Oman Oil service Entity to utilize blockchain for sustainable energy production

Oman Oil service Entity to utilize blockchain for sustainable energy production

Oman Al Shawamikh Oil Services Company will cooperate with Oman Frontech, a government entity established by both Omantel and Ethcha (Oman Investment Authority) to implement Blockchain to ensure sustainable management of its energy solutions. 

Frontech launched the National Blockchain Platform to accelerate the digital innovation efforts in the Sultanate of Oman, in line with the requirements of the Fourth Industrial Revolution. The platform offers two services: Blockchain Factory as a sandbox environment, Blockchain as a Service (BaaS), and Blockchain as a Service (BaaS).

Oman’s Energy entity, Al Shawamikh Oil Services Company, will work with Frontech to develop a sustainable energy management system built on blockchain technology.

Frontech will utilize blockchain to represent the production units in the sustainable energy network, as well as track and manage these units.

During the signing ceremony, Dr Aflah bin Said Al Hadhrami, CEO of Al Shawamikh Oil services, said, “Blockchain or the digital blockchains are the new digital revolution that may go beyond the Internet revolution and has gained great momentum recently. The agreement between Al Shawamikh and Frontech comes to take advantage of one of the possibilities of the fourth industrial revolution to develop sustainable energy solutions and to meet the aspirations and objectives of Oman’s vision 2040 in its renewable renaissance.”

Dr Ammar Al-Obaidani, CEO of Frontech, said, “Frontech was established to achieve national goals by providing high-level technical solutions to leading technologies. The company works on implementing many projects and initiatives with various sectors, whether from the governmental or private sectors. This partnership with Al Shawamikh Oil Services Company will accomplish one of those goals through the National Blockchain Network, as it provides a points system on blockchain technology for its partners and clients.

UAE telecom regulatory authority says more than 10 percent of UAE residents own crypto

UAE telecom regulatory authority says more than 10 percent of UAE residents own crypto

UAE Telecommunication and Digital Government Regulatory Authority has released is Digital Lifestyle 2022 report where it confirms that more than 10 percent of UAE residents have invested in cryptocurrencies.

As per the report 11.4 percent of UAE residents have had exposure to cryptocurrencies. This means that the UAE comes in at 10th globally in terms of investments in cryptocurrencies.

Around 11.4 per cent of the UAE residents have invested in cryptocurrencies said the Telecommunications and Digital Government Regulatory Authority (TDRA).

The UAE is set to become the global hub for cryptocurrencies and experts have lauded the country’s role in promoting and adopting virtual currencies as a number of digital asset exchanges and crypto firms have launched their operations in the country.

This has been spurred by the activities of Dubai Virtual Asset regulatory and ADGM ( Abu Dhabi Global Market). This is set to grow as more crypto and blockchain companies as well as metaverse entities flock to the UAE.

This is spurred by the recent strategy to grow the number of blockchain and metaverse entities in the UAE to 5000, up from 1000 today.

Oman Corporation trials stablecoin pegged to Oman Riyal

Oman Corporation trials stablecoin pegged to Oman Riyal

The Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group, to trial a stablecoin linked to the Oman Riyal. The company signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet.

The companies have agreed to 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.

HH Sayyid Azzan Bin Qais Al Said, Co-Founder of Digital Digits states, “We are proud to empower such a trial within the Sultanate of Oman which in turn will improve Easy Coins’ service competitiveness to match global players in this space. Easy Coins customers will significantly benefit from the reduced cost of payment processor fees to use our service with Hasalah”.

Qais Al Zakwani, CEO of the Oman Water and Wastewater Services Company, adds: “In line with the company’s ambition to keep pace with the digital transformation and to provide our customers with innovative options to pay their monthly dues, we are extremely pleased to enter into this partnership, through which we hope our customers will be provided with a new experience to pay bills through the Hasalah wallet, when launched”.

Hamood Al Hamadan, Director of SaS Center from Ministry of Transport, Communications and Information Technology (MTCIT) said, “We believe that the advancement of technology in Sultanate of Oman is in need of increased collaboration and coordination of such trials. Through supporting technology innovation and experimentation by the government and private sector, we foresee many local tech products growing and scaling regionally and globally.”

Nabil Al Siyabi, CEO of Connected Chains Said, “We are excited to work with OWWSC, Easy Coins and the other relevant stakeholders in tokenizing the Omani Riyal to enable real life benefits in doing so to payments. We welcome any other government or private entities interested in accepting the tokenized Omani riyal, when fully rolled out with its associated benefits.”

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.

Binance MENA to offer crypto cards with MasterCard as part of 90 million stores initiative

Binance MENA to offer crypto cards with MasterCard as part of 90 million stores initiative

On August 23rd 2022,  Michael Miebach the CEO of MasterCard posted on LinkedIn, “We can unlock the full potential of blockchain technology when we make it easier to access and easier to use. One way we do that is by bringing crypto to everyday purchases. To make that a reality, we’re working with Binance to let people use their crypto to make purchases at 90 million stores that accept MasterCard. We are launching this work in Argentina with plans to expand from there.” 

It seems that the expansion will be in the MENA region and come very soon.

So as mentioned, MasterCard and Binance will start offering customers the opportunity to pay for items with their Bitcoin and BNB, using a Binance Card. A prepaid card, that bridges crypto and fiat currencies, in Argentina. The plan is to then roll out this offer to include 90 million stores worldwide.

The Binance Card can be used by anyone with a valid national ID to pay bills and make purchases with the card, using their Bitcoin and BNB holdings.

The first stop was Argentina launched earlier in August 2022, with speculations that the USA, and Venezuela or other countries that are big on crypto would be next.

But it seems that expansions could actually start in the MENA region. Richard Teng, Binance regional Head of MENA also posted on LinkedIn two days after Michael and stated, “Excited to announce our partnership with MasterCard on crypto cards and payment. Introducing this soon in MENA. Watch this space….”

This clearly indicates that the next stop for the Binance MasterCard partnership will be in MENA and most probably in the UAE. The UAE has one of the most forward looking crypto regulations globally as well as being the third biggest crypto user base in MENA.

In January 2022 a report published by TripleA cryptocurrency Payments Company, showed that Morocco topped the Arab countries in terms of crypto owners or users followed by Egypt, UAE, and then KSA. The report stated that in 2021 global crypto ownership was estimated at an average of 3.9 percent, 300 million crypto users and 18,000 businesses already accepting crypto payments.

New rules govern how virtual assets are marketed in Dubai

New rules govern how virtual assets are marketed in Dubai

Dubai’s Virtual Asset Regulatory Authority (VARA), with the commencement of its Minimum Viable Product (MVP) Phase, has announced Regulatory Guidelines on Marketing, Advertising and Promotions of VA across the Emirate of Dubai.

The new VARA regulations specifically address marketing and communications activities, ahead of operationalizing the MVP licensees so that any mass-market information dissemination and consumer solicitation are designed to safeguard community interests.

Regulations on Marketing, Advertising and Promotions of Virtual Assets cover all forms of outreach, communications and advertising, including publication of information, awareness building, customer engagement, and/or investor solicitation.

VARA rules extend to VA related communications by any entity leveraging Dubai-based media sites, search platforms, and online or off-line publishing channels that explicitly target customers within the Dubai market, establishing guardrails on permissible audience segments, in addition to content obligations.

Equally all content dissemination channels operating from Dubai are obligated to act responsibly, and ensure compliance with prevailing Guidance as it pertains to VA communications facilitated via their platforms.

VARA guidelines further detail the obligations of Dubai licensed VASPs and any advertising platforms that are positioning VA content across traditional and new-age media channels for the Dubai market, to ensure factual accuracy, explicitly demonstrate any promotional intent, and in no way mislead on the guaranteed nature of their returns.

The principles are supplemented by rigid enforcement standards and penalties for non-compliance that collectively provide market confidence ahead of MVP operations, as it augments marketing, data protection and consumer protection laws that have been well embedded across the UAE.

Abu Dhabi launches blockchain and virtual asset committee to grow ecosystem

Abu Dhabi launches blockchain and virtual asset committee to grow ecosystem

Abu Dhabi has launched the Abu Dhabi blockchain and virtual assets committee. The Abu Dhabi Blockchain and Virtual Assets Committee is comprised of representatives of major entities and stakeholders active in this field including Dhaher bin Dhaher Al Mheiri, CEO of Abu Dhabi Global Market (ADGM) Registration Authority, Wai Lum Kwok, Senior Executive Director Authorization at ADGM, Mohammed Kaissi, Director of Strategic Projects at ADQ, Faisal Al Hammadi, Executive Director Incubation at ADQ, H.E. Mohamed Jameel Al Ramahi , CEO of Masdar, Dr. Nikolas Meitanis , Advisor at Masdar CEO Office,  Ibrahim Ajami, Head of Ventures and Growth at Mubadala, Eng. Abdulla Al Shamsi, Director General of Abu Dhabi Investment Office (ADIO), and  H.E. Dr. Maryam Buti Al Suwaidi, CEO of Securities and Commodities Authority (SCA).

During the first meeting of the committee, under the chairmanship of H.E Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman Securities and Commodities Authority (SCA), discussed the aim of launching the committee which is to develop the strategy for blockchain and virtual assets,  aligned with the Emirates economic strategy.

The Committee emphasized the importance of regulating blockchain and virtual asset activities to comply with Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) International and local rules and regulations. This in turn will build an ecosystem that is safe, sound, and transparent, which will help build trust and attract more companies to Abu Dhabi.

As per the press release, the Committee is established to improve Abu Dhabi’s competitiveness in blockchain and virtual asset space, coordinate efforts of entities active in the industry, liaising with regulators, and promoting compliance of industry participants with global standards and regulatory requirements, particularly AML/CFT regulations, as well as supporting exchange of information and best practices.

H.E Mohamed Ali Al Shorafa, Chairman of ADDED and SCA, said; “The formation of Abu Dhabi’s Blockchain and Virtual Assets Committee reflects our leadership farsighted vision and approach, which enabled Abu Dhabi to nurture a supportive business environment, unparalleled connectivity and infrastructure and an entrepreneurial mind-set that presents investors with growth opportunities. The Committee is bringing together all the relevant stakeholders to build a robust, credible, and comprehensive regulatory and business ecosystem that addresses key risks and major governance issues, such as AML/CFT, investor protection, tech governance, and custody risk, to promote blockchain and virtual assets.”

He added, “This will allow us to capitalize on blockchain technology and virtual assets to achieve Abu Dhabi’s aspirations, and the priority areas for this will be growth clusters including AgriTech, FinTech, Healthcare and Biopharma, Energy, Tourism, and ICT as we aim to foster businesses in these sectors to expand and accelerate”.

Crypto one of the challenges included in the first UAE government cybersecurity competition at Gitex 2022

Crypto one of the challenges included in the first UAE government cybersecurity competition at Gitex 2022

UAE Cyber Security Council, Abu Dhabi Digital Authority (ADDA), and UAE Department of government support have launched the 1st annual global Capture the Flag (CTF) cybersecurity competition. Crypto is one of the themes included in the competition. 

Established in November 2020, the UAE Cyber Security Council is tasked with developing and overseeing a cyber security strategy for the UAE, and creating a safe and strong cyber infrastructure, while Abu Dhabi Digital Authority was established to enable, support and deliver a digital government that is proactive, personalized, collaborative and secure.

Both have come together with the support of UAE Department of government support to organize the first CTF cybersecurity competition.

The CTF competition will be held at Gitex 2022 which will take place from 10-14 October 2022 at the Dubai International Convention and Exhibition Centre.

The aim of the knowledge based challenge is to create a safer digital world. Challenges fall under several themes including, web exploitation, forensics, reversing, OSINT, IoT hardware, crypto, network, mobile, and Steganography.

Teams of 3 or 5 are considered eligible for the competition. They will need to register their teams. The qualification round which will take place online on 10-Sep-2022, and only five (5) teams from the online qualifier round will be selected for the finals.

The Final round will be held physically and in person at Gitex 2022. Qualified teams must be physically present with their laptops at Gitex Dubai from Oct 10 till Oct 14, 2022 for the final round.  Abu Dhabi Digital Authority will cover all the accommodation and travel expenses and the entry badges for the final CTF round in GITEX.

The winners will be announced at the end of the 5th day, of Gitex 2022, the first 3 teams will receive cash prizes. 1st place winner will receive 35,000 AED, 2nd place will 25,000 AED, and 3rd place will receive 15,000 AED.  

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Kuwait illustrator brings the Kuwait concept of Dewaniya to life in the form of NFTs

Kuwait illustrator brings the Kuwait concept of Dewaniya to life in the form of NFTs

F2o Designs Shop and F2o Studio founded by Kuwaiti national Fatima Fawzi Alothman launches the idea of bringing the GCC Arab cultural element of Dewaniya to the NFT (Non Fungible Token) Web3 world

Fatima, who currently resides in UAE, is a freelance illustrator specializing in character design, children’s books illustration editorial and advertisement illustrations. She also offers traditional animation services. She holds bachelor’s degree in civil engineering from the American University of Sharjah and a Master’s degree in fine arts from the Academy of Art University in San Francisco, USA.

For those unfamiliar with both the Arabic term and the cultural social aspect of Dewaniya here is a small explanation. A  Dewaniya is a place where friends and people from the community gather to discusses ideas and spread messages related to both local and international issues, and even circulate jokes. It’s where voices are heard, echoed, and taken to further places. It is the weight of the people in the Dewaniya that makes the difference in spreading news to the community.

The Dewaniya served an important purpose in the development of Kuwait over the last 250 years by facilitating quick communication and consensus building among other things. There are many type of Dewaniyas that have evolved from the original archetype and they differ only in terms of the groups they serve and the level of formality.

The Dewaniyas are the core of Kuwait’s social, business and political life, the places where topics of interest are discussed, associates introduced, alliances formed, and similar networking activities undertaken. 

Fatima along with Hamad AlSarraf creative Director, and Hala AlAsfour, Marketing and PR strategist have curated a collection of 3000 NFTs called The Dewaniya Dudes. These NFTs will be part of a Dewaniya platform which will mirror the model of the Real Dewaniya utilizing web 3.0.

To join the Dewaniya platform a user has to have a Dewaniya dude NFT. This will offer access to exclusive content and privileges. As per the website the Alpha mint is coming up soon, and is reserved for the whitelisted only.

Increasingly the Arab world is witnessing innovative ways of how artists and youth in the region are utilizing NFTs and Web3 to bring together the traditional social values and community beliefs with digital future. This is yet another example of how NFTs can be utilized while keeping traditions alive.

Crypto ETP issuer sets up MENA base in UAE

Crypto ETP issuer sets up MENA base in UAE

21Shares, one of the largest issuers of cryptocurrency exchange traded products (ETPs), has expanded to the Middle East and hired Sherif El-Haddad, to Head the Middle East office from Dubai UAE.

As per the announcement, Sherif El-Haddad Crypto ETP issuer sets up MENA base in UAE joins 21Shares  in Dubai, where he will lead 21Shares’ market expansion in the region. 

El-Haddad previously served as Head of Asset Management at Al Mal Capital. Before that, he was the Managing Partner of Pearl Capital Management and led the asset management division of EFG Hermes for over 13 years. El-Haddad has extensive experience in the financial services sector across the Middle East and a broad set of capabilities and networks. El-Haddad holds an accounting degree from The American University in Cairo.

“In addition to Switzerland, where 21Shares is based, Dubai is one of the most exciting and favorable locations for crypto and blockchain businesses. As 21Shares embarks on its Middle East expansion, I am proud to be part of this growth journey. ” Sherif El-Haddad commented.

Commenting on the company’s new hires and market expansion, Isabell Moessler, Head of Distribution EMEA at 21Shares said: “We’re so glad to welcome Marina, Oliver and Sherif to our fast-growing team. Their experience will help us gain even more traction in our European core markets and begin our entrance into the Middle East.”

21Shares recently launched its Crypto Winter Suite, a set of products designed to help investors weather the bear market and provide various ways to enter the asset class. Recent product launches in the Crypto Winter Suite include the world’s cheapest Bitcoin ETP (CBTC) as well as two risk-controlled products, the 21Shares S&P Risk Controlled Bitcoin Index ETP (SPBTC) and 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH).

Qatar releases National Blockchain Blueprint

Qatar releases National Blockchain Blueprint

Qatar has finally started to truly embrace blockchain. The Communications Regulatory Authority has launched a national consultation paper about the “National Blockchain Blueprint for Qatar”.

The paper was collaboratively developed by CRA, Hamad Bin Khalifa University, and Qatar University. Qatar university recently announced its foray into the metaverse.

The consultation paper will establish the blueprint for the blockchain framework in Qatar. It identifies key elements such as regulations, adoption, innovation and creativity. It also identifies the key blockchain requirements.

The National Blockchain Blueprint highlights how blockchain technology can contribute to building an innovative and growing IT sector in Qatar by increasing domestic and foreign investment as stated in the CRA Strategy 2021-2025, to support Qatar National Vision 2030 (QNV) and Qatar National Development Strategy, as well as to enabling a seamless transition towards smart Qatar.

The blueprint examines the most prominent opportunities that blockchain could bring to various governmental and business sectors. It also outlines the necessities and incentives that must be provided by each sector for the technology adoption that contribute to emerging start-ups, pilot projects and new companies.

“The National Blockchain Blueprint highlights how blockchain technology can contribute to building an innovative and growing IT sector that contributes to increasing domestic and foreign investment, which supports Qatar National Vision 2030 and Qatar National Development Strategy,” said Ali Al Suwaidi, Technical Affairs Department Director, CRA.

He adds, “The regulation is important to protect users and provide the adequate legal framework that allows blockchain innovation and adoption. I would like to thank Hamad Bin Khalifa University and Qatar University for all their efforts and cooperation in developing this blueprint and we look forward to our further collaboration in the future.”

As per the consultation paper, In Qatar, the key governmental stakeholders that should be involved in regulating Blockchain are Qatar Central Bank (QCB) for cryptocurrencies and financial transactions, as well as ICO offerings, the Qatar Development Bank regulating investment related activities and providing incentives for blockchain.

In addition government entities also to be  involved are the Ministry of Communications and Information Technology (MCIT) with its Innovation Centre for blockchain technology; Ministry of Justice, to formulize the legal framework, and the National Cybersecurity Agency, for data classification and cyber security.

The consultation paper recommends establishing a national regulatory foundation guide in the form of a study of the common services’ regulatory requirements alongside benchmarking with relevant international examples.

They also recommend engaging different potential stakeholders and regulators in an open discussion about potential technology use cases and their associated regulatory requirements.

Finally they recommend establishing a country-wide initiative in the form of a government-led consortium with wide involvement from the private sector to kick-off the creation of country strategy as well as initiate and coordinate the regulatory activities.

Qatar also wants to establish a high-performance cloud-based blockchain platform to accelerate and facilitate prototyping and testing, with priority given to pilot projects and start-ups. 

Stakeholders and concerned parties can submit their related views and comments by emailing nbbconsultation@cra.gov.qa, by not later than Thursday, September 15, 2022.

Qatar has had an on and off relationship with both crypto and blockchain. In May of 2022, Don Tapcott, renowned blockchain expert was a speaker at the Blockchain revolution Summit.  In the meantime the CEO of Qatar Sovereign Wealth Fund praised blockchain but shunned crypto. Yet the Central Bank governor stated that crypto assets are a technological innovation that will take the country into a new era of fast accessible payments and services. 

It seems that finally Qatar has embraced Blockchain and crypto and hopefully will quickly step up the pace.