UAE regulated virtual asset broker dealer and investment management services, Laser Digital, a subsidiary of Nomura has launched their Bitcoin Adoption Fund. The fund, which provides a seamless way for institutional investors to access the digital asset class, will be the first in a range of digital adoption investment solutions that Laser Digital Asset Management will bring to the market. The Laser Digital Bitcoin Adoption Fund, provides long-onlyexposure to Bitcoin whilst being one of the most cost effective and secure investment solutions. To secure the fund's assets, Laser will use Komainu, which was founded in 2018 by Nomura, Ledger and Coinshares and delivers a regulated custody solution for institutional digital asset investors. The Fund is a segregated portfolio part of Laser Digital Funds SPC, aSegregated Portfolio Company registered asa mutual fund pursuant to section 4(3) of the Mutual Funds Actwith CIMA (Cayman Islands Regulatory Authority). On launching the ...

  LFi, Canadian fintech tech startup, leveraging advance computing and blockchain has expanded into the UAE with a presence in Dubai under its new LFi Labs office. According to the news releases, the Lab will serve as a central hub for new advancements and innovations.  As per their website, LFi is a decentralized platform designed to provide equal opportunities for wealth generation and financial independence through crypto.  It operates on its own blockchain, guided by a DAO-driven ecosystem.  The startup intends to fuse crypto, finance and technology to foster innovation and financial freedom. The tech startup seeks to provide a diverse range of products and services that give people greater access to tools and information for navigating the crypto and Web3 landscape. According to the news , the establishment of the Labs locally in UAE gives the brand a strong foothold in one of the most progressive, influential, and technology-oriented economic hubs in the Mi...

  Dubai headquartered Helion Ventures, Web3 VC and venture builder, has announced that it will be investing in gaming companies. In a linkedin post , Helion ventures are announcing investment in gaming companies. As they noted in their post, “ The web3 gaming industry will hold significant importance for the economy by transforming the gaming industry and creating new economic opportunities.” Entities can apply now and get the chance to fund your project: https://lnkd.in/djj_uycN This announcement comes after Web3 gaming startup GAM3S.GG.based out of Abu Dhabi UAE has just raised $2 million in seed funding led by investment firm Mechanism Capital and other angel investors including   Polygon, Double Peak, ArkStream Capital, LD Capital, ROK Capital, Hyperithm, Snackclub, Emurgo Ventures, Eden Ventures and Mix Marvel Ventures. In addition South Korea's Blockchain, NFT, metaverse game developer and publisher WeMade   also recently signed an onboarding agreements w...

  Dubai International Financial Centre (DIFC), announced graduation of its first metaverse cohort of 10 regional and global start-ups as part of its ‘DIFC Metaverse Accelerator Programme, which included blockchain Web3 Social ecosystem platform startup Daoversal.  The news follows the launch of DIFC’s Metaverse Platform earlier this year, in line with the Dubai Metaverse Strategy, which aims to add USD 4bn to Dubai's GDP, support 40,000 virtual jobs by 2030, and attract 1,000 companies specialised in blockchain and metaverse technologies. At the time DIFC had noted it would choose 50 startups, yet it seems that only 10 have graduated.  The inaugural ‘DIFC Metaverse Accelerator Programme’ was the first initiative announced under the ‘DIFC Metaverse Platform’ umbrella, and attracted over 160 applicants from the UAE, UK, US, India and France, with a focus on primarily Metaverse, AI, Web3, AR/VR and Blockchain sectors. The ‘DIFC Metaverse Accelerator Programme’, backe...

  Out of over 100 plus applications, UAE based Aurus, which tokenizes precious metals including gold, silver and platinum using blockchain technology, has been selected as one of the 25 companies that will be joining Dubai’s DMCC ( Dubai Multi Commodities Centre) and TDeFi accelerator program. The accelerator program is aimed towards Web3 and Blockchain companies based out of Dubai offering mentorship, support, and business scaling opportunities.   The acceleration program kicks off on September 5th, 2023, with a range of mentor sessions covering legal and compliance, web3 marketing, fundraising, and token economics. Participants are able to gain practical experience by using their own projects as case studies during workshops on token economics and token markets management. The program culminates in a Demo and Pitch Day, with 20+ venture capitalists and investors serving as judges, representing over $IBn in cumulative AUM. The program’s conclusion is more than just a pit...

   BECO Capital is now part of the Dubai AI and Web3 Campus based out of DIFC ( Dubai International Financial Center). BECO capital VC firm manages more than $450 million in assets. According to Dubai AI and Web3 campus, BECO capital will supercharge their ecosystem. In a LinkedIn post Dubai AI and Web3 Campus stated, “ With BECO Capital onboard, we're introducing dynamic initiatives like demo days, offering startups a platform to showcase their innovations, and office hours, providing direct access to industry experts.” BECO Capital's impressive track record places them consistently in the top 10% globally for fund performance. They've played a pivotal role in nurturing regional unicorns like Careem and Property Finder, and we're eager to see what future successes this partnership will bring. Prior to this, the Dubai AI and Web 3.0 Campus, announced that it will be issuing artificial intelligence (AI) and Web3 licenses supporting activities ranging from Dist...

    UAE based BitOasis crypto broker exchange has announced that it has secured an investment from CoinDCX, India’s biggest crypt exchange. This comes after BitOasis’s license was suspended by VARA for not meeting requirements. The latest investment will give BitOasis a new life line. As per the news, the new capital injection will help to support BitOasis’s vision to amplify its regional presence and secure further licenses in the region. Commenting on the news, Ola Doudin, Co-Founder and CEO of BitOasis said: “We are delighted to be working with CoinDCX, India’s leading crypto platform. From our first conversations, it was clear we share a common vision and synergies across our markets that we look forward to building towards. The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets. We are very excited about the opportunities the funding will unlock for us.” Sumit Gupta, Co-Founder and CEO of CoinDCX stat...

Dubai’s virtual asset regulatory authority VARA opens the door to regulated crypto staking services with its  revised Custody Services Rulebook, allowing staking by virtual asset custody Service providers.  As per the revised rule book , virtual asset service providers who carry out custody services can offer staking services as well withouth obtaining a separate licence for VA Management and Investment Services. Additional licensing and supervision fees will be payable in connection with the provision of this additional service. As per the amendments,   VASPs Licensed by VARA to carry out Custody Services may only provide Staking from Custody Services, if explicitly authorised to do so by VARA, and such authorisation is expressly stipulated in their Licence. There will be incremental fees for custody services. VASPs who are authorized to offer staking services, will have to comply to all the rules related to custody services while they are offering their staking...

  Komainu, a regulated digital asset custody provider created by Japanese investment bank Nomura, digital asset manager CoinShares and digital asset security company Ledger. has been granted a full virtual assets service provider license by Dubai’s virtual asset regulatory authority in UAE. The license was issued on August 18 th 2023. Prior to that Komainu had received in July 2022 the MVP license from VARA. Komainu will be able to serve qualified retail and institutional clients both as a crypto asset custodian and offer custodial staking services.  "We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches," said Sebastian Widmann, Komainu's Head of Strategy. "Dubai has a vibrant digital asset ecosystem and impressive talent pool, and we are proud to contribute to the growth of this innovative financial hub. Our presence and desirable regulatory status in the region marks anothe...

  Further to Virtual Assets Regulatory Authority’s (VARA) previous notices dated 12 April 2023 and 27 April 2023 regarding the conduct of Open Technology Markets Ltd. known as OPNX and opnx.com, VARA has issued the following fines against OPNX including a $2,722,548 equivalent to AED 10,000,000 against OPNX for a Market Offence under Regulation VIII.A.3 of the Virtual Assets and Related Activities Regulations 2023 (Regulations) As per VARA, this fine was issued on 2 May 2023 and remains unpaid at the time of publication of this notice.  The VARA notice includes   $54,000 equivalent to  AED 200,000 against each of the following 4 persons: OPNX founders Kyle Davies, Su Zhu and Mark Lamb and OPNX CEO Leslie Lamb. The fines are for violations of Administrative Order No. 01/22 Relating to Regulation of Marketing, Advertising and Promotions Related to Virtual Assets,  The fines were issued on 2 May 2023 and have been fully paid by the individuals in questio...

  Burency a UAE Blockchain development firm with crypto asset exchange operating out of offices in DWTC ( Dubai World Trade Center) in Dubai UAE, is restarting its operations after what it calls bad and out of control conditions. This restart is happening amidst a tumultuous conditions spurred by comments made from its previous managing Director. So while Burency was announcing on twitter that they will be coming back soon stating, “ We are coming soon.. after bad and out of control conditions, we are back to work with great strength and passion. The Burency project is ongoing and will return better than before.” On August 9 th they stated, “ We are currently working on restarting the Burency Exchange and will notify you as soon as possible about the operating date. Full support will be provided to the project at all levels, including marketing, companies, and plans to develop the workflow and the project as a whole.” However these comments come in parallel to a tweet by Q...

  The Dubai AI and Web 3.0 Campus , situated in Dubai International Financia Centre, announced that it will be issuing artificial intelligence (AI) and Web3 licenses supporting activities ranging from Distributed Ledger Technology Services (DLT), specialised Artificial Intelligence Research & consultancies, IT infrastructure builders, Technology Research and Development and Public Networking Services. Licenses will be issued by Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, which is currently home to an established ecosystem of tech enablers and start-ups at the DIFC Innovation Hub. The Dubai AI and Web 3.0 Campus is a dedicated campus for AI and Web3 innovation and will provide state-of-the-art physical and digital infrastructure within the DIFC Innovation One new premises, including R&D facilities, accelerator programmes and collaborative workspaces, to attract, build and scale...

  UAE based Illuminati Capital has raised $50 million to invest in early-stage blockchain startups including game companies. According to the news, the Dubai based firm and its partners have individually invested in blockchain startups worth over $1 billion. Illuminati Capital aims to offer more than just financial support. The venture capital firm is dedicated to building the global Web3 ecosystem and driving transformative shifts in decentralized technologies. The team behind Illuminati Capital has collectively deployed $30 million, resulting in exits worth $150 million. Vickaash Agrawal partner at Illiminati Capital stated in an article in Venture Beats, “We are witnessing a remarkable growth trajectory in Web3 venture investing.   With a track record of 120-plus successful blockchain investments in my investment portfolio, I will bring my expertise in data, infrastructure, regulation and mining.” Illuminati Capital’s investment focus spans multiple verticals, i...

  The Dubai Department of Economy and Tourism and the Virtual Assets regulatory Authority have signed an MOU to unify VASP ( virtual asset service provider) offering in the city. The two entities will collaborate to offer a synchronised VA market assurance across the Emirate of Dubai – spanning [Public/Marketplace] Customer Care + Complaints; [Business] On-Site Inspection + Enforcement; [Business] VASP Registration + Licensing; [G2G + G2B + G2C] Education-Training-Knowledge Sharing. As per the MOU, both parties agree to pool their complementary capabilities to lay robust foundations that will aid Dubai's GDP contribution to the expanding global New Economy portfolio, reinforcing the city’s reputation as an attractive, innovative, and secure global hub for Virtual Asset Service Providers (VASPs), operators, and customers. The MoU's scope further strengthens VARA's commitment to achieving full transparency and market conduct adherence across VASPs licensed to operate in...

  FTX in the USA, sent a motion dismissing Chapter 11 case for its Dubai’s operation regulated under Dubai’s virtual asset regulatory authority (VARA) in UAE.  FTX VARA holds $4 million as security for the license of the total of $.45 million held by FTX Dubai in several accounts. As per Cointelegraph article, o n July 25, VARA confirmed to FTX Dubai management that such restricted cash would be released in the context of the liquidation of FTX Dubai, according to United Arab Emirates law: As stated in the motion, FTX Dubai established on February 11, 2022 under the laws of the United Arab Emirates to operate a crypto exchange. FTX Dubai is a direct, wholly-owned subsidiary of Debtor FTX Europe AG. Then on July 12, 2022, FTX Dubai was granted a virtual asset service provider license (the “License”) from Dubai’s Virtual Assets Regulatory Authority (“VARA”). Notwithstanding the grant of the License, FTX Dubai did not offer any crypto-related services to investors in the United...

WOW Summit has announced the launched of its WEB3 Summit Dubai, widely hailed as the WOW SUMMIT Dubai to be held on October 8th and 9th 2023.  Following its successful events in Lisbon and Hong Kong, WOW Summit Dubai 2023 emerges to unite distinguished industry titans, esteemed government officials, visionary funds, enterprising venture capitalists, boundary-pushing NFT and digital artists, trailblazing entrepreneurs, and influential multinational corporations.  The event will unfold at the  Atlantis the Royal, The Palm—a sanctuary of innovation where dreams transform into reality. The Summit aims to drive the innovative trajectory of Web3, covering cutting-edge trends and innovations in technology. Through carefully selected programs, attendees will explore topics including the Web2 - Web3 transition, CBDC, regulations, asset tokenization, and the social impact and applications of blockchain and DLT technologies for real-life applications.  Blockchain visionar...

    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 ...

  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...

  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...