RAK DAO has close to 400 companies on its premise

RAK DAO has close to 400 companies on its premise

Ras Al Khaimah Digital Assets Oasis (RAK DAO), a free zone created for virtual asset companies, has attracted close to 400 companies in a year and is aiming to play a big role in the gaming industry.

“In 12 months, we welcomed just shy of 400 companies, issuing licenses to a diverse range of businesses in all the segments. Ras Al Khaimah Digital Assets Oasis is a global platform for the most exciting technology segments of our lifetime – artificial intelligence (AI), metaverse, blockchain, Web3, and many others shaping our future and of our children,” said Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis.

During the RAK DAO conference, Dr Al Ansari highlighted the immense size of the gaming industry, which surpasses both the music and movie industries combined. “We believe Ras Al Khaimah can play a big part in the development and growth of the gaming industry,” Al Ansari said while speaking during the conference hosted by the free zone on Friday.

He added: “We’ve also created a thriving ecosystem that has forged partnerships with key players in the industry. This further highlights Ras Al Khaimah’s growing reputation as a hub for digital innovation in the UAE, which is now ranked third in global crypto adoption. That is a lot of progress in the last five years.”

At the conference, RAK DAO also introduced the DAO Association Regime, a legal framework tailored to support decentralised autonomous organisations (DAOs)

“DAOs represent a significant shift in governance, driven by smart contracts and decentralised decision-making. They are projected to grow by over 20 per cent annually in the coming years. But with decentralisation comes significant challenges, especially when it comes to interacting with the off-chain world,” explained Al An Sari.

He added, “The regime addresses these challenges. It offers DAOs a comprehensive framework that provides legal identity and limited liability for their members. This ensures that participants are not personally liable for the organisation’s activities.”

Describing this initiative as a game changer for the Web3 landscape, the free zone introduced two new modules: Startup DAOs, aimed at emerging projects with less than 100 members, and Alpha DAOs, designed for more established DAOs with treasuries exceeding $1 million, allowing them to scale within a robust legal framework.

“DAOs are becoming essential to the Web3 ecosystem. Today, there are over 50,000 DAOs with treasuries exceeding $25 billion. This reflects the growing trust and reliance on decentralised governance. However, without legal recognition, many DAOs face barriers to interacting with the traditional financial systems,” he said, adding that now DAOs can open bank accounts and raise capital among other activities with greater privilege.

“By introducing RAK DAOs, the UAE sets the global standard for how decentralized organizations can operate within the legal framework. This initiative supports not only the most digital assets here but also serves as the blueprint for other jurisdictions that are still grappling with how to regulate DAOs. Looking ahead, DAOs will play an increasingly integral role in the sectors beyond finance and technology,” added Al Ansari.

Aurum Equity Partners $1 billion tokenized fund to invest in datacenters in UAE and KSA

Aurum Equity Partners $1 billion tokenized fund to invest in datacenters in UAE and KSA

Aurum Equity Partners, a private equity firm, has launched a combined equity and debt tokenized $1B fund, utilizing Zoniqx’s asset real world tokenization solutions and leveraging XRP Ledger (XRPL) Blockchain, for datacenter investments in United States, UAE, KSA, India and Europe.

Zoniqx (“Zoh-nicks”) is a global fintech leader based in Silicon Valley, specializing in converting real-world assets into Security Tokens. Their compliant infrastructure enables tokenization across public, private, and hybrid blockchains, driving global liquidity and DeFi integration.

As per the press release, this initiative will harness Zoniqx’s cutting-edge Tokenized Asset Lifecycle Management (TALM) solution and the Dynamic Compliant Interoperable Security Token (DyCIST) protocol to transform Aurum Equity Partners’ assets into tokenized financial instruments. This development marks a significant step forward in integrating blockchain technology with traditional financial markets.

Key Highlights:

  1. Innovative Tokenization: Zoniqx will enable Aurum Equity Partners to launch the world’s first combined equity and debt tokenized fund, leveraging the XRPL to provide investors with greater flexibility and diversification.
  2. Global Data Centers: The initiative will establish cutting-edge data centers across the United States, United Arab Emirates, Kingdom of Saudi Arabia, India, and Europe, showcasing the scalability and global reach of tokenization technology.
  3. Enhanced Liquidity: Utilizing Zoniqx’s TALM framework, the trading of tokenized assets on secondary markets will be more efficient and accessible, offering investors improved liquidity options.
  4. Compliance and Security: The DyCIST protocol, combined with the XRPL’s built-in safety compliance features, ensures all tokenized assets adhere to global regulatory standards, including AML and KYC protocols, providing secure and compliant transactions.
  5. Interoperability: The initiative will facilitate seamless integration across multiple blockchain networks, offering flexibility and accessibility for a wide range of investors and financial institutions.

“We are excited to work with Zoniqx to bring this groundbreaking project to life,” said Venkat Bussa, CEO and Chairman, General Partner at Aurum Equity Partners. “This development aligns with our commitment to leveraging cutting-edge technology to enhance liquidity, transparency, and overall investment efficiency for our investors.”

Prasanth Kalangi, Founder and CEO of Zoniqx, added, “Working with Aurum Equity Partners on this innovative project is a significant milestone in our mission to advance asset tokenization. Our technology is designed to meet the evolving needs of the financial industry, and we are excited to demonstrate its potential in the private equity space.”

David Schwartz, CTO of Ripple and Co-creator of the XRP Ledger, added “Tokenizing private equity is another emerging use case in RWA, tackling the challenges of illiquidity and limited access in these markets. By using XRPL’s ability to process transactions efficiently and securely, Aurum and Zoniqx are showing how real-world assets can be managed more effectively harnessing a decentralized blockchain.”

During Gitex Aurum Equity Partners and DEWA signed an agreement for edge infrastructure developments.

UAE a source of significant amount of crypto trading for Brevan Howard

UAE a source of significant amount of crypto trading for Brevan Howard

 During the AIM Conference in Dubai, Brevan Howard a global hedge fund management fund which recently opened its offices in Abu Dhabi UAE noted that it does a significant amount of its crypto trading from the United Arab Emirates. Ryan Taylor, Group head of compliance at Brevan Howard stated that this was because of the country’s sensible regulations.

Taylor stated, “The regulators in the UAE are hard, but they want the industry to fly and so they write sensible regulations and they are prepared to talk to the industry in order to evolve those regulations.”

Taylor said that Brevan Howard’s crypto trading operations represented about $2 billion of the firm’s total strategies which he said were over $30 billion. Brevan Howard has become the first global hedge fund to have 100 employees in the United Arab Emirates.

The statements come soon after Brevan Howard became the first client for Standard Chartered regulated crypto custody service out of DIFC.

In May 2024, Standard Chartered announced that it had signed a memorandum of understanding (MoU) with Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody through its Zodia Custody entity. The now licensed service will allow clients to safekeep their Ethereum and Bitcoin cryptocurrencies as a start.

Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, is confirmed as the inaugural client for the product.

During the announcement, Gautam Sharma, Chief Executive Officer of Brevan Howard Digital commented, “This is a significant win for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption. The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.” 

Brevan Howard, which manages $35bn in assets, opened its Abu Dhabi office in February 2023.

M2 Crypto exchange in Abu Dhabi gets new CEO in just two years

M2 Crypto exchange in Abu Dhabi gets new CEO in just two years

Stefan Kimmel, the CEO of M2, regulated crypto exchange out of Abu Dhabi UAE, has moved on to a board position and has been replaced by Saadeddine Zaher.
As per the announcement, Stefan will remain an integral part of the M2 family as he joins the Board of Directors and takes on a new role within the broader Group, where he will focus on the development of digital asset projects.

Stefan Kimmel said, “Building M2 from the ground up has been an incredible journey, and I’m immensely proud of what we’ve accomplished together. As I transition to my new role, I remain committed to supporting M2 in this exciting phase of its evolution. I look forward to contributing to our future projects and continuing to serve our stakeholders in this dynamic industry.”

Saadeddine Zaher will be the new CEO of M2. He has an extensive career in the banking sector. Saadeddine Zaher added, “It is an honor to join M2 at such a pivotal time in its journey. The foundation laid by Stefan and the team is incredibly strong, and I look forward to building upon it to ensure we continue to deliver innovative solutions and value to our clients and stakeholders. M2 is uniquely positioned to lead in the digital asset space, and I’m excited to lead the company into this next chapter.”

In July M2 announced M2 launched what it calls a simplified pathway for UAE residents to buy and sell Bitcoin (BTC) and Ethereum (ETH) through a direct integration with their bank account.

AED Stablecoin beats Tether to it and receives UAE Central Bank in principle approval

AED Stablecoin beats Tether to it and receives UAE Central Bank in principle approval

AED Stablecoin LLC announced that the Central Bank of UAE has provided it with in principle approval to launch and establish its own stablecoin, AE Coin. This comes after the Central Bank of UAE announced the “Payment Token Services Regulation”; Circular No. 2/2024, dated 7 June 2024, to be licensed by the Central Bank of the UAE.

As per the press release, the license will enable AED Stablecoin to be the first-ever entity in the UAE to issue AED Stable Coins, in line with the government’s forward-thinking vision and the UAE’s Digital Government Strategy 2025, AE Coin promises to revolutionize financial services by offering unparalleled stability, security, and efficiency.

AE Coin will utilizes fiat-backed stability and Blockchain technology. Each coin will be backed by the AED Dirham.

The press release adds, that AE Coin enables fast, low-cost transactions, all while operating under the regulatory oversight of the Central Bank of the UAE. It’s the future of a seamless, secure, and innovative digital economy.

Ramez Rafeek, General Manager of AED Stablecoin, stated: “We are very pleased to have received the approval of the Central Bank of the UAE to start issuing AE Coin, in accordance with the “Payment Token Services Regulation” Circular. As the first-ever stablecoin regulated by the Central Bank of the UAE, AE Coin will be revolutionizing the digital currency landscape, providing users with an unparalleled blend of financial freedom, unwavering stability, and top-tier security.”

It offers DeFi Integration by integrating with decentralized finance platforms (DeFi). In addition, it provides Enhanced Security and Transparency. AE Coin’s state-of-the-art blockchain technology ensures multi-layer encryption, meaning every transaction is securely recorded on the blockchain, ensuring trust and security.

Lastly it is adhering to Global Regulatory Compliance, with complete regulatory oversight from the Central Bank of the UAE, AE Coin assures users that it adheres to the highest standards of security and compliance in digital finance.

Companies in the UAE can use AE Coin’s stable and regulated currency for instant payments to other companies in the UAE holding AE Coin wallets, improving cash flow management and reducing transaction costs.

For individuals looking to invest, save, or use digital currency for everyday transactions, AE Coin’s intuitive and secure platform makes it easy for anyone to get started. Individuals using AE Coin will enjoy instant, hassle-free transactions without any delays and fees compared to traditional banking.

As a digital currency, AE Coin is designed to support the UAE’s growing digital economy, enabling easier, more secure payments that contribute to the country’s financial innovation. Lastly, AE Coin is designed to foster economic growth, providing individuals and businesses with new opportunities to thrive in the digital economy.

AE Coin’s strategy focuses on forming strategic partnerships with major financial institutions, payment gateways, and technology providers to ensure widespread adoption. AE Coin’s ambitious roadmap includes integration with decentralized applications (dApps), listings on major exchanges, and ongoing technological advancements.

Tether had also previously announced it was seeking a license to launch its own AED stablecoin.

Blockchain analytics platform Elliptic opens office in UAE

Blockchain analytics platform Elliptic opens office in UAE

Elliptic a blockchain analytics and digital asset risk management, has opened its new regional headquarters in the United Arab Emirates (UAE) as an increasing number of its client base is from the MENA region.

Over the past 11 years, Elliptic has pioneered blockchain analytics, setting the standard for real-time multi-asset screening and investigative technologies and delivering the industry’s most scalable, efficient, and performant solutions to empower financial institutions, crypto businesses, governments, law enforcement, and regulatory agencies to navigate the complex world of digital assets.

As per the press release, Elliptic’s establishment of a new regional headquarters in the UAE reflects its global growth strategy for continued revenue expansion and underscores the importance of the region in setting the agenda for building comprehensive risk management frameworks.

“The UAE has firmly established itself as a leading authority for digital asset risk management, providing clarity and support for crypto businesses and financial institutions. As a result, the region has become a thriving hub for digital innovation, making the UAE the ideal location for our new regional headquarters,” says Simone Maini, CEO of Elliptic.

“This strategic expansion comes at a pivotal moment as Elliptic surpasses the milestone of serving over 500 clients, including an increasing number in the Middle East. By establishing a presence in UAE, we are well-positioned to further our hyper-growth trajectory and deliver our industry-leading blockchain analytics solutions to a growing number of crypto exchanges, financial institutions, and regulatory authorities in need of robust risk management tools.”

GCEX licensed in UAE has launched enhanced market data feed solution

GCEX licensed in UAE has launched enhanced market data feed solution

GCEX (GCEX Group), a UAE VARA regulated digital prime brokerage renowned for providing brokers, funds and professional traders with access to deep liquidity, has announced the launch of its enhanced market data feed solution covering all supported product underliers. This expansive offering includes Equity Index CFDs, Energy CFDs, Commodity CFDs, Crypto CFDs, Spot Crypto, Spot FX and Bullion, providing clients with unrestricted access to real-time market data.

The new data feed from the firm, which is regulated as a Virtual Asset Service Provider (VASP) by VARA, allows for seamless redistribution to clients, enhancing flexibility and connectivity for brokers, hedge funds, and professional traders.

In tandem with this, GCEX has announced the release of its improved CFD product, offering market-leading spreads that set new industry standards. The enhanced CFD product offers market-leading spreads on major indices and commodities, including DAX 30 with target spread of 0.45, US 30 with target spread of 0.9 and US and UK Oil with target spread of 0.01 among many others.

“At GCEX, our mission is to empower clients with unparalleled trading solutions,” said Lars Holst, Founder and CEO of GCEX. “The release of our comprehensive market data feed and competitive CFD product is a testament to our commitment to innovation and client-centric services. We understand the critical role that timely and accurate market data together with market-leading spreads play in trading strategies, and we’re excited to provide these solutions.”

This launch marks another significant milestone in GCEX’s continuous efforts to enhance its full-service offering, which combines access to deep liquidity on digital assets and FX, alongside spot trading and conversion of digital assets, and now, unrestricted access to essential market data.

The company also offers a comprehensive range of Forex brokerage and crypto-native technology solutions under its XplorDigital suite. XplorDigital features innovative plug-and-play solutions, ‘Crypto in a Box’ and ‘Broker in a Box’ which encompass technology-agnostic platforms addressing regulation while covering regulated custody solutions, staking solutions, safety of funds, tier 1 and deep liquidity, connectivity to the biggest price makers, advanced risk management, and innovative technology partnerships.

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.

Tether holdings of U.S. treasury bills surpasses that of UAE

Tether holdings of U.S. treasury bills surpasses that of UAE

Tether stablecoin on its 10th anniversary announced that it was one of the top 20 largest buyers of U.S. Treasury bills, surpassing the holdings of UAE. The company also announced that it had surpassed 350 million users just a decade after its 2014 launch.

According to recent data released by the company, Tether’s user base expanded by 24% over the past year alone, jumping from approximately 282 million users in October 2023 to its current level. This growth is even more striking when compared to October 2022, when the platform had roughly 141 million users, less than half of today’s figure.

With a current market capitalization of $119.8 billion, Tether’s USDT token significantly outpaces all other stablecoins in circulation.

The company reports substantial holdings in U.S. Treasuries, positioning itself as a significant player in government securities markets. “As of its Q2 2024 Attestation, Tether had direct and indirect exposure to over $97 billion in U.S. Treasuries,” the company stated. “This makes Tether one of the top 20 largest buyers of U.S. Treasury bills, surpassing the holdings of countries like Germany, the United Arab Emirates, and Australia.”

Tether argues that its significant Treasury holdings strengthen the dollar’s international influence, with USDt serving as a trusted digital representation of the world’s reserve currency.

Tether recently announced it would be launching a UAE Dirham backed stablecoin.

Crystal Intelligence to provide UAE BitOasis crypto broker with AML and monitoring solutions

Crystal Intelligence to provide UAE BitOasis crypto broker with AML and monitoring solutions

Crystal Intelligence, blockchain analytics, compliance, and risk monitoring firm has partnered with UAE crypto broker BitOasis to offer Crystal’s cutting-edge anti-money laundering (AML) and transaction monitoring solutions, and hyper-local approach to blockchain analytics.

As per the release, this will further strengthen BitOasis’ capacity to safeguard its users and ensure robust compliance with relevant rules and regulations. Crystal’s technology will provide BitOasis near real-time analytics and insights to help prevent fraud, further strengthening the platform’s compliance framework.

BitOasis since 2016 has processed over $6 billion in trading volume.

“The UAE, with its progressive regulations, is poised to become the crypto capital of the world. With our blockchain intelligence expertise, we want to empower licensed firms like BitOasis to keep the platform and their customers safe,” says Navin Gupta, CEO of Crystal. “We’re proud to be partnering with a leading platform in the region and believe that BitOasis is setting the standard for focusing on building out a robust suite of compliance tools, including Crystal.”

“Crystal brings a unique mix of deep analytical compliance capabilities with a user-friendly interface that our team can immediately benefit from,” says Ola Doudin, CEO and Co-founder of BitOasis. “This collaboration underscores our continued commitment to providing a secure and safe trading environment for our users.”

Recently, Crystal announced the opening of its office in Dubai with the goal of delivering exceptional service for the many partners it has within the area.