Ultra Luxury hotel in Dubai UAE now accepting crypto payments

Ultra Luxury hotel in Dubai UAE now accepting crypto payments

Dubai ultra-luxury Hotel Palazzo Versace is now accepting crypto payments through Binance. The hotel will allow guests to pay for dining, stays, and spa experiences using cryptocurrencies.

The hotel located in Jaddaf Waterfront has partnered with Binance, cryptocurrency infrastructure provider, to offer the guests the possibility to settle payments in various cryptocurrencies such as BNB, Bitcoin, and Ethereum. These transactions will take place through Binance payment gateway.

Starting from 7th September, the hotel will accept crypto for room stays, restaurants, meetings, and events, all the guests will have the option to pay at the property using the Binance application. The next phase, online payment integration, will go live soon after. Palazzo Versace Dubai will also accept cryptocurrency payments on their eCommerce platforms, which include Gift Vouchers and Flower Shop.

The Managing Director of Palazzo Versace Dubai and founder of Palazzo Hospitality, Monther Darwish comments: “We continue to be the pioneers of innovation and growth in the hospitality business. Accepting cryptocurrencies as payments is yet another innovative step that we have taken towards making our business future-ready”.

Nadeem Ladki, Head of Business Development for Binance in MENA, stated, “Palazzo Versace’s ability to now accept payments in virtual assets is a reflection of how the hospitality industry in Dubai is at the forefront of innovation as we move into a more digital world. Payments is just the beginning and we look forward to building on this partnership together.”

UAE ADGM grants Klickl a digital asset dealer and custodian preliminary license

UAE ADGM grants Klickl a digital asset dealer and custodian preliminary license

UAE ADGM (Abu Dhabi Global Market) has granted Klickl, a virtual asset service provider with offices in Hong Kong and Abu Dhabi, an in principle Approval license to operate as a digital asset broker and custodian.

Michael Zhao, Co-Founder and CEO at Klickl said “The regulated route is the only route for any crypto company’s growth if it wants to be a serious player for the long run.  Long gone are the days where digital asset players enjoy early-mover advantage benefiting from fast growing bull market. Recent crypto market turbulence and big selloff caused by greed-led FOMO driven sentiment is just another example to show why the market needs proper risk control and compliance.”

Formerly known as IDCM, the digital asset exchange group recently rebranded to Klickl representing the sound coins make when clicking in harmony and prosperity.

Klickl aims to deliver that All-in One crypto super app which serves all crypto needs in the ever-evolving digital era.

ADGM has approved license for more than seven virtual asset exchanges to operate in the UAE. The names include Binance, Kraken, as international players, and BitOasis, Midchains, Matrix and others as local ones.

The UAE has become a blockchain and crypto hub and one of the leading regulated environments across the globe. This has attracted crypto entities that were previously headquartered in Hong Kong and Singapore among others.

WadzPay teams up with DIFC Fintech Hive to offer blockchain payment features in the Metaverse

WadzPay teams up with DIFC Fintech Hive to offer blockchain payment features in the Metaverse

WadzPay, blockchain payments provider operating in the UAE, has teamed up with DIFC (Dubai International Financial Centre) Fintech Hive and Emirates NBD accelerator program, to offer payment features in the metaverse. This is a huge undertaking given that the metaverse economy is predicated to hit $13 trillion by 2030.  

Moreover this is especially significant in the UAE given that Dubai announced its metaverse strategy in July 2022. As per the strategy Dubai wants to attract 5000 blockchain and metaverse companies to the city by 2027. DIFC has been working through its regulatory arm DFSA to ensure the proper regulatory environment for crypto tokens, security tokens, and is considered by VARA as one of the entities that can house regulated companies in this sphere.

Raja Al Mazrouei, Executive VP of DIFC Fintech Hive was quoted saying, “The 10-week global accelerator programme for metaverse start-ups reaffirms our commitment to support Dubai’s ambition to be among the top 10 metaverse economies in the world.”

We all know that for the metaverse to be successful, payment services in the metaverse will not only have to be seamless but extremely secure as well as compliant. Each metaverse will have to have a robust payment method or it won’t be a fully functional experience.

Noteworthy as well is that Emirates NBD has stated that it intends to build up its 3D capabilities, creating virtual worlds to augment the customer experience and enabling a decentralised payment infrastructure for customers to create, monetise, buy and sell digital assets and services.

Now let’s put it all together, Dubai wants to be a metaverse hub; the UAE has already piloted a CBDC project not only with Saudi Arabia but also other central banks with the wholesale CBDC project Mbridge which is in partnership with BIS and Hong Kong Monetary Authority, Thailand and Central Bank of China. The Mbridge pilot has already commenced with commercial banks in 2022.

So far 105 countries across the globe are exploring CBDCs, with only 9 percent of countries having actually launched a CBDC.

For those not familiar with WadzPay, it is an interoperable and agnostic blockchain payments ecosystem that was founded in Singapore in 2018 but is currently operating across Asia and the Middle East with offices in UAE. As per their website, the company has been working with large payment companies, banks, on CBDC rollouts and digital assets transactions and settlements.

So when Anish Jain Founder & Group Chief Executive Officer of WadzPay announced on LinkedIn, that the company is working with DIFC Fintech hub and Emirates NBD accelerator program to enable financial services in the metaverse, it was newsworthy.  

LaraontheBlock, asked Jain what this meant and how they were working with DIFC, his reply, “WadzPay established its presence in UAE in 2020 with its DIFC entity. The DIFC FinTech hive provided tools to grow our business. It is also the breeding ground for innovation. WadzPay Chain is purpose built for payments and is metaverse ready. Together with the WadzPay payments ecosystem it will provide users with optionality, agility and access into the metaverse while making traditional payments efficient.”

In conclusion, maybe we will be witnessing the first complete financial service and payment offering in a metaverse experience within the UAE sooner than we think. A digital wallet that would or could hold CBDC, stablecoins, crypto that users in the metaverse could utilize for the purchase of digital assets or representations of physical assets as NFTs securely and compliantly.

We will know which start-ups have been chosen to implement these projects with Emirates NBD as they will be announced during Gitex2022.

 In the end it is only when you can garner valued economic activity in the metaverse will the metaverse actually have any sort of true utility.

On the side-lines, it was also interesting to see that WadzPay had signed a strategic partnership with FIGA an enterprise in the Republic of Congo to tokenize the rights of reserves of potash, phosphate and iron which will be extracted over the next 25 years. WadzPay is expected to tokenize $4 billion worth of assets for foreign direct investment.

WadzPay also partnered with Algorand Blockchain where it will utilize Algorand platform in multiple proof of concept-stage projects including Asia and Africa-based CBDC launches.

UAE start-up purifies indoor air using blockchain and bio-tech

UAE start-up purifies indoor air using blockchain and bio-tech

UAE based start-up Urbie, is purifying indoor air using blockchain, bio-tech, and crypto. Inspired by NASA, Urbie leverages plant evolution and technology to absorb and neutralize common pollutants found in enclosed areas.

The start-up utilizes biological air purifiers and green wall purifiers with self-watering systems. These are connected to mobile apps so users can not only monitor their indoor air quality but also keep track using blockchain.

Users are able to earn green crypto coins based on the number of hours of purification. These coins can be used to plant trees, build water wells in an effort to curb the negative impact of climate change.

As per the news, Urbie’s goal is to attach a carbon credit to their coins so users can trade their coins in crypto exchanges around the world.

Urbie’s products utilize the natural filtering power of plants and manmade filters using naturally occurring materials to safely filter out harmful chemicals, viruses and bacteria found in homes, corporate offices, and hotels. The team plans to develop additional products in the near future, including green wall purifiers that accommodate larger spaces like corporate offices and hotels.

The founder of Urbie Bilal and Bassel Jouni, are two brothers born and raised in the UAE.

Bilal Jouni states, “As a kid born and raised in the UAE, I’ve always idolized H.H. Sheikh Zayed Al Nahyan and witnessed his devotion to transforming the desert into a green haven. He changed the face of the UAE and gave the country an environmental conscience. His legacy still lives on.”

UAE telecom regulatory authority says more than 10 percent of UAE residents own crypto

UAE telecom regulatory authority says more than 10 percent of UAE residents own crypto

UAE Telecommunication and Digital Government Regulatory Authority has released is Digital Lifestyle 2022 report where it confirms that more than 10 percent of UAE residents have invested in cryptocurrencies.

As per the report 11.4 percent of UAE residents have had exposure to cryptocurrencies. This means that the UAE comes in at 10th globally in terms of investments in cryptocurrencies.

Around 11.4 per cent of the UAE residents have invested in cryptocurrencies said the Telecommunications and Digital Government Regulatory Authority (TDRA).

The UAE is set to become the global hub for cryptocurrencies and experts have lauded the country’s role in promoting and adopting virtual currencies as a number of digital asset exchanges and crypto firms have launched their operations in the country.

This has been spurred by the activities of Dubai Virtual Asset regulatory and ADGM ( Abu Dhabi Global Market). This is set to grow as more crypto and blockchain companies as well as metaverse entities flock to the UAE.

This is spurred by the recent strategy to grow the number of blockchain and metaverse entities in the UAE to 5000, up from 1000 today.

Binance MENA to offer crypto cards with MasterCard as part of 90 million stores initiative

Binance MENA to offer crypto cards with MasterCard as part of 90 million stores initiative

On August 23rd 2022,  Michael Miebach the CEO of MasterCard posted on LinkedIn, “We can unlock the full potential of blockchain technology when we make it easier to access and easier to use. One way we do that is by bringing crypto to everyday purchases. To make that a reality, we’re working with Binance to let people use their crypto to make purchases at 90 million stores that accept MasterCard. We are launching this work in Argentina with plans to expand from there.” 

It seems that the expansion will be in the MENA region and come very soon.

So as mentioned, MasterCard and Binance will start offering customers the opportunity to pay for items with their Bitcoin and BNB, using a Binance Card. A prepaid card, that bridges crypto and fiat currencies, in Argentina. The plan is to then roll out this offer to include 90 million stores worldwide.

The Binance Card can be used by anyone with a valid national ID to pay bills and make purchases with the card, using their Bitcoin and BNB holdings.

The first stop was Argentina launched earlier in August 2022, with speculations that the USA, and Venezuela or other countries that are big on crypto would be next.

But it seems that expansions could actually start in the MENA region. Richard Teng, Binance regional Head of MENA also posted on LinkedIn two days after Michael and stated, “Excited to announce our partnership with MasterCard on crypto cards and payment. Introducing this soon in MENA. Watch this space….”

This clearly indicates that the next stop for the Binance MasterCard partnership will be in MENA and most probably in the UAE. The UAE has one of the most forward looking crypto regulations globally as well as being the third biggest crypto user base in MENA.

In January 2022 a report published by TripleA cryptocurrency Payments Company, showed that Morocco topped the Arab countries in terms of crypto owners or users followed by Egypt, UAE, and then KSA. The report stated that in 2021 global crypto ownership was estimated at an average of 3.9 percent, 300 million crypto users and 18,000 businesses already accepting crypto payments.

New rules govern how virtual assets are marketed in Dubai

New rules govern how virtual assets are marketed in Dubai

Dubai’s Virtual Asset Regulatory Authority (VARA), with the commencement of its Minimum Viable Product (MVP) Phase, has announced Regulatory Guidelines on Marketing, Advertising and Promotions of VA across the Emirate of Dubai.

The new VARA regulations specifically address marketing and communications activities, ahead of operationalizing the MVP licensees so that any mass-market information dissemination and consumer solicitation are designed to safeguard community interests.

Regulations on Marketing, Advertising and Promotions of Virtual Assets cover all forms of outreach, communications and advertising, including publication of information, awareness building, customer engagement, and/or investor solicitation.

VARA rules extend to VA related communications by any entity leveraging Dubai-based media sites, search platforms, and online or off-line publishing channels that explicitly target customers within the Dubai market, establishing guardrails on permissible audience segments, in addition to content obligations.

Equally all content dissemination channels operating from Dubai are obligated to act responsibly, and ensure compliance with prevailing Guidance as it pertains to VA communications facilitated via their platforms.

VARA guidelines further detail the obligations of Dubai licensed VASPs and any advertising platforms that are positioning VA content across traditional and new-age media channels for the Dubai market, to ensure factual accuracy, explicitly demonstrate any promotional intent, and in no way mislead on the guaranteed nature of their returns.

The principles are supplemented by rigid enforcement standards and penalties for non-compliance that collectively provide market confidence ahead of MVP operations, as it augments marketing, data protection and consumer protection laws that have been well embedded across the UAE.

Abu Dhabi launches blockchain and virtual asset committee to grow ecosystem

Abu Dhabi launches blockchain and virtual asset committee to grow ecosystem

Abu Dhabi has launched the Abu Dhabi blockchain and virtual assets committee. The Abu Dhabi Blockchain and Virtual Assets Committee is comprised of representatives of major entities and stakeholders active in this field including Dhaher bin Dhaher Al Mheiri, CEO of Abu Dhabi Global Market (ADGM) Registration Authority, Wai Lum Kwok, Senior Executive Director Authorization at ADGM, Mohammed Kaissi, Director of Strategic Projects at ADQ, Faisal Al Hammadi, Executive Director Incubation at ADQ, H.E. Mohamed Jameel Al Ramahi , CEO of Masdar, Dr. Nikolas Meitanis , Advisor at Masdar CEO Office,  Ibrahim Ajami, Head of Ventures and Growth at Mubadala, Eng. Abdulla Al Shamsi, Director General of Abu Dhabi Investment Office (ADIO), and  H.E. Dr. Maryam Buti Al Suwaidi, CEO of Securities and Commodities Authority (SCA).

During the first meeting of the committee, under the chairmanship of H.E Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman Securities and Commodities Authority (SCA), discussed the aim of launching the committee which is to develop the strategy for blockchain and virtual assets,  aligned with the Emirates economic strategy.

The Committee emphasized the importance of regulating blockchain and virtual asset activities to comply with Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) International and local rules and regulations. This in turn will build an ecosystem that is safe, sound, and transparent, which will help build trust and attract more companies to Abu Dhabi.

As per the press release, the Committee is established to improve Abu Dhabi’s competitiveness in blockchain and virtual asset space, coordinate efforts of entities active in the industry, liaising with regulators, and promoting compliance of industry participants with global standards and regulatory requirements, particularly AML/CFT regulations, as well as supporting exchange of information and best practices.

H.E Mohamed Ali Al Shorafa, Chairman of ADDED and SCA, said; “The formation of Abu Dhabi’s Blockchain and Virtual Assets Committee reflects our leadership farsighted vision and approach, which enabled Abu Dhabi to nurture a supportive business environment, unparalleled connectivity and infrastructure and an entrepreneurial mind-set that presents investors with growth opportunities. The Committee is bringing together all the relevant stakeholders to build a robust, credible, and comprehensive regulatory and business ecosystem that addresses key risks and major governance issues, such as AML/CFT, investor protection, tech governance, and custody risk, to promote blockchain and virtual assets.”

He added, “This will allow us to capitalize on blockchain technology and virtual assets to achieve Abu Dhabi’s aspirations, and the priority areas for this will be growth clusters including AgriTech, FinTech, Healthcare and Biopharma, Energy, Tourism, and ICT as we aim to foster businesses in these sectors to expand and accelerate”.

Crypto one of the challenges included in the first UAE government cybersecurity competition at Gitex 2022

Crypto one of the challenges included in the first UAE government cybersecurity competition at Gitex 2022

UAE Cyber Security Council, Abu Dhabi Digital Authority (ADDA), and UAE Department of government support have launched the 1st annual global Capture the Flag (CTF) cybersecurity competition. Crypto is one of the themes included in the competition. 

Established in November 2020, the UAE Cyber Security Council is tasked with developing and overseeing a cyber security strategy for the UAE, and creating a safe and strong cyber infrastructure, while Abu Dhabi Digital Authority was established to enable, support and deliver a digital government that is proactive, personalized, collaborative and secure.

Both have come together with the support of UAE Department of government support to organize the first CTF cybersecurity competition.

The CTF competition will be held at Gitex 2022 which will take place from 10-14 October 2022 at the Dubai International Convention and Exhibition Centre.

The aim of the knowledge based challenge is to create a safer digital world. Challenges fall under several themes including, web exploitation, forensics, reversing, OSINT, IoT hardware, crypto, network, mobile, and Steganography.

Teams of 3 or 5 are considered eligible for the competition. They will need to register their teams. The qualification round which will take place online on 10-Sep-2022, and only five (5) teams from the online qualifier round will be selected for the finals.

The Final round will be held physically and in person at Gitex 2022. Qualified teams must be physically present with their laptops at Gitex Dubai from Oct 10 till Oct 14, 2022 for the final round.  Abu Dhabi Digital Authority will cover all the accommodation and travel expenses and the entry badges for the final CTF round in GITEX.

The winners will be announced at the end of the 5th day, of Gitex 2022, the first 3 teams will receive cash prizes. 1st place winner will receive 35,000 AED, 2nd place will 25,000 AED, and 3rd place will receive 15,000 AED.  

UAE takes top spot globally in attracting crypto FDI in 2022

UAE takes top spot globally in attracting crypto FDI in 2022

According to a recent report by FDI markets published in FDI Intelligence, UAE topped the list of countries with most crypto related FDI projects. UAE had a whopping 15 projects making it number one. It was followed by the USA which attracted 11 crypto projects; Brazil came in third with 7 projects, followed by UK, Lithuania at 4th place with 5 crypto projects, then Singapore in fifth place with 4 projects, followed by Canada, Australia, ( 3 projects each) and France, Sweden with 2 projects 

Some 98 foreign direct investment (FDI) projects were announced in crypto related activities in the first half of 2022, an increase of 145% from the same period in 2021. This number was higher than any pre-recorded database since 2016. It was also double the figure for the whole of 2021.

Most of the companies who announced FDI projects in H1 of 2022 were those that involve crypto services, such as crypto exchanges, who set up new physical presence in foreign countries.

This is true of UAE which attracted the likes of Binance, OKx, Huobi, crypto.com, FTX, and many others in 2022 since it announced its virtual assets regulatory authority. Today the UAE boasts of over 1200 crypto blockchain related entities and is seeking to attract 5000 Blockchain and metaverse companies in the next 5 years.