Multi-currency and spot/futures exchange BTSE plans to host the first-ever native exchange token sale based on a Bitcoin (BTC) sidechain. The exchange seeks to raise $50 million, Finance Magnates reports on Dec. 10, with minimum investments set at $150,000. BTSE’s choice to host its offering on a Bitcoin sidechain sets it apart from other exchange tokens, which largely use either the Ethereum network or an in-house blockchain. Specifically, BTSE will release its token on the Liquid Network: a federated sidechain on the Bitcoin blockchain that functions as a settlement and payments network for crypto exchanges, market makers, brokers and other …

A Dubai-based Canadian expat has been arrested for peddling an allegedly fraudulent “Sharia-compliant” cryptocurrency and a host of other get-rich-quick schemes. As Gulf News reported on Oct. 30, Aziz “Com” Mirza had cultivated for himself a reputation as an entrepreneur, mentor and Instagram influencer. He now sits in Al Awir jail after a complaint was filed with the Dubai Police by a UAE resident allegedly defrauded of $150,000 in one of Com’s schemes. The “Bitcoin of the Middle East” Com targeted a global audience, including retail investors from the United States, United Kingdom, Canada and Greece. In just one of …

Dubai-based real estate giant Emaar Properties has released its new blockchain token-based referral and loyalty platform. Real monetary value Emaar, which developed the world’s tallest building, the Burj Khalifa, as well as the Dubai Mall, is planning to launch the EMR token for rewarding its customers, local publication Arabian Business reports Oct. 17. Based on JPMorgan’s blockchain platform Quorum, EMR tokens will be redeemable not only within Emaar’s real estate network, including hotels, ecommerce operations and malls, but also can be traded with other users, the report says. According to Arabian Business, both the blockchain platform and EMR token are …

The Dubai Chamber of Commerce and Industry (DCCI) has signed a memorandum of understanding (MoU) with Emirates NBD. Middle Eastern news daily Saudi Gazette reported on Oct. 14 that the DCCI, which acts as an international business hub in Dubai, has signed an MoU with Dubai government-owned bank, Emirates NBD. The bank, which is one of the largest banking groups in the Middle East in terms of assets, will provide trade finance solutions for the Digital Silk Road, a Dubai 10X initiative, which uses blockchain technology to digitize trade processes in Dubai. Dubai 10X is a program wherein various departments …

The Department of Economic Development in Dubai has announced its move to a blockchain-based unified business registry platform (UBRP). According to a Saudi Gazette report on Oct. 7, the platform aims to improve the ease of doing business in Dubai and enable license issuers to manage trade licenses and corporate registries. The Silicon Oasis Authority, the Dubai Electricity and Water Authority, and Dubai Multi Commodities Centre have already joined the platform. The UBRP eventually aims to host a total of 40 government entities. The solution is hosted on the blockchain-as-a-service platform called Dubai Pulse, which is a joint initiative of …

Dubai-based fintech company Wethaq has entered into a strategic partnership with enterprise software firm R3, in order to create a platform for issuing and trading sukuk securities based on R3’s Corda offering. A platform for Islamic securities According to a press release on Aug. 28, Wethaq’s platform is built on R3’s open source enterprise blockchain platform Corda, and the company has been taking steps to ensure that it is likewise compliant with Sharia Law. Wethaq’s platform is reportedly designed to improve the market infrastructure for issuing and trading sukuk securities. Sukuk is heavily regulated and demands a considerable amount of …

A new partnership between the Dubai International Financial Centre (DIFC), Mashreq Bank and fintech firm Norbloc aims to launch a blockchain-based Know Your Customer (KYC) data-sharing consortium in 2020. The official United Arab Emirates news agency, Emirates News Agency, reported on the new development on July 31. The DIFC, Mashreq Bank and Norbloc — a Stockholm-based blockchain project focused on KYC and a member of the Hyperledger consortium — are planning to jointly launch the consortium in the first quarter of 2020 to support businesses in Dubai. As part of the project, the parties will establish a consortium agreement to …

A DAG blockchain platform that can operate as the IT infrastructure for smart cities has announced a partnership with the private office of Sheikh Saeed bin Ahmed Al Maktoum — paving the way for an operational presence in Dubai. The Fantom Foundation says its protocol is designed to operate as the information technology infrastructure for smart cities that will make the lives of people living in urban areas easier — enhancing everything from health care and education to traffic management and environmental sustainability. Recently, the Unites Arab Emirates unveiled its “Smart Dubai” initiative, which aims to make the metropolis a …

Latin America’s biggest investment bank, BTG Pactual, plans to shift its security token offerings (STOs), a pipeline of over $1 billion in sales, onto the Tezos blockchain. The announcement appeared in a joint press release published on Tezos Foundation’s website on July 3. The new initiative is a collaboration between BTG Pactual and Dubai-based asset manager Dalma Capital, who plan to tokenize a number of traditional assets using the Tezos blockchain and smart contracts platform. According to the announcement, Dalma Capital is planning to use the Tezos blockchain for digitizing assets in multiple industries, including real estate, equity, lending, as …

The Dubai Chamber of Commerce and Industry (DCCI) has entered a joint initiative to promote the adoption of blockchain trade solutions, according to a press release on July 1 The DCCI, which acts as an international business hub in Dubai, has signed a memorandum of understanding (MoU) with two entities the International Chamber of Commerce (ICC) and Singapore-based blockchain startup Perlin. According to the report, DCCI is the first chamber of commerce in the world to offer blockchain tools developed by the ICC, as well as the Centre of Future Trade (CoFT), a collaborative project the ICC and Perlin announced …

The Dubai Land Department (DLD) and telecoms firm Etisalat have signed a memorandum of understanding concerning real estate blockchain technology, United Arab Emirates-based outlet Gulf Today reported on June 10. The DLD works under the Executive Council of Dubai in real estate-related services, while Etisalat is a multinational, Emirati firm that serves 15 countries in the Middle East, Asia and Africa. Both parties have said they aim to implement smart government standards and introduce paperless management and digital contracts for property transactions. Sultan Butti Bin Mejren, DLD’s director general, said the agreement is part of an ambition to make Dubai …

The Dubai Land Department (DLD), the real estate arm of the Executive Council of Dubai, has partnered with UAE-based Mashreq Bank to release a blockchain-based mortgage platform, according to a report by The National on May 28. According to the report, the blockchain-based platform will act as a repository for mortgage records, as well as a way to confirm that the mortgages comply with registration policies. Additionally, the platform will accommodate on-going updates that occur after a property sale, such as recording liquidation and payment defaults or changes to the mortgages. The new blockchain platform is part of the DLD’s …