A pivotal element of HAQQ Network’s approach involves the introduction of its Gold token in June, a noteworthy milestone in the network’s broader objective of tokenizing Real-World Assets (RWA).
The Launch of HAQQ Network’s Gold Token
In a recent blog post, Alex Malkov, Co-Founder and CEO of HAQQ Network, stressed the significance of this launch. He highlighted that the gold token will not only function as a stable store of value but also play a vital role in the Islamic Interbank Market. Malkov pointed out that tokenized commodities such as the gold token provide a more streamlined and transparent option compared to traditional asset exchanges.
The gold token will have the capability to be exchanged for physical gold, with plans to eventually support additional investment commodities and possibly securities.
HAQQ Network intends to tokenize Islamic financial instruments like “SUKUK,” converting them into blockchain-based tokens. This transformation enhances liquidity, accessibility, and efficiency. Tokenization enables fractional ownership and wider distribution while upholding Shariah law compliance through integration with the token’s smart contracts.
Building on its innovative strides, HAQQ has introduced VISA cards denominated in its ISLM token, tailored particularly for EU residents.
This initiative marks a notable advancement in integrating Islamic digital assets with mainstream financial services, offering European Union users the means to conduct transactions and manage finances in accordance with Islamic principles.
The Islamic Coin project experienced a successful launch last year, garnering significant media attention from leading crypto publications globally and prominent fintech platforms in the Middle East.
Additionally, it built a significant community exceeding 1.5 million members, with an advisory board inclusive of members from the ruling families of the UAE. This played a pivotal role in its successful presale phase, during which the ISLM token garnered over $200 million in private sales and secured an additional $200 million through an investment deed.
Yet, since its inception, the project has encountered various obstacles and unsubstantiated accusations, impacting its progress over the last six months.
Islamic Coin Navigates Regulatory Scrutiny Amid Media Misinformation
By 2023, the HAQQ Network and its native cryptocurrency, Islamic Coin (ISLM), emerged as the premier Islamic Web3 project globally.
The project struck a chord with the worldwide Muslim community by placing a high value on ethics and staying true to Shariah principles, aspects that have sometimes been overlooked in the dynamic Web3 and blockchain environment.
Regrettably, Islamic Coin faced hurdles shortly after its debut. Despite a robust technological base, increasing community backing, and fruitful presale rounds, the project came under scrutiny when the Virtual Asset Regulatory Authority (VARA) launched a thorough investigation. HAQQ Network collaborated closely with the authorities, resulting in VARA concluding the investigation without imposing any enforcement measures or formal accusations.
Alex Malkov acknowledged the challenges presented by the investigation but reaffirmed their dedication to collaborating with VARA and furnishing the necessary documentation to showcase compliance with the regulatory framework.
The repercussions of the VARA investigation hindered Islamic Coin’s exchange listing plans. Preliminary agreements with prominent platforms dissolved as these exchanges raised sudden concerns about perceived risks, resulting in unforeseen delays and complications in broadening ISLM’s accessibility.
The project encountered adverse media attention as a particular media outlet initiated a disinformation campaign against HAQQ. However, the network’s leadership opted not to counter with paid promotions, staying aligned with their principles of transparency and integrity.
Nonetheless, Malkov restated their position, underscoring the network’s dedication to combatting misinformation and Islamophobia, with a mutual objective of constructing a more inclusive and fair financial system.
HAQQ Network has surmounted considerable obstacles to attain remarkable triumph. Islamic Coin (ISLM) is presently featured on prominent centralized exchanges like KuCoin, LBank, XT, and MEXC, alongside decentralized platforms including SushiSwap, Osmosis, and Uniswap, heightening liquidity and exposure.
The launch of HAQQ’s non-custodial wallet on Apple Store and Google Play enables users to securely manage their assets without intermediaries. Boasting features such as social login and device recovery, the wallet seeks to appeal to non-crypto users, positioning itself as a leading app in regions such as Nigeria, Indonesia, and Turkey.
A pivotal feature of the wallet is staking, enabling ISLM holders to earn rewards while bolstering the network’s security and governance. Additionally, they can earn ‘halal yield‘ by engaging in liquidity pools on decentralized exchanges. This concept, adhering to Islamic principles, empowers Muslim investors to partake in the digital economy without contravening religious tenets.
Despite challenges, HAQQ Network’s advancement underscores its capacity to harmonize Islamic finance with cutting-edge Web3 technology, all while upholding Islamic ethical norms.
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