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...

In a recent tweet , the Founder of WadzPay, a blockchain technology payment provider with a presence in the UAE, Anish Jain, offered an update to the community stating that WadzPay had made strides on the licensing front and are in the “final stages". In addition he added that WPC token would be listed on a Tier1 regulated exchange in the Middle East. As for the WadzPay product it will be ready for launch in Q3 of this fiscal year with live terminals on WadzPay soon. Prior to this in a LinkedIn post , WadzPay announced that its blockchain enabled payments platform was now technically live for Pilgrims in Saudi Arabia. The solution is intended to facilitate digital payments and creates a cashless experience in KSA. As per the announcement, WadzPay works with large payment companies, banks, and global entities to enable virtual asset-based transaction processing and settlement. Their private blockchain program will enable pilgrims to use mobile app-based wallets issued by an approve...

  BingX, a cryptocurrency exchange, has introduced   Peer-to-Peer (P2P) trading services for multiple countries in the MENA region including UAE, Qatar, Jordan, Egypt, Kuwat, Saudi Arabia and Turkey. This means that trading includes fiat currencies such as   AED, DZD, EGP, JOD, KWD, QAR, SAR, MAD, TRY, and more. By opening up this feature, BingX aims to foster greater accessibility and convenience for users seeking to purchase cryptocurrencies with their local fiat currencies. According to BingX press release, this strategic move empowers merchants and users in the MENA region and Turkey to engage in direct cryptocurrency transactions with zero transaction fees. Building on its successful P2P trading services available in over 40 countries and regions with support for 300+ payment methods, BingX now extends its user-friendly and cost-effective trading experience to the MENA and Turkey market. BingX is seeking merchants in the Middle East and Turkey. "We are delighte...

  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...

    Given the focus in the past months on the topic of stablecoins, and with the launch of Paypal’s stablecoin pegged to the U.S. dollar, centered around discussions on how stablecoins will fair in the future, it is very interesting to see Edelcoin’ s launch of a stablecoin, not backed by the dollar or eyuan but backed by real world assets! Paypal in its press release for example stated, fully-backed, regulated stablecoins have the potential to transform payments in web3 and digitally native environments. Today the stablecoin market is a $120 billion according to data from TradingView yet it is expected to grow to $2.8 trillion in the next according to broker Bernstein research report released this month. Yet stablecoins face challenges include regulatory uncertainty, technical vulnerabilities, market fluctuations, and liquidity issues. Here is how Edelcoin comes in. It is a stable payment token potentially inversely correlated to inflationary fiat currencies. According ...

  As part of the strategy to build  crypto mining datacentres in Oman, the first phase of Asyad Group crypto mining center was launched in the Free zone in Salalah. Built and managed by Exahertz, a subsidiary of Afaq Advance Technologies firm, the first phase was inaguarated during a ceremony attended by top Omani governmental officials. The ceremony was held under the auspices of Eng. Said Hamoud Al Ma’awali, Minister of Transport, Communications and Information Technology. It was attended by HH Sayyid Marwan Turki Al Said, Governor of Dhofar. The ceremony included the inauguration of a pilot facility for the first phase of the project on the centre for data processing and hosting of cryptocurrency mining. During the event the second phase of the project was also launched. Al Ma’awali stated, “The inauguration of the first phase of the project reflects the ministry's keenness on promoting digital investment and localizing advanced technologies. He added that the com...

  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...

    In a recent LinkedIn post , Zul Javaid, CEO of UAE Trade Connect, the UAE’s first trade finance platform to combat fraud, announced that they had hired Wissam Massud to lead their international expansion. As per the post, Massud will define market-entry strategies as UAE Trade Connect widens its horizons to GCC, other Middle East, Africa countries. In the post, Javaid states, “We know that UTC's unique #blockchain technology addresses a real-life pain for banks and tradefinance lending everywhere, so we fully expect to be knocking on lots of countries' doors in the coming year.” Prior to this announcement, In May 2023 Zul Javaid coming back fro a recent participation at Global Trade Review conference in KSA had noted that UAE Trade   Connect was interested in offering its solutions to the Saudi Arabian banking sector. As per Javaid, “The Kingdom of Saudi Arabia is a robust banking market, and we are very keen to bring our unique blockchain and AI based engi...

  While the Oman Capital Markets Authority awaits feedback for its virtual assets framework consultation paper, it has approved registry of Oman’s Easy Coins, a non custodial crypto provider, as the first VASP in the country. Easy Coins has been operating in Oman for over two years. In December 2022 Easy Coins launched its trial of Tether USDT on the Tron Blockchain. Accordingly Easy Coin users in Oman could purchase TRC20 USDT. Prior to that The Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group, trialed its stablecoin linked to the Oman Riyal. The company signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet. Easy Coins was launched in Oman in June 2021, as a non custodial crypto Brokerage platform, The platform is powered by Quantoz Blockchain Technology for financial services, and running on Nexus from connectedChains and supported by ThawaniPay. Given that Easy Co...

    The UAE Abu Dhabi Islamic Bank, recently announced its migration of high percentage of its application and workloads to the Azure Cloud utilising various cloud computing services such as Blockchain, AI, and Data warehouse. ADIB has selected Cloud4C to work with them on this transformation project. Cloud4C is an Azure expert specialised in advanced cloud-managed services. They were chosen because of their broad and deep portfolio of cloud services, overall commitment to security excellence, and strong financial services experience. Commenting on the migration to the Cloud, Ashley Veasey, Group Chief Information Officer at ADIB, said: “ADIB has been at the forefront of digital transformation and continues to invest in re-architecting its technology to be more innovative and responsive to customer needs. We migrated to the cloud in recognition of the need to create an environment that is optimised for rapid changes and that will help in rolling out our digitisation stra...

  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...

    For almost a year now, as a blockchain and crypto blogger I have been reading about the Haqq Blockchain network through their press releases, and this has raised doubts about the entity and its activities.  First doubt came with  the announcement of the large investment they claim to have raised. First it was $200 million dollars raised in August 2022 in a private sale where none of the HNWI investors were mentioned. Then almost a year later in July 2023, Haqq Blockchain/Islamic Coin announced another $200 million investment, this time stating it was from ABO Digital, a subsidiary of multi-family office Alpha Blue Ocean Group. Looking closer at this announcement of the $200 million from ABO Digital, the information states, “The latest partnership will entail introducing Islamic Coin to the ABO network of investors and helping the team structure innovative Shariah-compliant financial products that could be used in the digital asset space to raise alternative...

  Swedish and UAE based Gayo aviation, a luxury travel company that offers aircraft management, consulting services, aircraft purchase and sales and flight deck services is now offering crypto payments utilizing UAE HAYVN Pay. HAYVN Pay is a part of HAYVN, a digital asset-focused financial institution regulated in Australia (AUSTRAC), Lithuania (FNTT), Abu Dhabi (ADGM), the Cayman Islands (CIMA) and the British Virgin Islands (BVI). HAYVN Pay aims to drive cryptocurrency payment adoption by providing accessible, trusted crypto payment solutions. Christopher Flinos, Chief Executive Officer at HAYVN said: “The interest in paying in cryptocurrency extends across all major asset industries including gold, jewellery, watches, exotic cars, boats, real estate, and handbags. HAYVN Pay aims to bring cryptocurrency payment solutions to 75% of the world’s merchants by 2024. Cryptocurrency accounts for 20% of total luxury sales in 2023. I welcome Gayo Aviation to the HAYVN Pay ecosystem an...

    In a recent LinkedIn post , Henk Jan Hoogendoorn , Chief Financial Sector Officer at Qatar Financial Centre (QFC) Authority revealed that the digital assets framework that the authority has been working on will soon be launched along with the digital asset lab. As noted, QFC is working with Price Waterhouse Cooper ( PWC) to finalize the digital assets framework and the launch of the digital assets lab. As Hoogendoorn noted, “ We are working on digitalassets framework together with Qatar Financial Centre Regulatory Authority (QFCRA) supported by the expertise of PwC .We are making good progress on preparation of Digital Asset Lab to be launched soon.” Prior to this Qatar Financial Authority had taken several inititiatves towards advancing DLT, Blockchain and digital assets within the financial sector. In May speaking to LaraontheBlock, Hoogendoorn stated , “We are developing our digital assets framework to allow for public tokenization of assets, including securit...

    Cardano blockchain suppored venture capitalist, EMURGO Africa and Middle East, has invested $250K in African blockchain carbon market tech company, ChangeBlock. Changeblock, a carbon market technology company, aims to revolutionize the carbon trading landscape by leveraging the power of blockchain technology. With this investment, EMURGO Africa aims to foster sustainable development and environmental responsibility while driving transformative change within the carbon market. "Our investment in ChangeBlock is in line with our commitment to foster the development of climate change reversal technologies and impactful solutions on Cardano’s third-generation and environmentally-sustainable blockchain.” Said Ahmed M. Amer, CEO of EMURGO Africa and Executive Director of EMURGO MEA.   “Together with ChangeBlock, we hope to bring the world’s regulators, business leaders, and global changemakers to foster and double down on their commitment to a global net zero strat...

    The UAE Ministry of Justice announced in its 2023 digitization report that utilizing blockchain technologies and video communications, 95% of court cases were conducted remotely. In addition all marriage services were completed digitally.  The ministry introduced a digital system that can issue powers of attorney in less than 10 minutes without any human involvement.  As per the news, this achievement aligns with the UAE’s digital agenda, reflects the ministry’s commitment to its digital transformation journey, and aligns with the UAE's 2025 Digital Government Strategy. The ministry developed a comprehensive and innovative digital system, which allowed the remote completion of marriage services in the first quarter of this year, facilitating users’ dealings and reducing paperwork. The Ministry of Justice also announced that in the first quarter of the year, the Notary Public used video conferencing and blockchain technology to generate 99 percent of powers...

  Samsung Gulf Electronics has hosted its Galaxy Unpacke event in UAE’s e& metaverse. The event will allow users to pre order their favourite Galaxy devices in the virtual space and take advantage of the exciting pre-order offers on the new devices as well as exciting pre-order offers Samsung is rolling out on the new devices across UAE and the wider GCC. These include free storage capacity upgrades, free Samsung Care+ support service, trade-in benefits, Samsung Rewards as well as free mobile accessories. At the Galaxy Unpacked event that took place in Korea for the first time, Samsung unveiled a slew of new devices that included the Galaxy Z Fold5, Galaxy Z Flip5, Galaxy Tab S9 Series and the Galaxy Watch6 Series. This was the first time Samsung took to the metaverse and partnered with a global technology group such as e& to host a unique activation. Commenting on the occasion, Khaled Elkhouly, Chief Consumer Officer, etisalat by e&, said: “At e&, we are commit...

    UAE based Venom Blockchain has signed an MOU ( Memorandum of Understanding) with the UAE Ministry of Climate Change and environment to launch the first blockchain enabled national system for carbon credits. The collaboration aims to reduce emissions and enhance sustainable agriculture, environmental health, and biodiversity in the UAE. This will be achieved by providing the highest levels of transparency, reliability, efficiency, and security in managing the issuance, transfer, calculation, and accurate tracking of carbon credits, as well as facilitating the digitisation process. The MoU was signed by Mohammed Said Al Nuaimi, Acting Under-Secretary of MoCCAE, Taryam Matar Taryam, CEO of Industrial Innovation Group, and Peter Knez, Chair of the Foundation Council at Venom Foundation, at the Ministry's office in Dubai. Almheiri said, “As the UAE prepares to host COP28 in November, the country is striving to double its efforts and showcase its inspiring experience to ...

  The Blockchain related job market in the GCC MENA region is growing, and salaries differ between varying GCC countries depending on need, and availability. According to Salary Explorer 2023 reports, the average blockchain developer salary in the UAE per month is $3348 ( 12,300 AED), in Oman $3922 ( 1,510 OMR ), in KSA $3945 (14,800 SAR), in Qatar $3597 (13,100 QAR), in Bahrain $3630   ( 1,370 BHD), while in Egypt and Morocco the average salary is $266 ( 8,230 EGP), and $1810 ( 17,500 MAD). Interestingly others have noted that the average crypto salary per month in Dubai is $6582. As per their report salary estimates are based on anonymous submissions by cryptos, website users collected in Dubai from past and present job posts. Concurringly a number of entities in the UAE are requesting job positions. One example is Crypto.com that is hiring a Web3 senior regulatory reporting analyst, in Dubai. Recently as wel the Commercial Bank of Dubai was searching for Head of CB...

  In a recent LinkedInpost, MENA crypto exchange CoinMENA fully regulated in Bahrain came out with a new marketing campaign announcing that as a licensed exchange it is serving more than 250,000 users across 8 countries including Bahrain, UAE, KSA, Kuwait, Oman, Qatar, Iraq and Egypt. Basing their marketing campaign on the concept of trading on a licensed exchange, CoinMENA is calling crypto traders to trade with them given they unlike other unlicensed exchanges are licensed by the Central Bank of Bahrain, with a category 3 license. This campaign comes weeks after UAE’s BitOasis lost its active status for its MVP operational license after VARA, Dubai’s virtual asset regulatory authority, issued a market notificiation stating that it had taken enforcement actions against BitOasis and advised investors and consumers that BitOasis’s MVP operational license is under review for not meeting mandated conditions. BitOasis had been the first crypto exchange to receive an MVP operat...