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Abu Dhabi Firms Launch Investment Fund to Tokenize U.S. Treasury Bill ETFs

Abu Dhabi Firms Launch Investment Fund to Tokenize U.S. Treasury Bill ETFsTwo Abu Dhabi firms, Realize and Neovision Wealth Management, have launched a fund that tokenizes U.S. Treasury bill exchange-traded funds. The fund aims to attract investors from the Gulf, Europe, and Southeast Asia. Southeast Asia Investors to Dominate Fund Abu Dhabi firms Realize and Neovision Wealth Management have unveiled an investment fund that acquires units […]

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Microsoft, G42 Open 2 AI Centers in Abu Dhabi

Microsoft, G42 Open 2 AI Centers in Abu DhabiMicrosoft and G42, a United Arab Emirates-based AI firm, have established two new AI centers in Abu Dhabi. These centers aim to promote responsible AI in the Middle East and the Global South. They will identify best practices, support AI projects for societal goals, and strengthen the relationship between Microsoft and the UAE. G42’s partnership […]

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Nexo Secures Preliminary VARA Approval to Launch Crypto Lending and Brokerage Services in Dubai

Nexo Secures Preliminary VARA Approval to Launch Crypto Lending and Brokerage Services in DubaiOn Tuesday, Nexo announced its Dubai entity, Nexo DWTC, had secured preliminary approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to engage in virtual asset lending, borrowing, and broker-dealer activities within the UAE’s most populous city. Nexo Gains Initial VARA Approval for Dubai Crypto Operations The crypto lender Nexo received a provisional “Initial Approval [IA]” […]

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UAE researchers launch blockchain carbon trading platform at COP28

The institute said it adopted a lightweight and efficient blockchain not intended to be computationally wasteful, where trading can be facilitated at little to no cost.

An Abu Dhabi government-affiliated research center has announced the launch of a new blockchain-powered carbon tracking and trading platform, amid efforts from the United Arab Emirates government to lower emissions toward net zero.

The new blockchain was unveiled at the latest the United Nations Climate Change Conference (COP28) on Dec. 5, which will enable the international trade of carbon tokens linked to investments in green projects, such as forestation and carbon capture.

The platform was built by Technology Innovation Institute’s (TII) Cryptographic Research Center, according to a Dec. 5 statement by the TII. The blockchain can track carbon emissions by registering the emissions from any worldwide public or private organization, the TII noted.

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Paxos receives in-principle approval to issue stablecoins in Abu Dhabi

The approval followed a similar move by regulators in Singapore, where Paxos said its local entity would launch a U.S. dollar-backed stablecoin.

Crypto firm Paxos has secured in-principle approval from Abu Dhabi’s regulator on two fronts: to issue stablecoins and conduct digital asset services.

In a Nov. 29 announcement, Paxos said the Financial Services Regulatory Authority in the Abu Dhabi Global Market had granted in-principle approval for the company to issue United States dollar-backed stablecoins as well as “offer crypto-brokerage and custody services” in the emirate. The approval followed a similar move by regulators in Singapore, where Paxos said its local entity would launch a U.S. dollar-backed stablecoin.

“Our IPAs from the FSRA, on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks,” said Paxos head of strategy Walter Hessert. “Paxos is unique in the industry for this approach and we will continue expanding our regulatory licensing to serve global enterprises as a trusted, innovative partner.”

Related: Iota launches $100M Abu Dhabi foundation for Middle East expansion

According to Paxos, it will continue to expand the use of its stablecoins upon full approval. The firm reiterated transparency regarding its stablecoin reserves as “stable, safe, and reliable.” PayPal launched its PYUSD stablecoin issued by Paxos in August.

On Nov. 1, the Abu Dhabi Global Market introduced comprehensive regulations related to distributed ledger technology. The region began preparing regulations on cryptocurrency in 2018.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

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Abu Dhabi grants virtual asset firm M2 permission to offer crypto services

M2 platform will launch later in 2023, allowing UAE-based retail and institutional clients to buy, sell and custody virtual assets.

The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has granted financial services permission (FSP) to virtual assets firm M2 to operate a multilateral trading facility from the United Arab Emirates capital.

In an Aug. 16 announcement, the Abu Dhabi-headquartered M2 said the regulatory approval would allow institutional and retail clients in the UAE to “buy, sell and custody virtual assets,” such as Bitcoin (BTC) and Ethereum (ETH).

The M2 platform, which is scheduled to launch later in 2023, has been developed over the past year with a long-term vision to establish “the highest levels of trust, security and integrity in the emerging virtual asset class,” the announcement said.

Once live, the M2 platform will also allow UAE users to buy cryptocurrencies using fiat money, as well as access to derivatives and yield services.

“The process of obtaining the license is the first step on our journey, and we will remain in close dialogue with ADGM to ensure transparency around the custody of client assets,” said Stefan Kimmil, chief executive of M2.

Cointelegraph reached out to M2 for further comments but didn’t receive an immediate response.

“Over the past five years, the ADGM regulatory framework has established clear rules for those operating in the virtual assets sector, and M2 will uphold the highest standards to reflect their vision as the UAE continues to affirm its reputation as a global leader in this space,” he added.

Related: Uzbekistan permits two banks to issue crypto cards

ADGM had not yet responded to Cointelegraph’s request for comment at the time of publication.

ADGM introduced a comprehensive virtual asset regulatory framework in 2018. It has since attracted a number of major companies dealing with cryptocurrencies to set up businesses in its regulated financial economic zone.

“At ADGM, our mission has always been centered around unlocking new growth opportunities and fostering investments in the virtual asset sector, ADGM Authority CEO Salem Al Darei said. “We remain committed to enhancing Abu Dhabi’s digital asset landscape and actively supporting the diversification of our thriving economy.”

In November 2022, the ADGM awarded cryptocurrency exchange Binance an FSP after being granted in-principle approval from the financial watchdog in April.

Subsequently, cryptocurrency exchange Rain received similar regulatory permission in July this year to operate virtual assets brokerage and custody services to UAE users.

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Large Immersion Cooled Crypto Mining Farms to Extract Bitcoin in Middle East Desert

Large Immersion Cooled Crypto Mining Farms to Extract Bitcoin in Middle East DesertA project to build two large-scale facilities for cryptocurrency mining is underway in the United Arab Emirates (UAE). The high-tech data centers will rely on a full immersion solution to cool the power-hungry miners as the desert climate renders air-cooled mining infeasible, participants said. Advanced Crypto Mining Facilities in Abu Dhabi to Defy Cooling Challenges […]

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Bitcoin Miner Marathon Receives Second SEC Subpoena in Connection to Montana Mining Facility Investigation

Bitcoin Miner Marathon Receives Second SEC Subpoena in Connection to Montana Mining Facility InvestigationMarathon Digital Holdings, a publicly-listed bitcoin mining company, has recently revealed that it was served with a subpoena by the U.S. Securities and Exchange Commission (SEC) in relation to an investigation concerning the firm’s Montana mining facility. The SEC is reportedly looking into potential violations of federal securities law. Marathon’s Montana Mining Facility Under SEC […]

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Bitcoin miner Marathon Digital hit with another SEC subpoena

The first subpoena was given to Marathon in the third quarter of 2021, concerning whether it may have violated federal securities laws relating to its data center in Hardin.

Bitcoin (BTC) miner Marathon Digital has disclosed that it received another subpoena from the United States Securities and Exchange Commission relating to its 100-megawatt data center in Hardin, Montana.

According to Marathon’s quarterly report filed May 10, it received the subpoena on April 10 “relating to, among other things, transactions with related parties” that occurred while it was creating the facility in Montana, adding:

“We understand that the SEC may be investigating whether or not there may have been any violations of the federal securities law. We are cooperating with the SEC.”

The subpoena is the second one received by Marathon regarding the facility. It also received one late in the third quarter of 2021 in which the SEC ordered the firm to produce a number of related documents and communications.

A Marathon spokesperson declined to provide any additional comments.

Related: Bitcoin ‘under siege’ by BRC-20 coins as fees soar, claims analyst

On May 9, Marathon announced that it had partnered with digital assets infrastructure company Zero Two to create a large-scale immersion Bitcoin mining facility in Abu Dhabi.

The facility would consist of two mining mines with a combined 250-megawatt capacity, and Marathon noted that while mining in Abu Dhabi would normally be infeasible, its “custom-built immersion solution” would be sufficient to ensure the mining rigs remained cool.

The announcement came just two months after the Biden administration proposed a new tax for crypto miners operating in the U.S., which would require them to pay a tax equal to 30% of the cost of any electricity used while mining for crypto.

Magazine: $3.4B of Bitcoin in a popcorn tin — The Silk Road hacker’s story

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