Global Blockchain Show is heading to the Granf Hyatt Dubai UAE in April. The event aims to bring all the notable leaders from the Web3 sphere under one roof. It has benefits in various aspects pertaining to those who participate and those who take the stage.
The Global Blockchain Show will happen on 16-17 April 2024. At the core lies the idea of fueling interactions about insights and the future of Web3. Besides, the event is posed to give people a chance to expand their networks, participate in leadership sessions, engage in learning sessions, and showcase their projects.
Participants are likely to come from diverse backgrounds in corporate, investment, startup, and government, to mention a few. Most of the speakers hail from the background of executive positions. This includes Lennix Lai, the Chief Commercial Officer at OKX; Zara Zamani, the Co-Founder of Neoki; and Uldis Teraudkains, the Chief Executive Officer of Nexpay, among others.
David Palmer, the Chief Product Officer & Co-Founder of Digital Asset Broker (DAB) Platform by Vodafone, has said he looks forward to attending the Global Blockchain Show. David has further stated that the event comes at a time when the latest technologies like AI, Fintech, and Web3 are evolving.
Dubai has been chosen as the venue for the Global Blockchain Show as the region ideally provides a secure environment for discussions around blockchains. Also, the government has been vocally supportive of innovation with its regulations and policies. Dubai has emerged as a central global hub for blockchain activities, also housing world-class conference venues plus facilities for international events.
Curated by VAP Group, the Global Blockchain Show is backed by media partners such as, Emirati Times, Britain Herald, Bitcoin World and others. VAP Group is a blockchain consultancy firm that specializes in assisting the industry with its core ethics of commitment to excellence and corporate transparency. Vishal Parmar, the CEO of VAP Group, has said that they are excited to host all the participants and speakers at the Global Blockchain Show in Dubai. Vishal has said that the event marks a point where traditional technology and upcoming modern innovation intersect for the betterment of everyone’s future.
More than 7,000 participants are expected to be present in Grand Hyatt Dubai for the event. Over 300 speakers could take the stage, delivering keynotes that trigger productive discussions around industry insights. The Global Blockchain Show has all plans in the pipeline to extend access to lunch and drinks during the networking session. Representatives from 3,000+ companies are expected to market their presence.
Overall, the Global Blockchain Show comes packed with a set of benefits for individuals and organizations. Each gets access to valuable insights, networking opportunities, and a chance to build partnerships along with exploring career opportunities in blockchain.
On April 15-16, Blockchain Life 2024 is going to prove its status as one of the main crypto events of the year bringing together over 8,000 crypto enthusiasts and thousands of international companies in the globally recognized crypto capital of Dubai.
The event unites top crypto players from Web3, Cryptocurrencies and mining industries from 120 countries.
What to expect:
Premium community of crypto whales and industry leaders
More than 160 experts having a speech and analyzing the market from the stage
More than 150 key industry companies featured at the exhibition and promising Startups
Dozens of teams at the Startup Pitch contest – traditionally many of these projects will rise in a few months
Smart networking app to find the one among the thousands
Numerous formats for business networking
The legendary AfterParty at one of the world’s most renowned clubs – SKY2.0
“I have no doubts that the majority of conversations will focus on the growth of the crypto market due to halving. I invite everyone to join one of the best world’s crypto events and become a part of the power that drives bull run” stated the organizer of the Blockchain Life Sergei Khitrov.
On the 2 stages of the event attendees can anticipate market analysis and forecasts from the top crypto exchanges as well as investing strategies from the leading crypto funds.
Among the top speakers are:
Justin Sun (Founder of TRON, Member of the HTX Global Advisory Board)
Sergei Khitrov (Founder of Blockchain Life, Jets.Capital and Listing.Help)
Paolo Ardoino (CEO of Tether, CTO of Bitfinex)
Andrei Grachev (Managing Partner of DWF Labs)
Dominic Williams (Founder and Chief Scientist of DFINITY (ICP))
Xinxi Wang (Co-Founder of Litecoin Foundation)
Danilo S. Carlucci (Founder and CEO of Morningstar Ventures)
Irene Wu (Head of Strategy of LayerZero Labs)
Pascal Gauthier (Chairman and CEO of Ledger)
Jason Lau (Chief Innovation Officer at OKX)
Alicia Kao (Managing Director at KuCoin)
and many more
Most of the forum speakers are still a secret, but organizers will soon unveil them to you in new announcements.
Learn how to take everything from the upcoming bull run at Blockchain Life 2024.
Buy a ticket at a Presale price now with a 10% discount using promo code ZEXPR.
The Abu Dhabi Department of Health, the healthcare regulator, has signed an MOU (Memorandum of Understanding) with Abu Dhabi Health Data Services (ADHDS), the operator of Abu Dhabi’s Health Information Exchange (HIE) platform “Malaffi”, and MSD GCC, a leading biopharmaceutical company, to experiment with blockchain technology for pharmaceutical industry.
The MoU was signed by H.E. Dr. Noura Al Ghaithi, Undersecretary of the Department of Health – Abu Dhabi (DoH), Ashraf Mallak, Managing Director from MSD GCC, and Kareem Shahin, Acting CEO from ADHDS on the sidelines of Arab Health 2024.
As per the press release, the agreement will see the three entities come together and collaborate to assess blockchain potential, while utilizing the neutral platform of the PharmaLedger Association (PLA), a non-profit global organization, to assess the technology and framework potential to support Abu Dhabi in achieving its ambitious vision of fortifying its healthcare ecosystem.
MSD GCC will play a pivotal role in this collaboration by providing its thought leadership and leveraging its extensive experience with blockchain technology across various application areas and markets.
H.E. Dr. Noura Al Ghaithi, Undersecretary of the Department of Health – Abu Dhabi (DoH), said: “The Department of Health – Abu Dhabi’s (DoH) partnership with Abu Dhabi Health Data Services (ADHDS) and MSD GCC serves as a testament to our commitment of working alongside strategic partners within the healthcare sector, to shape a future driven by healthcare technology. This collaboration further solidifies the Department’s ongoing efforts in leveraging cutting-edge technology to enhance the population’s health and well-being, ultimately paving the way for improved healthcare outcomes, and advancing patient-centric care within the Emirate. These efforts further cement Abu Dhabi’s position as a leading destination for healthcare and a hub for life sciences.”
Kareem Shahin, Acting CEO of Abu Dhabi Health Data Services (ADHDS), stated: “One of the areas of interest for the application of this technology for Abu Dhabi is enhancing data security and goods traceability among others. We are thrilled to embark on this groundbreaking collaboration with the Department of Health – Abu Dhabi (DoH), and MSD GCC. ADHDS will be the driving force behind the technical aspects of this partnership, which includes spearheading the assessment of the potential of blockchain technology in the Emirate.”
Shahin added: “At ADHDS, we understand the critical importance of safeguarding patient information while enabling seamless data sharing for improved healthcare outcomes. With our expertise and experience in health data management, following the successful implementation of Malaffi as the first and foremost HIE in the MENA region, we are uniquely positioned to take the lead in delivering a robust and secure blockchain infrastructure that protects the privacy and integrity of health data in Abu Dhabi. We are excited about the possibilities this partnership holds for transforming the healthcare landscape in the Emirate and ensuring the highest standards of data security and interoperability.”
Ashraf Mallak, Managing Director, MSD GCC noted, “On its part, MSD will be bringing to the table its strategic expertise and extensive experience in the application of blockchain technology within the healthcare sector across various areas and markets. At MSD GCC, we recognise the immense potential of blockchain in revolutionizing healthcare delivery and data security as we are committed to providing our strategic insights, knowledge, and advice to drive the advancement of blockchain usage in the healthcare sector in the Emirates.”
According to WAM news agency, as part of UAE’s Central Bank 50th anniversary, His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the Central Bank of the UAE (CBUAE), made the first ever CBDC, digital currency cross border payment transaction to China utilizing the Mbridge Blockchain platform.
This amounts to a $13.6 million transaction sent directly to China through the ‘BIS M Bridge’ platform DLT.
Prior to this, The Central Bank of the UAE (CBUAE) and the People’s Bank of China signed an MOU (Memorandum of Understanding) to enhance technical and technological cooperation in the development of central bank digital currencies (CBDC), going beyond initial collaboration on mBridge CBDC project.
In September 2023, during a speech given by Hong Kong Monetary Authority (HKMA) CEO Eddie Yue, he discussed the whole sale CBDC ( Central Bank Digital Currency) project Mbridge stating that the launch of a minimal viable product ( MVP) would be soon, with participation of UAE Central Bank, Bank of China, BIS, Bank of Thailand and some new entrants.
The UAE Central Bank officials had called for a comprehensive regulatory framework for central digital currencies that would facilitate, accelerate and reduce the cost of cross border monetary operations.
R3 was chosen by UAE Central Bank as its technology partner to design and build a CBDC for the first phase of the central bank’s CBDC project because it is a permissioned based DLT (Distributed Ledger Technology) that decentralize assets privately and works well in regulated industries, but more importantly is its interoperability and asset fluidity.
Sheikh Mansour also witnessed the graduation of the first batch of 1,056 citizens from the ‘Ethraa’ program, who completed a high-level training and qualification program at the Emirates Institute of Finance.
The ceremony showcased the progress and development journey that the CBUAE has witnessed over 50 years, during which the apex bank has contributed to strengthening financial and monetary stability and driving the wheel of economic growth in the UAE. This is in addition to launching a package of innovative projects implemented by the Central Bank’s subsidiaries within the Financial Infrastructure Transformation Program (FIT program) to accelerate the digital transformation in the financial services sector as part of a wider strategy aimed at enabling the CBUAE to be among the top central banks globally.
Crysp Farms, a UAE based innovator and operator of decentralized blockchain enabled vertical farms, has secured a $2.25 million ‘Pre-Series A’ round structured and led by Gate Capital with participation from regional investors, including those from the UAE and Saudi Arabia.
The homegrown ‘Farming as a Service’ provider builds and operates bespoke onsite hydroponic farms catering to hospitality groups, healthcare facilities, restaurants, and hypermarkets. Notably, its high-quality produce is served in venues recognized by the leading awards and guides, such as Gault & Millau and Michelin.
The funding round will focus on scaling the company’s expansion strategy across the region and delivering committed contracts internationally.
Crysp Farms,is the only Blockchain enabled hyperlocal farming provider in the region. Each farm provides continuous access to onsite fresh produce and reduces greenhouse gas emissions, supporting the outcomes of COP28. According to the Food and Agriculture Organization of the United Nations (FAO), between 30 and 40% of total food production is lost before it even reaches the consumer. Through Crysp Farms, there is close to zero spoilage.
With the current funding round, Crysp Farms will continue its strategic expansion, introducing new farms in prestigious hotels and resorts managed by global leaders like Hilton Worldwide, Jumeirah Group, and Marriott International, among others.
In the last month, Blockchain enabled Crysp Farms partnered with five new properties, bringing its sustainable farms to more than 20 locations across the UAE, with many more in the pipeline across regional and international destinations, including the Seychelles and Maldives.
As per the press release, the business will target expansion into the Kingdom of Saudi Arabia, enabling and enhancing local food production through innovative technology, in line with Saudi Vision 2030. The business aims to support the hospitality and healthcare sectors across major cities and new development projects in the Kingdom.
Speaking about the investment round, Maan Said, CEO and founder of Crysp Farms, said, “This financial and strategic investment opens up opportunities and enables the business to scale exponentially across our target markets. Through our partner relationships, we are eager to create a more sustainable world through hyperlocal farming. We are proud to receive the support of Gate Capital and other leading investors in this round, as we look forward to sustainably scaling our operations.”
Munther Hilal, Chief Executive and Founder of Gate Capital, said, “Crysp Farms has grown from an innovative idea to disrupt agriculture into a tangible green investment opportunity, with sturdy unit economics and a strong foundation paving the way for scalable growth. Gate Capital’s continuous commitment to ESG-led businesses is a testament to identifying impact investment opportunities.”
In a very interesting tweet on the X platform, RAK DAO ( Ras Al Khaimah’s Digital Asset Oasis) free zone welcomed the founder and creator of the Ethereum Blockchain, Vitalik Buterin.
In the tweet, RAK DAO states,” At RAK DAO, our fundamental belief in the transformative power of community has played a pivotal role in shaping our ecosystem. Our commitment to fostering innovation through collaboration recently materialized in a significant event, graced by the presence of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, alongside Vitalik Buterin, the Co-Founder of Ethereum, here in Ras Al Khaimah. This gathering reaffirmed our ongoing dedication to providing a platform where innovative ideas flourish, collaborations thrive, and the spirit of progress prevails. “
In February 2023, the Government of Ras Al Khaimah (RAK) announced that it would be launching the RAK Digital Assets Oasis free zone dedicated to digital and virtual asset companies for non-regulated entities.
This meant that the UAE would now have two crypto Blockchain Oases, one in DMCC for regulated blockchain and crypto entities and one in RAK for soft regulated entities. As per the announcement RAK DAO was supposed to launch in Q2 of 2023, but its official launch happened in October 2023.
Ras Al Khaimah Digital Assets Oasis (RAK DAO), marked the inception of a new era in digital evolution and Web3 collaboration within Ras Al Khaimah. Businesses dealing with digital assets, including cryptocurrencies, could operate under fewer regulatory restrictions.RAK Digital Assets Oasis, is the first common law and specialized free zone exclusively dedicated to companies involved in digital and virtual assets.
Since then, RAK DAO has been setting up partnerships as it entices blockchain, Web3, metaverse, and crypto companies to set up base in the Oasis. It partnered with The HBAR Foundation having signed a Memorandum of Understanding (MOU) with them. According to the MOU, The HBAR Foundation would support RAK DAO ecosystem members to leverage the power of blockchain and build economies and applications on Hedera, the most used enterprise-grade public network.
In an interview with Bloomberg News, Trust Wallet, self-custody crypto wallet, majority owned by the former CEO of Binance announced its operations in the UAE both in RAKDAO (Digital assets Oasis) free zone in Ras Al Khaimah and in ADGM in Abu Dhabi.
Vitalik’s visit comes after he released Ethereum’s roadmap for 2024 which will focus on scalability, security and sustainability improvements.
Ethereum co-founder Vitalik Buterin announced the plan on social media on Dec. 31, outlining several key initiatives for the platform’s development. ‘The Surge,’ a crucial component of Ethereum’s roadmap, aims to increase network scalability through data sharding. By dividing the blockchain into smaller parts, Ethereum intends to boost its transaction processing capabilities and reduce costs, addressing one of the most pressing issues faced by blockchain technologies today.
This development is expected to bring Ethereum closer to achieving its goal of processing over 100,000 transactions per second, as noted by Buterin in recent statements
Could this visit be another partnership in the making? Is the Ethereum founder finally interested in the UAE and Middle East?
UAE Zayed University researchers have published a new research report under the title, “Investigating the Failure of the Blockchain Technology and Suggested Recommendations”, recommending the consensus algorithm underlying the Hedera network, hashgraph, as the best Distributed Ledger Technology (DLT) to utilize.
Ala’ Al Hilal a Professor at UAE Al Zayed University, and his colleagues undertook a comprehensive investigation of the strengths and shortcomings of blockchain technology, while showcasing DLT as an alternative that can offer more viable solutions than blockchain to both public and private.
As per the research, one of those promising alternative DLT platforms is hashgraph. Unlike traditional blockchain platforms, which use a chain of blocks to record transactions and rely on miners to validate those transactions, hashgraph uses a Directed Acyclic Graph (DAG) to record transactions and relies on a consensus algorithm to validate them. A thorough comparative analysis was conducted between these two technologies to determine which would emerge as the dominant technology in the market. The research found that the primary distinction between Hashgraph’s DLT and traditional blockchain technology is in their approach and structure. While blockchains store data in blocks linearly, hashgraph uses a directed acyclic graph to store and process information. Both DLTs are decentralized, with each node having a copy of the ledger and sharing any changes.
The research report compares speed, efficiency, fairness, and awareness between traditional blockchain platforms and DLT solutions. In terms of speed, it was found that hashgraph can process approximately 500,000 transactions per second by utilizing the Gossip method. On the other hand, some blockchain networks can only achieve a maximum speed of around 10,000 transactions per second. As such, hashgraph is faster than blockchain as it requires less information to be disseminated across the network as more events occur.
When it comes to efficiency on blockchain networks, users may encounter difficulties when working on a block, particularly when two blocks are submitted simultaneously. In such cases, one of the blocks must be discarded, which can lead to a less efficient network. In contrast, hashgraph does not require block creation and instead relies solely on events, making it a more efficient option.
Regarding fairness, researchers found that on a blockchain, users can select which orders they want to process or halt. This can lead to a lack of fairness for those who are using the network or who are connected to it in any way. Conversely, hashgraph approaches fairness differently. It randomly allocates nodes and uses consensus time stamping to prevent interference and enhance the effectiveness of transaction ordering.
Ala’ Abu Hilal stated, “The primary motivation behind my research was to explore decentralized technologies and their potential applications for enhancing the security and scalability of decentralized applications. Thus, I chose Hashgraph specifically for its unique consensus mechanism, high throughput capabilities, and notable features.” He adds, “As for future research, I do indeed plan to delve deeper into the applications and implications of hashgraph technology, aiming to provide a more comprehensive understanding of its capabilities and potential impact.”
The research paper assesses that “Hashgraph has the potential to supplant traditional blockchain platforms as the leading technology. We anticipate that hashgraph will achieve widespread success and popularity without necessarily replacing existing technologies due to its patented algorithm, superior scalability, and faster consensus mechanism; hashgraph has the potential to overcome many of the shortcomings of blockchain.”
Kamal Al Youssefi, commenting on the Zayed University research report, stated, “This research report backs up what we know to be true about the advantages of Hedera’s DLT. The Hashgraph Association’s work in the MENA region to support startups, government, and enterprise projects both in terms of funding as well as technology and business advisory services will help increase adoption of hashgraph. As concluded by the researchers, we are firm in our belief of the power of hashgraph technology to offer an impactful substitute to blockchain.”
In 2023 and earlier this year in January, the UAE licensed in total 13 crypto exchanges and crypto brokers. This came at the backdrop of a more robust virtual asset regulatory ecosystem both in Dubai and Abu Dhabi, as well as a heightened awareness and interest in investing in crypto tokens, virtual assets, and digital assets.
The most important question to many who are either already investing and trading in crypto or who are just getting started is which crypto exchange or broker can serve me best. The article will look into each crypto exchange and compare them to offer a more transparent mirror of the licensed and regulated crypto exchanges in the UAE.
OKX:
Starting with OKX is mainly because it is the first global exchange to receive a virtual asset license to operate their crypto exchange in the UAE. OKX received the license in January 2024, yet is still not fully operational as it finalizes certain requirements requested by Dubai’s virtual asset regulatory authority VARA.
However when it does start, it will offer more than 350 crypto tokens. So other than the basic offering of trading tokens or trade pairs on the spot, margin and derivatives markets, it also offers managing of DeFi portfolios, buying and selling NFTs, earn crypto in our mining pools, and take out crypto collateralized loans.
But wait all these products are not available to UAE retail and institutional clients. So far, OKX’s approved suite of duly regulated virtual assets activities includes spot services and spot-pairs, via the OKX App and OKX.com exchange.
The UAE VASP License also allows OKX to offer AED deposits and withdrawals.
OKX also announced that it has developed its Arabic website to meet the needs of users in the MENA region.
Finally OKX is active on all social media platforms so engaging with the community is available through many channels.
The crypto exchange boasts of over 50 million users in more than 100 countries. It is currently seeking a license in Hong Kong.
CoinMENA
Next in line is homegrown Crypto broker CoinMENA, which is not only now licensed in the UAE but was also one of the first to be licensed in Bahrain. CoinMENA offers the major cryptocurrencies on its platform, 52 in total.
It is fully operational and is authorized to serve Institutional Investors, qualified Investors and retail Investors. It offers spot trading of crypto assets.
CoinMENA already is fully operational and has been serving customers in the GCC and MENA region through its Bahrain licensed entity.
In addition customers can deposit money directly via bank transfer or credit/debit card to a customer’s CoinMENA Wallet, as well as withdraw money from CoinMENA Wallet directly to a client’s bank account.
CoinMENA currently serves over 900,000 users supporting seven countries.
Recently CoinMENA expanded its family office, investor and institutional offering through a partnership with Onramp Bitcoin. Onramp is an international Bitcoin asset management company built on multi institutional custody.
Crypto Exchange
Regulatory Status
Presence in
OKX
Crypto Exchange
HongKong UAE
Fasset
crypto broker
UAE
CoinMENA
crypto broker
UAE Bahrain
GCEX
Institutional crypto Exchange
UAE Denmark UK
FUZE
Crypto broker
UAE
BackPack Exchange
crypto exchange
UAE
Toko
Crrypto exchange/broker
UAE
Laser Digital
Crypto Broker
UAE
RAIN
Crypto broker
UAE Bahrain
M2
Crypto exchange
UAE
Glomex
Institutional crypto exchange
UAE
Matrix
Institutional crypto exchange
UAE
Midchains
Institutional crypto exchange
UAE
Venomex
Institutional crypto Exchange
UAE
M2
M2 is a UAE Abu Dhabi Homegrown crypto exchange. It received its license back in November 2023 from ADGM. It was recognized as a fully regulated Multilateral Trading Facility (MTF) and Custodian and is now able to on-board UAE residents and institutional clients.
M2 offers spot trading and currently has 50 crypto tokens to choose from.
It will also be able to offer AED Fiat On/Off-Ramp: Allow the on/off ramp of AED with ease through its partnership with a local bank in the near future.
One of the strengths of M2 is that it is backed by strong investors, one of which is a Bitcoin mining conglomerate, Phoenix Group that helps M2 to offer its Bitcoin Earn Product. The product was launched in partnership with Phoenix crypto mining group and offers yields that reach up to 10.5%.
M2 has an equity investment of $300 million as well.
RAIN
RAIN crypto broker and exchange was the first crypto broker to receive a license in the MENA region. Its operations started in Bahrain and it is now licensed in the UAE through ADGM in Abu Dhabi.
On the landing page of RAIN the first thing a user sees is the 0% trading fee. RAIN offers 70 crypto tokens to trade with. RAIN also offers crypto swaps.
It also is able to offer AED Fiat On/Off-Ramp: Allow the on/off ramp of AED with ease through its partnership with UAE local banks.
Like most of the major exchanges it has a mobile application, and is present on most social media channels.
Fasset
In November 2023, Fasset received its crypto broker license from Dubai’s regulator VARA. This license follows Fasset’s launch in Indonesia in August, where it partnered with Mastercard Indonesia and telco giant Indosat Ooredoo Hutchison.
Fasset offers five crypto tokens to trade with.
On its website, unlike other crypto exchanges, Fasset states that it offers gold investments using blockchain technology, crypto staking and other products. How much of this they can offer with their license in VARA is not clear. But it would be a surprise if they could offer these with their current license.
Crypto Exchange
Maker Fee
Taker Fee
Currencies
Minimum deposit USD
Trade Limits
OKX
0.08%
0.10%
320
10
100,000 USDT
Fasset
0.10%
1.00%
5
35
1000
CoinMENA
0.75%
0.75%
52
10
No limits
GCEX
No
No
50
50,000
No Limits
FUZE
NA
NA
NA
NA
NA
BackPack Exchange
0.085%
0.095%
NA
NA
NA
Toko
NA
NA
NA
NA
NA
Laser Digital
NA
NA
NA
NA
NA
RAIN
0.15%
0.30%
70
20
No Limits
M2
0.02%
0.04%
30
50
NA
Glomex
NA
NA
NA
NA
NA
Matrix
0.10%
0.20%
7
50,000
No Limits
Midchains
0%
0.40%
17
NA
No limits
Venomex
NA
NA
NA
NA
NA
NA means not available on their website or other sources of information.
Other crypto exchanges
As for the rest of the crypto exchanges and brokers that serve retail and institutional clients and are licensed in UAE, they are Fuze, BackPack exchange, Toko and Laser Digital. These four were licensed by Dubai’s virtual asset authority, but have yet to populate their websites with clear information on their product offering, fees and other information.
Fuze is preparing to launch and its CEO refrained from sharing information until they do.
As for purely institutional investors they can work with the following crypto exchanges who only deal with institutional customers. These are GCEX where the minimum deposit is $50,000 offering 50 tokens.
According to GCEX Managing Director, Mehtap Onder, the exchange doesn’t charge its clients maker and taker fees but just a trading fee.
Then there is Matrix, who also has a minimum deposit of $50,000 but offers just 7 crypto tokens to trade and invest in.
Interestingly Venomex has no information on its fees and offering, and just states on its website, that it will communicate its fees and charges via a notice.
Conclusion
In conclusion, the UAE definitely now has an array of crypto exchanges and crypto brokers that can offer safe and secure means to trade and invest in crypto tokens. It is left up to customers to choose which one they feel more comfortable with, which one offers competitive fees and which ones offer the crypto assets they want to trade.
Users can choose between local, regional and global exchanges to work with. But the future will bring even more. As VARA recently announced, while the regulator awarded 19 regulated VASP licenses in 2023, with 11 already operational, it will be adding 72 more in the coming months.
This could mean that Binance will soon have a license to operate in UAE, as will ByBit, and Crypto.com among others.
As more crypto exchanges enter the UAE as regulated entities, competition will surely increase and this is always a good thing for clients and users, so be prepared.
VAP Group, a leader in Web3 & Crypto Innovation, announced it will be hosting the biggest blockchain event in the heart of Dubai at Grand Hyatt Dubai from 16-17 April 2024, the Global Blockchain Show.
The Global Blockchain show will welcome more than 7000 attendees, 300 speakers, 120 sponsors, and 3000 firms who will unite from different regions of the world to network, learn, experience leadership sessions, and showcase their projects and products with a common goal of promoting blockchain and web3 industry.
Among the attendees and speakers, the Global Blockchain Show Dubai will have C-level executives, managers, consultants, corporates, investors, and even governments who will stand to gain valuable insights from this blockchain event and participate in networking opportunities to build collaborations and partnerships.
VAP Group has been leading the AI and Blockchain consulting domain for more than a decade now and is committed to promoting blockchain innovation among young entrepreneurs and crypto enthusiasts. The organization has strategically chosen Dubai for the GlobalBlockchainShow2024 as the city boasts a futuristic and innovative atmosphere with government support for the decentralized economy and a global blockchain hub that provides access to professionals and experts in this field.
Attendees will have the opportunity to hear from an esteemed lineup of industry leaders. Lennix Lai, the Chief Commercial Officer of OKX, brings over 15 years of crypto and financial expertise, leading OKX’s evolution into a DeFi and NFT powerhouse. Additionally, speakers like Alex Fazel of SwissBorg, David Palmer from Vodafone, will offer their insights on the transformative potential of blockchain across various sectors.
Vishal Parmar, the CEO of VAP Group, said, “At the Global Blockchain Show in Dubai, we’re shaping the future of Blockchain and Web3. Beyond gathering diverse insights, we’re uniting to drive industry transformation and shape tomorrow’s possibilities.”
There will be engaging networking opportunities and panel discussions on Blockchain advancements and production cases.
Among other Blockchain events, the Global Blockchain Show wins the race with its unique networking opportunities. While most events keep this session for the end of the show, the Global Blockchain Show will have networking sessions throughout the event starting from day one.
Global Blockchain Show Dubai is all set to be a powerhouse to craft engaging digital experiences and captivate global audiences where young entrepreneurs and investors can become trendsetters in their journey through the billion-dollar blockchain and crypto industry, which has recently become popular on exponential levels.
The event will also hold an exclusive after-party on the hottest beachfront of White Beach, Dubai, which features ultra-luxurious cabanas, restaurants, and infinity pools. Even during the after-party, attendees can build collaborations and partnerships with blockchain professionals and organizations to catapult development, drive growth, and create employment opportunities.
Secure your place today and become part of a global movement shaping the future of blockchain innovation. To book tickets: https://www.globalblockchainshow.com/tickets/
Dubai’s virtual asset regulator (VARA) has not only entered the social media scene but has announced its plans for 2024 which will include enhancements to its regulatory infrastructure with introduction of real world use cases for tokenized fractionalized market participation using Blockchain as well as TradeFi, DeFi regulations while it has phased out its MVP licensing program.
As per Mathew White, CEO of Dubai’s VARA, “The industry can expect to see enhancements to the regulatory infrastructure for trading, devising innovative market structures for seamless transactions, and activating real-world use cases for secure, tokenized and fractionalized market participation using trustless blockchain networks.”
Dubai’s virtual asset regulator also discussed its achievements in 2023. VARA, announced that in 2023 it awarded 19 regulated VASP licenses, of which 11 are already operational. In addition 72 initial approvals have been issued to new entrants and have commenced licensing process.
The regulator also stated that it had issued 133 application acknowledgement notices which is a reflection of its proactive and responsive approach.
A total of 116 Proprietary Trading NOCs have been issued, with an additional 37 assessed and ready to be issued while 94 non-VA activity confirmation notices were also issued.
Matthew White, CEO of VARA, commented: “As we open 2024, VARA is poised to accelerate its comprehensive focus on bolstering the infrastructure, broadening the spread and deepening the resilience of our VA ecosystem. Our commitment remains ensuring a secure and innovative environment for service providers and consumers alike. To this end, the industry can expect to see enhancements to the regulatory infrastructure for trading, devising innovative market structures for seamless transactions, and activating real-world use cases for secure, tokenized and fractionalized market participation using trustless blockchain networks.
He adds, “This endeavor involves close collaboration with market participants, particularly the mix of TradFi and native crypto with regulatory peers, underpinned by best practice protocols including those prescribed by FATF. Our goalpost remains unchanged; we started this journey 22 months ago and in this short space of time have built a strong foundation that we are in a position to accelerate from. 2024 will be the year to further Dubai’s position as the global leader in the new economy underpinned by a regulated VA ecosystem, contributing substantially to the GDP.”
When it comes to decentralized Finance, White in the press release, states, “As the lines between traditional finance and decentralized finance blur, VARA recognizes the importance of progressive technology and the need to fast-track maturity in investor and consumer protection, along with managing cross-border risks. We continue to foster awareness, education, and a collective recognition of our evolving digital landscape, leveraging marketing as a vehicle to enhance the impact of our policy-making and regulatory efforts.”
In addition the virtual asset regulator also notes that its Minimum Viable Product [MVP] Licensing program is being phased out as it has served the purpose for which it was initiated in a period where the full market regulations had not been formally launched.
All this will be done in alignment with international regulatory standards, especially FATF. VARA will collaborate with traditional finance regulators, such as the Central Bank of UAE (CBUAE) and the Emirates Securities and Commodities Authority (SCA), syncing efforts for FATF-compliant security in cross-border asset flows.
