Arab Super Star Singers to hold the first ever concert in the metaverse

Arab Super Star Singers to hold the first ever concert in the metaverse

Moroccan Arab singer, dubbed “Al Mualem”, meaning the teacher, Saad LAMajarred and Arab Super star Ragheb Alama will be holding the first ever Arab joint music concert in the metaverse.

The two well renowned Arabic singers announced that they would be holding their upcoming concert in the metaverse in collaboration with famous Arab composer Michel Fadel.

The concert will be held on the 20th of October 2022, organized by Metaboundless. Metaboundless is a Web3.0 platform that connects creators and creator IP with fans to produce and scale creator content. MetaBoundless in partnership with Karma Return Opportunities, a regulated Web3.0 asset manager run helps creators generate attractive returns while preserving capital.

Tickets will be sold in the form of NFTs (Non Fungible tokens). A tutorial on how to purchase the tickets is present on the Metaboundless website.

Blockchain platform AlGorand is the exclusive blockchain partner for the event along with famous Arab Cartoon NFT collectibles, the Crypto Arabs as community sponsors.

Ragheb Alama, Saad La Mjarred and Michel Fadel will be present at the concert through their avatars.

Ragheb Alami on twitter stated, “I have dreamt to be able to communicate directly with all my fans anywhere, anytime and with every generation, and after months of work with MetaBoundless, we are now able to make this a reality. It is now time to enjoy this technologically advanced and different project. Be with us on the 20th of October at 11 pm where we will for the first time hold a futuristic concert in the metaverse with my Avatar.”

Saad Al Mjarred also took to Twitter and stated, “I have always dreamed of being able to perform live with all of you globally together. MetaBoundless

 is making that dream a reality. Together we Step into the Metaverse, a worldwide virtual performance.”

I am pleased to be participating with the Star Ragheb Alameh in this concert. We will be showcasing new music and songs in a futuristic way that goes with the environment in the metaverse.”

It is noteworthy that prior to this in July 2020, Nancy Ajram released her new song in the metaverse. She had announced that she would be launching her new song “Sah Sah” in the metaverse. Tickets were sold in crypto for the first time in the Arab world.

eToro receives crypto investment broker in principle approval from Abu Dhabi’s ADGM

eToro receives crypto investment broker in principle approval from Abu Dhabi’s ADGM

eToro,  social investment networks  has received an In-Principle Approval to operate as a securities, derivatives and crypto broker in Abu Dhabi, UAE.

The Financial Services Permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), approval will enable eToro to establish a base from which to offer its services to customers across the region.

 

eToro allows users to view other investors’ portfolios and statistics, and interact with them to exchange ideas, discuss strategies, and benefit from shared knowledge. Users can hold traditional assets such as equities, currencies, ETFs, or commodities, alongside newer assets like cryptoassets. eToro also offers its users a choice of how to invest, as users can trade directly themselves, invest in a portfolio, or replicate the investment strategy of other investors on eToro’s platform at no extra cost, with a single click.

Arvind Ramamurthy, Chief of Markets at ADGM, said, “We are pleased that eToro has been awarded an In-Principle Approval by the ADGM and are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi, the capital of the UAE. ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.ADGM will continue to actively expand the business offerings and unlock new investment opportunities in the UAE, and enable investment platforms partners like eToro to support the growing financial needs of the investors and businesses across the region.”

 

Jason Hughes, Senior Executive Officer, UAE at eToro said, “This is an important milestone for eToro. The UAE has one of the most vibrant fintech landscapes in the Middle East, and Abu Dhabi one of the most sophisticated regulatory frameworks for digital assets. We’re incredibly proud to be joining this ecosystem. We look forward to working with the ADGM to obtain our full licence, and, in turn, expanding our services to investors in the UAE and further afield. We recently opened our office in Abu Dhabi to support this expansion and are looking forward to growing the team locally.”

George Naddaf, Regional Manager, UAE at eToro concluded, “eToro’s goal is to provide more people with access to financial markets. With the full licence in place, more investors in the Middle East will gain access not only to global markets, but also a wealth of educational content and the opportunity to share knowledge and discuss their strategy with our community of global investors. We are looking forward to working with our prospective clients and partners in the region.”

Select UAE Local bank customers can now trade with Binance in Dubai

Select UAE Local bank customers can now trade with Binance in Dubai

Binance, crypto exchange has received its Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). Local bank clients approved by VARA will be able to utilize the Binance platform. Users will benefit from higher consumer protection levels because Binance is now a fully regulated platform in Dubai.

Binance is now able to open a client money account with a UAE local bank and provide services to qualified customers. Services include, virtual asset exchange services, conversion between virtual assets and fiat currencies, transfer of virtual assets, custody and management of virtual assets, virtual token offering and trading services and virtual assets payments and remittance services

His Excellency Helal Saeed Almarri, Chairman of VARA said, “We are pleased to have Binance licensed to operate within the VARA MVP Programme. The VARA regime aims to strike an effective balance between value creation and risk mitigation, enabling open market innovation while assuring protection for the economically vulnerable. The MVP Phase, is designed for select global players across the value chain, that are committed to responsible industry participation and VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy.”

Changpeng Zhao (CZ), founder and CEO of Binance, commented: “At Binance we welcome regulations that are globally consistent, enable responsible innovation, protect users, and give them choice. VARA’s unique operating model is setting a benchmark for the global industry, and this most recent registration is an acknowledgement of our compliance and safety processes in the new regulatory framework.  We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world as we have been doing in Dubai.”

Alexander Chehade, Binance Dubai General Manager, noted: “Our registration in Dubai is a reflection of the country’s progressive stance on blockchain technology and its willingness to embrace this sector through collaboration. We look forward to continued partnership as we build upon our team and operations in Dubai to roll out additional services including local banking capabilities and enhanced products.”

University of Sharjah to preserve UAE culture with Blockchain Metaverse system

University of Sharjah to preserve UAE culture with Blockchain Metaverse system

UAE University of Sharjah has launched a research project aimed to develop a blockchain metaverse system to preserve the UAE culture and heritage. Working with BSV Blockchain Association, the University of Sharjah plans to retain ownership of UAE culture in the form of digital assets, and then develop an NFT and physical marketplace where users can exchange physical originals as well as NFTs all in a metaverse environment.

Prof. Maamar Bettayeb, Vice Chancellor for Research and Graduate Studies at The University of Sharjah noted that this was a very pragmatic use case utilizing technologies such as Blockchain, metaverse and NFTs. He states, “The University is serving the community and UAE’s national economy by implementing the vision of the Emirate of Sharjah as well as the UAE in documenting and preserving our history and heritage in both tangible and intangible formats.”

 Mr. Jimmy Nguyen, Bitcoin Association for BSV Founding President, added “We are very excited and pleased with the partnership with a premier institution in the UAE such as the University of Sharjah to develop an innovative solution that utilizes the latest technologies to preserve the nation’s values and history in UAE and the region. Launching a new start-up will help in creating many jobs for the new technology graduates and create new economy for trading antiques, historic and modern artworks in a digital format and in virtual marketplace as NFTs”.

Dr. Mohamed Al Hemairy, the leading researcher at the University of Sharjah explained, “UAE has a very wealthy culture and human heritage, characterised by numerous physical inheritances. Yet new generations and expatriates don’t know much about it, that is why we researched how we could deploy Blockchain to preserve the intellectual property and ownership of the Emirati’s Families inherited treasures and to design a virtual art gallery for the Arabic and Islamic culture, heritage, antiques, historic and modern artworks in a state-of-the-art digital format. These would be digitized in the form that would retain its intellectual property through Non-Fungible Tokens [NFT].”

The heritage and culture of the UAE will be in a virtual art gallery in the Metaverse built on BSV Blockchain.  

Mr. Muhammad Anjum, the Head of the BSV Hub for MESA, commented “Developing relationships and supporting the academic institutions is a key goal of our regional BSV Hub and an impactful way that the blockchain technology can grow in the Middle East. The University of Sharjah has brought a very strong use case to utilize the powerful features of the BSV blockchain. The Dubai Metaverse Strategy is an innovative initiative and a key step towards making UAE the first country in the world in the field of adoption and use of the metaverse. We are confident that we will see numerous engagements between BSV Ecosystem, and the University of Sharjah soon.”

Animoca Brands The Sandbox to bring its metaverse to Dubai UAE

Animoca Brands The Sandbox to bring its metaverse to Dubai UAE

Animoca’s brand, the Sandbox announced during the 62 edition of the True Global Ventures Conference that it will be bringing its metaverse strategy to Dubai, with the ‘Dubaiverse’. It will work with local partners including Khaleej Times media outlet. 

Animoca Brand’s Dubai-themed metaverse will follow the blueprint of its subsidiary Sandbox’s Hong Kong “Mega City,’ a gaming metaverse and virtual cultural hub based on the Asian financial hub of Hong Kong.

As per the news on Forkast, the  Dubaiverse will be built through local partnerships, In doing so, the Hong Kong-based blockchain game specialist will partner with firms in the film, music, entertainment, acting, finance, real estate, and gaming industries.

Sebastien Borget, cofounder and chief operating officer (COO) of Sandbox Paris, added, “Other planned location-based metaverses are in the works for Singapore, Korea, and Turkey.”

Dubai’s virtual asset regulator was the first regulator in the world to purchase a piece of land in Sandbox. Borget noted, “It’s been a key moment, and from there, we’ve been able to attract other major local partners and brands.”

Mehtap Onder, Managing Director for Dubai at GCEX, a digital brokerage firm, said they will also enter Animoca’s metaverse, offering virtual asset education in a way that couldn’t be accomplished before. 

The Dubaiverse will also have a local news partner, in Khaleej Times following a similar partnership between Hong Kong’s Sandbox and local newspaper the South China Morning Post.

“As publishers, business models are being challenged all over the world, and new business models come into this space, it’s a really important strategic move for us,” said Sohail Nawaz, Chief Digital Officer of Khaleej Times. 

True Global Ventures with a presence in the UAE announced its total investments in Animoca Brands have reached US$38 million.

Lawrence Summers, previous US Secretary of Treasury showcases his views on Crypto and Blockchain at UAE AIM summit 2022

Lawrence Summers, previous US Secretary of Treasury showcases his views on Crypto and Blockchain at UAE AIM summit 2022

Lawrence H. Summers, the renowned American economist who served as the 71st United States Secretary of Treasury from 1999-2001 under Bill Clinton, as well as the Director of the National Economic Council from 2009 to 2010 under Barack Obama, will be offering his insights into the global economy and financial markets as well as his views on crypto and Blockchain during the 13th edition of AIM Summit being held on the 21st and 22nd of November 2022 in Dubai UAE.

AIM Summit is the region’s leading forum for providing insights on investment developments and global market conditions. This year, special emphasis is placed on the current global economy, inflation, stagflation and recession. Summers will provide his views on why the U.S. will likely be headed into a recession within the next two years. Summers will discuss how globalization, trade, and technology will play a pivotal role in the future of the global economy.

In 2021, Summers repeatedly called out the potential for inflation in U.S. while the U.S. Federal Reserve and many economists viewed rising prices as transitory.

Commenting on his participation at AIM Summit, Summers states, “Investors in alternative assets must navigate a challenging macroeconomic environment today and anticipate how it will impact their portfolios tomorrow. At the AIM Summit in Dubai, I will address some of the most pressing questions investors should be asking – will the Fed’s newfound hawkishness lead to a painful recession, or will they engineer a soft landing? Will we return to the post-2009 era of secular stagnation, or a new paradigm? Will prognostications of China’s economy overtaking America’s prove similar to those of Russia and Japan, which look ridiculous today?”

Raha Moradi, Chief Executive Officer of AIM Summit stated, “We are honoured as organizers of AIM Summit to be welcoming a well renowned economist and top U.S. ranking official such as Lawrence H. Summers. His views on U.S. and global inflation, recession, and world policies will offer our audience valuable information that will benefit their policies and strategies moving forward. Investors and policy makers alike across the GCC ad MENA region are invited to join us as we hear Summers’ predictive insights.”

The AIM summit gathers and connects investors within hedge funds, private equity, venture capital, digital assets, FinTech with global industry leaders. This year the Summit will cover topics pertaining to portfolio construction, emerging markets, frontier markets, private credit, hedge funds, the future of digital assets, NFTs, metaverse, crypto mining, ESG, impact investing and Web 3.

Audiences will also hear Summers’ views on crypto and Blockchain. Lawrence Summers, is currently an advisor for Digital Currency Group and a board member of Block.Inc, He is also well versed on the topics of cryptocurrencies, stablecoins and CBDCs. In previous events and interviews, he has espoused his belief that cryptocurrencies will do better when regulated in a sound way. He has touted crypto as being one of the most important innovations of this period akin to Digital Gold, and praises stablecoins yet believes global digital currencies are still at a nascent stage. 

MENA Web 3.0 Blockchain communications platform, Pravica launches the first DcFi

MENA Web 3.0 Blockchain communications platform, Pravica launches the first DcFi

Headquartered in Egypt with a presence in the UAE, Pravica, the everyone-to-everyone communication platform, offering a native Web 3.0 Blockchain-enabled unified, secure and privacy-compliant messaging platform, has launched the first DcFi (Decentralized Communications and Finance) platform under the name Pravica Club.

The platform is an extension of what Pravica has already been working on for the past three years. Pravica applications, built on Stacks Blockchain and secured by Bitcoin, has developed and launched a completely decentralized Web 3.0 communications platform that can be utilized by both enterprise and individuals securely and easily. Pravica is one of the very few in this sector that offers live products, the Pravica Messenger for mobile devices and now Pravica club.

Mohamed Abdou, Founder and CEO of Pravica explains, “Today there is a high demand for decentralized secure and private communications applications. Projects of this kind have already raised millions of dollars, even though they have yet to build something. At Pravica we are aware that building in Web3 is not easy, especially when it comes to communications apps because of the large amount of data coming in and out, that is why we started early on solving all the problems using a different stack of tools to ensure we have a highly scalable and easy to use the product. We have a great advantage and are offering tangible products.”

The Pravica Club is the first DcFi platform offering several interesting features. It is a DcFi platform because other than allowing for Web3 and native crypto conversations it also offers seamless in-chat payments and stacking pools similar to most DeFi applications out there.

The crypto-native decentralized messaging features include:

Users of Pravica Club are on-boarded with their decentralized identity from BTC domains which are registered through a smart contract on Stacks Blockchain, secured by Bitcoin. No email, phone number or any personal information is required.

All messages are encrypted. Messages can be cryptographically linked back to the crypto wallet by signing special messages with currently the Hiro wallet. In the future, Pravica is working to enable full functionalities of wallet-to-wallet conversations, as well as enabling users to invite others using wallet addresses for full interoperability.

Gideon Greaves, Managing Director CV VC Africa, says, “Pravica club is truly disrupting the way we communicate online. It’s only a matter of time before the web3 community moves away from centralised communication platforms. I believe Pravica club is where they will go. The features, secure platform and team within Pravica are world-class.”

Users don’t need to copy and paste NFTs to be used as profile pictures, but instead, extract the NFT from their wallet and showcase it as a verified avatar. The NFT is authenticated by each user’s wallet. In the future, these NFT avatars will be utilized to unlock other offerings in Pravica Club.

Users can send cryptocurrency payments, as likes, and enter stacking pools. Content creators can thus monetize their content through “Write to Earn” or “Create to Earn”, just like predecessors “Play to Earn”.

One of the biggest and unique features of the Pravica Club is the “eternal message”. Users in Pravica Clubs or in Pravica messenger will be able to extract a text of 1024 characters and mint it as an eternal message. The eternal message takes the form of an NFT. The ramifications are huge, Eternal messages can be used to save and engrave personal moments, like the first time someone said “I love you” or even business agreements or historical statements.

Mohamed Abdou, Founder and CEO of Pravica, explains, “We are empowering the Web 3 creator economy. This is especially relevant in the era of the Metaverse where individuals will need decentralized identities, secure communications and P2P financial transactions. DcFi, presented as Pravica Club, is the gateway towards a truly Web 3.0 creators economy.”

Abu Dhabi’s ADGM publishes virtual asset regulatory guidelines

Abu Dhabi’s ADGM publishes virtual asset regulatory guidelines

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced that its financial regulator, the Financial Services Regulatory Authority (FSRA), has published Guiding Principles on its approach to virtual asset regulation and supervision as a way to outline its expectations for the asset class and service providers in the sector.

The principles state the FSRA’s risk appetite and priorities for the sector, with each principle covering one of the key pillars of ADGM’s holistic approach, which includes a robust and transparent regulatory framework; high standards of authorization; preventing money laundering and other financial crimes; risk-sensitive supervision; enforcement powers for regulatory breaches; and its commitment to international cooperation. They will therefore be of particular relevance to potential applicants to ADGM and other regulators with an interest in this area.

As per the document, The FSRA’s risk appetite for VA activities is such that it will only admit operators to its jurisdiction who at the outset can unequivocally meet the transparent, high standards outlined in its framework. This will maintain the best-in-class reputation of the ADGM ecosystem and instil market confidence to promote growth and investment. 

In addition the document discusses stablecoins, ADGM will only permit those tokens where price stability is maintained by the issuer holding the same fiat currency it purports to be tokenising on a fully backed 1:1 basis. This therefore currently prevents the use within ADGM of other types of stablecoins, such as algorithmic stablecoins.

Emmanuel Givanakis, CEO of the FSRA, said, “These guiding principles will provide greater clarity to investors, other regulators, industry and the wider public of our approach to regulation in this area and key expectations we have set on current virtual asset service providers in ADGM and potential applicants. They also outline the tools we have at our disposal to mitigate the material risks that are born from these activities and the regulatory powers to identify and act upon any misconduct. Consistent with the FSRA’s broader strategy to align with international best practices, these principles make clear the high standards of our framework at a time of increased volatility and regulatory focus.”

$14 billion crypto exchange announces MOU with Dubai Virtual asset regulator

$14 billion crypto exchange announces MOU with Dubai Virtual asset regulator

Blockchain.com announced on twitter that it has signed an MOU with Dubai Virtual Assets Regulatory Authority ( VARA)which they say means that soon both retail and institutional clients will be able to access Blockchain.com through Dubai UAE.

The post goes on to add that crypto investors in Dubai and its surrounding regions will soon be able to experience Blockchain.com’s full suite of retail and institutional brokerage tools including custodial services, an exchange, and OTC crypto brokerage services for institutional clients.

Blockchain.com also noted that they are opening a local office and will be hiring in the region. As they stated, “We are also actively pursuing a local Minimum Viable Product license, followed by a full license as soon as it becomes available.”

Already Blockchain.com is licensed in the U.S. and several other European jurisdictions, and is actively pursuing a license in Germany, Netherlands, France, Spain and Ireland. Blockchain.com is valued at $14 billion. 

To date VARA has licensed Binance and FTX with a fully regulated MVP License which is what Blockchain.com is seeking to have. In addition VARA has provided BitOasis, ByBit, CoinMena, CoinMetro, Crypto.com, GCEX, Huobi, MidChains, Rain and OKX with preliminary licenses.

VARA has yet to make an announcement with regards to Blockchain.com

As International crypto exchanges expand their regulatory territory with some hiring, others such as regional crypto exchange RAIN continue to reduce their employee base. RAIN announced a reduction of 20 percent of its workforce in the past weeks.

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.”