Fastex crypto exchange gets initial approval from VARA in Dubai

Fastex crypto exchange gets initial approval from VARA in Dubai

Fastex, a crypto exchange, payments gateway and ecommerce platform, has set up an office in Dubai World Trade Center, as it seeks a license from Dubai’s virtual asset regulatory authority (VARA). Fastex has already received initial approval from VARA.

As per the press release, Fastex chose the office because of its proximity to VARA. As stated, “This proximity enhances Fastex’s ability to work closely with the authority and expedite the licensing process as a Virtual Asset Service Provider (VASP). In addition to the office opening, Fastex has received initial approval from VARA to conduct Broker-Dealer and Exchange operations, highlighting its commitment to regulatory compliance.”

Vardan Khachatryan, the Chief Legal Officer and Member of the Board of Directors at Fastex, stated, “Opening our new Dubai World Trade Center office is a noteworthy step in Fastex’s growth strategy. This move underscores our commitment to adhering to industry standards and maintaining high-quality service in the digital asset field. Being located in the DWTC, close to VARA and other key industry participants, positions us well to offer reliable and regulated services to our clients.”

Fastex will be participating at the AIBC Summit in Dubai UAE. They announced on X platform that they were nominated for best exchange of the year award.

This comes as DKK Partners FZE, subsidiary of DKK Partners a fintech company also announced that it has been granted an initial approval by the Dubai Virtual Assets Regulatory Authority (VARA) for crypto brokerage dealer services.

So far more than 11 crypto exchanges have received licenses in UAE.

New crypto broker license on the way for DKK partners with initial approval from Dubai VARA

New crypto broker license on the way for DKK partners with initial approval from Dubai VARA

DKK Partners FZE, subsidiary of DKK Partners a fintech company, has announced that it has been granted an initial approval by the Dubai Virtual Assets Regulatory Authority (VARA) for crypto brokerage dealer services.

DKK Partners FZE will continue to work towards acquiring a full Virtual Asset Service Provider crypto broker license from VARA.

The VARA initial approval allows DKK FZE to move forward in the licensing process as they look to offer corporate and institutional customers in Dubai and the UAE access to stablecoin blockchain technology, utilizing USDT and USDC.

Khalid Talukder, Co-Founder and CEO of DKK Partners, stated, “It is an incredibly exciting time for DKK in the Middle East and securing the VARA Initial approval will enable us to continue making a splash in the region. Our expansion to Dubai last year was a huge success and we’re looking to extend our influence in the market by strengthening our compliance and innovation in the Virtual Asset space. This license is a game-changer for DKK and the digital asset landscape in Dubai empowering businesses to confidently engage in blockchain technology, benefiting from the stability of stablecoins and the regulatory framework.”

Victoria Albergini, Head of Partnerships for DKK Partners FZE in Dubai added, “Since our launch last year, DKK Dubai has gone from strength to strength and is now in a prime position in the rapidly evolving digital asset landscape. The VARA initial approval enhances our ability to serve the unique needs of corporate and institutional customers.”

UAE regulated digital assets custodian Tungsten now hiring

UAE regulated digital assets custodian Tungsten now hiring

UAE organically incubated, digital assets custodian, Tungsten, regulated under the FSRA (Financial Services Regulatory Authority) in ADGM is on a hiring spree.

Tungsten, according to Further Ventures, UAE Venture Capital firm, and its incubator, is a 100% UAE sovereign digital asset custodian that offers secure and regulated custody service.  It is also backed by an Abu Dhabi Sovereign Wealth fund.

As per Tungsten, “ We are on a mission to create the most advanced digital assets custody and treasury services for our clients, helping them to become self-sovereign organizations with strong mechanisms for access control, multi-tier and multi-factor authentication, no single points of failure, and advanced transactional risk management.”

Tungsten goes on to note, “Our offering will be insured by global underwriters, regulated exclusively by ADGM (Abu Dhabi Global Markets), and host its core services in a Tier IV data center with 24/7 physical security.”

Tungsten is custodian of virtual assets that protects client funds from geo-political, regulatory, and cloud risk by operating a fully private physical and application infrastructure out of the most secure facilities in the world.

The website states that Tungsten goes beyond custody, their integrations span exchanges, liquidity providers, analytics, tokenization, and more, providing a holistic solution.

The company is founded by Christian Desjardins, Co-Founder and CEO , as well as Jose J. Perez Aguinaga as the Co-Founder and CTO.

Tungsten is currently hiring an assistant Manager-Deputy MLRO.

In the advert for the position it states that Tungsten, backed by an Abu Dhabi Sovereign Wealth Fund has expansion plans across the Middle East and Eastern Europe.

The job advert notes, “We aim to redefine the landscape of secure, user-friendly virtual asset custody solutions. Our commitment is to unparalleled security, reliability, and ease of use, positioning Tungsten as the preferred choice for institutions managing their virtual assets.”

Tungsten is looking for Assistant Manager – Deputy MLRO, to support the Money Laundering Reporting Officer (MLRO) in implementing and managing their anti-money laundering (AML) and counter-terrorist financing (CTF) framework.

This comes as more and more Blockchain and digital asset entities launch from ADGM in UAE.

This article was updated on Feb 27th 2024. Update concerned founding members.

UAE regulated crypto exchange expands to 11 states in the USA

UAE regulated crypto exchange expands to 11 states in the USA

In a recent statement on the X platform ( formerly Twitter), The CEO of BackPack, UAE regulated crypto exchange, announced that the crypto exchange had expanded to reach 11 US states, including California, Colorado, Indiana, Missouri, Wyoming and others.

CEO Armani Ferrante outlined plans to consolidate the exchange’s presence in the US, saying, “Today, we beginning our journey to bring Backpack Exchange into the USA. It’ll be slow. It’ll be steady. It’ll be hard. But it’ll be worth it. If we don’t support your state yet, hold on. We’ll get there. This is something that will take years to complete. But we’re committed to doing it right.”

The exchange, currently in its beta phase, facilitates spot trading activities and intends to diversify into derivatives, margin trading, and more as it secures additional licenses globally.

Backpack was co-founded by Can Sun, former general counsel at FTX, and Ferrante, previously and a software developer at Alameda Research.

The Backpack Exchange platform boasts multiple licenses across global jurisdictions, including the United Arab Emirates (UAE), Lithuania, Australia, and the United States.

In October 2023, BackPack Web3 non-custodial XNFT wallet and exchange received a full license by Dubai Virtual asset regulatory authority allowing it to run a regulated crypto exchange in UAE. Backpack, which was considered one of top 30 best crypto wallets in 2023, was developed by Coral. It offers XNFTs built on Solana Blockchain.

Backpack Exchange is set to launch in private beta for its community members in November before going live to the public in Q1 2024.

UAE based Trek Labs Ltd FZE, will launch under the name Backpack Exchange. This license only covers Backpack Exchange and not any of the other virtual asset products and services offered by Backpack.

Blockchain advances Saudi vision 2030 with MRHB and DEC

Blockchain advances Saudi vision 2030 with MRHB and DEC

KSA based Marhaba Blockchain Information Systems (MRHB) a blockchain web3 Infrastructure, has partnered with Saudi Arabia’s Digital Economy Centre (DEC)  an institution driving the digital transformation of Saudi Arabia’s economy in alignment with Vision 2030.

The collaboration focuses on Blockchain, Distributed Ledger Technology (DLT) and Artificial Intelligence (AI), initiatives.

MRHB, Founder Naquib Mohammed noted “This collaboration has created several opportunities focused on leveraging Blockchain solutions for public sector entities within the kingdom. DEC CEO Dr. Hasan Al Ameer added “This partnership will bring MRHB’s pioneering products and services to Saudi companies looking to explore blockchain & AI technologies. The unique shariah compliance of their platform is also particularly suited to the Kingdom.”

Both MRHB and DEC are dedicated to identifying and pursuing potential projects that resonate with Vision 2030’s objectives, bringing innovative solutions to the forefront in Saudi Arabia.

MRHB has also recently partnerd with Limar Technologies to localize MRHB’s Souq NFT platform for KSA and GCC markets

UAE RAK DAO and BlockLogica to usher in Web3 Blockchain innovation

UAE RAK DAO and BlockLogica to usher in Web3 Blockchain innovation

RAK DAO (Ras Al Khaimah Digital Assets Oasis) the world’s first and only common law free zone exclusively dedicated to digital and virtual asset companies, has partnered with BlockLogica, a Web3 digital assets strategy hub to usher in Web3 Blockchain innovation.

“We are thrilled to welcome Blocklogica Labs into the RAK DAO ecosystem. This partnership signifies our commitment to fostering innovation and providing unparalleled support to visionary enterprises within the blockchain space. Together, we will drive forward our mission of shaping a new era of digital transformation and empowerment in the Web3 landscape,” said Dr. Sameer Al Ansari, CEO of RAK DAO.

Asal Alizade, Co-Founder of BlockLogica Labs added, “Looking at the great potential for the Web3 industry in the UAE, we are excited to stand next to RAK DAO and create a supportive and regulated environment for cutting-edge projects in the Web3 and Blockchain area to grow properly. It’s impressive to see how RAK DAO is so innovative in changing the Digital Assets regulatory space and creating a healthy ecosystem, where all ideas and projects have an opportunity to grow perfectly and be seen, and we are happy to take part in building this ecosystem.”

Together, RAK DAO and Blocklogica Labs aim to advance joint efforts in shaping a new, open, decentralized, and trustless digital era. By amplifying opportunities for businesses and startups in the ever-evolving blockchain space, this partnership sets the stage for groundbreaking developments in the Web3 landscape.

Just last week, Conflux Blockchain, a Layer 1 Blockchain,entered the UAE and partnered with UAE’s RAK Digital Assets Oasis (RAKDAO) to develop the Blockchain and digital asset sector.

UAE Minister of AI: In recent months, nine banks now using blockchain

UAE Minister of AI: In recent months, nine banks now using blockchain

In a meeting of the UAE Council for Digital Economy attended by Minister of State for AI, Digital Economy and Remote Work divulged that nine UAE banks, six UAE exchange houses and three UAE insurance companies have in the past few months started using Blockchain based solutions.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, affirmed that the UAE government adopts a proactive approach based on designing visions and goals, as well as developing and implementing initiatives and projects that lay the foundations of a pioneering digital economy. This economy combines national skills and technological solutions, forming an advanced model that contributes to achieving the targets of the national strategy for the digital economy, by multiplying the contribution of the digital economy to non-oil GDP over the next decade.

He stated that the UAE government is intensifying efforts to accelerate the adoption of digital solutions, aiming through its initiatives and projects to envision and shape the digital future, enhancing the UAE’s leadership and global competitiveness in various fields.

The council reviewed the updates regarding several strategic initiatives aimed at supporting and accelerating the implementation of the UAE’s strategic objectives for the digital economy, in areas such as infrastructure, digital transactions, e-commerce, financial technologies, stimulating investment in digital sectors, attracting and developing digital skills, supporting SMEs and the latest developments in digital economy statistics gathering and the annual report on measuring the digital economy, prepared in cooperation with the Federal Competitiveness and Statistics Centre.

The council reviewed as well the developments in digital infrastructure development in the country, and the level of adoption of technological solutions, which have significantly increased in recent months. The adoption of the use of digital signatures increased by 216 percent in 2023, while blockchain was used as well, involving 9 banks, 6 exchange houses, and 3 insurance companies.

In addition, the adoption rate of the sixth version of the Internet Protocol reached 50.7 percent in January 2024, and the level of mobile network coverage continued to achieve 100 percent coverage, ranking the first position in the Middle East in Internet exchange traffic and the first position globally in fifth-generation network speeds in 2023.

A key executive from Ripple leaves to join Crystal Blockchain

A key executive from Ripple leaves to join Crystal Blockchain

Navin Gupta, former Managing Director for South Asia and MENA at Ripple has left Ripple to join Crystal, a blockchain intelligence firm focused on compliance and risk monitoring for cryptocurrencies, Gupta will become the new CEO of Crystal while Marina Khaustova moves into the new position of Chief Operations Officer at Crystal.

Crystal is a blockchain intelligence firm empowering financial institutions, law enforcement and regulators with real-time blockchain analysis, investigative and compliance solutions.

Gupta joins Crystal from Ripple, where he successfully drove growth for the firm in the MEA and South Asian markets. His roles at HSBC and CitiBank, and entrepreneurial experience as co-founder of a commercial transport technology platform, makes Gupta the perfect candidate to steer this next phase of expansion for Crystal. Ripple has grown over the past years in MENA region with 20% of its customers coming from MENA.

With crypto assets becoming increasingly mainstream due to key regulatory and market developments, Crystal appointed Gupta to expand its blockchain intelligence solutions to a global audience of regulators, VASPs, TradFi sectors, and stakeholders in cryptocurrencies.

“Recent developments like the Bitcoin ETF approval have set the stage both for an increased appetite for digital assets and for compliance tools to keep pace with regulatory expectations,” said Brian Brooks, Bitfury Board member and former head of the Office of the Comptroller of the Currency. “It is imperative that regulators and financial institutions worldwide equip themselves with the best toolset and intelligence to keep pace and be fully prepared to tackle any potential risks from this asset class.”

Gupta said, “Marina and Crystal has been at the forefront of developing an exceptional blockchain intelligence solution. As we continue to see adoption grow, we are committed to leveraging new-age tech to stay ahead of the curve. Regulators need superior intelligence and cutting-edge tools to navigate these changes, and TradFi institutions are seeking to manage risks effectively as they enter the digital assets market. Our goal is to stay insanely customer-centric, bringing our solutions to every corner of the world.”

Since 2019, Crystal has expanded its presence into key financial hubs including North America, UK, Europe and MEA, empowering financial institutions, investigators, and regulators with blockchain analysis, compliance and risk monitoring solutions. Crystal’s customer base doubled in 2023 by focusing on delivering its unique solution to enforcement and supervisory bodies. The product offers real-time indirect risk assessment, monitoring over 50,000 entities and organizations and offers proprietary training programs for professional cybercrime investigators.

Oman Ministry of Housing uses blockchain for unified portal

Oman Ministry of Housing uses blockchain for unified portal

Oman’s Ministry of Housing and Urban Planning ( MoHUP) has announced its roadmap for 2024 which will encompass 130 initiatives of which blockchain technology will play a part.  The Oman Ministry of Housing intends to launch a unified portal with one of its main components being blockchain.

The plan hinges on four key pillars: empowering people, embracing a digital leap, strengthening foundations, and building together. These guiding principles will translate into tangible actions, such as capacity-building programs, streamlined processes through technology, clear regulations, and enhanced public engagement.

Urban planning takes center stage, with initiatives like the implementation of the Greater Muscat City structural plan and the development of comprehensive plans for major centers like Greater Sohar and Salalah. Future cities like Sultan Haitham City and Al Jabal Al Akhdar will see significant progress, while the development of Khasab will gain momentum.

As part of its commitment to ensuring “Housing for All”, the Ministry has outlined a number of programs. The Mandaa Project will provide safe havens in Jabal Shams, while mountain villages will receive 84 new residential units. The Kamzar Housing Project and initiatives in the Al-Halaniyyat Islands address specific needs, and relocation and renewal efforts will bring modern housing to Soqara residents and revitalize Wadi Bani Khalid and Qurayyat.

Beyond these specific initiatives, the plan outlines ambitious goals like distributing 1,000 government residential plots, establishing 1,200 housing units within the housing assistance program, and securing RO 1.9 billion for housing loans with the Oman Housing Bank. The completion of 1,051 housing units in Al-Naseem and the offering of 5,300 units through the Sorouh Program further demonstrate the Ministry’s commitment to tangible outcomes.

All this will include a digital transformation journey with the digitization of all Ministry services and the launch of a unified portal leveraging blockchain technology. Key legislation related to urban planning, real estate, and housing will solidify the legal framework for sustainable development.

Previously, the digital revolution permeated the Ministry’s operations, with 56 services automated on platforms like Tatweer and Amlak. This shift not only streamlined processes but also empowered citizens with convenient online access.

In January 2024, The Oman Development Bank announced as well that it would be digitizing its operations utilizing low code blockchain enabled solutions from NewGen Software. Newgen Software, a global provider of low code digital transformation platform will streamline Oman Development Bank’s banking processes.

In addition, the Ministry of Transport Communications and Information Technology announced earlier in February that it would be piloting Blockchain Land transport eWay Bill.

Even ESCWA in February organized a training workshop in Oman on blockchain technology for trade facilitation. The workshop is part of a project to build the capacities of member countries to use the blockchain technology to enhance trade facilitation and competitiveness.  Participants included Omani officials from various agencies including the Ministry of Transport and Information Technology, Ministry of Trade, Customs authorities and Oman Logistics Center.

Blockchain at the heart of Saudi Arabian Smart City

Blockchain at the heart of Saudi Arabian Smart City

In the midst of Saudi Arabia, in Jeddah to be exact, a city is emerging, a smart city that is built on Blockchain. The city is called Mayasem

Mayasem is a smart city construction project in the Kingdom of Saudi Arabia that covers 1.6 million square meters strategically located in Obhur, the thriving new heart of north Jeddah.

Saudi based Shamayel United Development Company; a Jeddah based real estate developer founded in 2010, is the master developer of a 1.6 million sqm plot in the district of Obhur north of the city of Jeddah. The development is an integrated sustainable mixed-use community.

The site of the smart city built on Blockchain, lies adjacent to the development of the Kingdom Tower poised to be the world’s tallest skyscraper.

In Mayasem city, Blockchain technology is not just a concept but the core foundation. It is not just the physical features of the city that are future looking and innovatively designed but as per the developers it is integrated into the blockchain.

The technology in Mayasem is providing an improved standard of living and a new level of data control.

As per the Youtube video on Mayasem, “Every brick, every tree, every drop of water is part of a larger interconnected network. It is not just a city it’s a smart City. It uses data to change the way cities are run and that’s why it is the city of the future but what makes Maysem unique is the blockchain.”

According to the developers, the blockchain technology is the lifeblood of this city, it keeps the heart of the city pumping.

The developers state that the entire construction project has DLT technolog woven into its very fabric. It manages the data from the high end apartments to the shopping malls, luxury parks, up to the lagoons.

The technology is giving the people of the city control over their data and in turn a better standard of living. It is reinventing the way cities are run by offering empowerment, transparency ad progress.

Recently, more and more blockchain projects are being built in Saudi Arabia. For example, blockchain enabled Crysp Farms, a UAE based innovator and operator of decentralized blockchain enabled vertical farms, has secured a $2.25 million ‘Pre-Series A’ round structured and led by Gate Capital with participation from regional investors, including those from the UAE and Saudi Arabia, and is planning to launch in KSA.

While most recently, the Hashgraph Association and the Saudi Ministry of Investment signed a partnership to launch a $250 million Deep tech studio for emerging technologies.