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UAE and Turkey to share crypto asset transaction information in 2028 with OECD

UAE and Turkey to share crypto asset transaction information in 2028 with OECD

On 14 April 2025, the United Arab Emirates Cabinet of Ministers as well as the Turkish government approved the signing of the Multilateral Competent Authority Agreement on Automatic Exchange of Information pursuant to the Crypto-Asset Reporting Framework (CARF MCAA).

The CARF provides for the reporting of tax information on transactions in crypto-assets in a standardized manner, with a view to automatically exchanging such information. According to a OECD document on CARF commitments, the United Arab Emirates intends to exchange information under CARF by 2028.

As such both Turkey and USA have become part of the jurisdictions committed to implement the Crypto-Asset Reporting Framework
(CARF) in time to commence exchanges in 2027 or 2028 as part of the Global Forum’s CARF commitment process.

The UAE currently does not tax individuals on their crypto holdings.

Dubai based Web3 Investment firm DWF Labs expands to USA

Dubai based Web3 Investment firm DWF Labs expands to USA

Dubai based DWF Labs, a crypto market maker and Web3 investment firm, expands to the United States with a new office in New York City while purchasing $25 million of World Liberty Financial (“WLFI”) governance tokens in a strategic private transaction, the decentralized finance protocol and governance platform inspired by President Donald J. Trump.

As per the announcement, the new U.S. office marks a significant milestone in DWF Labs’s global expansion strategy, positioning the firm to, strengthen institutional partnerships with banks, asset managers, and fintech firms exploring blockchain integration.
Hire local talent across trading, compliance, and business development.

The entity also seeks to enhance regulatory engagement with U.S. policymakers and advance educational initiatives with American colleges and universities while drive liquidity and adoption for high-quality projects like the USD1 stablecoin and its emerging DeFi ecosystem.


“The U.S. is the world’s largest single market for digital asset innovation,” said Andrei Grachev, Managing Partner of DWF Labs. “Our physical presence reflects our confidence in America’s role as the next growth region for institutional crypto adoption. Moreover, the USD1 stablecoin and forthcoming global DeFi solutions align with our broader mission to improve financial services.”

DWF Labs’s purchase of WLF tokens underscores its desire to participate in WLFI governance and focus on projects addressing real-world financial needs, as evidenced by the growing demand for institutional-ready stablecoins like USD1.

As part of this collaboration, DWF Labs plans to provide liquidity for USD1, leveraging its deep liquidity network and algorithmic infrastructure across centralized and decentralized venues. This strategic role underscores DWF Lab’s commitment to supporting stable, transparent digital assets and advancing the adoption of fiat-referenced stablecoins globally.

“We believe that crypto is going to transform and improve global finance, and stablecoins like USD1 will continue to be fundamental elements in the DeFi technology stack,” said Zak Folkman, co-founder at World Liberty Financial. “As our partner, we expect DWF Labs to help accelerate the next-generation infrastructure we’re actively building and deploying at WLFI.”

Morocco’s Bank Al Maghrib Director says crypto regulation now at Ministry of Economy to oversee adoption process

Morocco’s Bank Al Maghrib Director says crypto regulation now at Ministry of Economy to oversee adoption process

At Gitex Africa 2025, the General Director of Bank Al Maghrib, Mr. Abderrahim Bouazza noted that the crypto draft law is now at the Ministry of Economy and Finance, who will then submit it to a technical committee to oversee its adoption process.

In his speech he emphasized that the technology underlying crypto assets could be utilized to develop fintech services. Bank Al Magrib had announced in 2022 that it was close to finalizing its crypto regulatory framework. Then on December 20th 2024, the Central Bank of Morocco represented by its governor Abdellatif Jouahri announced that the draft crypto bill to regulate the use of cryptocurrencies was ready. Jouahri stressed that the full draft is ready to put in place a proper regulatory framework.

Boazza was discussing Morocco’s plans to create an acquisition support fund for merchants to strengthen payment infrastructure. Bank Al Maghrib. He had noted, “Among the short-term actions to strengthen the payment infrastructure, BAM intends to set up an acquisition support fund to facilitate the acceptance of electronic payments by merchants.”

Noting that digital payment adoption among merchants remains low, he stated that the Central Bank aims to implement incentive measures to encourage their adoption of the electronic payment system.

“The Central Bank is working on implementing more attractive pricing for electronic payments by lowering interchange fees, including those for bank cards, while also considering making cash usage more restrictive in the medium term. These actions will be carried out as part of a broader strategy for the digitalization of payments and fintech development, stemming from a rigorous and thorough diagnostic,” he continued.

He also discussed the introduction of CBDC digital currency or the e-dirham which could address certain challenges in the payment sector especially when it comes to the utilization of cash, but noting that this would require alot of time.

He noted, “The success of this project would depend on how the public perceives the digital currency. It would need to be as credible and accessible as physical cash.”

Chainalysis shared an excerpt from its upcoming 2024 Geography of Cryptocurrency report covering the MENA region and noting that MENA is the seventh largest crypto market globally in 2024 with the biggest two crypto countries being Turkey and Morocco.

Mantra Blockchain shares preliminary report awaiting crypto exchanges collaboration

Mantra Blockchain shares preliminary report awaiting crypto exchanges collaboration

UAE regulated Mantra Blockchain platform for the tokenization of real world assets has published a preliminary report on the OM Token price fall.

As per the post On 13 April at approximately 18:28 UTC, the OM token experienced significant and unexpected downward price action, resulting in a 92% decline over a period of approximately one hour. This unusual market activity has raised questions within our community, and we acknowledge the concerns expressed by our token holders during this period of market volatility.

The post notes that the Mantra team have been conducting a thorough investigation to find our the key factors contributing to the rapid price movement and present verifiable data confirming the current OM Token circulating supply.

Mantra states, ” Our objective is to deliver a fact-based assessment that addresses community questions and outlines measures to strengthen market resilience. While our investigation remains ongoing, we are committed to sharing verified information in a timely and transparent manner. We appreciate the community’s patience as we compile a comprehensive understanding of this market event.”

No sales of OM token were made by the MANTRA team or advisors as those remain locked, however ERC-20 OM tokens are in public circulation and outside of Mantra’s control.

  1. Legacy ERC-20 OM Tokens (Fully Circulating)
    The original OM token (ERC-20) was launched in August 2020 with a fixed total supply of 888.88 million OM. As of 15 April, 2025, 99.995% of these tokens are in public circulation, held by more than 123,000 wallets, meaning they are fully liquid and tradable on the open market. Key allocations from the original OM ERC-20 tokens — including public/private sales, team/advisors, grants, reserves, referrals, and staking rewards—have all been fully distributed. This means market activity for these tokens is driven by holders and external trading dynamics. Further details on the ERC-20 OM buckets and balances can be found in Appendix A.
  2. MANTRA Chain Mainnet OM Tokens (Limited Circulation)
    In October 2024, the launch of MANTRA Chain introduced an additional 888.88 million OM coins minted natively on the new blockchain, alongside an onchain inflation mechanism. Currently, 77.5 million OM of these MANTRA Chain coins are in circulation. There are currently over 200,000 mainnet OM wallets. Further details on the Mainnet OM buckets and balances can be found in Appendix B.

  5. The total OM supply stands at 1.81 billion tokens, split evenly between legacy ERC-20 and new Mainnet OM. Of this:
  • 53% (969.61 million OM) is currently circulating. Nearly all circulating supply (92%) comes from the fully liquid ERC-20 tokens, with just 8% originating from Mainnet OM. As per Mantra the incident almost exclusively involved ERC-20 OM, as ERC-20 OM represents virtually the entire liquid market.

    MANTRA acknowledges that significant amounts of OM tokens were moved onto exchanges for use as collateral. Based on MANTRA’s review of independent observations (here and here) of the incident, it is evident that there were forced OM position closures during a period characterized by reduced market activity (around 02:00 am Monday HKT). These liquidations created excessive selling pressure on the OM token market.

    As per the analysis of Mantra, the forces liquidations according to Mantra initiated a sequential market reaction which pushed the price downward which triggered automated liquidation events across exchanges for leverage positions using OM as collateral. A divergence on OM Token spot price between OKX and Binance was noted in hours commending around 18:00 UTC. As such Mantra noted that significant OM Traders were liquidated by centralized exchanges, and that they are awaiting further information from crypto exchange partners for clarification.

    As for the future Mantra plans to release details of its OM Token support plan with OM Token buyback and supply burn program. The CEO and Founder John Patrick Mullin, has committed to burn his team allocation. Mantra calls on centralized exchanges to collaborate and provide clarity on trading activities while Mantra releases a dashboard with live balances of tokenomics buckets for additional market transparency.

    Mantra Chain CEO to give full story on OM Token loss

    Mantra Chain CEO to give full story on OM Token loss

    The CEO and Founder of UAE regulated Mantra Chain John Patrick Mullin announced on LinkedIn ( 23 hours ago) that the event regarding the $OM Token severe losses at the beginning of this week, were a result of a massive forced liquidation of a very large OM holder’s position on a crypto exchange.

    Since the incident the OM token has lost $5 billion in value, and stands at a market cap of $741 million.

    He noted however that regardless of your scale of loss, all investors and community members are in his and his teams thoughts. He as such along with the leadership team are exploring buy back programs and a supply burn to restore investor confidence.

    He added that within the next 24 hours, he will be making a public factual post mortem that will share all the details of what transpired in the early hours of Monday morning (APAC). He states, ” This analysis will be as accurate and factual as we can possibly make it. It will not contain opinions or spin. We believe the truth is on our side, and it is in everyone’s interest to make it known and shared as widely as possible. It’ll be shared on my account, along with our official channels.”

    Later on in an X post he explained further with regards to burning of tokens. He stated, “To be 100% clear, I am stating that I am burning MY team tokens, and we will create a comprehensive burn program for other parts of the OM supply.”

    Investors in Mantra, such as Shorooq and Laser Digital denied claims of token sale.

    Kratos decentralized gamer network launches regional headquarters in Bahrain

    Kratos decentralized gamer network launches regional headquarters in Bahrain

    Kratos Gamer Network (KGeN), a global Blockchain and AI decentralized gamer network, has launched its Middle East and North Africa (MENA) regional headquarters (HQ) in Bahrain. With over 21 million global gamers, KGeN begins on-ground operations in the MENA region to cater to the growing gaming market, which continues to experience unprecedented growth.

    KGeN MENA headquarters introduces the universal gamer reputation framework, enabling gamers in the region to claim their legacy through the globally accepted “Proof of Gamer” system and to join the KGeN gamer network. KGeN’s Bahrain HQ is set to serve as a bridge between gaming communities in MENA and global game publishers seeking to engage with the passion of the gaming community in the region.

    KGeN’s MENA headquarters in Bahrain also aims to drive innovation and growth in the rapidly evolving gaming and gamification ecosystem in the region via its blockchain-based user identity, reputation and loyalty framework to consumer-facing regional publishers who are looking at engaging their consumers via cutting-edge gamified and immersive offerings.

    Manish Agarwal, Co-Founder of KGeN, highlighted that Bahrain’s progressive digital infrastructure and supportive business environment make it an ideal location for KGeN’s regional expansion. He emphasised that KGeN are excited to contribute to the region’s thriving gaming industry by providing top-tier technology solutions, partnerships, and expertise.

    KGeN’s expansion aligns with its vision to empower consumer enterprises through AI-driven and blockchain-enabled gamification offerings. By leveraging Bahrain’s advanced ICT sector, KGeN aims to tap into emerging opportunities and collaborate with local and international consumer-facing entities.

    Ali Al Mudaifa, Chief of Business Development at the Bahrain Economic Development Board (Bahrain EDB), emphasised that the strategic decision to establish their regional headquarters in Bahrain is a strong testament to the Kingdom’s dynamic and rapidly evolving tech ecosystem, which continues to attract a diverse range of innovative companies. He noted that it also highlights Bahrain’s growing reputation as a destination of choice for companies seeking access to skilled digital talent and world-class infrastructure.

    Al Mudaifa noted that this milestone further strengthens Bahrain EDB’s commitment to supporting the development of the MENA region’s gaming industry, which is projected to reach a market value of USD 2.8 billion by 2026.

    Egypt makes up 30 percent of Weex crypto exchange MENA customers

    Egypt makes up 30 percent of Weex crypto exchange MENA customers

    WEEX crypto exchange, which has over 6 million customers globally, has announced that since it started serving the MENA region in January 2025, it has witnessed expansive growth especially in countries such as Egypt, Algeria, Iraq, Morocco and Saudi Arabia.

    Egypt has the highest number of users on WEEX crypto exchange making up 30 percent of their total MENA customer base, while Algeria follows at 17.3 percent, Iraq and Morocco making up 7-8 percent respectively.

    Surprisingly Saudi Arabia customers are just 6.2 percent of their total MENA customer base. All numbers are founded on data up to March 31st, 2025.

    While the number of customers still make up less than 1 percent of their total customer base, WEEX has showcased their commitment to the MENA region, launching their headquarters in the UAE as part of MENA expansion plans.

    The Dubai headquarter currently houses 600 employees and is expected to add 50 more hires over the next two years. 

    Andrew Weiner, Vice President of WEEX, stated, “We have witnessed impressive growth in our MENA customer base since we began offering our services in January 2025, this showcases the attraction that crypto has in the region especially in countries in North Africa, and the GCC. We will continue to expand our offering to support the MENA region while we seek to acquire regulatory licenses.”

    He adds, “We believe that everyone should be able to access the crypto market, and that crypto will play a strong role in the economies of the future especially in the Middle East. We hope to serve our clients with the utmost security, transparency, and offering.”

    WEEX already serves 6.2 million customers across 130+ countries. The crypto exchange has a daily trading volume of over $5 billion and supports more than 1,700 trading pairs. WEEX also boasts of a 1,000 BTC Protection Fund to protect users’ assets. In MENA the crypto exchange is offering Arabic language support through chatbot on their website, submitting a ticket on the website as well as through their telegram community.

    Fred, MENA Regional Manager, WEEX, noted, “As traditional markets wrestle with inflation and uncertainty, crypto stands as a beacon of innovation, offering a glimpse into a more resilient, decentralized financial future.”

    WEEX is currently participating and sponsoring TOKEN2049 Dubai event being held in Dubai UAE between April 30th and May 1st, 2025.

    The Chainalysis 2024 crypto geography report noted that the MENA region has become the seventh largest crypto market globally. The biggest two countries being Turkey and Morocco, while the fastest growing countries were Saudi Arabia and Qatar. Saudi Arabia remained the fastest-growing crypto economy in the MENA region in 2024, growing by 154% year-over-year.

    According to Statista, in Egypt, the number of users in the cryptocurrencies market is expected to reach 11.30m users by 2025. The user penetration rate is expected to be 9.72% in 2025.

    UAE Central Bank licenses Relm and Liva insurance to offer insurance for Web3 businesses

    UAE Central Bank licenses Relm and Liva insurance to offer insurance for Web3 businesses

    UAE Central Bank has licensed Relm Insurance a dedicated insurer to emerging sectors – and Liva Insurance, a GCC insurance provider to offer their dedicated multi-line insurance solution for WEB3 businesses – SIGMAWEB3, and its tailored version for Dubai’s virtual asset regulatory authority VARA-regulated companies, SIGMAWEB3 VARA.

    As per the press release, this follows the signing of Relm and Liva’s strategic partnership in February 2025, aimed at empowering innovation and entrepreneurship in emerging sectors such as digital assets, biotech and AI.

    The UAE Central Bank approval reinforces Relm and Liva’s commitment to deliver tailored insurance solutions that address the unique

    SIGMAWEB3 and SIGMAWEB3 VARA will help create the confidence and resiliency that WEB3 innovators require to tackle complex challenges and seize new opportunities, while meeting the necessary regulatory requirements. Both products are designed specifically for digital asset companies, blockchain startups, crypto exchanges, and fintech innovators, addressing the unique and complex financial, professional, crime, and cyber exposures inherent in their operations.

    SIGMAWEB3 VARA is specifically tailored to meet the requirements of Dubai’s Virtual Asset Regulatory Authority (VARA), ensuring that crypto companies can operate with compliant insurance cover.

    “Securing Central Bank approval for SIGMAWEB3 and SIGMAWEB3 VARA is a significant step for brokers and clients in the UAE. This milestone facilitates more comprehensive coverage tailored to the unique risks of the Web3 space. By closing the insurance gap, we’re empowering businesses with the protection they need to innovate confidently in a rapidly evolving market” said Joseph Ziolkowski, CEO of Relm Insurance.

    “SIGMAWEB3 and SIGMAWEB3 VARA represent a significant step in our commitment to supporting growth and evolution of innovation within the insurance industry. This approval from Central Bank affirms both Liva Group’s deep market insight and Relm’s expertise in specialised insurance as well as reinforcing the vital role that regulatory collaboration plays in fostering a secure and thriving digital economy. Together, we aim to provide customers with solutions that meet their evolving needs, while strengthening our commitment to scale and diversify our business.” Martin Rueegg, Group CEO of Liva Group.

    A year earlier OneDegree, Asia’s licensed insurer for digital assets and Dubai Insurance Company announced the issuance of digital assets custodial risk insurance to their customers in UAE. The Central Bank of UAE approved issuance of the digital asset insurance offering.

    OneDegree and Dubai Insurance partnered in 2023. Custodial risk insurance completes the product portfolio and allows the partners to offer a one-stop-shop for digital asset companies in the UAE, under the brand “OneInfinity”.

    VARA, Dubai’s dedicated regulator for digital assets, requires such coverage along with professional indemnity and directors & officers insurance. With this latest approval, specialized custodial risk insurance can be offered directly in UAE for the first time. Custodial risk insurance protects companies against the risk of losing access to digital assets including through third party hacks and theft, internal fraud and physical damage to the storage media.

    Laser Digital shows support for Mantra OM Token

    Laser Digital shows support for Mantra OM Token

    Laser Digital, a UAE regulated crypto broker and investment manager service provider, as well as an investor in Mantra Chain, the L1 Blockchain tokenization platform, has made a statement confirming their support for Mantra OM Token after its 90 percent fall in the past 48 hours.

    Laser Digital noted that it had no involvement in the recent price collapse of $OM token. They stated, ” Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading. 3/ On-chain movements of $OM linked to Laser wallets have been flagged publicly. We want to be absolutely clear: Laser has not deposited any $OM tokens to OKX. The wallets being referenced to OKX are not Laser wallets.”

    The company emphasized that they are here to help grow the ecosystems they back. They stated, ” We remain fully aligned with our counterparties, and our core $OM investment remains locked. We have zero interest in putting pressure on the token or destabilizing the project. Transparency matters. We’re proud to support innovation and responsible growth in crypto markets — and that means showing up with facts when confusion and inaccurate information arises.”

    This comes after Shorooq also made a similar claim with regards to Mantra Chain and its token.

    UAE Shorooq partners issues statement on Mantra OM Token

    UAE Shorooq partners issues statement on Mantra OM Token

    UAE Shorooq partners, one of the major equity and token investors in MantraChain, the Layer 1 Blockchain for tokenization, whose token OM has lost more than 90% of its value in the past 24 hours, has made a statement noting that Shorooq and Mantra management and team members have not sold OM Tokens either in the lead up to, or during this crash.

    They noted, ” The past 24 hours have been challenging for everyone involved with MANTRA, and as one of the key investors in the project, we feel it’s essential to provide you with the facts as we know them, and outline where we stand. It is important to note up front that Shorooq (its funds and founding partners) and MANTRA (management and team members), have not sold OM tokens in the lead up to, or during, this crash.”‍


    The statement explains that through on-chain analysis and internal discussions, they confidently confirm that no exploit or malicious act occurred. Most of Shorooq tokens remain locked in accordance with the vesting schedule. Any rumors suggesting investor-led selling (including Shorooq or others) are patently false.

    As per their explanation, the root cause of the crash was a forced liquidation of large leveraged positions that utilized the OM token as collateral. These positions were unwound abruptly by the exchange, triggering a cascade of sell-offs across the market, which ultimately resulted in the drastic price drop.

    The MANTRA team is currently investigating the cause, and will be publishing detailed post mortem.

    Shorooq finally notes in its statement that it will continue to back MANTRA because they believe in their vision to bring real world assets on chain. The statement says, ” Our support for MANTRA has always been grounded in the project’s technology, team, and value proposition, rather than short-term fluctuations in token price.”
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