UAE Mubadala Investment Company PJSC (Mubadala) has acquired a majority stake in Abu Dhabi based blockchain enabled AirCarbon Exchange (ACX), the global exchange revolutionizing the voluntary carbon market. ACX is building the first fully regulated carbon trading exchange and carbon clearing house in Abu Dhabi. This comes after Mubadala Capital led a Series B funding round of $70 million for Ramp Network, whose mission is to make Web3 a reality by enabling mainstream adoption of products and services offered by pioneering blockchain ventures. Mubadala did not disclose the value and size of the deal, but according to earlier reports, the sovereign fund was looking to acquire at least a 20% stake. ACX is a global environmental commodities exchange that uses distributed ledger technology within a traditional commodity trading construct. It leverages blockchain architecture to create securitized carbon credits. This framework allows corporates to trade and finance carbon credits lik

    The Abu Dhabi Finance Week witnessed a lot of announcements including Abu Dhabi Global Market (ADGM) crypto hub the second crypto hub in UAE after Dubai’s Digital Assets Business Group and the crypto center in Dubai Multi Commodities Centre DMCC in Dubai.  As per the announcement, given the rapid emergence of new virtual assets such as cryptocurrencies and other related assets, ADGM is leading the way to introduce progressive frameworks and regulations around these technologies and developments. The launch of “Abu Dhabi Crypto Hub” is therefore an important representation of the strategic initiatives taken by ADGM in support of economic diversification and the growing role of Abu Dhabi as a financial hub, addressing the current and future needs of the market through innovative technologies. Crypto Abu Dhabi served as a vital platform to facilitate the assembly of the global crypto, blockchain and decentralized finance entities and elaborated on some of the most disruptive f

  UAE ADGM courts have launched the first ever introduction of blockchain technology for the global enforcement of commercial judgements during the Abu Dhabi Finance Week (ADFW) witnessed during its Fintech Abu Dhabi Festival. The blockchain solution will result in substantial time and cost savings for parties in the enforcement of their commercial judgments. Secure, immutable judgments will be immediately available to parties and enforcing courts, via ADGM’s website, an API or directly on the blockchain for member courts. Parties will no longer need to wait for a certified copy of the judgment to start the process in the enforcing jurisdiction. This is a major development for international trade and commerce. Commenting on this transformational development, Linda Fitz-Alan, Registrar and CEO of ADGM Courts states, “Our vision has always been to massively transform the delivery of judicial services through technology. Our focus has now turned to enforcement to respond to the pressi

    It is not surprising that a Blockchain Fintech startup such as Abu Dhabi based Pyypl would raise $20 million in its Series B round from new and existing investors. Since its inception UAE based Pyypl with offices out of Hub71, has not only advocated financial inclusion but has built its technology to ensure it. It was name the one of the top 37 crypto startups to watch in 2022 by Techround UK. About 22 per cent of the GCC's population is unbanked, compared with 60 per cent in North Africa, according to a report by consultancy Strategy&. Blockchain enabled Pyypl provides digital payments and financial services for all smartphone users to carry out online transactions, without the need for a bank account or credit card.   Pyypl uses advanced Artificial Intelligence (AI) and Machine Learning (ML) for regulatory compliance, Anti Money Laundering (AML) and Counter Terrorism Financing (CTF). They are a full blockchain-native financial services backend-platform, having dev

  Capex.com, which already holds a brokerage license in Abu Dhabi’s ADGM FSRA has now been granted an in principle approval for a cryptocurrency license from Abu Dhabi Global Markets. CAPAX.com’s Founder and CEO, Octavian Pătrașcu, revealed that the new license will strengthen the brokerage platform’s cryptocurrency offerings in the lucrative Middle East and the North Africa (MENA) region. He stated on LinkedIN , “We are happy that we can start this new vertical under Capex.com and become closer to our main goal of offering a powerhouse of trading for our users, under one roof.” Crypto approval came in addition to the broker’s existing license from the ADGM Financial Services Regulatory Authority (FSRA), gained in 2020, with which it offers traditional trading instruments. Capex platform's offerings are primarily trading services with forex and contracts for differences (CFDs) instruments of other popular asset classes. The platform quickly added crypto products as well, with

  For the first time ever Abu Dhabi Finance week organized by ADGM in association with Abu Dhabi Department of Economic Development (ADDED) will be holding Crypto Abu Dhabi on November 16 th 2022. Abu Dhabi Finance Week (ADFW)’, is set to run between 14th November 2022 and 18th November 2022. As per the event synopsis, Crypto Abu Dhabi in partnership with Roland Berger, will explore the next era of Digital Assets as the technologies experience the growing pains involved with shaping true innovation. The agenda of the conference will focus on the underlying blockchain and cryptography technologies that drive the innovation, and why financial products are served by their application. The event will also focus on how major global financial institutions are now developing digital asset strategies, and how the tokenization of private market assets will open up a new multi-trillion dollar democratized opportunity for investors globally, and why regulation is on the horizon. Some re

    UAE Crypto Oasis ecosystem published its first annual report entitled the “Crypto Ecosystem in the UAE” with the collaboration of Roland Berger. The report highlighted the growth that the UAE has witnessed in its blockchain crypto ecosystem which has resulted in the employment of 7000 people across 1400 blockchain crypto entities currently operating in the country. As per the report the number of blockchain crypto organizations is more than 1400 in total where 66 percent are native organizations and 34 percent are non-native. Saqr Ereiqat, Co-Founder and Managing Partner of Crypto Oasis Sentio, the investment arm of Crypto Oasis, told LaraontheBlock, “Based on the information we have the blockchain crypto ecosystem in UAE has employed approximately 7000 people.” These 1,400 plus ventures are leveraging distributed ledger technologies and related technologies to build and provide new value propositions with Blockchain innovation. Interestingly the report confirms that the UAE

  UAE based Venom Blockchain which recently received a license from ADGM ( Abu Dhabi Global Market)  in early October 2022, now has a regulated virtual asset exchange on its roster, Yoshi Markets,  renamed to Venomex. In March 2022, Yoshi Markets previously known as Arabian Bourse Limited (ABX), received the Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The FSP allowed Yoshi Markets to operate as a Multilateral Trading Facility (MTF) and Custodian for virtual assets. Now Yoshi Markets has renamed itself to Venomex, reflecting the recently approved Venom Blockchain platform, which will allow the provisioning of virtual assets and blockchain based services. Venom blockchain is building the first NFT marketplace in the UAE from ADGM as well as the issuance of first fiat backed stablecoin. Mustafa Kheriba, the Executive Chairman of Venomex, stated, “This is an exciting time for us at Venomex. The new na

  UAE ADGM ( Abu Dhabi Global Market) announced on LinkedIn that Venom Blockchain has become the first ADGM licensed crypto foundation to build a scalable blockchain platform. ADGM also stated, “Venom is on its way to developing an NFT marketplace, derivative exchange and fiat-backed stablecoin” The statement adds that Venom Foundation is set to become one of the most anticipated blockchain phenomena, enriching the ADGM community and the nation as a whole! As per the news Venom Foundation perpetually works on providing an abundant bundle of scalable blockchain-powered products and services for the wider financial community. Through robust security measures and a rich database, Venom Foundation has produced an array of self-sufficient tools, including ewallets, decentralised exchanges and more. The statement then adds, “Subject to the relevant regulatory approvals, Venom Foundation will work with ecosystem participants to ensure that such products are offered in a compliant manner with

  The chairman of Belobaba, a crypto native hedge fund with a regulated security token, believes that Banks will become Dapps, and that this was the year of building crypto not a bearish year. Five year old, Belobaba utilizes big data and AI in its investment decisions… The company is currently setting up its headquarters in the UAE as it seeks to get regulated in GCC region. The hedge fund is already regulated by the Gibraltar Financial services commission and operating legally in the USA, as well as in Spain and Estonia. Lluís Mas, chairman at BELOBABA spoke to LaraontheBlock expressing his views on the crypto market,the banking sector and why they are setting up their headquarters in UAE. The hedge fund which currently has just $5 million under management is seeking to grow and expand. According to Mas, “I don’t consider it a bad year for crypto and I wouldn’t call it a bullish or bearish market, because just remember in the bearish markets of 2017-2019 Uniswap was created as

  UAE virtual asset regulator in Abu Dhabi,   FSRA (Financial Services Regulatory Authority) of ADGM ( Abu Dhabi Global Market) has enhanced its capital markets framework, allowing for the trading of NFTs   (Non Fungible tokens) on virtual asset regulated platforms, This means that MTFs/Custodians (Multilateral trading Facilities) operating within ADGM are now able to seek approval from the FSRA to engage in Non-Fungible Token (NFT) activities. As per the news, these are considered significant enhancements to its capital markets framework, across spot commodities, securities, derivatives, benchmarks, environmental instruments and virtual assets that will further improve on its innovative and progressive regime and leadership in financial markets. Alongside its innovative approach to virtual assets, the ADGM has now implemented its regulatory framework for spot commodity and environmental instrument activities, making it the first international financial centre in the MENA region to

  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 eTor

  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

  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 li

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 Cha

  UAE RAK Bank has partnered with Kraken crypto asset exchange to offer virtual assets trading in AED using their local bank account. As regulated by the Central Bank of UAE, RAKBANK will enable Kraken, which is licensed by Abu Dhabi Global Market (ADGM), to have their UAE-based clients fund their crypto account through local fund transfers from any bank in the UAE.   Kraken was the first global exchange to have received a full license to operate a regulated virtual asset exchange platform in the Abu Dhabi Global Market (ADGM). Currently, UAE residents who trade virtual assets must use banks or foreign correspondents outside the UAE to fund their trading. As a result, they incur high foreign exchange costs and fees, experience long lead times (more than 24 hours) and are subject to overseas-jurisdiction asset governance. Through this innovative solution, UAE residents will be able to fund their account faster and at lesser costs, all while remaining within the UAE’s jurisdiction.

  The Abu Dhabi Global Market has launched a crypto vending machine in the free zone area. Users can insert cash or credit card and exchange them for Bitcoin or other crypto currencies. Located in the Galleria Mall, on Al Maryah Island next to ADGM.  As per an article in the National , ADGM stated, " the Kiosk withdrawal is logged via the internet and the puchsed Bitcoins are added to the customer's virtual currency wallet for use in future transactions."  The crypto Kiosk or vending machine is an initiative of World Credit savings a brokerage firm regulated by the FSRA ( Financial Services Regulatory Authority) at ADGM.  This is a big thing given that the last Crypto ATM set up in Dubai was decommissioned in 2019. It was a Bitcoin ATM in the Rixos Premium hotel.  In 2019 there was  only one Bitcoin ATM in existence in the GCC in Bahrain.   In a Linkedin Post shared by the CEO of Bahrain Fintech bay  Khalid Saad  states, ” We have the only live Crypto ATM in the MENA regi