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. 

UAE regulator grants QCP capital approval to offer crypto derivative trading solutions

UAE regulator grants QCP capital approval to offer crypto derivative trading solutions

QCP, an institutional digital assets company, announced in a press release, that they have received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to conduct regulated activities. According to the press release, the decision to make a move into this strategic market for the company’s footprint was in anticipation that the Middle East is going to become a dominant global hub for capital flowing into traditional and digital assets.

Founded in 2017 QCP is one of the largest trading desks in the world for digital asset derivatives and a provider of trading solutions and structured strategies. Ernst & Young finds that as of September 2023, the monthly volume of crypto derivatives stands at US$1.33 trillion, which is nearly four times the size of the crypto spot market. With most of the crypto derivative market currently existing outside the US, Abu Dhabi and the UAE have a lot of potential to capture this market segment.

In addition, with notable financial institutions such as Goldman Sachs and Brevan Howard launching in Abu Dhabi last year, Abu Dhabi is rapidly attracting its target segment of clients including family offices, traditional and crypto native macro hedge funds, high net worth individuals, blockchain protocols, VC funds, brokerages and more. QCP also previously announced a partnership with Further Ventures, which is reflective of how the company plans to meet the demand for financial and derivatives digital asset offerings in the market.

Melvin Deng, CEO, QCP said, “The IPA is a significant development for us and advances our goal of embracing greater regulation. We are committed to meeting ADGM’s transparent and high standards of regulatory compliance. Our intention is to be a responsible player that wants to support market confidence. We are proud to be the first Singaporean digital asset market maker and broker-dealer to set up here in the market and hope we can encourage others to venture into this dynamic market. We want to learn from what other players are doing in Abu Dhabi and the region and bring our expertise as a first mover in digital assets to the ecosystem.”

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We congratulate QCP on receiving its IPA from ADGM and welcome them to Abu Dhabi’s thriving international financial centre. With a leading trading desk and digital asset capabilities, we look forward to QCP’s integration into ADGM’s ecosystem, which will streamline regional opportunities. As the digital assets landscape continues to evolve in the Middle East, we anticipate more companies like QCP to recognise the progressive and comprehensive nature of ADGM’s regulatory frameworks, fostering confidence in choosing Abu Dhabi as their regional base.”

QCP will continue to have its main company headquarters in Singapore while leveraging on Abu Dhabi as a base to break new ground and drive innovation. It is well positioned to expand on the back of strong business growth, with a 64 % Y-o-Y increase in Q1 trading volumes. In line with QCP’s long term commitment to the UAE, subject to the regulatory approval for the grant of the FSP, the company plans on making further investments to invest in their presence in the UAE.

After its crypto broker license in UAE, WadzPay now seeks license for stablecoin issuance

After its crypto broker license in UAE, WadzPay now seeks license for stablecoin issuance

WadzPay, a fintech blockchain based technology for virtual asset payment solutions, has announced its entrance into the Stablecoin business. According to the press release, this will shift Wadzpay’s strategy from one of being a virtual asset payments company to a blockchain financial services solutions provider. The new solutions will be organized as a new business and new brand. To ensure regulatory compliance, WadzPay will set up a new entity and will pursue approvals in UAE, Hong Kong, and Singapore.

WadzPay recently was granted a license for crypto brokerage by Dubai’s virtual asset regulatory authority, pending finalizing some requirements.

The decision to venture into the Stablecoin market comes as a response to the increasing demand for secure, transparent, and efficient digital payment solutions worldwide. WadzPay will introduce two main products: Stable Coin as a Service and its own regulated USD$ Stablecoin, designed for local and international payments, cross border remittances, and settlements of on-chain transactions related to RWA.

According to recent market research by Bernstein, the global market for stablecoins is projected to grow from $125 billion to almost $3 trillion in next 5 years. This growth is fueled by factors such as the rise of decentralized finance (DeFi) applications, cross-border remittances, and the need for stable digital assets to mitigate volatility risks in cryptocurrency markets.

By leveraging blockchain technology, WadzPay aims to provide users with a reliable alternative to traditional fiat currencies, offering stability, convenience, and speed at lower cost in transactions for merchants, businesses and individuals worldwide. With a focus on compliance and regulations, WadzPay is poised to address the growing demand for stablecoins while ensuring security and regulatory compliance in its operations. Apart from the traditional use cases, WadzPay will add some new and innovative uses of stablecoins to the mix.

With this strategic move, WadzPay aims to innovate in solving foreign exchange problems and will introduce an innovative first-in-market business model, setting itself apart from competitors. WadzPay will build a world class team under the new leadership to drive this business.

Founder & Group CEO of WadzPay, Mr. Anish Jain, emphasized the strategic significance of this expansion, stating, “Our entry into the stablecoin business reflects our dedication to meeting the evolving needs of our customers and staying at the forefront of technological innovation. With the growing adoption of virtual assets, particularly stablecoins, we see tremendous potential for growth and are excited to offer our expertise in this space, while remaining committed to compliance and regulations.”

Leading the initiative is Mr. Jason Sarria-Solis as the President – Emerging & New Business in charge of the stablecoin business. With over 20 years of experience in the technology and fintech industry, Mr. Jason brings a wealth of knowledge and a proven track record of driving business growth and innovation. He has led multiple projects spanning from founding and scaling a successful telecom startup in the UK to leading digital banking, embedded finance, and blockchain projects in Asia.

Commenting on his appointment, Mr. Jason Sarria-Solis expressed his enthusiasm, stating, “I am thrilled to join WadzPay at such a pivotal moment in the company’s journey. The stablecoin market presents immense opportunities for disruption and advancement in the payments, remittance, and on-chain settlement space, and I look forward to leading our team in delivering innovative solutions that meet the needs of our users and drive the company’s growth.”

WadzPay remains committed to its mission of revolutionizing the virtual asset financial services landscape with blockchain technology, and the expansion into the stablecoin business marks a significant milestone in this journey. With a focus on technological excellence, customer satisfaction, and strategic partnerships, the company is poised to emerge as a key player in the financial services ecosystem.

UAE regulated Hextrust crypto custodian granted new license for crypto brokerage from VARA

UAE regulated Hextrust crypto custodian granted new license for crypto brokerage from VARA

HexTrust, a digital asset custodian, under the UAE entity name of HT Market MENA, has been granted a VASP license from Dubai’s Virtual Asset Regulatory Authority (VARA) that will allow it to offer crypto brokerage services allowing it to serve both institutional and retail clients, pending that all requirements are fulfilled.

This is the second VASP license that HexTrust receives from VARA. It was previously awarded a crypto custodial license back in November 2023.

Hex Trust’s Dubai office was established in June 2022, and is led by Regional MENA Director, Filippo Buzzi.

On receiving the first license for digital asset custody services Buzzi stated, “It is exciting for us to become one of the first virtual asset companies to receive this operating license in Dubai,” said Filippo Buzzi, Hex Trust’s Regional Director MENA. “Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”

With this license Hex Trust will not only be able to hold crypto for its clients but also allow trading.

To date Dubai’s VARA has awarded 18 VASP licenses with the latest being Binance and WadzPay.

Moreover, there are more licenses on the way with Liminal Custody Solutions Dubai entity, “First Answer Custody FZE”, both providers of digital asset custody and wallet solutions, securing an initial approval from Dubai’s virtual asset regulatory authority (VARA).

Prior to that NorthStake a firm which offers safe, compliant and secure investment in Digital Assets for institutional investors as well as crypto staking and trading services applied and received a preliminary approval for a license from Dubai’s virtual asset regulatory authority (VARA) for a license.

Crypto Venture Capital fund receives in principle approval from ADGM in UAE

Crypto Venture Capital fund receives in principle approval from ADGM in UAE

 Token Bay Capital limited(“Token Bay”) is expanding its venture capital footprint in the capital of the UAE and has been granted an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) to carry out regulated activities that include managing both token and equity investments in early stage crypto start ups in the ADGM.

Subject to final regulatory approval for the grant of the Financial Services Permission (FSP), Token Bay brings niche capabilities to manage both token and equity investments in early-stage crypto start-ups under the FSRA’s Venture Capital Fund Manager (VCFM) framework.

Founded in 2021, Token Bay is a Crypto Venture Capital Fund that has adopted a regulatory-first approach from day one. Token Bay invests in start-ups building next-generation blockchain infrastructure and decentralized applications for Web3. Building on the success of its first fund, Token Bay is now launching its second fund and will continue to back outstanding entrepreneurs building infrastructure solutions for the new token economy.

In addition to Abu Dhabi, Token Bay also has offices in Hong Kong, and is strategically positioned across digital assets hubs in both the Middle East and Asia.

Founder and Managing Partner of Token Bay, Lucy Gazmararian stated, “This marks the first phase of global expansion for Token Bay, and we’re excited to have been granted the IPA in ADGM for venture capital investment in tokens as well as in equity. Blockchain technology has the potential to drive innovation through tokenization, and as blockchain networks continue to evolve, it is important that as venture capitalists we are fully equipped to support talented founders building in Web3 by directly participating in these networks and taking an ownership stake through tokens. We extend our sincerest thanks to the regulator for their forward-thinking approach and open dialogue so that we were able to reach this important milestone and establish Token Bay in one of the world’s leading international financial centers and digital assets hub.”

ADGM’s progressive regulatory framework, English common law legal framework, status as a leading centre for financial innovation and vibrant blockchain and digital assets ecosystem have attracted Token Bay to set up offices in the capital of the UAE.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend a warm welcome to Token Bay Capital as they join ADGM’s international financial centre and commence their establishment in Abu Dhabi, marking the beginning of their global expansion journey. ADGM is dedicated to cultivating innovation and excellence in the financial sector, particularly within the virtual asset space. With progressive regulatory frameworks that facilitate companies like Token Bay Capital, ADGM’s vibrant ecosystem stands as the optimal platform for initiating their global growth trajectory.”

Token Bay’s Venture Funds offer institutions, multi-national companies, private banks, family offices and high-net-worth individuals the opportunity to invest in an emerging asset class right at the start of a multi-decade cycle.