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Dubai VARA asks VASPs to follow and comply with sanction alerts rigorously

Dubai VARA asks VASPs to follow and comply with sanction alerts rigorously

On September 18th 2024, Dubai’s Virtual Asset Regulatory Authority shared a circular addressed to VASPs ( Virtual Asset Service Providers) in UAE requiring them to continuously updated their sanction alerts by registering to the Mandatory registration on the Executive Office for Control & Non-Proliferation [EOCN] system for sanction alerts.

According to the announcement, “VARA is mandated to assure market stability that is in turn contingent on every participant’s financial robustness and responsible market conduct – that collectively allow for the industry to operate on par with best-in-class international standards. The Executive Office for Control & Non-Proliferation [EOCN] was established in the United Arab Emirates in 2009 as the National Leader in the UAE to ensure the implementations of Targeted Financial Sanctions [TFS] imposed by the UAE, UN and FATF standards.”

The Terrorist Financial Sanctions, are aimed at denying certain individuals, groups, organizations, and entities the means to support terrorism or finance the proliferation of weapons of mass destruction; and ensuring no access to funds, financial assets or economic resources of any kind as long as they remain subject to the sanction’s measures.

As such VARA requires that VASPs and LoP holders to screen their user databases without delay [within 24 hours] each time the TFS list is updated to identify any matches against the latest list, and to ensure designated entities on the TFS list are immediately prevented access to funds owned or controlled, wholly or jointly, directly or indirectly, by the designated entity or to funds owned or controlled, wholly or jointly, directly or indirectly, by a person or organization acting on behalf or at the direction of the designated entity; and report any activity involving designated entities to the Financial Information Unit [FIU] in line with Rule III.F of VARA’s Compliance and Risk Management.

According to the regulator, VASPs failure to comply might lead to substantial criminal and civil penalties which could include suspension, restriction, or prohibition of activity business or profession and even revocation of operational license.

UAE ADGM and Fintech Tuesdays to enhance Fintech with research on Blockchain, AI, and Regtech

UAE ADGM and Fintech Tuesdays to enhance Fintech with research on Blockchain, AI, and Regtech

The ADGM Academy’s Research Centre and Fintech Tuesdays have signed a Memorandum of Understanding (MOU), to enhance collaboration on knowledge sharing, research, training and events for Fintech including emerging trends such as AI ( Artificial Intelligence), blockchain, and Regtech ( Regulatory Technology).

In line with the MOU, ADGM Academy and Fintech Tuesdays will collaborate on a series of initiatives such as joint research projects, fintech-focused workshops, and thought leadership events. These will provide a platform for industry experts to share insights on emerging trends such as artificial intelligence, blockchain, and regulatory technology (RegTech). Training programs will result in curated content to support the fintech and digital community in driving upskilling and re-skilling to ensure the development of the local talent base.

“This partnership is a testament to our commitment to building a strong, innovation-driven fintech ecosystem in the UAE,” said Jassim Al Marzooqi, Senior Director, ADGM Academy. “Through this collaboration with Fintech Tuesdays, we aim to provide unparalleled opportunities for knowledge sharing, training, research and development, which will pave the way for the next generation of fintech solutions.”

Arjun Vir Singh, Advisory Council Member at Fintech Tuesdays, said, “We are excited to be part of this strategic alliance with ADGM Academy. Together, we will drive forward fintech innovation in the region by creating meaningful opportunities for startups, investors, and policymakers to collaborate and thrive.”


ADGM Academy and Fintech Tuesdays will collaborate on future annual editions of the UAE Fintech Jobs Report, which will bring together the expertise of an academic research team and the fintech community.

This partnership aims to provide in-depth insights into the evolving fintech job market, exploring trends in talent acquisition, skill demands, and employment growth across the sector. By combining rigorous academic research with real-world industry perspectives, the report will serve as a vital resource for businesses, policymakers, and professionals, helping to shape the future of fintech employment in the UAE and ensuring that the sector continues to thrive as a driver for global innovation.

Blockchain analytics platform Elliptic opens office in UAE

Blockchain analytics platform Elliptic opens office in UAE

Elliptic a blockchain analytics and digital asset risk management, has opened its new regional headquarters in the United Arab Emirates (UAE) as an increasing number of its client base is from the MENA region.

Over the past 11 years, Elliptic has pioneered blockchain analytics, setting the standard for real-time multi-asset screening and investigative technologies and delivering the industry’s most scalable, efficient, and performant solutions to empower financial institutions, crypto businesses, governments, law enforcement, and regulatory agencies to navigate the complex world of digital assets.

As per the press release, Elliptic’s establishment of a new regional headquarters in the UAE reflects its global growth strategy for continued revenue expansion and underscores the importance of the region in setting the agenda for building comprehensive risk management frameworks.

“The UAE has firmly established itself as a leading authority for digital asset risk management, providing clarity and support for crypto businesses and financial institutions. As a result, the region has become a thriving hub for digital innovation, making the UAE the ideal location for our new regional headquarters,” says Simone Maini, CEO of Elliptic.

“This strategic expansion comes at a pivotal moment as Elliptic surpasses the milestone of serving over 500 clients, including an increasing number in the Middle East. By establishing a presence in UAE, we are well-positioned to further our hyper-growth trajectory and deliver our industry-leading blockchain analytics solutions to a growing number of crypto exchanges, financial institutions, and regulatory authorities in need of robust risk management tools.”

Dubai Virtual asset regulator, VARA fines seven UAE VASPs

Dubai Virtual asset regulator, VARA fines seven UAE VASPs

The Virtual Assets Regulatory Authority (VARA) as part of its enforcement program has fined as well as issued cease and desist orders 7 VASP entities for operating without a license and for breaching marketing regulations. The fines reach up to $27,000 depending on severity of violation.

VARA has asked the public to avoid engaging with unlicensed VASP firms because this exposes them to significant financial and reputational risk.

The VARA message, clearly stated, “Only firms licensed by VARA are authorized to provide virtual asset services in/from Dubai, and the Authority remains steadfast in its commitment to protect consumers and investors, and to preserve market integrity. ”

The Regulatory Affairs and Enforcement at VARA also noted, “Our priority is to ensure that Dubai’s virtual assets ecosystem remains secure for consumers and investors while being a progressive environment for compliant entities. Market enforcement actions send a reinforcing message: VARA will not tolerate any attempts to operate without appropriate licenses, nor will we allow unauthorized marketing of virtual asset activities. Our marketing regulations further emphasize Dubai’s commitment to ensuring transparency and always protecting stakeholder interests.” 

The 7 un-named VASP has been asked to cease their activities and stop marketing or advertising their virtual asset services.


Fines issued in this round range from AED 50,000 ($13,000) to AED 100,000 ($27,000) per entity, depending on the nature and severity of the specific instance of such violation.

Few weeks prior the regulator published its marketing regulations which covers not only Dubai but the entire UAE and GCC region.

GCC Electronic Government Ministerial Committee approves Qatar’s digital asset framework

GCC Electronic Government Ministerial Committee approves Qatar’s digital asset framework

During the 8th GCC eGovernment Ministerial Committee meeting held in Qatar, which discussed the launch of eGovernment Guidance Strategy (2024-2030) as well as approving the unified digital asset framework that was prepared by Qatar. The committee also reviewed the minutes of sub-committee meetings, which included discussions on joint electronic services, unified software procurement, artificial intelligence, emerging technologies and digital trust services teams.

In his opening speech, HE the Minister of Communications and Information Technology Mohammed bin Ali al-Mannai stressed the importance of co-operation between the GCC countries in the fields of communications and information technology, highlighting the significant impact of these efforts in achieving the shared goals of member states.

He said: “Our co-operation today reflects the depth of the friendly and long-standing ties between our countries, and our mutual commitment to enhancing integration and unifying efforts in the postal and communications sectors, which play a crucial role in developing our national economies and enhancing competitiveness at both the regional and international levels.”

The minister added: “We are confident that this meeting will contribute to strengthening co-operation between the GCC countries and will be an important step towards realizing our aspirations in building a prosperous and secure digital society. What we have achieved so far is just the beginning of a series of achievements we aim to accomplish by establishing a strong and advanced technology sector that contributes to creating new job opportunities and seeks to increase investments by adopting innovative business models and localizing the latest technological advancements.”

The committee discussed key issues on agenda, including the launch of the eGovernment Guidance Strategy (2024-2030), developed under the leadership of Bahrain, which realigns the vision, goals and work plans aimed at meeting current trends and future challenges.

This follows the completion of the previous strategy launched in 2014, which helped GCC countries achieve high rankings in the United Nations eGovernment Readiness Survey and laid the groundwork for digital transformation within the member states.

The committee has approved the unified framework for digital access for GCC countries prepared by Qatar.

It praised Saudi Arabia’s Digital Government Authority for successfully hosting the fifth edition of the GCC Digital Government Award during the second Digital Government Forum in December last year and approved a proposal to organize the award annually in the country holding the presidency.

Qatar recently announced its digital assets framework in September 2024.

GCEX licensed in UAE has launched enhanced market data feed solution

GCEX licensed in UAE has launched enhanced market data feed solution

GCEX (GCEX Group), a UAE VARA regulated digital prime brokerage renowned for providing brokers, funds and professional traders with access to deep liquidity, has announced the launch of its enhanced market data feed solution covering all supported product underliers. This expansive offering includes Equity Index CFDs, Energy CFDs, Commodity CFDs, Crypto CFDs, Spot Crypto, Spot FX and Bullion, providing clients with unrestricted access to real-time market data.

The new data feed from the firm, which is regulated as a Virtual Asset Service Provider (VASP) by VARA, allows for seamless redistribution to clients, enhancing flexibility and connectivity for brokers, hedge funds, and professional traders.

In tandem with this, GCEX has announced the release of its improved CFD product, offering market-leading spreads that set new industry standards. The enhanced CFD product offers market-leading spreads on major indices and commodities, including DAX 30 with target spread of 0.45, US 30 with target spread of 0.9 and US and UK Oil with target spread of 0.01 among many others.

“At GCEX, our mission is to empower clients with unparalleled trading solutions,” said Lars Holst, Founder and CEO of GCEX. “The release of our comprehensive market data feed and competitive CFD product is a testament to our commitment to innovation and client-centric services. We understand the critical role that timely and accurate market data together with market-leading spreads play in trading strategies, and we’re excited to provide these solutions.”

This launch marks another significant milestone in GCEX’s continuous efforts to enhance its full-service offering, which combines access to deep liquidity on digital assets and FX, alongside spot trading and conversion of digital assets, and now, unrestricted access to essential market data.

The company also offers a comprehensive range of Forex brokerage and crypto-native technology solutions under its XplorDigital suite. XplorDigital features innovative plug-and-play solutions, ‘Crypto in a Box’ and ‘Broker in a Box’ which encompass technology-agnostic platforms addressing regulation while covering regulated custody solutions, staking solutions, safety of funds, tier 1 and deep liquidity, connectivity to the biggest price makers, advanced risk management, and innovative technology partnerships.

MultiBank receives crypto exchange license from Dubai’s regulator

MultiBank receives crypto exchange license from Dubai’s regulator

MultiBank Group, a financial traditional derivatives institution worldwide headquartered in Dubai, has received a full VASP license for broker and exchange services from VARA (Virtual Assets Regulatory Authority) through its UAE subsidiary MEX Digital FZE operating under the MultiBank.io brand.

The Group has robust net assets of over US$583 million with over 1 million traders across 90 countries. Multibank Group boasts daily trading volumes averaging in excess of US$15.6 Billion per day and is one of the most regulated financial institutions worldwide with over 15 regulators, in 5 continents, with an unblemished record since its inception in 2005 now holds 15 regulatory licenses worldwide.

Naser Taher, Chairman of MultiBank Group, said, “Our vision at MultiBank Group is to create an ecosystem to facilitate integration between the financial derivatives markets and the crypto markets. We are happy to have been awarded dual licenses, affirming our steadfast commitment to regulatory compliance and excellence worldwide. This milestone strengthens our dedication to creating a secure and transparent environment for the global cryptocurrency community and marks a significant chapter in our evolution from Forex to the forefront of the crypto economy.”

With a VASP License from VARA for exchange and broker-dealer activities, MultiBank.io is set to accelerate its growth as a premier digital asset exchange, contributing significantly to Dubai’s burgeoning blockchain ecosystem. The company’s expansion strategy includes bolstering its team, elevating its service offerings, and forging strategic partnerships, all aimed at driving the advancement of the cryptocurrency industry in the region.

Wio Securities in UAE to offer virtual assets as investment options in partnership with Fuze

Wio Securities in UAE to offer virtual assets as investment options in partnership with Fuze

Wio Securities a digital investment platform, with a presence in the UAE has announced that it is expanding its offerings on Wio Invest by introducing a comprehensive range of new features including virtual assets such as Bitcoin, Ethereum, and others in partnership with Fuze a UAE regulated digital assets and blockchain infrastructure provider. The latest expansion empowers UAE residents to seamlessly access a diverse portfolio of investment options, including stocks in UAE and US markets, ETFs, fractional shares, and virtual assets.

With over $2 billion in processed volumes this year alone, and nearly 40% of the Wio Invest customer base converting from traditional brokerage services, Wio Invest is driving the shift towards diversified investments within a secure and regulated framework, making it easier for UAE residents to manage their portfolios efficiently.

“We are thrilled to expand our investment offerings through Wio Invest, reinforcing our commitment to providing innovative and secure solutions for our customers,” said Marwan Rashed BinHashim, General Manager, Wio Securities LLC. “Our vision is to become the simplest one-stop-shop investment platform of choice by offering a diverse range of investments that cater to all types of investors, coupled with a best-in-class user experience.”

Wio Invest’s new features are designed to enhance the investment experience. Recurring Orders allow investors to grow their portfolio on their schedule by automating investments, helping them steadily build their wealth without the stress of market timing. Analyst Ratings provide users with expert opinions and ratings from top financial institutions, enabling more informed investment decisions.

The platform also offers UAE residents access to a variety of virtual assets within Wio Securities’ secure and regulated environment, in partnership with Fuze. This collaboration ensures secure transactions, enabling Wio Invest customers to safely explore and diversify their portfolios with new safer asset classes, including cryptocurrencies like Bitcoin, Ethereum, and Ripple.

Operating under a robust regulatory framework, Wio Invest is fully regulated by the Securities and Commodities Authority (SCA), ensuring that all transactions are secure.

UAE based Xalts collaborates with Polygon blockchain network

UAE based Xalts collaborates with Polygon blockchain network

Xalts today announced a deeper collaboration to bring its enterprise-grade real world asset tokenization platform, RWA Cloud, to the Polygon blockchain network. RWA Cloud provides out-of-the-box solutions to enable financial services, governments, and other enterprise developers looking to build digital asset platforms for implementing blockchain, tokenization, and smart contract applications for different use cases.

Xalts’ product suite includes solutions such as the RWA Cloud platform, which enables large institutions such as financial services and governments to quickly build complex solutions on blockchains.

Recently, Xalts and Polygon Labs joined the Qatar Financial Centre Authority Digital Assets Lab to test and commercialise cases in real-world asset tokenization. The collaboration signifies a joint effort in exploring new dimensions in blockchain technology and asset tokenization.

By integrating Polygon within Xalts’ RWA Cloud platform, enterprise application developers will be able to deploy and build blockchain applications quickly and at a very low cost using Polygon. Xalts will further partner with the Polygon Labs team on a host of institutional applications, including those around trade and supply chain finance, treasury management, and digital currency adoption.

Xalts’ RWA Cloud addresses challenges enterprises and regulators face while implementing blockchain, such as retaining complex rules, workflows, processes, and user compliances mandated by internal or regulatory governance. Enterprises can manage process complexity associated with events like issuance, servicing, or transfers by leveraging RWA Cloud’s Smart Workflow Core, an orchestration layer that connects with smart contract libraries and multiple off-chain systems.

“We are very excited to onboard Polygon. Deeper collaboration and integrations with blockchain partners enables regulated financial institutions to build their enterprise use cases in a seamless way. We look forward to accelerating the adoption of RWA tokenization by enterprises.”, said Supreet Kaur, Chief Operating Officer, Xalts.

“Integrating Polygon with Xalts RWA Cloud will speed up the enterprise adoption of blockchain & RWA Tokenization use cases. We look forward to working closely with the Xalts team to enable financial institutions and fintechs with a plug and play solution”, said Colin Butler, Global Head of Institutional Capital at Polygon Labs.

Ripple backed Ryzer blockchain accepted into Qatar Digital assets Lab

Ripple backed Ryzer blockchain accepted into Qatar Digital assets Lab

Indian headquartered, Ryzer a blockchain-based (Token Service Provider) real estate investment platform, has been accepted into Qatar Digital Labs within the Qatar Financial Centre (QFC) digital asset tokenization regulatory framework. Backed by XRPL and Ripple, it provides a liquid marketplace for fractional ownership of commercial assets while ensuring regulatory compliance and a seamless user experience.

Within 6 months Ryer will develop a highly regulated framework as per their announcement. It will enable institutional investors to securely invest in commercial rental yield properties with robust legal and compliance backing.

Surya Gedela, Founder and CEO of Ryzer stated, “ I strongly believe that Ryzer acceptance into Qatar Digital Labs is a critical milestone in its growth journey. At this stage, regulatory compliance and institutional trust are key to scaling, especially as Ryzer focuses on tokenizing commercial rental properties.”

He adds, “Participating in the Qatar Financial Centre (QFC) Authority framework enhances credibility, legal security, and investor confidence, positioning Ryzer for regional and global expansion.

According to him acceptance into the QFC Digital Assets Lab, will boost Ryzer’s credibility by aligning with Qatar’s stringent regulatory framework, enhance legal and compliance standards, crucial for institutional investor trust, position Ryzer for regional expansion in the MENA market as well as strengthen Ryzer’s product offering and open doors to institutional capital and larger investments.

This comes after Qatar Financial Centre officially launched its Digital assets Lab regulatory framework and soon after entities such as The Hashgraph Association, R3, Settlemint and others joined or partnered.