Ornella Hernandez

<div id="highlights-block_6299dd9749ad1" class="highlights">
 <ul>
 <li>The announcement comes on the heels of a visit by Women in Web3 to the emirate</li>
 <li>Abu Dhabi is just one of many cities working with Unstoppable Domains, others to be announced throughout the year</li>
 </ul>
 
</div>



Unstoppable Domains, a decentralized domain name provider, is running a giveaway in collaboration with Abu Dhabi firms to ensure each woman residing in the United Arab Emirates (UAE) capital receives a domain name.&nbsp;



The idea came out of a meeting of entrepreneurs from the US-based Women of Web3 organization, Access Abu Dhabi — a program that helps women-led business expand into the UAE — and the Emirati government’s Abu Dhabi Investment Office (ADIO).



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><a href="https://twitter.com/unstoppableweb?ref_src=twsrc%5Etfw">@unstoppableweb</a> is giving free <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a>, <a href="https://twitter.com/hashtag/NFT?src=hash&amp;ref_src=twsrc%5Etfw">#NFT</a>, and <a href="https://twitter.com/hashtag/blockchain?src=hash&amp;ref_src=twsrc%5Etfw">#blockchain</a> domains to all women in <a href="https://twitter.com/hashtag/AbuDhabi?src=hash&amp;ref_src=twsrc%5Etfw">#AbuDhabi</a>! In partnership with Access Abu Dhabi, powered by <a href="https://twitter.com/hashtag/ADIO?src=hash&amp;ref_src=twsrc%5Etfw">#ADIO</a>, the initiative aims to give women in Abu Dhabi the opportunity to enter the world of <a href="https://twitter.com/hashtag/Web3?src=hash&amp;ref_src=twsrc%5Etfw">#Web3</a> and be part of shaping the future🌐 <a href="https://t.co/WvLFxcIdAV">pic.twitter.com/WvLFxcIdAV</a>&mdash; Abu Dhabi Investment Office (@InvestAbuDhabi) <a href="https://twitter.com/InvestAbuDhabi/status/1532298549144207361?ref_src=twsrc%5Etfw">June 2, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The mission of the initiative, according to Unstoppable Domains&#8217; Senior Vice President Sandy Carter, is to give power back to the people. A “domain in Web3 is actually a domain with superpowers,” she said.



Each Unstoppable Domain web name is an NFT that is minted and sold like any other non-fungible token. While users can usually choose whatever domain they want, if available, the giveaway will allow people to secure their given names. The most popular top level domains are .nft, .crypto and .888 — which is popular in China and among Abu Dhabi’s large Chinese population, Carter said.



Tying a domain name to a singular, portable digital identity, whether from Unstoppable Domains or one from competitors such as Ethereum Name Service (ENS), enables the holder to replace complicated crypto wallet addresses and have more control over their data.&nbsp;



Carter told Blockworks that Unstoppable Domains’ vision is to help cities that are interested in educating their citizens on Web3 to get started. Abu Dhabi was the chosen location to kick-start this initiative that aims to educate its citizens on Web3 and support businesswomen. Other cities will be announced throughout the year, according to the company.



Sarah Omolewu, managing partner of Maven Global Access and founder of Access Abu Dhabi, said in a statement, &#8220;In a market of expats from more than 200 countries, this initiative could potentially impact the lives of generations of women around the world.&#8221;



She added that more and more women are recognizing the value that blockchain technologies have in growing and funding their businesses. But the biggest barrier to entry is making educational opportunities accessible and widespread.&nbsp;



That’s why earlier this year, Carter <a href="https://www.prnewswire.com/news-releases/unstoppable-women-of-web3-launches-diversity-and-education-initiative-with-10-million-grant-by-unstoppable-domains-301497231.html" target="_blank" rel="noreferrer noopener">founded</a> the networking and training group “Unstoppable Women of Web3,” made up of a coalition of companies including Blockchain.com, Deloitte, Google Cloud, Polygon and Consensys. Unstoppable Domains pledged to distribute over $10 million worth of NFT domains to support women in their Web3 journey. 



Public figures including supermodel Tyra Banks represented America at the Women in Web3 delegation visit from May 24-26 in Abu Dhabi. Kevin O’Leary, &#8220;Shark Tank&#8221; personality and businessman, is an ambassador of Access Abu Dhabi but was not present at the meeting.



<hr class="wp-block-separator">
Get the day’s top crypto news and insights delivered to your email every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.
 
Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from&nbsp;<a href="https://blockworks.co/newsletter/research" target="_blank" rel="noreferrer noopener">Blockworks Research&#8217;s Daily Debrief</a>.
 
Can&#8217;t wait? Get our news the fastest way possible.&nbsp;<a href="https://t.me/blockworks_news" target="_blank" rel="noreferrer noopener">Join us on Telegram</a> and follow us on <a href="https://news.google.com/publications/CAAqBwgKMPyTxgswn6_dAw" target="_blank" rel="noreferrer noopener">Google News</a>.
<hr class="wp-block-separator">

Unstoppable Domains Gifted Blockchain Domain Names to 1M Women in Abu Dhabi

Ben Strack

<div id="highlights-block_6266b69dd1205" class="highlights">
 <ul>
 <li>Kraken seeks to allow investors in the region to trade, withdraw and deposit bitcoin and ether directly in Emirati dirham</li>
 <li>The Abu Dhabi Global Market (ADGM) launched its crypto framework in 2018</li>
 </ul>
 
</div>



Kraken is set to expand its footprint to the United Arab Emirates, but unlike some of its competitors, the exchange is opting for Abu Dhabi rather than Dubai.&nbsp;



The company announced that it has become the first exchange to receive a full financial license to operate as a regulated virtual asset exchange platform in the Abu Dhabi Global Market (ADGM).



Kraken will launch its crypto exchange there in the “near future,” according to a Monday statement. It has set up an office and executive team in Abu Dhabi and plans to scale post-launch.



The exchange seeks to bring the ability for investors in the region to trade, withdraw and deposit bitcoin and ether directly in the local currency, Emirati dirham. Regional investors currently must first convert dirhams into dollars, euros, British pounds and other foreign currencies to access crypto trading and investing.



Founded in 2011, Kraken has about nine million clients across 60 countries. A Kraken spokesperson did not immediately return a request for comment.&nbsp;



The ADGM <a href="https://www.adgm.com/media/announcements/adgm-launches-crypto-asset-regulatory-framework" target="_blank" rel="noreferrer noopener">launched its framework</a> to regulate spot cryptoasset activities in 2018 in an effort to “bolster the economic diversification of Abu Dhabi through innovation and sustainable initiatives.”



Binance <a href="https://www.adgm.com/media/announcements/binance-awarded-in-principle-approval-for-a-financial-services-permission-from-adgm" target="_blank" rel="noreferrer noopener">received an initial approval</a> from ADGM regulators to operate as a broker-dealer in virtual assets earlier this month as part of its plans to become a fully-regulated virtual asset service provider.&nbsp;



Kraken’s competitor gained licenses to be a crypto service provider in Dubai and Bahrain, Bloomberg News reported last month.



Crypto exchange FTX also <a href="https://cms.blockworks.co/ftx-granted-crypto-license-with-dubai-hq-in-sights/" target="_blank" rel="noreferrer noopener">received a license</a> to operate within the UAE last month and seeks to establish a regional headquarters in Dubai. The news came as the emirate of Dubai — one of seven within the UAE — adopted its <a href="https://www.reuters.com/world/middle-east/dubai-adopts-first-law-governing-virtual-assets-ruler-2022-03-09/" target="_blank" rel="noreferrer noopener">first piece of crypto legislation</a> and established a regulator to monitor the sector.



Representatives for Binance and FTX did not immediately return requests for comment about offerings and plans within the region.



<hr class="wp-block-separator">
Get the day’s top crypto news and insights delivered to your email every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.
 
Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from&nbsp;<a href="https://blockworks.co/newsletter/research" target="_blank" rel="noreferrer noopener">Blockworks Research&#8217;s Daily Debrief</a>.
 
Can&#8217;t wait? Get our news the fastest way possible.&nbsp;<a href="https://t.me/blockworks_news" target="_blank" rel="noreferrer noopener">Join us on Telegram</a> and follow us on <a href="https://news.google.com/publications/CAAqBwgKMPyTxgswn6_dAw" target="_blank" rel="noreferrer noopener">Google News</a>.
<hr class="wp-block-separator">

Kraken Receives Abu Dhabi’s First Virtual Asset Exchange License

Dan Keeler

<div id="highlights-block_61cb5832ffd67" class="highlights">
 <ul>
 <li>Abu Dhabi’s determination to become a crypto hub is part of its effort to reduce its reliance on oil and gas</li>
 <li>Regulators are focused on anti-money-laundering, tech governance systems and controls, protecting client money, custody and exchange-operations risks</li>
 </ul>
 
</div>



Abu Dhabi, the capital of the United Arab Emirates, is stepping up its efforts to attract crypto-focused businesses as it seeks to become the leading cryptocurrency center in the Middle East.



In an interview with Blockworks, the Chairman of the Abu Dhabi Department of Economic Development, Shorafa Al Hammadi, said the government of Abu Dhabi had set itself a deadline of the end of this year to “ease passporting between digital cryptocurrency exchanges to ‘normal’ instruments.”



The emirate is already among the global leaders in developing a crypto-friendly regulatory environment, having established an initial framework in 2018, according to the CEO of Abu Dhabi’s Financial Services Regulatory Authority, Emmanuel Givanakis. “At that time, the industry was already talking about needing to come under a regulatory umbrella, and we came out with what we think is a fairly comprehensive framework,” Givanakis told Blockworks. 



Abu Dhabi’s neighbor and fellow emirate, Dubai, is also keen to attract digital-assets firms and last week <a href="https://www.dwtc.com/en/press/dwtca-signs-agreement-with-binance-to-participate-in-the-worlds-first-virtual-asset-ecosystem-2021" target="_blank" rel="noreferrer noopener">revealed</a> that it enlisted Binance to help it develop an “international virtual asset ecosystem.” Binance <a href="https://cms.blockworks.co/binance-scores-regulatory-win-in-bahrain-as-exchange-continues-mea-focus/" target="_blank" rel="noreferrer noopener">announced</a> on Dec. 27, 2021, that it has also received approval for a license-in-principle in Bahrain. 



Two regulated digital asset exchanges — <a href="https://www.matrix.co" target="_blank" rel="noreferrer noopener">Matrix Exchange</a> and <a href="https://midchains.com" target="_blank" rel="noreferrer noopener">Midchains</a> — are already operating in Abu Dhabi and a third, <a href="https://dex.ae" target="_blank" rel="noreferrer noopener">DEX</a>, is due to commence full operations soon, according to Al Hammadi.



<div class="wp-block-image"><figure class="alignleft size-medium"><img decoding="async" loading="lazy" width="300" height="200" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Shorafa-Al-Hammadi-1-300x200.jpeg" alt="" class="wp-image-13254" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Shorafa-Al-Hammadi-1-300x200.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Shorafa-Al-Hammadi-1-300x200.jpeg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Shorafa-Al-Hammadi-1-300x200.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Shorafa-Al-Hammadi-1-300x200.jpeg?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Shorafa-Al-Hammadi-1-300x200.jpeg?w=392 392w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Shorafa-Al-Hammadi-1-300x200.jpeg?w=329 329w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Shorafa-Al-Hammadi-1-300x200.jpeg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Shorafa-Al-Hammadi-1-300x200.jpeg?w=1200 1200w" sizes="(max-width: 300px) 100vw, 300px" /><figcaption><meta charset="utf-8">Shorafa Al Hammadi, chairman, Abu Dhabi Department of Economic Development</figcaption></figure></div>



“The whole ecosystem in Abu Dhabi…is working together to make it easy for all the actors of that space, to not only attract them but bring them here, to develop the legal framework, to find what are the pain points worldwide so we can remove them, and have a very strong robust regulatory framework for those people,” Al Hammadi said.















Abu Dhabi’s determination to become a crypto hub is part of its effort to recast its economy to reduce its reliance on oil and gas. As part of this effort, the emirate is focusing on innovation in financial technology, providing the private sector with a fintech sandbox where they can test their products in a live environment to ensure they meet the UAE’s strict anti-money-laundering (AML) and other regulatory standards. 



<blockquote class="wp-block-quote">“The number-one risk we are focused on is AML, but tech governance systems and controls, protecting client money, custody and exchange-operations risks are all really important risks for us,” Givanakis said. “We needed to develop systems to monitor these frameworks.”</blockquote>



Amy Oldenburg, head of emerging market equities at Morgan Stanley Investment Management, said a challenge for regulators is ensuring they don’t stifle innovation as they try to protect investors. “It’s really important for business operators that the regulators think about…how to allow for innovation and the adaptation necessary as things change,” she told Blockworks. “The UAE and Abu Dhabi seem to be striking the right balance between putting regulation around [crypto] but not so much that they’re constraining the growth and the exploration that will continue to happen for many years going forward.”



Givanakis said Abu Dhabi’s efforts to ensure it has a comprehensive regulatory framework for a broad range of digital securities, including digital funds and derivative products, are helping it attract international interest. “We’re one of the few places they feel they can establish and people try to understand them and try to understand how to regulate them,” he said.



<hr class="wp-block-separator"/>



Get the day’s top crypto news and insights delivered to your inbox every evening. <a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a> now.



<hr class="wp-block-separator"/>