Dubai is taking big steps to be the leading city of the future under the guidance of its leaders. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum recently launched Dubai's Universal Blueprint for Artificial Intelligence. This yearly plan aims to make Dubai the fastest, most agile, and best-prepared city for the future by using AI to improve quality of life. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum affirmed that Dubai's annual plan to accelerate the adoption of artificial intelligence applications translates the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, to enhance Dubai's leadership as a global hub for technology and innovation, and the necessity of leveraging new artificial intelligence technologies and their future impacts on all sectors.His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said: "In 1999, the pioneering journey of the future by launching Dubai's digital transformation, a venture that has continued to achieve milestones leading to the recent unveiling of the Dubai Digital Strategy last year. We have realized record-breaking accomplishments that have established us as the premier hub for billion-dollar global enterprises in the technology and artificial intelligence sectors within the region. His Highness added: "In recent years, the evolution of artificial intelligence has accelerated, presenting numerous opportunities for nations and governments adept at utilizing it, while posing challenges to those unable to keep pace. This required swift and adaptive action plans responsive to the rapid changes in technology and artificial intelligence.”His Highness continued, "To enhance Dubai's global leadership, today we launch Dubai's Universal Blueprint for A.I to accelerate the adoption of artificial intelligence applications, which will achieve the targets of Dubai's economic agenda D33 by contributing an additional 100 billion dirhams to Dubai's economy through the digital economy and increasing the economy's productivity by 50% by adopting innovative digital solutions."Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said: "Through the first phase of the plan for this year, we will work on appointing a Chief Artificial Intelligence Officer in every government entity in Dubai, launch AI and Web3 incubators as well as kick start AI Week in educational institutions. Lands for data centers will be fast tracked, and a new commercial license for artificial intelligence will be introduced."His Highness emphasized that 'our goal with this plan is to ensure the well-being of humans in Dubai. We will annually review, update, and launch new projects to ensure that the plan keeps pace with all developments. Dubai is a city whose focus is humanity, and we will harness all our capabilities to make its society the happiest in the world.Dubai's annual plan for accelerating the adoption of AI applications and implementations is a roadmap to enhance Dubai’s well-being by adopting AI across all sectors and areas crucial to the emirate's future, making it the most supportive of the economy, the best in technology utilization, and the fastest in adopting advanced applications.Plan’s ObjectivesThe plan aims to provide the best environment for artificial intelligence companies and global talent by enhancing competitiveness in facilitating business operations, supported by advanced technological infrastructure, flexible legislative environment, and a supportive system that encourages the development of AI technologies and advanced industries in the field of technology. This contributes to empowering these companies to grow and expand the benefits of AI solutions in accelerating progress in various fields and contributing to building a better future for new generations.The plan also aims for Dubai to lead in the adoption of artificial intelligence within government work models. This will be achieved by implementing artificial intelligence tools in government projects and future initiatives, as well as supporting these entities in effectively adopting future technologies. This initiative seeks to position Dubai as the most prepared city for radical transformations across various vital sectors. Moreover, it aims to enhance employee productivity, improve government performance, and deliver superior government services leveraging future technologies.The annual Dubai plan aims to accelerate the adoption of artificial intelligence applications, transforming Dubai into a global hub for AI governance and legislation. This initiative involves providing necessary resources to attract innovators and leading technology companies. Additionally, it entails ongoing development of regulations and laws for AI utilization across sectors. The focus is on AI governance to effectively harness advanced technological tools and employ them in developing vital sectors for the benefit of humanity and to enhance societal well-being.The plan also aims to achieve the best AI applications in strategic sectors by empowering government teams with essential AI skills and tools, introducing them to the latest practices and future opportunities. This support will enable them to develop innovative applications based on these skills, thereby contributing to the adoption of the latest technology tools to develop services, products, and solutions, and keeping pace with the rapid transformations in various sectors.The First Phase of the PlanThe first phase of Dubai's annual plan to accelerate the adoption of artificial intelligence uses and applications for this year includes the appointment of a Chief Executive Officer for Artificial Intelligence in each government entity in Dubai with the goal of developing specialized plans and programs in the field of artificial intelligence and advanced technology, to enhance government performance levels through the investment in the latest AI technology solutions and tools. Additionally, the Dubai Center for Artificial Intelligence, which is part of the Dubai Future Foundation, will assess candidates before they are appointed to this positionFurthermore, the first phase of the plan also includes launching Dubai's AI and WEB3 Incubator to build the largest hub for AI and technology companies, attracting innovators from around the world, startups, and AI leaders to support and empower them to translate their innovative ideas into successful stories and help them expand their businesses globally from Dubai.Additionally, the first phase of the plan involves launching AI Week in educational institutions to integrate AI applications into the educational system to enhance the quality of educational outputs. This includes as well providing students with future skills that align with the future force market needs, educating school and university students about AI and coding, and introducing them to the latest tools and methods used in this field.Moreover, the first phase of the plan includes launching the Dubai Commercial License for Artificial Intelligence aimed at enhancing investments in the field of artificial intelligence, attracting specialized companies and talented individuals from all over the world to work in a enabling environment that supports companies towards achieving more growth and development, contributing to solidifying Dubai's position as the preferred business destination for technology and innovation companies.Additionally, the first phase of the plan includes allocating lands for data centers to contribute to providing an environment conducive to attracting foreign investments and continuing to develop world-class infrastructure to support the delivery of solutions that enhance the digital transformation journey in DubaiDigital TransformationThe annual Dubai plan supports accelerating the adoption of artificial intelligence applications to achieve the objectives of D33 Agenda, aimed at increasing the value of digital transformation to support the new economy, with an average of AED 100 billion annually added to Dubai's economy. This aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to solidify Dubai's position as a global hub for the digital economy and a significant player in the global digital ecosystem.The plan also supports achieving the objectives of D33 agenda, which aims to establish Dubai among the top three economic cities globally and increase economic productivity by 50% through innovation and the adoption of digital solutions. Dubai places significant importance on fostering an innovation-friendly environment and building talent and capabilities. Dubai prioritizes the adoption of digital solutions, working to establish a smart and advanced economy characterized by leadership, sustainability, knowledge-based growth, innovation, and future technological applications, enhancing Dubai's competitiveness and its leading position as a thriving global hub for the digital economy.Dubai's annual plan for accelerating the adoption of artificial intelligence applications contributes to solidifying Dubai as a preferred destination for technology, innovation, and artificial intelligence companies. The emirate hosts the headquarters of eight unicorns in the field of technology, benefiting from the economic and investment opportunities provided by Dubai’s technology sector and large-scale digital transformation projects. Additionally, Dubai ranks first globally in foreign direct investment in artificial intelligence, first in the Middle East in technology entrepreneurship, and seventh globally in cities' readiness for artificial intelligence applications.

 Bitget Research, the research arm of the world's leading cryptocurrency exchange and Web3 company Bitget, has released an in-depth report on cryptocurrency adoption in the Middle East region. The document delves into key aspects influencing the rate of adoption, as well as their impact on user behaviour. Key takeaways:In 2024, there was an average of 500,000 daily crypto traders locally, marking a 166% increase year-over-year.The UAE leads the region in crypto adoption, with 72% of local users investing in Bitcoin.Local countries predominantly rely on global centralised exchanges, with minimal demand for local exchange platforms.Crypto adoption in the region is projected to reach 700,000 daily traders by the end of 2024.This growth is attributed to favourable local crypto regulations, the approval of Bitcoin ETFs, and the increasing attractiveness of digital assets amid a market upturn. Centralised exchanges have seen the biggest inflow of users engaged in cryptocurrency trading in the six countries examined throughout the study, with over 500,000 daily active users on average in February of 2024, as compared to 300,000 in February of last year. The UAE has showcased the highest cryptocurrency adoption rate in the region. The approval of BTC Spot ETFs and the continuous rise in the total market value of cryptocurrencies is deemed to be the main contributor to such a rise in interest on the part of local users. The leading position of the UAE as a hub of crypto activity is not surprising, considering that it has the most crypto-friendly policies in the Middle East. In the meantime, most other countries are gradually improving their cryptocurrency regulations, moving from outright bans to a more compliant approach to stream new investments, projects, and users to their jurisdictions. The UAE has also seen the highest statistics in terms of interest towards cryptocurrencies, as 29% of users surveyed during the study believe that digital assets offer a more convenient way of holding assets. Another 34% of users are cryptocurrency traders, and 22% use them for daily payments. Users in the UAE have also expressed the highest willingness to invest in BTC and ETH, BTC being referred to as “digital gold” by UAE users, with 72% of the latter investing in the asset. The research revealed that Middle Eastern countries are heavily reliant on global-level centralised exchanges. Local exchange platforms are not even in the Top-10 in terms of absolute traffic. The Bitget research division has attributed such lacklustre values to the lower variety and liquidity of tradable assets on local exchanges compared to global exchanges, as well as the convenience of local currency deposit and withdrawal channels available on most global competing platforms. Decentralised exchanges are also among the go-to venues for users across the Middle East. The primary platforms for P2P trading are based on blockchains like Solana, BSC, and Ethereum, and include DEXs such as Uniswap, Pancakeswap, Raydium, and others. Decentralised exchange aggregators like 1inch and Jupiter are used to a lesser extent. Related analysis of user preferences has uncovered that Trust Wallet, MetaMask, Phantom, Coinbase Wallet, and Bitget Wallet are the Top 5 wallets among users from the Middle East region. The report released by Bitget highlights in conclusion that cryptocurrency adoption rates in the Middle East are expected to continue rising from 330,000 daily active users in 2023 to around 700,000 by the end of 2024. The main factors influencing such growth are favourable crypto regulation in the analysed countries, as well as the investment attractiveness of digital assets as a whole in light of a market upturn. Gracy Chen, Managing Director of Bitget, states: "We are excited about the potential of the Middle East market and anticipate continued growth in both users and market size. The UAE, in particular, holds significant importance as a base within the region. It has emerged as a hub for cryptocurrency talents, funds, and enterprises, while also steadily gaining global influence in the crypto space. We look forward to contributing to and witnessing the further development of this dynamic market."

Bitget, the world's leading cryptocurrency exchange and Web3 company, has released insights on the growth recorded in Middle East and North African regions since its launch in November 2023. With over 2.5M users from the region, Bitget has now reached 25M users worldwide.Last year, Bitget announced its expansion into the Middle East region with plans to establish its regional hub in the UAE and hire 60 employees as part of its global scaling strategy. In the last six months, Bitget has grown its MENA trading volumes over 500% from its initial launch, aiming to bring in more localized solutions for its users.Sam A Spiers, Regional Director for Bitget MENA, states: “Bitget will strengthen its operations in the MENA region, leveraging the region's high adoption rates and crypto-friendly landscape. We are exploring blockchain and crypto projects to support home-ground projects for listing and providing more exposure to middle-eastern founders and products.”In February 2024, Bitget Research released a Bitcoin Halving report that highlighted over 80% of MENA investors considered the halving to have a significant price impact, while the recent Bitcoin’s bull run to renew its all-time high value was anticipated by 88% of investors — more than in any other region.There is higher optimism in comparison to the survey’s other regional participants, as MENA investors were the most willing to increase their crypto holdings, with 82% reporting affirmatively. In contrast, the global average didn’t exceed 70%.As part of its focus on the MENA region, Bitget has Arabic lingual support for its website and mobile application. Bitget users in the Middle East also benefit from zero fees for buying and selling cryptocurrencies through Bitget P2P, ensuring a seamless and user-friendly experience for traders. This week Bitget partnered up with OnRamp, the leading crypto payment solution provider allowing its users to buy and sell crypto using various local currencies, including AED and other fiat currencies.“With the MENA region representing a significant share of the global crypto transaction volume in 2023, it is poised to grow exponentially in the years to come. Bitget has already begun exploring license applications to operate in target Middle East markets. It's our priority to obtain operating licenses and support our users with a secure WEB3 platform.” Gracy Chen, Managing Director of Bitget.Bitget has been expanding its operational reach globally in recent months, including registering as a VASP (Virtual Asset Service Provider) in Poland and obtaining similar crypto registration in Lithuania. The new expansion plan in the Middle East complements Bitget’s launch in Türkiye, which now features full localization, including its Turkish website Bitgettr.com featuring tailored services for users in Türkiye.Bitget's growth plans consist of creating a seamless ecosystem of crypto products for users locally by personalising the platform offerings. Bitget recently launched a Ramadan campaign to celebrate the holy month with its users. Not just this, Bitget also offers 0 fees for buying Bitcoin and Ethereum on spot trading along with free bank transfers.

 Following the success of its inaugural event in Palm Beach in 2022, the Crypto Polo Cup is set to debut in Dubai on April 20, 2024, subsequent to TOKEN2049 Dubai. Hosted by Luna PR, the award-winning public relations and marketing agency, the event will unite world-class Polo players to compete on the pristine fields of the Dubai Polo & Equestrian Club. As one of the world's oldest team sports, known as the “The Sport of Kings,” Polo combines horsemanship and strategy. Crypto Polo Cup aims to unite the web3 revolution with the prestige of Polo while bringing together the biggest names in the cryptocurrency and blockchain industries in the region. The private event caters to a carefully curated guest list of high-profile entrepreneurs, investors, family office representatives, crypto founders, investors, entrepreneurs, and venture capitalists, with Oobit and Ghaf Capital confirmed as the 2024 event partners. “The purpose of the event has always been to connect the Web3 world with traditional industries, creating a platform for ideas and partnerships to come to life. Dubai has always been a must-destination for the Crypto Polo Cup for multiple reasons. Dubai has grown into a strategic global hub situated in the centre of all continents. Moreover, Polo is not just another sport in the United Arab Emirates but rather a cultural phenomenon ingrained in local history. Dubai has been home to Luna PR’s headquarters for several years - and we continuously strive to bring meaningful impact to the local community.” said Nikita Sachdev, Founder & CEO of Luna PR. Feras Al Sadek Partner at Ghaf Capital, said: "For the past 18 years, my primary respite from reality has been found in the pursuit of equestrian activities, particularly horse riding and Polo. With a strong passion for web3 and blockchain technology, I have been particularly interested in the potential intersection of Polo and web3. As a trailblazer in the realm of web3 within the region, Crypto Polo Cup marks a significant milestone as the first of its kind in the MENA region. The audience and community can anticipate a compelling and groundbreaking experience. I am eager to witness Ghaf Capital Partners emerge as an early supporter, reflecting our commitment to pioneering initiatives."Beyond the high-level Polo tournament and networking opportunities, the event promises to be a luxury occasion offering a curated F&B experience, a glamorous fashion show, live music, and more. 

GameCentric the region's newest gaming platform at the forefront of connecting brands with gamers has raised USD 1.5 Million (AED 6 Million) in capital from a Dubai-based Angel Investor, Bilal Merchant. The platform went live on December 1st 2023, right after the funding round.  This strategic capital injection, positions GameCentric to enhance its platform features to extend its footprint beyond the GCC & MENA region, and redefine the gaming experience for players everywhere. Strategic Vision and Meticulous Execution Lead to Angel InvestmentThe opportunity for angel investment arose from GameCentric's clear and compelling vision, executed with precision. Founded by the savvy entrepreneur Saad Khan, a veteran in the gaming industry with a shared passion to transform the industry, GameCentric embarked on its journey in 2023. Saad Khan, CEO of GameCentric, stated, "Crafting a robust vision for our platform, supported by a sound business model and a seasoned management team, resonated with the angel investor, like Bilal Merchant who recognized the immense potential within GameCentric, which drove his decision to invest. Our aspiration is not just to be a gaming platform but a cultural phenomenon transcending borders. Collaboration with industry leaders, community-driven programs and an unwavering commitment to have the best user experience drives all of our future initiatives." Evolution into a WEB3 platform In line with its vision, GameCentric is set to integrate cutting-edge technologies to remain competitive but also create new compelling propositions for brands, game publishers and gamers. In the coming years, GameCentric will transition to be a web3 digitally native platform & bring in digital assets play including cryptocurrencies by 2025. These milestones represent GameCentric's commitment to forging a unique identity in the gaming industry, providing consumers with distinct and unparalleled experiences.  A 3X growth trajectoryAs part of its launch strategy and to deliver an exceptional gaming experience, GameCentric has partnered with POWReSports, renowned for its role in brand activations and influencer management campaigns in KSA to give a boost to its gamer acquisition strategy. This collaboration will help solidify the expansion of GameCentrics’ ecosystem offering across the regional gaming landscape.  The business is currently gearing up for an aggressive growth and market expansion plan over the next two years. During this period, GameCentric aims to triple its user base across the region, with the MENA region projected to touch 88 Million gamers by 2026; and more than double its array of game titles, encompassing both web2 and web3 genres. This initiative not only offers an expanded gaming experience for users but also creates a diverse spectrum of opportunities for brands to pioneer innovative customer engagement tactics.  This initiative is poised to strengthen GameCentric's market position, solidifying the company as a dominant force in the ever-evolving landscapes of gaming and customer loyalty. Stakeholders can expect a compelling value proposition as GameCentric navigates through this thrilling phase of expansion, unlocking unparalleled opportunities for both gamers and collaborating brands. Bilal Merchant, an experienced businessman/investor with a demonstrated history of working in the oil and energy industry, stated “GameCentric’s visionary strategy in seamlessly connecting brands with gamers, coupled with their unwavering commitment to integrating cutting-edge technologies such as crypto and Web3, has left an indelible impression on me. Their innovative approach positions them as disruptors in the gaming landscape, poised to create a distinctive and rewarding experience for players worldwide.”Supporting their big moves, GameCentric has garnered support from industry heavyweights such as LIV, UAE’s first & largest digital bank powered by Emirates NBD. As part of their new brand identity aimed at targeting Generation Now, LIV has recognized the platform's potential to deliver on their banking & financial education objectives through the art of gaming. These endorsements underscore the credibility and innovation that GameCentric brings to the gaming community across the region. The platform is gearing up for strategic enhancements in line with their vision to integrate modern technology. The enhancements will be overseen by expert crypto advisors, with a focus on innovation. The new features will include a dynamic loyalty program centered on a Web3 wallet and GameCentric tokens, aimed at delivering enhanced user value.  GameCentric aims to be a platform where gamers can earn, learn, and engage as part of a diverse global community. As the platform evolves into a Web3 environment, users will have the opportunity to become token owners, marking a significant shift in the gaming experience.Future plans and expansions This strategic angel investment acts as a catalyst for GameCentric's ambitious growth strategy, facilitating future fundraising rounds and establishing the platform as a dominant force in the global gaming scene.  In the near future initiatives will include collaborations with renowned game publishers and the development of community-driven programs to strengthen engagement on the platform. In addition, GameCentric is also focussed on building a strong B2B2C brand engagement play thereby getting brands to create a differentiated customer offering & hence more opportunities for customer engagement that will foster long-term brand loyalty.

In this interview with Adgully Middle East, Dr Sameer Al Ansari, CEO of RAK DAO, dives into the UAE's digital asset ambitions and how RAK DAO is fueling the nation's web3 revolution. He explores key issues like emerging trends, regulatory hurdles, user engagement, and educational initiatives. RAK Digital Assets Oasis is the only common law free zone in the world solely dedicated to non-regulated digital and virtual asset companies. Under the wise leadership of His Highness Sheikh Saud bin Saqr al Qasimi, The Ruler of Ras Al Khaimah and oversight of its Chairman Sheikh Mohammed Bin Humaid Al Qassimi, Dr Sameer has played a key role in the creation of RAK DAO, building the team and shaping its future strategy. Excerpts from the interview:How would you describe the progress and key developments in the UAE's push for the web3 ecosystem over the past year, and how has RAK DAO contributed to this evolution?Over the past year, the UAE has made remarkable strides in advancing its web3 ecosystem. The commitment to embracing cutting-edge technologies is evident, and RAK DAO has played a pivotal role in this evolution. Our dedicated Free Zone in Ras Al Khaimah, the first of its kind globally, has been a hub for fostering innovation in digital assets. We've witnessed a surge in interest and participation from companies pushing the boundaries of the future. Our transparent legislative framework has simplified the process for virtual asset companies, creating an environment conducive to growth and development.As we have entered a new year, what do you see as the most significant emerging technology trends that will shape the digital asset landscape, and how is RAK DAO positioned to capitalize on these trends?As we approach 2024, several emerging technology trends will shape the digital asset landscape. RAK DAO is strategically positioned to capitalize on these trends. From the rise of decentralized finance (DeFi) to the integration of artificial intelligence and the continued development of Web3 gaming, we are committed to staying at the forefront of these advancements. Our goal is to be adaptive and forward-thinking, ensuring that RAK DAO remains a driving force in the digital asset space through establishing key alliances, both internationally and locally, and by working closely with key industry players to continue pushing the boundaries of what’s possible.With the rapid growth of digital assets, regulatory frameworks are evolving. How is RAK DAO navigating the regulatory landscape, and what regulatory changes or advancements do you anticipate will impact the industry in 2024?The rapid growth of digital assets necessitates a dynamic approach to regulatory frameworks. RAK DAO is actively navigating this landscape, working closely with regulators to ensure compliance while fostering innovation. We anticipate further regulatory changes in 2024 and are prepared to adapt responsibly. Our commitment to transparency and collaboration positions us well to meet evolving regulatory requirements, contributing to the industry's maturation and credibility.The success of any digital asset ecosystem often hinges on user adoption. How is RAK DAO working to attract and engage users, and what strategies do you believe will be essential for increasing widespread adoption of digital assets in the coming year?User adoption is fundamental to the success of any digital asset ecosystem. RAK DAO is actively working to attract and engage users through strategic partnerships, user-friendly platforms, and community-building initiatives. We recognize the importance of user education and experience. In the coming year, our focus will be on implementing strategies that not only enhance user engagement but also contribute to the widespread adoption of digital assets by simplifying the onboarding process and providing valuable educational resources.Every industry faces challenges. What are the major challenges you foresee for RAK DAO and the broader digital asset industry in 2024, and what strategies or solutions do you envision to overcome these challenges?Challenges are inherent in any industry, and the digital asset landscape is no exception. Regulatory uncertainties, security concerns, and market volatility may pose challenges. RAK DAO is prepared to address these issues through continuous collaboration with regulators, implementing robust security measures, and fostering a resilient ecosystem. Strategic partnerships and global outreach will be pivotal in overcoming challenges and ensuring the sustained growth of both RAK DAO and the broader digital asset industry.Understanding digital assets and blockchain technology is crucial for their mainstream adoption. How is RAK DAO involved in educational initiatives to increase awareness and understanding, and what role do you believe education will play in the continued growth of the digital asset ecosystem?Education stands as a cornerstone for the mainstream adoption of digital assets and blockchain technology, a principle deeply acknowledged by RAK DAO, the pioneering common law freezone dedicated to digital and virtual asset companies. In a concerted effort to elevate awareness and understanding, we actively engage in educational initiatives, including programmees, workshops, and strategic partnerships. As part of our commitment to providing top-notch educational resources, we are excited to form collaborations with globally recognized educational institutions. By leveraging the expertise of these institutions, RAK DAO aims to empower individuals and businesses, fostering a well-informed community crucial for sustainable growth. Through these multifaceted efforts, we aspire to play a pivotal role in the continued growth and the eventual mainstream adoption of the digital asset ecosystem.

Authored By Manhar Garegrat, Country Head, India & Global Partnerships, Liminal - Custody Solutions The transformative power of digital technologies is reshaping how we perceive and manage assets. At the forefront of this revolution is asset tokenization, a concept poised to revolutionize issuance, ownership, transfer, and management of tokenized assets. This innovative approach involves representing real-world assets, from real estate to intellectual property, as digital tokens on a blockchain network. These tokens act as digital proof of ownership, enabling secure and efficient transactions within the global financial ecosystem. Critical to the success of this transformation are the underlying infrastructure of smart contract, digital asset custody and wallet infrastructure platforms. These platforms provide the foundational infrastructure for the secure storage and transfer of these valuable tokens, ensuring the integrity of the tokenization process. The Promise of Secure Storage & TransferDigital asset custody is the safekeeping and management of digital assets, employing robust security measures like multi-signature wallets and advanced encryption techniques. This fortification protects assets from unauthorized access and loss, instilling confidence among investors and promoting wider adoption of digital asset tokenization. Efficient transfer of digital assets is a crucial aspect of tokenization, enabling seamless transactions across borders and platforms. Custody platforms leverage blockchain technology for real-time asset transfers, eliminating intermediaries and reducing transaction costs. This not only accelerates settlement times but also enhances liquidity for investors. Real-Time settlements, clearing & custody/storageDigital asset tokenisation introduces real-time settlements, a departure from traditional systems with lengthy clearing processes. Blockchain enables instantaneous transactions, eliminating intermediaries and reducing counterparty risks. This capability revolutionizes finance, offering unprecedented speed and efficiency. Clearing, the verification and finalization of transactions, benefits from blockchain's immutable record, ensuring transparency and reducing errors. This automated clearing process streamlines tokenization, appealing to both institutional and retail investors. Custodial storage safeguards digital assets, ensuring their security. Custody platforms provide secure solutions, including advanced encryption and multi-signature wallets. This commitment to security fosters trust among investors, encouraging participation in the tokenisation ecosystem. Growing adoption of tokenisation in money markets and treasuriesThe trend of tokenisation is gaining momentum in money markets and treasuries, particularly among asset managers and issuers. This growing adoption underscores tokenisation's ability to streamline asset management, enhance yield generation, and improve overall market liquidity. As more financial entities recognise the benefits, the broader financial ecosystem stands to gain from increased efficiency and transparency. Real-Time settlement and clearing: A transformative impactTokenisation's impact on settlement and clearing processes is transformative. Leveraging blockchain technology enables real-time transaction execution, eliminating the need for intermediaries. This not only significantly reduces settlement times but also lowers associated costs. The efficiency gains translate into a more agile and responsive financial system, benefiting both investors and market participants. Emerging role of digital asset custody platformsIn the realm of tokenized assets, digital asset custody platforms like Liminal play a crucial role in safeguarding and managing assets. These platforms provide secure storage solutions, employing advanced security protocols and multi-signature wallets to protect assets from unauthorized access and loss. As custodians of trust, these platforms contribute to the broader adoption of tokenisation by ensuring the security and integrity of digital assets. Collaboration between traditional banks and Web3 playersThe collaboration potential between traditional banks and web3-focused players is substantial in driving further innovation and adoption of tokenization. Traditional banks bring stability, regulatory expertise, and access to institutional investors. On the other hand, web3 players contribute technological agility, community engagement, and a profound understanding of decentralized finance (DeFi) principles. While several major banks, including JPMorgan Chase, Citigroup, BNY Mellon, UBS, and Standard Chartered, are venturing into this space, highlighting the growing demand for digital asset solutions and the commitment of traditional banks to financial innovation; there is a strong need for collaborative efforts to create a synergistic ecosystem that combines regulatory compliance with technological innovation. Key themes emerging in tokenisation and real-world asset spaceSeveral key themes are shaping the tokenization and real-world asset (RWA) landscape: ?     Growing Focus on Professionally-Managed Products: The industry is witnessing a shift towards professionally-managed tokenized products, indicating a maturation in the market. ?     Increasing Adoption of Digital Asset Mechanics: The embrace of digital asset mechanics is becoming more pronounced, reflecting a broader acceptance of the digitisation of financial instruments. ?     Exploration of Alternative Product Strategies: Innovations such as Hamilton Lane's digitally-native private equity share classes showcase the industry's exploration of alternative product strategies, offering new avenues for investment and liquidity. Digital asset trends in 2023: A glimpse into the financial futureThroughout 2023, there was a sustained presence of significant trends in the digital asset space across both retail and institutional sectors. The year maintained the momentum seen in 2022 concerning investment banking activities, as major financial institutions, including Goldman Sachs, UBS, HSBC, and ABN AMRO, actively engaged in the issuance of digital bonds. Illustratively, Goldman Sachs, after hinting at a $104 million European Investment Bank (EIB) pilot, formally introduced the Goldman Sachs Digital Asset Platform (GS DAP) in January 2023, following HSBC's launch of the Orion platform two months prior. GS DAP took the lead in orchestrating the issuance of a $102 million digital Green Bond in collaboration with the Hong Kong Monetary Authority (HKMA). Anticipations are high for additional issuances involving actively participating banks like Societe Generale, EIB, Santander, and Union Investment. Noteworthy is Union Investment's acquisition of 15 additional basis points ($156,000) as the primary buyer of Goldman's inaugural EIB issuance. This trajectory is projected to gain momentum with larger-scale issuances and the comprehensive implementation of end-to-end digital processes, including onboarding, servicing, and management. ConclusionDigital asset tokenisation is set to revolutionize asset ownership, transfer, and management. As traditional banks and new-age web3-focused players converge, their collaboration will create a thriving tokenisation ecosystem. Traditional banks provide stability and regulatory expertise, while web3-focused players bring innovation and a deep understanding of decentralization. By collaborating effectively, these two groups can build a vibrant tokenisation landscape that benefits all stakeholders. With growing adoption in money markets and treasuries, real-time settlement efficiencies, and the emerging role of digital asset custody platforms, the trajectory of tokenisation is set for continued growth and impact on the financial landscape.

Dubai: The Dubai AI and Web3 Campus has launched an Artificial Intelligence Transformation Programme (“The Programme”), a highly customisable sector agnostic corporate accelerator, to help future-proof businesses in the region by enhancing their Artificial Intelligence (AI) capabilities. The initiative will further help elevate Dubai’s abilities to compete at a global scale to harness talent, innovation, and grow its economy.Designed for businesses of all sizes, the programme provides C-level coaching on industry trends to enable organisations to stay ahead of competitors by adopting the latest in AI and technology innovation. The initiative will also facilitate partnerships with start-ups and industry giants to fast-track proof-of-concept (POC) creation and internal adoption.Participants will benefit from Dubai International Financial Centre’s strong innovation ecosystem and Dubai’s broader technological landscape to deliver actionable and timely solutions. The programme participants will also gain access to a state-of-the-art corporate innovation lab, high quality hardware and software, facilities enabling concept creation and prototype testing, in collaboration with tech industry experts.The programme further fosters start-up success by facilitating adoption of their technologies through strategic ecosystem partnerships and access to specialised licensing and regulatory solutions. The Dubai AI and Web3 Campus will also assist in corporate deal flow and partnerships to enable collaboration between leading corporates and upcoming start-ups to cultivate a culture of technological advancement.Mohammad Alblooshi, CEO of DIFC Innovation Hub, said, “We are thrilled to announce the launch of the Artificial Intelligence Transformation Programme, a pioneering initiative by the Dubai AI & Web3 Campus. We look forward to working with corporates in the region to streamline and scale their businesses through adoption of artificial intelligence across different verticals. Our expertise will allow us to enable business growth across sectors and attract forward thinking entrepreneurs and executives to the region. We remain committed to attracting and retaining top talent that will solidify Dubai’s position as the business destination of choice for tech professionals.”The launch of the Artificial Intelligence Transformation Programme follows the announcement of the Dubai AI and Web3 Campus, which boasts state-of-the-art physical and digital infrastructure within the new DIFC Innovation One premises, including research and development facilities and collaborative workspaces, which is helping to attract, build and scale firms in the region. The Campus has already begun issuing AI and Web3 licences supporting activities ranging from Distributed Ledger Technology Services, specialised Artificial Intelligence Research and consultancies, IT infrastructure builders, Technology Research and Development, and Public Networking Services through DIFC.Applications are now open for the Artificial Intelligence Transformation Programme via this link.

Stablecoins have been one of the most pivotal use cases for digital assets. Traditionally, the stablecoin landscape has been dominated by US dollar-backed stablecoins such as USDT, USDC, and the recently introduced PYUSD. To gauge their popularity, one only needs to look at the numbers, i.e., the total market cap of stablecoins hovers around $124.117 billion (according to DeFi Llama), with USDT leading the way with a commanding 67.13% market share. Given its association with the world's most influential currency, the US Dollar. As crypto regulations keep developing across more regions, one will see a corresponding growth in the popular use cases.  The primary utility of stablecoins lies in their ability to facilitate cross-border payments at an exceptionally low cost. Globally, corporations shuffle approximately $23.5 trillion (as per JP Morgan's report) across borders each year. The associated transaction costs for these massive sums tally up to a staggering $120 billion annually. Issues like trapped liquidity, delayed settlements, and the need for foreign currency conversions also plague this process. In this context, stablecoins offer a streamlined solution, enabling seamless transactions with unparalleled security and traceability on a distributed ledger technology. These transactions can easily be facilitated through regulated and compliant custody solutions providers.The UAE market has already surprised us with its commitment to becoming a leader in the digital assets space, and it is not surprising to see such highly innovative and simple-to-use Web3 products emerging from the nation. The launch of Dirham-backed stablecoin shows that the digital asset market in the region is entering a more mature phase and is ready for the next stage of growth on the back of evolved regulatory frameworks.Not only that, the UAE market is also emerging as a global hub for Web3 innovation, and the Dubai International Finance Center (DIFC) is acting as a fulcrum to strike a fine balance between regulations and the business aspirations of Web3 entrepreneurs. The growing popularity of the UAE as a Web3 hub clearly shows in the statistics released by DIFC. There has been a 23% rise in the companies enrolling at DIFC this year. Out of these, 660 companies are led by fintech innovation. The UAE regulators are focused on boosting the local economy by liberalising the policies to suit the needs of emerging technologies like Web3. The move will create high-quality jobs for the local community, provide skill development opportunities and add to the region's economic growth through operational expenditures and services to the public. The rapid advancements on the policy front will ensure that the UAE is at the forefront of the web3 revolution and stays ahead of its global counterparts. Liminal is keen to build a strong presence in the UAE region and has received in-principle approval from ADGM in Abu Dhabi to provide digital asset custody services to Web3 businesses and institutions. As an active player in the region, Liminal already has a premium clientele and will look to leverage its position further. We are committed to the UAE Web3 growth story and have hired local talent for leadership positions. We will continue to expand our operations across the Middle East.

DUBAI: Enjinstarter MENA, Web3 launchpad and advisory company, was a key player in a successful first half of 2023 for Web3 in the UAE. All told, the industry now has more than 1,800 organisations operating in the country, and announcements such as Abu Dhabi’s $2 billion fund for Web3 startups and a national digital currency strategy have demonstrated the government’s firm commitment to adopting and investing in new technologies.Enjinstarter MENA’s journey in the region began with the appointment of Vasseh Ahmed as its Managing Director in December 2022. Since then, it has focused much of its attention on obtaining the necessary licences for operation.Regulation is a critical step for Web3 companies entering MENA. The region’s regulators, in turn, have strived to provide clear and coherent regulations for companies to follow. In April, Enjistarter received initial approval from VARA, the Dubai virtual assets regulator, as a first step towards obtaining a full licence to operate in the emirate.“Dubai continues to be a global hub of Web3 activity. Its commitment to regulatory clarity and funding support have attracted some of the biggest names in the industry,” said Vasseh. “Continuing with our licence application makes clear our commitment to achieving the highest standards of accountability and transparency in the Web3 space. We are committed to conforming to VARA’s high standards and know this will only accelerate our growth in the Middle East and beyond.”LaunchpadAs a Web3 project launchpad, Enjinstarter was recognised by industry-leading ranking service, Cryptorank, as consistently being a top-3 Initial Decentralised Exchange Offering (IDO) provider in 2023 in terms of ROI. The strong performance this year can be attributed to the Enjinstarter team quickly adapting to the trend of artificial intelligence (AI) by shifting its focus to bringing a carefully curated selection of AI projects to the launchpad.In the first half of this year, Enjinstarter helped 11 projects raise $1.35 million in funding. Some of those portfolio companies include:ChainGPT - Infrastructure enabling the future of Web3 innovation with AIDexCheck - A UAE-based crypto trading startup powered by AISophiaVerse - An advanced artificial general intelligence initiative revolutionising the world of AI and gamingOther portfolio companies include:OneRare - A UAE based startup creating the first food metaverseSidus Heroes - An award-winning Web3 gameFrnzy - A Web3-powered e-commerce platformPartnershipsEnjinstarter has also gone about forming partnerships with some of the key Web3 players in the region and beyond:Masary Capital - Enable select crypto- and blockchain-based organisations to travel the path to success within the MENA region. (Website)LandVault - LandVault’s mission is to accelerate the metaverse economy through technology with a vision of a fairer wealth distribution across the web. (Website)Open Metaverse Alliance (OMA3™) - A collaboration of Web3 metaverse platform creators, OMA3’s goal is to ensure virtual land, digital assets, ideas, and services are highly interoperable between platforms and transparent to all communities. (Website)Crypto Oasis - A Middle East-focused blockchain ecosystem supported by initiators of Crypto Valley Switzerland.  (Website)Enya Labs - A suite of hybrid blockchain solutions that helps businesses overcome the scalability problem and allow them to expand their offerings and features by accessing and integrating real-world data in real-time. (Website)ImpactFrom an impact perspective, Enjinstarter made it a core part of its mission to find ways to leverage Web3 in the global fight against climate change. To that end, the company has undertaken a number of climate initiatives:Launched the Unsinkable campaign to raise awareness of rising sea levelsHosted climate roundtable event in Dubai with Web3 streaming service, myco, in February and MaySigned a partnership with UAE-based The Storey Group, a change maker that creates and delivers programmes that make our planet a better and more prosperous place.Developing an expansive storytelling AI NFT game based on an advanced earth concept where factions are embarking on quests and battles throughout the Enjinstarter ecosystem to gather resources and earn rewards.Looking forward to the second half of 2023, all eyes are on COP 28 in Dubai in December. In the leadup to the event, Enjinstarter is planning the global launch of its climate-focused Web3 launchpad. The platform will allow the company to connect impact investors with promising Web3 projects making demonstrable impact on the climate.“Climate change is the biggest problem of our time. All of us have a responsibility to do everything we can to fight it. The UAE has already set a leading example by planning to invest $54 billion over the next 7 years as part of its net-zero ambitions. It’s on us to do our part, ” added Vasseh. “Web3 is uniquely designed to meet this challenge head on, so we have made it a core part of our mission to find ways in which Web3 can make a demonstrable impact on climate change. Aside from our upcoming climate launchpad, we’re also working towards climate asset tokenisation, micro green bonds, and utility-driven NFT trading card games.”

Dubai: A new study of seven countries, including the UAE, US, UK, India, Nigeria, Singapore, and Brazil launched today by Boss Beauties highlights fast growing use of web3, and the need for more education resources to ensure girls are not left behind The first global study to measure Gen Z’s attitudes towards web3 found that 52% wanted their schools to teach them more about the virtual and digital environments in which many find themselves when not in class. The study, conducted by New York-based Boss Beauties and released today, is the most up-to-date comprehensive look at how 16-25-year-olds (and parents) in seven countries view the knowledge gaps, risks, and future of web3.  Topline global findings include: ?   41% of young women have encountered someone pretending to be someone else online. ?   While one in five (21%) Gen Z girls admit they are “highly uninformed” of the risks in this new digital space, 13% of Gen Z boys say the same. Similarly, more Gen Z girls (20%) consider web3 risky, compared to boys (14%).   The report looks at web3, the next generation internet, through the eyes of Gen Z. Web3, which is fast evolving, is built in the cloud and on blockchain technologies that enable users to interact with decentralised apps, including online gaming, virtual communities, cryptocurrency platforms, and NFT marketplaces. The study was commissioned by Boss Beauties, a media and entertainment brand founded in September 2021 with a collection of web3 digital collectibles. Boss Beauties continues to provide the tools, skills, and connections to safely bring the next 1 million women and girls into a web3 world. The report is based on in-depth polling by EPG in countries where web3 is established and rising in popularity.  Gen Z are hungry for more web3 knowledge, the global survey finds. More than half (52%) of Gen Z wish their school had taught them more about web3. Outside the classroom, an even larger proportion – 57% – would like more access to educational resources, such as explainer videos, on the topic. Parents agreed and are eager for their children to learn more about web3 at school, with 45% wishing for more educational resources outside the school walls.  This lack of educational resources is especially worrying as girls have a historical tendency of getting left behind when new technologies emerge.[1] Currently, women account for just 28% of engineering graduates, and only one in five AI professionals. If the gender imbalance in tech persists, this could have knock-on effects on the global economy, given that the World Economic Forum expects 77% of jobs to require digital skills by 2030. The new study, which encompasses seven countries – UAE, UK, US, Brazil, India, Nigeria, and Singapore – is based on in-depth polling of 3,869 people, of which 1,906 were aged 16-25, and 1,133 were parents or carers over 25.  Lisa Mayer, Founder and CEO of Boss Beauties, said:  “Policymakers, educators, and web3 companies all need to come together and ensure that young people and their parents have the tools and knowledge they need to stay safe and make informed decisions as they navigate this fast-changing digital space.  “If used properly, web3 can allow Gen Z to feel empowered, connect with people around the world, and become the change-makers they want to be. But we know from history that when new technologies emerge, girls get left behind. Web3 will only continue to grow in the years to come, so it is essential we act now to make sure girls are able to understand this technology, preparing them for the future of the workforce and for how the world is changing. “At Boss Beauties, we will continue to keep our focus on educating, connecting, and mentoring women and girls so they can be everything they want to be. We are reaffirming our mission to bring the next 1 million women and girls into a web3 world by providing new research that can help us, as well as others building in this industry, create the tools and education women and girls need.”  Lila Thomas, Vice-President of Brand and Strategic Partnerships at Boss Beauties, said:  “As our research shows, although Gen Z are embracing web3, many are still unaware of the risks that it entails – especially girls. It’s particularly alarming that more than 40% have come across someone pretending to be someone else online.  “Our goal at Boss Beauties is to elevate women and girls by giving them the tools they need to succeed. That starts with being safe online, and it’s why education is a part of everything we do.”  Faced with a lack of educational resources on web3, Gen Z mostly tend to turn to online search (24%) and their friends (19%) to learn more. Fewer look to social media (16%), online communities (16%) and mainstream media (13%). There were also differences in how Gen Z girls versus boys try to learn about web3: young men were 1.4 times more likely to do so via online communities and mainstream media. Outside of the classroom, few Gen-Zers are able to turn to their parents for guidance about web3. Just 17% of Gen Z say their parents were “somewhat” or “well” equipped to teach them about web3. Similarly, only 39% of parents feel able to teach their children about risks online. The study uncovered gender differences in knowledge of web3 among parents: 67% of women say they are unfamiliar with blockchain and web3, compared to 53% of men.  The need for more educational resources on web3 is particularly urgent as the survey uncovered alarming risks that young people have faced in this emerging digital space. A staggering 41% of Gen Z girls, and 42% of Gen Z boys, say they have come across someone pretending to be someone else online.  And although around 58% of Gen Z feel as or more confident identifying risks on web3 compared to real life, only around a third (29%) of Gen Z girls, and just over one-fifth (22%) of Gen Z boys say they are highly informed of the dangers on web3.  The survey results indicate that Gen Z girls tend to feel less confident in the web3 space than their male counterparts. While one in five (21%) Gen Z girls admit they are “highly uninformed” of the risks in this new digital space, just 13% of boys say the same. Similarly, more Gen Z girls (20%) consider web3 risky, compared to boys (14%).  Perhaps because parents are not digital natives – unlike the younger generation – they have more reservations as to how their children use web3, and how dangerous the digital space can be. More than a third of this cohort said they are unsure or do not know what their children do on web3, a similar percentage for mothers and fathers (37% vs 36%). Half of the parents surveyed perceived web3 to be risky. Just 8% of mothers, and 13% of fathers, view it as a completely safe space.  The findings highlight the need for policymakers, web3 companies, and the education community to come together and find ways to enhance understanding of the new digital space among young people and their parents – especially as it will only grow more popular in years to come. Tellingly, parents underestimate the rise of web3: while just 32% predict their children will spend more time on web3 in the coming years, 54% of Gen Z expect to spend “somewhat more” or “a lot more” time in the new digital space in the next three years. Already, nearly one in six (14%) Gen Z respondents spend at least 10 hours a week in web3 spaces.  There are differences between what Gen Z boys and girls do in web3 spaces. While online gaming is the most popular use of web3 among boys (31%, compared to 24% for girls), girls are more likely to use web3 to access virtual communities (30%, compared to 20% of boys). As to why Gen Z are drawn to web3, the most commonly cited motivation, was “financial purposes” (17% for young men and 16% for young women), followed by a desire to access a safe space that supports their individuality (12%).   The study also sheds light on Gen Z’s shopping habits on web3: half (50%) said cryptocurrency was their most recent purchase, followed by NFTs (20%), online gaming accessories (12%), digital real estate (10%) and virtual goods (8%). However, Gen Z girls were almost twice as likely than their male counterparts to feel entirely unfamiliar with crypto wallets, potentially locking them out of a vast range of web3 activities.  Many more boys (48%) say they have made a purchase on web3 in the past year, compared to just 29% of girls. Here, again, parents do not appear to be fully aware of what Gen Z do on web3: just 23% correctly assumed their children had purchased something over the same period. The gender imbalance looks unlikely to change for now, as 64% of Gen Z boys, compared to 54% of girls, plan to purchase something on web3 in the coming year.  Web3 is also set to play a bigger role in Gen Z’s social dynamics, with many seeing it as an extension of their real-life self. 58% of Gen Z girls, and 49% of Gen Z boys, apply the same ethics and values both online and off. They also find it easier to form relationships online, according to 41% of Gen Z girls and 46% of Gen Z boys.  The study also shows interesting gender differences in how Gen Z approaches real-life relationships. 38% of those young women surveyed in this age bracket think online relationships are easier to maintain compared to 42% among boys. A majority (53%) of Gen Z girls value their real-life relationships more than virtual ones, and 48% of boys agree.   OTHER KEY GLOBAL FINDINGS:  ?   Compared to Gen Z boys (15%), nearly twice as many Gen Z girls (27%) are unfamiliar with how to open and manage a crypto wallet. ?   When parents were asked the same question about opening and managing a crypto wallet, 68% of mothers and 60% of fathers globally said they either didn’t know how to or were unsure. ?   When parents are asked how much they thought their children spent on their last transaction, they tend to overestimate: 44% believe it was in the region of US$101-500 instead of US$20-100, which is what Gen Z say their most popular category of spending is. ?   58% of Gen Z respondents are concerned about their privacy and safety online. ?   26% of Gen Z girls say they have been “subjected to abuse or harassment, e.g. body shaming, misogyny” online, a figure only slightly lower for boys (24%).