Dubai Land Department and Mashreq bank sign e-mortgage deal 4839

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Dubai Land Department and UAE lender Mashreq bank unveiled a blockchain-based electronic mortgage system to speed up and strengthen the home loan registration process, as the emirate looks to digitalise its services and encourage greater investment in real estate.

“The development and launch of the new e-mortgage system comes as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits,” said DLD director general Sultan Butti bin Mejren.

Under the licence agreement, Mashreq mortgage holders will be linked up with DLD’s new electronic mortgage registration system following a property sale to ensure all mortgages are properly registered and recorded via the new platform. Mortgages can also be modified through the system, and liquidations and payment defaults logged.

The e-mortgage system is the latest initiative by Dubai government’s real estate department to adopt blockchain, the digital ledger technology, in its administrative processes. Last year, it launched the blockchain-based Real Estate Self Transaction, or “Rest”, system, intended to enable “the complete digital management of real estate transactions, eliminating paper documents and reducing brokerage procedures”, DLD said at the time.

The initiatives are part of the Dubai 10x initiative, which aims to place government entities 10 years ahead of the rest of the world in all sectors, including real estate. It is a key part of the UAE’s plans to advance its digital economy and further diversify from oil.

Following the deal with Mashreq, DLD will seek new bank partners for its e-mortgage system, it said.

“Applying the e-mortgage system requires synergy with leading UAE banks … to spread its benefits to the largest number of investors,” said Majid Saqer Al Marri, chief executive of registration and real estate services at DLD.

“We will continue to seek the best partners to ensure the comfort and happiness of our customers, as well as develop the system and support it with the latest technologies to keep pace with developments in real estate services.”

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HitBTC Is Having Karma Issues 28

Karma Group is started a lawsuit process against HitBTC through the Hong Kong court and financial regulator. This major exchange received 527.01 ETH from Karma for the listing services, but has not fulfilled it’s obligations.

Today Karma lawyers started litigation with HitBTC, which is rated 7th among all the crypto exchanges. The following letter before action was sent to the official email addresses and official Hong Kong office address. HitBTC didn’t provided any updates on listing deadlines and haven’t refunded the 527.01 ETH until 29th of May.

Background

It’s been 60 days since the 30th of March 2018, when Karma paid 527.01 Ether to the HitBTC Ethereum address from the official invoice #040–03–18 sent by Tim Novak(https://etherscan.io/tx/0x8570546ec7ffbf0f2c7ea41b893b0e2eb0b07ad9c9f3299ec10b84a136e59178)

There were 3 items which were requested by Karma in that service order:

1. Blockchain implementation.

2. Listing of two trading pairs (BTC and ETH) + Re-tweet

3. Additional trading pair (USDT).

At first, HitBTC representatives agreed to complete all the obligations until the April 20th, 2018. Karma provided HitBTC team with all the information about the BTS-based blockchain (non ERC-20). Plus, Karma team notified HitBTC once more on March 29th, 2018 that KRM is not an ERC-20 token.

Karma team have been regularly requesting HitBTC for the status updates during 01–20 April, and HitBTC representatives constantly reported, that the April 20th deadline would be completed. Karma team was constantly offering any technical help, but HitBTC rejected these proposals.

Then, when HitBTC have failed to deliver the work by April 20th, they’ve ceased all communication for 5 days, and then tried to tell Karma team that Karma hadn’t notified HitBTC developers about that KRM is not an ERC-20 token (which is false statement).

Since then HitBTC haven’t provided a new completion date, only vague estimates: “under 12 more than 5” or “should be 10 days”.

Karma team consider these actions made by HitBTC to be fraudulent.

Therefore, Karma lawyers are preparing to initiate legal action against HitBTC and report to the Hong Kong financial regulator.

“The Karma team stands for transparency and a high level of business ethics. The fathers of the crypto economy were standing for freedom, but 100% freedom always comes with 100% responsibility. We’re sure that the basic principles violation, especially by the big market players, is unacceptable. That’s why we decided to create this international law case.”
George Goognin, Karma Founder

Now Karma together with Hong Kong financial regulator is going to examine the legitimacy of that exchange. The case will be pursued until justice prevails.

HitBTC is a big cryptocurrency exchange from TOP-10.

Karma.red is a blockchain cross-border p2p-lending marketplace and currently traded on decentralized exchanges, OpenLedger and RuDEX. The platform is already working, and 3 companies have got the loans of about $500.000 USD in total volume.

Astana will discuss regulatory issues of cryptocurrencies and blockchain technologies 21

On June 7-8 Astana will host the first international conference “Blockchain regulation: opportunities and risks”. Event will be held on the territory of EXPO, with the participation of the government of Kazakhstan, professional associations and major international companies. The conference will be opened by a key figure in the field of digitalization of Kazakhstan – Deputy Prime Minister of Kazakhstan Askar Zhumagaliyev.

On May 17, At the Astana forum “Global Challenges Summit 2018”, President of Kazakhstan Nursultan Nazarbayev proposed to develop common international rules for the use and regulation of cryptocurrencies.

“Most countries are actively studying the possibility of their adaptation to the current configuration of financial systems. At the same time, in this matter, the actions of States are absolutely scattered, and these scattered actions will lead to inefficiency. It is necessary to start the development of common rules,” President of Kazakhstan Nursultan Nazarbayev said at the plenary session of the Global Challenges Summit 2018 forum

“All that is needed from the state is to consider world practices and ensure wise and modern legislative regulation that will accommodate the interests of the National Bank and computing companies. That is stressed by the Head of State,” said Alan Dorjiyev, President of the National Association of Blockchain and Cryptotechnologies.

The conference on Blockchain regulation in Astana, which will be held on June 7-8, can be the first step towards the development of the necessary legislation. Experts from more than 10 countries of the world are invited to share real cases on regulation.

“We are pleased that the State takes interest to the topic of Cryptotechnologies. Indeed, Kazakhstan has all the opportunities to become a major player in the global Blockchain ecosystem. The country has one of the lowest electricity prices in the world – it really arouses the interest of the foreign investors to the construction of computing data centers,” Alan Dorjiyev added.

Leading global companies and financial institutions, such as IBM, Hyperledger, KPMG, Infosys, European Bank for Reconstruction and Development and others, are already investing in these technologies and are interested also in development of the digital infrastructure of Kazakhstan. Accordingly, the country has the potential to become a new world center of distributed computing, accelerating the pace of digitalization and improving its investment climate in new areas of the economy.

47% of South Africans Plan to Invest in Cryptocurrencies 28

South Africa has the most sophisticated economy and financial sector on the continent, and its citizens are increasingly warming up to the idea of investing and trading in cryptocurrencies — despite regulatory concerns over such decentralised digital financial assets across the world.

The MyBroadband 2018 Cryptocurrency Survey — completed in April — shows that more South Africans who have never previously held cryptocurrencies are planning to invest in cryptocurrencies either by purchasing them directly or by gaining exposure to the industry through investments in related enterprises such as cryptocurrency mining.

“Of the survey respondents who do not own or who have never owned cryptocurrency, almost 50% said they plan to invest in an aspect of cryptocurrency or crypto mining in 2018,” reported the MyBroadband tech news and research site on Friday.

Several other tech savvy South Africans who responded to the survey said they were still planning to buy tokens despite never having been invested in the area.

Global prices for bitcoin and etherium skyrocketed in 2017 before bottoming out early 2018 while prices have been volatile in the past few weeks. Prices of cryptocurrencies are susceptible to developments and regulatory issues around the digital assets across the world.

About 25% of respondents to the MyBroadband survey they “will invest in cryptocurrency” while around “15% will invest in cryptocurrency and crypto mining.” A further 7% said they would invest in crypto mining.

Cliffe Dekker Hofmeyer says the recent decision taken by the South African Revenue Authority (SARS) to tax cryptocurrencies was “anticipated” owing to the “growing popularity of cryptocurrencies in South Africa and following the absence of legislation relating to the taxation and regulation” of virtual currencies.

Reports say cryptocurrency trading is on the surge in South Africa, with some restaurants and businesses already accepting virtual currencies for payments. Other African countries such as Zimbabwe have shied away from acknowledging trade in bitcoin despite virtual currencies increasingly helping plug liquidity and foreign currency shortages for international transactions.

U.S. Mutual Fund VP Says Blockchain Will Help ‘Drive This Next Industrial Revolution’ 40

Steve Chiavarone, a VP at financial services company Federated Investors, made bullish comments on blockchain technology as an “economic growth driver” in an interview on CNBC Friday, May 11. Responding to whether blockchain will be a driver of economic growth, Chiavarone noted the potential for automatization and increased efficiency blockchain offers, saying:

“When you think about it from an enterprise perspective, it has the ability to replace reconciliation, which is expensive and requires back-office and time and paperwork with more instantaneous verification […] that will allow cost to be cut and that savings [sic] to be passed along.”

Chiavarone ranked blockchain in the top five “key technologies” that will “drive this next industrial revolution,” along with with automation, robotics, AI and the Internet of things (IoT).

When asked how investors can “play” the potential of blockchain, Chiavarone points to companies like Nvidia and Intel that “enable blockchain verification”, evidently referring to the production of computer chips used in mining.

He also notes how big banks like Bank of America have started taking interest in blockchain and “are investing heavily.” In addition, he stated that “any company with a supply chain can benefit from this [blockchain].”

Chiavarone is a Vice President and Portfolio Manager at Federated Investors, which reportedly manages $392.2 billion in assets.

On May 8, two United States House Subcommittees met to discuss the potential benefits of implementing blockchain technology in supply chain management. The hearing concluded that the tech could be used in a variety of areas, from US Customs and Border Protection to cyber-security, despite its current lack of industry-wide standards.