UAE Zodia Custody, digital assets are intrinsic in UAE’s government strategy

UAE Zodia Custody, digital assets are intrinsic in UAE’s government strategy

Dominic Longman is Managing Director of Middle East and Africa at Zodia Custody noted in a monthly interview on their website, that the UAE mood for digital assets is incredibly positive and that digital assets are now intrinsic in the government’s DNA.

He notes that the UAE has ignored the hype cycle nodes and devised “a well thought-through strategy and a considered long-term path. This process has been in motion since 2015 and it’s not just about blockchain or digital assets as technologies, it’s about attracting firms that build jobs, industries and long-term value.”

He believes that because of UAE’s government structure an the regulators ADGM and VARA, the UAE can think strategically in 10–15-year arcs not in four-year election cycles.

He adds that big names like Binance and Bybit have set up regional bases, with others including Galaxy Digital making plans to move here. Prime brokerage firms, auditors, fund administrators and infrastructure providers are also following. When I arrived in 2015 there wasn’t yet a local auditor with digital assets capabilities; today, there are multiple global and regional firms that provide that expertise. This ecosystem maturity means that institutions aren’t just bringing capital – they’re enabling the full operational chain: compliance, auditing, legal, infrastructure and education.

When I speak with U.S. firms, they tell me: ‘We don’t know what the next administration will bring. But we know what the UAE’s 20-year plan looks like.’ That predictability is gold.

In terms of tokenization, Longman believes tokenizing real estate, infrastructure and bonds is one of the biggest topics. He stated, “This country is built on real estate, so that is important, but even more significant is building the next generation of tokenized financial instruments. Some very mature discussions are underway between firms, regulators, and infrastructure providers about how to tokenize everything from shopping malls to sovereign debt. Everyone’s past the hype. Now it’s about ownership, access, liquidity but with real controls in place.”

He believes the cornerstone of tokenization will be stablecoins as they are critical in these tokenization discussions. He explains, ” The region settles in dollars and the UAE Dirham is pegged to the US dollar so using USD stablecoins for trade, especially in logistics and energy, is a no-brainer. It’s faster, cheaper and removes friction. While the licensing of stablecoins ultimately sits with the UAE Central Bank, there is growing momentum across the ecosystem – including in ADGM and VARA – to enable innovation within this space. Notably, the Central Bank is now developing regulatory frameworks for AED-backed stablecoins, which could play an important role in enabling more efficient local settlement and expanding the scope of tokenized financial infrastructure within the region.”

As for the future Longman sees that tokenized securities on regulated exchanges will offer real time settlement, and 24/7 markets. He says this is beyond crypto ETFs, but about rebuilding the core of financial markets.

He says, “The UAE isn’t just aiming to be a digital asset friendly jurisdiction – it wants to be the center for tokenized finance. We’re also starting to see early signs of convergence between digital assets and AI – from the use of insight agents to develop entirely new financial products, to unlocking previously inaccessible liquidity pools. These technologies aren’t evolving in parallel anymore; they’re reinforcing one another. This is bigger than margin trading or digital asset custody. We’re talking about the future of capital markets.”

Iranian government asks crypto exchanges to limit operating hours

Iranian government asks crypto exchanges to limit operating hours

After Iranian’s largest cryptocurrency platform, Nobitex, was exploited, resulting in the loss of more than $90 million in assets spanning a range of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Ripple, Solana, Tron, and Ton, in the aftermath, the Iranian government has since then asked crypto exchanges to limit their operational hours from 10 am to 8 pm.

The exploitation was carried out by a pro-Israel group known as Gonjeshke Darande framing the attack as a politically motivated strike against Iranian digital infrastructure. Notably, Chainalysis analysis indicates that this is the case, the attacker-controlled wallets were burner addresses lacking private key access, suggesting that the theft of more than $90 million was likely politically motivated, rather than financial in nature. While this is the first hack of this scale exclusively for geopolitical purposes, this is not the first time there’s been increased activity during windows of high geopolitical tensions between Israel and Iran, as noted in our 2024 Crypto Crime Report.

Israel is attacking the financial infrastructure of Iran, both with ATMs and crypto exchanges. Because of the sanctions, crypto exchanges like Nobitex have become the access platform for Iranians who want to access global crypto markets. Nobitex’s total inflows are well over $11 billion, compared to just under $7.5 billion for the next ten largest Iranian exchanges combined.

In the immediate aftermath of the exploit, Nobitex issued a public statement, assuring users that their funds were safe. While on-chain analysis confirms that the attacker burned the stolen funds, making them irretrievable, Nobitex has taken additional steps to reinforce user trust. Notably, the exchange has moved large quantities of Bitcoin to what appear to be newly established cold storage wallets, an effort likely aimed at bolstering its security posture and reducing exposure to similar future attacks.

Beyond Nobitex itself, the incident appears to have triggered a wider response from the Iranian regime. According to reports, the Central Bank of Iran has directed all domestic crypto exchanges to limit their operating hours to between 10 AM and 8 PM.

Jordan now allows crypto payments, trading and investments

Jordan now allows crypto payments, trading and investments

Jordan has passed its virtual asset regulations which will become applicable within the next 90 days. The law covers what is considered as virtual assets, what virtual asset service providers are allowed to be licensed as well as all the related AML and KYC requirements.

Law No 14 of 2025, notes that virtual assets can be used for payments, investments, and more. It also notes that VASPs can be licensed as crypto exchanges, crypto payment providers as well as crypto custodians.

The law does not cover digital securities, and digital financial assets which will be subject to their own regulations. It also does not cover CBDCs ( Central Bank Digital Currency) which will be issued by Jordan’s Central Bank

In its Article 4-L the law discusses how virtual assets will operate and managed by virtual asset platforms. It also discusses the exchange between virtual assets and Jordanian or foreign currency, the exchange between virtual assets and other virtual assets, the transfer of virtual assets from one address to another, the nature of virtual assets and their management, including the tools that enable
the price of Providing brokerage services in virtual asset trading operations and participating in and providing related financial services to issuers of virtual assets.

Talal Tabaa, a Jordanian national and Co-Founder and CEO of CoinMENA, noted on LinkedIn, ” With the passing of Law No. 14 of 2025, Jordan now has an official legal framework for virtual assets — marking a pivotal moment in the country’s journey toward financial innovation. More importantly, it signals a clear commitment to responsible growth.”

He gives full credit to the Central Bank of Jordan, the Jordan Securities Commission, and the Prime Minister Office for leading this effort. He also mentions their proactive consultation with the industry before finalizing the law set a strong example of collaborative policymaking.

He adds, ” By embracing this emerging asset class, Jordan is laying the groundwork to strengthen its financial ecosystem, attract fintech innovation and global investment and enhance consumer protection and trust. As a proud Jordanian and crypto entrepreneur, I believe this law will be a catalyst for building a more dynamic and inclusive financial future.”

In May 2025, The Jordanian Senate Finance and Economic Committee, chaired by Senator Rajai Muasher, approved the Virtual Assets Regulation Bill of 2025 on Monday, as received from the House of Representatives. This came during a meeting attended by Minister of State for Economic Affairs Muhannad Shehadeh, Minister of State for Legal Affairs Dr. Fayyad Qudah, Minister of State for Digital Economy and Entrepreneurship Eng. Sami Smeirat, Deputy Governor of the Central Bank Ziad Ghanma, Chairman of the Board of Commissioners of the Jordan Securities Commission Dr. Adel Bino, and Head of the Anti-Money Laundering and Terrorism Financing Unit Samia Al-Sharif.

Prior to this in January 2025, The Jordanian government Cabinet, chaired by Prime Minister Jafar Hassan, approved the establishment of a comprehensive regulatory framework for virtual and digital assets within one year. The initiative aims to align with global standards and foster a robust digital economy in Jordan.

According to Statistica, the projected revenue in the crypto market for Jordan is estimated to reach US$29.4m in 2025 while the number of crypto users in Jordan is expected to reach 894.75k users by 2026. The user penetration rate is projected to be 7.36% in 2025 and is expected to rise to 7.72% by 2026.


Luxury Aviation Forte Aviation in UAE to accept stablecoin payments through Deus X Pay

Luxury Aviation Forte Aviation in UAE to accept stablecoin payments through Deus X Pay

Deus X Pay, a licensed institutional stablecoin payment solutions provider, has partnered with UAE based Forté Aviation Consultants, a leading provider of bespoke global private jet charter solutions to offer cryptocurrency payment options in the form of stablecoins for its clients.

UAE Forté Aviation caters to a diverse range of needs from single flights to complex multi-leg journeys.

“Partnering with Deus X Pay allows us to elevate the customer experience by offering cryptocurrency payment options,” said Jeffrey Emmenis, Managing Partner & Chief Executive Officer. “In an industry defined by precision and exclusivity, this integration will ensure that our clients can book their travel effortlessly, reflecting our commitment to meticulous service.”

Richard Crook, CEO of Deus X Pay, emphasised the significance of this partnership, stating, “Our collaboration with Forté Aviation demonstrates a shared vision of simplifying payment processes in luxury travel. By leveraging our cryptocurrency payment solutions, we empower Forté’s clients with the flexibility and security they demand.”

The collaboration between Deus X Pay and Forté Aviation represents a significant advancement in the use of cryptocurrency in luxury aviation, setting new standards for innovation and customer experience while paving the way for exciting opportunities in the industry.

In May 2025, Crypto.com exchange, a regulated crypto exchange operating out of Dubai UAE, partnered with Emarat Energy Company to offer crypto payment options at select Emarat service stations. As per the LinkedIn post the expansion depends on regulatory approvals and customer demand.

Additionally UAE based ATS Travel, a premier travel management company, and Payhound, a Malta based regulated provider of fully regulated crypto payment solutions, also partnered to enable ATS Travel to accept cryptocurrency as a form of payment for all its services.

Aqua-Index water backed digital asset token to be launched in UAE

Aqua-Index water backed digital asset token to be launched in UAE

UAE based DMCC, the Dubai commodities free zone, signed an MOU with AQUA-INDEX, a global pioneer in water commodities trading to launch the world’s first digital asset token backed by freshwater resources.

As per the press release, this will revolutionize how water is traded, valued and managed globally.

The token – the first of its kind globally – is backed by verified, drinking-quality water stored in global reservoirs and will enable investors, hedgers, traders and the general public to trade, hold and take delivery of fresh water as a commodity. By combining financial innovation with water market expertise, the partnership offers a practical mechanism for unlocking new liquidity and transparency in global water supply chains.

Under the partnership, AQUA-INDEX will benefit from DMCC’s extensive global network, world-class services, advanced infrastructure, and leading commodity marketplace, facilitating the effective trading and investment in water assets. AQUA-INDEX will enhance the availability and exchange of knowledge around global water usage and pricing and provide access to essential trading and hedging products for DMCC and its member companies.

DMCC will not directly own or manage the token itself.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Nearly half the global population experiences water scarcity for at least part of the year, yet water remains the only critical resource without a mature, regulated market. We are proud to partner with AQUA-INDEX to drive a transparent, neutral, and legally coherent structure and marketplace for water to secure the future of a resource that has long been undervalued.

This is the next clear milestone in the formation of DMCC Water Centre, where we will not only bring the conversation of water to the forefront, but also attract the sector’s leading companies to create a global centre in Dubai for water innovation, security, sustainable best practice, knowledge and education, while ensuring that the world’s most transported commodity has the ability to reach water distressed areas.”

Yaacov Shirazi, Chairman and Founder of AQUA INDEX, added, “Pricing water by the value of its usage, standardization of water by its mineral content and quality, and turning water to a new asset class for a financial trading, is a gamechanger in the world economy. It will establish new levels of water management which prevents scarcity, contamination, and lack of access.”

The Water Centre brings together WaterTech innovators, logistics providers and commodity traders under one platform.

OneDegree for digital asset insurance has insured 20 companies in UAE

OneDegree for digital asset insurance has insured 20 companies in UAE

Hong Kong virtual insurer OneDegree in a recent interview with South China Morning Post noted that the company which has a regulated presence in the UAE has already signed 20 contracts insuring digital assets of companies licensed by Dubai’s Virtual Asset Regulatory Authority.

Companies signed up include crypto exchanges, and those who are providing trading and custody services.

Alvin Kwock Tin-Iun stated that so far no reported claims, losses or incidents among their clients have been made. He attributed the company’s success to its “cybersecurity technology and comprehensive underwriting framework”

Kwock said the company was developing new products, including mining risk insurance and smart contract wallets. In 2023, OneDegree partnered with Dubai Insurance, one of the oldest insurers in the UAE, to insure digital asset firms in the region. Over the past two years, Dubai Insurance had invested in OneDegree twice, Kwock said. He did not disclose the size of the investments.

Since 2016, the company has raised more than US$90 million in funding. “We’ve received funding every year,” Kwock said. “It’s growing every year.”

In 2024, OneDegree expanded its global reinsurance business by signing a deal with Walaa Cooperative Insurance in Saudi Arabia. Beyond the UAE and Saudi Arabia, the company said it was seeking opportunities in Qatar, Bahrain, Kuwait and Oman. It sees the Middle East as a springboard to Africa and Europe.

DFSA starts second phase of tokenization testing license program

DFSA starts second phase of tokenization testing license program

The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), has started the next phase of its Tokenization Regulatory Sandbox, beginning engagement with firms selected to join its Innovation Testing License program, the DFSA’s regulatory sandbox that allows entities to test innovative financial products and services under a controlled environment.

As per the press release, The DFSA’s Tokenization Regulatory Sandbox, launched in March 2025, received 96 expressions of interest from across the United Arab Emirates, United Kingdom, European Union, Canada, Singapore, and Hong Kong. The launch of the sandbox marks a major step forward in the DFSA’s strategy to support responsible financial innovation within the DIFC and reflects its growing focus on tokenization as a transformative force in financial services.

Applications included proposals to tokenize financial assets and instruments, such as bonds (including Islamic bonds, or sukuk), units in a fund (including money market funds and property funds), and the trading and safe custody of those assets. The initiative attracted strong interest from both established financial institutions wishing to explore tokenization use cases and innovative start-ups looking to scale breakthrough digital asset solutions in a regulated environment.

Speaking at the DFSA’s Policy & Legal Roundtable, Charlotte Robins, Managing Director, Policy & Legal, said, “The global interest in our Tokenization Regulatory Sandbox signals the importance of, and growing appetite for, responsible innovation, and recognizes the appeal of DFSA’s regulatory approach to innovation. As a regulator, our role is to support innovation and its positive contribution to the financial markets in ways that maintain market integrity and protect the public interest within the DIFC. By working closely with local and global firms through the sandbox, we are encouraging responsible innovation and helping to ensure that new ideas are tested against regulatory expectations.”

Following a detailed review, applicants were assessed based on their business model, clarity of use case, and readiness to test. Some firms were invited into the sandbox for live testing under the Innovation Testing Licence, while others were considered suitable for full authorisation under existing rules due to the maturity of their operations and experience in other regulated jurisdictions.

The DFSA will now work with the firms selected for the Innovation Testing Licence to co-develop bespoke testing plans. Sandbox participants will begin trials within a controlled environment in the coming weeks. The outcomes from this cohort will help inform future regulatory policy and potential refinements to the DFSA’s evolving digital assets and broader innovation frameworks.

Bitget and UNICEF to bring blockchain to Moroccan youth

Bitget and UNICEF to bring blockchain to Moroccan youth

Bitget, cryptocurrency exchange, and UNICEF have partnered for a three year period to bring advanced digital skills and blockchain literacy to young people in eight regions globally including Morocco. Bitget will become part of UNICEF’s Office of Innovation Game Changers Coalition program and will offer blockchain training modules to teachers and blockchain skills to girls, their parents and mentors in Armenia, Brazil, Cambodia, India, Kazakhstan, Malaysia, Morocco, and South Africa.

Through the partnership, Bitget Academy, the educational arm of Bitget, will help develop UNICEF’s first interactive, online and in-person blockchain training module based on video games creation skills development for teachers and young people. Support from Bitget will also help expand the Coalition’s reach to a ninth country.

“This partnership reflects our shared belief that digital skills are a powerful driver of opportunity and inclusion,” said Sandra Visscher, Executive Director of UNICEF Luxembourg. “By collaborating with Bitget, we want to empower adolescent young people with the tools, knowledge, and confidence to shape their own futures. Innovation should be a force for inclusion, opening doors, broadening horizons, and ensuring that technology works for everyone, everywhere.”

“Emerging technologies should not be reserved for the privileged few—they must be introduced early and equitably. Blockchain, with its real-world use case and potential for social good, is one of the most powerful tools we can give to our younger generation to build products that change the way we look at modern society. With Blockchain4Her, what began as a mission to empower hundreds of women has scaled into a global movement to educate thousands of girls. This is the kind of scale and impact blockchain was built for,” said Gracy Chen, CEO at Bitget.

Bitget will also aim to introduce UNICEF to leading blockchain protocols and developers from across the Web3 landscape to participate in the educational initiative. These contributors could serve as mentors and partners, offering diverse perspectives and possibilities for blockchain technologies.

Every year, adolescent girls and young women in low and middle-income countries miss out on USD 15 billion in economic opportunities due to a gap in internet access and digital skills relative to their male peers. With 90 per cent of jobs today requiring digital competencies, the Game Changers Coalition responds to the urgency of closing the gender digital skills gap. Together, Bitget and UNICEF are working to build a scalable, inclusive model that equips young women with the tools to navigate and shape the digital economy of tomorrow.

As part of the Game Changers Coalition, Bitget joins the Global Video Game Coalition, Micron Foundation and ecosystem builders – Women in Games in a shared ambition to reach 1.1 million girls by 2027, with learning and skills-building opportunities.

UAE SaturnX stablecoin infrastructure provider raises $3 million

UAE SaturnX stablecoin infrastructure provider raises $3 million

UAE based SaturnX, the infrastructure provider for stablecoin-based cross-border payments, closes a $3 million seed round. The round was led by White Star Capital, with participation from strategic institutional investors. The company enables businesses and financial institutions to move money globally through an API-first platform that leverages stablecoin liquidity, smart FX routing, and regulatory-compliant payout networks. SaturnX supports cross-border payments in major remittance corridors and is rapidly expanding into Southeast Asia and Africa

Founded by Mirnas Brescic, who brings 15 years of experience in FX, treasury, and digital assets across institutions like Rain, Bitpanda and the IAEA, SaturnX serves as a behind-the-scenes API layer for B2B money transmitters, corporates and financial platforms. In just five months of operation, the company has already processed over $250 million in transaction volume, while maintaining profitability.

The capital will be used to accelerate SaturnX’s expansion into new payment corridors in Southeast Asia, including the Philippines, Bangladesh, Indonesia, Pakistan, strengthen regulatory infrastructure, and continue building its end-to-end API platform for enterprise-grade stablecoin payments.

As per the press release, with more than $600 billion in global annual remittance flows and rising demand for digital dollars in emerging markets, SaturnX is positioned to become a critical backend provider for the future of borderless payments by modernizing how money moves across borders, offering instant, low-cost stablecoin transfers for financial institutions, fintechs, and global remittance providers.

“Our vision is to connect the worlds of decentralised and traditional finance with infrastructure that brings the benefits of stablecoins to everyday financial use cases,” said Mirnas Brescic, CEO and Founder of SaturnX. “Despite considerable progress, cross-border payments are still expensive and slow. By offering a faster, cheaper, and programmable alternative, we’re helping financial partners unlock better ways to move money, starting with the world’s largest remittance corridors.”

The company pre-funds stablecoin liquidity pools in key markets, aggregates FX pricing in real time, and ensures regulatory compliance via partnerships and licensing pathways. Its flagship corridor, from the Gulf region to South Asia, collectively enables hundreds of millions in annual volume.

“We’re excited to back SaturnX at the forefront of a new payment infrastructure layer,” said Sep Alavi, General Partner at White Star Capital. “They’re operating in one of the most strategically important corridors globally, solving a massive pain point for cross-border remittances and B2B payments. Mirnas brings unmatched experience in FX, treasury, and crypto, and he’s already shown his ability to execute at speed.”

Speaking to Lara on the Block on the upcoming Genius Act for stablecoins in the USA, Brescic noted, “Regulation will bring the clarity and confidence required for a broader stablecoin adoption. It is definitely a positive development in the medium to long-term. SaturnX is stablecoin agnostic. With the regulatory clarity we see even more corporates using stablecoins to send or receive value globally. This is the market segment we want to support with our infrastructure.”


Hash AI to launch UAE crypto mining site worth $2 million

Hash AI to launch UAE crypto mining site worth $2 million

Hash AI has begun constructing a $2 million large-scale cryptocurrency mining facility in the UAE. Announced on their X channel, the company noted that the site will fully be owned by the company. Hash AI will be mining Bitcoin, Dogecoin, Litecoin and at later stages other crypto.

The AI enhanced crypto mining site will sit over 3 acres and offer 3.5 MW power with the ability to host over 1000 ASIC Miners. Hash AI expects that it will bring in revenues of $3 million annually.

The site will also include 4,000 RWA ( Real World Assets) fractions. Hash AI will make 4,000 RWA fractions from this facility available for public investment, where people can participate for as little as $500.

Hash AI noted, ” We are thrilled to announce the acquisition of a substantial plot of land in the UAE, where we will be developing an industry-leading mining facility, fully owned by $HASHAI. This expansion will allow us to scale our operations massively, significantly enhancing long-term profitability. Construction is already underway, and we are eager to share progress updates with you along the way. We look forward to unveiling the fully operational facility in July!”

Hash AI is not the first crypto mining entity to set up in UAE, there is also home grown Phoenix Group, as well as Marathon Digital.