In a recent press release, Bahrain has granted its first five Golden licenses and Whampoa Group,  a multi-family office with investments in global tech firms, and its digital bank has received one of these licenses. The holders of Golden licenses are eligible if they will create more than 500 local jobs, or make an investment of over $50 million in their first years in the Kingdom while contributing to strengthening the Kingdom's overall development. The Kingdom of Bahrain has granted the first five Golden Licenses to projects presented by Citi, Eagle Hills Diyar W.L.L, Infracorp, Saudi Telecommunication Company (stc), and Whampoa Group. With a collective investment of upwards of USD 1.4 billion into Bahrain, the greenfield projects and expansions are expected to create more than 1,400 job opportunities within the next three years in support of the Kingdom's Economic Recovery Plan goals. The licenses were presented at the headquarters of each company to Michel Sawaya, B...

  GCC ( Gulf Cooperation Council) and MENA based Investcorp, a global alternative investment firm has led a $15 million investment round for BitMe a Spanish crypto exchange. Included in the list of investors was Telefonica Ventures, Stratminds VC, Cardano, and YGG Fund. In April 2022 GCC headquartered Investcorp, launched eLydian Lion, the first dedicated institutional blockchain fund based in the GCC, with a global investment mandate (the “Fund”). The Blockchain ELydian Lion Fund, was led from Investcorp’s Abu Dhabi office UAE office, and was deployed globally with a focus on investments in companies leading the next digital evolution driven by blockchain technology. At the time Investcorp noted that the Fund would mainly invest in early-stage companies operating in areas within the blockchain ecosystem such as blockchain infrastructure, platforms and exchanges, DeFi, (decentralized finance), and data analytics. Fast forward, Investcorp has now invested in Bit2Me which will ...

  It s no surprise that global crypto exchanges are flocking to the UAE, first it was Binance, then Kraken which left, then crypto.com, coinbase, and now the second biggest global exchange OKX. OKX announced unilaterally that it had received a minimal viable Preparatory license from Dubai’s virtual asset regulatory authority (VARA). In 2022 OKX had received its provisional license and opened offices at the Dubai World Trade Centre.  In the announcement they stressed that the UAE is a key strategic growth and business hub for OKX global with the company planning ot hire 30 staff locals and senior management. OKX also added that it plans to extend its nine-figure brand partnerships to the UAE with customer and fan-focused activations and activities. As per the announcement, once licensed to be operational, OKX Middle East will be able to extend its approved suite of duly regulated virtual assets activities and will provide spot, derivatives, and fiat services, including ...

  UAE money exchange company, Ferg ( Foreign Exchange and Remittance Group) CEO has stated that the company as well as other money xchanges will start to accept crypto after Central Bank regulations are out sometime at the end of 2023 or early 2024.  Adeeb Ahamed, Vice Chairmen of Ferg and managing director of LuLu exchange stated, “We are constantly in conversation with the Central Bank and waiting for the regulations. The Central Bank understands the use case of cryptos – CDBC (central bank digital currency). Cryptos is something that has definitely been taken up by the world. It needs to be part of the payment ecosystem. We are very sure that with the regulations coming out by the Central Bank, we will also start accepting.” Ahamed expects regulations around digital currency are likely to come out later this year or early next year. These statements were made on the sidelines of Ferg’s Techno meet 23 in Dubai UAE. Ahamed added that exchange houses could no longer be...

    UK based   BeZero Carbon has partners   with UAE Blockchain security token platform for carbon credits ACX (formerly known as AirCarbon Exchange) to host its carbon credit ratings on ACX’s Abu Dhabi exchange - bringing transparent carbon ratings to a new audience in the Gulf States. The ACX Abu Dhabi exchange is the world’s first fully regulated carbon trading exchange built on blockchain. All users of this exchange will now be able to access BeZero’s Carbon’s ratings for carbon offset projects in real time, allowing them to make informed decisions about carbon credit quality before investment. This new partnership expands on an existing partnership between BeZero and ACX, which saw BeZero’s ratings hosted on other ACX platforms across the world. BeZero’s risk-based ratings are essential to scale investment in the Voluntary Carbon Market, providing market participants with the information they need to make informed decisions about carbon credit investment...

    UAE based Blockchain enterprise solution provider, Avanza Innovations, has announced the Orion metaverse platform and will unveil metaverse solutions for banks and governmental entities during Gitex 2023. Avanza has been offering blockchain solutions built on its Cipher blockchain platform to governmental banking, and enterprise clients across the UAE and GCC region, adding to this offering Avanza Innovations has now introduced its metaverse platform, Orion. Orion is specifically tailored for businesses and enterprises that want to go beyond existing metaverse platforms to offered a comprehensive digital channels for interaction and transactions. Speaking to LaraontheBlock, Waqas Mirza, CEO of Avanza Innovations explained, “ We will be offering Orion in the UAE in two verticals, banks and government tier one entities. Both industry sectors will be launching something, they all want to go beyond just 3D immersive   content to offering actual services on the me...

  In a recent interview with Qatar News Agency, the   Secretary-General of Qatar's Research Development and Innovation Council (QRDI) Eng. Omar Ali Al Ansari affirmed that artificial intelligence (AI) science and the digital revolution related to "metaverse" and "blockchain" are among the most important technological transformations in the current era. He believes that these technologies are important due to their contributions to the development of scientific research and innovation, through its ability to analyze huge amounts of data and process them faster and more effectively, which leads to the discovery of new patterns in the data and contributes to innovative scientific discoveries. Al Ansari   added that   the digital revolution and Blockchain technology will provide new levels of security, transparency and security for information, which contributes to the development of methods of dealing with information and data, storing and exchanging them. It ...

  The Blockchain Research Institute – Middle East (BRI-ME), the exclusive partner of The Blockchain Research Institute, an independent, global think tank, dedicated to exploring and sharing knowledge about the strategic implications of blockchain on business, government, and society co-founded by Dr Don and Alex Tapscott, has signed a partnership agreement with KSA based IR4LAB, a Saudi-based company specialized in disruptive technologies such as Blockchain and Artificial Intelligence, to develop and spread the blockchain adoption in Saudi Arabia and the MENA region. The signing ceremony was held under the auspices of the Saudi Arabia’s Ministry of Communication and IT (MCIT) in Center of Digital Entrepreneurship (CODE) Riyadh headquarters. In attendance live from Canada was Dr Don Tapscott, well renowned global blockchain author and expert, and founder of BRI. Key representatives from several Saudi governmental and private entities were present including MCIT, Communications s...

  UAE based NEXT IT & Systems partners with U.S. based IDD Lab   to revolutionize solutions for multiple industries by leveraging   Blockchain Technology. NEXT IT & Systems, a prominent software development group, has joined forces with IDD Labs, a leading blockchain technology group based in USA, to develop cutting-edge blockchain solutions aimed at enhancing identity across diverse sectors, including supply chain, KYC/AML, payments, and more. IDD Labs, a software technology group with specialization in blockchain, played an instrumental role in launching the identity-based Accumulate network, which went live November 2022, and is a hard fork of Factom - a blockchain network which has been running successfully since 2016. "As the CEO of Next IT & Systems, I am thrilled about our partnership with IDD Labs," says Shaik Hamdan. "This collaboration represents a pivotal moment in our journey towards revolutionizing the market and driving the widespread adopti...

  During Gitex Africa, held in Morocco from 31 May – 2 June 2023, IR4LAB, a Saudi-based company specialized in disruptive technologies such as Blockchain and Artificial Intelligence., announced that it would be expanding its operations into Africa. The announcement was made during Gitex Africa.  The expansion is part of IR4LAB’s commitment to the African continent and their aim to spur innovation in deep technologies and implement use cases utilizing IR4LAB’s Blockchain solution, DocCerts as well as other solutions offered. Mohamed El Kandri, CTO and Co-Founder of IR4LAB, who made the announcement at the event, stated, “We are happy to be expanding into the African market. We believe that Africa’s digital economy will grow and we want to be part of this growth in innovation and digitization, but also building local capabilities right from Morocco to Africa”. According to Mckinsey & Company, Africa’ digital economy should top $712 billion by 2050 fostered by its youth...

  UAE’s Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has announced that it has taken enforcement actions against 10 Leaves Limited (10 Leaves), an ADGM-licensed company, and its three directors by imposing financial penalties amounting to USD 32,000 for a repeated failure to file annual accounts and reports by the statutory deadlines specified under the RA’s administered legislation. 10 Leaves was established in the ADGM, offering a breath of specialist consultancy services including blockchain, digital asset business setup in the UAE. They assist businesses to setup in the UAE. The RA found that 10 Leaves and its directors, Bishr Shiblaq, Rohit Ghai and Satidanand Auchoybur failed to submit statutory accounts and reports for the financial years ending 31 December 2020 and 31 December 2021 by the specified timelines. 10 Leaves and its directors failed to deliver consecutive accounts and reports to the RA by the statutory timelines despite reminders sent by the...

  MENA based Bank ABC has won two distinguished awards at Global Finance's much-coveted The Innovators Awards -2023. The Bank's innovation and digitization Centre, ABC Labs, has been named as one of "the World's Best Financial Innovation Labs. ABC bank is implementing the GCC region’s first blockchain based cross border instant payment solutions as well as CBDC project with the Central Bank of Bahrain. In 2020 The Central Bank of Bahrain collaborated  with J P Morgan and Bank ABC in a pilot scheme to introduce instantaneous cross border payment solution leveraging state of the art technology and digital currency. The pilot was successfully completed in 2022.  Bank ABC along with J.P. Morgan will pilot the transferring of funds from and to the Kingdom of Bahrain in US-Dollars for payments from buyers to suppliers. This will lead to suppliers being paid faster and buyers originating payments in shorter time periods without the need for holding funds in advance. The Cen...

  Web3 tokenized indices investment startup, nealthy, which recently raised $1.3 million, has set up its headquarters in Dubai UAE. nealthy provides index tokens that replicate the structure of classic exchange-traded funds (ETFs). By storing multiple digital assets in on-chain vaults, building a diversified portfolio, and issuing an underlying indicator token. The first token will be called $nNFTS (which retains its real value through a peg to recognized blue-chip NFTs), nealthy is lowering the barriers to entry and opening the floodgates of digital asset investment to people around the world. The leadership team of CEO Ludwig Schroedl, CTO Zied Said, and CMO Tim Pascual said that Dubai-based operations would help expand to a crypto-friendly region renowned for its forward-looking strategies. “We are thrilled to announce our move to new corporate headquarters in Dubai. From the standpoint of Dubai’s robust investment market to its renown as a hub for innovation, tourism, colle...

    Once again Bybit is supporting the crypto and blockchain ecosystem in the UAE. Yesterday it was with DMCC crypto center, and today it is with the University of Sharjah. Bybit has contributed $272.000 equivalent to 1 million AE to establish a scholarship fund to support 20 students to accelerate their academic and research career into fintech and blockchain at the American University of Sharjah. 20 computer science and computer engineering students will benefit from the Bybit Scholarship as soon as this fall. Bybit is also committed to broader initiatives including an extra AED 100,000 to sponsor a hackathon for the blockchain community in the UAE. The first AUS-Bybit Inter-College Hackathon will be held at the AUS College of Engineering in the 2023-2024 academic year. “AUS’ reputation as a center for education excellence stems in part from its strong industry links that allows it to continuously bridge gaps between industry and academia. Through this partnership w...

  A new report entitled, “Disrupt and Innovate: Harness the power of blockchain” published by Singapore Agile Dynamics, a research based consultancy services, blockchain technology will boost global gross domestic product (GDP) by US$2.1 trillion of the projected global GDP in 2030. Approximately half (49%) of the US$2.1 trillion will come from growth markets. This is especially important finding given the growth of blockchain implementation in the GCC and MENA region. Countries such as Qatar, KSA , UAE , and even Oman are building their capacities and use cases utilizing emergent technologies such as blockchain, AI, IoT and others, and their GDPs will be positively affected. As per the report as well, customized layer 1 blockchain protocol offers potential benefits such as increased financial inclusion, reduced transaction costs, and improved transparency - all of which align with the concept of technology sovereignty. It empowers entities to have ownership and control of th...

    Oman’s Green Data City, the first data center in Oman to obtain a crypto mining license will have full blockchain capacity in 2023. The datacenter which is nestled in Salalah region of Oman, harnesses its coastal location to utilize renewable energy sources. As per a report in Oxford Business group, the project is set to receive more than $3.2 billion as part of Vision 2040 and is expected to reach full blockchain capacity in 2023. The MTCIT announced in December 2022 that it secured OR150m ($390m) in investment from a consortium of local and foreign financiers to develop a large-scale data center at Green Data City. The investment is earmarked for the processing and hosting data; and the adoption of distributed ledger technologies, blockchain and financial technology. In an interview with Said Abdullah Al Mandhari ,CEO of Oman ICT Group, he noted that advanced technologies and blockchain, in particular, have enormous potential to enhance Oman’s long-term economic...

  Aquanow, a digital assets infrastructure provider has unilaterally announced that it has received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA), while it undertakes the in-depth process of applying for a license in accordance with VARA requirements. Full approval to operate will be issued by VARA as soon as Aquanow completes all mandated requirements, which the firm is expected to complete in the near-term. “At Aquanow, we believe that the UAE is a forward-thinking jurisdiction for digital assets regulation and we view Dubai as a key hub for our international growth efforts,” said Aquanow’s Chief Executive Officer, Phil Sham. “We’re excited to receive the initial approval from VARA and to be moving closer to powering a range of digital asset use cases in the region.” Aquanow, which is privately-backed, is one of the largest digital asset liquidity providers and is a global leader serving financial services clients in 40 countries around the world. ...

  CZ the Co-Founder of Binance has taken to twitter after word came out that the U.S. SEC ( Securities and Commodities Authority) has sued Binance US and its founder for providing trading for securities such as BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI. The U.S. summarizes the case as a blatant disregard of the federal securities law and the investor and market protections these laws provide. The SEC states that Binance has enriched itself by billions of U.S. dollars while placing investors’ assets at significant risk. The 13 charges come after the CFTC unveiled a similar complaint against Binance and Zhao earlier this year. CZ on twitter stated, “4. Our team is all standing by; ensuring systems are stable, including withdrawals, and deposits.   We will issue a response once we see the complaint. Haven't seen it yet. Media gets the info before we do.”  Charles Hoskinson of IOHK, who had tweeted, “With respect to Binance, I'm reading thro...

  The UAE virtual asset regulatory authority has published its new virtual asset  rulebook for, the virtual assets transfer,  and settlement service.   This comes after the Central Bank of UAE published its guidelines for AML CFT compliance for financial institutions in relations to VASPs in the UAE. As published in the rulebook, VASPs providing VA Transfer and Settlement Services must comply with all applicable legal and regulatory requirements issued by the Central Bank of UAE which apply to the VASP, which pertain to the end-to-end enablement of payments, remittances and/or other related services as may be amended from time to time. As per the transfer and settlement service rulebook document, VASPs providing VA Transfer and Settlement Services must ensure that they comply with all legal and regulatory requirements for such services, inside and outside of the UAE. VASPs must ensure at all times that any transmission or transfer, and/or settlement being unde...

    Global crypto exchange ByBit has partnered with UAE’s DMCC freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center. Bybit's pledge of financial support in the amount of $136,000 will be used to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre. To qualify for this opportunity, start-ups must successfully pass the standard compliance and due diligence checks required by DMCC. Bybit will become the listing partner for the Crypto Centre, with the company providing dedicated support for crypto firms looking to list digital assets on one of the top global exchanges. Additionally, the partnership will bring Bybit Services to Crypto Centre members. Bybit currently has its headquarters in Dubai UAE and boasts of 15 million users. Bybit will also participate in the DMCC Crypto Centre’s educational initiatives by delivering webinars and educational courses about the digital ...