Dubai regulator grants WadzPay a crypto broker license but not a payment one

Dubai regulator grants WadzPay a crypto broker license but not a payment one

The Dubai based entity of WadzPay, WPME Technology, which specializes in blockchain based technology for virtual assets has been granted a Virtual Assets Service Provider (VASP) Licence for Virtual Asset Broker-Dealer service activities, better known as crypto broker license, by Dubai’s Virtual Assets Regulatory Authority (VARA).

The crypto broker licence remains non-operational until the company fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval.

As per the press release, WadzPay is excited to deliver its innovative and industry-leading solutions to customers across Middle East while working closely with regulators in contributing to build a compliant and robust fintech ecosystem.

Mr. Anish Jain, Founder & CEO, WadzPay stated “This licence showcases WadzPay’s dedication in promoting innovation in the field of virtual assets domain and blockchain technology bringing us a step closer to delivering world class solutions to businesses in Middle East.”

WadzPay aims to revolutionise the way people in the Middle East transact and manage virtual assets. WadzPay’s commitment to compliance ensures that financial institutions and their customers can confidently embrace the benefits of blockchain technology while adhering to regulatory standards, ultimately contributing to the growth and sustainability of the fintech ecosystem in the Middle East.

Mr. Ram Chari, Board Member and Group Director, WadzPay quoted “This will further solidify WadzPay’s position as a trusted and reliable blockchain technology based financial service provider in the region. With the broker-dealer services, WadzPay will provide the technology to its clients to enhance the experience of their customers by enabling virtual assets transactions in a seamless and secure manner. “

To which Mr. Khaled Moharem, President – MENA & Europe at WadzPay, emphasised, “This cements our hard work and sets the stage for transformative blockchain solutions, promoting compliance and customer confidence in the Virtual Assets Industry.”

WadzPay received its initial approval for a license back in October 2023.

In 2022, KSA based Geidea, a leading fintech company in Saudi Arabia and Blockchain based payments solutions, WadzPay Middle East Technology forged a new strategic partnership to power the transformation of pilgrimage payments.

WadzPay had been strivign to obtain a Blockchain settlement and payment license from VARA in Dubai, yet this will need further framework and direction from the Central Bank of UAE.

Blockchain real estate tokenization blossoms with Desert Pearl in UAE

Blockchain real estate tokenization blossoms with Desert Pearl in UAE

The UAE is set to witness the launch of a large scale real estate blockchain tokenization project called Desert Pearl. Dubai based tokenization consultancy company, DDX, which is involved in both real estate and gold tokenization projects announced Desert Pearl.

As per their website, “This amazing blockchain tokenization project will be the first large scale tokenization project.” The project vision is to create an eco-tourist attraction that combines Dubai’s history and heritage with the natural beauty of the desert.

The DDX Global team and its partners will build a desert resort city with hotels, apartments, shops, entertainment and business venues. Current plans are to build 1000 hotel rooms, 1200 apartments, a shopping mall and conference center, alongside an amazing pearl shaped building for tourism and entertainment (40 storeys high), as well as a Museum and Heritage center.

The project will be tokenized using Blockchain technology. Land tokens will be collaboratively minted by DDX Launchpad partners. DDX Global and its partners will carry out the development over the next 5 years.

Chris Santilhano, Chief Operating Officer of DDX Global  stated, “Our aim as a tokenization consultancy is to leverage blockchain technology for tokenizing real-world assets, we are committed to creating exceptional value for our investors. In addition to the opportunity for long-term value, our strategic approach of digitizing real estate assets will help strengthen liquidity and enhanced international investment in Dubai’s property sector. Our goal is to create a blue-print for responsible real estate tokenization. The integration and interaction of different tokens and their use cases contribute to the DDX Global ecosystem. We are bridging two core markets – the luxury property sector in Dubai with the growth in fintech enterprises driven by Web3 innovation.”

Designed by Zhuzh, a Dubai-based international luxury, bespoke architectural design company, Desert Pearl will feature two luxury hotels, luxury apartments, a high-end commercial cluster and a luxury retail precinct in addition to a boulevard and private marina. The luxury boutique hotel with 88 keys will also house an arena, an Arabic astronomy museum, planetarium, Concord’s Gallery, and hanging gardens.

The first residential building in Desert Pearl is the Qamar Residences, featuring the Pearl Collection of homes at 400 square meters, the Oasis Collection at 650 square meters and the Sky Penthouse, a triplex, will be a record breaking 5,000 square metres. All the items in the apartments will be customized. All these assets can be tokenized, delivering more value for investors. More details of the project will be announced shortly.

‘Desert Pearl’ resort in Dubai will combine sustainability and high-end tokenization.

Blockchain enabled Instimatch partners with Saudi Muqassa for repo trading

Blockchain enabled Instimatch partners with Saudi Muqassa for repo trading

Saudi Arabia based Muqassa, a subsidiary of Saudi’s Tadawul Group, specialized in settlement of trades, signed an MOU (Memorandum of Understanding) with Swiss Blockchain enabled Instimatch, a cash management platform for institutions across industries and geographies to interconnect.

The MOU will work to launch a repo trading platform to enhance the financial structure of the Saudi Capital Market.

A repo is a repurchase agreement, which is defined as short-term lending mechanism that involves a bank selling securities, usually government bonds or other debt instruments with steady values, to an investor and then buying them back a short time after at a slightly higher price.

Muqassa works to reduce post-trade risk by introducing new mechanisms to guarantee the settlement of trades.

The signing was held during Saudi Capital Market Forum (SCMF), held in Riyadh between 19 and 20 February.

Under the MoU, Muqassa will conduct central clearing for all repo transactions on the new platform. Instimatch which leverages blockchain technology, working with Blockchain platforms such as R3 and AlGorand, will be responsible for continually enhancing the trading platform in collaboration with Muqassa, ensuring its adaptation to the evolving requirements of its users.

The MoU will also allow both parties to cooperate in order to introduce new products and services in the Saudi capital market. This will support the efforts exerted for the development and diversification of the market, which come in the context of Vision 2030.

Instimatch’s mission is to establish a global network of trust, enabling counterparties across the globe to conduct money market trades transparently and frictionless. This will facilitate the global flow of liquidity between counterparties, leading to a more efficient, stable and diversified money market system

In 2021, Instimatch Global, and Algorand, blockchain powering secure and efficient frictionless exchange, partnered to disrupt the regulated payment networks with advanced solutions powered by blockchain. Prior to that in 2020, Instimatch had partnered with R3 and also opened up its regional MENA office in Qatar.

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.