Security token regulations to be issued in Saudi Arabia by end of 2022

Security token regulations to be issued in Saudi Arabia by end of 2022

In an interview with CNBC Al Arabia, Yazeed Saleh Aldemaigi Deputy, Strategy & International Affairs, at Saudi Capital Market Authority (CMA) announced that regulations for Security Token offerings (STO) will be out before the end of 2022 in Saudi Arabia.

As per the interview, application for STO offerings will be available on the CMA digital platform by end of 2022. He added that the Fintech Lab at CMA has been working on finding the most appropriate environments for FinTech startups.

The STO regulations that will come out at the end of 2022 will help to attract foreign investment firms interested in the FinTech domain in KSA as well as support local companies.

The Fintech Lab from CMA was launched in 2017.  It aimed to provide a regulatory framework that is conducive for the innovation of Financial Technology (FinTech) in the capital market within the Kingdom.

One of the business models under the Fintech Lab was related to use of Distributed Ledger Technology (DLT) to arrange the Offering of Securities and Custody Services. It is a platform that uses Distributed Ledger Technology (DLT) to arrange the offering of securities (Sukuk as a preliminary stage) to investors, in coordination with the Issuer and the Authorized Person (AP) assigned by the Issuer as an Offering Advisor.

Stratez Capital and Newtek to develop tokenized commodity trading on the Blockchain

Stratez Capital and Newtek to develop tokenized commodity trading on the Blockchain

Singaporean, Stratez Capital with offices in UAE, a boutique firm that focuses on assisting enterprises who are planning to elevate to the next phase of growth, has partnered with NewTek Holdings to develop tokenized commodity trading and real-estate projects on the Blockchain.

As per the press release, the Middle East has been identified by NewTek as a priority market, and the company is initially looking to focus on major real estate projects in Dubai.  “This is an exciting partnership, and in line with the investment and strategy objectives of the company, and we feel we can add huge value with our expertise and investments. NewTek brings real asset value and a clear vision in one of the fastest growing areas where real world assets combine with future Web3 and blockchain technology,” said Vik Pillai, Managing Partner at Singapore-based Stratez, announcing the agreement today.

Qurashi, CEO of London-based NewTek, said: “I’ve been very impressed by the depth and variety that Stratez brings to this new partnership, and am thrilled to be working with them. NewTek sets out to integrate the technology behind blockchain, NFTs and Web3 into the world of real estate and commodity trading. We have clear objectives, and I’m confident that Stratez can play a key role in turning our vision into reality.”

NewTek is a newly-formed company set up by Safi Qurashi, a serial entrepreneur and property developer. Over the last 25 years, Qurashi has founded several successful startups, including one of the first internet cafes in London in 1996 and a successful real estate company in Dubai. Other ventures included an armoured vehicle manufacturing company and a facility management firm in the UAE. Qurashi is the co-owner of Great Britain Island in Dubai’s World Islands project.

Qurashi added, “This partnership connects us with some very impressive Stratez partners, and I’m looking forward to the opportunity to work with world-renowned luxury brands. We’ll be announcing more details about the new venture in the coming weeks. But basically we’re working to allow the fractionalization of exclusivity within the two safest real life asset classes, real estate and commodities.”

As per his linkedIn, Newtek is working on tokenizing commodities making them accessing to all. Nire is on of the first ventures of Newtek and now live and trading.

UAE ChainTech Labs launches first reward bearing tokens marketplace from DIFC

UAE ChainTech Labs launches first reward bearing tokens marketplace from DIFC

ChainTech Labs, the first Reward Bearing tokens marketplace, with custom smart contracts and vaulting technologies that will enable startups and SMEs to get funded utilizing a novel token issuing framework, has launched out of UAE specifically out of DIFC (Dubai International Financial Center).

On its twitter page it states that it is the first DAO (Decentralized Autonomous Organization) out DIFC in UAE.

As per their website, ChainTech builds next generation Dapps for government agencies, global conglomerates and companies operating in over 40 different industries. The company also manages NFT communities. They state that the “total token market cap under their command reached 100,000,000 USD in June 2022.

They have developed BAPESCLAN which is a metavestor NFT DAO with a total market cap of 60,000,000. Minting officially started today. They also have developed BLOODLINES™, the first decentralized animated series, created and owned by its holders, that bridges the gap between Hollywood and Web 3.

Their product offering includes ChainLaunch a Launchpad for highly professional NFT projects and companies with a major focus on metaverse play-to-earn gaming, ChainRescue™ an NFT consultancy service that assists and embraces NFT projects and their communities with promising missed potential, ChainVest™, the world’s first marketplace for Reward Bearing Tokens (RBTs) that enables startups and SMEs to raise capital like never before. RBTs provide holders with access points in the metaverse to earn rewards, ChainReality™ a realistic digital twin of our world, also known as a meta-world. It is built entirely on Unreal Engine 5 with realistic avatars created with Metahuman.

In addition they have developed ChainCapital™, the world’s first DAO Metafund powered by fractionalized ownership, facilitating the fundamental concept of distribution of wealth and power and ChainPaid™ a service that enables private and business payments of any bill or invoice using any cryptocurrency. There has never been a smoother way to pay for anything then now.

Above and beyond all this, in a twitter teaser they announced that they will be partnering with Dubai Blockchain Center and will announce this during the Dubai Fintech Week on the 28th and 29th of June. Both Dr. Marwan Alzarouni, CEO at the Dubai Blockchain Center, and Erik Lydecker, MD at Chaintech Labs Limited will be present.

Oman Central Bank official announces CBDC project

Oman Central Bank official announces CBDC project

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)

As per a tweet from Oman News Agency stated, “The Central Bank of Oman is working to issue its own CBDC. Many central banks are studying the possibility of issuing their own CBDCs and the Central Bank of Oman is committed to supporting innovation in the financial sector.”

He also mentioned that work was underway to open banking API services and overcoming challenges that face the digitization sector, and stressed the importance of cyber security.

In April 2022, Oman Capital Market Authority announced that it would incorporate real estate tokenization within its virtual assets regulation as well as license crypto exchanges. The Oman virtual asset regulation will be finalized by Q3 of 2022.

Kemal Rizadi, Advisor at the Oman Capital Market Authority made these comments during the Real Estate Exhibition and Conference held in Muscat Oman. As per the comments, real estate tokenization is an option being considered in the proposed virtual asset regulatory framework under process within CMA.

Earlier this year in January 2022 The Oman capital markets Authority announced a tender for specialized companies to assist in setting up a legislative and regulatory framework for virtual assets and licensing supervision and regulations of Virtual assets service providers within the Sultanate of Oman.

Finally it also seems that Oman is indirectly starting to enter the crypto mining sector. Oman’s sovereign wealth fund took an equity stake in a U.S. firm which helps fossil-fuel producers cut flaring by using stranded natural gas to power cryptocurrency mining instead.

Oman Investment Authority was part of the $350 million equity round that Crusoe Energy Systems Inc. raised in April, 2022 according to a statement.

US based Crusoe is opening an office in Oman to deploy power generators and mining equipment for capturing gas at well sites. These statements were made by CEO of Crusoe Chase Lochmiller. It is known that MENA accounts for about 38 percent of the world’s gas flaring.