Crypto trading in Qatar flourishes despite Central Bank ban

Crypto trading in Qatar flourishes despite Central Bank ban

Over the past years and despite the continuous banning of crypto in Qatar by the Qatar Central Bank, crypto trading and investing in Qatar is flourishing reflected in various ways. 

The first reflection of the attractiveness of crypto trading in Qatar is the statement made by Qatar’s Ahli bank, at the end of May 2023. The bank warned customers against, trading, buying and selling virtual assets and currencies through accounts and banking services, citing the reasons as being associated with high risks.

Secondly Triple A report in January 2023 put Qatar’s crypto ownership at 0.9 percent of the population, around 24,000 people. Since then it could be the numbers have increased. Just over a year ago CoinMENA had announced that it was serving clients in Qatar. Even Bahrain’s RAIN crypto broker supports Qatar, as does UAE based BitOasis.

But the third and most significant reflection of the growth of crypto in Qatar is the recent MENA FATF report, where they mention that Qatar needs to work more on improving its risk understanding, implementation of TFS ( Targeted Financial Transactions) and NPO (Nonprofit organizations) preventive measures for virtual assets, and virtual asset service providers.

As mentioned in their report, “ Qatar has a very strong level of compliance with the FATF Standards, with only minor improvements needed in relation to risk understanding, implementation of TFS and NPO preventive measures, VAs and VASPs, wire transfers, transparency for legal persons and arrangements and cross-border movements of cash and BNIs.

So while Qatar has embraced blockchain, digital assets, and is studying the possibility of implementing CBDC, while shunning crypto, the population in Qatar seems to be moving forward with the crypto times.

UAE based Sabre56 a crypto mining hosting provider signs deal with US GEM mining

UAE based Sabre56 a crypto mining hosting provider signs deal with US GEM mining

UAE based Sabre56 a hosting provider and digital asset mining consultancy, has signed a hosting deal with U.S. based GEM Mining, an institutional-grade Bitcoin (BTC) mining company.

As per the agreement, Sabre56 will initially host 4, 510 of GEM mining’s BTC miners in Sabre56’s new hosting facilities in Wyoming in USA.

As per the announcement, half of the miners will come online in May, and the remaining miners in June.

The deal follows Sabre56’s February announcement of its US$35 million funding agreements to build 150MW of Tier 0 data centers to support blockchain infrastructure.

The Company is rapidly transitioning from consulting on mining projects to constructing and hosting its own facilities, and today’s news is the first among the waitlist of miners ready to take hosting services in the new and future facilities that are currently under construction.

Phil Harvey, CEO of Sabre56, stated, “We are excited to welcome our new partner – GEM Mining. Our two companies are united in our vision for the mining industry, our core values of how to achieve it, and the pursuit of excellence taught in the military.

John S. Warren, CEO of GEM Mining, added, “GEM Mining is built for robust, long-term growth to drive the digital asset mining industry towards maturity. As the United States consolidates its status as the Bitcoin mining capital of the world we have – in Sabre56 – found a partner operating in the same ‘cut-to-the-chase’ way. We are delighted to place our machines with a hosting provider of such outstanding capabilities.”

In the MENA region, Sabre56 has delivered MWs of computing power.

Laraontheblock speaking to Phil Harvey asked if they had intentions to develop digital asset hosting facilities in UAE after the entrance of Marathon Digital. His response, “For almost a decade now, the UAE has been at the forefront of cryptocurrency innovation – welcoming the sector like few other places. The most recent example is the introduction of the UAE’s VARA regulation, which puts it comfortably ahead of Europe and the United States in terms of regulatory clarity.”

He added, “Marathon Digital’s move to expand mining operations to the UAE is an interesting entry, and we are closely watching the progress of their Masdar City immersion Bitcoin-mining facility. Compared to more temperate geographies, the GCC’s arid and hot climate poses a formidable obstacle to successful and efficient mining operations.”

Crypto.com to receive MVP operational license from VARA soon

Crypto.com to receive MVP operational license from VARA soon

Crypto.com, a global crypto exchange seems it will soon  become the second crypto exchange in Dubai UAE to receive MVP operational license after BitOasis.

VARA’s public register had listed CRO DAX Middle East better known as Crypto.com as having an MVP operational license authorized for specific activities and product types. As stated prior, Crypto.com is only authorized to serve qualified retail and institutional clients, but VARA website has since then removed it and now states it has an MVP preparatory license. 

Sources close to the matter state that this is a sign that an operational license is soon to come. This would make crypto.com the first global exchange to receive an MVP (Minimum Viable Product) operational license from VARA. 

This comes after the UAE Central Bank recently announced its AML (Anti Money Laundering) and FTC for financial institutions dealing with VASPs.

Binance has also yet to receive its operational license and still holds the status of MVP preparatory license.

More and more global crypto exchanges are seeking to set up regulated licenses in UAE.

Could Qatar be creating a cloud based blockchain platform to accelerate its Blockchain blueprint strategy?

Could Qatar be creating a cloud based blockchain platform to accelerate its Blockchain blueprint strategy?

Dr Mohamed Abdallah and Dr Aiman Erbad, Associate Professors at  Qatar’s HBKU College of Science and Engineering published an article on how Qatar’s Blockchain blueprint will boost the adoption of blockchain and their recommendations for accelerating the growth. They proposed hosting a high-performance cloud based blockchain platform to accelerate prototyping and testing or creating a physically distributed blockchain network among different institutions, including ministries and universities, which can serve as a test bed that can also host actual blockchain applications, among other recommendations.

The College of Science and Engineering at Hamad Bin Khalifa University (HBKU), as well as the College of Engineering at Qatar University (QU), and the Communications and Regulatory Authority jointly developed the National Blockchain Blueprint, aimed at defining the requirements and incentives necessary for the adoption of blockchain technology in Qatar.

As per the article, the blueprint has several goals, including facilitating the emergence of startups and new companies, identifying successful methods through pilot projects, promoting creativity and innovation, and upgrading infrastructure to enable a conducive environment for blockchain technology.

The authors also discuss various recommendations that could be incorporated within the Blockchain blueprint.

One of the key recommendations of the blueprint is to encourage the development of pilot projects in priority sectors such as Fintech, Energy, and Health.

The Blockchain blueprint also wants to provide an adequate incubation environment for promising blockchain startups. The authors recommend creating a new consortium-based funding organization that involves all stakeholders to promote blockchain-based startups and businesses.

To facilitate the deployment and testing of new blockchain applications, The authors also recommend hosting a high-performance cloud-based blockchain platform to accelerate prototyping and testing.

The final recommendation is to create a physically distributed blockchain network among different institutions, including ministries and universities, which can serve as a test bed that can host actual blockchain applications. By having a distributed network, blockchain-based solutions can be tested in a real-world environment, and the risks and potential opportunities can be identified.

Qatar has been moving forward with its blockchain initiatives and the Qatar Financial Centre Authority has been at the forefront of integrating blockchain, DLT, digital assets into the financial market. More recently they even discussed digital assets for Islamic Finance and signed an MOU with Malaysian Labuan IBFC well known for its Islamic finance products.

Finally and most recently Qatar Financial Authority were in discussions with Qatar Development Bank to discuss the need for digitization of products and services in digital assets, kYC, SMEFinance and the metaverse. 

It would seem that the Qatar Blockchain blueprint is moving forward in great strides. 

A look into UAE Central Bank’s AML guidance document for virtual assets and what it means for the future of VASPs in UAE

A look into UAE Central Bank’s AML guidance document for virtual assets and what it means for the future of VASPs in UAE

The UAE Central Bank has issued its long awaited virtual assets and virtual assets service provider framework under the umbrella of 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.

The actual document is more telling than the initial press release. In reality the UAE Central Bank has clarified what is considers as virtual assets and who can offer services in this realm, as well as how banks and financial institutions will work with VASPs when it comes to opening accounts for them and meeting compliance requirements. It also makes clear that virtual assets are not considered a legal tender in the UAE.

Now a lot has been made clear. Earlier this month, there was a position for a Fintech virtual assets senior manager job at a UAE Bank who was required to be specialized in Fintech and virtual assets compliance from a finance crime perspective, which was eye catching because there wasn’t anything yet announced from the UAE Central Bank. Yet now one thing is for certain, banks in the UAE will be scrambling to hire talents who understand the virtual asset ecosystem so they will be able to comply with the recent guidance.

Definition of virtual assets and VASPs

First the UAE Central Bank has defined as they mention in alignment with FATF definitions, what virtual assets are, leaving out of the definition CBDCs and security tokens, as well as some NFTs. As per the guidance, “A virtual asset is a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes, excluding digital representations of fiat currencies, securities, and other funds (such as those separately regulated by the competent authorities of the UAE, including the CBUAE, SCA, VARA, FSRA, and the Dubai Financial Services Authority (“DFSA”).”

It goes on to explain, “Virtual assets, so defined, typically include assets commonly referred to as cryptocurrencies, cryptocoins, payment tokens, exchange tokens, and convertible virtual currencies. Without prejudice to the definitions in the laws and regulations referred to above, stablecoins may be considered either virtual assets or traditional financial assets depending on their exact nature. No asset should be considered a virtual asset and a traditional financial asset (e.g., a security) at the same time.”

The guidance also discusses payment tokens offered and licensed by payment token service providers. Payment Tokens are defined as a type of Crypto-Asset that is backed by one or more Fiat Currency, can be digitally traded, and functions as a medium of exchange and/or a unit of account and/or a store of value, but does not have legal tender status in any jurisdiction. A Payment Token is neither issued nor guaranteed by any jurisdiction and fulfills the above functions only by agreement within the community of users of the Payment Token. Payment Token Service Providers, in turn, are defined as persons engaged in Payment Token issuing, Payment Token buying, Payment Token selling, facilitating the exchange of Payment Tokens, enabling payments to Merchants and/or enabling peer-to-peer payments, and Custodian Services related to Payment Tokens.

What Virtual assets are not

As for NFTs, they are not considered virtual assets, but this does depend on the nature of the NFT and its function. As stated, “Some NFTs that on their face do not appear to constitute VAs may fall under the VA definition if they are used for payment or investment purposes in practice.”

The guidance makes it clear that the Central Bank of the UAE does not accept or acknowledge virtual assets as a legal tender/currency in the UAE; rather, the only legal tender in the UAE is the UAE dirham. As such, those accepting VAs as payment for goods and services or in exchange for other assets bear any risk associated with the future acceptance or recognition of VAs.

The guidance adds,  by definition VAs cannot be digital representations of fiat currencies, securities, or other separately regulated financial assets, a bank record maintained in digital format, for instance, that represents a person’s ownership of fiat currency is not a VA. However, a digital asset that is exchangeable for another asset, such as a stablecoin that is designed to be exchangeable for a fiat currency or a VA at a fixed rate, could still qualify as a VA, depending on the relevant features of such a stablecoin.

VASP activities overview

There are five basic activities that fall under VASPs as per the UAE Central Bank, but these are not considered as comprehensive only meant for illustrative purposes. They include virtual asset exchange, virtual asset brokers, who transfer ownership of VA from one user to another, virtual asset custodians, P2P exchanges, remittance payments, payment for nonfinancial g goods or services, or payment of wages. A provider offering such a service will likely be a VASP.

The UAE Central Bank has even considered decentralized virtual assets Exchanges or decentralized finance (“DeFi”) application creators, owners, and operators as VASPs given they maintain control or sufficient influence in the DeFi arrangements, even if those arrangements seem decentralized, may fall under the definition of a VASP where they are providing or actively facilitating VASP services. For example, there may be control or sufficient influence over assets or over aspects of the service’s protocol, and the existence of an ongoing business relationship between themselves and users; even if this is exercised through a smart contract or in some cases voting protocols.

Even entities that provide related financial services to issuer’s who offer or sell virtual assets through participation in and provision of financial services related to an issuer’s offer or sale of a Virtual asset through activities such as initial coin offerings (“ICOs”) are considered as VASPs.

Licensed Financial Institutions AML CFT

Finally as per the AML-CFT Decision, every natural or legal person who carries out any VASP activities, provides VASP products or services, or carries out VASP operations from the state must be licensed, enrolled, or registered by a competent supervisory authority in the UAE.

LFIs are strictly prohibited from establishing relationships or processing transactions with individuals or entities that perform covered VASP activities and are not licensed to do so by UAE authorities. It is therefore essential that LFIs form an understanding of whether its customers perform covered VASP activities and, if so, whether they have fulfilled applicable UAE licensing requirements. LFIs are not permitted to establish relationships or process transactions with foreign VASPs that have not secured a license to operate as a VASP from UAE authorities, even if the foreign VASP is duly licensed or registered outside the UAE.

The guidance warns that LFIs may be indirectly exposed to VA or VASP activity through its customers that use their account or relationship with the LFI to provide downstream financial services to VASPs. In the case of VASP customers, this may include the provision of accounts or custodial wallets that can be used directly by customers of a third-party VASP to transact business on the customer’s own behalf.

The AML-CFT Law brings virtual assets and virtual asset service providers within the scope of the UAE’s AML/CFT legal, regulatory, and supervisory framework. Under Articles 9 and 15 of the AML-CFT Law, VASPs must report suspicious transactions and information relevant to such transactions to the UAE FIU, and under Articles 13 and 14, supervisory authorities are authorized to assess the risks of VASPs, conduct supervisory operations (including inspections) of VASPs, and impose administrative penalties on VASPs for violations of applicable laws and regulations.

Conclusion

In conclusion this is the first comprehensive framework that the UAE Central Bank has published which will allow a select number of VASPs to be able to deal with the licensed financial institutions in the UAE. It will not be easy for the financial sector as the AML and CFT requirements are exhaustive, but it will also not be easy for the VASPs.

Moreover, there is one gap that seems huge and over looked by the UAE Central Bank, and that is what if licensed financial institutions actually want to offer Virtual asset services. So what if a bank actually wants to offer VA custodial services, or VA payment services, or brokerage services, can they both be the provider and the client and what happens to AML and CFT requirements then.

In Bahrain for example the Central Bank is allowing crypto entities to move into the other financial arenas and has even allowed the first digital bank which deals in digital assets to make their base in the country.

Another question that can be raised, is that in a country which has called for more international cooperation and coordination when it comes to regulating virtual assets, then concurrently does not allow any of its financial institutions to deal with any VASP not regulated in the UAE even if they are regulated in other jurisdictions, what precedence is the UAE making in this regards and is reciprocity the new name of the game?

With regulations taking force in UAE especially when it comes to virtual assets, the country that once boasted of having 1800 blockchain and crypto entities might see that number dwindle as most of these companies will not be able to comply to the regulatory requirements rendering them unable to receive services from the banking sector. 

We can already see this decline in number on the new website for VARA, where there were once dozens of names listed as on the course of receiving licenses, today there is a handful.

Next to be published will definately be the payments rulebook under VARA which was missing before. Can’t wait to see what that will bring to the table. 

UAE Central Bank issues guidance defining business models for Virtual assets, and Virtual assets service providers

UAE Central Bank issues guidance defining business models for Virtual assets, and Virtual assets service providers

The Central Bank of the UAE (CBUAE) in a press release announced that it has issued a new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for Licensed Financial Institutions (LFIs),  banks, finance companies, exchange houses, payment service providers, registered hawala providers and insurance companies, agents and brokers as well as setting clear descriptions of virtual assets and Virtual asset service providers business models. 

His Excellency Khaled Mohamed Balama, Governor of the CBUAE, stated, “The new guidance related to the virtual assets sector contribute to strengthening the supervisory and regulatory frameworks of the Central Bank to combat money laundering and the financing of terrorism. We are constantly working to enhance efforts and strengthen the awareness of licensed financial institutions to prevent all kinds of financial crime activities, and reduce potential risks to protect the financial and monetary system and maintain its soundness and stability, in line with the Financial Action Task Force standards.”

The new guidance will assist LFIs’ understanding of risks and effective implementation of their statutory AML/CFT obligations, and takes Financial Action Task Force (FATF) standards into account. It will come into effect within one month.

The new guidance discusses the risks arising from dealing with virtual assets (VA) and virtual asset service providers (VASP) and sets out clear descriptions of VAs, VASPs and VASP business models. The guidance describes various channels and mechanisms of interaction between LFIs and VASPs.

The guidance outlines the customer due diligence (CDD) and enhanced due diligence (EDD) for LFIs towards potential VASP customers and counterparties, with the aim of de- risking, supporting them with training programmes, a governance system and record- keeping mechanisms.

This comes after MENA FATF adopted several recommendations proposed by Abu Dhabi including those pertaining to virtual assets.  

South Korean Blockchain developer WEMIX signs MOU with Abu Dhabi’s Hub71

South Korean Blockchain developer WEMIX signs MOU with Abu Dhabi’s Hub71

South Korean blockchain developer WEMIX and Hub71, Abu Dhabi’s global tech ecosystem, have signed a memorandum of understanding (MoU) to create and accelerate growth opportunities for their respective portfolio companies and Web3 startups.

WEMIX startups will have the opportunity to join Hub71’s community of over 200 startups and gain access to its range of value-add programs and incentives. Select startups will also benefit from the ability to scale globally through Hub71’s web3 and digital assets specialist ecosystem, Hub71+ Digital Assets, to unlock access to a host of programs, initiatives, and wide network of corporate, government and investment partners in the UAE and global markets.

 At the same time, startups within Hub71+ Digital Assets will be able to leverage the deep technical knowledge and expertise of WEMIX and its parent, Wemade, in different areas of blockchain technology including GameFi and DeFi.

“Developing strong partnerships with key stakeholders like Hub71 is an important part of our commitment to growing the blockchain ecosystem in the MENA region,” said Shane Kim, CEO of WEMIX Pte Ltd. “We are confident that this partnership will accelerate the creation of more opportunities for blockchain startups from across the world looking to expand into the Middle East and help realize our vision of developing a global blockchain economy powered by a wide spectrum of innovative applications that evolve past traditional technology barriers to drive sustainable future innovation.”

Elodie Robin Guillerm, Head of Growth and Strategy at Hub71, said: “The addition of WEMIX to our Hub71+ Digital Assets ecosystem is testament to the growth potential there is to be seized from Abu Dhabi. Hub71 truly values partnership and collaboration and by joining forces with leading blockchain companies like WEMIX, we can work together towards developing industry leading blockchain technologies to give rise to more opportunities for Web3 startups.” 

The WEMIX and Hub71 partnership will offer key advantages including  WEMIX ability to join Hub71+ Digital Assets and its ecosystem of leading regional and global partners of digital asset exchanges and service providers, technology providers, venture studios, venture capital funds, and blockchain platforms.

It also includes fast tracking of applications by WEMIX startups to join the Hub71 Incentive Program, designed to alleviate the cost and processes of setting up in Abu Dhabi, and dedicated resources for mentorship and technical support will be provided by WEMIX to Hub71 GameFi and DeFi startups

Finally the partnership will allow  Hub71 startups to access WEMIX’s global Web3 community and blockchain companies within the WEMIX ecosystem will also gain access to Hub71+ Digital Assets. 

This is the second MOU signed by WeMADE in the region. Prior to this WEMADE signed a Memorandum of Understanding (MOU) with KSA based Nine66, a Savvy Games Group (“Savvy”) company, to drive the development of the gaming industry in Saudi Arabia.

Earlier this year WEMIX expanded its presence into MENA with the opening of its office in UAE.

Central Bank of UAE and Hong Kong Monetary authority agree to cooperate on virtual asset regulations

Central Bank of UAE and Hong Kong Monetary authority agree to cooperate on virtual asset regulations

The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority in a bilateral meeting in Abu Dhabi on 29 May, have agreed to enhance collaboration between the two jurisdictions on virtual asset regulations and development.  

In addition, the two central banks facilitated discussions between their respective innovation hubs on joint fintech development initiatives and knowledge sharing efforts. A joint working group led by the CBUAE and HKMA, with support from the relevant stakeholders of the two jurisdictions’ banking sectors, will be formed to take forward the agreed initiatives.

Following the bilateral meeting, the two central banks, joined by senior executives from the UAE and Hong Kong banks, conducted a seminar on key opportunities to pursue between Hong Kong and the UAE. The seminar covered discussions on possible arrangements to facilitate better cross-border trade settlement, how UAE corporates can better utilize the Hong Kong financial infrastructure platforms to access Asia and the Mainland markets, as well as financial and investment solutions and capital markets opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area).

Banks operating in the UAE that participated in the seminar included First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, HSBC and Standard Chartered, whilst participation from banks operating in Hong Kong included Bank of China, Citi, HSBC and Standard Chartered.

H.E. Khaled Mohamed Balama, Governor of the CBUAE, stated, “We are pleased to have welcomed the Hong Kong Monetary Authority and its delegation to the UAE as we look to build on our central banks’ existing and robust relations. During the day’s discussions, we explored deepening collaboration across several important areas including financial market infrastructure development and mutual opportunities for growth in digitization and technological advancement.”

Eddie Yue, Chief Executive of the HKMA, added, “These events enhanced the collaboration between the central banks of Hong Kong and the UAE in a number of important areas, and provided a platform for financial institutions and corporates from Hong Kong and the UAE to step up exchange and collaboration.  Hong Kong and the UAE are two financial centers sharing many complementary strengths and mutual interests, and there is much room for market participants from these two places to work together and build up the connectivity.”

This is not the first time the Central Bank of UAE has cooperated with Hong Kong Monetary Authority, prior to this they worked on the mBridge CBDC project. 

Saudi University published study on Smart Flood detection solution using AI, Blockchain and drones to save lives

Saudi University published study on Smart Flood detection solution using AI, Blockchain and drones to save lives

Saudi Imam Abdulrahman Bin Faisal University department of computer Science and Saudi Aramco Cybersecurity chair, published in MDPI a study for a solution for Smart Flood Detection to save lives using the integration of AI (Artificial Intelligence), Blockchain and drones.

According to the study, floods pose a serious risk and require immediate management and strategies for optimal response times. The Saudi city of Mecca has been impacted by climate change in the last decade as floods have increased despite the city’s location in the Arabian Gulf, which has a hot and wet climate. According to the General Authority for Statistics in Mecca, since 2010, the average peak rainfall has increased by 350%. Mecca experienced torrential rains on 23 December 2022, at least partly because of its location, surrounded by mountains, causing numerous vehicles to be swept away.

The authors propose a secure method of flood detection in Saudi Arabia using a Flood Detection Secure System (FDSS) based on deep active learning (DeepAL) based classification model in federated learning to minimize communication costs and maximize global learning accuracy.

As per their abstract, “We use blockchain-based federated learning and partially homomorphic encryption (PHE) for privacy protection and stochastic gradient descent (SGD) to share optimal solutions. Utilizing images and IoT data, FDSS can train local models that detect and monitor floods. The proposed FDSS enabled us to estimate the flooded areas and track the rapid changes in dam water levels to gauge the flood threat. This study concludes with a discussion of the proposed method and its challenges in managing floods in remote regions using artificial intelligence and blockchain technology.

The study introduces a drone application that uses blockchain to manage flooding in remote regions safely and in real-time. The framework can be helpful in missions based on both blockchain and IPFS. The proposed architecture of system nodes makes the process more secure by preventing information from being manipulated and enhancing the data analysis capability within the management system. In a blockchain network, the text data is recorded as part of the transaction information that is recorded during transactions. In addition, a visualization platform will allow access to transaction data, making it easier for operators to supervise their operations.

The study offers a scheme that improves the FL system performance by using DeepAL to select the optimal edge nodes and integrating the learned model parameters into a blockchain-based FL scheme to enhance the reliability and security of the FL system. This method is combined with modern cryptography techniques, such as homomorphic encryption, to achieve a high level of privacy and security capabilities.

In natural disasters, UAVs’ real-time data acquisition can prevent harm by controlling operations efficiently. They can be used to obtain aerial photographs and read water levels, wind speeds, and water speeds to predict weather events, prevent disasters, and aid rescues. These complex interactions can be achieved using AI, the computer-based system that executes tasks requiring intelligence.

With AI and machine learning, systems will be able to resist new, sophisticated attacks with shifting characteristics. Drones must be built with a collective machine-learning model integrating all data from IoT devices and webcams that can be sent to the MEC to create an algorithm with strong predictive capability.

The proposed framework assumes that UAVs collect data and MEC servers store it in the blockchain. This includes basic data, such as the device name, MAC address and type, and geographic data, such as latitude and longitude that help MEC servers acquire data. Before data is added to the blockchain, MEC servers verify UAV validity.

The study utilizes the Internet of Drones (IoD) which can help to save many lives during floods and other catastrophic weather events in places that are difficult for people to reach. IoT devices can be used to collect data on the location and status of people in the affected areas, such as their vital signs, to prioritize rescue efforts.

The data will be sent to a central server where deep-learning algorithms will be used to analyze the data and create a rescue plan. The plan will be sent to relevant organizations involved in the rescue efforts, allowing them to provide aid quickly and efficiently to those in need.

In conclusion the study believes that the system has the potential to significantly improve the efficiency and effectiveness of rescue efforts in disaster situations. By utilizing AI, blockchain, and IoT technologies, the system can quickly analyze large amounts of data and provide a comprehensive rescue plan, ultimately saving more lives.

UAE regulated virtual assets activities now offered at Department of Economy and Tourism branches

UAE regulated virtual assets activities now offered at Department of Economy and Tourism branches

In a recent announcement by Dubai’s virtual asset regulatory authority ( VARA), the Department of Economy and Tourism is now offering regulated virtual assets activities in its branches.

This means that Virtual Asset Service Providers (VASPs) seeking to conduct business in Dubai’s mainland or make changes to their current commercial licenses may submit their applications for the below-mentioned activities at DET branches.

The list of Regulated Virtual Assets Activities (require a license from VARA) include, VA Advisory Services,  VA Broker-Dealer Services,  VA Custody Services,  VA Exchange Services, VA Lending and Borrowing Services and  VA Management and Investment Services. In addition to VA propriety trading which requires a NOC from VARA. 

Firms carrying on VA activities in Dubai [except DIFC] prior to 7 February 2023 [Legacy VASPs], must have their applications seeking regulatory oversight or relevant guidance from VARA by the final deadline of 30 April 2023.

As per the announcement, firms that have failed to comply with the regulatory framework by the aforementioned deadline must comply immediately to avoid substantial punitive measures including material fines/penalties and potential firm closure.

DET Centres offering commercial licences for the Regulated Virtual Assets Activities are available in – Al Barsha Mall, DED Café, Palm Strip Mall Jumeriah,  Al Twar Centre , Dubai Mall and  Clock Tower Deira