Dubai virtual asset regulator grants initial approval to B2B Prime

Dubai virtual asset regulator grants initial approval to B2B Prime

It seems like almost every week or so new virtual asset service providers are seeking licenses in Dubai UAE. The latest already regulated in Cyprus and Mauritius, is B2 Prime Group. Its MENA entity, B2B Prime Digital MEA has been granted initial approval for a crypto broker, crypto exchange, payment and transfer license from VARA (Dubai Virtual asset regulatory Authority).

As per the press release, licensing remains subject to fulfillment of pre-operating conditions and qualifying for operational approval by VARA.

This milestone signifies the granting of Initial approvals from VARA for licenses covering activities of “Virtual Asset Exchange Services,” “Virtual Asset Broker Dealer Services,” and “Virtual Asset Transfer and Settlement Services”.

Eugenia Mykuliak, Founder of B2Prime, expressed her gratitude for this achievement, stating, “We are excited to contribute to the growth of Dubai’s ever growing Virtual assets ecosystem.”

Arthur Azizov, Co-Founder of B2B Prime Digital MENA added, “We are extremely proud and grateful to have received initial approval from VARA, which is a testament to our determination to maintain the highest standards in regulatory compliance.”We’ve built a powerful ecosystem that not only meets but exceeds the industry’s standards, guaranteeing a safe and efficient gateway to virtual assets for users. We are ready to move forward in the licensing process in our bid to offer secure and streamlined access to virtual assets, strictly adhering to VARA’s guidelines.”

“The receipt of the Initial Approval for all three licenses, particularly the Transfer and Settlement License, was eagerly awaited and has brought immense joy to our entire team. This achievement has undoubtedly inspired us to pour our absolute best towards securing the Virtual Asset Service Provider license”, stated Adriana Paredes Herrera, CEO of B2B Prime Digital MENA.

B2Prime Group, a Prime of Prime Multi-Asset Liquidity Provider, serves institutional and professional clients globally and offers compliant, reliable expertise across Forex, Crypto CFDs, and other markets.

Abu Dhabi based Blockchain Foundation merges with Klaytn to form new Blockchain

Abu Dhabi based Blockchain Foundation merges with Klaytn to form new Blockchain

Finschia, an Abu Dhabi based Blockchain Foundation has announced the merger with Klaytn Foundation, to form a new blockchain mainnet.

The two foundations have submitted their proposals to their respective governance members for open discussion, with voting scheduled from 26 January till 2 February. The governance proposal submitted by Klaytn Foundation can be viewed on the Klaytn Governance Forum.

The chain merge is designed to create a highly competitive mainnet ecosystem by integrating the capabilities of Klaytn and Finschia. The two foundations will form an integrated organization, sharing technologies, services, and business networks, working alongside Kakao, LINE, and other partners who have contributed to the development and ecosystem expansion of their respective mainnets.

As per Finschia blog,” By doing so, we plan to establish ourselves as Asia’s largest Web3 ecosystem, taking the lead to drive blockchain mass adoption in the region.”

Klaytn’s robust technical infrastructure and strong presence in South Korea, Singapore, and Vietnam, will be combined with Finschia’s comprehensive service network that is popular in Japan, Taiwan, Thailand, and Abu Dhabi.

Post-merge, Klaytn’s DeFi and gaming services and Finschia’s NFT, payment, and AI services will come together to create a massive ecosystem of 420+ DApps and services, 45+ governance partners, and 450+ Web3 resources, the largest Web3 network in Asia. The merged blockchain will also inherit integration with both Kakao and LINE messengers, creating a powerful ecosystem with over 250 million potential Asian user touchpoints.

Post-merge, the unified foundation will continue to pursue ecosystem expansion in the RWA tokenization, GameFi and DeFi verticals through collaborations with Japanese, South Korean, and Southeast Asian partners, while continuing to develop messenger-based Web3 services and the digital commerce platform. With access to every Kakaotalk and LINE user, the new public blockchain will also act as a springboard for Asia’s IT and entertainment enterprises.

“We are excited to be taking the first step toward unlocking the enormous synergy of merging the public blockchains started by Kakao and LINE, which are both leading IT companies in Asia,” said Klaytn Foundation and Finschia Foundation. “We will give our best to make this merge an opportunity to innovate and lead the Asian blockchain industry in both technology and adoption.”

Genesis Tech and BRI launch Blockchain data project in Qatar

Genesis Tech and BRI launch Blockchain data project in Qatar

Qatar based BRI ( Blockchain Research Institute) Middle East and Genesis Technologies have announced the deployment of a Blockchain data storage system to a client in the country.

As per the press release, BRI Middle East and Genesis Technologies will utilize blockchain for distributed database backup. The new system will improve data availability and reliability, reducing downtime and ensuring uninterrupted access to critical information.

The decentralized nature of the network also provides scalability, allowing organizations to seamlessly expand their storage capacity as their needs evolve.

Genesis Technologies developed the DDS system which is the foundation of the project. By utilizing blockchain technology, the solution provides an unmatched level of security and privacy for critical files.

“This project represents a major leap forward in data protection, offering our client unparalleled security, reliability, and peace of mind. By harnessing the power of blockchain, we have transformed the landscape of database backup, setting a new standard for the industry” said Aline Daoud, Managing Partner at BRI Middle East.

“Our mission with the DDS System is to revolutionize the way sensitive data is stored,” said Dr. Mazen El-Masri, CEO of Genesis Technologies. “In this digital age, security and availability are paramount. The DDS System leverages blockchain technology not just as a buzzword but as a concrete solution to real-world data storage challenges.”

On LinkedIn Mazen El Masri explained that this was the second project they deliver after their first one in KSA. He states, ” We are thrilled to announce the successful completion of Genesis Technologies second project! While our first project exceeded the expectations of a key ministry in Riyadh, this second project with a private Qatari Based company clearly highlights the value of blockchain technology in revolutionizing data storage while offering unparalleled security.”

Genesis Technologies was launched in Qatar back in September 2022.

UAE to launch a $250 million blockchain seafood project

UAE to launch a $250 million blockchain seafood project

BoCG ventures and UAE Exim Finance collaborate on a $250 million investment on transparent and sustainable seafood ecosystem blockchain enabled seafood project in Abu Dhabi UAE.

The Aquaculture project includes the development of innovative infrastructure, such as a 10,000 metric ton salmon recirculation aquaculture system (RAS) farm, and an end-to-end seafood trading platform.

The project will utilize blockchain technology to bridge the gap between seafood products with supply chain and trade financing efficiencies. This initiative tackles difficult constraints in seafood production, trading and supply chain and proposes to scale the value proposition for buyers, sellers, seafood producers and supply chain players in a win-win scenario that grows the market through transparency and competition.

BoCG Ventures, has launched its newest project: a hybrid 10,000 MT RAS Farm located in Abu Dhabi, UAE. In addition to the land-based farm, the project features a blockchain enabled trading platform designed to simplify, fasten, and de-risk global seafood transactions.

“We believe that food security is a critical element of national security, and relying on imports for 70% of the region’s food poses a substantial risk. A land-based RAS farm is an innovative solution for serving the region in a carbon-effective way because it tackles regional challenges in trading efficiency, transparency and transaction financing. This initiative aligns with our firm’s commitment to efficiently and sustainably address the region’s food needs.” – Lyon Kassab, BoCG Ventures Managing General Partner

“The partnership between EXIM Finance and BoCG Ventures is built on compatibility. BoCG Ventures relies on our track record for creative solutions and strategic export/import relationships, while we trust them to excel in project development, operations, technology adoption, and financial returns. This collaboration aims for a long-term partnership based on shared expertise, aspirations, and forward-thinking leadership, ensuring project success through our combined operational models.” – Anshul Dawani, EXIM Managing Partner

The potential harbored by the venture has captivated sustainability-focused investors, leading to a $250 Million USD investment spearheaded by EXIM Finance through a combination of debt and equity financing. This capital infusion is anticipated to accelerate the growth trajectory of the joint venture, fostering a symbiotic ecosystem that ushers buyers and sellers into a new era of seafood markets in the digital epoch.

“BoCG Ventures’ Aquaculture Project is in direct relation to our mandate as an investment firm – as it intertwines and balances environmental and social impact investing, business scalability, and sustainability. We believe that over the next decade the venture’s trading and manufacturing ecosystem will become a mainstay across the world’s most competitive seafood markets. We support the vision behind the joint venture and bring depth to our global portfolio of infrastructure-led projects that place sustainability at the heart of our ethos.” – Salah Ibrahim Al Nasser, EXIM Chairman

“With the advent of the joint venture, more markets that need access to sustainable food sources can leverage our products, technology, partnership, and model. On the demand side, we will be able to provide more access to high-quality seafood to the region and compete on more than simply price. On the supply chain side, we can bring more efficiency between markets that need it most.” – Salim Makvana, Aquaculture Farm Lead

Commenting on the joint venture and fundraise, Board Director Saeed Al Darmaki adds, “As a former ADIA lead and early adopter of blockchain, I must say that BoCG Ventures addresses a crucial gap in the region and globally. Bringing the utility of blockchain in trading and financing platforms aims to bridge traditional business and finance needs using modern techniques while aligning with the GCC’s imperative for food security and a net-zero vision.”

Flare Blockchain adds Google Cloud as 100th Validator

Flare Blockchain adds Google Cloud as 100th Validator

UAE Flare Blockchain is looking more like a torch these days. In the latest of a series of announcements, Flare, better known as the blockchain for data an EVM smart contract platform, has added Google Cloud as both a network validator and contributor to the Flare Time Series Oracle (FTSO) on the flare network.

So far Flare Blockchain has added 100 organizations as validators and contributors to the FTSO on Flare. These 100 Flare infrastructure providers support both the security of the Flare network as validators and contributers to the decentralized price oracle.

As a network validator, Google Cloud will be responsible for proposing and validating new blocks to the Flare blockchain, thereby supporting the chain’s proof of stake consensus mechanism.

The infrastructure provider role is critical for Flare’s mission to provide decentralized applications on both Flare and other chains with high quality access to decentralized data: price and time series data, blockchain event and state data, and Web2 API data.

For those who don’t know, Flare, the company aims to bring together low cost EVM smart contracts with decentralized data, while giving developers and users trustless access to the broadest range of data, with scalability, low latency, and at minimum cost. According to Flare, this is achieved by utilizing the validators of the network to provide decentralized data to applications as part of a decentralized native oracle system.

Hugo Philion, Co-Founder and CEO of Flare who is based in Dubai UAE, stated, “As the blockchain for data, we are excited that Google Cloud is joining our existing decentralized network of infrastructure providers who contribute to Flare. Our work together will help deliver a more robust decentralized smart contract platform that places decentralized data at its core.”

“Although much of the existing utility in the blockchain space comes from the nexus of decentralized computation with external data, existing oracle systems suffer from meaningful drawbacks: they are hard to decentralize, expensive to use, difficult to scale and have high latency.” Philion said about the challenges of the decentralization of data access, before explaining how Flare’s dual-role approach addresses the issue:

“Because Flare’s oracles are built into the structure of the network, we are the only smart contract platform optimized for decentralized data acquisition and are able to give developers all the data they need to build new, more relevant use cases beyond financial speculation.”

James Tromans, Head of Web3, Google Cloud stated: “Data access at scale is important to increase relevant blockchain use cases and greater global adoption of the technology. Google Cloud becoming a validator on the Flare network will help support that mission.”

Back in November Flare partnered with Elliptic, to integrate Elliptics transactions and wallet screening capabilities into the Flare network. The partnership also allowed organizations building decentralized apps on Flare with access to Elliptic’s real-time wallet and transaction screening tools to uncover any links to illicit actors.

As part of the integration, Elliptic’s monitoring, compliance, and analysis software would support  FLR, the native asset of Flare. Financial institutions, businesses, and regulators as such could utilize these software tools to identify a full range of illicit activities, from small-scale fraud schemes and money laundering to sanctions evasion and terrorist financing.

Then Bitfrost wallet partnered with Flare to offer staking on Flare. As Bitfrost noted during the announcement, “ The introduction of staking on Flare Network is one of the many steps we are taking to ensure our users have easy access to the most advanced and secure crypto management tools in the market.”

Even Arkham intelligene platform for analyzing network data also decided to support Flare. Through the support, users of Flare have access to Arkham’s Intelligence Platform for analyzing network data, the Arkham Oracle for gaining actionable on-chain insights, and the Arkham Intel Exchange for bidding on and winning different Flare-related bounties and auctions. Arkham allows Flare users to maintain tabs on their portfolios and watch what the world’s best traders and investors are doing in real-time. 

As if that was not enough, Flare partnered with Kinetic, a lending and borrowing platform, to bolster the development of decentralized finance (defi) applications on the Flare network.  The collaboration aims to introduce lending and borrowing capabilities, deepen liquidity, and help build a robust defi ecosystem on Flare.

Under the partnership, Kinetic, backed by Rome Blockchain Labs, would provide  a seamless platform for Flare users to participate in DeFi activities and earn block rewards using their supplied digital assets. The platform will also utilize Flare’s native price oracle, the Flare Time Series Oracle (FTSO), to ensure accurate and decentralized price feeds for lending and borrowing activities.

The Flare ecosystem by the end of 2023 boasted of over 150 partners. Among the notable contributors are Metropolis World, Pangolin, BlazeSwap, Uppercent, Covalent, SubQuery, Atriv, aiPX, Punk Domains, Ankr, Arkham, Flarescan, Subsquid, Web3Auth, Etherspot, and Elliptic. Today in 2024 with the addition of Google Cloud, Flare boasts of 100 validators.

Binance and Blockchain center introduce Blockchain curriculum in Jordan

Binance and Blockchain center introduce Blockchain curriculum in Jordan

The Blockchain Center, which seeks to embed blockchain education into academic curricula across the globe by offering training programs for university educators, has partnered with Binance Academy; to expand its Global University Outreach program to included Jordan based Al Ahliyya Amman University.

The Blockchain Center and its initiatives across the glove aim to revolutionize blockchain education by integrating Blockchain Compliance and Blockchain Engineering into the curriculum of universities worldwide.

Al-Ahliyya Amman University, known for academic excellence, will now have access to a wealth of resources curated by Binance Academy and the Blockchain Center. In addition to providing training for university professors, the Blockchain Center will also offer expert-led workshops, seminars, and collaborative research opportunities. This program will provide students and faculty with firsthand experience in the dynamic landscape of blockchain technology.

Bandar Altunisi, Head of Development  Binance Academy in Saudi Arabia, “As a key player in the Global University Outreach Program, together with the Blockchain Center we are excited to welcome Al-Ahliyya Amman University to our network. This collaboration signifies our shared commitment to advancing blockchain education and empowering the next generation of industry leaders.”

The Global University Outreach Program, initially launched in 22 universities in Kazakhstan, plans to expand its reach to over 200 universities across more than 50 countries. With a focus on blockchain engineering and compliance, the initiative seeks to educate over one million students globally by 2026.

“Education is crucial in driving the adoption of blockchain technology into our daily lives,” remarked Aigerim Gilmanova, Head of Education Initiatives at the Blockchain Center. “By extending our program to Al-Ahliyya Amman University, we are fostering an environment where students can explore, experiment, and innovate within the field of blockchain technology.”

“This partnership aligns with our mission to stay at the forefront of technological advancements and provide our students with the skills they need for the future,” said Ahmad O. Hourani, Marketing and Communications Unit Director at Al-Ahliyya Amman University. “We look forward to contributing to the success of the Global University Outreach Program and advancing blockchain education globally.”

Oman Development Bank utilizes blockchain enabled solutions

Oman Development Bank utilizes blockchain enabled solutions

The Oman Development Bank will 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.

Oman Development Bank, the financing arm for the government to support SMEs based in Oman is dedicated to enhancing its banking processes, aiming for a seamless, secure, and omnichannel experience for its customers.

The bank has opted for Newgen’s intelligent process automation (BPM) and contextual content services (ECM) offerings, built on the NewgenONE low code platform. This project would be executed with the help of Newgen’s platinum implementation partner, Ikyam Technologies.

The Newgen Intelligent process automation and contextual content services are built on a low code platform that manages content, processes ad communication. It empowers  employees to easily develop applications, from automating small departmental functions to enterprise wide solutions

The platform helps leverage cutting-edge capabilities such as robotic process automation (RPA), digital sensing, mobility, analytics, and blockchain,

Leveraging Newgen’s solutions, the bank will oversee the entire content lifecycle, from origination to disposition. The solution provides efficient tools for capturing content from diverse sources and facilitates instant document uploads—managed within a secure, centralized repository. The bank can optimize processes and foster collaboration between front- and back-office teams through user-friendly workflow automation. Moreover, the solution will allow DB to mitigate business risks by ensuring compliance and securing business-critical information. The integration with core banking and third-party systems will provide a unified experience.

“With Newgen’s robust solution, we look forward to achieving a paperless work environment that will enhance efficiency, reduce overall costs, and eliminate process bottlenecks. This will help us meet the targeted growing demand and scale operations to handle high-volume transactions efficiently, leading to a better customer experience. With this implementation, we are poised to set new benchmarks in delivering innovative financial services, empowering SMEs financially, and aligning with the country’s economic development goals,” said Mahmood Al-Yafai, Digital Transformation Program Director, Development Bank.

“It brings us great pleasure to partner with DB, supporting and advancing their digital transformation program’s goals. DB’s trust enhances our standing as a robust, adaptable, and scalable platform meeting the diverse spectrum of banking customer needs. We look forward to helping the bank build a strong foundation with digital banking and supporting their future initiatives,” said Vivek Bhatnagar, VP – EMEA Sales, Newgen Software.

Turkey gives the UAE a run for its crypto status

Turkey gives the UAE a run for its crypto status

For as long as can be remembered, the UAE has been at the forefront of the crypto scene in the MENA region. To date it has outpaced most of the countries in the region, but it seems that Turkey is starting to give the UAE a run for its crypto status.

During the past several weeks many crypto related announcements have been coming out of Turkey.

The first which was interesting was the expansion of Turkish home grown crypto trading and mining platform to Brazil. Bitci aims to open a cryptocurrency trading platform in Brazil and then Spain.

Chief Executive Onur Altan Tan said in an interview that he hopes a Brazilian exchange will build on its tie ups with soccer clubs there, given that the company offers fan tokens.

He stated, “We are opening a crypto exchange in Brazil because we have valuable assets there. We have released fan tokens of Brazil’s national team and we have agreed with six other clubs.”

Tan said after Brazil and Spain, Bitci plans to open crypto exchanges in some countries in Central Asia, India and Russia in 2024. 

But that is not all that is coming out of Turkey. Turkish banks are also gearing up towards crypto. Turkish AkBank announced the acquisition of local crypto firm Stablex as it aims to become a key player in the digital asset space.

Then Garanti BBVA, another leading Turkish bank, launched its crypto wallet app the following day. The application has a cold wallet feature and allows users to send and receive assets like Bitcoin (BTC), USD Coin (USDC) and ether (ETH).

Turkey ranks among the top 20 countries in Chainalysis’ Global Crypto Adoption Index 2023.

Finally Turkey’s finance minister, Mehmet Simsek, recently announced that the nation’s crypto regulations are in their “final stages.” According to the report, these impending regulations are designed to mitigate the risks associated with trading in crypto assets and faciliatate the removal of Turkey from FATF (Financial Action Task Force) grey list.

The proposed regulations outline a licensing framework for digital currency asset trading platforms overseen by Turkey’s Capital Markets Board (CMB). This framework will introduce minimum operating standards, including specific requirements for founders and managers, organizational obligations, and capital stipulations.

As reported by Reuters, Simsek’s announcement reflects Turkey’s approach to integrating crypto assets into its regulated financial landscape.

This is happening while the UAE still lags behind when it comes to Central Bank framework for virtual assets payments, remittances and settlements. While many crypto exchanges in the UAE have received licenses, none have confirmed which banks they are working with when it comes to fiat and crypto on and off ramp.

In terms of traditional banks, again most UAE banks have stayed away from crypto. It hasn’t helped that the UAE Central Bank issued a new guidance on anti-money laundering and combating the financing of terrorism (AML/CFT) for licensed financial institutions (LFIs) with a focus on the risks of dealing with virtual assets.

Companies such as WadzPay still await the Central Bank framework that would allow them to move forward with their pilot solution with Dubai Duty Free for implementing a digital assets settlement platform. But so far the only partnership Dubai Duty Free has signed up with is AliPay allowing customers access promotions and pay with their home digital apps at duty-free stores at Dubai and Al Maktoum International airports.

New UAE Fashion luxury brand launches collection with NFTs

New UAE Fashion luxury brand launches collection with NFTs

UAE luxury brand Kelvin Haus launches with a unique collection that utilizes NFTs to offer consumers a sustainable future for fashion.

Founder Hammad Anwar shares, “Our journey starts here, in the heart of the UAE, where each garment reflects our commitment to supporting the local community while championing eco-conscious fashion.” Aligned with Vision 2050, Kelvin Haus ethically sources sustainable raw materials and expertly crafts them in the Kelvin Haus Atelier, a symbol of luxury and exclusivity.”

In its first product release dubbed “The Street Tee.. Dubai edition” of just 971 pieces, they are introducing Blockchain ownership and NFTs (non- fungible tokens) to deliver authenticity and interactive engagement with every garment. The NFTs will also offer customers unique experiences and benefits, showcasing Kelvin Haus’s commitment to leading in fashion technology.

Collaborating with local artists, Kelvin Haus has curated a limited edition design that authentically captures the vibrant essence of Dubai. The brand’s unwavering commitment to inclusivity is evident in its exhaustive efforts to cater to all body sizes, offering a diverse range of fits tailored to suit every unique body type.

Sustainability is the cornerstone of Kelvin Haus. With the fashion industry generating 1.92 million tons of textile waste annually, the brand champions the use of recycled fibres, adhering to the highest ecological standards such as OEKO-TEX® and GOTS. Kelvin Haus pioneers the circular fashion economy with sustainability embedded in every operation.

Moroccan advisory firm to offer blockchain cyber security solutions

Moroccan advisory firm to offer blockchain cyber security solutions

Moroccan BDO advisory has partnered with Naoris Consulting to integrate Naoris’s solutions including their blockchain based security protocol into their service offerings.

According to the announcement the integration is specifically designed to meet the unique challenges of the French-speaking African market.

The synergy between BDO Advisory and Naoris will make it possible to develop tailor-made digital transformation strategies, with a particular emphasis on cybersecurity. The objective is to use Naoris’ advanced technology to strengthen the resilience and competitiveness of African organizations and businesses, explains BDO Advisory.

On LinkedIn, Zakaria Fahim Managing Partner of BDO Morocco, stated, “We are excited to promote our strategic partnership for advancing decentralized cybersecurity using blockchain technology. This collaboration is key to providing innovative, secure solutions for Morocco and Africa.”

He added, “Our shared goal is to develop advanced cybersecurity systems leveraging blockchain’ s decentralization and transparency. This partnership will enable us to offer robust solutions tailored to the unique challenges faced by our enterprises in Africa and globally.”

Naoris Consulting on LinkedIN noted, “We are excited to share a pivotal chapter in our story. We’re embarking on a strategic partnership with BDO Morocco, a union of vision and expertise to revolutionize digital transformation with cybersecurity as a backbone in Francophone Africa. Envision a landscape where every organization in Francophone Africa is empowered to thrive digitally, bolstered by unyielding cybersecurity. This partnership is our stride towards turning that collective dream into a tangible reality, ensuring a safer and more innovative future for all.”

More and more Blockchain companies are moving to Morocco to serve the African region, including entities such as The Hashgraph Association, IR4Labs and others.