At the end of July 2023, the Oman Capital Market Authority issued a Public Consultation Paper on its Virtual Assets Regulatory Framework. The Capital Market Authority, Sultanate of Oman (CMA), which regulates and develops Oman's financial markets for the capital market and insurance sectors, had earlier announced its plans to establish the new regulatory framework for Virtual Assets (VA) and Virtual Asset Service Providers (VASP). As per the Oman Capital Market Authority announcement, the entity is currently in the process of drafting the comprehensive and facilitative regulatory framework, which will include a new regulation to cover all virtual assets activities, a licensing framework for all VASP categories and a supervisory framework to identify, assess, and mitigate ongoing risks. This is being done after the CMA had made an extensive global analysis and benchmarking with other jurisdictions. The proposed new regulatory framework is envisaged to cover activities such as ...

    After Dubai’s virtual asset regulatory authority revoked the MVP ( Minimum Viable Product) license for BitOasis earlier this month, Binance has now announced that it is the first crypto exchange to receive an operational MVP license from VARA. As per Binance blog, “Users who qualify will now be able to access regulated virtual asset services in Dubai under VARA’s investor protection and market assurance standards. This milestone achievement affirms Binance’s commitment to building a compliant exchange in collaboration with local regulators.” Dubai's Virtual Assets Regulatory Authority has issued Binance with an Operational Minimum Viable Product (MVP) license to operate virtual asset exchange services. The blog goes further to state, “ We are pleased to announce that our Dubai subsidiary, Binance FZE, has become the first exchange to receive the Operational Minimum Viable Product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA). “ The Opera...

  As per a recent announcement , WorldCoin, blockchain and AI based digital identity protocol World ID has launched one of its orbs in Dubai UAE, at Crypto Oasis Centre. World ID according to WorldCoin ia a more human internet with global proof ‑ of ‑ personhood. Privacy ‑ First. Self ‑ custodial. Decentralized. Worldcoin is dramatically increasing access to World ID—the digital identity protocol powered by the Worldcoin ecosystem. The project will increase the number of available Orbs to 1.5K throughout the summer and fall in more than 35 cities around the world. One of those cities listed is Dubai UAE. The World ID Orb will be located at Crypto Oasis Innovation Hub, Gate C, Floor 1, Office 176, DIFC Over the last six months of its beta phase, the Worldcoin project has verified the uniqueness and humanness of more than 40,000 individuals per week. The availability of 1.5K Orbs will more than 5x sign up capacity globally and enable millions of additional people to join the ...

  UAE licensed and regulated Venom Foundation has announced that it has registered one million Venom Wallets as of July 25 th 2023. Since April 2023, Venom was able to onboard 1 million registered wallets, reflecting the popularity of its blockchain network. Venome had launched its testnet in April 2023.  According to the annouceent, “Venom’s success is driven by its groundbreaking technology, strict regulatory compliance, and secure, user-friendly platform that serves a wide range of users. Smooth operations and frequent updates on the Venom testnet also enhance its attractiveness, helping to draw and keep users.” In June 2023   Venom processed a staggering 277 million transactions, a significant rise of 46% from the previous month.   The platform also witnessed a 65% increase in the number of accounts with smart contracts, which now amount to 28 million, and finally the platform also encompasses a remarkable 93% jump in minted NFTs as part of on-chain/socia...

  According to a recent report by Fintech Global, while the UAE Fintech deal activity dropped 54 percent year on year, with deal activities reaching 24 deals in the first hald of 2023, 42% of those deals were in blockchain and crypto companies, totalling 10 deals. The report noted that   UAE FinTech companies raised a combined $101m in investment during H1 2023, a 72% reduction from H1 2022. In the first half of 2023, the number of FinTech deals in the UAE declined 54% compared to the previous year, totalling 24 deals. During the first half of 2023, FinTech companies in the UAE raised a combined investment of $101m, reflecting a substantial decrease of 72% compared to the same period in 2022. As per Fintech Global, Tabby, a buy now pay later provider, had the largest FinTech deal in the UAE during H1 2023, raising $58m in their latest Series C funding round, led by Peak XV Partners and STV. The company intends to use the funds to expand its product line into next-gen co...

    While Bahrain based Rain crypto broker exchange had sent out a teaser last week saying a big announcement was coming, Citywire published an announcement on July 25 th 2023 saying that RAIN trading Limited ( Rain ADGM) has been granted Abu Dhabi Global Market virtual asset brokerage and custody service license. This comes just after BitOasis’s active operational license was suspended by Dubai’s virtual asset regulatory Authority. According to CityWire, “Rain ADGM will offer institutional and a number of retail clients in the UAE the ability to buy, sell and store virtual assets, in addition to having a fiat-to-virtual asset onramp in AED.” Joseph Dallago, CEO of Rain, stated to CityWire ‘This achievement represents a significant milestone not just for Rain, but for the entire virtual assets industry. With this license, we can now offer our customers an even greater level of security and trust, as we continue to drive innovation and growth in the virtual asse...

  Saudi based SABIC, one of the world’s largest petrochemicals manufacturers has launched a blockchain pilot project to trace the carbon footprint of specific material streams from end to end. SABIC will work with Circularise, a blockchain software provider. According to SABIC release, blockchain technology has emerged as a potentially efficient solution to improve the process that can bolster transparency and accountability while minimizing risk across supply chains. SABIC’s project will employ Circularise’s technology to capture emissions across the value chain by deploying a consistent methodological and reporting framework accepted by the industry. Scope 1 and Scope 2 data captured at the material level can be used to generate Scope 3 CO2 emissions for the full value chain of targeted industries. In addition to increased transparency, the use of Circularise’s Smart Questioning technology will benefit SABIC’s entire value chain by reducing the administrative efforts assoc...

  Bitget, crypto derivatives exchange has expanded into the Middle East with plans to hire 60 new staff for its regional headquarters. Bitget is currently serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution Bitget is preparing to launch either in  Bahrain and or the UAE, including such as the crypto-friendly emirates of Dubai, Abu Dhabi, and Ras Al Khaimah. The expansion foresees the setting up regional headquarter, as well as the recruitment of new team members who will be assigned various mid-office and back-office functions. Recent statistical data on MENA region crypto adoption indicates that it is home to the fastest-growing cryptocurrency industry, taking up a 9.2% share of global transactions in the period from 2021 to 2022. The UAE alone experienced 400% growth in the number of registered crypto businesses between 2020 and 2022, leading to a su...

According to a recent news release , The UAE’s Securities and Commodities Authority (SCA) has received licensing requests and inquiries from companies intending to provide Virtual Asset services following the issuance of the necessary regulations. The UAE SCA also announced that those who do not apply for a license either to VARA or SCA will be fined $2.7 million. The move aims to ensure that all companies that provide products and services related to the Virtual Assets sector in the country are fully regulated, as the SCA's Board of Directors, chaired by Muhammad Ali Al-Shorafa seeks to strengthen the country's position by ensuring that the local financial markets are among the best globally. Dr. Maryam Al Suwaidi, CEO of the SCA, stated that pursuant to Cabinet Resolution No. (111) of 2022 regarding the regulation of Virtual Assets and their service providers, which gave the SCA the mandate to issue regulatory decisions for Virtual Asset transactions and license its servi...

    DEX ( decentralized exchange) layer for retail Web3 applications has partnered and received funding from UAE based Cypher Capital VC fund to grow Native’s financial Web3 offering in the MENA region. Native offers a game-changing solution that transforms exchanges into an integrated feature. With Native, any application can swiftly transform itself into a fully functioning exchange, seamlessly integrating top-tier liquidity providers and generating substantial trading fees. This strategic partnership will provide Native with the necessary resources to advance its product development efforts, placing a strong emphasis on flexibility, modularity, and interoperability. Bill Qian, Chairman of Cypher Capital, expressed his enthusiasm for the partnership, stating, “We are delighted to invest in Native, an innovative financial infrastructure layer. Native’s exceptional capability to empower applications to establish their own exchanges in minutes, seamlessly integrate top-...

US blockchain deposit token infrastructure provider which ues Corda by R3 to bring CBC deposit token infrastructure , Fluent Finance has expanded into the MENA region with the opening of its operations in Abu Dhabi, UAE under the new name, Fluent Economic Bridge. Fluent Finance will offer trade finance and cross border payments with the support of UAE Ministry of Economy. Fluent Finance's new UAE entity, named Fluent Economic Bridge, will be focused on deposit token infrastructure, promoting cost-effective and borderless trade finance between Abu Dhabi banks and global markets. The company is currently procuring a trade license from Abu Dhabi Global Market (ADGM), an integral part of Fluent's mission to offer dependable digital asset services to its UAE partners and the global trade community. On twitter, Fluent Finance stated, “ We’ve expanded into the MEA region, setting the stage for the next chapter in UAE's FinTech innovation, delivering our leading-edge deposit to...

  UAE based Crypto Oasis Ventures has signed a Memorandum of Understanding (MoU) with Dubai International Financial Centre (DIFC),   to support the DIFC Innovation Hub with subject matter expertise for their ongoing and upcoming start-up accelerator programmes. This coincides with Crypto Oasis Ventures official opening of its second office in the DIFC Innovation Hub for its Venture Studio. "We are thrilled to partner with Dubai International Financial Centre (DIFC), a renowned financial hub known for its regulatory excellence and commitment to fostering innovation," said Faisal Zaidi, Co-Founder and CMO of Crypto Oasis Ventures. "By establishing our office within the DIFC Innovation Hub, we aim to leverage The Centre's vibrant ecosystem, collaborate with like-minded organisations, and explore new opportunities for growth." DIFC is a leading global international financial centre that plays a pivotal role in driving economic diversification and innovation in...

  Brinc, a leading global venture accelerator, with operations in the UAE has selected 25 promising global startups, launched by a total of 66 founders, for its Summer 2023 cohort under its host of Web3 accelerator programs. Two startups from the GCC region have been selected. The first is UAE AI NFT BentleyRecords.io , an AI-powered music development program dedicated to helping artists grow their career online, offering 35+ tools for music production and distribution was chosen among startups and the second one is Bahrain based Eye Labs, a pioneering platform dedicated to guiding brands into the Web3 realm, simplifying blockchain infrastructure while emphasizing storytelling and user journeying to make the transition more accessible to a wider audience. Brinc's Summer 2023 cohort represents a diverse range of innovative ventures at the forefront of cutting-edge technologies in blockchain, decentralized applications, and peer-to-peer networks. This round is Brinc's third coh...

  In a recent news piece, UAE based 10 Leaves consultancy firms has announced that it is accepting crypto payments. According to the announcement, 10 Leaves, through it’s technology arm Tenl Technologies, has built up excellent capabilities in the blockchain, DeFi and crypto sectors. From fintech advisory, regulatory sandbox consulting to tokenization and legalities of smart contracts, the 10 Leaves Group is poised to advise   clients on blockchain-related implementations and regulatory licensing across DIFC, ADGM, DWTC, DMCC, Bahrain and Europe (Luxembourg and Lithuania). “Dubai has demonstrated it’s vision by focusing on new technologies, and as a consultancy with over 17 years in the business, we aim to complement the leadership’s efforts in supporting entrepreneurs and visionaries who will shape our lives in the years and decades to come”, said Rohit Ghai, Founder of 10 Leaves. “Our crypto-related solutions will help startups and established players in this niche spa...

  Arab Brazilian Chamber of Commerce ( ABCC) in a recent visit presented Morocco's customs entity with the features and benefits of Ellos Blockchain and aligned the next steps to use the platform. ABCC developed Ellos Platform as a distributed digital ledger to enhance its supply chain documentation, effectively tracking all information regarding any product being sold across the Brazilian and Arab markets, including all commercial, banking, trade, and export transactions from end to end. Buyers will be able to access relevant product information upon scanning a QR code on its packaging, ensuring customer satisfaction and quality of goods. Within the blockchain, stakeholders will be able to review the involvement of manufacturers, transporters, point of sale (POS), and others through immutable data. Using the highest technology, the Arab Brazilian Chamber of Commerce developed Easy Trade, the Ellos Blockchain system responsible for sending the documents required by the Arab cu...

  Bahrain's KFH ( Kuwait Finance House) Information security Manager, Mr. Hasan Muhi emphasized the significance of utilizing blockchain technology applications to enhance cybersecurity in the financial technology sector. He highlighted the potential of blockchain for improved security in financial transactions and protection against fraud and cybercrimes. During a seminar entitled “ Cybersecrity in Fintech in Bahrain” organized by NGN International Muhi stated that blockchain technology offers significant security advantages by storing financial data in an encrypted manner across a network of devices, making it highly resistant to cyber-attacks. The seminar was part of the activities of NGN Majlis, which aims to raise awareness about cybersecurity in Bahrain and promote a better understanding of the subject. As per Muhi’s statements, “Blockchain technology represents one of the latest and most effective methods for safeguarding companies and institutions against the growing...

  In July 2023, the US   Department of Justice on Monday charged a Moroccan national accused of impersonating OpenSea marketplace functions in order to make off with cryptocurrencies and NFTs, including a Bored Ape. Apart from NFTs, Oulahyane is accused of stealing ether (ETH). Prosecutors accused Soufiane Oulahyane, 25, of defrauding a Manhattan resident and others of approximately $450,000 of digital assets in September 2021.   According to the allegations, the DOJ alleges Oulahyane “spoofed” OpenSea, creating a site that mimicked the real OpenSea to trick customers into logging in and swiping their OpenSea credentials in the process. He allegedly bought “paid advertisements on a popular search engine” to boost the fake page. “Oulahyane is alleged to have operated a spoof website to gain unauthorized access to victims’ cryptocurrency wallets to steal their cryptocurrency and NFTs,” FBI Acting Assistant Director in Charge Christie Curtis said. The DOJ charged Oulah...

    The UAE AI camp a five day camp organized by both the   National Programme for Artificial Intelligence, in collaboration with the National Programme for Coders which targets school and university students, includes six cutting edge including web development and robotics, digital entrepreneurship and career planning, generative artificial intelligence, online safety and cybersecurity, blockchain and cryptocurrency, and virtual and augmented reality through interactive workshops, webinars, and deep dialogues in the field of artificial intelligence.   Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Director-General of the Prime Minister's Office, stated that the UAE government, led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, is keen to on fostering a generation empowered with cutting-edge technology and artificial intelligen...

  After committing to invest $200 million in IslamicCoin issued by HAQQ Blockchain, a shariah compliant coin, Alpha Blue Ocean’s ABO Digital has invested $10 million potential investment in Blocktrade. ABO Digital a strategic financing partner in Blocktrade’s utility token BTEX. Blocktrade is a pioneering gamified crypto trading platform that combines blockchain technology and gamification principles to provide a seamless and immersive trading experience for digital assets. The financing commitment from ABO Digital brings added value to the gamified users on Blocktrade's platform, allowing them to explore exciting new product launches and enhanced features. The investment will fuel the development of cutting-edge technologies, providing users with a richer and more immersive experience within the gamified asset marketplace. Additionally, the financing commitment will enable Blocktrade to expand its user base, attract top-tier game developers, and foster strategic partnerships ...

   Deep Knowledge Group, pioneers of big data analytics system and dashboard solutions have published a report on the top 100 tech investors in the UAE of which 4.6% of their investments are in blockchain technology while 2.9% are in Artificial Intelligence and machine learning. The report makes several findings which include that 50% of the top 100 tech investors are venture capital entities with some of the well known blockchain investors including Crypto Oasis, Shurooq Partners, Seed Group, DisruptAD, Ghad Capital Parners, Mubadala and Ceras Ventures. More than 50% of the top Tech investors are based out of Dubai UAE with 29% of their investments going to the Middle East startups, 17% going to GCC based entities and 18% in Africa. 74% of the top 100 tech investors have invested less than $10 million per deal, while only 11% have invested over $50 million. In the last 12 months, Kube VC was the most active in terms of investments which totaled 48, followed closely...

  In a recent press release, The Mining Future, a Bitcoin and crypto mining hosting services, has set up its headquarters in the UAE. The reason for this is the regulatory challenges being faced in China, USA, and EU as well as the rising costs. The company is also opening a datacentre in Kuwait. As per the release, The Mining Future has strategically established its headquarters in the United Arab Emirates (UAE) to capitalize on the country’s ambitious vision to become a global leader in the crypto industry. The UAE’s commitment to fostering crypto-friendly regulations, inviting startups and miners within its jurisdiction, and making significant investments to secure its position as a hub for crypto companies have been instrumental in The Mining Future’s decision to choose the UAE as its base. “We believe that the UAE’s proactive approach to regulation and its commitment to supporting the growth of the crypto industry aligns perfectly with our vision for The Mining Future,” sa...

  A Blockchain EVM layer 1 startup, Shardeum, whose very first investors in its $18.2 million seed round included UAE Ghaf Capital, has closed a new roud of $5.4 million from investors that include Amber Group, Galxe, J17 Capital, Jsquare, and TRGC, as well as Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, Blue7, and more.   Shardeum aims to leverage the additional funding to further support the growth of the ecosystem in the lead-up to the mainnet launch later this year. Founded in 2022, Shardeum is a highly-scalable EVM-based layer-1 blockchain deploying dynamic state sharding to keep gas fees low and transactions per second high as participation grows. As of today (July 7, 2023), more than 7.4 million transactions have taken place on the testnet, with 820K+ accounts and over 230K contracts deployed. Kelsey McGuire, chief growth officer at Shardeum states,“The completion of this strategic raise from key participants put...

  A day after Dubai’s virtual asset regulatory authority issued a market notificiation stating that it had taken enforcement actions against BitOasis and advised investors and consumers that BitOasis’s MVP operational license is under review for not meeting mandated conditions, BitOasis replies back that this does not effect the services being offered to existing customers.  BitOasis was supposed to satisfy certain requirements within 30-60 days of receiving their MVP operational license prior to being permitted to undertake any VARA regulated market activity.  As such VARA is  exercising its authority to supervise and monitor compliance, assure fulfilment of prescribed conditions, impose remedial measures, and take necessary enforcement actions, including but not limited to holding BitOasis’ Licence status as non-operational. In response to this BitOasis replied , “ BitOasis  ongoing work to fulfill select conditions associated with its Operational MVP Licens...