CyBirb Blockchain Security company launches in Abu Dhabi’s ADGM

CyBirb Blockchain Security company launches in Abu Dhabi’s ADGM

CyBirb, aWeb3 security company, has launched its operations in Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital after receiving its license.

As per the press release, the move aims to strengthen capabilities in blockchain cybersecurity and compliance across the region. CyBirb’s expansion marks a significant milestone in enhancing blockchain security and fostering innovation in the UAE and beyond. The decision to launch operations within ADGM was driven by the financial centre’s reputation for innovation and robust regulatory standards. CyBirb is set to offer a suite of advanced security solutions, including Smart contract audits, Decentralized application (DApp) security, Wallet screening and transaction monitoring and AI-powered real-time threat detection.

Manan Shah, Founder and Chief Executive Officer of CyBirb, stated: “Our establishment in ADGM is a game-changer for blockchain security in the region. We’re bringing world-class cybersecurity solutions to a hub of innovation and regulatory excellence. We are confident that our presence in ADGM’s ecosystem will enable us to set new global benchmarks in Web3 security and compliance.”

The company plans to collaborate with key stakeholders in ADGM, including financial institutions, technology firms, and academic institutions, to continuously enhance its services and contribute to strengthening the overall blockchain ecosystem. Commenting on these collaborations Manan Shah added, “These partnerships are integral to our mission of creating a secure and thriving blockchain ecosystem. By collaborating with leaders across various sectors, we’re not just offering security solutions – we’re building a foundation for the future of Web3 in the MENA region.”

MultiBank receives crypto exchange license from Dubai’s regulator

MultiBank receives crypto exchange license from Dubai’s regulator

MultiBank Group, a financial traditional derivatives institution worldwide headquartered in Dubai, has received a full VASP license for broker and exchange services from VARA (Virtual Assets Regulatory Authority) through its UAE subsidiary MEX Digital FZE operating under the MultiBank.io brand.

The Group has robust net assets of over US$583 million with over 1 million traders across 90 countries. Multibank Group boasts daily trading volumes averaging in excess of US$15.6 Billion per day and is one of the most regulated financial institutions worldwide with over 15 regulators, in 5 continents, with an unblemished record since its inception in 2005 now holds 15 regulatory licenses worldwide.

Naser Taher, Chairman of MultiBank Group, said, “Our vision at MultiBank Group is to create an ecosystem to facilitate integration between the financial derivatives markets and the crypto markets. We are happy to have been awarded dual licenses, affirming our steadfast commitment to regulatory compliance and excellence worldwide. This milestone strengthens our dedication to creating a secure and transparent environment for the global cryptocurrency community and marks a significant chapter in our evolution from Forex to the forefront of the crypto economy.”

With a VASP License from VARA for exchange and broker-dealer activities, MultiBank.io is set to accelerate its growth as a premier digital asset exchange, contributing significantly to Dubai’s burgeoning blockchain ecosystem. The company’s expansion strategy includes bolstering its team, elevating its service offerings, and forging strategic partnerships, all aimed at driving the advancement of the cryptocurrency industry in the region.

OKX crypto exchange license in UAE is now fully active

OKX crypto exchange license in UAE is now fully active

OKX crypto exchange now has a fully active crypto exchange license from Dubai’s regulator VARA ( Virtual Asset Regulatory Authority), published on VARA website today.

OKX with this active license is now authorised to serve Institutional Investors, Qualified Investors and Retail Investors. It can also offer virtual asset margin Trading Services permitted to Institutional Investors and Qualified Investors under the VA Exchange License.

OKX can also offer crypto derivatives Trading Restricted to Institutional Investors and Qualified Investors for VA Derivatives Limited License.

In February 2024 OKX received its crypto exchange VASP license from Dubai UAE through VARA ( Virtual Asset Regulatory Authority), and then a license in Turkey. OKX TR, will provide Turkish users with a trusted, compliant and transparent gateway to crypto trading and decentralized finance. The OKX Web3 Wallet is currently available in Türkiye through OKX’s global platform.

Earlier this week, Bybit received its VASP license from VARA, which is currently not active until all requirements are met. Already global players like Binance, Crypto.com have received licenses in UAE as well.

ByBit crypto exchange receives VASP license in UAE

ByBit crypto exchange receives VASP license in UAE

The UAE Virtual Regulatory Authority website has just listed ByBit crypto exchange, the second largest crypto exchange globally, as a licensed VASP ( Virtual Asset Service Provider), pending final authorizations and requirements. Once the license is fully received Bybit will offer crypto exchange services institutional Investors, Qualified Investors and Retail Investors.

“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, Chief Operating Officer of Bybit. “With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.”

In June 2023, Bybit received its minimum viable product license from VARA.

During this time, the crypto exchange partnered with UAE’s DMCC freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center. Bybit’s pledge of financial support in the amount of $136,000 will be used to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre. It also held its Hackathon at DMCC.

Bybit also supported crypto and blockchain ecosystem in the UAE with the University of Sharjah. Bybit contributed $272.000 equivalent to 1 million AED to establish a scholarship fund to support 20 students to accelerate their academic and research career into fintech and blockchain at the American University of Sharjah.

In March 2023 Bybit was one of the global crypto exchanges to have received preliminary approval from VARA.

So far Dubai’s VARA has licensed Binance and Deribit as crypto exchanges with derivative services, while offering crypto exchange service licenses to OKx, Crypto.com, BackPack and Toko.

Updated September 16th with quote from ByBit.

UAE crypto custodian Changer AE receives additional crypto broker license from FSRA

UAE crypto custodian Changer AE receives additional crypto broker license from FSRA

UAE based Changer.ae an independent crypto custodian service, has obtained the regulatory approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to conduct the Regulated Activity of Dealing in Investment as Agent. In addition to conducting the Regulated Activity of Providing Custody and offer investors a reliable, convenient, and accessible wallet to safeguard and manage their Virtual Assets, Changer will now be able to securely and seamlessly deal in investments as an agent.

The platform is dedicated to securing users’ Virtual Assets and provides an elevated digital experience and is complemented by a transparent subscription-based monthly service according to the assets held under custody. In addition to Providing Custody, Changer is will launch a new exchange service that provides banking-grade escrow services for secure transactions. This initiative underscores Changer’s commitment to delivering a secure, simple, and seamless digital experience.

As per the announcement, cryptocurrency investors worldwide can easily access Changer’s services via the user-friendly Changer mobile application, available on the App Store, Google Play Store, or Huawei App Gallery.

Wang Hao, CFA, CFtP, Senior Executive Officer of Changer, commented, “We are proud to obtain the FSP license, targeting individuals globally and providing them with a reliable, convenient, and accessible wallet to safeguard and manage their virtual assets. This license marks a significant milestone, highlighting our dedication to delivering a secure, simple, and seamless digital custody service that is independent and regulated”.

changer.ae received  the Financial Services Permission (FSP) license by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) for crypto custodial services in September 2023.

Tokinvest receives provisional crypto broker license from Dubai regulator

Tokinvest receives provisional crypto broker license from Dubai regulator

Tokinvest marketplace for real-world asset tokenization, has been granted a provisional broker-dealer license by Dubai’s Virtual Assets Regulatory Authority (VARA).

As per the press release this license underscores Tokinvest’s commitment to compliance and innovation in the real-world asset tokenization industry.

The company will continue to build its scalable and regulated platform that simplifies buying, selling, and managing real-world asset investments. It offers comprehensive services that cover every aspect of the digital token lifecycle, from ideation to trading to asset servicing.

Scott Thiel, CEO of Tokinvest, says, “Obtaining regulated status in the region is crucial for us. It shows our dedication to complying with international standards and establishing robust, transparent processes prioritizing investor protection. Receiving the provisional broker-dealer license from VARA is a significant validation of our mission to create the leading regulated marketplace that connects real-world asset issuers with investors on a global scale. This provisional license sets us on the path to serving our clients with the highest standards of regulatory assurance.”

Tokinvest advisory board includes Ralf Glabischnig Founder of Inacta Ventures, and founder of UAE based Crypto Oasis and Swiss based Crypto Valley. 

He says: “Tokinvest is leading the charge in real-world asset tokenization with a first focus on Middle East. I’m excited to offer my expertise to support their ambitious goals and connect it with our other securitization and tokenization portfolio companies in Europe and beyond.”

Web3 SocialFi platform receives license from RAK digital asset oasis

Web3 SocialFi platform receives license from RAK digital asset oasis

Lyvely, UAE-based social monetization platform, today announced that it has been awarded a full operational license from Ras Al Khaimah Digital Assets Oasis (RAK DAO), the Free Zone with Common Law features established to support digital assets companies. The license allows Lyvely to undertake any non-regulated activities that fall under the SocialFi category.   

Backed by UAE based Phoenix Group, and leading Web3 investment firm, Cypher Capital, Lyvely aims to disrupt the $250 billion global creator economy. Lyvely was founded in 2023 by tech and wellness entrepreneurs Farah Zafar and Dave Catudal to empower all digital creators, ranging from celebrity influencers to digital creators and online brands.

Lyvely allows creators and brands to profit from their digital presence via monetization features such as content memberships, paid communities, and social commerce. 

According the press release, the license from RAK DAO marks a major milestone in Lyvely’s operational roadmap as a UAE born and bred tech startup. Lyvely’s SocialFi operational license will enable the company to operate within a secure and recognized environment. 

Dr. Sameer Al Ansari, CEO of RAK DAO, noted, “RAK DAO is thrilled to welcome Lyvely as a licensed SocialFi platform within our innovative ecosystem. This milestone underscores our commitment to nurturing cutting-edge digital assets companies in the MENA region. Lyvely’s vision to empower digital creators with advanced monetization tools aligns with our mission to drive technological advancement in the region.”

Farah Zafar, Co-founder and CEO of Lyvely, said, “We are proud to be a homegrown brand, building for the global creator and freelance economy from the shores of UAE. As a SocialFi platform licensed under RAK DAO, we envision adding immense value to the digital ecosystem by enabling web3-powered monetization avenues for under-represented digital creators and everyone who seeks to build a more profitable digital presence. Our strategic association with RAK DAO signals our intent to amplify our impact among the web3 community, while simultaneously adding to the massive economic potential of UAE and the wider MENA region. ”

Lyvely is set to release its mobile application in Q4 2024, followed by a much-awaited token launch. 

Blade Labs joins Qatar’s digital assets lab partnering with The Hashgraph Association

Blade Labs joins Qatar’s digital assets lab partnering with The Hashgraph Association

Blade Labs is a financial technology that tokenizes financial productions and services secure a fintech license at Qatar Financial Center, and admittance to the Digital Asset Lab, as it partners with The Hashgraph Association, a Swiss digital enabler of the Hedera Network, to utilize DLT ( distributed ledger technology) to foster and advance financial services to the masses of the MENA region.

In addition Blade Labs is registering for a Financial Services Regulatory Association (FSRA) license in Abu Dhabi Global Market (ADGM).

Kamal Youssefi, President of The Hashgraph Association, said, “The Hashgraph Association is actively invested in ensuring digital enablement and inclusion, particularly, in the Middle East. Our strategic investment in Blade Labs, which provides innovative fintech solutions in the region, is testimony to our commitment to empowering enterprises with Web3-compliant solutions.

The partnership comes at the heels of two major government-backed Venture Studio initiatives being undertaken by The Hashgraph Association in the region; together, these co-investment ventures are valued at $300 million over the next 5-years.

As part of the collaboration, Blade Labs will provide both a conventional and Shariah compliant Digital Securities Platform to support these investments. The strategic investment and partnership address the growing need for digital transformation solutions required by enterprises to participate in the digital economy, effectively.

Blade Labs is currently focused on providing non-custodial fintech APIs that distribute tokenized funds across multiple jurisdictions in a compliant and user-friendly manner. Tokenizing funds enhances liquidity with real-time settlement, reduces operational costs, and improves collateral management by allowing these funds to be used as collateral across various platforms. These benefits make tokenized funds an attractive option for both traditional and digital-native investors, offering better returns, capital efficiency, and advanced risk management.

“As an investor and strategic ecosystem partner of Blade Labs, The Hashgraph Association’s deep multi-level relationship will enable us to integrate our cutting-edge digital asset solutions with more businesses in the Middle East and beyond. We are also well placed to support the execution of strategic initiatives in the region to grow and empower ecosystems that will help us drive digital transformation.” said Sami Mian, CEO of Blade Labs.

The Hashgraph Association has been at the forefront of key ventures in the Middle East and GCC (Gulf Cooperation Council) region. The first in Saudi Arabia has already commenced this year to build a $250 million DeepTech Venture Studio in Riyadh, in close partnership with the Ministry of Investment Saudi Arabia (MISA), and the second in Qatar aims to build a $50 million Digital Assets Venture Studio in Doha, in collaboration with the Qatar Financial Centre (QFC), with both these partnerships considered long-term and spanning over the next five years. 

BitOasis becomes 5th crypto service provider to operate in Bahrain

BitOasis becomes 5th crypto service provider to operate in Bahrain

BitOasis, crypto broker has received its first license in the GCC and MENA region from Bahrain. The Category 2 license allows BitOasis to offer crypto asset services from the Central Bank of Bahrain. Prior to BitOasis receiving its license in Bahrain, CoinMENA, RAIN, ARP Digital and Binance had already received licenses.

ARP Digital, CoinMENA and Rain all hold a category 3 license, while only Binance holds a category 4 license. As such BitOasis will be the only category 2 license in Bahrain so far.

As per Bahrain licenses, a Category 1 license is issued to market participants providing investment advisory services, Category 2 licenses for trading in accepted crypto assets as an agent, portfolio management & Crypto-asset custody service as well as offering investment advice. Category 3 licenses are obtained, for trading in accepted crypto assets as an agent, trading in accepted crypto assets as a principal, portfolio management, keeping custody of crypto-asset as well as providing investment advice, while crypto exchanges receive a Category 4 license.

In the meantime, BitOasis current regulatory status in the UAE under VARA is active awaiting full license approval.

As per the press release, the regulatory approval in Bahrain will enable BitOasis to launch its new broker-dealer platform through its local company in the Kingdom, BitOasis Bahrain.

Located in Bahrain Fintech Bay, BitOasis Bahrain will be home to a small team of core employees at its inception, with the company gradually growing its presence in the Kingdom as it works to launch its new platform, expected to go live in the second half of 2024.

BitOasis Bahrain will serve retail, corporate, and institutional clients in Bahrain and the broader MENA region, with an initial focus on its broker-dealer product.

Ola Doudin, Co-Founder and Chief Executive Officer of BitOasis, stated, “With regulation at the forefront of a maturing regional crypto market, we are delighted to have secured this new license from the Central Bank of Bahrain. The Central Bank’s commitment and leadership in regulating our industry allows businesses like BitOasis to launch cutting-edge products in an industry characterized by rapidly and dynamically evolving technology. We are excited to welcome our new team in Bahrain to the business and to start serving new customers very soon.”

Launched in 2016, BitOasis offers over 60 tokens with fiat currencies such as AED, SAR, and USD. Since its inception, the company has processed over USD 6 billion in trading volume and raised more than USD 40 million in funding from leading regional and global investors.

Aspen Digital receives in principle approval to offer digital asset investment services in UAE

Aspen Digital receives in principle approval to offer digital asset investment services in UAE

Aspen Digital, aimed at helping to accelerate the continued adoption of digital assets, and offer technical solutions to asset managers, high net worth individuals, family officers and other financial institutions, has received an in principle approval (IPA) from the regulatory arm of Abu Dhabi ADGM ( Abu Dhabi Global Market). the FSRA.

Aspen Digital which is co-incubated by Everest Ventures Group, a venture studio specializing in digital assets and blockchain technologies and TTB Partners, a regulated, boutique advisory and asset management firm started by Sir John Bond’s family will act as a bridge between tradition finance and the digital assets industry.

Subject to final regulatory approval, Aspen Digital will be licensed to provide financial services out of ADGM and expand its product offering and presence within the rapidly growing digital asset ecosystem in the Middle East.

Aspen Digital’s unique offering as a one-stop solution for private wealth to build their allocation to the alternative digital asset class will play an important role in driving the local ecosystem and broader adoption within the region.

CEO of Aspen Digital, Elliot Andrews said, “The IPA is an important milestone for Aspen Digital as we look to expand both our global footprint and offering within the digital asset sector. With a deep understanding of the asset class, ADGM has built a very comprehensive and clear regulatory framework in which to operate. We are grateful for their support and look forward to working closely with them in driving the next wave of digital asset adoption.