UAE Abu Dhabi gaming government initiative to put gaming on the metaverse with AA Meta

UAE Abu Dhabi gaming government initiative to put gaming on the metaverse with AA Meta

As Abu Dhabi strives to become a global gaming hub through the AD Gaming government led initiative it is accelerating the growth of the region’s gaming industry with its recent partnership with AA Meta a local Metaverse and Web3 Development Company. The company will deliver cutting-edge Web3 solutions to the emirate’s game development eco-system.

Fostering an environment of innovation and knowledge, AD Gaming provides a support system for the next generation of game developers and players, businesses, and fans alike. AD Gaming is powered by the collaboration of multiple Abu Dhabi-based government and commercial organizations, as well as content creators and gamers, all with the shared passion to see locally produced content on the world’s gaming stage.

AD Gaming has signed a partnership agreement with AA Meta which provides metaverse infrastructure and Web3 technology solutions that enable next-generation gaming.

Alongside using this technology for its own projects, AA Meta provides its offering to other gaming businesses as well. Metaverses and blockchain gaming allow gamers to interact in new, community-driven worlds, whilst providing businesses with new payment solutions to power new in-game economic models and innovative ways to deliver immersive experiences to audiences across the world.

Based in Abu Dhabi’s purpose-built creative industries campus, Yas Creative Hub, AA Meta is part of a booming community of businesses that span all forms of interactive media and entertainment, including gaming. By partnering with AD Gaming to offer Web3 solutions to Abu Dhabi’s gaming ecosystem, AA Meta is empowering metaverse users as the global gaming industry capitalizes on the advanced capabilities of a Web3-based environment.

In partnership with AD Gaming, AA Meta aims to grow the local metaverse industry, providing job opportunities for UAE residents looking to forge careers in this expanding sector. The global metaverse industry, of which the MENA region is a leading investor, is expected to generate revenues of USD 966 billion (AED 3.55 trillion) worldwide by 2030.

“By providing expert solutions for gaming businesses looking to leverage Web3 technologies, AA Meta is able to fully support the development of a blockchain gaming community in Abu Dhabi. This new avenue of interactive media presents an exciting career path for aspiring gaming industry talent, and for gamers across the world, it offers a new way to play-to-earn in the metaverse,” said Hussain Al Omaeirah, AA Meta Co-founder, Chairman & Managing Director. 

James Hartt, Director of Strategic Initiatives and Business Development at AD Gaming, added: “Abu Dhabi offers a comprehensive ecosystem for the gaming industry, with AA Meta adding yet another string to our bow. The increased immersion and focus on community-building provided by Web3 technologies makes this an incredibly exciting area for gamers and game developers alike, so we’re proud to be pioneering it in Abu Dhabi.”

 AA Meta’s platform recently saw the launch of the highly anticipated MMORPG (massively multiplayer online role-playing game) Thunder Lands. Available on both on PC and Android, Thunder Lands allows gamers to be rewarded for the time they spend playing the game by earning cryptocurrencies through in-game activities. 

Following the success of Thunder Lands, AA Meta plans to us its expertise in the areas of Game Fi technology and decentralised apps (DApps) to grow its active user base to over 50,000 by Q2 2023. It will achieve this by building out its portfolio through the addition of new, immersive games.

UAE has not granted a single operational virtual asset license VARA and UAE Minister announce

UAE has not granted a single operational virtual asset license VARA and UAE Minister announce

As HE Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications participated in the WEF session ‘Finding the right balance for crypto’  announcing that the UAE has not licensed a single crypto exchange, concurrently the Dubai based Virtual Asset Regulatory Authority (VARA)  affirmed this on its website in its latest announcement.

Al Olama told audiences at WEF, that the regulations in UAE are not light. There are extensive regulations at VARA. He affirmed, “ UAE has not issued a single licensed crypto exchange in UAE neither Binance nor FTX.” He explained that there is a four step process  and to date, “no one was able to onboard any customers even last week.”

Concurrently VARA stated on its website, “VARA has not granted any operating permits to date this is a four stage licensing process” VARA’s website explained, that the VARA regime is founded on the principles on enforcing responsible market participation backed by a future-proofed and responsive regulatory framework that remains technology agnostic; that collectively deliver socio-economic stability; robust consumer protection; and jurisdictional resilience.”

As such there are four stages to regulation at VARA, the first is Provisional permit; graduating to a 2-step [(2) Preparatory + (3) Operating] Minimum Viable Product (MVP) license; and culminating at the (4) Full Market Product (FMP) license.

The fourth stage takes into effect after regulations have been tested within the regime. As such according to VARA every Virtual Asset Service Provider [VASP] must go through all 4 stages in this current environment, wherein VARA expects to evaluate, observe, and only then authorize suitably qualified entities to undertake any market servicing activities under its licensing regime.

VARA then clarifies that at this stage the only licenses that have been issued are Stage Gate (1) Provisional or (2) MVP-Preparatory to enable VASPs to fulfill all pre-conditions, and undertake readiness steps establish offices, onboard employees with work visas, secure domestic bank account etc. prior to being in a position to undertake any market operations.

So VARA affirmed that no VARA licensee has, to date, been awarded an MVP-Operating permit.

Each VASP that is awarded an MVP license must comply with the [MVP License Conditions Document] issued by VARA, and strictly adhere to the licensing conditions outlined in the appended letter. One of the MVP conditions is that VA activities during this phase may only be provided to qualified and/or institutional investor segments.

Mass retail consumers are strictly prohibited until the Stage Gate (4) FMP license approval has been secured. [Virtual Assets and Related Activities Regulations 2023] will stipulate relevant licensing conditions and requirements.

VARA adds that when it publishes its full market regulation, it will enable borderless economic opportunity across the global VA industry, protecting investors and market participants, backed by active enforcement of all regulatory requirements beyond security and cross-border compliance including those pertaining to custody and segregation of client money; prudential requirements (viz. insurance and liquidity cover); FATF compliance, market manipulation and/or abuse prevention.

In terms of Virtual Assets Exchanges, VARA has awarded Binance (MVP Preparatory License Issued) while Bybit, Crypto.com, Equiti, GCEX, Huobi, and OKX have provisionary approval and started the process.

In terms of Virtual Assets Payment Services, Zamp has applied and have provisional approval. 

In terms of Virtual Assets Broker – Dealer services those who have applied and been granted provisional approval include BitOasis, CoinMENA, MidChains and Scallop

Virtual Assets Issuance Services include Calvin Cheng Web3.0 Holdings, Hike, Monstera, Prypto, Woonkly Labs, and Xfinite

While under Virtual Asset Custodians only Hex Trust (MVP Preparatory License Issued) and Komainu (MVP Preparatory License Issued)

Virtual Assets Management/ Investment Services: Amber Group, BRE Holdings, Brevan Howard, Fintonia Group, NineBlocks, NOIA Capital, TPS Capital and Q9 Capital have all been granted provisional approvals, first stage. 

Al Olama also noted at the WEF session that the job of a regulator is to try and be proactive and to protect people as much as possible whenever people adopt a technology. He states, “In UAE we have a young population so we need to ensure that we regulate fast because youth are early adopters. He added, “The UAE wants to protect talent since we aim to be the country with the highest per capital talent on earth.”

According to him there are other sides of crypto such as Web3 and UAE wants to attract Web3 and Blockchain talent. Blockchain is a technology of the future given that traceability cannot be removed. This according to H.E. Al Olama is a positive thing for the world as it is easier to trace someone who transacts through Bitcoin than through hard cash.”

He ascertained that regulators across the board need to work together. First bad actors should not be able to move from one place to another, and the same incidents should not be repeated tomorrow.

In terms of DeFi Al Olama believes it is is evolving and is least regulated. He states, “ We want to jump into each vertical on its own, the only issue we have is that while the UAE government can move fast  if we work with other governments as teams and we all scrutinize  every single vertical it is better as we cannot wait for next catastrophe.”

ChainUp Blockchain solutions provider sets up in UAE offering digital asset solutions

ChainUp Blockchain solutions provider sets up in UAE offering digital asset solutions

Singaporean ChainUp Group, a global blockchain technology solutions provider, has expanded its operations into the UAE and MENA region with a sales office in Dubai. The company aims to provide blockchain solutions to businesses across the Middle East region.

The new sales office in Dubai has since begun operations and seeks to form new partnerships with enterprises in the region. The team will work to curate blockchain solutions to fulfill the needs of prospective clients for them to operate more efficiently and securely.

ChainUp Group has a foothold across multiple locations around the world including Hong Kong, Japan, Korea, and the United States.

The company  offers a suite of blockchain solutions covering infrastructure development and ecosystem support including digital asset trading systems, NFT trading systems, wallet solutions, liquidity solutions, Web3 infrastructure, digital assets custody, and more.

Ms. Tan Bin Ru, Deputy CEO & COO of ChainUp Group commented, “The United Arab Emirates (UAE) has one of the fastest growing cryptocurrency ecosystems in the world and is a key strategic region of our global expansion plan. We are excited as ChainUp has a complete suite of Digital Assets Exchange Solutions to support the needs of these business requirements.”

The company has served more than 1,000 clients in 30 countries, reaching over 60 million end-users.

1,650 Blockchain crypto entities in the UAE a 13.8 percent growth YOY

1,650 Blockchain crypto entities in the UAE a 13.8 percent growth YOY

According to a Crypto Oasis at the end of 2022 there were 1,650 blockchain and crypto entities in the UAE. Crypto Oasis notes that the ecosystem has been growing faster than previously anticipated.

As per the release, the Ecosystem has witnessed a sturdy 13.8% growth that proves that the Crypto Oasis is expected to continue its robust growth in the coming months as regulators in the region welcome innovation and disruption, making it easier for blockchain-related companies to secure licenses and operate.

At the forefront of this is Dubai Multi Commodities Centre(DMCC) which is home to over 500 of these native Blockchain organizations, representing the largest concentration of crypto and blockchain companies in the Middle East and North Africa (MENA) region.

Crypto Oasis has added 200+ new organizations in Q4 2022 that have brought in 1,300+ new professionals to the burgeoning Ecosystem, bringing the total number of individuals working in this industry to 8,300+. This 19% growth in employment numbers can be attributed to the UAE being a force to reckon with in the global Blockchain landscape. 78.2 percent (approx. 6,500) of these individuals work in native blockchain organizations, i.e. those which are focused on blockchain and related decentralized technologies. 21.8 (approx. 1,800) percent work for non-native companies, i.e. those that offer blockchain related services or products but do not have blockchain as their primary focus.

Ralf Glabischnig, Founder of Crypto Oasis, stated, “We’re thrilled to have identified these new organizations in our ecosystem that are contributing to a diverse community of stakeholders. The possibilities for Web3 technology are vast, from finance and supply chain management to gaming and social media. However, as it’s a relatively new and emerging technology, its full potential hasn’t been reached yet and the industry is facing challenges such as scalability, security, and user adoption. It’s an exciting and rapidly evolving field to watch and we’re eager to collaborate and learn from each other as we work to improve Web3 and decentralized technologies.”

“The UAE is the perfect amalgamation of Talent and Capital built on a world class Infrastructure,” said Saqr Ereiqat, Co-Founder of Crypto Oasis. “The Ministry of Economy (MoE) has become one of the first Government entities in the world to be active in the metaverse. In 2022 the MoE published its Digital Economy Strategy which aims to double the contribution of digital economy from 9.7% to 19.4% in the next decade. The inception of regulators like VARA and various industry events like the Abu Dhabi Finance Week and Dubai Fintech Week, as well as the launch of the Dubai Economic Agenda “D33″, demonstrate UAE’s commitment in taking an active step to becoming the center of digital economy globally.”

UAE Restaurant pilots Blockchain Halal food traceability with DNA verification

UAE Restaurant pilots Blockchain Halal food traceability with DNA verification

A UAE restaurant is piloting Blockchain enabled halal food traceability with DNA verification with OneAgrix and its partner Blockchain OriginTrail, and Inexto.

OneAgrix, Inexto, OriginTrail and their ecosystem partners are pioneering and comprehensive halal digitalization solution, tracing beef from the DNA to QR code. With just a smartphone, food consumers can now verify the origins of their food, trace it through the supply chain, verify the authenticity of the halal certificate, and confirm that the product is genuine.

This end-to-end food traceability technology was showcased at a high-end restaurant in Dubai as a joint effort by OneAgrix, Inexto, OriginTrail, and their ecosystem partners for the launch of the traceability technology.

Technology that enables buyers to trace the supply chain journey of the food is important to build consumer trust and ensure food safety by the retailers selling their products, also enabling fast product recall. OneAgrix and eight ecosystem partners have developed an end-to-end supply chain traceability and transparency solution that is commercially viable. The solution will enable consumers and food distributors to provide consumers with clear information on the origin of their food and verify that their food is genuine.

The comprehensive food traceability solution connects the serving on the plate to the farm from which it came. Identification technology, provided by Inexto, traces the product through the supply chain, and DNA traceability verifying the connection to the animal itself. Together, they identify the type and origin of the meat, the identity of the farm and the meat processor, the authenticity of the halal certifications, and the health certificates required for processing and export.

Certificates are stored in OriginTrail’s network operating system, built on blockchain technology to maintain their integrity and all stored on OneAgrix’s platform.

Mr Philippe Chatelain, CEO of Inexto explained, “INEXTO Solutions are yearly securing over 100 Billion products across their global supply chains and delivers the highest degree of trust and security to consumers, customers, and governments. INEXTO is excited to be part of the Halal End-to-End traceability project with OneAgrix, thus providing halal food product consumers with a demonstrated proof of origin and authenticity.”

Žiga Drev, Founder and Managing Director at Trace Labs, the core developers of OriginTrail highlighted, “At Trace Labs, we are committed to building a more transparent, collaborative and trusted global economy with the OriginTrail Decentralized Knowledge Graph.This pilot is a comprehensive exercise following a multi-year integration of OneAgrix platform, focused on bringing the benefits of blockchain-based technologies closer to stakeholders within faith-based food supply chains around the world to advance transparency and trust.”

According to the ecosystem partners, Dubai was chosen as the city to launch this pioneering and comprehensive technology as the city is known as the ‘city of the future’, famous for its innovation as well as being a global halal hub. 

“We are delighted that Dubai is the destination to launch the world’s first comprehensive food traceability solution, which is in line with His Highness Sheikh Mohammed bin Rashid Al Maktoum’s national vision for UAE 2031, on the importance of food security by utilizing the latest in technology and innovative approaches,” said Ms Diana Sabrain, CEO of OneAgrix.

UK Agriculture and Horticulture Development Board (AHDB) s Halal Sector Manager, Dr Awal Fuseini said, “OneAgrix’s halal digitalization project would improve traceability and transparency in the halal sector. The UK meat industry is well positioned to continue to supply premium halal meat products to the growing halal market, this digitalization project is expected to increase consumer confidence in our products”.

OneAgrix, Inexto, OriginTrail and their ecosystem partners announce a pioneering and comprehensive farm-to-retail solution, tracing beef from the DNA to QR code.

KSA Minister of Finance: CBDCs are a fantastic tool for developing countries

KSA Minister of Finance: CBDCs are a fantastic tool for developing countries

During the World Economic Forum’s session’ Financial Institutions innovating under pressure’ The Saudi Minister of Finance Mohammed al-Jadaan stated that while CBDCs have privacy issues they are a fantastic tool in developing countries.

While the panel discussed the risks that crypto and new technologies were posing especially given that crypto losses were over $1 trillion in 2022, most agreed that the regulation was a key element in mitigating these risks.

Saudi Finance Minister Al Jadaan also believes that the real risks of these innovations haven’t even been seen yet, and the one incident with the loss of 12 zeros has triggered a lot of thinking of what needs to be done.

He believes that Central Banks, traditional financial institutions and even innovators in Fintech need to discuss how to deal with Anti Money laundering issues, terrorism financing and entities that use these technologies to circumvent the regulatory framework.

When discussing CBDC (Central Bank Digital Currencies) Al Jadaan noted “Whether CBDCs and similar government sponsored currencies one will need to think about privacy.” He believes that the minute a government issues a CBDC or government sponsored cryptocurrency there is a compromise on privacy.

He states, “There is a lot of data to whoever is holding that currency.”

Yet he believes that CBDC is a fantastic tool in developing countries. He explains, “It can be used as a social safety net. CBDC can be used by people to exclusively buy milk, rice, oil but may not be allowed for other items.” He notes that while on one hand it is beneficial the other side of it is the risk of privacy invasion. ‘Bottom line no perfect solution.

Saudi Arabia piloted a CBDC with the UAE under the name ABER. The report on the final project was positive from a technical standpoint and the report highlighted the need for further use case trials.

In addition in July 2022, the Central Bank of KSA hired former Accenture Director Mr. Mohsen Alzahrani to lead the virtual asset and Central Bank Digital currency project at the bank.

It seems KSA is still studying the impact of CBDC implementation and is worried about the issue of privacy infringement.

Qatar Sovereign Wealth Fund at DAVOS reasserts investment interest in Blockchain technology

Qatar Sovereign Wealth Fund at DAVOS reasserts investment interest in Blockchain technology

During a Bloomberg TV interview at WEF Davos event, Mansoor Al Mahmoud, CEO, of Qatar Investment Authority, reaffirmed the fund’s interest in investing in Blockchain technology, more precisely any application using Blockchain.

Qatar’s sovereign wealth fund will use the current economic turmoil as an opportunity to rebalance its $450 billion portfolio. The Qatar Investment Authority is looking for opportunities in Europe, Asia and the US in sectors such as venture capital, fintech and sports except for crypto.

As Al Mahmoud stated, “We are still not interested in crypto, yet we are interested in investing in Blockchain technology. Any application using Blockchain would be of our interest. This is a technology that came to remain.

The QIA in October agreed to invest $2.5 billion in RWE AG to back the German utility’s purchase of US renewable assets. It was also a cornerstone investor in sports car brand Porsche AG’s IPO and has invested in a string of tech start-ups.

Qatar also launched its Blockchain blueprint in 2022 and Qatar University invested in Maxya Blockchain a project developed by two professors at Qatar university came together to build a blockchain network from scratch that would not only be utilized as a ledger but also as a super computer.

Blockchain gaming platform WEMIX expands to MENA with UAE presence

Blockchain gaming platform WEMIX expands to MENA with UAE presence

WEMIX a South Korean blockchain gaming platform part of WEMADE blockchain firm, is developing and delivering various games and has launched its MENA presence with its foothold out of UAE, Abu Dhabi in specific.

Wemade’s blockbuster Legend of Mir IP boasts its 500 million accumulated users in China. Wemade has over 10 subsidiaries, including Joymax (developer of Wind runner) and Flero Games(developer of Every Town) and shares in some of Korea’s most promising game developing companies, including 4:33 Creative Lab, IMC Games, XL Games, Hound 13, Raidmob, and Pulsar Creative.

According to the announcement, WEMIX MENA will also open another branch in the region as well possibly KSA and other areas of UAE.

The announcement states, “The UAE with its pro-blockchain policies, governments are focusing on digital innovation business. The region is proactively supporting blockchain-based business ecosystems and digital assets services. Launching of WEMIX MENA means WEMIX will actively seek to expand its ecosystem in the MENA.”

It adds, “Abu Dhabi, the capital of the United Arab Emirates, has been actively focusing on expanding global blockchain business by implementing digital asset regulations in 2018 and introducing Abu Dhabi Global Market (ADGM). The rapid growth in the game industry and positivity from the government toward blockchain business has made the city the base for many global IT companies to begin business in the MENA region.

UAE HAYVN Subsidiary, HAYVN Asset Management launches crypto Index Fund

UAE HAYVN Subsidiary, HAYVN Asset Management launches crypto Index Fund

HAYVN, regulated by UAE Abu Dhabi Global Markets, CIMA, and AUSTRAC has launched its first HAYVN 20 Index Fund a high risk fund that includes crypto assets.

According to their website the fund will include the top 20 digital assets by market capitalization with a maximum weighting of 10% for any asset to increase diversification. It is a broad based index strategy with monthly rebalancing.

The Fund will be managed by HAYVN Asset Management, a British Virgin Island Approved Manager, 100% subsidiary of the HAYVN group.

The primary objective of the HAYVN 20 Segregated Portfolio is to deliver long term capital growth by investing 100% of fund assets within the crypto asset class. The fund is suitable for medium to long-term investors seeking diversified exposure to the broader crypto asset market, obtained through holding the top 20 crypto assets by market capitalisation. The fund aims to provide investors with enhanced returns relative to a pure market-cap weighted top 20 strategy. Investors should expect high levels of volatility and potential drawdown of their investment.

The fund follows a passive rebalancing strategy. The fund is invested in the top 20 crypto assets by market capitalisation, with monthly rebalancing. A maximum component weighting of 10% is utilised to prevent any single asset, and thus single source of risk, from dominating the portfolio. As such, the fund is relatively overexposed to lower market cap assets in the top 20, and less exposed to assets where the 10% asset cap is binding, such as Bitcoin.

According to HAYVN CEO, Christopher Flinos, ” With HAYVN20 we are providing investors with a diversified, low cost and regulated solution to invest in one of the biggest investment trends since the inception of the internet. We believe that risk is fully priced into currenct market conditions, and we want our customers to be able to participate in what we expect will be a positive long-term trend”

A broad based index strategy with monthly rebalancing is a low cost way to capture the long-term growth in digital assets and gain exposure to emerging trends without the inherent manager biases of active asset management.

In addition HAYVN Founder in an interview recently announced that they were preparing for a Series B Funding round in mid-2023 to raise up to $20 million to further scale the business and spin off HAYVN Pay.

HAYVN Co-Founder Christopher Flinos in a recent interview stated that HAYVN is preparing for a series B funding round in the second half of this year and aims to raise up to $20 million, which it will use to further scale the business and potentially spin off Hayvn Pay.

“We are working through that at the moment and are hopeful that we will be able to spin off Hayvn Pay quite quickly, have it on its own and then potentially look at whether the series B is done at the Hayvn level, or whether it is done at the Hayvn Pay [level],” Mr Flinos says.

Japanese Fintech Blockchain firm and Al Fardan Ventures join hands to digitize real estate investment in MENA

Japanese Fintech Blockchain firm and Al Fardan Ventures join hands to digitize real estate investment in MENA

Japanese Fintech firm and UAE Al Fardan ventures have partnered to launch a blockchain real estate investment platform.  Japanese Fintech startup, Canaan Advisors and UAE Al Fardan Ventures have partnered to introduce Canaan Advisors’ Zenihub platform, a blockchain blockchain-based real estate investment platform that focuses on fractionalizing properties in emerging markets to the UAE. 

The venture will be led by Mr. Mohammed Ebrahim Al Fardan, a global technology leader from the Arab world with more than 33 years of experience, spanning from major multinational technology firms to investment firms, and with a strong and solid global network in gaming, artificial intelligence, Mixed Reality, FinTech, Blockchain, Internet-of-Things, and metaverse.

Tokumasa Yamashita, Founder of Canaan Advisors, stated, “There are lots of attractive real estate investment opportunities in the MENA region that are only accessible by a small group of extremely wealthy investors. We look forward to unlocking these investment opportunities and making them accessible to people of all income levels!” said Yamashita.

Yamashita adds, “Our vision is to make high-yielding real estate investment opportunities in emerging markets easily accessible to anyone. Our partnership with Mohammed E. Al Fardan enables us to enter the MENA market and expand our global footprint, and we are very excited about this opportunity

Said Mohammed E. Al Fardan explained, “Digitizing Real Estate assets has always been an important element in my plans, those who read my articles will remember that. It is time to make the MENA region a major global player in the industry. We will be revolutionizing the real estate investment market enabling everyone to invest in real estate project by digitizing the assets.”