According to a recent news piece in Khaleej Times, Liminal, a crypto custodial wallet platform has applied for a license at Abu Dhabi Global Market (ADGM) in an effort to offer regulated service in the region. Liminal which claims to have processed crypto transactions worth $5.6 billion on its platform, with over $550 million worth of assets under protection, believes that people will use digital assets either as part of investment or a part of underlying fundamental technology. Mahin Gupta, Founder, Liminal stated to Khaleej Times, “Regulation will become uniform across the globe. UAE has taken a first mover advantage in the field of digital asset regulation, with much clarity. They have a clear idea about how they want to look at Metaverse, how they want to look at trading, how they want to look at custody and how they want to look at blockchain as a service and blockchain as a platform for other applications.” Liminal in the past month has advertised for the position of

    Marathon Digital Holdings in a recent press release has confirmed that the company along with Abu Dhabi based Zero Two (Registered name FS Innovation), an emerging blockchain and digital assets infrastructure development company, will be launching the two digital asset mining sites with a combined capacity of 250 Megawatts in the sustainability hub of Abu Dhabi Masdar City and the port zone of Mina Zayed by the end of 2023. The joint entity registered in ADGM will work to accelerate the global digital economy while supporting the power grid of Abu Dhabi, JV) with the first large-scale immersion Bitcoin mining operations in the Middle East. To power the sites, Marathon and Zero Two intend to leverage excess energy in Abu Dhabi, increasing the base load and sustainability of the Abu Dhabi grid. Marathon and Zero Two will offset any non-sustainably produced electricity with clean energy certificates. As per previous articles the equity ownership in the ADGM Entity will be 80% f

  According to a recent blog post published by CoinBase the second biggest global crypto currency exchange, the company revealed that is in talks with UAE’s regulator in Abu Dhabi, FSRA ( Financial Service Regulatory Authority)   part of ADGM (Abu Dhabi Global Market) to expand its regulated operations to the UAE. The expansion is part of its global scale to go broad and deep. As part of its strategy, Coinbase will establish regulated entities and local operations in high-bar regulatory jurisdictions abroad to focus on international growth. As per the blog post, “Coinbase is focused on international growth and is working with several high-bar international regulators to establish regulated entities abroad that safely facilitate trading solutions and provide products the crypto community demands. Coinbase will continue to launch foundational products that are a gateway to Web3 and crypto across the globe while launching localized infrastructure and public facing products with a f

  UAE based Venom Blockchain announced that its testnet would be going live by the end of April 2023. Venom was the first blockchain foundation to be granted a license to operate in Abu Dhabi’s ADGM (Abu Dhabi Global Market). The testnet is designed to suit both ecosystem users and developers and allows developers to test and debug dApps and blockchain protocols, while providing users with an immersive experience of these applications. As per the news, the Venom team believes that the testnet will encourage innovation and community building within its ecosystem, which is vital for growth and sustainability. To engage with the Venom testnet, users will need to carry out two simple steps before being able to explore a variety of dApps built on Venom. Simply install the Venom wallet as a Google chrome browser extension or through either the app or Google play store. Secondly, users can jumpstart their journey of testing the Venom ecosystem by claiming testnet VENOM tokens. The Veno

    Two announcements recently for C-level positions in the GCC region, showcased how blockchain is helping to fast track appointments up the corporate ladder. The first announcement was that of The Abu Dhabi Securities Exchange (ADX), the Arab world's second-largest bourse by market value, who appointed Abdulla Al Nuaimi as its new chief executive. Al Nuaimi had previously held the position of COO at ADX. In the announcement it stated, “ Al Nuaimi played a key role in the development of the ADX's trading platform, helping establish the first application of blockchain technology in the UAE's financial sector.” He will seek to further accelerate the range of products and services at the ADX, the statement added. His appointment comes at a time of heightened market activity on the ADX. The exchange has experienced a rush of initial public offerings (IPOs) in recent years. Companies that listed on the bourse last year include Borouge, the Abu Dhabi Ports Group, Abu Dha

  UAE Abu Dhabi Global Market’s registration authority is seeking to develop regulations for DLT ( Distributed Ledger Technology) decentralized autonomous organizations and has started with the issuance of a consultation paper seeking replies before May 12 th 2023. For the proposed Distributed Ledger Technology Foundations Regulations 2023, ADGM is seeking public feedback and comments on the proposed new legislative framework for foundations that facilitate Distributed Ledger Technology (DLT) and token issuance (DLT Foundations). As per the announcement, the Consultation Paper is of interest to any persons operating or planning DLT projects, persons engaging in digital asset related activities and their legal advisors, as well as DLT industry participants, associations, and stakeholders. The RA’s key proposals for the Distributed Ledger Technology Foundations Regulations cover: the structure of the DLT Foundations; governance and control; tokens; reporting, disclosures and publ

  In a recent podcast called the Mining Pod, Fred Thiel CEO of Marathon Digital Holdings, a digital asset technology company that focuses on supporting and securing the Bitcoin ecosystem, discussed their launch in the UAE and their operating model which includes utilizing UAE’s fossil offsets and or nuclear energy. Market capitalization of Marathon Digital Holdings with a market capitalization of $1.19 billion is the world’s 4378 th most valuable company recently announced its foray into the UAE through a joint partnership with a subsidiary of sovereign wealth fund in Abu Dhabi, called FS Innovation. The new entity in UAE will set up and operate two mining sites comprising 250 MW in Abu Dhabi, with FS Innovation controlling 80% of the project. As the majority shareholder, FS will appoint four directors to the board of the new entity, while Marathon will select one. As per the filing, the two sites are estimated to cost the two companies $406 million. Thiel discussed the overall

  Sygnum, a global digital asset bank, has opened its Middle East hub in the Abu Dhabi Global Market international financial center to provide a portfolio of Swiss-regulated crypto banking services after receiving its license from UAE ADGM.  Sygnum Bank Middle East has received a Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA), following its in-principle approval in October 2022. Seasoned Middle East Executive, Giulia Finkbeiner-Bertoni, leads Sygnum’s operations across the region and opens the office in the ADGM International Financial Centre. Sygnum Bank Middle East will offer personal, concierge-style client service, enabling convenient local client access to a portfolio of Swiss-regulated digital asset banking, asset management, tokenization and B2B banking services. With regional demand for regulated crypto services on the rise, clients will be drawn from a diverse range of sectors, ranging from existin

  Al Nawwar Investments RSC a Private Limited Company established in 2018 in Abu Dhabi, UAE, will be purchasing the remaining interest of Alameda research in Sequoia Capital venture capital firm, totaling $45 million. Al Nawwar is an Abu Dhabi sovereign wealth fund according to a court document has entered into an agreement to execute a sale transaction within a short period of time. Al Nawwar according to the court document is already invested as well in Sequoia. The deal, worth $45 million, has the potential to be closed by March 31. However, it is subject to approval by the Delaware bankruptcy judge John Dorsey. The attempt to sell off its remaining interest in Sequoia Capital is a part of FTX’s attempts to liquidate its investments to pay off its debt to creditors. This is not the first time a sovereign Fund in Abu Dhabi purchases crypto related entities. Prior to this ADQ entered into an agreement to build a crypto mining entities in UAE. In an SEC Filing dated January 27

  Abu Dhabi' Hub71, the technology ecosystem in UAE has launched the Hub71+ Digital Assets. This ecosystem is dedicated to advancing Web3, a decentralized online space built on innovations like blockchain technology and metaverse applications.  The ecosystem has over US$2 billion of capital committed to fund Web3 startups and blockchain technologies in Abu Dhabi. Hub71+ Digital Assets will offer Web3 startups access to an extensive range of programs, initiatives, and corporate, government, and investment partners in the UAE and global markets. The initiative will be based at Hub71 in Abu Dhabi Global Market (ADGM), providing Web3 startups with a progressive regulatory environment and world-class blockchain and virtual asset infrastructure.  FABRIC, is the the research and innovation center of First Abu Dhabi Bank (FAB), will be the anchor partner of Hub71+ Digital Assets, while digital asset exchanges and service providers are part of the initiative to facilitate the discovery, tra

  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 solution will allow

  UAE Abu Dhabi University (ADU) signed a Memorandum of Understanding (MoU) with 5ire, a fifth generation blockchain ecosystem, to strengthen blockchain education, research and entrepreneurship. both parties will identify and support compelling projects on blockchain technology, with a specific focus on sustainability and accessibility. As part of its commitment to expand the course offerings, ADU will work closely with 5ire to build a comprehensive framework that will provide educational opportunities for students, including courses and workshops focused on blockchain technology and its applications. In addition, 5ire will provide financial sponsorship for ADU’s UAE national students, who have met the criteria and are interested in obtaining professional certifications or pursuing degrees focused on blockchain courses. The criteria include but are not limited to academic performance, financial need and demonstrated interest in blockchain technology.   Furthermore, the partnershi

  UAE based Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital Limited, has invested $5 million in Everscale, a premier blockchain platform that aims to solve the scalability issues bogging down the Web3 industry. The $5 million will be used by Everscale to expand its development teams and boost the number of projects. Everscale has been diligently working on expanding its reach and integrating its technology solutions in Asian countries over the past two years, while also building a strong community. Its dynamic sharding technology enables it to efficiently adapt to varying workloads, thus making it an easy and practical option for creating large-scale Web3 and other types of applications. Venom Ventures Fund Chairman Peter Knez, ex-CIO of BlackRock, said, “For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively

  In an SEC Filing dated January 27 th 2022, USA based Marathon digital Holdings, a digital asset mining entity, announced that it had entered into a shareholder’s agreement with FSI ( FS Innovation), the BTC mining subsidiary of UAE ADQ a sovereign fund,    to form an Abu Dhabi, ( ADGM (Abu Dhabi Global Markets) based company. As per the filing, the joint UAE ADGM based company will establish and operate one or more mining facilities for digital assets. The business entity will be in the field of digital asset/crypto mining. The initial phase will consist of two digital asset mining sites comprising 250 MW (megawatts) in Abu Dhabi UAE. Marathon Holdings will own 20% of the joint company in UAE only. The cost of the project will be $406 million. This new comes after UAE based Phoenix Technology which embarked on establishing a $2 billion crypto-mining farm in the UAE,   announced in November 2022, that the biggest crypto mining project in the region will be completed in th

  UAE Emirates Zone Investment Services has partnered with Binance Pay, to accept crypto payments from the UAE startup community, small and medium businesses (SMBs), Investors and Entrepreneurs who are planning to set up companies in the region. Emirates Zone provides business setup and business formation to investors inside and outside the country. UAE is one of the biggest crypto markets in the world. Based in Abu Dhabi, Emirates Zone Group aims to facilitate the adoption of digital currencies in the region. Speaking on the partnership, Sanad Al-Meqbali, CEO of Emirates Zone Company, stated, "Emirates Zone Company offers a diverse and comprehensive package of solutions and facilities necessary to empower foreign investors and small and medium-sized companies and provide the opportunity to launch these projects with confidence, ease and ease. Accepting cryptocurrency payments will create more opportunities for global businesses in a bid to tap into UAE’s thriving startup communi

  As Abu Dhabi strives to become a global gaming hub through the AD Gaming government led initiative it is accelerating the growth of the region’s gaming industry with its recent partnership with AA Meta a local Metaverse and Web3 Development Company. The company will deliver cutting-edge Web3 solutions to the emirate’s game development eco-system. Fostering an environment of innovation and knowledge, AD Gaming provides a support system for the next generation of game developers and players, businesses, and fans alike. AD Gaming is powered by the collaboration of multiple Abu Dhabi-based government and commercial organizations, as well as content creators and gamers, all with the shared passion to see locally produced content on the world’s gaming stage. AD Gaming has signed a partnership agreement with AA Meta which provides metaverse infrastructure and Web3 technology solutions that enable next-generation gaming. Alongside using this technology for its own projects, AA Meta pro

  In what seems to be a great start for Blockchain and Web3 ecosystem in the MENA region, the first $1 billion fund was announced by UAE based Venom Foundation and Iceberg Capital under Venom Ventures Fund. As per the press release , Venom Ventures Fund is allocating $1 billion to invest in Web3, blockchain and cryptocurrency projects and services. This is the first $1 billion fund for Web3 and Blockchain to originate from the MENA region. Prior to this UAE Cypher Capital had announced its allocation of $200 million for Blockchain, Web3 and Crypto at the end of 2022 and Shurooq Partners had allocated $150 million for the same. Venom Foundation is the first Layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM). In October 2022, Venom Foundation added a regulated virtual asset exchange to its roster. The UAE based exchange formerly known as Yoshi Markets was re-names to Venomex. Venomex had received financial services permission from FSRA at ADGM allowing

  It is all over the news that UAE HayVN, regulated virtual asset trading platform is considering to bid for FTX Pay, FTX crypto exchange’s payment business. The reason the CEO of HayVN gives is that FTX Pay is valuable because of its relationships with establish companies such as MasterCard. Well is that a valid reason, given that most of these established companies have severed their relationships with FTX Pay, while it is actually Visa that was a partner and not MasterCard. UAE National newspaper came out with a story that UAE HayVN regulated by ADGM is interested in purchasing FTX Pay   to integrate it with HayVN Pay infrastructure according to statements made by Christopher Flinos, co-founder and chief executive of Hayvn. As he told the UAE National, “We are pleased to learn that some of the FTX businesses have solvent balance sheets, responsible management and valuable franchises. We are open to a discussion with their bankers, Perella Weinberg, as soon as they have the cour

  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

  UAE Midchain’s, crypto exchange for trading digital assets has partnered with UAE Al   Maryah Community Bank, the leading digital bank to provide a secure channel for investing and trading cryptocurrencies and digital assets through the bank’s establishment of escrow accounts in UAE dirhams to protect investors’ funds on cryptocurrency trading platforms and boost their trust. Within the framework of this cooperation, Al Maryah Community Bank seeks to support cryptocurrency trading platforms by using artificial intelligence technologies to automate transfers of Escrow accounts while purchasing and trading transactions according to the highest standards of safety, reliability, and transparency, and to accommodate the needs of investors and enhance the trust in the cryptocurrency market. This will be monitored by the Central Bank of the United Arab Emirates and will be facilitated according to its regulations and laws to protect investors and to ensure the protection of investors’ acc