Identity forgery suspect captured in StarkNet airdrop scam

MultiBank Group, a global financial derivatives company headquartered in Dubai, has partnered with two other United Arab Emirates (UAE)-based firms, real estate giant MAG and tokenized real-world asset (RWA)-focused blockchain infrastructure provider Mavryk, in a $3 billion tokenized real estate deal.Photo by Tierra Mallorca on UnsplashWhile a large proportion of MAG's business activities center around the Dubai real estate market, MAG Group is a multinational conglomerate with a portfolio that includes commercial and residential developments and high-end luxury real estate projects.  According to a press release published on May 1, this $3 billion deal implicates MAG’s luxury developments, such as The Ritz-Carlton Residences in Dubai and other properties located within the Keturah Resort and Keturah Reserve in the UAE’s most populous city. These properties will be tokenized and hosted on the blockchain through MultiBank.io’s regulated tokenized RWA marketplace. Mavryk will provide the necessary infrastructure, with the tokenized assets running on its blockchain network. The deal provides another indication of the growing role of tokenization, with it being the largest tokenized RWA deal to have been put together to date. The Mavryk Network testnet was launched in February, with Mavryk Network developer Mavryk Dynamics securing $5 million in funding to establish a tokenized RWA network economy. In this instance, Mavryk will provide support in terms of on-chain asset issuance and DeFi integrations. Not just a real estate dealTalal Moafaq Al Gaddah, senior executive vice chairman of MAG, said that the project “marks a milestone in broadening access to high-value developments and unlocking liquidity via blockchain.” Al Gaddah also commented on the MBG token, stating:“$MBG token provides ecosystem utility, including trading discounts, early access to properties, and a deflationary buyback-and-burn model.” MBG is a MultiBank utility token which features deflationary tokenomics. It will be used to enable staking and lower trading fees. The token is scheduled to be launched on June 2. MultiBank.io Founder and CEO Zak Taher highlighted the importance of the token launch alongside this tokenized real estate deal. He stated:“This isn’t just a real estate deal — it is a flagship use case for the $MBG token. By enabling seamless access to $3B in tokenized property, MultiBank becomes the bridge between regulated finance and next-generation investment infrastructure.” Dual utilityAl Gaddah referred to the duality of the tokenized real estate offering:“Tokenized assets issued by MultiBank will have dual utility. Within the MultiBank Group, they can be used as collateral for derivatives, creating a seamless bridge between traditional finance and tokenized assets.” RWA tokenization has been gaining momentum within the UAE recently. It emerged last month that the Dubai Land Department (DLD), a government agency responsible for the registration of real estate in Dubai, had signed an agreement with local regulator the Virtual Assets Regulatory Authority (VARA) to integrate tokenized real estate within existing systems.  Around the same timeframe, blockchain technology firm Serenity signed a partnership with Dubai’s MTA Real Estate to develop a tokenized real estate platform. Last year RWA-focused layer-1 blockchain project MANTRA Chain announced that it would tokenize $500 million in real estate assets in Dubai.

Seoul Govt to Hire Blockchain Expert to Enhance Administrative Services for CitizensThe Seoul Metropolitan Government is hiring a blockchain specialist in an effort to bolster its administrative services for citizens, leveraging the power of blockchain technology to provide enhanced and efficient solutions, as per local news outlet Etnews.Photo by Yu Kato on UnsplashRoles and eligibilityThe appointed blockchain specialist will participate in the development and management of blockchain-based administrative systems. The position will also involve facilitating technological cooperation between the public and private sectors, with a focus on integrating blockchain-powered platforms with cutting-edge technologies such as artificial intelligence, big data, and the Internet of Things.Interested candidates have until July 26 to submit their applications, with the successful candidate expected to be revealed in August, following document screening and interviews.To be eligible for the position, applicants must meet one of the following criteria:1. Hold a bachelor’s degree and possess at least one year of experience in related fields.2. Have three or more years of relevant experience.3. Be public servants of rank 8 or higher with a minimum of two years of relevant experience.Eligible candidates must have a proven track record in the development and operation of information systems, blockchains, and non-fungible tokens.Seoul’s blockchain initiativesThe Seoul Metropolitan Government’s current efforts to integrate blockchain technology into its administrative services include the operation of the Seoul Wallet app, a one-stop solution that enables citizens to access their identification, certificates, and credentials. The city government has plans to connect this app with other digital and healthcare platforms to create a fully integrated management system.Seoul has been at the forefront of blockchain adoption in South Korea. In 2020, it became the first Korean city to launch a blockchain-powered labor contract system, aimed at protecting the rights of temporary workers. Additionally, the city has been actively exploring various ways to leverage blockchain for online ID verification services. Such initiatives include a benefits card designed for families with two or more children, offering discounts on public facilities usage.A representative from the city government highlighted their recognition of blockchain as a key technology in the era of Web3. As a result, Seoul is seeking opportunities to introduce and support blockchain-based initiatives within its jurisdiction. The official emphasized the city’s commitment to providing safe and inclusive civil services built on blockchain technology, following a thorough assessment of their potentials and risks.

Binance Expands Crypto Offering in Dubai with New LicenseDubai has welcomed one of the biggest players in the crypto sector, Binance, with the Virtual Asset Regulatory Authority (VARA) awarding the firm a new trading license.Photo by Petar Avramoski on UnsplashServing qualified investorsAccording to an announcement made by the company on Monday, Binance’s Dubai-based subsidiary, Binance FZE, has secured the operational Minimum Viable Product (MVP) license from VARA.Eligible investors in Dubai, deemed as “qualified retail clients,” will now have access to authorized services such as compliant crypto-to-fiat exchanges, adhering to the guidelines set by the Financial Action Task Force (FATF). To qualify, investors must meet specific criteria, including being at least 21 years old and possessing a minimum of 500,000 United Arab Emirates dirhams ($136,000) in net liquid assets, supported by relevant documentary proof like bank statements and proof of funds.Additionally, qualified investors are required to provide valid identification documents, including passports and visas, along with proof of a valid UAE address and contact details. This comprehensive verification process ensures compliance with regulatory requirements and enhances security measures for all parties involved.Expanded service offeringThe move is a significant development as it allows Binance to offer cryptocurrency exchange and virtual asset broker-dealer services to institutional and qualified retail investors in Dubai.With the new license, Binance’s Dubai entity can now offer crypto-to-fiat exchange, conversions, transfer and custody solutions, brokerage facilities, as well as virtual asset payments and remittance services. The development builds upon Binance’s previous progress, having received the provisional MVP license in March 2022, followed by the preparatory MVP license in September 2022.Licensing challengesIt’s worth noting that some crypto exchanges have faced challenges operating with preparatory MVP licenses due to limited capabilities, only serving a restricted set of accredited investors. Bybit CEO Ben Zhou had previously highlighted this concern. That said, Zhou still came to the conclusion recently that the regulatory approach in the UAE is superior by comparison with many other jurisdictions.The news of Binance’s successful licensing comes shortly after VARA suspended the operational license of another crypto exchange, BitOasis, for not meeting required conditions within the set timeframes. BitOasis assured its commitment to fulfilling the remaining conditions in collaboration with VARA.In April 2023, VARA sought additional information from Binance, aiming to tighten regulatory standards in the emirate. Binance promptly provided all requested information and looked forward to further collaboration with VARA as it prepared for the next phase of licensing.Compliance with VARA’s framework includes adherence to compulsory rulebooks related to general operations, compliance, and market conduct requirements. The regulator has published key highlights of the regulations in 2023, underscoring its efforts to create a robust and well-regulated crypto market in Dubai.Regulatory headwindsBinance’s latest regulatory achievement indicates the exchange’s dedication to expanding its services and offerings in the region. It could potentially lead to something even more significant for the company in the Middle East as Binance has suggested that it would be more likely to expand in places such as Dubai, given an adverse regulatory approach elsewhere.Over the course of the past three months, the company has been forced out of key markets such as Germany, Canada, Belgium, the Netherlands, and Cyprus, due to regulatory pushback.