Fasset crypto exchange launches its app in UAE

Fasset crypto exchange launches its app in UAE

UAE regulated crypto digital asset exchange Fasset has launched its official application in the UAE. Fasset received a VARA (Dubai’s virtual asset regulatory authority) license in November 2023.

The app’s launch in the UAE is a strategic step for Fasset, following a successful launch in Indonesia last year, where it attracted over one million users within the first week. Fasset allows users to carry out spot trading and investment services in cryptocurrencies, stablecoins and tokenized real-world assets.

On the educational front the application includes Fasset Play, designed to offer a risk-free learning environment for users to hone their investment skills. This initiative aligns with Fasset’s mission to democratize access to financial services, enabling a wider audience to explore and manage their wealth.

Fasset CEO Mohammad Raafi Hossain commented, “UAE is experiencing a surge in digital asset investment as the government promotes innovation and entrepreneurship in the country. We are happy to extend our secure and transparent platform to customers in the UAE. Our goal is to empower people to have universal access to financial services, so they have more opportunities to build and manage their wealth.”

Fasset’s strategic partnerships have been instrumental in its rapid growth. In Indonesia, the company partnered with Indosat Ooredoo Hutchison to launch the world’s first embedded digital asset exchange in a telco app, reaching over 100 million users. Additionally, Fasset collaborated with Mastercard to introduce a crypto card for users in the region.

Fasset has raised a total of $26.7 million in funding. This includes a significant $22 million raised in a Series A funding round in April 2022, led by Liberty City Ventures from New York and Fatima Gobi Ventures from Pakistan, with additional participation from Soma Capital and MyAsiaVC. Before this, Fasset raised $4.7 million across two rounds, including seed funding from Dubai’s Ceras Ventures in May 2021.

OFAC sanctions UAE registered crypto trading entity

OFAC sanctions UAE registered crypto trading entity

The United States Department of the Treasury office of foreign assets Control (OFAC) has sanctioned a UAE registered business entity and its subsidiary for helping to build or operate blockchain based services to facilitate potential sanctions evasion on behalf of Russian nationals.

The total number of sanctioned entities are twelve.

Chainalysis in a blog explored the activities of these entities including on-chain analysis of addresses identified that were associated with sanctioned businesses.

While most of the sanctioned entities and individuals are based in Russia and all of them are linked to Russia through the services they provided, one is based out of DMCC UAE (Dubai Multi Commodities Center).

The company in the UAE is called Crypto Explorer DMCC (Crypto Explorer). It operates under its business name AWEX. The company operates a Russian and UAE-based virtual currency exchange that offers conversions between virtual currencies, rubles, and UAE dirhams. In a report by Crypto defender he showcases the following information on crypto explorer. (dated 11 months ago)

According to the OFAC press release, AWEX offers cash services at its offices in Moscow and Dubai and also loads funds onto credit cards associated with OFAC-designated Russian banks such as Sberbank and Alfa-Bank. Crypto Explorer was designated pursuant to E.O. 14024 for operating or having operated in the financial services sector of the Russian Federation economy.

As for the other sanctioned entities they include

Obshchestvo S Ogranichennoy Otvetstvennostyu Kripto Eksplorer (OOO Kripto Eksplorer) is a Russian company that is solely owned by Crypto Explorer. OOO Kripto Eksplorer was designated for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Crypto Explorer.

Joint Stock Company B-Crypto worked with OFAC-designated Rosbank to support cross-border transactions in crypto.

Obshchestvo S Ogranichennoy Otvetstvennostyu Sistemy Raspredelennogo Reyestra (Masterchain) has agreements with several OFAC-designated Russian banks to issue digital currencies.

Obshchestvo S Ogranichennoy Otvetstvennostyu Laitkhaus issued and exchanged digital currencies to support several OFAC-designated banks.

Obshchestvo S Ogranichennoy Otvetstvennostyu Atomaiz tokenized diamonds and precious metals on behalf of Russian banks.

Tokentrust Holdings Ltd. is Atomiaz’s majority shareholder.

Obshchestvo S Ogranichennoy Otvetstvennostyu Veb3 Tekhnologii provided blockchain-based services and platforms for the Russian financial sector, including sanctioned Russian banks.

Obshchestvo S Ogranichennoy Otvetstvennostyu Veb3 Integrator also provided blockchain-based services and platforms for the Russian financial sector, including sanctioned Russian banks.

Igor Veniaminovich Kaigorodov is the majority shareholder for Veb3 Tekhnologii and Veb3 Integrator.

Obshchestvo S Ogranichennoy Otvetstvennostyu Tsentr Obrabotki Elektronnykh Platezhey (TOEP) is a digital currency exchange that operates under the names Netexchange and Netex24, and facilitated payments to OFAC-sanctioned banks including Sberbank and Alfa-Bank, as well as Hydra, the sanctioned darknet market.

Timur Evgenyevich Bukanov is the owner and director of TOEP.

Bitfingroup OÜ is an Estonia-based company likely controlled by Bukanov.

Bitpapa IC FZC LLC is a peer-to-peer (P2P) exchange that facilitated millions in payments for OFAC-designated Russian cryptocurrency businesses, Garantex and Hydra.

In the Chainalysis report on Netex24 and BitPapa, they noted that Netex24 supports off-ramping to sanctioned Russian banks Tinkoff and Sberbank, as well as other similar organizations. Although OFAC did not include any crypto addresses in its designations of Netex24 or Bitpapa, Chainalysis has identified clusters associated with both services. Over the last two years, on-chain data shows that both Netex24 and Bitpapa have facilitated significant sending of funds to sanctioned entities. Darknet markets also make up a significant volume of transaction history, in addition to exchanges without Know Your Customer (KYC) controls, many of which are Russian-language sites offering on and off ramping with sanctioned Russian banks.

Value sent by Netex24 and Bitpapa to sanctioned entities and darknet markets has steadily increased since the start of Russia’s war in Ukraine, whereas value sent to exchanges without KYC guidelines and other illicit services has remained relatively flat.

In addition to facilitating transactions on behalf of larger sanctioned financial services and crypto entities, Netex24 and Bitpapa have also facilitated transactions for various pro-Russian militia and propaganda groups, including MOO Veche, an OFAC designated Russian militia group. All of these entities have been known to operate in the Donetsk, Luhansk, or Crimean regions of Ukraine.

The UAE was one of the first countries in the world to develop a virtual asset regulatory framework and recently was taken off of the FATF grey list. While the company in question was registered as a business in DMCC for the trading of crypto assets, it did not have a regulatory license to operate within the UAE. In addition its licensed was supposed to have expired in September of 2023.

Solana and UAE Hub71 to support real world asset projects

Solana and UAE Hub71 to support real world asset projects

UAE ADGM Academy has backed up a partnership between Hub71 and Solana Blockchain to foster innovation for real world assets projects by offering incentives, office space, regulatory support and the UAE Golden visa.

This marks a significant step towards establishing the UAE as a hub for technological advancement and blockchain innovation. The Solana Foundation, committed to the Solana ecosystem, offers valuable resources and expertise to boost the UAE’s tech community.

Leveraging Solana’s blockchain, the partnership aims to attract talent and foster solutions for real-world challenges.

Hub71, strategically located in the heart of Abu Dhabi, is also a partner in the endeavor. Its mission to provide a nurturing environment for startups and tech companies aligns perfectly with the objectives of the Solana Foundation. This environment is conducive to creativity and innovation, providing the perfect setting for Solana RWA projects to thrive.

A critical component of this partnership is the support provided by the ADGM Academy. The Academy’s role is to provide projects with premier educational resources and regulatory advice. This support is vital for navigating the complexities of blockchain technology and its applications in real-world scenarios.

On offer is the UAE Golden Visa to Solana RWA projects. This long-term visa offers entrepreneurs stability and freedom from visa concerns, allowing them to concentrate on innovation. It’s a clear signal of the UAE’s commitment to attracting and retaining top talent in the technology sector.

Crypto derivative exchange BioFin sponsors Token2049 event in Dubai

Crypto derivative exchange BioFin sponsors Token2049 event in Dubai

BioFin, a crypto derivatives exchange is sponsoring the Token2049 event in Dubai UAE. As per the press release, this sponsorship marks a significant milestone for BloFin, following its successful participation as a Gold Sponsor at TOKEN2049, in Singapore in 2023. It is dedicated to furthering the blockchain industry’s growth and development by partnering once again with TOKEN2049.

As a Platinum Sponsor, BloFin aims to showcase its commitment to innovation, technology, and community engagement within the blockchain ecosystem. TOKEN2049 Dubai 2024 promises to be a gathering of industry leaders, innovators, and enthusiasts from around the world, and BloFin’s sponsorship underscores its position as a key player in shaping the future of blockchain technology and digital asset trading.

BloFin’s exclusive WhalesNight AfterParty is poised to make waves. Scheduled to be held at the scenic Sobe Dubai Rooftop Sundowner, the event will commence at 19:30 (UTC+4) on April 18, 2024.

The BloFin WhalesNight AfterParty will bring together industry leaders, BloFin Whales (influencers), and BloFin VIPs from around the world. Attendees can look forward to engaging discussions, exciting news, and valuable networking opportunities in a vibrant and dynamic atmosphere. It will serve as a platform for participants to connect, share insights, and explore new opportunities in the ever-evolving cryptocurrency landscape.

With years of experience in the blockchain industry, Matt Hu, the CEO of Blofin, is anticipating this opportunity and recognizes the significance of attending TOKEN 2049 in Dubai as a platinum sponsor for his product: 

“Bitcoin is being heralded as the modern-day gold, while Dubai is on the rise as the world’s new financial epicenter. Dubai Token2049 presents an unparalleled platform for dialogue, not just for us, but for global users as well. As one of the most rapidly expanding exchanges, BloFin is excited to showcase our breakthroughs in product innovation, cutting-edge technology, and unparalleled security  measures. We’re not stopping there; BloFin is committed to ongoing investment in our product suite, technological advancements, security protocols, and operational efficiencies to ensure our users receive nothing but the most exceptional and dependable services. Join us at Dubai Token2049 to witness the future of finance, today.” 

Attendees at TOKEN2049 in Dubai will have the opportunity to delve into the diverse features of the Blofin ecosystem, spanning fiutures trading, copy trading, and more. Through interactions with experts, Web3 builders, thought leaders, and enthusiasts at TOKEN2049, BloFin aims to forge a robust foundation for the advancement and maturation of the blockchain ecosystem.

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Again Saudi Arabia is barred from an AI investment

Again Saudi Arabia is barred from an AI investment

Once again Saudi Arabia has not been allowed to invest in an AI entity out of the United States. This time the company is Anthropic partly owned by the fallen FTX crypto exchange. As per CNBC, while sovereign wealth funds are among the investors eyeing to buy into Anthropic, including UAE Mubadala, Saudi Arabia is not one of them.

Anthropic according to sources speaking to CNBC, has ruled out taking money from investors or sovereign wealth fund in KSA. Anthropic executives cited national security, one of the sources told CNBC.

The stake in Anthropic is for sale because it belongs to FTX, the failed cryptocurrency exchange started by Sam Bankman-Fried, and is being unloaded as part of the company’s bankruptcy proceedings. FTX bought the shares three years ago for $500 million. The 8% stake is now worth more than $1 billion due to the recent boom in AI.

As per the article proceeds from the sale will be used to repay FTX customers. The transaction is ongoing and is on track to wrap up in the next couple weeks, said people with knowledge of the talks who asked not to be named because the negotiations are private.

The class B shares, which don’t come with voting rights, are being sold at Anthropic’s last valuation of $18.4 billion, sources said. Anthropic has raised roughly $7 billion in the last few years from tech giants like Amazon, Alphabet and Salesforce

While Anthropic’s founders told bankers they wouldn’t accept Saudi money, they don’t plan to challenge funding from other sovereign wealth funds, including United Arab Emirates fund Mubadala. The UAE-based firm is actively looking at investing, according to one of the sources.

In November 2023, The Biden administration forced a Saudi Aramco-backed venture capital firm to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman, as per Bloomberg

Altman-backed Rain Neuromorphics, a startup designing chips that mimic the way the brain works and aims to serve companies using artificial intelligence algorithms, raised $25 million in 2022.

Aramco’s Prosperity7, a lead investor in the $25 million round for Rain AI, sold its shares in the startup after a review by the Committee on Foreign Investment in the United States, people familiar with the matter said, according to the Bloomberg report.

The agency, a U.S. watchdog for deals with national security implications, told the Saudi fund to unwind that deal sometime over the past year, the report said.

This comes as Saudi Arabia plans to create a fund of about $40 billion to invest in artificial intelligence. In recent weeks, representatives of Saudi Arabia’s Public Investment Fund have discussed a potential partnership with Andreessen Horowitz, one of Silicon Valley’s top venture capital firms.

Swiss Vonom to hold Sustainable Blockchain conference in UAE

Swiss Vonom to hold Sustainable Blockchain conference in UAE

 Swiss based Vonom Academic AG, which is transforming scientific publishing through blockchain technology to elevate research publication standards will be holding the Vonom Academic premier academic conference, “Proof of Green: The Future of Blockchain and Sustainability”. The conference will be held in Dubai on May 7th – 8th at the Address Downtown hotel.

The conference fosters dialogue on blockchain for sustainability, key for tackling environmental issues.

A wide range of topics will be covered , including ESG (Environmental, Social, and Governance), renewable energy, environmental conservation, carbon credits, and social policies. Key discussions will focus on blockchain’s impact on Sustainable Development Goals (SDGs), its influence on emerging industries and regions, and community involvement in sustainable blockchain solutions.

“We chose sustainability as our focus because, now more than ever, it’s crucial to change our behaviors toward the environment. Blockchain’s wide reach can amplify these efforts, making it pivotal in our mission for positive change,” says Philip Blazdell, CEO of Vonom Academic.

Featuring speaker panels, workshops, and more, “Proof of Green” offers a comprehensive exploration of blockchain’s role in shaping a sustainable future. Announcements regarding keynote and session topics will be released in the days ahead.

The conference will also unveil a glimpse of their cutting-edge blockchain-powered publishing platform. Through blockchain technology, researchers can meticulously record every step of the publication journey, from data aggregation and analysis to peer evaluation and revisions, all in an immutable and auditable fashion. This decentralized platform not only safeguards copyright entitlements and equitable compensation but also facilitates universal accessibility to published materials, thereby championing the principles of open access.

“Our blockchain-powered publishing platform heralds a new era of trust in academic research and revolutionizing the way knowledge is shared,” adds Mr. Blazdell.

UAE ADGM registers its second DLT Foundation

UAE ADGM registers its second DLT Foundation

UAE financial freezone center, based out of Abu Dhabi, ADGM ( Abu Dhabi Global Market) has registered its second DLT Foundation.The Finschia DLT Foundation, chaired by Youngsu Ko, has been registered as a Distributed Ledger Technology (DLT) Foundation with the ADGM.

IOTA DLT Foundation announced its registration as the first foundation under the DLT Foundations Regulations at ADGM in November 2023.

First established in March 2023 by LINE Tech Plus, a blockchain subsidiary of LINE, the Finschia DLT Foundation is a foundation dedicated to developing sustainable token models in collaboration with global Web3 users. The Finschia Foundation aims to accelerate expansion into global Web3 business initiatives.

The Finschia Foundation has registered as the first Asian blockchain project under the Distributed Ledger Technology (DLT) Foundations Regulations of ADGM. Additionally, the Finschia Foundation is set to develop accessible Web3 services for global users in collaboration with various enterprises in Abu Dhabi, based on its public blockchain ‘Finschia’.

Youngsu Ko, Chairman of the Finschia Foundation Council, stated, “ADGM is advancing as one of the most blockchain-friendly and leading digital asset regulatory environments globally. We anticipate significant progress through our collaboration with ADGM.”

The Finschia Foundation is also focused on creating an open blockchain platform, designed for easy accessibility by partners and users from various sectors. In addition, they are actively working to expand the availability of their digital asset, ‘FINSCHIA (FNSA),’ across more exchanges, aiming to continually enhance its liquidity and usability.

Inheriting the philosophy of LINE Blockchain, “Blockchain for All”, the Finschia Foundation operates its third-generation public blockchain mainnet “Finschia” and crypto asset FINSCHIA (FNSA), and aims to achieve a sustainable token model with Web3 users around the world.

In January 2024 Finschia announced the merger with Klaytn Foundation, to form a new blockchain mainnet. The two foundations have submitted their proposals to their respective governance members for open discussion, with voting scheduled from 26 January till 2 February. The governance proposal submitted by Klaytn Foundation can be viewed on the Klaytn Governance Forum.

Fils and Cashin to redefine sustainable payments in KSA

Fils and Cashin to redefine sustainable payments in KSA

CASHIN Saudi Arabia, a POS and digital payments fintech provider and UAE based Fils, a blockchain enabled empowering climate-positive transactions, have partnered to empower CASHIN KSA’s extensive network of merchants across the kingdom, comprising a significant share of the market, to integrate Fils’s blockchain enabled enterprise-grade payments platform. Through this collaboration, merchants will gain the ability to accurately track their environmental impact, mitigate their carbon footprint with high-quality carbon credits, and transparently report their progress.

This partnership represents a significant milestone for Fils, which, following its successful ventures with other market leaders in the region, is now expanding its footprint in Saudi Arabia. By leveraging CASHIN KSA’s extensive market reach and established presence, Fils is primed to accelerate its growth trajectory and advance its mission of embedding climate positivity into every transaction.

“Our collaboration with CASHIN KSA underscores our commitment to advancing sustainability in the financial sector and aligns perfectly with our mission to empower businesses to embed climate action into their operations,” said Nameer Khan, CEO of Fils. “Together, we are not only driving positive environmental change but also supporting the climate goals of the Kingdom of Saudi Arabia, contributing to a greener and more sustainable future.”

According to Omar AlRammah, CEO of CASHIN KSA, this partnership exemplifies the company’s dedication to sustainability and innovation: “Our collaboration with Fils marks a significant step forward in our journey towards a more sustainable future. By integrating Fils’s cutting-edge technology into our payments infrastructure, we are advancing our commitment to environmental responsibility and paving the way for a greener financial ecosystem.”

UAE based Alpha token capital invests in Web3 gaming

UAE based Alpha token capital invests in Web3 gaming

UAE Alpha Token Capital, a Dubai based cryptocurrency venture capital firm has invested in Carrieverse, a Web3 company. Utilizing the investment and partnership Alpha Token Capital will make a crypto investment in CVTX token and a strategic investment in Carrieverse.

 In addition to the investment, Carrieverse will receive strategic collaboration in global business development using Alpha Token’s partnerships and network, key opinion leader (KoL) partnerships, exchange listings, marketing, and community.

Alpha Token Capital is a global crypto venture capital firm with networks not only in Dubai but also in India and Singapore.

The virtual asset CVTX issued by Carrieverse is used as a governance token for its proprietary Web3 gaming platform ‘Cling’. ‘Cling’ will soon expand into the global market with over 30,000 DAUs in the Southeast Asian region, including the Web3 metaverse ‘Carrieverse’ and the card strategy RPG ‘Super Kola Tactics’ scheduled for a global launch in the second quarter.

David Yoon, the CEO of Carrieverse who led the investment, stated, “Carrieverse has been consistently knocking on the doors of Dubai and the MENA market, and now we are seeing the fruits of our labor. Through this investment, we will expand the ecosystem of CVTX and upgrade its value.”

Blockchain and DLT to grow by 17 percent in ADGM

Blockchain and DLT to grow by 17 percent in ADGM

A recent UAE ADGM (Abu Dhabi Global Market) survey has indicated a strong trajectory growth in several sectors including the field of Fintech and digital assets, Blockchain and Distributed Ledger Technology poised to grow by 17.08% and 16.83% respectively. In the lead is asset management growth at 18.56%.

According to ADGM press release, these sectors are reinforced by the growing interest in Sustainable Finance and Private Banking and Wealth Management, which are also projected to experience substantial growth. Furthermore, Professional Services are forecast to continue their upward trend, rounding out the sectors set for expansion within the dynamic financial landscape of the IFC

Nearly 97% of business leaders show strong support for recommending ADGM. A total of 70.81% of companies anticipate expanding their workforce in ADGM during 2024.

The robust regulatory environment acknowledged as the cornerstone of ADGM’s competitive edge. ADGM had announced earlier this year that it would be amending and updating its virtual assets framework. It then introduced its Blockchain/ DLT ( distributed ledger technology) framework.

Accordingly a research report by Wamda and Digital Digest, noted that Web3 startups in the MENA region raised $39 million in February this year. Startups in the Middle East and North Africa (Mena) region raised $88.7 million across 37 deals, a modest growth of just two per cent month-on-month in terms of deal value. Compared to the same period last year, the amount invested in February this year has fallen by 88 per cent.

The UAE remained at the top of the Mena ecosystem in terms of investment, with its startups raising $65.6 million across 22 deals, half of which went to the Flare Network.