Gemini crypto exchange becomes another global entity to apply for a crypto license in UAE

Gemini crypto exchange becomes another global entity to apply for a crypto license in UAE

Gemini crypto exchange announced that it has commenced with the process of acquiring a crypto exchange license in the UAE to better serve customers based in the country.

According to Gemini post, “ As a forward-thinking, global financial hub, the UAE is continuing its tradition of leadership by establishing itself as a fast-emerging hub for crypto. By applying for a license, we will be taking another step towards making Gemini a truly global company and advancing our mission to unlock the next era of financial, personal, and creative freedom for all.”

In the week of June 11th 2023, Gemini met with stakeholders thought the region to learn more about the local regulatory requirements and the needs of crypto users.

Gemini added, “ As part of Gemini’s 2022 Global State of Crypto Report, we took a look at adoption of crypto globally across 20 countries. We found that those in the UAE were rapidly acquiring crypto and putting it to use making in-person purchases. We also found high intent to purchase crypto among those who were not yet owners:”

As per the Geminin 2022 global state of crypto report, more than 35% of those surveyed in the UAE had purchased crypto, compared to only 20% of those in the US. While nearly 32% of non-owners in the UAE said they are likely to purchase crypto in the next year.

33% of those in the UAE who own some crypto use it to make in-person purchases at brick-and-mortar retailers, compared to just 19% of owners globally. Blog state of crypto 2023

Gemini based on the findings from the report and the conversations with regulatory stakeholders, startups and other ecosystem participants decided to further cement their interest in investing in the UAE and becoming part of their crypto community.

Gemini has now joined the roster of other global exchanges seeking to be regulated in the UAE, including crypto.com, Binance, OKX, Maskex, Coinbase and many others.

This has also been spurred by the recent crypto shake down happening in the USA.

GCC Investcorp Blockchain fund leads $15 million investment round in Spanish crypto exchange

GCC Investcorp Blockchain fund leads $15 million investment round in Spanish crypto exchange

GCC ( Gulf Cooperation Council) and MENA based Investcorp, a global alternative investment firm has led a $15 million investment round for BitMe a Spanish crypto exchange. Included in the list of investors was Telefonica Ventures, Stratminds VC, Cardano, and YGG Fund.

In April 2022 GCC headquartered Investcorp, launched eLydian Lion, the first dedicated institutional blockchain fund based in the GCC, with a global investment mandate (the “Fund”). The Blockchain ELydian Lion Fund, was led from Investcorp’s Abu Dhabi office UAE office, and was deployed globally with a focus on investments in companies leading the next digital evolution driven by blockchain technology.

At the time Investcorp noted that the Fund would mainly invest in early-stage companies operating in areas within the blockchain ecosystem such as blockchain infrastructure, platforms and exchanges, DeFi, (decentralized finance), and data analytics.

Fast forward, Investcorp has now invested in Bit2Me which will use the funds to grow its position in Spain, where the company was born, and to accelerate its expansion in Latin America.

“This funding will boost our acquisition of new customers specially thanks to Investcorp, an international partner with significant financial muscle, and to Telefónica, who will give us more channels in Latin America,” Leif Ferreira, co-founder and CEO of Bit2Me, said in a statement.

In July 2022, Bit2Me acquired a majority stake in the Peruvian peer Fluyez, in what was the first step of a search for acquisition opportunities in Chile, Colombia and Uruguay, the company said at the time.

In February, Bit2Me obtained approval from the Bank of Spain to be the first provider of services for the exchange of virtual currency for fiat currency and the custody of digital wallets.

Hervé François, Partner of the Blockchain/Digital Assets fund at Investcorp who is based in Abu Dhabi, stated on LinkedIn, “ I am thrilled to announce that I am joining the Board of Directors of Bit2Me alongside Investcorp Blockchain Fund’s investment in their latest round.”

He adds, “We are pleased to lead the investment in Bit2Me, a leading player in the digital asset space. Bit2Me is well positioned to capitalize on the growth in this rapidly evolving market, and Investcorp will actively support its strong management team. Very much looking forward to witnessing Bit2Me’s international growth as the best is yet to come!”

Investcorp becomes the second firm based out of GCC to invest in a crypto exchange, prior to that MEVP invested in Bahrain’s RAIN crypto exchange. The round was led by Middle East Venture Partners (MEVP), with participation of other global investors at the time.

OKX says Dubai’s Virtual asset regulator has given MVP Preparatory license approval …. But… has it really?

OKX says Dubai’s Virtual asset regulator has given MVP Preparatory license approval …. But… has it really?

It s no surprise that global crypto exchanges are flocking to the UAE, first it was Binance, then Kraken which left, then crypto.com, coinbase, and now the second biggest global exchange OKX.

OKX announced unilaterally that it had received a minimal viable Preparatory license from Dubai’s virtual asset regulatory authority (VARA). In 2022 OKX had received its provisional license and opened offices at the Dubai World Trade Centre. 

In the announcement they stressed that the UAE is a key strategic growth and business hub for OKX global with the company planning ot hire 30 staff locals and senior management.

OKX also added that it plans to extend its nine-figure brand partnerships to the UAE with customer and fan-focused activations and activities.

As per the announcement, once licensed to be operational, OKX Middle East will be able to extend its approved suite of duly regulated virtual assets activities and will provide spot, derivatives, and fiat services, including USD and AED deposits, withdrawals and spot-pairs, to institutional and qualified retail customers.

OKX Global Chief Commercial Officer Lennix Lai said, “We’re thrilled to receive the MVP preparatory licence from VARA. Regulated entities are the future of digital assets and capital markets and Dubai and VARA have succeeded in creating a unique environment where VASPs can thrive. With the expansion into a new office this year, we are focused on hiring local staff and senior management. The MENA region has incredible potential as a centre of excellence for Web3 and virtual assets, we look forward to the opportunity to expand the already growing ecosystem across the region.”

OKX Chief Marketing Officer Haider Rafique  added “We’ve been waiting to enter the UAE and we want people here to experience our products first hand. We’re different – we do things in a measured and transparent manner. May was our seventh consecutive month of publishing our proof of reserves, making us the only crypto exchange globally with that commitment. This attitude is consistent with the brand partners who represent us, Manchester City Football Club, McLaren Racing, and the Tribeca Festival. We take our time, and do things the right way.”

But on VARA’s website OKX is not listed in its public register, while Crypto.com, Binance, and BitOasis are. This is despite the fact that both Crypto.com and Binance have the same license approval as OKX.

This is not the first crypto exchange or virtual asset service provider to unilaterally announce they have received a license yet have never been put on VARA’s public register. Examples include, Aquanow, Maskex crypto exchange, Fasset tokenized assets exchange, and many others.

The question that is puzzling is why? Why put some names and not others, why highlight some companies in VARA press releases, like for example BitOasis, Crypto.com, GCEX, Enjinstarter, Binance, Hextrust, , but not Maskex, OKX and many more?

It might seem to be a small discrepancy, but to those who look at the VARA website as a legitimate source for knowing the status of VASP entities regulated in Dubai, it is a significant slip-up or maybe not!

As an update to this article, OKX has now been listed on VARA’s registry page on its website, still waiting to see Maskex, Aquanow and others 

UAE Ferg money exchange group to start accepting crypto after UAE central bank regulations come out

UAE Ferg money exchange group to start accepting crypto after UAE central bank regulations come out

UAE money exchange company, Ferg ( Foreign Exchange and Remittance Group) CEO has stated that the company as well as other money xchanges will start to accept crypto after Central Bank regulations are out sometime at the end of 2023 or early 2024. 

Adeeb Ahamed, Vice Chairmen of Ferg and managing director of LuLu exchange stated, “We are constantly in conversation with the Central Bank and waiting for the regulations. The Central Bank understands the use case of cryptos – CDBC (central bank digital currency). Cryptos is something that has definitely been taken up by the world. It needs to be part of the payment ecosystem. We are very sure that with the regulations coming out by the Central Bank, we will also start accepting.”

Ahamed expects regulations around digital currency are likely to come out later this year or early next year.

These statements were made on the sidelines of Ferg’s Techno meet 23 in Dubai UAE.

Ahamed added that exchange houses could no longer be content by being traditional models of doing business. “In the fast era of digitalisation, it is very important that we find partners that make the journey of customers much easier.

UAE Blockchain tokenization exchange for Carbon credits partners with UK BeZero Carbon

UAE Blockchain tokenization exchange for Carbon credits partners with UK BeZero Carbon

UK based  BeZero Carbon has partners  with UAE Blockchain security token platform for carbon credits ACX (formerly known as AirCarbon Exchange) to host its carbon credit ratings on ACX’s Abu Dhabi exchange – bringing transparent carbon ratings to a new audience in the Gulf States.

The ACX Abu Dhabi exchange is the world’s first fully regulated carbon trading exchange built on blockchain. All users of this exchange will now be able to access BeZero’s Carbon’s ratings for carbon offset projects in real time, allowing them to make informed decisions about carbon credit quality before investment.

This new partnership expands on an existing partnership between BeZero and ACX, which saw BeZero’s ratings hosted on other ACX platforms across the world.

BeZero’s risk-based ratings are essential to scale investment in the Voluntary Carbon Market, providing market participants with the information they need to make informed decisions about carbon credit investments.

Tommy Ricketts, CEO and Co-founder of BeZero Carbon stated, “We are pleased to extend our partnership with ACX and bring our expert assessment of carbon credit quality to a new audience in the Gulf. The Voluntary Carbon Market is a critical tool for climate action, and companies need access to risk analytics to help them make informed decisions about how to invest in high quality credits. By offering our carbon ratings on the exchange, we hope to scale investment in the VCM and support the allocation of vital capital towards high quality projects to enable the Net Zero transition.”

William Pazos, Co-CEO and Co-Founder of ACX, added, “Transparency is integral to scaling the Voluntary Carbon Market. We are proud to be building upon our existing partnership with BeZero Carbon to offer their carbon ratings to participants on our Abu Dhabi exchange. The risk-based ratings they provide will help our members better understand their carbon credit investments, and we are pleased to continue our partnership with a knowledgeable business committed to upholding integrity in this rapidly scaling market.”

Blockchain solutions provider Avanza Innovations to unveil metaverse solutions with UAE Banks and governmental entities

Blockchain solutions provider Avanza Innovations to unveil metaverse solutions with UAE Banks and governmental entities

UAE based Blockchain enterprise solution provider, Avanza Innovations, has announced the Orion metaverse platform and will unveil metaverse solutions for banks and governmental entities during Gitex 2023.

Avanza has been offering blockchain solutions built on its Cipher blockchain platform to governmental banking, and enterprise clients across the UAE and GCC region, adding to this offering Avanza Innovations has now introduced its metaverse platform, Orion.

Orion is specifically tailored for businesses and enterprises that want to go beyond existing metaverse platforms to offered a comprehensive digital channels for interaction and transactions.

Speaking to LaraontheBlock, Waqas Mirza, CEO of Avanza Innovations explained, “ We will be offering Orion in the UAE in two verticals, banks and government tier one entities. Both industry sectors will be launching something, they all want to go beyond just 3D immersive  content to offering actual services on the metaverses. We are working with quite a few government entities here and banks and you will see a lot of solutions getting unveiled at Gitex.”

While Orion is a totally different product it does use some of the offerings available in Blockchain platform Cipher. Mirza explains, “ Cipher and Orion are very different products  obviously the team has used a lot of things from Cipher but I wouldn’t say Orion is built on Cipher architecture or framework. In terms of AI we integrate with AI models such as Chat GPT or anything else for self service bots or AI driven bots, we ride on other AI models.”

Avanza believes that a metaverse platform designed for enterprises must not only offer immersive 3D experiences, but also encompass a robust toolkit and a comprehensive range of enterprise-ready features that secure and assist both enterprises and their customers across various journeys and transactions.

Orion bridges the gap between current metaverse platforms and enterprises’ expectations of a comprehensive 3D digital channel that adheres to their security and customer service policies. With extensive experience working with top-tier government entities and large enterprises, the company comprehends the requirements and expectations of businesses for an all-encompassing 3D channel.

Avanza believes that enterprises face two major challenges in adopting the metaverse: finding a metaverse platform that aligns with their security, customer service, and governance policies, allowing for enhanced customer interactions, engagements, and transaction experiences, and identifying suitable use cases and journeys that meet the criteria for integration with a metaverse platform.

Orion, equipped with a comprehensive set of features and enterprise-ready frameworks, is poised to redefine enterprises’ perception of metaverse adoption. By unlocking a plethora of new use cases and customer engagement models, Orion will revolutionize business operations and customer experiences.

UAE Next IT systems partners with U.S. Blockchain entity for digital identity solutions

UAE Next IT systems partners with U.S. Blockchain entity for digital identity solutions

UAE based NEXT IT & Systems partners with U.S. based IDD Lab  to revolutionize solutions for multiple industries by leveraging  Blockchain Technology. NEXT IT & Systems, a prominent software development group, has joined forces with IDD Labs, a leading blockchain technology group based in USA, to develop cutting-edge blockchain solutions aimed at enhancing identity across diverse sectors, including supply chain, KYC/AML, payments, and more.

IDD Labs, a software technology group with specialization in blockchain, played an instrumental role in launching the identity-based Accumulate network, which went live November 2022, and is a hard fork of Factom – a blockchain network which has been running successfully since 2016.

“As the CEO of Next IT & Systems, I am thrilled about our partnership with IDD Labs,” says Shaik Hamdan. “This collaboration represents a pivotal moment in our journey towards revolutionizing the market and driving the widespread adoption of cutting-edge technologies. By combining our expertise, we are confident that we can achieve remarkable breakthroughs that will reshape industries and empower businesses on a global scale.”

“With our combined capabilities, we will develop game-changing solutions that redefine industry standards,” serial entrepreneur Mr. Hamdan continues. “Our focus will be on delivering innovative products and services that enable businesses to gain a competitive edge. By harnessing the power of blockchain, artificial intelligence, and other cutting-edge technologies, we will empower our clients to unlock new levels of efficiency, security, and profitability.”

Mr. Hamdan concludes by expressing his confidence in the partnership’s potential to make a lasting impact. “The journey ahead is one of immense opportunity, and I am excited to embark on it together with IDD Labs. By leveraging our collective strengths, we are confident that we will create a lasting legacy of innovation and transformation. This partnership will not only benefit our respective companies but also elevate the entire industry to new heights.”

Michael Creadon, president of IDD Labs added, “We are thrilled to partner with Shaik and his NextUAE team. Along with NextUAE and our friends at Leonard Mcdowell who brought us together, we share the vision and desire to change the world for the better. Counterparties across every border, corporation and industry in the world need better information about who they are transacting with on a daily basis. Regulators demand this; so, too, do clients and shareholders. The tools we will jointly design, build and take to the market will serve as the base layer to move “identity as a service” in to the big leagues”.

Accumulate disrupts the blockchain landscape as the first-ever blockchain organized around decentralized digital identities. With its cutting-edge technology, Accumulate enables the construction of complex organizations and data structures through interconnected identities and human-readable URLs. The platform also introduces a groundbreaking security architecture, empowering users to rotate, backup, and recover keys seamlessly, while offering enterprises advanced access controls for digital asset management. By transcending the limitations of traditional smart contracts, Accumulate paves the way for unprecedented possibilities in various industry verticals.

UAE ADGM imposes penalties on 10 Leaves blockchain and digital asset business consultant

UAE ADGM imposes penalties on 10 Leaves blockchain and digital asset business consultant

UAE’s Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has announced that it has taken enforcement actions against 10 Leaves Limited (10 Leaves), an ADGM-licensed company, and its three directors by imposing financial penalties amounting to USD 32,000 for a repeated failure to file annual accounts and reports by the statutory deadlines specified under the RA’s administered legislation.

10 Leaves was established in the ADGM, offering a breath of specialist consultancy services including blockchain, digital asset business setup in the UAE. They assist businesses to setup in the UAE.

The RA found that 10 Leaves and its directors, Bishr Shiblaq, Rohit Ghai and Satidanand Auchoybur failed to submit statutory accounts and reports for the financial years ending 31 December 2020 and 31 December 2021 by the specified timelines. 10 Leaves and its directors failed to deliver consecutive accounts and reports to the RA by the statutory timelines despite reminders sent by the RA.

The RA imposed financial penalties totaling USD 32,000.

Hamad Sayah Al Mazrouei, Chief Executive Officer of the Registration Authority said: “ADGM registered directors shall adhere to the highest standards of diligence and care in discharging their responsibilities and duties stipulated under RA administered regulations. The RA considers that the imposition of financial penalties against companies and directors who commit contraventions of accounts filing requirements supports promoting compliance with the regulations and filing obligations.”

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.”