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 Central Bank has issued its long awaited virtual assets and virtual assets service provider framework under the umbrella of a new guidance on anti-money laundering and combating the financing of terrorism (AML/CFT) for licensed financial institutions (LFIs) with a focus on the risks of dealing with virtual assets. The actual document is more telling than the initial press release . In reality the UAE Central Bank has clarified what is considers as virtual assets and who can offer services in this realm, as well as how banks and financial institutions will work with VASPs when it comes to opening accounts for them and meeting compliance requirements. It also makes clear that virtual assets are not considered a legal tender in the UAE. Now a lot has been made clear. Earlier this month, there was a position for a Fintech virtual assets senior manager job at a UAE Bank who was required to be specialized in Fintech and virtual assets compliance from a finance crime perspe...

  UAE Based Web3Wed has carried out the first wedding on the Polygon Blockchain with NFT rings that incorporate Bitcoin. According to the press release, Web3Wed allows couples to formalize their relationships using smart contracts on the blockchain which is then updated in case of divorce. The Blockchain marriage is not considered legal obligation though. The first blockchain wedding marked the official launch of the Web3Wed.io platform. "The world is changing so fast, but marriages are still the same as centuries ago," said Yury Reut, the founder, and CEO of Web3Wed.io. "Why can't we connect people using blockchain? Co-living defeated the old matrimony system; it is a fact." Couples choose NFT wedding rings that symbolize their participation in the marriage. Additionally, the service can add Bitcoin to the NFT wedding ring, making it an asset for the couple that would be returned in the case of divorce to the wallet of the ring owner. "We're ex...

    Digital Dubai, announced recently that it has adopted soulbound token technology, considered the advanced version of NFTs (Non Fungible tokens). Digital Dubai has used soulbound tokens to issue the world’s first digital certificates. Utilizing soulbound tokens, certificates can be permanently linked to the person’s account in their digital wallet. Ownership of the certificate cannot be transferred to any other person, sold, or disposed of; however, it can be verified by any party if needed. This means the certificate is highly secure, and therefore does not need to be attested by any third party, making it intrinsically trusted. . The Dubai Cyber Innovation Park (DCIPark) ,an affiliate of the Dubai Electronic Security Center) at Digital Dubai , granted the first Secure Digital Certificate to the first cohort of graduates from the CISO Executive program with the participation of   17   Government and Semi-Governmental entities. This certificate marks the fir...

In March 2022 Dubai announced the launch of the world’s first virtual asset regulatory authority. The authority would be set up to grant blockchain and crypto licenses in Dubai UAE. VARA then announced the first presence of a virtual asset regulatory authority in the metaverse with its headquarters in the Sandbox. Soon afterwards VARA hired the first CEO to head a virtual asset regulator, Mr Henson Orser. As per the recently published rulebooks the goal of VARA is to promote the Emirate and ultimately the UAE as a safe and progressive jurisdiction worthy of attracting meaningful Virtual Asset growth and innovation, in complement with all related UAE Government programs, and   position VARA and the UAE as globally trusted and respected in the realm of international law. Henson Orser in an interview with LaraontheBlock clarifies how the first global comprehensive rule book for VASPs and issuance of virtual assets issued by VARA in February 2023 is achieving its aim of becoming a ...

  UAE based nealthy, a Web3 startup for investing in NFTs and cryptocurrency, has raised $1.3 million in pre-seed funding. Nealthy will use these funds to grow a core team, hire talent, and boost sales & development. nealthy offers index tokens that enable investors to enter Web3 markets quickly and worry-free. Index tokens replicate the structure of classic exchange-traded funds (ETFs) by storing multiple virtual assets, diversifying the portfolio in case of unexpected market shifts. Moreover, index tokens like nealthy’s $NFTS retain real underlying value, with $NFTS being pegged 1:1 to blue-chip NFTs. Co-founders Ludwig Schrödl (CEO), Zied Said (CTO), and Tim Pascual (CMO) established nealthy after observing a gap in the market for diversified index tokens. With backgrounds that unite finance, data science, and a deep knowledge of virtual assets, the co-founders’ expertise will keep investors at the forefront of a rapidly expanding market. Although the founders’ origins...

  The Government of Ras Al Khaimah (RAK) will be launching the RAK Digital Assets Oasis free zone dedicated to digital and virtual asset companies for non regulated entities. So the UAE now has two crypto Blockchain Oases, one in DMCC for regulated blockchain and crypto entities and one in RAK for non regulated. The new oasis will be launched in Q2 of 2023.  Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK ICC and Chairman of RAK Digital Assets Oasis said,   “We are proud to further the UAE's position as a primary destination for innovation with the launch of RAK Digital Assets Oasis. We are building the free zone of the future for the companies of the future. As the world's first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world with our progressive, supportive, and quick-to-adapt approach, and our innovation-enabling environment.” Making the announc...

Food Metaverse, OneRare, the world’s first food metaverse, known as Foodverse has launched in the UAE. The Foodverse is bringing the Global F&B Industry to Web3 for the first time ever - allowing them to create virtual experiences, food NFTs and games, & interact with foodies from across the world built using the blockchain. In UAE, partnerships with food brands such as Foodlink UAE, The Bhukkad Cafe, Cali Poke, Farzi Cafe, Papa John’s and more have been signed in only a few months. Created while in lockdown, Supreet Raju, co-founder and CEO of OneRare states, “I have long said that food has a language of its own and makes the world a happier place. It is what connects us and the metaverse only brings us closer together in a unique way in which we can share our culture and our food. Now with the launch of the foodverse, there is no reason why brands and consumers can’t come together in this safe, virtual setting.”  The Foodverse developed by OneRare will feature various zon...

  The Ultra-Abu Dhabi, the premier EDM music festival taking place on March 4 th and 5 th 2023 will be powered by NFT (Non fungible token) tickets developed by BNB Chain, smart contract blockchain and   Fellaz, a Web3 entertainment ecosystem. The cutting edge ticketing solution powered by BNB Chain will verify the authenticity of tickets, ensuring legitimacy. The collaboration will allow for a more seamless and secure ticketing experience for Ultra Abu Dhabi fans using NFT ticketing while providing a new blueprint for Web3 fan engagement specializing in the music industry. BNB Chain was originally initiated by Binance but has since grown to become a community-driven, permissionless, and decentralized blockchain ecosystem. Binance is now  one of the many contributors operating within the BNB Chain ecosystem rather than some kind of dominant force wielding unilateral power over it.  Alvin Kan, Director of Growth and Ops at BNB Chain said, “The new NFT ticketing s...

In a recent survey entitled “MENA Investor Survey 2022-2023 for crypto Blockchain sector” carried out by laraontheblock with 83 MENA venture capitalists, fund managers, and family offices, 50% of those surveyed stated they will be allocating more funds to blockchain and crypto projects and entities in 2023. 19% of those surveyed stated in 2022 they had invested more than 50% of allocated capital and funds into crypto and Blockchain projects. The findings of the “MENA Investor Survey 2022-2023 for crypto Blockchain sector” sheds light on the different areas of interest for MENA investors which will give startups and entities a better view on whom and where capital will be heading by investors in the MENA region. This comes as cryptocurrency adoption has skyrocketed in the Middle East and North Africa (MENA) region. According to a survey by blockchain analytics platform Chainalysis, MENA countries have the fastest-growing cryptocurrency industry in the world, accounting for 9.2% o...

  According to the Korean news site Newsis, Neowiz Holdings one of South Korea's leading game giants, the creator of Web3 gaming platform Intella X which recently raised $12M because of its upcoming launch on Polygon, has established its Blockchain entity Neofly in the UAE. As per the Korean News site, Oh Seung-heon, CEO of Neowiz Holdings, is visiting Abu Dhabi as part of Korea-UAE economic delegation to seek cooperation with local government agencies and companies in the blockchain business. Neofly the subsidiary of Neowiz has developed a public blockchain platform called NEOPIN. Neofly issued its own virtual asset Neopin (NPT) which connects to its ecosystem of games, metaverses, services, non-fungible tokens (NFT), etc., centering on DeFi (Decentralized Finance) services. An official at Blockchain entity Neofly also headed by Seung Heon, stated that they had established a local presence in UAE. “We have been seeking to enter the global blockchain market based on the U...

  According to a report by ResearchAndMarkets, the NFT industry in the UAE is   expected to grow steadily, recording a CAGR of 32.1% during 2022-2028. The NFT Spend Value in the country will increase from US$982.1 million in 2022 to reach US$ 4.746.3 million by 2028. As per the report the non-fungible token (NFT) scene is growing as more and more entrepreneurs, businesses, and celebrities enter the fast-growing industry. Like the rest of the world, the UAE market is also rapidly adopting NFTs. The report notes that over the last 12 months, several innovative NFT marketplaces have also emerged in the country, which has made it relatively simpler for the general public to buy, sell, and trade in NFTs. From NFT-based startups to cryptocurrency exchanges, several players are entering the UAE NFT market; the presence of several NFT marketplaces has also supported the rise in NFT trading transaction value and volume, the trend expected to gain further momentum over the next thr...