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UAE licensed Fomo Pay to accelerate stablecoin adoption in MENA

UAE licensed Fomo Pay to accelerate stablecoin adoption in MENA

FOMO Pay, a payment institution headquartered in Singapore, with additional licenses in Hong Kong and the United Arab Emirates (UAE), has joined the Global Dollar Network (GDN), an open, enterprise-driven network designed to accelerate global adoption of stablecoins and will advance stablecoin adoption in MENA ( Middle East North Africa).

As per the press release, FOMO Pay will integrate Global Dollar (USDG), a stablecoin issued by Paxos, into its digital payment infrastructure, enabling near-instant, transparent, and regulated stablecoin payments for merchants and corporates.

The integration of USDG will allow FOMO Pay’s broad merchant base, spanning sectors such as F&B, hospitality, and retail, to accept USDG payments from their end customers seamlessly. This addition enhances consumers’ checkout experience with more flexible payment options, translating digital currency innovation into real-world utility. In parallel, FOMO Pay’s corporate clients will be able to leverage USDG to streamline cross-border payments with greater speed, transparency, and regulatory confidence.

Louis Liu, Founder and CEO of FOMO Pay, said, “The broader adoption of regulated stablecoins marks the next chapter in financial innovation, unlocking new possibilities for faster, more transparent, and compliant payments. USDG is a meaningful step in that direction, and we are pleased to join the Global Dollar Network as one of its first members to advance stablecoin adoption. Backed by FOMO Pay’s strong local banking and payment infrastructure across Southeast Asia, the Greater Bay Area, and the Middle East and North Africa, we stand ready to help shape a more inclusive and interoperable future for digital finance.”

FOMO Pay is dedicated to partnering with industry leaders to deliver faster, more cost-effective, and regulated payment solutions. By enhancing cross-border payments and facilitating real-world use cases for stablecoins, the company continues to drive innovation in digital finance. Through its efforts, FOMO Pay aims to make modern financial instruments more accessible to businesses, ultimately contributing to a more inclusive and interoperable global payments ecosystem.

Du telecom sponsors Crypto Expo 2025 in UAE

Du telecom sponsors Crypto Expo 2025 in UAE

du, a telecom and digital services provider, through du Tech is sponsoring Crypto Expo 2025, cryptocurrency and blockchain event. Set to take place on 21–22 May at Dubai World Trade Centre. At the event, du Tech will showcase its commitment to driving innovation in one of the fastest-growing industries as well as empowering businesses and entrepreneurs with advanced technological solutions in the digital landscape.

Jasim Al Awadi, Chief ICT Officer at du, said, “Blockchain and cryptocurrency are transforming the way industries operate and connect, with Dubai taking the lead as a global hub for innovation in these sectors. With a focus on innovation and customer-centricity, du Tech’s services and solutions are driving the digital transformation across the UAE and beyond. Crypto Expo 2025 provides a platform to foster collaboration, explore new possibilities, and strengthen Dubai’s position as a hub of digital finance. We are thrilled to support this exciting event and contribute to shaping the future of the crypto ecosystem.”

Crypto Expo 2025 promises insightful panel discussions, cutting-edge exhibits, and networking opportunities for attendees eager to discover the latest trends in digital finance. With du Tech as a headline sponsor, the event reflects the synergy between technological innovation and industry expertise.

As the global hub for innovation and technological advancement, Dubai continues to establish itself as a major player in the cryptocurrency and blockchain space. With the UAE’s cryptocurrencies market projected to reach $254.3 million in revenue by 2025, Crypto Expo 2025 is expected to attract a diverse and influential audience, including top leaders from DeFi, blockchain technology, digital assets, and Web3 sectors.

In April 2025, du invested in a $544.54 million hyperscale data center deal with Microsoft who will be its main tenant. The hyperscale datacenter capacity will be delivered in tranches, du said in a statement. Hyperscale centers are large facilities that are mainly used to provide data storage and cloud computing services to businesses at scale.

LBank suspends UAE new users and disables trading for existing ones

LBank suspends UAE new users and disables trading for existing ones

LBank, a crypto exchange offering more than 800 crypto assets is seeking a license in UAE through Dubai’s Virtual Asset Regulatory Authority (VARA) and as a result they are implementing changes to ensure regulatory compliance and high standards of consumer protection and transparency which include suspending new user registrations from the UAE.

As per their blog post, “As part of our ongoing commitment to full regulatory compliance and responsible innovation, LBank is currently in the process of securing a Virtual Asset Service Provider (VASP) license under the Dubai Virtual Assets Regulatory Authority (VARA).
In alignment with regulatory expectations and to ensure the highest standards of consumer protection and operational transparency, the following temporary changes will apply to users accessing our services from the UAE.”

New user registrations from the UAE will be temporarily suspended, while existing UAE users will only be able to, cancel open orders
close active positions, withdraw funds. The blog post notes, deposits and new trading orders will be disabled during this interim period.

LBank stated, “We understand the importance of uninterrupted access and are working closely with regulators to complete the licensing process as efficiently and transparently as possible. This transition underscores our deep commitment to the UAE’s progressive regulatory framework and our goal to operate with full authorization and oversight under VARA. We appreciate your continued trust and patience as we work to build a safer, stronger, and fully compliant digital asset ecosystem in the UAE.”

UAE Phoenix Group mined 350 Bitcoins in Q1 of 2025

UAE Phoenix Group mined 350 Bitcoins in Q1 of 2025

Phoenix Group PLC (ADX: PHX), a global cryptocurrency, blockchain, and digital asset infrastructure company announced its financial and operational results for the first quarter of 2025 and reported a consolidated revenue of $31 million for Q1 2025 mining over 350 Bitcoins in Q1.

Phoenix Group mined over 350 Bitcoins in Q1, which includes 222 Bitcoins that were self-mined. The opening of new facilities in the US and Ethiopia is expected to increase this capacity in Q3 and beyond.

Gross mining margins improved to 30%, up from 24% in Q4 2024, supported by operational efficiencies and energy optimization initiatives. The Company reported gross profit of $6.3 million, while operating expenses totaled $9 million, reflecting increased costs associated with scaling operations globally. The Company also reported an unrealized EBITDA loss in Q1, driven by a decline in digital asset prices and global macroeconomic factors. These assets have already begun to rebound in Q2, and a continued recovery is expected to return these assets to profitability by Q3 2025. its revenue dropped by 54.7% to $31.3 million in Q1 2025, compared to $68.9 million in Q1 2024, according to its financial statements.

The company also announced that it is moving forward with its expansion plans and aims to secure top 5 position in Bitcoin mining and AI Data centers by 2026. Currently it is one of the top 10.


As global demand for power increases, forecasters predict a power shortage by 2027. In response, Phoenix Group continues to acquire more land sites with power contracts, enabling it to enhance its assets and Bitcoin mining capabilities while also integrating and capitalizing on the upcoming demand for AI and data centers by introducing a new business vertical and profit center.

HPC and AI-driven advancement offer Phoenix Group a key diversification avenue beyond crypto mining, with the company strategically positioned to leverage this by dedicating a portion of an existing site in the US for prototype setup and completing a feasibility study. In addition, Phoenix continues to scout for new sites in the US as a priority region for its expansion plans.


Following the end of the quarter, the Group successfully energized its 20 megawatt Texas site, taking Phoenix’s global operational capacity to over 500 megawatts across five countries. The Texas facility, built over 4.3 acres and energized within three months, adds 3,990 hydro-cooled miners contributing approximately 1.2 EH/s to Phoenix’s hash rate.

In addition to the Texas deployment, Phoenix advanced its recent international expansion with growth at its Ethiopian site, where it secured an additional 52 megawatts of mining capacity, to be developed in two phases. Phase 1, which has been energized, will deliver 20 megawatts of capacity and Phase 2 (32 megawatts) remains on track for completion by the end of Q2 2025.

This expansion increases the Company’s total operational capacity in the country to 132 megawatts, setting a new benchmark for sustainable mining in Africa and delivering large-scale operations in energy-rich regions.

Munaf Ali, CEO and Co-Founder of Phoenix Group, commented, “Phoenix Group’s position as a top 10 global Bitcoin miner, underpinned by our strategic site locations in Canada, Ethiopia, Oman, the UAE, and the U.S., provides us inherent resilience to market fluctuations. We are not just weathering the current sector-wide pressures but actively accelerating our expansion. This momentum will carry through 2025 and 2026 as we aggressively build out the capacity needed to meet the inevitable surge in demand for power required by Bitcoin mining and AI data centers. Phoenix Group is strategically poised to be a primary enabler of this digital transformation.”

“The launch of our Texas facility strengthens our operational base in North America while reinforcing our industry-leading mining infrastructure and global diversification strategy. Texas is one of the most mining-friendly jurisdictions in the U.S. and our progress there builds on the operational momentum we’ve delivered recently following our expansion in Ethiopia. We remain committed to scaling efficiently, maintaining cost leadership, generating value and positioning Phoenix to capture opportunities as market dynamics evolve.”


The Company’s mining operations delivered an average of 14.2 EH/s in Q1 2025, maintaining its competitive global share of network hash rate. Mining efficiency improved 17% to 25.4 joules per terahash (J/TH) following the deployment of next-generation miners across key sites in the U.S. and Ethiopia.

Phoenix continues to fund its growth strategy through a disciplined capital allocation approach, supported by liquidity reserves and a strong balance sheet and no expansion debt on its books, enabling the Company to execute growth without compromising financial flexibility.

UAE Klickl, WeBank and Goldford group to develop blockchain and AI incubation program

UAE Klickl, WeBank and Goldford group to develop blockchain and AI incubation program

UAE Klickl, a regulated Web3 financial services provider, WeBank, China’s digital bank and Goldford Group have collaborated to create a cross regional fintech innovation alliance spanning across China, Hong Kong and the Middle East, which will include the development of a blockchain and AI incubation program.

The signing took place as part of a broader economic dialogue catalyzed by the official visit of a high-level delegation from Hong Kong and Mainland China to Qatar, led by Hong Kong Chief Executive John Lee.

At the ceremony, Klickl UAE CEO Dermot Mayes, Goldford Group representative and Legislative Council member Dr. Duncan Chiu, and senior executives from WeBank formally sealed the agreement—positioning the three parties to co-develop financial infrastructure across blockchain, AI, and quantum technologies.

The partnership represents the first structured initiative of its kind to link fintech ecosystems across the Greater Bay Area and the Middle East. Klickl brings its compliance-first Web3 financial capabilities and deep understanding of the Gulf regulatory landscape; WeBank contributes leading financial technology from Mainland China; and Goldford Group offers integration strength across Hong Kong’s tech innovation ecosystem.

The alliance will jointly pursue six core areas of cooperation, Blockchain & AI Incubation Platform, startup acceleration Across Asia–MENA, next-Gen Financial Services for Cross-Border Use Cases, digital Transformation for Legacy Financial Institutions, localized Fintech Deployment for Gulf Markets, quantum Technology Exploration in Financial Applications and Klickl’s Institutional Role which will be to bridge Regulation, Markets, and Innovation.

“This partnership is more than symbolic—it is strategic,” said Michael Zhao, Founder and CEO of Klickl. “As the only homegrown Web3 financial services provider in the region, we are proud to help bridge capital, compliance, and technology across three economic hubs. This alliance reflects not only our infrastructure readiness, but also the trust we’ve built with institutions across Asia and the Middle East.”

Klickl’s institutional credibility is backed by its status as a policy-aligned fintech entity, having participated in recent sovereign economic missions to Malaysia, Poland, and Japan. Its regulatory licensing through ADGM (FSP) and VASP registration in the European Union positions Klickl to operate across key financial jurisdictions, providing end-to-end Web3-native solutions including digital wallets (Klickl4U), institutional accounts (KlicklONE), payment rails (KlicklPay), stablecoin services, asset custody, and trading infrastructure.

UAE regulated MANTRA and WIN Investments to tokenize sports

UAE regulated MANTRA and WIN Investments to tokenize sports

UAE regulated tokenization platform MANTRA, the Layer 1 blockchain purpose-built for real-world assets (RWAs), has partnered with WIN Investments, a fintech platform pioneering regulated sports digital assets to tokenize sports assets starting with soccer.

WIN has built an ecosystem that opens the door for fans and investors to participate in the global football transfer market.

Through a regulated framework, WIN issues utility tokens and digital securities linked to real-world assets, including professional players and club rights. The flagship product leverages the FIFA Solidarity Mechanism, a system that rewards youth clubs when players they’ve trained are transferred internationally. This recurring income allows soccer clubs to further develop new talent, and enables investors to participate in future player transfer revenues. WIN is backed by Ripio Ventures and the Werthein Group, the principal stakeholder of DirecTV, Latin America’s largest sports broadcasting company.

“Partnering with MANTRA, a global leader in real-world asset tokenization, regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), is a key milestone in our mission to turn the passion of sports into a new compliant class of Real World Sports Assets,” said Gonzalo Busnadiego, Co-CEO of WIN Investments. “This collaboration brings us closer to a future where fans and investors can connect with clubs and athletes in a more direct, transparent, and meaningful way.”

“FIFA’s 2024 Global Transfer Report details the football transfer market represents $66 billion in locked value, with $8.59 billion spent on transfers in 2024 alone. WIN’s Solidarity Mechanism unlocks 5% of this market—$3.3 billion—by offering access to player transfer revenues. WIN has $7.4 million in assets under management (AUM) from 130 player transfers across 16 partnered clubs, including stars like Alexis Mac Allister and Emiliano Martínez, and expects to exceed $20 million in tokenized assets by year-end.”

MANTRA and WIN Investments will establish a framework for the tokenization of WIN’s existing and future sports-related assets. The two companies will develop and launch fan and investor-facing products within the MANTRA ecosystem.

Future initiatives scheduled for Q4 2025 include; WIN leveraging MANTRA as an infrastructure partner to expand the availability of its compliant sports products onchain with a focus upon transfer tokens. Transfer tokens represent a fraction of the future revenue derived from a player’s next transfer and are tied specifically to the FIFA Solidarity Mechanism.

“This partnership with WIN is a natural extension of MANTRA’s RWA vision of bringing the world’s financial ecosystem on-chain by being the preferred ledger of record for real world assets,” said John Patrick Mullin, CEO of MANTRA. “We see huge potential in combining the passion of sports with regulated, tokenized assets, and we believe Latin America is the perfect place to lead that charge.”

UAE Tokenscope and Digishares partner for real estate tokenization

UAE Tokenscope and Digishares partner for real estate tokenization

UAE based Tokenscope, a compliance-first blockchain intelligence and RegTech company operating in ADGM Square, has partnered with DigiShares, a leading global provider of white-label tokenization platforms to advance compliant real estate tokenization in the UAE and globally.

As a licensed entity, Tokenscope aims to provide provide real-time monitoring, Know-Your-Transaction (KYT), and blockchain forensic tools for the Web3 economy.

Tokenscope will be using DigiShares’ white-label technology to tokenize real-world assets, starting with real estate. By leveraging DigiShares’ end-to-end tokenization infrastructure, Tokenscope will streamline the entire lifecycle of asset digitization.

Part of the partnership includes automated investor onboarding with integrated KYC/AML and KYT tech provided by Tokenscope Ltd, smart contract issuance of fractionalized shares, and a compliant secondary trading environment.

The platform will make it significantly easier for property developers, real estate funds, and investors to participate in blockchain-powered real estate while ensuring full adherence to local and international compliance frameworks.

The partnership comes at a pivotal time as the UAE’s real estate sector undergoes a digital transformation fueled by government innovation and trailblazing platforms like Dubizzle, Property Finder, and Stake. With the Dubai Land Department (DLD) preparing to tokenize property title deeds, Tokenscope and DigiShares are positioned to offer a compliant and scalable infrastructure that aligns with these visionary initiatives.

Their first project will focus on tokenizing premium real estate assets in the UAE, enabling fractional ownership and enhanced liquidity in what has traditionally been a highly illiquid market.

Claus Skaaning, Co-Founder and CEO of DigiShares, commented on the partnership, “We’re incredibly proud to support Tokenscope’s mission of driving secure and compliant digital transformation in real estate. Their forward-thinking approach, combined with deep regulatory expertise, aligns perfectly with our vision. We are very excited about collaborating on the UAE real estate tokenization project and happy that they see our white-label platform as a perfect fit for their bold and transformative goals.”

Soheil Zabihi, Head of Strategy at Tokenscope, added, “We view DigiShares as one of the leading players in the fast-growing tokenization industry and look forward to collaborating. The UAE is leading the future. Our shared goal is to establish a robust, compliant, and scalable framework for tokenized real estate that can act as a catalyst for broader adoption of digital securities across the region. This partnership is not just about technology—it’s about building a more inclusive, transparent, and investor-friendly ecosystem that starts with real estate and expands to other asset classes.”

Saudi Digital economy worth $131 billion the largest in MENA

Saudi Digital economy worth $131 billion the largest in MENA

Saudi Arabia stood out as the largest digital economy in the Middle East and North Africa (MENA), having made significant strides in artificial intelligence (AI), data centers, digital government, and human capital development, aligning with the goals of Saudi Vision 2030.

As per aa report by World Telecom and Information Society, Saudi Arabia’s digital economy is valued at over SR495 billion OR $131 Billion, representing 15% of the gross domestic product (GDP).

The telecommunications and information technology market registered record growth of more than SR180 billion or $47 billion in 2024, driven by increased private sector investment and heightened innovation, further reinforcing the Kingdom’s position as the largest technology market in the Middle East.

This reflects a significant shift in the national economic landscape and highlights the Kingdom’s success in accelerating income diversification through a smart economy.

In its pursuit of transitioning to the smart era, the Kingdom has invested over SR55 billion or $14 billion in AI technologies and data centers, establishing itself as a regional hub for future industries. Earlier this year during LEAP Summit KSA attracted $22.4 billion in AI and datacenter investments.

By empowering digital human capabilities, Saudi Arabia has boosted its regional prominence as a major hub for digital talent, generating over 381,000 quality jobs in the technology sector.

In the field of digital governance, Saudi Arabia has made exceptional progress in United Nations indicators, ranking sixth globally in the E-Government Development Index. It also ranked fourth globally in the Digital Services Index, second among G20 countries, and first in the region. In sub-indicators, the Kingdom ranked first globally in digital skills and open digital government, and seventh worldwide in the E-Participation Index.

Dubai’s VARA updates supervisory mechanisms for VASPs in UAE

Dubai’s VARA updates supervisory mechanisms for VASPs in UAE

The Virtual Assets Regulatory Authority [VARA] has published Version 2.0 of its activity-based Rulebooks, in an efforts to further future proof Dubai’s regulatory framework that balances innovation with robust market safeguards.

As per the press release, the updated Rulebooks include enhanced supervisory mechanisms across the following regulated virtual asset [VA] activities, Advisory services, Broker-dealer services, Custody services, Exchange services, Lending and borrowing services, VA management and investment services and VA transfer and settlement services.


Key refinements in Version 2 include strengthened controls around margin trading and token distribution services, clearer definitions for collateral wallet arrangements, and harmonized compliance requirements across all licensed activities.

Ruben Bombardi, General Counsel and Head of Regulatory Enablement VARA, “Our commitment remains to ensuring that innovation and compliance go hand in hand. These rulebook updates reinforce the foundations of a responsible scalable ecosystem.

The updates are designed to promote greater market discipline, risk transparency, and operational resilience across Dubai’s VA ecosystem.

For example, with regards to VA Management and Investment VASPs, in addition to the requirements of before, they will need to establish, implement and enforce appropriate written internal policies and procedures relating to the ability of clients to have access to and withdraw their Virtual Assets including, but not limited to, during periods of high uncertainty and/or extreme volatility; their assessment of client suitability for relevant products or services, including but not limited to the nature, features, costs and risks of investment services, Virtual Assets or other financial instruments selected for their clients, while taking into account cost and complexity; how they ensure all Staff providing VA Management and Investment Services to clients are sufficiently competent in accordance with Rule II.B.1 of this VA Management and Investment Services Rulebook; and such other policies and procedures as VARA may require from time to time.


In line with global regulatory best practices, a 30-day transition period has been granted to all impacted virtual asset service providers [VASPs], with full compliance required by 19 June 2025. VARA’s Supervision Teams will engage directly with each licensed entity to provide activity-specific guidance as needed.


Prior to this, VARA in coordination with the Dubai Land Department (DLD), had issued an alert regarding entities who have falsely claimed involvement or participation in the pilot phase of the DLD Real estate tokenization project. The tokenization project in question is that launched by DLD in March whose partners include the Dubai VARA regulatory authority and the Dubai Future Foundation through its Sandbox Real Estate. The project will tokenize property deeds to enable the fractional ownership of real estate assets, and was introduced under the Real Estate Innovation Initiative.

With already more than 30 licensed VASP operators, VARA has continuously been advancing its regulations, and rulebooks as well as issuing warnings and alerts to ensure better transparency and compliance.

Ripple onboards Zand Bank and Mamo for cross-border payments

Ripple onboards Zand Bank and Mamo for cross-border payments

Ripple, has onboarded Zand Bank, a UAE digital bank and Mamo, a financial payments company based out of DIFC, who will utilize Ripple’s blockchain enabled cross border payments solution. Ripple Payments employs blockchain, digital assets, and a global network of payout partners to deliver fast, transparent, reliable cross-border payments and on/off ramps for banks, crypto companies, and fintech worldwide.

Utilizing its recently acquired license from DFSA ( Dubai Financial Services Authority) in DIFC, the solution will enable Ripple to manage payments end-to-end on behalf of its customers. Customers will be able to move funds across the globe 24/7 across the entire year and settle payments in minutes.

Reece Merrick, Managing Director, Middle East and Africa, at Ripple, “Securing our DFSA license enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world’s largest cross-border payments hubs. Our new partnerships with Zand Bank and Mamo are testament to the momentum that the license has created for our business. As the global cross-border payments market grows, the leadership demonstrated by authorities in the UAE to create a supportive environment for crypto innovation has positioned the nation and its native companies to benefit from the transformative power of blockchain technology to drive efficiency and innovation in payments.”

According to Ripple’s 2025 New Value Report, 64% of Middle East and Africa (MEA) finance leaders see faster payments and settlement times as the biggest impetus for incorporating blockchain-based currencies into their cross-border payments flows.

“As a pioneering financial institution with a full-fledged banking license, Zand Bank is paving the way for a stronger digital economy by offering innovative financial products as well as AI and blockchain solutions alongside our institutional-grade digital asset custodial services,” commented Chirag Sampat, Head of Treasury and Markets at Zand Bank. “Our collaboration with Ripple highlights our commitment to empowering global payment solutions through blockchain technology. Moreover, we are excited to soon launch an AED-backed stablecoin, designed to further enhance seamless and efficient transactions in the rapidly evolving digital economy.”

“The UAE is on an incredible growth path, with over a million businesses expected to call it home by 2030. At Mamo, we’re proud to be at the forefront of this journey making global payments simpler and more accessible for everyone,” said Imad Gharazeddine, CEO and co-founder of Mamo. “Our partnership with Ripple is a big step forward. It allows us to offer faster, more reliable cross-border payments for both businesses and consumers, helping companies across the UAE scale with confidence.”