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.

Crypto ETP issuer sets up MENA base in UAE

Crypto ETP issuer sets up MENA base in UAE

21Shares, one of the largest issuers of cryptocurrency exchange traded products (ETPs), has expanded to the Middle East and hired Sherif El-Haddad, to Head the Middle East office from Dubai UAE.

As per the announcement, Sherif El-Haddad Crypto ETP issuer sets up MENA base in UAE joins 21Shares  in Dubai, where he will lead 21Shares’ market expansion in the region. 

El-Haddad previously served as Head of Asset Management at Al Mal Capital. Before that, he was the Managing Partner of Pearl Capital Management and led the asset management division of EFG Hermes for over 13 years. El-Haddad has extensive experience in the financial services sector across the Middle East and a broad set of capabilities and networks. El-Haddad holds an accounting degree from The American University in Cairo.

“In addition to Switzerland, where 21Shares is based, Dubai is one of the most exciting and favorable locations for crypto and blockchain businesses. As 21Shares embarks on its Middle East expansion, I am proud to be part of this growth journey. ” Sherif El-Haddad commented.

Commenting on the company’s new hires and market expansion, Isabell Moessler, Head of Distribution EMEA at 21Shares said: “We’re so glad to welcome Marina, Oliver and Sherif to our fast-growing team. Their experience will help us gain even more traction in our European core markets and begin our entrance into the Middle East.”

21Shares recently launched its Crypto Winter Suite, a set of products designed to help investors weather the bear market and provide various ways to enter the asset class. Recent product launches in the Crypto Winter Suite include the world’s cheapest Bitcoin ETP (CBTC) as well as two risk-controlled products, the 21Shares S&P Risk Controlled Bitcoin Index ETP (SPBTC) and 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH).

Lebanese media figure embraces crypto, blockchain and the metaverse

Lebanese media figure embraces crypto, blockchain and the metaverse

Well know Lebanese media figure Wissam Breidy embraces crypto and partners with UAE’s Crypto Oasis ecosystem to help educate the region on Blockchain and Web3 which will increase adoption and engagement.

Breidy will use his credibility as a popular and accomplished celebrity to help publicize the inherent potential of these disruptive products. As an Arab cultural icon, Breidy is the new ambassador for blockchain and Web3 for Crypto Oasis, the fastest-growing blockchain ecosystem in the world. As one of the most entertaining Arab TV show hosts in the recent era, Wissam Breidy will bring relevance and relatability as Crypto Oasis looks to scale blockchain and Web3 adoption in the region.

Wissam is very passionate about decentralized technology and is committed to creating awareness within the Arab World. “The Future of the Internet has arrived. Web3, NFTs, and Metaverse are our tools for Universal State Layers with Open Gates. Embrace it –don’t be late!,” Breidy says.

“We are delighted to welcome Wissam Breidy on board as our new strategic partner,” commented Ralf Glabischnig, founder of Crypto Oasis. “With Wissam’s strong industry knowledge and outreach, we expect this partnership to help educate the wider Arab Community on Web3 and blockchain technology and tap into something that hasn’t been explored before. We are also looking forward to working with him as an initiator for arte, and to build meaningful connections, educate and inform the market about the ever-growing and evolving ecosystem.”

As a strategic advisor to Crypto Oasis, Wissam will promote the adoption of blockchain and ease out the complexities of the metaverse to make people more familiar with these seemingly tangled digital landscapes for the Arabic speaking population.

For arte, the Web3 Meta-Community by Crypto Oasis, Wissam will help bring together Web3 communities and individuals worldwide to create an environment that enables individuals in the art, NFT and Metaverse area to engage and interact continuously and effortlessly. arte is a global platform focused on creativity, community-building and entrepreneurship in the Web3 space. It aims to bring changemakers in art and technology to discuss the future of digital assets and the metaverse. arte intends to work on educating the wider public on blockchain technologies and Wissam will be a major contributor in the success of the initiative.

Dhabi Coin now licensed in UAE under DMCC

Dhabi Coin now licensed in UAE under DMCC

DhabiCoin (DBC) has received a license from DMCC ( Dubai Multi Commodities Centre). 

Felipe Leclerc, co-founder, DhabiCoin, said: “DhabiCoin is already launched, people can trade on various exchanges today. However, we are following a launch schedule, where we first release the DhabiCoin Wallet in the coming weeks, then the collections in NFTs with Dubai utilities and soon a marketplace of products and services by the end of the year. With the DMCC license DhabiCoin shows the serious commitment it has to generate security and people to be able to use DhabiCoin on a daily basis.”

Leclerc further added: “With the wave of Web3.0, DhabiCoin is studying to enable the construction of an easy environment for companies to be able to connect in the metaverse, using DhabiCoin as a gateway of payment.” 

Dhabi Coin is a utility token on Binance BEP20 which seeks to create a real utility ecosystem among UAE’s biggest businesses including hotels, dealerships, tourism businesses and others. 

UAE based Encryptus OTC crypto trading platform partners with Azadi record label

UAE based Encryptus OTC crypto trading platform partners with Azadi record label

UAE based Encryptus, a platform for the trading of institutional crypto assets as an OTC (Over the Counter) service provider, with license for “Proprietary Trading in Crypto Commodities  from DMCC ( Dubai Multi Commodities Centre)  has partnered with record label Azadi records.

The partnership will work on developing an NFT ecosystem and innovative use cases, which will give holders exclusive access to premium content, limited edition merchandise, VIP tour tickets and more.

Moreso, Shantnoo Saxsena, Encryptus Founder and CEO states; “During the current bearish market, institutional support behind crypto remains strong, and Encryptus is glad to be playing an important role in institutional crypto adoption. It certainly doesn’t hurt that this institutional interest in the crypto market is also working to excite existing investors who were contemplating hastily pulling out of the market.”

Considering how valuable NFTs have become, it is no surprise that Encryptus partnered with Azadi Records, an independent record label keen on providing South Asian artists with a platform to freely express themselves for this extraordinary quest into the world of non-fungible tokens.

Shantnoo further adds, “Our recent partnership with Azadi Records aims to create a use case for the NFT ecosystem in India in a more compliant manner. Our primary focus is compliance and respect for the law of the land.”

“Nayaab.World NFTs and their utilities will unlock new avenues for artist-fans engagement, building a deeper relationship between them,” stated Mo Joshi and Uday Kapur, founders of Azadi Records.

Blockchain entity Belfrics sets up operations in UAE and seeks to trade digital assets

Blockchain provider Belfrics, part of Life Clips Group has set up its operation in the UAE after being admitted to DIFC (Dubai International Financial Centre) under Innovation business category. It is seeking a license for digital assets trading

As per the news, this is part of Belfrics expansion plans into the MENA region especially given that the UAE is at the forefront of blockchain and crypto adoption in the region.

Belfric’s will implement its proprietary blockchain Belrium identity and document management solution. Belfrics will be focusing on deploying decentralized applications for the government and non-government sectors in the health, education and human resource sectors.

Belfrics office is located in the Central Park Towers, one of the most prestigious business towers in the UAE. Belfrics will further proceed to apply for the newly launched ITL (innovation testing license) for digital assets trading by DIFC.

Through this new expansion, Belfrics Technologies Limited will be able to harness opportunities in the Middle East, Africa, and South Asia (MEASA), which comprise 72 countries with an approximate population of 3 billion and a nominal GDP of US$7.7 trillion.

Life Clips CEO, Robert Grinberg, said, “Belfrics’ objective is to support creators and innovators in the crypto and blockchain space, which is in line with Dubai’s recently announced blockchain strategy. The global financial services industry and wider business community’s confidence in the DIFC consistently enable it to facilitate substantial foreign direct investment into Dubai. This has supported Dubai’s top ranking globally in attracting FDI projects in the financial services sector in 2021, and DIFC ranking as the best performing free zone for the last five years. Designating the DIFC as regional hub for Belfrics’ Middle East Operations is a tremendous opportunity for our company.”

Belfrics CEO and Founder, Praveen Kumar, said, “Extending Belfrics Technologies Limited’s operations in the DIFC provides Belfrics an opportunity to set a new standard in the region. Our digital-first, forward-thinking approach has enabled us to implement the dynamic blockchain solutions Belfrics has been developing rapidly over the past decade. Since DIFC is the region’s leading global financial centre, it was a natural choice for us. As the opportunities in the region grow, with DIFC’s support, we look forward to growing with them, while catering to the technological needs of both local and international entities.”

UAE Etihad Airways NFT Collection now on sale

UAE Etihad Airways NFT Collection now on sale

UAE Etihad Airlines has officially announced the release of its first NFT collection for sale under the name “EY-ZERO1”. On the Etihad website the airline announced that its collection is now on sale.

As per the website announcement, “Aviation enthusiasts now have the chance to own digital 3D aircraft models showcasing our ten special liveries across our Dreamliner fleet. Each NFT comes with immediate Etihad Guest Silver status as well as other benefits.”

The announcement goes on to list all the reasons for purchasing Etihad’s NFT collection. First is that the NFTs are a  unique piece of art in limited numbers, purchases will also have immediate Etihad Guest Silver status benefits as well as additional prizes for first time owners.

The EY-ZERO1 sale has started with a limited number of to 2003 collectibles, each NFT is priced at US$349 (+ local sales tax). The sale will close on 18 August 2022 at 2pm UTC with all remaining unsold NFTs eliminated from the collection.

The number 2003 symbolizes the year Etihad airlines was established. The collection features ten highly detailed 3D aircraft models, each one showcasing a unique Etihad Boeing 787 Dreamliner livery, including the Greenliner and the iconic Manchester City-themed aircraft.

By purchasing EY-ZERO1 collectibles, owners will also be directly helping Etihad in its journey to increase its uptake of sustainable aviation fuel. All profits from this collection will go directly to fund the purchase of sustainable aviation fuel in 2022.

The NFT collection has been designed to be as efficient as possible. EY-ZERO1 is set to be minted on the energy-efficient Polygon blockchain. Etihad also partnered with blockchain firm Aerial.is to track the CO2 emissions of the NFTs, and offsetting the entire carbon footprint of the project through Aerial.is.

Dubai Virtual Assets regulator licenses digital asset fund of 1 billion USD

Dubai Virtual Assets regulator licenses digital asset fund of 1 billion USD

VARA has made public all the entities that are currently licensed under its authority. The entities fall under various categories including crypto exchanges, DeFi custodians, DeFi asset managers, DeFi service providers, and DLT platforms.

 As per VARA website in terms of native crypto exchanges, 13 crypto asset exchanges hold licenses. They include both international and regional players such as Binance, BitOasis, ByBit, CoinMENA, CoinMetro, Crypto.com, FTX (fully regulated with MVP license), GCEX Huobi, Midchains, Rain and OKx.

In terms of DeFi custodians, VARA has registered Hex Trust, Komainu, Monstera and ZampFi Labs . Hex Trust as one example is a fully-licensed and insured provider of bank-grade custody for digital assets. Through their proprietary platform Hex Safe™, they deliver custody, DeFi, brokerage, and financing solutions for financial institutions, digital asset organizations, corporate and private clients.

While ZampFi, is founded by: Amit Jain who was previously the Managing Director at Sequoia Capital. ZampFi is a digital banking entity.

VARA is also offering regulated licenses for DeFi asset managers. Names on the roster include Brevan Howard, Fintonia, Galaxy Digital, Nine Blocks and Noia Capital.

Bravan Howard asset management firm on Dubai VARA’s list has recently pulled off the largest crypto hedge fund launch as per the Block media. The firm’s flagship digital assets focused vehicle raised more than $1 billion from institutional investors, according to four sources with knowledge of the matter.

Brevan Howard Digital Asset Multi-Strategy Fund lost a scant 4% to 5% from inception through the end of June 2022, according to the source, even as the one-two punch of the implosion of Terra stablecoin UST and the insolvency of crypto lenders, such as Celsius and Voyager, locked price action and liquidity into respective death spirals.  “Their returns, relative to the market, are unbelievable,” another source adds.

Their strategies, including quantitative trades and relative-value plays, are implemented by teams of portfolio managers structured in so-called “pods” that feature supporting analysts and engineers. The division, additionally, now has more than 20 external blockchain engineers working under full-time retainers.

The global-macro-focused Brevan runs about $23 billion overall across a wide range of asset classes.

Brevan Howard Digital Asset Multi-Strategy Fund remains open to external capital, pursuant to a minimum check of $5 million. Its limited partners include a number of the world’s largest and most sophisticated hedge fund investors, including entities that have historically exclusively backed traditional financiers.

As for Fintonia, its Group founder Adrian Chng stated, “Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth. The virtual asset licence marks an important milestone in our aspiration to have a presence in every region where there are inn

As for Fintonia, its Group founder Adrian Chng stated, “Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth. The virtual asset licence marks an important milestone in our aspiration to have a presence in every region where there are innovative Web3 and crypto companies, enabling us to connect and collaborate with members of the crypto native ecosystem and the traditional financial services industry.”

Recently added is Nine Blocks Capital Management which was launched by PwC’s former global crypto head Henri Arslanian. Nine Capital has launched a $75m crypto hedge fund focused on institutional investors with the aim of becoming the world’s leading institutional grade crypto asset management firm as per a statement from the fund on launch.

The new fund is backed by $75m from Hong Kong-based hedge fund Nine Masts Capital Management, with additional investments from other partners.

Noia Capital has also joined the roster and is a Luxembourg based actively managed alternative asset manager pursuing excellence in digital assets and blockchain technology investments. As per the website the company is registered with CSSF and FSMA.

In terms of DeFi service providers the list includes Amber Group, Equiti, ScallopX, and TPS Capital.

VARA has also offered licenses to DLT platforms that include names such as Calvin Cheng Web3.0 Holdings, Mcontent, Polygon, and Woonkly Labs.

Finally in terms of DeFi services VARA has the following registered entities, BRE Holdings, Eros Investments, Hike, and Prypto.

VARA has yet to license NFT marketplace entities, crypto mining entities, and security token platforms.