Q9 Capital listed on Dubai’s regulator website under Native crypto content and DLT platform

Q9 Capital listed on Dubai’s regulator website under Native crypto content and DLT platform

The Dubai based Q9 Capital, which had announced a month ago unilaterally announced that they had received a provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA) are now listed on Dubai VARA ( Virtual Asset Regulatory Authority) website under Native crypto content/ DLT platform. Q9 is listed along with Calvin Cheng Web 3.0 Holding and Woonkly Labs.

This had taken some time, as Q9 Capital had announced that they had received a provisional approval in October 2022. But looking at VARA website, it seems Q9 has received a DLT or crypto content preliminary approval. 

As per Q9 press release the company is a crypto investment management platform offering capabilities to crypto and TradFi firms.

Q9 had stated that this approval came as it expanded into the UAE and applied for a full operating license in accordance with VARA requirements.  As per the release, Q9 products and strategies can be created and executed on Q9’s platform, such as systematic investment portfolios and white-labeled offerings, within VARA’s framework and distributed globally in an automated, transparent, regulated and compliant manner.

The release added, the full operating license, once received, will allow Q9 to extend products and services to qualified investors and financial service providers. Q9 will also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem both in Dubai and globally.

The press release from Q9 had noted that the provisional approval is a major milestone that follows a number of registrations for Q9’s local entities in Hong Kong and Dubai. As a regulation-led platform with robust compliance and security controls that have consumer protection and market integrity at its core, the registration further strengthens Q9’s position.

James Quinn, Managing Partner of Q9, noted “Dubai’s Virtual Assets Regulatory Authority is a testament to the country’s forward-looking stance on digital assets and its willingness to support the industry through collaboration. We look forward to participating in the authority’s robust compliance framework and continue building partnerships as we expand our presence in Dubai to roll out additional services and enhanced products for the region.”

Oman mines first Bitcoin at first licensed crypto mining data center in MENA

Oman mines first Bitcoin at first licensed crypto mining data center in MENA

Oman Ministry of Transport, Communications, and IT in partnership with Green Data City (GDC) the next generation data blockchain ecosystem, have launched the first licensed sustainable crypto mining datacenter in Oman, and the GCC.  The delegation witnessed the first Bitcoin officially mined in Oman using immersive cooling technology which will reduce electricity consumption.

The crypto mining datacenter is based in Mirbat  Salalah Oman because of its cooler climate. Under this license, industrial mining companies can now register directly with GDC Mining and operate within the development.

H.E. Said bin Hamoud al Maawali, Minister of Transport, Communications and Information Technology, inaugurated the Sultanate of Oman’s first crypto mining data center, set up by Green Data City. Al Maawali was joined by Dr. Ali bin Amer al Shidhani, Under-Secretary of the Ministry of Transport, Communications and Information Technology for Communication and Information Technology, Shaikh Suhail bin Mohammed al Khathiri, Deputy Wali of Mirbat, Talal al Aufi, CEO of OQ, and Olivier Ohnheiser, CEO, Green Data City.

Bitmain, Bitfield, BBGS and Enegix representative were present as well.

Green Data City will develop in two phases. The first phase of development consists of 200MW of mining capacity; the second phase will reach 400MW hyperscale data center capacity, and develop downstream activities including renewable energy, hydrogen, sea-water A/C (SWAC), desalination, food industries and cosmetics. Real estate and hospitality investments will join the development of the new hub, and create the next generation sustainable hyperscale data eco-system in the region.

Large scale mining companies and data center owners can now register directly under the GDC license and operate in the development. The capacities will be allocated in the coming weeks. Al Maawali stated, “The Ministry of Transport, Communications and Information Technology seeks to build cooperative partnerships with leading local and international private sector entities in the various types of digital technologies, as the Ministry works to attract foreign investments in this ever-developing industry.”

Olivier Ohnheiser, CEO of Green Data City, added “The south of Oman is strategically positioned  on the network routes and has unique advantages to establish successful and sustainable hyper scale data centers, such as stable economy, large surplus electricity, cool weather in the Salalah region, unique access to cold deep ocean water next to the shore, and high renewable energy.”

On the website, H.E. Ali Shidhani,  Undersecretary for Communications and Information Technology, Ministry of Transport, Communications and Information Technology “The Green Data City project has the potential to strengthen the Country’s position on the Data Processing and Blockchain markets, while creating qualified jobs and developing unique green data centers”

Olivier Ohnheiser CEO, Green Data City states on the website,“ Oman is a haven of peace, and the South is a hidden gem. Its natural advantages eclipse other locations in the region like Dubai or NEOM city, in terms of political stability and neutrality, temperate climate, cold water availability and natural wonders. The country is supporting Data and Deep Ocean industries with large and stable power supplies, backed by long term agreements. We could not have hoped for a better environment to implement this vision.”

This comes after Oman’s sovereign wealth fund took an equity stake investing $350 million in US firm Crusoe Energy which uses flared and stranded natural gas to mine crypto. Crusoe was supposedly opening an office in Oman after the investment to deply generators and mining equipment for capturing gas at well sites.

The region has become a hot bed for crypto mining, with UAE making advancements in this area. But as one notes from the comments of CEO of Green Data City, it also seems NEOM city in KSA are working on something similar.

UAE blockchain enterprise entity bags Pakistan New City deal

UAE blockchain enterprise entity bags Pakistan New City deal

UAE based Blockchain enterprise, Shaariq.com, an end-to-end real estate platform of Vision Tech has partnered with Pakistan-headquartered JK&S Developers, a real estate arm of the renowned Saif Group. to facilitate sales in JK&S Developers’ highly anticipated project D.I. Khan New City.

Shaariq.com will leverage its enterprise blockchain capabilities to ensure secure, transparent, and seamless transactions. Shaariq.com will also ensure D.I. Khan New City becomes an early mover in adopting blockchain at an enterprise level. Shaariq.com will create a digital twin of the project in the metaverse to enable efficient urban planning and optimize the delivery of public services such as healthcare and groceries. NFT linked transactions on the blockchain will bring greater security, transferability, and future readiness. D.I. Khan New City will also characterize AR-VR and AI applications on multiple fronts.

Dubbed the “Crown of Pakistan”, the D.I. Khan New City is a hybrid development in Saiduwali, Paharpur, an area with close proximity to Punjab, Khyber Pakhtunkhwa, Islamabad, and Balochistan. The development, which spans an expansive area of 4.1 million sq. m, is valued at a whopping $233 million U.S., making it one of the most ambitious projects of its kind in Pakistan.

Rajab Ali Virani, CEO of Vision Tech stated,  “Shaariq.com ventured into Pakistan with a grand vision: Enhancing transactional efficiency and reducing the trust deficit by leveraging cutting-edge technologies such as blockchain. D.I. Khan New City is the ideal avenue to turn that vision into reality. We are determined to make this project an archetype of Pakistan’s real estate excellence while reinforcing our competitive edge in tech-enabled services.”

 “The Saif Group has nearly a hundred years of multi-industrial pedigree in Pakistan. At every juncture, we have exemplified the latest innovations of the time. D.I. Khan New City is a totem of our future-proof strategy and a legacy of our people-centric worldview. The MoU with Shaariq.com complements both these priorities,” said Jehangir Saifullah Khan, Chairman, JK&S Developers. 

Vision Tech is planning an expansion into African countries, where, through Shaariq.com, it intends to digitalize land records with the support of local authorities.

UAE Education startup implementing blockchain solution for data verification

UAE Education startup implementing blockchain solution for data verification

UAE startup Educatly, a platform connecting students to global higher education opportunities based out of in5 Tech, a business incubator by TECOM Group PJSC, is implementing a blockchain solution for student data verification, which is essential for them to provide legitimate students records to relevant universities.

As per the announcement, the Blockchain data verification solution is also crucial for foreign students who want to further their education overseas because it might be challenging to obtain original copies of their degrees elsewhere.

In the third quarter of 2022 Educatly’s community of students increased by five times, from 100,000 to 500,000 in the past nine months and represents more than 150 countries and territories.

2022 has been marked by several milestones for the tech start-up, which was founded by former LinkedIn employees in 2020. Educatly has cast a wider net across the higher education industry to feature more than 3,000 universities on its platform and secured active recruitment agreements with 500. It also welcomed Head of LinkedIn’s MENA and EMEA growth markets, Ali Matar, to its Board of Advisors just last month.

Educatly Founder & CEO Mohmmed El Sonbaty stated,  “We are thrilled that the global appetite for transnational student education has bounced back since the pandemic. Our unique platform is providing students with the opportunities to study abroad and enroll at leading international universities around the world. We have seen a spike in interest in students joining our platform from the UAE and we are witnessing further growth in Dubai emerging as the next international higher education destination.”

On behalf of in5, Majed Al Suwaidi, Senior Vice President of Dubai Media City, added: “At in5, we seek to foster a thriving community for smart individuals; a space where they can obtain valuable advice from mentors and advisors and transform their aspirations into businesses with sustainable growth. Expanding the reach and influence of start-ups is a top priority – that’s why one of our key goals is to facilitate access to potential investment. We are proud to have Educatly as one of in5 tech’s start-ups as they have demonstrated impressive growth despite launching their business amid a global pandemic. Educatly’s new software-as-a-service (SaaS) demonstrates their strategic alignment with UAE’s Digital Transformation, Sustainability, and other initiatives. Their presence at in5 gives us the opportunity to showcase the diversity of promising start-ups in our city and region, while providing the most extraordinary with a global platform for their unique ideas.”

Educatly’s new software-as-a-service (SAAS) had a helping hand in its growth by increasing the monthly recurring revenue for more than 28% month over month. Its built-in coding and design implements a smart recommendation feature using a special matchmaking algorithm that links students to relevant degrees, universities, and countries according to their requirements.

The system automatically informs the university partners of new leads and profiles to facilitate student recruitment. This unique feature is vital to the networking effect of building Educatly’s social media platform.

UAE DMCC Blockchain members of new gaming Centre to benefit from VC fund

UAE DMCC Blockchain members of new gaming Centre to benefit from VC fund

UAE DMCC, Dubai Multi Commodities Centre, has launched the DMCC Gaming Centre in support of the increasingly growing global and regional video games industry. Members of the center who are developing blockchain games will be able to access $150 million funding from VC firm Brinc. Currently standing at USD 1.8 billion, revenues generated by the gaming industry in the MENA region are expected to reach USD 5 billion by 2025.

Launched during the Dubai Esports Festival, the DMCC Gaming Centre formalizes DMCC’s efforts in the gaming and esports space, creating a supportive environment in which all gaming and esports companies can thrive. DMCC is currently home to over 50 gaming companies, from game developers and producers to esports teams and tournament organizers.

The DMCC Gaming Centre will be based in DMCC’s free zone, providingaccess to a vibrant community of gaming industry peers to unlock new opportunities for collaboration. Gaming companies looking to expand their global reach and connect with audiences across the world will also benefit from DMCC’s fully digital setup process, world-class infrastructure, and commitment to increasing the ease of doing business.

 Under the DMCC Gaming Centre, members will have access to the wider esports community through regular events and esports tournaments and industry support from DMCC’s ecosystem partner YaLLa Esports, a leading esports organization in the UAE. Furthermore, members will have the opportunity to join gaming specific acceleration and market entry programs through our ecosystem partner, AstroLabs, a leading tech ecosystem builder in the MENA region. 

Earlier this year, DMCC partnered with the global VC firm Brinc to provide members with access to USD 150 million in funding through their accelerator programs ZK Advancer and The Sandbox Metaverse. Those programs will also be open to DMCC Gaming Centre members developing games on blockchain and web3 technologies.  

 “Gaming is one of the fastest growing industries in the world, with nearly 3.2 billion people playing and spending a combined total of USD 196.8 billion in 2022. The size and growth of the industry today is staggering compared to when video games first appeared in the 1970s,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC. “These passionate communities are constantly looking for greater immersion and storytelling in their chosen form of entertainment. As our roster of gaming companies expands rapidly and as we see more of our DMCC Crypto Centre members enter the blockchain gaming space, there is no better time to formalize our efforts by opening the DMCC Gaming Centre. Through this facility, we will solidify Dubai’s position as a global hub for all forms of gaming and esports.”

Prior to this announcement UAE Cypher Capital and Phoenix Group  invested with others into the new blockchain Web3 gaming platform, Fenix Games. Led by a group of industry veterans from gaming, blockchain, and financial markets, Fenix Games plans to acquire, invest, and publish both existing games and blockchain games of the future. Cypher Capital also invested $1.5 million in Rekt Studios which is also taking Web3 gaming to a new direction.

Fenix Games is a next-generation games publisher facilitating the transition of the next billion gamers into a blockchain-integrated future. Whereas traditional, “Web 2.0” games have mature distribution platforms and markets that bring billions of players and developers together, Web 3.0 lacks the infrastructure, tools and support to facilitate mass adoption. As more and more quality developers embrace blockchain technology and design principles, we see an opportunity for the role of Publishing to elevate its value in the design, go-to-market and operations of games.

At the time Munaf Ali, CEO at Phoenix stated, “Despite the recent challenges in crypto, Cypher Capital Group remains optimistic and bullish about the future of web3 and blockchain projects.”

Crypto.com and Coca Cola offer Fans of World Cup FIFA 2022 from GCC and MENA NFT collection

Crypto.com and Coca Cola offer Fans of World Cup FIFA 2022 from GCC and MENA NFT collection

Coca-Cola and Crypto.com, sponsor of Qatar World Cup 2022, have teamed up to launch an NFT collection inspired by the Qatar 2022 FIFA World Cup. The collection, created in collaboration with digital artist GMUNK, is based on “heat maps” that visually represent the movements and highlights of the tournament’s players. GMUNK has created 10,000 NFTs based on these heat maps, which will be available to fans on the Crypto.com NFT platform from May 1 to July 31, 2022.

To access the NFT collection, fans will need to create an account on the Crypto.com NFT platform and visit Coca-Cola’s fan zone page to mint a token. The Coca-Cola fan zone is a digital hub for the Qatar 2022 FIFA World Cup that offers fans the opportunity to experience thrills, excitement, games, and moments to remember during the tournament.

 In addition to the NFT collection, the fan zone includes leaderboards, pledges, and predictions, allowing fans to compete with each other and interact with the tournament in real-time.

As per some news websites the registration sites for the NFTs are offered on either Coca-cola Middle East or the fan zone links officially provided for residents living in Qatar, Saudi Arabia, or the United Arab Emirates.

Just after the announcement Crypto.com’s CRO token (CRO) gained value this week. CRO climbed as much as 10% after the press release hit, and though it slipped to a 8.5% advance at press time CRO remains one of the top performing digital assets on Monday 5th of December. Despite this, CRO token remains lower by about 50% over the past month in the FTX-related crumbling in the cryptocurrency markets. CRO is down nearly 90% year over year.

This is the first World Cup that has not only features Blockchain and crypto sponsors but tokens and NFTs, growing the interest in both in the MENA region.

Local Oman crypto broker Easy Coins launches Tether USDT on its platform

Local Oman crypto broker Easy Coins launches Tether USDT on its platform

Oman based, cryptocurrency broker, Easy Coins announced on twitter that it had launched its trial of Tether USDT on the Tron Blockchain. Accordingly Easy Coin users in Oman can now purchase TRC20 USDT. At the end of 2021 there were 43 thousand registered crypto wallet addresses in Oman. 

LaraontheBlock spoke with Dr. Khalid M.W. Tahhan, Co-Founder, Easy Coins ME on the recent Tether trial. According to Tahhan the reason for choosing to trial tether is that it is the largest stablecoin and there is a huge demand for it in the Omani market. He adds, “Easy Coins is also in the process of launching its own Omani Riyal backed stablecoin which will be backed 1:1 with Omani Riyals, ensuring a better peg than USDT.”

While most consider the crypto market to be falling and bearish, Tahhan feels otherwise. He states, “We at Easy Coins believe that Bitcoin will remain competing as a reserve asset. We also believe a lot of the tokens produced from thin air will lose their value. Finally and most importantly, we believe these public Decentralized blockchains will be the new payment rails of the future and are developing solutions to utilize them.”

He explains that Easy Coins is the first non-custodial crypto broker in the MENA region. He states, “We always believed in self-custody and hence deployed a compliance focused self-custody solution from the start to ensure nothing like FTX can happen to our customers.”

In terms of crypto regulations in Oman, while still not regulated, Easy Coins is a formally registered startup at the Oman Ministry of Commerce and Industry as well as part of Jadara Program of the Oman Ministry of Transport, communication and Information Technology.

In short he states, “We are self-regulated and follow compliance methodologies from Europe in the interim. We will become a licensed entity once the regulators in Oman are ready to license such activities.”

Easy Coins is the only cryptocurrency broker in the region that accepts all Omani Debit and Credit Cards and offers lower payment processor fees when using our service with Omani Debit Card.

Prior to this announcement Easy Coins was trialing a stablecoin backed by the Oman Riyal with the Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group. Oman Water signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet.

The companies would trial a cryptographic stablecoin pegged to the Omani Riyal to be utilized as payment from subscribers in select OWWSC customer halls as well as on Easy Coin. Payments will be made using Hasalah Digital Wallet.

In June 2022, The Executive President of the Central Bank of Oman, Mr. Tahir Salim Al Amri, commented during the 7t Edition of the new Age Banking Summit on the topic of CBDCs (Central Bank Digital Currencies)  that the Central Bank of Oman is working to issue its own CBDC. 

In Parallel, the Oman Capital Market Authority issued its new Securities Law (46/2022) which stipulates that the authority can “Agree to application of technologies, virtual digital investments or any products or services in the areas related to the provisions of this law, as set out in the Regulation.”

Additionally Oman is working towards tokenization of real-estate. The Oman Capital Market Authority (OCMA) is set to include real estate tokenization in its virtual asset regulatory framework, a report quoting an advisor of the authority has said. According to the report, Oman expects to complete drafting the virtual assets regulatory framework by Q3 of 2022.

World Cup Qatar 2022 fan tokens a catalyst for mass crypto adoption

World Cup Qatar 2022 fan tokens a catalyst for mass crypto adoption

Qatar’s World Cup 2022 is a first in many ways. It is not only the first to be held in an Arab country but also the first to have crypto and blockchain sponsors, namely Algorand and Crypto.com, and the first to introduce fan tokens, NFTs, and metaverse experiences. Consequently, these actions have spurred the market capitalization of fan tokens to $300 million at the onset of the World Cup according to CoinGecko.

Fan tokens for FIFA

World Cup 2022 NFT Collection was launched with Algorand blockchain technology. FIFA fans now have the opportunity to attend the tournaments and enjoy a VIP experience thanks to the official digital collectibles. In this sense, they are one of the first utility NFTs in the World Cup space. Costing as low as $4.99, 216,862 packs had been claimed by Nov. 23 from the FIFA+ Collect website out of a collection of 532,980 packs, which include 1,593,480 NFTs. Users can purchase packs using credit cards or USDC-A on the Algorand network.

Moreover, the FIFA World Cup 2022 collaborated with Matchday, a company that developed a social prediction game based on football cards, and Upland, a company that built a virtual replica of the Lusail Stadium in Qatar for fans to visit the metaverse using collectible NFTs.

Will this impact the growth of fan tokens in the region?Nabil Al Sayed, the founder of the MENA-based Nifty NFT marketplace, believes that FIFA’s approach to Web3 is reassuring.

“Football has a great fan base, and the World Cup has an even bigger one,” he explains. “This adoption of Web3 by FIFA helps engage a wider base of fans in this new space, introduces a new world to fans also gives a nudge to the ones on the fence and also proves that Web3 is the future and it is here to stay.”

Al Sayed adds that these partnerships “are just the beginning for what is yet to come.”

However, the founder of UAE Web3 social engagement platform Bonuz, Matthias Mende, says the current efforts are not enough, and that FIFA faces challenges in making their NFTs simple and friendly to purchase as well as relieving fans of gas fees.

He states, “The greatest outcome to incentivize fans to purchase FIFA NFTs is their affordable prices. Nevertheless, acquiring the FIFA NFTs should be done with gasless payments, which are currently not available on Algorand.”

FIFA is not the only entity offering fan tokens and NFTs. Binance, for example, is offering $1 million in rewards in its Web3 Blockchain-enabled football challenge. UAE-based KoinBasket, a crypto investment firm, put up 100 million Bitcoin Satoshis for grabs, and Bybit crypto exchange, which had applied for a license in Dubai through VARA, is offering 500,000 in USDT as a prize pool in celebration of the World Cup.

Are these successful campaigns to gauge fan interest?Al Sayed believes that the secret behind successful fan NFTs and tokens is the utilities that these assets hold. He explains that NFTs allow fans to “participate in voting polls for the team, go on a hunt for digital collectibles, purchase gated NFTs, and enjoy gamification features tied with fan rewards or virtual experiences.”

As for Mende, NFTs that provide “Proof of Attendance” coupled with a quest map requesting users to carry out tasks might be effective to increase and measure social engagement.

“Using this strategy, companies can rate which community members add value and which are merely attendees,” Mende expounds. “Companies can filter benefits based on these data points and determine who to grant benefits to.”

Future of sport NFTs and fan tokens in MENA

Al Sayed reiterates, “This is the first step to a whole new way of consuming sports. We are just scratching the surface. This year it started with fan tokens, and by 2026 we will be seeing more immersive experiences and a wider range of products beyond tokens and games.”

Blockchain will be the norm for the upcoming World Cup, Mende predicts. According to him, the general public will see the emergence of “Tracking NFTs.” Since these NFTs will track users’ activity in a similar way that cookies do, they will provide a high level of transparency for understanding real user behavior. “Users will be happy to exchange this data for NFTs, digital rewards, and virtual benefits,” he claims.

Algorand Decipher conference kicks off in UAE with leading MENA Blockchain entities

Algorand Decipher conference kicks off in UAE with leading MENA Blockchain entities

The second annual conference Decipher, by the Algorand Foundation is being held today until the 30th of November at Madinat Jumeirah Conference & Events Centre in Dubai, UAE.  The Algorand Foundation’s mission is to grow and empower the ecosystem around Algorand-the leading carbon-negative Layer-1 blockchain-and Decipher’s programming will highlight top founders and investors from both within and beyond the Algorand network.

The event will witness more  than 120 speakers across four stages and 50 sessions. Registrants will also be able to sign up for one-on-one mentoring with blockchain leaders, learn to set up wallets and experience play-to-earn games, explore a high-end curated NFT art gallery, take part in hands-on workshops designed for developers and led by the engineers and product leaders behind the Algorand protocol, and more.

Topics include Financial Inclusion at Scale: A World Tour featuring Sanzar Kakar, Founder of HesabPay; Victor Mapunga, Co-Founder & CEO of FlexFinTx; Abhinav Sinha, Cofounder, Eko India Financial Services; and Matt Keller, Head of Social Impact at the Algorand Foundation.

Also is the topic of Building the Next Crypto Capital featuring Basil Al Askari, CEO & Cofounder of MidChains; Benjamin Ampen, CEO MENA at Kraken; and Jehanzeb Awan, Chairman of the Middle East, Africa and Asia Crypto and Blockchain Association.

As well as the topic of payments revolution featuring  Khaled Moharem, President Middle East at WadzPay; Eduardo Novillo Astrada, CEO & Cofounder of AgroToken; and more to be announced.

In addition topics include Safer Bridges to a Multichain Future featuring Nico Arqueros, Primary Contributor, Milkomeda; Adi Ben-Ari, Founder & CEO, Applied Blockchain; and Hugo Philion, CEO & Cofounder, Flare Network

Venture Perspectives Across the Crypto Landscape featuring Terry Culver, CEO & General Partner at DFG Group; Mona Hamdy, Chief Strategy Officer at Sino Global Capital; Abhinav Pathak, Research Partner at Woodstock Fund; and Ryan Terribilini, Head of Ecosystem Funding at the Algorand Foundation

View the full agenda and speaker lineup at https://www.decipherevent.com

4 percent of FTX Global Clients based out of UAE

4 percent of FTX Global Clients based out of UAE

Bloomberg  just published a piece today November 27th 2022 that is rocking the UAE crypto ecosystem and is one of the most read pieces on Bloomberg as of now. As per the article roughly 4 percent of FTX’s global client base is in the UAE. This comes as no shock. LaraontheBlock had noted in an article on November 11th 2022 that VARA had suspended FTX’s crypto exchange license. The article at that time also noted that FTX MENA users brought in high revenues for FTX and was considered as the third biggest revenue region for FTX. 

Ben Bartenstein the author writes in the Bloomberg article, “Several crypto hedge funds recently launched in the UAE had dumped all of their client money on FTX, forcing an insane struggle to exit the platform before halting withdrawals to avert their own collapse, according to those familiar with the matter.”

The article also notes that roughly 4% of FTX’s global clients are based in the UAE, according to court filings in the company’s bankruptcy case, making it one of the ten most impacted jurisdictions.

The article adds that UAE officials have privately raised concerns about the pace of regulatory approvals that they may have moved too quickly and failed to identify the Three Arrows Capital and FTX blasts, people familiar with the matter said.

It goes on to state that Dubai’s VARA plans to announce its CEO in the coming weeks and intends to hold further consultations with key stakeholders before the end of the year. This information was provided by people familiar with the matter.

What the article fails to mention but was published in a separate piece recently on LaraontheBlock was that VARA is carrying out an investigation into the FTX impact on local UAE Market not limited to FTX MENA alone.

As VARA stated on its platform, ” VARA is following a developing matter involving the potential insolvency and alleged fraudulent behavior of an affiliate of a VASP licensed for participation in the MVP Phase.