UAE based Bybit crypto exchange contributes $272,000 for American University of Sharjah scholarship fund

UAE based Bybit crypto exchange contributes $272,000 for American University of Sharjah scholarship fund

Once again Bybit is supporting the crypto and blockchain ecosystem in the UAE. Yesterday it was with DMCC crypto center, and today it is with the University of Sharjah. Bybit has contributed $272.000 equivalent to 1 million AE to establish a scholarship fund to support 20 students to accelerate their academic and research career into fintech and blockchain at the American University of Sharjah.

20 computer science and computer engineering students will benefit from the Bybit Scholarship as soon as this fall.

Bybit is also committed to broader initiatives including an extra AED 100,000 to sponsor a hackathon for the blockchain community in the UAE. The first AUS-Bybit Inter-College Hackathon will be held at the AUS College of Engineering in the 2023-2024 academic year.

“AUS’ reputation as a center for education excellence stems in part from its strong industry links that allows it to continuously bridge gaps between industry and academia. Through this partnership with Bybit, our students will have access to the technical knowledge that helps them keep up with all that is novel in the crypto and blockchain industry, enhance their skills and support their education through the establishment of the Bybit Scholarship. At AUS, we graduate professionals and lifelong learners who are capable of making a difference in an ever-evolving world,” said Dr. Susan Mumm, Chancellor of AUS.

“Younger generations hold the key in driving the blockchain revolution forward,” said Ben Zhou, co-founder and CEO of Bybit. “We are pleased to create the Bybit Scholarship at AUS to help their talented students’ future-proof their knowledge and skills. We thank AUS for the opportunities to raise crypto awareness and share first-hand knowledge of the industry with students from one of the most prestigious universities in the region. I look forward to being inspired by the future engineers, blockchain scientists, and Web3 startup founders.”

Blockchain report shows that Blockchain will boost GDP by $2.1 trillion in growth markets including MENA

Blockchain report shows that Blockchain will boost GDP by $2.1 trillion in growth markets including MENA

A new report entitled, “Disrupt and Innovate: Harness the power of blockchain” published by Singapore Agile Dynamics, a research based consultancy services, blockchain technology will boost global gross domestic product (GDP) by US$2.1 trillion of the projected global GDP in 2030. Approximately half (49%) of the US$2.1 trillion will come from growth markets. This is especially important finding given the growth of blockchain implementation in the GCC and MENA region.

Countries such as Qatar, KSA, UAE, and even Oman are building their capacities and use cases utilizing emergent technologies such as blockchain, AI, IoT and others, and their GDPs will be positively affected.

As per the report as well, customized layer 1 blockchain protocol offers potential benefits such as increased financial inclusion, reduced transaction costs, and improved transparency – all of which align with the concept of technology sovereignty. It empowers entities to have ownership and control of their data, while safeguarding their sovereignty, reducing dependence on external entities, being more competitive on the global stage, and both encouraging and supporting domestic technology companies.

The report also noted that as per the study, 73% of respondents consider that a reduction in operational costs will be one of the main advantages of blockchain technology. This is followed closely by 67% of respondents believing that a key advantage of blockchain will be improving speed and efficiency. Other advantages noted include improving security and privacy (55%), bringing innovation (50%), and financial processes (44%).

Agile Dynamics explores what the future of blockchain technology could look like, including next generation technology characteristics. The report maps out three stages of the blockchain technology maturity journey, which it names as Emerging Blockchain Technology, Next-Gen Blockchain, and Fourth Generation Chain. In the latter, a permissionless, decentralized, scalable blockchain protocol will be achieved. It will be focused on interoperability challenges, designed to provide the fastest and most efficient cross-chain interoperability, speed, scalability, and security. It will also integrate micro-validation and tokenization, amongst numerous other benefits.

Speaking on the report and its contents, Paul Lalovich, Managing Partner at Agile Dynamics, said: “The world of blockchain is evolving rapidly, and is becoming an increasingly vital component of our ultra-connected world. Our report demonstrates how blockchain could be the most effective solution to begin a technology sovereignty journey, thanks to its ability to support the concept through providing decentralisation, data ownership and privacy, open source principles, trust and security, interoperability and more. By leveraging blockchain, you have the ability for more control and autonomy over your technology infrastructure and systems. This reduces dependence on external entities, and helps to safeguard your sovereignty. Blockchain is also a distinct and cost-effect means to stimulate innovation and foster growth, particularly in an economic context, and it has been demonstrated to be more cost-effective than any other technology for building out a project with the highest forecasted compound annual growth rate through to 2030.”

Lalovich continued: “Agile Dynamics is committed to helping organizations to harness the power of technology, to achieve digital transformation and to create differentiation by applying technology in a practical business context. We use deep insights derived from data, as demonstrated in ‘Disrupt and Innovate: Harness the Power of Blockchain’, in combination with extensive experience across industries and applications to help our clients realize business opportunities for growth.”

UAE based Aquanow, digital assets infrastructure provider receives initial approval from Dubai’s VARA

UAE based Aquanow, digital assets infrastructure provider receives initial approval from Dubai’s VARA

Aquanow, a digital assets infrastructure provider has unilaterally announced that it has received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA), while it undertakes the in-depth process of applying for a license in accordance with VARA requirements.

Full approval to operate will be issued by VARA as soon as Aquanow completes all mandated requirements, which the firm is expected to complete in the near-term.

“At Aquanow, we believe that the UAE is a forward-thinking jurisdiction for digital assets regulation and we view Dubai as a key hub for our international growth efforts,” said Aquanow’s Chief Executive Officer, Phil Sham. “We’re excited to receive the initial approval from VARA and to be moving closer to powering a range of digital asset use cases in the region.”

Aquanow, which is privately-backed, is one of the largest digital asset liquidity providers and is a global leader serving financial services clients in 40 countries around the world. Aquanow is rapidly expanding in the Middle East, and the UAE is an emerging hub of Web 3.0 innovation with more than 500 crypto companies based in the country.

Established in 2018, Aquanow currently has 90+ team members with offices in Canada, Dubai, and Singapore.

After raising $1.3 million Web3 startup nealthy sets up headquarters in UAE

After raising $1.3 million Web3 startup nealthy sets up headquarters in UAE

Web3 tokenized indices investment startup, nealthy, which recently raised $1.3 million, has set up its headquarters in Dubai UAE.

nealthy provides index tokens that replicate the structure of classic exchange-traded funds (ETFs). By storing multiple digital assets in on-chain vaults, building a diversified portfolio, and issuing an underlying indicator token. The first token will be called $nNFTS (which retains its real value through a peg to recognized blue-chip NFTs), nealthy is lowering the barriers to entry and opening the floodgates of digital asset investment to people around the world.

The leadership team of CEO Ludwig Schroedl, CTO Zied Said, and CMO Tim Pascual said that Dubai-based operations would help expand to a crypto-friendly region renowned for its forward-looking strategies. “We are thrilled to announce our move to new corporate headquarters in Dubai. From the standpoint of Dubai’s robust investment market to its renown as a hub for innovation, tourism, collectibles, luxury, and more, operating from Dubai will give nealthy access to the customers, investors, partners, and collaborators needed to bring nealthy’s performant solutions to as wide a user base as possible. 

We are excited about the next stage of our journey and cannot wait to power ahead with new releases and developments for our clients, partners, and investors,” said Ludwig Schroedl.

UAE Dubai virtual asset regulator publishes its virtual asset settlements and transfers rulebook

UAE Dubai virtual asset regulator publishes its virtual asset settlements and transfers rulebook

The UAE virtual asset regulatory authority has published its new virtual asset rulebook for, the virtual assets transfer,  and settlement service.  

This comes after the Central Bank of UAE published its guidelines for AML CFT compliance for financial institutions in relations to VASPs in the UAE.

As published in the rulebook, VASPs providing VA Transfer and Settlement Services must comply with all applicable legal and regulatory requirements issued by the Central Bank of UAE which apply to the VASP, which pertain to the end-to-end enablement of payments, remittances and/or other related services as may be amended from time to time.

As per the transfer and settlement service rulebook document, VASPs providing VA Transfer and Settlement Services must ensure that they comply with all legal and regulatory requirements for such services, inside and outside of the UAE. VASPs must ensure at all times that any transmission or transfer, and/or settlement being undertaken is permissible and can be facilitated through, and concluded in, all jurisdictions that are relevant to that transmission or transfer, and/or settlement.

The VASPs also have to comply with the compliance and risk management rulebook. VASPs providing VA Transfer and Settlement Services must comply with all requirements with respect to AML/CFT contained in that Rulebook, including but not limited to FATF-specific compliance requirements such as the Travel Rule.

The VASPs are liable to clients for the correct transmission, transfer or settlement of virtual assets to recipients whether from VASP wallet or VA wallet. VASPs are also responsible for the functioning of VA wallets or accounts of its clients for the purposes of receiving Virtual Assets, as well as providing all routing information that is necessary for a transmission or transfer, and/or settlement to be completed when requested by the sender’s VASP.

In addition VASPs must maintain records of all client instructions for a period of eight [8] years.

With this Dubai and the UAE have now finalized the major crypto and virtual asset rulesbooks, allowing VASPs to offer  transfers, and settlements for virtual assets. 

Global crypto exchange ByBit to support crypto businesses in Dubai’s DMCC

Global crypto exchange ByBit to support crypto businesses in Dubai’s DMCC

Global crypto exchange ByBit has partnered with UAE’s DMCC freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center. Bybit’s pledge of financial support in the amount of $136,000 will be used to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre. To qualify for this opportunity, start-ups must successfully pass the standard compliance and due diligence checks required by DMCC.

Bybit will become the listing partner for the Crypto Centre, with the company providing dedicated support for crypto firms looking to list digital assets on one of the top global exchanges. Additionally, the partnership will bring Bybit Services to Crypto Centre members.

Bybit currently has its headquarters in Dubai UAE and boasts of 15 million users. Bybit will also participate in the DMCC Crypto Centre’s educational initiatives by delivering webinars and educational courses about the digital assets industry and emerging trends, centralized exchanges and their impact in shaping the Web3 industry. 

Ahmed Bin Sulayem, Executive Chairman and Chief Executive of DMCC, stated, “Dubai has truly cemented its position as a global hub for crypto and Web3, with the DMCC Crypto Centre boasting the highest concentration of crypto firms in the region. This status has only been bolstered by Bybit’s presence, so we are excited to have them on board as an official ecosystem partner. Thanks to Bybit’s industry-leading expertise and financial contribution, this partnership will accelerate the impact that Dubai’s game-changing crypto and Web3 businesses are having on the industry.”

 

Ben Zhou, Co-Founder and CEO of Bybit, added “Through the efforts of entities such as DMCC, Dubai has certainly become a global focal point for the crypto industry. The emirate is full of high-potential Web3 businesses, so we are proud to be working with DMCC to facilitate their success and continue the evolution of the crypto industry and global digital economy. By bringing our standard of transparency, listing and custodial expertise and services to Crypto Centre members, we can have a tangible impact on Dubai’s future as the crypto capital and deliver on our aim to be the world’s ‘Crypto Ark’.”

UAE based Sabre56 a crypto mining hosting provider signs deal with US GEM mining

UAE based Sabre56 a crypto mining hosting provider signs deal with US GEM mining

UAE based Sabre56 a hosting provider and digital asset mining consultancy, has signed a hosting deal with U.S. based GEM Mining, an institutional-grade Bitcoin (BTC) mining company.

As per the agreement, Sabre56 will initially host 4, 510 of GEM mining’s BTC miners in Sabre56’s new hosting facilities in Wyoming in USA.

As per the announcement, half of the miners will come online in May, and the remaining miners in June.

The deal follows Sabre56’s February announcement of its US$35 million funding agreements to build 150MW of Tier 0 data centers to support blockchain infrastructure.

The Company is rapidly transitioning from consulting on mining projects to constructing and hosting its own facilities, and today’s news is the first among the waitlist of miners ready to take hosting services in the new and future facilities that are currently under construction.

Phil Harvey, CEO of Sabre56, stated, “We are excited to welcome our new partner – GEM Mining. Our two companies are united in our vision for the mining industry, our core values of how to achieve it, and the pursuit of excellence taught in the military.

John S. Warren, CEO of GEM Mining, added, “GEM Mining is built for robust, long-term growth to drive the digital asset mining industry towards maturity. As the United States consolidates its status as the Bitcoin mining capital of the world we have – in Sabre56 – found a partner operating in the same ‘cut-to-the-chase’ way. We are delighted to place our machines with a hosting provider of such outstanding capabilities.”

In the MENA region, Sabre56 has delivered MWs of computing power.

Laraontheblock speaking to Phil Harvey asked if they had intentions to develop digital asset hosting facilities in UAE after the entrance of Marathon Digital. His response, “For almost a decade now, the UAE has been at the forefront of cryptocurrency innovation – welcoming the sector like few other places. The most recent example is the introduction of the UAE’s VARA regulation, which puts it comfortably ahead of Europe and the United States in terms of regulatory clarity.”

He added, “Marathon Digital’s move to expand mining operations to the UAE is an interesting entry, and we are closely watching the progress of their Masdar City immersion Bitcoin-mining facility. Compared to more temperate geographies, the GCC’s arid and hot climate poses a formidable obstacle to successful and efficient mining operations.”

Crypto.com to receive MVP operational license from VARA soon

Crypto.com to receive MVP operational license from VARA soon

Crypto.com, a global crypto exchange seems it will soon  become the second crypto exchange in Dubai UAE to receive MVP operational license after BitOasis.

VARA’s public register had listed CRO DAX Middle East better known as Crypto.com as having an MVP operational license authorized for specific activities and product types. As stated prior, Crypto.com is only authorized to serve qualified retail and institutional clients, but VARA website has since then removed it and now states it has an MVP preparatory license. 

Sources close to the matter state that this is a sign that an operational license is soon to come. This would make crypto.com the first global exchange to receive an MVP (Minimum Viable Product) operational license from VARA. 

This comes after the UAE Central Bank recently announced its AML (Anti Money Laundering) and FTC for financial institutions dealing with VASPs.

Binance has also yet to receive its operational license and still holds the status of MVP preparatory license.

More and more global crypto exchanges are seeking to set up regulated licenses in UAE.

Gemini digital asset exchange joins other global players in eyeing UAE for a license

Gemini digital asset exchange joins other global players in eyeing UAE for a license

In a Zawya exclusive interview, GEMINI, digital asset exchange founders expressed their interest in applying for a license in UAE. As per the article US crypto exchange Gemini, is interested in a license in UAE because of the hostility and lack of clarity in the USA. Several other global virtual asset service providers have already expressed their interest as well including Coinbase, Bittrex, IoTa, and Circle. 

The license application is set to come after meetings in both Dubai and Abu Dhabi.

Cameron and Tyler Winklevoss are the founders of GEMINI. Tyler told zawya, “There is a lot of customers and amazing investors here.” As for the USA, Tyler told Zawya it as hard to get things done in the US.

He added, “You don’t want the Wild West, but you also don’t want a wall or a gate to innovation, getting that balance right builds the healthiest markets. We have always believed that, and always tried to get that message across to the regulators to provide that clarity and consistency in guidelines, because we think that the outcomes are just so positive.”

Prior to this Gemini announced that it was launching its European HQ in Dublin. But Tyler affirmed to Zawya that Gemini would not be giving up on the USA.

This would make Gemini the latest global entity to see regulation in UAE, over the past two months, entities such as CoinBase, IoTa, Circle, Bittrex, have all expressed their interest to set up in the UAE.

This is being further pushed with the new UAE Central Bank’s AML CFT guidance for financial entities regarding their dealings with virtual asset service providers.

UAE Central Bank issues guidance defining business models for Virtual assets, and Virtual assets service providers

UAE Central Bank issues guidance defining business models for Virtual assets, and Virtual assets service providers

The Central Bank of the UAE (CBUAE) in a press release announced that it has issued a new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for Licensed Financial Institutions (LFIs),  banks, finance companies, exchange houses, payment service providers, registered hawala providers and insurance companies, agents and brokers as well as setting clear descriptions of virtual assets and Virtual asset service providers business models. 

His Excellency Khaled Mohamed Balama, Governor of the CBUAE, stated, “The new guidance related to the virtual assets sector contribute to strengthening the supervisory and regulatory frameworks of the Central Bank to combat money laundering and the financing of terrorism. We are constantly working to enhance efforts and strengthen the awareness of licensed financial institutions to prevent all kinds of financial crime activities, and reduce potential risks to protect the financial and monetary system and maintain its soundness and stability, in line with the Financial Action Task Force standards.”

The new guidance will assist LFIs’ understanding of risks and effective implementation of their statutory AML/CFT obligations, and takes Financial Action Task Force (FATF) standards into account. It will come into effect within one month.

The new guidance discusses the risks arising from dealing with virtual assets (VA) and virtual asset service providers (VASP) and sets out clear descriptions of VAs, VASPs and VASP business models. The guidance describes various channels and mechanisms of interaction between LFIs and VASPs.

The guidance outlines the customer due diligence (CDD) and enhanced due diligence (EDD) for LFIs towards potential VASP customers and counterparties, with the aim of de- risking, supporting them with training programmes, a governance system and record- keeping mechanisms.

This comes after MENA FATF adopted several recommendations proposed by Abu Dhabi including those pertaining to virtual assets.