions to end consumers benefit from the vast opportunities presented by well-managed, secure, and trusted digital assets.”

First it was Qatar now its Abu Dhabi buying Bitcoin according to Max Keiser

First it was Qatar now its Abu Dhabi buying Bitcoin according to Max Keiser

Max Keisser the Bitcoin activist is at it again. Over the past months Max continues to make claims that a nation state is purchasing large amounts of Bitcoin. First, he pointed the finger at Qatar, claiming it would purchase $500 billion worth of Bitcoin.

Qatar obviously did not confirm or negate these claims; however, its central bank and government continue to prohibit the trading of cryptocurrencies noting the risky nature of these virtual assets. This has not stopped Qatar from embracing digital assets, and developing a regulatory framework as well as the digital assets Lab.

However, this has not discerned Keisser, he commented on an X (formerly twitter) post by Vivek4real that notes that an “undisclosed nation-state just bought another 100 Bitcoin. They now own 59K Bitcoin.”

Keisser comments on X that his new intelligence points to Abu Dhabi being the purchaser of Bitcoin. He states, “Just got some new intel . . .  Abu Dhabi is now the top contender.”

So now it is not Qatar but its Abu Dhabi, the capital of the UAE.

This while still seeming farfetched, could be closer to the truth than assuming that Qatar is purchasing Bitcoin. First Abu Dhabi and the UAE in particular have been positively approaching virtual assets. Both Abu Dhabi’s ADGM (Abu Dhabi Global Market) regulatory arm the FSRA as well as Dubai’s virtual asset regulatory authority (VARA) have come out with crypto regulations and have licensed crypto exchanges, and custodians.

Moreover Abu Dhabi is home to a Bitcoin mining farm co-owned and managed by Marathon Digital so it could be plausible that they are accumulating Bitcoin from revenues of the crypto mining farm. It is also the base of Phoenix Group another huge bitcoin mining investor.

So while Keisser continuously tries to allude to the fact that an rich oil country, or a country in the MENA region is buying up Bitcoin, the biggest governmental owners of Bitcoin are the United States, Britain, and Germany. They own the most Bitcoin according to Arkham Intelligence. The crypto analytics firm noted that the United States owns 212,847 Bitcoins.

What one can say for sure, is that the ownership of Bitcoin is falling more into the hands of institutional investors, and governments whether with Bitcoin ETFs or confiscated crypto.

BitOasis aims for full VASP license after receiving operational go ahead from from Dubai’s VARA

BitOasis aims for full VASP license after receiving operational go ahead from from Dubai’s VARA

In a blog post, BitOasis acknowledged that while it has resumed its acceptance of new clients onto the platform as a crypto broker operating under Dubai’s virtual asset regulatory authority (VARA), it is working “towards securing a full virtual asset service provider license under the supervision of VARA”.

In the blog post, BitOasis announced that the crypto broker would resume accepting new registrations retail and institutional customers starting 12 April 2024.  New users would be able to create accounts on the platform and enjoy a safe, secure and convenient way to buy, sell and trade over 60 tokens with multiple currencies, including AED, SAR, and USD.

The blog post adds,” The reopening of our platform to new retail and institutional customers is a testament to our continued dedication to serving our users in full compliance with the applicable regulatory requirements.”

BitOasis had been working since July 2023 to fulfill select conditions associated with its Operational MVP License with respect to serving Institutional and Qualified Retail Investors.

In August 2023, BitOais received an investment from Indian crypto exchange CoinDCX. At the time, Ola Doudin, Co-Founder and CEO of BitOasis said: “We are delighted to be working with CoinDCX, India’s leading crypto platform. The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets. We are very excited about the opportunities the funding will unlock for us.”

With VARA granting renewed active operational status to BitOasis, as well as the license to crypto.com, the UAE crypto exchange regulatory landscape is now one of the most competitive in the world.

Kindly note that this article has been updated on April 14th 2024 based on VARA’s website page which noted that BitOasis hasnt received a VASP license but has now become actively operational once again.

UAE based NEOPIN launches new real world assets platform

UAE based NEOPIN launches new real world assets platform

NEOPIN Permissioned DeFi platform based in Abu Dhabi UAE, which launched the first DeFi product for the Klaytn-Finischia ecosystem, has announced a new RWA ( Real World Assets), platform that will position the protocol to become a global leading Real World Asset (RWA) DeFi protocol. The platform will combine the rich liquidity of traditional finance with blockchain technology, creating global marketability with high levels of security and regulatory compliance.

Prior to this UAE based Finschia Foundation, which works to expand public blockchain and Web3 technologies, and NEOPIN, partnered to provide decentralized exchange services.

The key objectives of the new RWA platform include the development of a dedicated RWA platform based on the order book, the expansion of innovative RWA product offerings, and the expansion of the RWA multi-chain strategy.

NEOPIN’s RWA platform is being developed as an all-in-one platform that can meet the diverse needs of institutions, users and the industry. It will provide a more intuitive and simplified solution for institutional participants to engage with RWA technology and markets without the need for a complex review process. It will also be designed with a decentralized order book to make it easy to use for global users familiar with equity or crypto exchanges.

In terms of product offerings, RWA will continue to expand its innovative product suite, with more than five RWA products in the pipeline with institutional partners that are poised to make a significant impact in the DeFi and physical markets. In parallel, we are also working on a strategy to expand the RWA issuance chain, continuing the multi-chain strategy that has underpinned the success of NEOPIN’s DeFi on a dedicated RWA platform.

In March, NEOPIN launched the platform’s first RWA-linked DeFi product and entered the $5.7 billion global RWA market in earnest. With the success of its recently launched RWA derivative products, NEOPIN’s consolidated total value locked (TVL) has exceeded USD 200 million.

“NEOPIN’s RWA platform aims to attract global institutional partners and users and then position itself as an essential infrastructure for institutions,” said Ethan Kim, CEO of NEOPIN. “With our new platform, innovative product suite and institutional acquisition, we will grow into the top tier of global RWA within two years.”

Since 2017, NEOPIN has been building its blockchain expertise and technology by participating as a node validator operator for various global blockchains, including Ethereum, Tron, Cardano, Cosmos, Klaytn, and Finschia. Last year, the company was selected as an innovative company by the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE) in recognition of its regulatory compliance and expertise, becoming the first Korean blockchain company to receive direct and indirect investment, and is working with the Abu Dhabi Global Market (ADGM), a financial special zone in the UAE, to create the world’s first DeFi regulation in a public-private partnership. 

Lebanese operated money exchanger sanctioned by OFAC for crypto transfers

Lebanese operated money exchanger sanctioned by OFAC for crypto transfers

In the last week of March 2024, The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against six entities based in Lebanon, Liberia, India, Vietnam, and Kuwait.

As per the OFAC announcement, among those targeted was a Syrian national money exchanger Tawfiq Muhammad Sa’id al-Law based out of Lebanon. The Treasury Department stated that Sa’id al-Law provided Hezbollah with digital wallets to receive funds from IRGC-QF commodity sales and conduct crypto transfers.

Sa’id al-Law was also accused of facilitating financial transactions for sanctioned Hezbollah officials and providing financial services to Sa’id al-Jamal and his network.

As per the announcement, the sanctioned entities were implicated in facilitating commodity shipments and financial transactions, including cryptocurrencies for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), the Houthis, and Hezbollah.

Furthermore, two Kuwait-based companies, Orchidia Regional for General Trading and Contracting Company and Mass Com Group General Trading and Contracting Company WLL, were also implicated in transferring money to support Sa’id al-Jamal’s network.

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said, “Treasury remains resolute in our commitment to deploy our tools against those who seek to fund illicit activities. The United States will continue to take action to disrupt the abuse of international energy markets to facilitate terrorist activities.”

On June 27, 2023, Israeli Defense Minister Yoav Gallant announced that Israel’s National Bureau for Counter Terror Financing (NBCTF) seized cryptocurrency from Hezbollah, and from Iran’s Quds Force. In total, the agency seized roughly $1.7 million worth of cryptocurrency and disrupted crypto “terrorism financing” infrastructure jointly run by the two organizations.

As per Chainalysis article, The NBCTF seizure focused on wallets controlled by Tawfiq Muhammad Said Al-Law, who “supposedly” worked with senior Hezbollah operators like Muhammad Qasim Al-Bazzal and Muhammad Ja’far Qasir, both of whom are sanctioned by OFAC, to operate Hezbollah’s crypto funding infrastructure.

In March 2024 as well, OFAC sanctioned a UAE registered business entity and its subsidiary for helping to build or operate blockchain based services to facilitate potential sanctions evasion on behalf of Russian nationals.

DIFC launches digital assets and smart contracts regime

DIFC launches digital assets and smart contracts regime

Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA) region, enacts the world’s first Digital Assets Law, a new Law of Security and related amendments to select existing legislation to cater for the consequences of the new digital assets regime and revised security regime. The legislative enactments aim to ensure DIFC Laws keep pace with the rapid developments in international trade and financial markets arising from technological developments, and to provide legal certainty for investors in, and users of, Digital Assets.

Digital Assets Law – DIFC Law No. 2 of 2024

Digital Assets represent a trillion-dollar asset class and the scope for future innovation and market opportunities within it are considerable. Thus far, the primary focus in many jurisdictions has been to regulate and impose enforcement related sanctions on some of the practical applications of this asset class from a regulated financial services perspective. However, the fundamental benefits brought about by blockchain technology, the digital assets that can be created thereby, and their application across a wide spectrum of use cases will grow and become of increasing importance in a much wider context. In this regard, the broader legal questions as to the exact nature of the legal features and consequences of digital assets has very much remained open for debate on a number of key issues. International legal developments and judgments across the common law world have begun to provide some clarity in this regard but have not yet provided a comprehensive legal framework mapping out the full extent of the legal characteristics of a digital asset and how users and investors within this asset class may interact with digital assets and each other.  

Following extensive review of the legal approaches taken to digital assets in multiple jurisdictions, and a period of public consultation in 2023, DIFC is now enacting its own Digital Assets Law. 

Existing DIFC laws such as the Contracts Law, Law of Obligations, Law of Security, Law of Damages and Remedies, Trust Law and Foundations Law have also been updated through DIFC Amendment Law, No. 3 of 2024, to cater to specific issues arising in relation to this asset class. 

Updates to the Law of Obligations also provide for the use of electronic transferable records. Electronic transferable records are functionally equivalent to paper trade documents or instruments such as bills of lading, bills of exchange, promissory notes and warehouse receipts. Recognition of such documents in electronic form facilitates greater efficiencies within cross-border digital trade by increasing the speed and security of transmission of documentation and allowing for the automation of certain transactions through smart contracts.

Similarly, a great deal of innovation has taken place in secured transactions regimes internationally – particularly since the DIFC Law of Security was enacted in 2005. This includes the emergence of businesses and platforms that enable the extension of credit in, and secured or covered by, digital asset collateral arrangements, and an increasing drive to digitise international trade.  

Following consideration of regimes in other jurisdictions and, in particular, UNCITRAL’s Model Law on Secured Transaction, in conjunction with the new Digital Assets Law, DIFC is repealing the 2005 Law of Security, and replacing it with a new Law of Security to significantly amend and enhance DIFC’s securities regime. This will align the regime with international best practice and provide clarity in relation to taking security over digital assets.  In doing so, DIFC is also repealing the Financial Collateral Regulations, amalgamating the financial collateral provisions into a new chapter of the new Law of Security. 

Jacques Visser, Chief Legal Officer at DIFC Authority, said: “DIFC is excited to announce the enactment of its Digital Assets Law. We consider this legislation to be groundbreaking as the first legislative enactment to comprehensively set out the legal characteristics of digital assets as a matter of property law, and to provide for how digital assets may be controlled, transferred and dealt with by interested parties. At the same time, we are also enacting a new Law of Security, replacing the 2005 law. The revised regime is modelled on the UNCITRAL Model of Secured Transactions and significantly enhances DIFC’s securities regime to keep pace with international developments in this field and to ensure DIFC remains at the forefront of best practice.”

The new legislation came into effect on 8 March 2024 and can be accessed via DIFC’s Legislative Database: here.
The new laws reflect the Centre’s commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practice.
 

Dubai’s virtual asset regulator initially approves first stablecoin VASP

Dubai’s virtual asset regulator initially approves first stablecoin VASP

Diment, with a presence in UAE, within DMCC ( Dubai Multi Commodities Centre), a virtual asset service provider that is issuing a stablecoin backed by diamonds, has received an initial approval for a license from Dubai’s virtual asset regulatory authority (VARA). Diment will act both as a digital currency and a digital asset for store of value.

As per Diment website, the Diment Dollar is a digital product that redefines the concept of “value-security” in the financial world by reinventing the present stablecoin model. As the first Stablecoin with a fixed price of 1 USD and a token supply fully backed by the underlying diamond reserve value in USD, Diment Dollar operates in a reverse mode compared to present stablecoins by creating value first.

In a press release, Diment VA Exchange Services DMCC announced its Initial Approval from the Virtual Asset Regulatory Authority of Dubai – VARA. As per the press release, “This Initial Approval marks a significant milestone for Diment, setting the stage for future regional growth and development in the Crypto Space. While the Initial Approval is a pivotal achievement, it does not yet allow the commencement of any virtual asset activity in or from Dubai. Diment emphasizes that it is still in the process of working towards receiving the full VASP license and approval from VARA.”

“Receiving VARA’s initial approval is a testament to our dedication to regulatory compliance” said Max Weiland, CEO at Diment. “Diment is determined 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 and build a robust ecosystem that not only meets but exceeds industry standards, seeking to establish a safe and efficient gateway to virtual assets for users Locally and Globally.”

Diment VA Exchange Services DMCC is a setting up as a Broker-Dealer platform in Dubai with the aim to establish a safe and efficient gateway to virtual assets both locally and globally.

VARA has included stablecoin regulations amidst its framework, so it would seem that VARA could become the first regulatory authority to regulate a stablecoin VASP.

The supply of stablecoins circulating on blockchains is increasing, with investors adding $4.2 billion worth of dollar-pegged cryptocurrencies since the start of the month. April 2 was the biggest day for stablecoin inflows with $1.38 billion worth added, data from DefiLlama shows. It’s the biggest single-day increase since March 11 2023.

This article was updated at 13:11 GMT+3 based on information that Diment applied for a broker dealer license.

A new Crypto Custodian receives preliminary license in UAE

A new Crypto Custodian receives preliminary license in UAE

NorthStake a firm which offers safe, compliant and secure investment in Digital Assets for institutional investors as well as crypto staking and trading services has applied and received a preliminary approval for a license from Dubai’s virtual asset regulatory authority (VARA) for a license.

The news which came out on “Block Works” noted that such a license would allow the company to offer crypto custody services, custodial staking to institutional investors in the UAE.

Northstake CEO and Founder Jesper Johansen told the Block,” UAE is becoming a global frontrunner in virtual assets. Our ambition is to contribute to the growth of the crypto ecosystem in the UAE, leveraging our expertise and innovative solutions in digital asset investments to support the region’s financial institutions and our local partners on innovative digital asset products.”

Johansen also made the announcement on LinkedIn, “NORTHSTAKE has gained initial approval from Dubai’s Virtual Asset Regulatory Authority. Our ambition is to contribute to the growth of the crypto ecosystem in the UAE, leveraging our expertise and innovative solutions in digital asset investments to support the region’s financial institutions and our local partners on innovative digital asset products.”

The move comes after Northstake raised about $3 million to bolster its staking products for institutions. The company, also partnered with Coinify to serve the firm’s institutional and high net worth clients.

In a LinkedIn post made 11 months ago, Jesper Johansen stated, “We continue to develop NORTHSTAKE in Abu Dhabi and Dubai by building partnerships in the region. Today we met Mubadala and we are very excited to see how digital assets will continue to grow in the region. At NORTHSTAKE, we are committed to serve institutional clients on their digital asset portfolio.”

Over the past months VARA has licensed over 21 VASPs including Komainu, HexTrust and others. Most recently Crypto.com became the first global crypto exchange to receive a full license. The UAE has become one of the leading hubs for regulated VASP entities.

BACS for blockchain arbitration launches operations in Dubai DIFC

BACS for blockchain arbitration launches operations in Dubai DIFC

BACS ( Blockchain Arbitration and Commerce Society) has launched its operations in the Middle East with the opening of an office in Dubai, at Dubai International Financial Centre (DIFC). As per the press release, Dubai has become a vibrant ecosystem for blockchain companies, crypto assets, and artificial intelligence, offering significant opportunities for innovation, growth, and global expansion.

As Ignacio Ferrer-Bonsoms, President of BACS, points out, “Dubai is a strategic location for us. As a Digital Chamber of Commerce, we must be here. We want to bring our associates to Dubai and, conversely, we want to accompany Middle Eastern technology companies to the rest of the world. BACS’s presence within the DIFC reinforces its reputation as a world-class financial centre that attracts cutting-edge organizations.“

BACS encompasses a global network with deep industry knowledge and a commitment to responsible innovation.

BACS aims to further elevate Dubai’s profile as a destination for blockchain projects seeking a reputable and well-regulated environment. The arbitration and dispute resolution focus, carried out by the association not by BACS Dubai, will strengthen the DIFC’s legal framework, especially for complex cases involving emerging technologies.

Peter Hulks, CBDO of BACS Dubai, believes that “Dubai is making significant contributions to the world. Dubai is an Innovation Hub. Dubai is actively fostering a culture of innovation and experimentation. They invest in blockchain, AI, and other cutting-edge technologies, which in turn attracts global talent, entrepreneurs, and forward-thinking businesses. This pushes the boundaries of what’s possible and shapes how we think about the future economy.”

He also highlights its strategic location. “Dubai is a bridge between worlds. Located at the crossroads of East and West, Dubai is uniquely positioned as a connector. It facilitates trade, fosters international collaboration, and promotes cultural exchange. This connectivity plays a critical role in breaking down barriers and driving global progress. Overall, Dubai is contributing a fresh perspective, a spirit of innovation, and a commitment to a long-term vision, something increasingly lacking in countries once seen as leaders in these areas. There are many reasons why I call Dubai home, my answer barely scratches the surface.”

Levan Bodzashvili, COO of BACS Dubai, considers Dubai to be a model of tolerance. “Dubai’s diverse, multicultural society is a true melting pot. They’ve created an environment where people from all walks of life can work and live together. This promotes understanding and cooperation in an increasingly interconnected world, serving as an encouraging example.”

He also highlights Dubai’s visionary leadership. “Dubai’s leadership is clear. Their vision is grand and transformative. They’re not afraid to take risks and invest boldly in ambitious projects, often related to sustainability and technology. This drive pushes the limits and inspires others to strive for ambitious goals that can benefit all of humanity.”

The future of BACS is focused on contributing to a healthy and mature blockchain ecosystem. For BACS, reliability and accessibility are key: our arbitration services offer a clear path for dispute resolution, essential as this industry grows. 

Our goal is to simplify things, helping businesses understand and confidently explore blockchain’s potential. BACS is actively working on expanding its network to key markets, forging new alliances, and learning. BACS will be a practical force for good, advocating for responsible adoption and ethical practices within the blockchain space.

Some of the key advantages BACS offers to companies working with new technologies include:

– Risk Mitigation: New technology, especially in the blockchain space, carries inherent risks. We help companies understand those risks, both legal and technical, and implement strategies to mitigate them. This can save them from costly mistakes and protect their reputation.

– Dispute Resolution: When conflicts arise (and they inevitably will), BACS offers a specialized arbitration platform. This provides a faster, more cost-effective, and often more private alternative to traditional litigation, keeping projects on track and avoiding public disputes.

– Knowledge & Expertise: The BACS team has deep experience in blockchain, crypto assets, and AI. Companies venturing into these areas benefit from our insights, practical guidance, and connections to a global network of experts.

– Trust Factor: Working with BACS adds legitimacy to a project. It shows a commitment to transparency, fair play, and responsible innovation. This can be crucial for attracting investors, partners, and building a positive reputation in the industry.


BACS is like the steady hand on the wheel. Companies can focus on innovation, knowing that BACS has their back in managing the challenges that come with using cutting-edge technologies.

The announcement comes as more Blockchain, AI and Web3 startups gravitate towards DIFC.