UAE’s latest digital asset and Web3 free zone in Ras Al Khaimah, RAK DAO, has appointed James Bernard at its Chief Commercial Officer. Bernard has been working in the digital asset blockchain sector since 2015. In the UAE he worked within Dubai’s DMCC and later on as an advisor to several Web3 blockchain entities within the UAE. James will be responsible for all commercial activities, the implementation of business strategies and the development of partnerships, supporting entrepreneurs, innovators, and businesses across new and emerging tech sectors, digital assets, and web3, metaverse, AI, NFT, DApp, AI, blockchain, tokenization as well as many others.   He was a founding member in 2015 of the Global Blockchain Council in Dubai, and leading DMCC’s Crypto strategy, developing early proof of concepts for various Web 3.0-powered ventures including Diamond Track and Trace, and property leasing applications, while also launching crypto asset licenses and making significant contr

    Bahrain Central Bank has announced the issuance of regulation for security tokens as amendments to its current crypto asset module. The Central Bank has expanded the crypto asset regulations to include digital token offerings, in specific those with the characteristics of security tokens. In determining whether a digital token qualifies as a security, the CBB will examine the underlying economic purpose of the digital token, its structure, characteristics, as well as the rights attached to the digital token. The new amendments also outline new requirements to enhance safeguarding clients’ assets to provide high levels of protection for investors. In addition the Central Bank of Bahrain will allow crypto-assets licensees (after obtaining the CBB’s approval) to engage in additional activities, which are not within the stipulated regulated crypto-asset services.   Commenting on the new amendments, Director of the Capital Markets Supervision Directorate – Mrs. Abeer Al Saad