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.  

South Korean Blockchain developer WEMIX signs MOU with Abu Dhabi’s Hub71

South Korean Blockchain developer WEMIX signs MOU with Abu Dhabi’s Hub71

South Korean blockchain developer WEMIX and Hub71, Abu Dhabi’s global tech ecosystem, have signed a memorandum of understanding (MoU) to create and accelerate growth opportunities for their respective portfolio companies and Web3 startups.

WEMIX startups will have the opportunity to join Hub71’s community of over 200 startups and gain access to its range of value-add programs and incentives. Select startups will also benefit from the ability to scale globally through Hub71’s web3 and digital assets specialist ecosystem, Hub71+ Digital Assets, to unlock access to a host of programs, initiatives, and wide network of corporate, government and investment partners in the UAE and global markets.

 At the same time, startups within Hub71+ Digital Assets will be able to leverage the deep technical knowledge and expertise of WEMIX and its parent, Wemade, in different areas of blockchain technology including GameFi and DeFi.

“Developing strong partnerships with key stakeholders like Hub71 is an important part of our commitment to growing the blockchain ecosystem in the MENA region,” said Shane Kim, CEO of WEMIX Pte Ltd. “We are confident that this partnership will accelerate the creation of more opportunities for blockchain startups from across the world looking to expand into the Middle East and help realize our vision of developing a global blockchain economy powered by a wide spectrum of innovative applications that evolve past traditional technology barriers to drive sustainable future innovation.”

Elodie Robin Guillerm, Head of Growth and Strategy at Hub71, said: “The addition of WEMIX to our Hub71+ Digital Assets ecosystem is testament to the growth potential there is to be seized from Abu Dhabi. Hub71 truly values partnership and collaboration and by joining forces with leading blockchain companies like WEMIX, we can work together towards developing industry leading blockchain technologies to give rise to more opportunities for Web3 startups.” 

The WEMIX and Hub71 partnership will offer key advantages including  WEMIX ability to join Hub71+ Digital Assets and its ecosystem of leading regional and global partners of digital asset exchanges and service providers, technology providers, venture studios, venture capital funds, and blockchain platforms.

It also includes fast tracking of applications by WEMIX startups to join the Hub71 Incentive Program, designed to alleviate the cost and processes of setting up in Abu Dhabi, and dedicated resources for mentorship and technical support will be provided by WEMIX to Hub71 GameFi and DeFi startups

Finally the partnership will allow  Hub71 startups to access WEMIX’s global Web3 community and blockchain companies within the WEMIX ecosystem will also gain access to Hub71+ Digital Assets. 

This is the second MOU signed by WeMADE in the region. Prior to this WEMADE signed a Memorandum of Understanding (MOU) with KSA based Nine66, a Savvy Games Group (“Savvy”) company, to drive the development of the gaming industry in Saudi Arabia.

Earlier this year WEMIX expanded its presence into MENA with the opening of its office in UAE.

UAE HAYVN receives VASP license from European jurisdiction

UAE HAYVN receives VASP license from European jurisdiction

UAE based HAYVN, a digital asset payment, trading, custodian service provider regulated in the UAE, Cayman Islands, Australia, British Virgin Islands, has also received a VASP ( Virtual asset service provider) license from European jurisdiction, Lithuania.

The Lithuanian Financial Crime Investigation Service (FNTT) has provided HAYVN with a VASP license.

According to HAYVN, by obtaining the VASP license from the Lithuanian regulators, HAYVN is further equipped to offer its suite of services throughout Europe.

“We are delighted to have obtained the VASP license from Lithuanian regulators,” said Christopher Flinos, CEO of HAYVN. “This achievement solidifies our position as the trusted and compliant European cryptocurrency provider, enabling us to deliver innovative solutions to clients across Europe. HAYVN remains committed to upholding the highest standards of regulatory compliance and security, as we continue to expand our presence and contribute to the growth of the digital asset ecosystem globally.”

Leago Papo, Director of Compliance and Regulatory Affairs at HAYVN, added, “Obtaining the VASP license from Lithuanian regulators is a significant milestone. We have worked diligently to ensure that our operations adhere to the most rigorous compliance standards. This license reaffirms our commitment to maintaining regulatory compliance across multiple jurisdictions and showcases our dedication to building trust with our clients and regulators alike.”

UAE regulated virtual assets activities now offered at Department of Economy and Tourism branches

UAE regulated virtual assets activities now offered at Department of Economy and Tourism branches

In a recent announcement by Dubai’s virtual asset regulatory authority ( VARA), the Department of Economy and Tourism is now offering regulated virtual assets activities in its branches.

This means that Virtual Asset Service Providers (VASPs) seeking to conduct business in Dubai’s mainland or make changes to their current commercial licenses may submit their applications for the below-mentioned activities at DET branches.

The list of Regulated Virtual Assets Activities (require a license from VARA) include, VA Advisory Services,  VA Broker-Dealer Services,  VA Custody Services,  VA Exchange Services, VA Lending and Borrowing Services and  VA Management and Investment Services. In addition to VA propriety trading which requires a NOC from VARA. 

Firms carrying on VA activities in Dubai [except DIFC] prior to 7 February 2023 [Legacy VASPs], must have their applications seeking regulatory oversight or relevant guidance from VARA by the final deadline of 30 April 2023.

As per the announcement, firms that have failed to comply with the regulatory framework by the aforementioned deadline must comply immediately to avoid substantial punitive measures including material fines/penalties and potential firm closure.

DET Centres offering commercial licences for the Regulated Virtual Assets Activities are available in – Al Barsha Mall, DED Café, Palm Strip Mall Jumeriah,  Al Twar Centre , Dubai Mall and  Clock Tower Deira