ChainCatcher news, UAE-based AI company G42 has made an investment in the tokenized data platform Inveniam, with the specific amount undisclosed, having raised over $120 million to date. G42 has 25,000 employees spread across seven AI subsidiaries, with operations in sectors such as energy, healthcare, and data centers.Inveniam officially announced in 2021 that it secured $25 million in Series A funding led by fund management company Apex, with Cushman & Wakefield also leading. Inveniam's system uses DLT to provide data sources for pricing calculations, most of which may come from AI, and data access is permissioned. It also employs privacy technology that enables institutions to share data without exposing sensitive information. Inveniam utilizes technology from the tokenization startup Tokeny.Inveniam CEO Patrick O'Meara stated, "We are collaboratively building a system that allows for the sharing, analysis, pricing, and trading of private market assets while ensuring that sensitive source business data remains protected and controlled by its owners."

ChainCatcher news, the stablecoin AE Coin, linked to Dirham, has received final approval from the Central Bank of the UAE. AE Coin will soon be issued through designated agents.Previous news, the first regulated stablecoin in the UAE, AE Coin, has received principle approval from the central bank.

ChainCatcher news reports that, according to Protos, the price of Bitcoin has previously surpassed $93,000, setting a new historical high. Market news indicates that Gulf oil-producing countries such as Saudi Arabia, the UAE, or Qatar may be purchasing Bitcoin at the sovereign level. Relevant sovereign funds may disclose related information during the Abu Dhabi Bitcoin Summit from December 9 to 10.As Bitcoin's total market capitalization has surpassed that of the world's largest oil company, Saudi Aramco, Saudi Arabia, as the largest oil producer in the Gulf region, is receiving significant attention. As the holder of the world's largest sovereign wealth fund, the investment trends of Gulf oil-producing countries will have a substantial impact on the global crypto asset market.At the same time, as the host of the upcoming Bitcoin conference, the UAE is also considered likely to participate. Additionally, there have been ongoing market rumors that Qatar may also engage in sovereign investments.

ChainCatcher news, according to DL News, data from Chainalysis shows that as of June, investors transferred $34 billion in cryptocurrency to the UAE, which does not levy income tax, within 12 months, an increase of nearly 42% compared to the same period last year.Dubai is the largest city in the UAE, has an independent virtual assets regulatory authority, and has become the host of several global cryptocurrency conferences. Since 2021, more than 600 cryptocurrency companies have registered in the Dubai Multi Commodities Centre (DMCC) free zone.

ChainCatcher news, according to CoinDesk, the Ras Al Khaimah (RAK) in the UAE announced on Tuesday the launch of a regulatory framework for decentralized autonomous organizations (DAOs) in its digital asset free trade zone.The framework, named "DAO Association System" (DARe), is designed to provide a structured legal framework specifically for DAOs. Dr. Sameer Al Ansari, CEO of RAK DAO, stated that the system will offer tax optimization and legal clarity for DAOs.Luc Froehlich, Chief Business Officer of RAK DAO, mentioned that the launch of DARe is an important step in establishing the region as a global hub for blockchain and digital asset ecosystems. The framework will enable DAOs to interact with the off-chain world, such as opening bank accounts and owning on-chain and off-chain assets.It is noteworthy that the framework offers two models: one for emerging projects with fewer than 100 members, and another for mature DAOs with funding exceeding $1 million. The system will be implemented within the RAK Digital Assets Oasis free trade zone.

ChainCatcher news, according to Cointelegraph, the UAE free trade zone RAK Digital Assets Oasis (RAK DAO) plans to introduce a legal framework for decentralized autonomous organizations (DAOs).Law firm NeosLegal and RAK DAO stated that the new system will be introduced and discussed on October 25. NeosLegal partner Irina Heaver mentioned that the framework is expected to clarify how DAOs can remain legally compliant, and she believes this will have a significant impact on decentralized governance in the UAE and the broader Web3 ecosystem.

ChainCatcher news, the Central Bank of the UAE (CBUAE) has in principle approved the AED stablecoin license, making the company the first fully regulated stablecoin issuer in the region pegged to the fiat dirham.This latest development falls under the newly established regulatory framework for payment token services by CBUAE and aligns with the UAE government's 2025 digital government strategy. Recently, the central bank released a licensing framework that prohibits the use of cryptocurrencies for payments, unless it involves licensed tokens pegged to the dirham.

ChainCatcher news, according to Cointelegraph, the Central Bank of the UAE (CBUAE) has in principle approved the issuance license for the AED Stablecoin under its regulatory framework for payment token services. This makes the AED Stablecoin the first approved institution in the UAE to issue a stablecoin pegged to the dirham.If final approval is granted, the AE Coin issued by AED Stablecoin will be available as a local trading pair for cryptocurrency transactions and will allow merchants to accept it for payment of goods and services.The CBUAE's licensing framework requires stablecoin issuers to fully hold their assets in cash in a separate custodial account at a UAE bank, or to hold at least 50% of their reserve assets in cash, with the remaining portion allowed to be invested in UAE government bonds and CBUAE currency notes.

ChainCatcher news, according to official sources, on October 10, 2024, Rifad, the General Manager of OKX Middle East, announced that OKX has become the world's first cryptocurrency trading platform to obtain a full operating license in the UAE. Rifad stated that in the future, OKX will continue to invest, grow, and expand further in the region. Dubai has become one of the global centers for virtual assets, and the region is increasingly recognized for its technological innovation and development strategies. We are eager to participate in the technological innovation and community building in the ever-evolving digital asset space.

ChainCatcher news, according to Cointelegraph, the United Arab Emirates' amendment to the value-added tax (VAT) regulations will exempt the transfer and conversion of virtual assets (including cryptocurrencies).PwC stated that the new regulations include VAT exemptions for additional services, including managing investment funds and transferring and converting virtual assets.

According to ChainCatcher news, as reported by Cointelegraph, a report by Chainalysis states that from July 2023 to June 2024, the Middle East and North Africa region accounted for 7.5% of the global cryptocurrency trading volume. The total transaction amount during this period was $338.7 billion, with the vast majority of the trading volume coming from institutional and professional investors. The report indicates that an estimated 93% of the transaction amounts exceeded $10,000, while small retail investors only accounted for 1.8% of the trading volume in the region. The on-chain traffic in the region is primarily conducted through centralized trading platforms. However, the report also noted that the UAE and Saudi Arabia have shown "high interest" in decentralized platforms.Chainalysis emphasized that the UAE has rapidly emerged as a global cryptocurrency hub due to its regulatory clarity and forward-looking attitude towards digital asset technology. In August 2024, the Dubai Court of First Instance ruled that cryptocurrencies can be a legal means of payment for employment contracts and recognized employees' rights to receive digital tokens as stipulated in legal work agreements.

ChainCatcher message, according to a recent report by Chainalysis, the UAE is an exception, with growth trends across all scales, indicating that the country's "adoption pattern is balanced and comprehensive." Chainalysis emphasized that the UAE received over $30 billion in cryptocurrency from July 2023 to June 2024, ranking among the top 40 globally.It added that this growth is driven by various factors, including regulatory innovation, institutional interest, and expanding market activity. The UAE's DeFi adoption rate is higher than the global average, with a significant portion of transactions conducted through DEX.Globally, 27.8% of crypto transactions are conducted through DEX, while in the UAE, this figure is 32.4%, the highest in the Middle East and North Africa region. Compared to last year, the total value of crypto received through DeFi services in the UAE grew by 74%, while the value of tokens received through DEX increased by 87%, rising from around $6 billion to $11.3 billion.

ChainCatcher news, during the opening speech at the Invest in UAE Forum, Hong Kong's Under Secretary for Financial Services and the Treasury, Chen Haolian, stated that over the past year, Hong Kong and Dubai have continuously strengthened their partnership in the financial sector. Last year, a Hong Kong licensed insurtech company began a strategic collaboration with the oldest insurance company in the UAE, and their digital asset custody insurance has been approved by the Central Bank of the UAE to operate locally.In terms of cross-border payments, Chen Haolian pointed out that the Hong Kong Monetary Authority and the Central Bank of the UAE, along with three other central banks and the Bank for International Settlements Innovation Hub, are collaborating on a project called Multiple Central Bank Digital Currencies (mBridge) to explore the application of wholesale central bank digital currencies. The project completed its pilot phase in 2022, with 20 banks from four jurisdictions participating. This year, the project has reached the Minimum Viable Product (MVP) stage and will further expand participation from the public and private sectors.

ChainCatcher news, according to The Information, the artificial intelligence company OpenAI is in talks with institutions such as the UAE investment fund MGX to plan a large-scale financing round of up to $7 billion. After this round of financing, OpenAI's valuation could reach $150 billion. In addition to MGX, existing investors like Microsoft and Thrive Capital are also expected to participate.Due to the potential connections between Middle Eastern investors and China and Russia, this financing may face scrutiny from U.S. regulators. OpenAI is currently growing rapidly but is also consuming a large amount of capital, and this financing will be used to support its ongoing development and employee stock buybacks.

ChainCatcher news, according to Cointelegraph, insurance provider OneDegree and a Dubai-based insurance company in the UAE jointly announced that they have begun offering digital asset custody risk insurance to clients in the UAE.The two companies have collaborated to launch a product called "OneInfinity," which has been approved by the Central Bank of the UAE. Custody risk insurance is part of the risk management strategies for custodians, exchanges, and other digital asset service providers. According to OneDegree, many global regulators require the provision of this product to offer protection to consumers.

ChainCatcher news, the Securities and Commodities Authority (SCA) of the United Arab Emirates and the Virtual Assets Regulatory Authority (VARA) in Dubai announced an agreement that will allow the country's virtual asset service providers (VASP) to supervise each other. According to the agreement, VASP operating in Dubai and wishing to obtain VARA licensing can be registered with the SCA by default, providing services to the wider UAE. However, the SCA clarified that VASP wishing to operate outside of Dubai in other emirates must still obtain the regulatory authority's license.

ChainCatcher news, according to Cointelegraph, multinational bank Standard Chartered has announced that it will begin offering cryptocurrency custody services in the United Arab Emirates, currently supporting the custody of BTC and ETH.It is reported that Standard Chartered has launched the related custody services in collaboration with the cryptocurrency division of hedge fund Brevan Howard, Brevan Howard Digital. This custody solution has now received approval from the Dubai Financial Services Authority (DFSA), the specialized financial regulatory authority of DIFC.

ChainCatcher news, Web3 venture capital firm Klumi Ventures has announced a partnership with market maker DWF Labs, aimed at advancing the Web3 ecosystem in the UAE. The two parties will collaborate in areas such as strategic consulting, investment and market making, over-the-counter trading, and market education. Klumi Ventures founder Kristiina Lumeste stated that this partnership will support the development of DWF's portfolio companies in the UAE.