Pave Bank, digital bank seeks regulatory license in UAE

Pave Bank, digital bank seeks regulatory license in UAE

Pave Bank, digital bank for businesses to transact in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenized Real World Assets (RWAs) is seeking regulatory license in UAE as it expands its operations to MENA.

Pave Bank, an approved digital banking license from Georgia and a US$5.2M seed funding round led by 468 Capital with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus and angel investors has launched.

Pave Bank is the world’s first fully regulated commercial bank where clients can not only get the best in class business banking products (such as multi-currency operating accounts, global payment connectivity, and treasury management solutions) but will also have access to multi-asset custody, virtual IBANs, safeguarding accounts and PaveNet, which is a multi-asset, always instant and always on network of Pave Bank customers.

Salim Dhanani, Co-Founder & CEO of Pave Bank commented: “We have set out to address limitations of today’s financial system that lacks transparency, remains restricted to certain time-windows (clearing and settlement, for example) and is riddled with intermediaries. All of this increases costs, management complexity and also limits the products and services which can be accessed by the majority of businesses and especially, for those operating globally. In parallel, we have seen a number of innovative products that have been created in the digital asset space, but sometimes with a lack of regulation and safety for users. We are championing a new path where Pave Bank customers will get access to the financial products that they are used to, but also a range of digital asset enabled products which will help them bank more efficiently within a regulated and secure environment.”

As programmability in financial services takes off, Pave Bank offers a fresh, secure and regulated platform for businesses to transact in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenized Real World Assets (RWAs). Salim Dhanani added: “There are two major trends that led us to create Pave Bank. Firstly, blockchain is being integrated into the traditional financial system – with stablecoins, CBDCs included, and tokenized RWAs. We are seeing the financial system be built on new operating languages for the first time in over fifty years. Secondly, regulation is here, it’s here to stay, and for the better. We are seeing this narrative evolve around the world – in Singapore, Hong Kong, Georgia, UAE, UK, across the EU and the green shoots in the USA, amongst many others. As a fully regulated digital bank with a proprietary technology stack, we are right at the swell of the programmable financial system wave.”

Pave Bank has started the regulatory journey with a digital commercial banking license in Georgia and plans to continue to build its regulatory infrastructure globally. Georgia is strategically positioned between Europe, the Middle East and Asia, with close ties to the European Union. Its robust and transparent regulatory architecture has attracted a large number of businesses as it seeks to become a financial services hub in the region.

R3 latest council member of Emirates NBD digital asset Lab

R3 latest council member of Emirates NBD digital asset Lab

UAE Emirates NBD bank chooses R3, the blockchain and DLT infrastructure provider as latest council member of its digital asset Lab. R3 will join PwC, a professional services firm, and Fireblocks, a digital asset transfer and direct custody technology platform, as the founding council members of the Lab.

R3’s Corda offers distributed application and tokenization platforms powering regulated digital finance. Only Corda offers a permissioned ledger, asset modelling capabilities and a multi-party workflow engine in one interoperable and scalable distributed platform.

By adding R3, Emirates NBD is strengthening the new collaborative ecosystem by leveraging R3’s regulated markets expertise to drive transformative advancements in digital assets, currencies and banking services. The new membership marks a pivotal step in Emirates NBD’s journey towards redefining the future of banking, using R3’s technology to enhance security, efficiency and customer-centricity.

Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, commented: “We are pleased to welcome R3, a technology pioneer, to the Digital Asset Lab. The platform is significant to Emirates NBD’s innovation strategy as it serves as a testing ground for new financial technologies and digital assets. As a digital banking leader, the Lab demonstrates Emirates NBD’s commitment to stay at the forefront of innovation in a rapidly evolving financial landscape.”

David Rutter, Chief Executive Officer at R3, noted, “R3 is delighted to be partnering with Emirates NBD by participating in its new Digital Asset Lab. The region continues to go from strength to strength in global financial innovation, and the creation of the Lab marks another significant milestone in the growth of its burgeoning FinTech sector.”

The Digital Asset Lab launched in May 2023 at the Dubai FinTech Summit, with the goal of enabling and accelerating digital asset and financial services innovation in the UAE.

R3 has been expanding aggressively in the MENA region in the past months.

IOTA utilizes blockchain assessment from Zokyo for UAE ADGM registration

IOTA utilizes blockchain assessment from Zokyo for UAE ADGM registration

IOTA utilized the expertise of Zokyo, a blockchain security solutions provider to carry an assessment of IOTA’s white paper and Token economy paper in alignment to industry benchmarks and ADGM regulatory requirements for IOTA’s registration as the first DLT Foundation in ADGM.

 Zokyo Econ Lab a new division of Zokyo is dedicated to assisting blockchain companies in optimizing their token economics, aligning them with both industry and regulatory standards across various jurisdictions. Zokyo Econ Lab specializes in driving exceptional growth at the forefront of blockchain innovation, including ecosystems, protocols, foundations, and DAOs.

Zokyo Econ Lab’s first major undertaking in regulatory compliance involved the successful registration of IOTA, a renowned blockchain protocol, under the Abu Dhabi Global Market DLT Foundations 2023 regulations.

The IOTA audit assessed the alignment of IOTA’s White Paper and Token Economy paper with regulatory requirements and recognized industry benchmarks for their content. This included a proper market, product, and business overview; identification of target users and services provided; explaining reasons for tokenization; token utilities; tokenized ecosystem participants breakdown; usage of the token and it’s value for users; incentive policy, and more.

With expertise in mathematical analysis, Zokyo Econ Lab designs comprehensive token models to maximize value and ensure sustainable growth. By scrutinizing distribution, utility, governance, and incentives, Zokyo Econ Lab identifies and capitalizes on optimization opportunities. It aims to craft robust ecosystems that drive stakeholder engagement and project resilience. This proactive approach positions blockchain projects at the forefront of the industry, ready to adapt and thrive in a rapidly evolving digital economy.

The audit process was structured in two phases: an initial report to identify areas of concern and recommend improvements, followed by a collaborative workshop with the IOTA team. The final report, post-remediation, confirmed IOTA’s compliance with the ADGM DLT Foundations 2023 regulations.

Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation, said: “Zokyo was an instrumental partner in helping to navigate the new regulatory framework of the Abu Dhabi Global Market (ADGM) in the United Arab Emirates. Zokyo’s expertise and thorough processes helped a great deal in successfully getting the IOTA Ecosystem DLT Foundation registered as the first foundation under the new DLT Foundations Regulations, enabling us to start our next chapter of global expansion.”

Hartej Sawhney, Founder and CEO of Zokyo, added, “The inauguration of Zokyo Econ Lab marks a pivotal moment in demystifying the complex realm of both blockchain regulation and token modeling. Our commitment to offering bespoke compliance solutions extends beyond ADGM, as we support blockchain enterprises in dozens of jurisdictions.”

Zokyo’s collaboration with VAF Compliance, a consultancy company specializing in regulatory compliance within the blockchain and virtual asset sector, further underscores the lab’s dedication to providing superior compliance services.

South Korean WeMade game developer and DIFC Innovation hub to build WEMIX Play Web3 community

South Korean WeMade game developer and DIFC Innovation hub to build WEMIX Play Web3 community

South Korean game developer, Wemade, and UAE DIFC (Dubai International Financial Zone), Innovation Hub partner to build WEMIX Play web3 gaming community to support Dubai Program for Gaming 2033.

The Wemade-DIFC Innovation Hub collaboration plans to focus on core initiatives, including establishing WEMIX PLAY Center within the DIFC Innovation Hub for WEMIX PLAY. Wemade and DIFC Innovation hub will onboard game companies and facilitate the raising of $100 million Web3 gaming fund to  support the developers, studios and entrepreneurs.

Dubai is a leading business hub with advanced financial services and policies for fostering economic growth, investor attraction, blockchain, and cryptocurrency. Aided by DIFC Innovation Hub, Wemade aims to maintain close communication with UAE crypto-regulating bodies for making the Middle East business strategy as per up-to-date trends.

Wemade is also working on an application for Crypto Token Recognition from the Dubai Financial Services Authority, the DIFC’s Financial Regulator. Tokens conferred with this status will allow financial institutions in the DIFC to carry out transactions with them, to be used by over 4,900 companies in the special economic zone.

UAE Tech Innovation Institute launches Blockchain carbon tracking & trading platform at COP28

UAE Tech Innovation Institute launches Blockchain carbon tracking & trading platform at COP28

UAE Technology Innovation Institute (TII), a leading global scientific research center and the applied research pillar of Abu Dhabi’s Advanced Technology Research Council (ATRC), has launched a blockchain-powered carbon tracking and trading platform, which will facilitate international trade in carbon tokens. Verifiable and trustworthy carbon trading can play a vital role in driving green investment and accelerating the road to net zero emissions.

TII’s Cryptography Research Center (CRC) designed the new platform that aligns with both the UAE Vision 2021’s aim of fast-tracking a sustainable environment and achieving net zero as well as the goal of COP28 to “accelerate a transition that puts our economies on the path toward a new low-carbon, high-growth, sustainable economic model in a way that is both transformational and just. The platform will support the global carbon market and allow better tracking of carbon emissions and carbon emission trading. Using a lightweight, efficient blockchain implementation that is not computationally wasteful, as opposed to existing blockchain projects, tracking and trading activities can be verified publicly at little to no cost, either in carbon emissions or other resources. 

Dr. Ray O. Johnson, CEO, Technology Innovation Institute, said, “We are proud to announce this digitized tracking and trading platform at COP28, which represents the UAE’s drive to become a technology and innovation powerhouse and its commitment to leading the world’s climate action agenda. The UAE has provided the tool to ensure that trading can be done in confidence while mitigating human impact and maximizing the benefits to the environment.”

While other organizations are also developing digital carbon trading platforms, TII is the first to implement a blockchain-enabled Proof of Concept as it continues to prepare the platform for global trading. The platform will accurately track carbon emissions by registering the emissions from any worldwide public or private organization. Auditors can then establish a chain of trust from emissions from capture to storage to trading. These audited transactions can be made transparent while keeping intact the privacy of the user – emitter, buyer, or third party. 

TII’s new platform will allow for the creation of tokens that represent a quantity of carbon dioxide that has been removed from the environment. The token can then be stored and traded transparently and securely. The trade-in tokens will create incentives to drive investment in green projects such as forestation and carbon capture and allow entities to offset hard-to-decarbonize activities – further incentivizing green investment. Specifically, blockchain can track and trace products throughout their supply chain journey, enable peer-to-peer energy trading, and create a transparent and immutable ledger of waste disposal and recycling activities. It can also help track water and forestry management efforts.

The establishment of a global carbon credit market was approved at COP21 in Paris in 2015 and a supervisory body was set up to oversee its regulation. The entity aims to finalize its recommendations for approval during COP28, which will trigger a more robust international carbon market than currently exists.

By employing the use of PKI and advanced consensus algorithms, this blockchain solution ensures secure transactions without the resource-intensive proof of work algorithms, resulting in a seamless and eco-friendly network where the decentralized transactions can unfold minimal transactional impact.

Dr. Najwa Aaraj, Chief Researcher at TII’s Cryptography Research Center (CRC), said: “This tracking and trading platform was designed by our talented team of international experts and allows large numbers of verified users to carry out carbon tracking and trading transactions in confidence. It protects the integrity of the transactions and the privacy of the user while ensuring auditability and transparency, making it a perfect tool for a new era of confident carbon trading.”

The TII blockchain offers a verifiable multi-tenant, multi-transaction solution with public key infrastructure (PKI) permissioning built into its core design in addition to a high-security cryptographic stack. The blockchain features a consensus algorithm and a smart contract platform which are designed as pluggable components with integrated practical complex fault tolerance. The permission-based blockchain uses a lightweight, efficient implementation that makes it easy and affordable to transact, track, and trade.

R3 Blockchain Bolsters its presence in GCC with relocation of its Head of partnerships to Abu Dhabi

R3 Blockchain Bolsters its presence in GCC with relocation of its Head of partnerships to Abu Dhabi

R3 Blockchain is establishing itself more in the GCC and MENA region, with Bryan D’Souza announcing his move to Abu Dhabi as Business Development and Partnerships Manager in the Middle East.

As D’Souza noted on Linkedin, “I’m delighted to finally announce my move to Abu Dhabi with R3, where I will lead Business Development and Partnerships in the Middle East. After extensive travel between London and the GCC, the prospect of making Abu Dhabi my home is thrilling as I embark on this exciting new chapter.

He adds that he is excited to collaborate with GCC’s thriving financial services ecosystem. According to D’Souza, the GCC stands out as a forward-thinking hub of progress due to its dynamic blend of tradition and innovation, as well as a remarkable ability to execute on transformation.

He will be working to flourish digital economies and align with national visions of Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, Oman and Jordan, helping these countries to realize their financial sector developments including banking and capital markets transformation.

R3 will be working with Central banks, FMIs, commercial banks, FinTech, providing practical groundbreaking solutions for digital assets tokenization and regulated digital currencies, including CBDCs.

Last month Bryan D’Souza discussed his fruitful visit to Kuwait.

R3 has been a strong proponent in the Middle East and GCC region working with governments and enterprise on several projects, most prominently the CBDC projects in Saudi Arabia and UAE.

In addition the Qatar Financial Centre Authority and R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology) back in April 2023.

D’Souza stated after his visit to Kuwait, “I am thrilled to have experienced my first trip to Kuwait over the last couple of days as part of a mini GCC tour. I am grateful for the warm welcome from our great partners and potential clients. The hospitality of the Kuwaiti people left a lasting impression; warm, friendly, and eager to collaborate.”

He added, “Exciting opportunities ahead and looking forward to returning back to Kuwait soon!”

Paxos secures in principle approval from Abu Dhabi ADGM for stablecoins, crypto brokerage and custody

Paxos secures in principle approval from Abu Dhabi ADGM for stablecoins, crypto brokerage and custody

Paxos,, a regulated blockchain & tokenization infrastructure platform has secured the in-principle approvals (IPAs) of the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) for the necessary Financial Services Permissions to issue US dollar and other currency-backed stablecoins, as well as to offer crypto-brokerage and custody services from two regulated ADGM entities. Upon receiving full approval, Paxos will continue to expand the global footprint of their regulated USD-backed stablecoins.

Stablecoins issued with prudential oversight from established and reputable regulators represent a significant step towards democratizing access to commerce and financial services. Paxos is committed to integrity and transparency in its operations and the company will only issue tokens that are subject to oversight by prudential regulators. By also securing oversight for its custody and digital asset infrastructure solutions, Paxos services that are provided out of the ADGM will be comprehensively regulated by the FSRA.

As per the press release,this milestone solidifies Paxos’ position as the most comprehensively regulated blockchain platform in the world, meeting the highest operating standards in New York, Singapore and the ADGM.

Walter Hessert, Paxos Head of Strategy, commented, “Blockchain technology is revolutionizing the global financial system to be more open, secure and innovative. Today’s announcement marks yet another milestone in Paxos’ ability to provide billions of users with safe and trusted digital asset services. Our IPAs from the FSRA, on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks. Paxos is unique in the industry for this approach and we will continue expanding our regulatory licensing to serve global enterprises as a trusted, innovative partner.”

By leveraging blockchain technology, Paxos aims to open the financial system to everyone, creating more access and freedom for billions of people around the world. As Paxos continues to lead the way in digital asset innovation, the company remains committed to its mission of building a more inclusive and accessible financial future.

UAE based Aurus joins forces with Authic Labs introducing the first Gold-Backed NFTs

UAE based Aurus joins forces with Authic Labs introducing the first Gold-Backed NFTs

UAE based Aurus, pioneers in the tokenization of precious metals, and Authic Labs, a leader in Web3 customer loyalty solutions, have partnered to utilize blockchain technology for precious metals including gold with the first Gold backed NFTs.

This partnership opens new avenues for Real World Assets (RWAs) in the realm of digital collectibles (NFTs).

This partnership seeks to harness each company’s strengths, with several initiatives already underway, including gold-backed NFTs and blockchain-powered loyalty programs. The initiative aims to offer brands the opportunity to engage their audiences with digital collectibles, backed by the real-world value of physical gold. These NFTs, redeemable both digitally and physically, introduce groundbreaking possibilities for traditional companies that have been hesitant to launch their own collections.

By linking NFTs to gold, brands can set a stable price floor for their collectibles. This approach not only protects their brand and community from potential market downturns but also introduces new dimensions of utility.

Authic Labs is implementing tGOLD as a tool for loyalty rewards on their platform. Aurus will be integrating the Authic Labs interactive DApp on its platform, enabling users to engage in a variety of functionalities. These include minting and burning tGOLD tokens into NFTs, participating in staking, governance and DeFi, among other features.

Improving the practical uses of tokenized precious metals during our combined efforts will greatly benefit AurusX (AX), the Aurus ecosystem token. AurusX tokens can be staked to claim monthly rewards in tGOLD, tSILVER, and tPLATINUM, as well as vote on ecosystem proposals. These rewards are generated from the various transactions that occur within the Aurus ecosystem, including NFT mintings. AurusX is traded on several venues.

Wouter Kloosterman, CEO of Authic Labs, expressed enthusiasm, “Our partnership with Aurus marks a new era where Web3 technology and real-world precious metals intersect. Integrating cutting-edge technology with traditional assets sets a new standard for value and utility in the digital collectables space.”

Mark Gesterkamp, CCO of Aurus, added, “We are very excited about our collaboration with Authic Labs, which promises to bolster our presence in the NFT space. Our conviction is that brand engagements will onboard the next mass wave of users to crypto. Adding the value of gold to digital collectibles will redefine its utility and improve overall user experiences.”

Genesis Technologies joins QFC digital assets Lab for Blockchain use cases

Genesis Technologies joins QFC digital assets Lab for Blockchain use cases

Henk Jan Hoogendoorn has confirmed that Qatar Genesis Technologies, a Qatar University tech spinoff is working with Qatar Financial Center Authority on possible use cases in their digital assets labs.

Lebanese-Canadian national Mazen El Masri, Co-Founder and CEO of Genesis Technologies, the tech company which developed Maxya, is working with QFC digital assets labs on several blockchain use cases.

As per the post the possible use case could include tokenization, security tokes and fractional ownership.

On Sunday October 29th, Qatar announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. As per the live event keynotes, the digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

Qatar Financial Centre Authority (QFCA) signed MOUs with Blockchain solution provider R3 and Blockchain SettleMint platform. The agreement with Settlemint will also as with R3 work on Blockchain and digital asset initiatives in the financial sector in the digital assets lab.

Taurus opens UAE based Middle East office as more financial and non-financial entities sign up for digital asset and custodial services

Taurus opens UAE based Middle East office as more financial and non-financial entities sign up for digital asset and custodial services

Taurus SA, a FINMA-regulated Swiss institutional-grade digital asset infrastructure provider, has expanded its operations into the Middle East to serve its growing client base in the region. Taurus will service the GCC and MENA region, including KSA, Qatar and even Turkey through its Dubai UAE office.

Founded in 2018Taurus SA, a Swiss company provides enterprise-grade digital asset infrastructure to issue, custody and trade any digital assets: cryptocurrencies, tokenized assets, NFTs and digital currencies.

Managing Director, Bashir Kazour, leads Taurus’ new UAE office based in the DIFC in Dubai. M. Kazour brings more than 20 years of retail, capital markets and technology experience gained at Royal Bank of Canada, Standard Chartered and FIS, a leading banking and payment technology provider. Over the last decade, he collaborated closely with a diverse client base ranging from sovereign wealth funds and central banks to brokers and family offices.

“I am excited to lead Taurus’ efforts and build a winning franchise in the Middle East, a region known for its rapid adoption of blockchain technology and digital assets,” said Kazour. “Taurus is well-known for its unique custody and tokenization capabilities serving banking clients and large enterprises, which aligns perfectly with the needs of the region. We’ve already started interacting closely with regulators, central banks and clients and I’m looking forward to delivering cutting-edge and compliant solutions to the market.”

Speaking to LaraontheBlock on whether Taurus requires regulation by VARA, Bashir Kazour, Managing Director at Taurus SA explained, “Taurus does not need a regularity license in the UAE as we solely focus on providing the digital asset infrastructure to our clients in the region. To make it simple, Taurus is a technology provider, equipping banks and corporates, with a platform to manage any digital asset. The financial services activity is regulated by the Swiss FINMA and is not promoted outside of Switzerland.”

Taurus opened an office in DIFC Dubai because the company has already signed up some large financial institutions according to Kazour. He adds, “We are also in late stage discussions with several other financial and non-financial institutions in the Middle East region. The region is known for its rapid adoption of blockchain technology and digital assets driven by the regulatory clarity already provided through VARA, ADGM, RAK DAO initiatives, fostering innovation.”

As such Kazour reaffirms that the opening of the office in the UAE is to support this growing demand in the region for both custodial and tokenization solutions.

The office according to Kazour will serve the full Middle East region, including Qatar, KSA but also Turkey. He adds, “ We also have plans to expand to other countries as well.”

Taurus has already consolidated its European leadership position as the preferred digital asset infrastructure provider for banks and corporates, building on its Swiss market leadership with more than 60% market share. Among others, Taurus has recently announced a partnership with Deutsche Bank as well as CACEIS, one of the largest global custodians. Taurus also closed its $65 million Series B funding round last February with strategic investors including Arab Bank Switzerland, Credit Suisse, and Pictet.