Latest news with #digitalasset
Arabian Business
9 hours ago
- Business
- Arabian Business
Liquid assets: DMCC and AQUA-INDEX to launch world's first freshwater-backed digital asset token from Dubai
Dubai Multi Commodities Centre (DMCC) has signed a landmark Memorandum of Understanding (MoU) with AQUA-INDEX, a global innovator in water commodities trading, to support the launch of the world's first freshwater-backed digital asset token. The pioneering initiative aims to transform how water is valued, traded, and distributed globally. The token will be backed by verified, drinking-quality water stored in certified reservoirs worldwide. DMCC adds water as tradeable commodity in Dubai Once launched, it will allow institutional investors, hedgers, traders, and even retail users to trade, hold, and take delivery of freshwater as a recognised commodity in Dubai. By bringing together blockchain-based financial innovation and water resource management, the collaboration between DMCC and AQUA-INDEX introduces an entirely new asset class—water. The token offers a practical mechanism for unlocking liquidity, transparency, and accessibility in global water supply chains. Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said: 'Nearly half the global population experiences water scarcity for at least part of the year, yet water remains the only critical resource without a mature, regulated market. 'We are proud to partner with AQUA-INDEX to drive a transparent, neutral, and legally coherent structure and marketplace for water to secure the future of a resource that has long been undervalued. 'This is the next clear milestone in the formation of DMCC Water Centre, where we will not only bring the conversation of water to the forefront, but also attract the sector's leading companies to create a global centre in Dubai for water innovation, security, sustainable best practice, knowledge and education, while ensuring that the world's most transported commodity has the ability to reach water distressed areas.' Yaacov Shirazi, Chairman and Founder of AQUA INDEX, said: 'Pricing water by the value of its usage, standardisation of water by its mineral content and quality, and turning water to a new asset class for a financial trading, is a gamechanger in the world economy. 'It will establish new levels of water management which prevents scarcity, contamination, and lack of access.' Under the MoU, AQUA-INDEX will leverage DMCC's extensive global network, cutting-edge infrastructure, and thriving commodities marketplace to facilitate effective trading and investment in freshwater assets. While DMCC will not directly manage the token, the collaboration will foster knowledge-sharing around water pricing and usage, and open up new hedging opportunities for member companies in Dubai. This announcement is part of DMCC's wider strategy to establish the DMCC Water Centre—a first-of-its-kind global ecosystem dedicated to water trading, technology, and logistics. The centre will unite WaterTech firms, commodity traders, logistics providers, and policy leaders on one platform, all working to ensure water security and innovation on a global scale.
Zawya
15 hours ago
- Business
- Zawya
DMCC signs deal with aqua-index to support first water-backed digital token
DUBAI - DMCC, the leading international business district that drives the flow of global trade through Dubai, has signed a Memorandum of Understanding with AQUA-INDEX, a global pioneer in water commodities trading. This landmark collaboration supports AQUA-INDEX's initiative to launch the world's first digital asset token backed directly by freshwater resources, revolutionising how water is traded, valued, and managed globally. The token – the first of its kind globally – is backed by verified, drinking-quality water stored in global reservoirs and will enable investors, hedgers, traders and the general public to trade, hold and take delivery of fresh water as a commodity. By combining financial innovation with water market expertise, the partnership offers a practical mechanism for unlocking new liquidity and transparency in global water supply chains. Under the partnership, AQUA-INDEX will benefit from DMCC's extensive global network, world-class services, advanced infrastructure, and leading commodity marketplace, facilitating the effective trading and investment in water assets. AQUA-INDEX will enhance the availability and exchange of knowledge around global water usage and pricing and provide access to essential trading and hedging products for DMCC and its member companies. DMCC will not directly own or manage the token itself. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, 'Nearly half the global population experiences water scarcity for at least part of the year, yet water remains the only critical resource without a mature, regulated market. We are proud to partner with AQUA-INDEX to drive a transparent, neutral, and legally coherent structure and marketplace for water to secure the future of a resource that has long been undervalued. This is the next clear milestone in the formation of DMCC Water Centre, where we will not only bring the conversation of water to the forefront, but also attract the sector's leading companies to create a global centre in Dubai for water innovation, security, sustainable best practice, knowledge and education, while ensuring that the world's most transported commodity has the ability to reach water distressed areas.' Yaacov Shirazi, Chairman and Founder of AQUA INDEX, said, 'Pricing water by the value of its usage, standardisation of water by its mineral content and quality, and turning water to a new asset class for a financial trading, is a gamechanger in the world economy. It will establish new levels of water management which prevents scarcity, contamination, and lack of access." The announcement forms part of DMCC's ongoing efforts to establish the DMCC Water Centre, a dedicated ecosystem for the global water industry that positions Dubai as a central, neutral hub for water trading and innovation. The Water Centre brings together WaterTech innovators, logistics providers and commodity traders under one platform.
Al Bawaba
17 hours ago
- Business
- Al Bawaba
Dmcc Signs Strategic Mou With Aqua-index to Support First Water-backed Digital Token
DMCC, the leading international business district that drives the flow of global trade through Dubai, has signed a Memorandum of Understanding with AQUA-INDEX, a global pioneer in water commodities trading. This landmark collaboration supports AQUA-INDEX's initiative to launch the world's first digital asset token backed directly by freshwater resources, revolutionising how water is traded, valued, and managed token – the first of its kind globally – is backed by verified, drinking-quality water stored in global reservoirs and will enable investors, hedgers, traders and the general public to trade, hold and take delivery of fresh water as a commodity. By combining financial innovation with water market expertise, the partnership offers a practical mechanism for unlocking new liquidity and transparency in global water supply the partnership, AQUA-INDEX will benefit from DMCC's extensive global network, world-class services, advanced infrastructure, and leading commodity marketplace, facilitating the effective trading and investment in water assets. AQUA-INDEX will enhance the availability and exchange of knowledge around global water usage and pricing and provide access to essential trading and hedging products for DMCC and its member companies. DMCC will not directly own or manage the token Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: 'Nearly half the global population experiences water scarcity for at least part of the year, yet water remains the only critical resource without a mature, regulated market. We are proud to partner with AQUA-INDEX to drive a transparent, neutral, and legally coherent structure and marketplace for water to secure the future of a resource that has long been undervalued. This is the next clear milestone in the formation of DMCC Water Centre, where we will not only bring the conversation of water to the forefront, but also attract the sector's leading companies to create a global centre in Dubai for water innovation, security, sustainable best practice, knowledge and education, while ensuring that the world's most transported commodity has the ability to reach water distressed areas.'Yaacov Shirazi, Chairman and Founder of AQUA INDEX, said: 'Pricing water by the value of its usage, standardisation of water by its mineral content and quality, and turning water to a new asset class for a financial trading, is a gamechanger in the world economy. It will establish new levels of water management which prevents scarcity, contamination, and lack of access. Water as a collateral will have a significant monetary impact enabling countries and municipalities to increase infrastructure capabilities. AQUA-INDEX, with a new initiative of tokenized water resources, presents the validation of the concept. The collaboration of AQUA-INDEX's patented innovations with the DMCC Water Centre will ensure a leading breakthrough in water ecosystems.'The announcement forms part of DMCC's ongoing efforts to establish the DMCC Water Centre, a dedicated ecosystem for the global water industry that positions Dubai as a central, neutral hub for water trading and innovation. The Water Centre brings together WaterTech innovators, logistics providers and commodity traders under one platform. The introduction of a water-backed token forms a key pillar of DMCC's Water Centre strategy, offering new tools for hedging risk, improving allocation and financing critical infrastructure across water-stressed regions. Further details on the token's trading mechanism, delivery points and relevant regulatory frameworks will be announced in due course.
Finextra
6 days ago
- Business
- Finextra
My Big Coin founder fined for crypto fraud
The Commodity Futures Trading Commission today announced the U.S. District Court for the District of Massachusetts entered a final default judgement against Mark Gillespie of Michigan, John Roche of California, My Big Coin Pay, Inc., and My Big Coin, Inc., both of Nevada. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The order requires Gillespie, My Big Coin Pay, Inc., My Big Coin, Inc., and Roche to pay, jointly and severally a $19,326,324 civil monetary penalty and $6,442,108 in restitution to defrauded victims in connection with their role in a digital asset fraud scheme. The order also imposes a permanent injunction against the defendants and bans them from trading in any CFTC-regulated markets; entering into any transactions involving commodity interests or digital asset commodities; and registering with the CFTC. Case Background The default order finds from at least January 2014 through June 2017, Gillespie, My Big Coin Pay, Inc., My Big Coin, Inc., and Roche, together with co-defendant Randall Crater, one of the other co-defendants named in the CFTC's amended complaint, operated a digital asset scheme in which they fraudulently offered the sale of a fully-functioning virtual currency, My Big Coin (MBC), a commodity in interstate commerce. The CFTC dismissed its enforcement action against named co-defendant Michael Kruger because of his death. The defendants obtained more than $6 million from at least 28 customers through fraudulent solicitations, including false and misleading claims and omissions about MBC's value, usage, and trade status, and that MBC was backed by gold. Crater misappropriated virtually all the money solicited from customers, using those misappropriated funds wrongfully. The order resolves the claims against Gillespie, Roche, My Big Coin Pay, Inc., and My Big Coin, Inc., in the CFTC's enforcement action. [See CFTC Press Release 7678-18] The court had previously entered a consent order resolving the CFTC's claims against Crater, who is currently imprisoned for his role in the scheme. [See CFTC Press Release 9051-25] The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable. Parallel Criminal Action On January 18, 2022, a grand jury returned an eight-count superseding indictment charging Crater with wire fraud, unlawful monetary transactions, and operating an unlicensed money transmitting business based on the same conduct alleged in the CFTC's amended complaint. [United States v. Randall Crater, No. 1:19-cr-10063-DJC (D. Mass. Jan. 18, 2022)).] Crater was found guilty of those charges on July 21, 2022, and was sentenced to 100 months in prison and ordered to pay $7,668,317.50 in restitution to defrauded customers and to forfeit $7,668,317.50, which represented the proceeds he received from his violations. The CFTC appreciates the assistance of the U.S. Attorney's Office for the District of Massachusetts, the Fraud Section of the U.S. Department of Justice, and the FBI. Division of Enforcement staff responsible for this case are Traci Rodriguez, Daniel Ullman II, Chrystal Gonnella, Dmitriy Vilenskiy, Paul G. Hayeck, and former Division staff members Jonah E. McCarthy, Jason Mahoney, John Einstman, Hillary Van Tassel, Patricia Gomersall, and Kyong J. Koh.
Bloomberg
12-05-2025
- Business
- Bloomberg
Strategy's Bitcoin Buying Pattern Coincides With Price Increase
The timing and scale of Strategy 's almost weekly Bitcoin purchase announcements has some market observers wondering whether the most visible buyer of the cryptocurrency is driving the price of the digital asset higher. Michael Saylor's Strategy said Monday that it bought $1.34 billion of Bitcoin from May 5 through May 11, a week in which the price of Bitcoin jumped by around 9%.
