Xchain crypto forensic monitor rolls out its services across MENA

Xchain crypto forensic monitor rolls out its services across MENA

Global digital assets/crypto risk monitoring provider XChain, which has been working with Dubai’s VARA since 2022 as its exclusive forensic transaction monitoring partner, is rolling out its services for institutional and retail Virtual Asset Service Providers (VASPs) in the region.

The public launch of XChain’s transaction monitoring services will benefit VASPs, and eventually traditional financial institutions venturing into digital assets, offering much needed lifecycle support in areas of crypto oversight, compliance frameworks and transaction monitoring forensics.

By providing the region’s VASPs full visibility on the necessary regulatory and compliance frameworks, XChain aims to solve for key risk factors in on-chain transactions, enabling service providers to ultimately gain real-time insights into their risk metrics.

Haydn Jones, the newly appointed Managing Director of XChain, stated, “With an increasing number of companies looking to tap into UAE’s digital assets industry, we are privileged to continue our work streamlining access to on-chain transaction risk-based analytics. It is therefore imperative for the compliance functions within VASPs to have access to the latest thinking, and we are proud to be at the forefront of blockchain forensics and asset monitoring to build a trusted and reliable framework that offers end-to-end support.”

Matthew White, CEO of VARA commented, “At VARA, we are committed to fostering innovation while ensuring robust regulatory standards for the virtual asset ecosystem. XChain’s rollout of its transaction monitoring services represents a significant step forward in enabling VASPs to operate with enhanced transparency and confidence. We are pleased to collaborate with XChain in setting new benchmarks for regulatory technology, which will not only benefit the digital asset sector but also build bridges with traditional financial institutions exploring this space.”

VARA and XChain are also working on a regulatory dashboard tool to advance the existing on-chain transaction monitoring standards for the region’s digital assets ecosystem. The dashboard, expected to be launched in beta later this year, will offer real-time on-chain data and open-source intelligence derived from VASPs, enabling such institutions, as well as TradFi and professional services companies dealing with digital assets, to integrate a unified risk monitoring tool that adheres to the gold standard in Virtual Assets Regulatory Technology.

UAE Mbank now offering the first AED stablecoin

UAE Mbank now offering the first AED stablecoin

Mbank has announced that it is the first bank to be offering the AE Coin licensed stablecoin. It has become the first bank to make the first-ever regulated stablecoin in the United Arab Emirates available through its AEC wallet.

Through AEC Wallet, powered by Mbank, customers will be able to purchase AE Coin and make secure, stable virtual financial transactions. In line with the Central Bank of the UAE’s digital payment token services framework and the government’s future-oriented vision.

AE Coin, is the first stablecoin of its kind, designed to provide secure, stable, and fully regulated transactions. With a focus on stability, scalability, and efficiency, AE Coin enables fast, low-cost transactions, all while operating under the regulatory oversight of the Central Bank of the UAE, adhering to the highest standards of security and compliance in digital finance. It combines the reliability of fiat-backed stability with the agility of blockchain technology, ensuring that each coin is fully supported by the Dirham.

Through Mbank, retail and corporate customers can open an AEC Wallet account and enjoy seamless, instantaneous, hassle-free AE Coin transactions with minimal fees, compared to that of traditional banking. Customers will be able to make secure transactions with AE Coin across e-commerce platforms, simplifying the entire payment procedure.

Mohammed Wassim Khayata, Chief Executive Officer at Mbank, commented on the partnership saying, “We are very proud to be the first entity to make AE Coin available as a digital currency, integrate it in our system, and offer our customers, whether individuals or businesses, a new era of transparent, cost-effective financial services where they can use AE Coin’s stable and regulated currency for easy, instant, and secure payments. By being a vessel for AE Coin, we are fostering economic growth, providing individuals and businesses with new opportunities to thrive in the digital economy, and making financial services more accessible to everyone”.

Ramez Rafeek, General Manager of AE Coin, added, “We are very pleased to partner with Mbank as it makes AE Coin available as a digital currency and integrates it into its system, redefining the way customers engage with money in the digital world. AE Coin harnesses the speed and efficiency of blockchain technology, facilitating instant, secure, and cost-effective transactions. It simplifies domestic transfers, making financial transactions faster and more efficient. In a rapidly evolving digital world, AE Coin sets the standard for trust, security, and innovation in digital currency”.

Tether receives approval for USDT in UAE

Tether receives approval for USDT in UAE

Tether, the largest company in the digital assets industry, has announced the acceptance of USD₮ by the Financial Services Regulatory Authority (“FSRA”) as an Accepted Virtual Asset (“AVA”) in the Abu Dhabi Global Market (“ADGM”). This approval ensures USD₮ meets the standards set by the ADGM, enabling the seamless integration of USD₮ into the approved services of licensed entities in ADGM and supporting the diversification and modernization of the UAE’s financial landscape.

This approval enables Authorized Persons operating and licensed by the FSRA to offer pre-approved services related to USD₮, advancing the region’s leadership in digital asset innovation. This announcement comes amid the rising adoption of digital currencies in the United Arab Emirates (UAE), reflecting the nation’s proactive approach to integrating traditional and digital finance.

“This milestone underscores Tether’s commitment to fostering global financial inclusion and innovation. By bringing USD₮ to the forefront of ADGM’s regulated virtual asset framework, we are not only validating the importance of stablecoins as critical tools for modern finance but also opening new doors for collaboration and growth across the Middle East,” said Paolo Ardoino, CEO of Tether. “The UAE’s forward-thinking approach to virtual asset regulation sets a global benchmark, and we are proud that USD₮ can play a pivotal role in driving economic progress and digital transformation in the region. This approval highlights Tether’s dedication to building bridges between traditional and decentralized economies while ensuring security, trust, and efficiency for users worldwide.”

Emirates NBD adds Fifth member to digital assets Lab

Emirates NBD adds Fifth member to digital assets Lab

Emirates NBD, a banking group with presence in Middle East, North Africa, and Türkiye (MENAT) region, has added its fifth member of its Digital Asset Lab, Chainlink, the standard for onchain finance, verifiable data, and cross-chain interoperability. Chainlink will join other founding members including PwC, Fireblocks, R3 and Chainalysis.

Chainlink’s membership will play a key role in advancing the Digital Asset Lab’s mission to create innovative solutions in digital finance.

Digital assets represent a market of over USD 1.3 trillion globally, with tokenization alone contributing an estimated USD 230 billion annually to GDP in the MENA region, Ernst & Young estimates¹.

As digital assets increasingly become mainstream, banks are increasingly innovating to cater to cryptocurrencies, tokenized securities and Central Bank digital Currencies. This strategic alliance strengthens the Digital Asset Lab’s ability to scale the development of digital asset solutions while upholding the highest standards of trust, reliability and security.

Miguel Rio Tinto, Group Chief Digital and Information Officer at Emirates NBD, said, “We are proud to partner with Chainlink and welcome them to Emirates NBD’s Digital Asset Lab as a council member. As a key platform for our innovation strategy, the Digital Asset Lab enables us to pioneer next-generation solutions for our customers. With Chainlink Labs’ expertise in onchain finance, we are confident this partnership will drive new advancements in tokenization and digital asset management, reinforcing Emirates NBD’s position as a regional leader in financial innovation.”

Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs, added, “Tokenization and digital assets represent a hundred-trillion-dollar opportunity for financial institutions in the MENAT region and beyond. Chainlink Labs is excited to collaborate with Emirates NBD by becoming a council member of its Digital Asset Lab to help support the development of onchain financial applications powered by the Chainlink standard for onchain finance, verifiable data and cross-chain interoperability.”

The Digital Asset Lab was launched in May 2023 at the Dubai FinTech Summit, to accelerate digital asset and financial services innovation in the UAE.

The Digital Asset Lab has implemented groundbreaking solutions for Emirates NBD, such as offering crypto products in retail banking using loyalty program points, tokenized real-world assets such as bonds for Emirates NBD Capital, stablecoins and surrounding regulations, as well as compliance and monitoring of virtual asset transactions.

Additionally the bank signed a Memorandum of Understanding (MoU) with Ctrl Alt, B2B alternative asset solutions provider, to explore infrastructure solutions related to tokenization of real-world assets.

Aptos Blockchain foundation enters UAE with new office in ADGM

Aptos Blockchain foundation enters UAE with new office in ADGM

Aptos Foundation, a blockchain foundation dedicated to supporting the development of the Aptos ecosystem and Web3 worldwide, opened a new office in ADGM entering the UAE market.

As per the announcement the Abu Dhabi office will serve as a hub for Aptos Foundation’s activities in the region, focusing on fostering partnerships and supporting projects designed to grow the Aptos ecosystem. By setting up operations in ADGM, Aptos Foundation will engage directly with these forward-thinking builders and institutions, creating new opportunities to collaborate and expand the Aptos ecosystem.

“The UAE is leaning hard into Web3, and that has made the region—and Abu Dhabi specifically—a clear leader in blockchain worldwide,” said Bashar Lazaar, Head of Growth and Ecosystems at Aptos Foundation. “We want to be at the forefront of that movement and help it grow as quickly as possible. This opening provides a unique opportunity for our team to learn from and connect on the ground with cutting-edge builders, institutions, and investors pushing the boundaries every day.”

“We are excited to welcome Aptos Foundation to ADGM,” said Arvind Ramamurthy, Chief Market Development Officer at ADGM. “Their decision to establish their first foreign office here highlights the UAE’s leadership in fostering innovation and advancing blockchain technologies. ADGM’s ecosystem is designed to support cutting-edge companies like Aptos Foundation as they collaborate with visionary developers, institutions, and investors to shape the future of Web3. We look forward to the contributions they will make to our vibrant community and the broader region.”

This expansion is a continuation of Aptos Foundation’s commitment to working with local stakeholders and playing an active role in accelerating blockchain adoption across the region.

Crypto.com presents Bahrain’s Crown Prince and Prime Minister with new crypto Mastercard prototype

Crypto.com presents Bahrain’s Crown Prince and Prime Minister with new crypto Mastercard prototype

Bahrain’s Crown Prince and Prime Minister, His Royal Highness Prince Salman bin Hamad Al Khalifa, has met with the President and Chief Operating Officer of Crypto.com, Eric Anziani, at Gudaibiya Palace where he presented His Royal Highness with the company’s new Mastercard prototype and is regarded as the first of its kind in the Middle East.

Crypto.com which recently secured a crypto payment service provider license in Bahrain partnered with Mastercard to directly issue cards on Mastercard’s network. It is a principal license that allows Crypto.com to launch a card in Bahrain powered by Mastercard. The new program will leverage Mastercard’s trusted, scalable and secure payments network to enable the crypto exchange customers to use their card at over 150 million in-store and online locations worldwide. Users can easily fund their cards through the Crypto.com app using e-money wallets or third party-issued credit and debit cards.

The innovative payment product will be available across all five Crypto.com card tiers, including Black Obsidian, offering rewards up to 8% on spending and will be denominated in USD.

During the meeting, HRH Prince Salman bin Hamad emphasized the Kingdom’s commitment to advancing the financial services and digital technology sectors, both of which are priorities that contribute to supporting the Kingdom’s comprehensive development under the leadership of His Majesty King Hamad bin Isa Al Khalifa.

HRH the Crown Prince and Prime Minister highlighted the significance of digital transformation in driving progress across key economic sectors to realise the Kingdom’s aspirations. He also reaffirmed the Kingdom of Bahrain’s commitment to attracting international companies across promising sectors, strengthening its regional and international position, and expanding growth across various industries.

Crypto.com President, Anziani concluded by expressing his gratitude for the opportunity to meet His Royal Highness and extended his wishes for the Kingdom of Bahrain’s continued progress and prosperity.

The Minister of Finance and National Economy, HE Shaikh Salman bin Khalifa Al Khalifa, and the Governor of Central Bank of Bahrain (CBB), HE Khalid Ebrahim Humaidan, also attended the meeting.

Qatar Fintech Hub advance digital assets startups in acceleration program

Qatar Fintech Hub advance digital assets startups in acceleration program

Qatar Fintech Hub announced that Fintech and digital startups from 7countries showcased their solutions during the Demo Day which is the final milestone of the Wave 6 Incubation & Acceleration Program. These startups have advanced through the flagship program to develop their innovative solutions in line with the National FinTech Strategy focusing on two key themes of Islamic FinTech and Digital Assets.

The startups include names such as Alt DRX a B2B real Estate Marketplace for Indians to buy & sell tokenized properties 1 SQFT at a time; powered by algorithmic pricing, instant settlements & Blockchain ledgers.

The second startup to be pitching is ARCA X LLC which is building the bridge between Centralized Finance (CeFi) & Decentralized Finance (DeFi) Through Hard-Blockchain (HBC)™ our proprietary blockchain hardware infrastructure & software end-to-end solution.

The third is Blade Labs which combines AI, blockchain, and smart contracts to help financial institutions deploy Shariah-compliant capital more efficiently. Our embedded Islamic finance platform automates compliance, enhances transparency, and reduces processing time from weeks to minutes, providing secure and scalable solutions for the $3.9T Islamic finance market.

Also pitching is Credit Plus which is empowering SMEs by providing innovative supply chain finance solutions that enhance cash flow, promote financial inclusion, and drive economic growth, with a vision to be the leading digital platform for seamless collaboration between banks, buyers, and suppliers across the MENA region.

Other startups include

Dhahaby facilitates loans against gold, gold jewellery and luxury timepieces removing the friction in collateralized lending for borrowers and lenders.

Ehmini is a digital platform offering embedded Takaful insurance solutions tailored for low and middle income expatriates in Qatar and the GCC. We simplify access to affordable retirement and insurance products by integrating seamlessly with financial institutions and payment platforms.

Finrock is a B2B platform allowing any asset to be identified, verified, and transferred to the blockchain unlocking liquidity and creating a secondary market.

GreenVycto, which is a Carbon Credit Tokenization platform designed to accelerate sustainability through incentivizing eco-friendly actions and supporting a green economy.

Hemaayah is an Insuretech platform bringing insurance protection to 30 Million GCC employed blue-collar workers. Their remittance linked insurance product provides health and income protection benefit to 150 Million family members of migrant workers.

Kredflo is a Shariah-compliant anchor led supply chain finance which enhances cash flow for anchors/sellers by offering immediate payments, while providing buyers/borrowers with a cost-free credit line.

Sidra a tokenisation infrastructure service provider and finally Wafir which transforms traditional lending circles into a modern, digital experience, ensuring secure, transparent, and efficient community financing.

Nexera RWA tokenization platform interested in Qatar

Nexera RWA tokenization platform interested in Qatar

Nexera an infrastructure designed to enable the smooth integration of real-world assets into the digital space recently presented their solutions in Qatar at the Qatar Digital Assets Lab.

They have made trillions of dollars in tokenized assets accessible, transferable, and liquid across web3 by connecting platforms and marketplaces across multiple blockchains.

The company announced that so far in December it visited Qatar Digital Assets Lab to showcase their advanced real world assets tokenization solutions meeting with key players in the ecosystem. Their CEO and Founder Ajaja Rachid presented their real estate tokenization solutions there.

Nexera also recently partnered with modular blockchain powerhouse NULS. With over 1M+ cross-chain transactions, $NULS brings the firepower, and $NXRA opens the gateway to $100T+ in RWA tokenization.

Nexera’s founder and CEO, Rachid Ajaja, shared insights on the synergy between AI agents and tokenization. This is a must-read for anyone following the intersection of blockchain and AI.

The company has also participated at the Plug and Play Tech Center Türkiye Expo 2024, Rachid presented “Scaling AI Infrastructure Through Tokenization,” showcasing the potential of AI and blockchain convergence.

In addition the company joined forces with Bitlayer, bringing tokenization infrastructure to Bitcoin. Bitlayer, an EVM-compatible Bitcoin L2, combines Bitcoin’s security with Ethereum’s flexibility.

More and more DLT, Blockchain entities are entering Qatar Digital Assets Lab.

For example 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

In addition to others such as Singaporean Blockchain fintech company DMZ Finance which has been chosen by Qatar QFC as well as Blade Labs which tokenizes financial productions and services.

ChainLink Labs sets up office in ADGM to serve DeFi in MENA

ChainLink Labs sets up office in ADGM to serve DeFi in MENA

Chainlink Labs, one of the primary contributing developers of Chainlink, the standard for DeFi and onchain finance, has expanded its presence in the Middle East and North Africa (MENA) region, and set up an office and an entity in Abu Dhabi under the Registration Authority of ADGM.

Global finance is moving onchain. Chainlink Labs is at the center of this massive shift, working with everyone from financial market infrastructures to asset managers to top DeFi protocols. As per their website they offer a world-class team of over 600 developers, researchers, and capital markets experts with deep experience in cryptography and decentralized systems and a singular vision to build Chainlink into the global standard for onchain finance.

Chainlink Labs plans to utilize its local presence in ADGM to expand its network of strategic partnerships with financial market infrastructures and financial institutions, better serve its global ecosystem, and continue to build key relationships in the region as demand for tokenized assets surges.

Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs. Senior Executive Officer at Chainlink Labs Abu Dhabi said, “The MENA region has become a global destination for innovators from around the world and a hub for the adoption of onchain finance. We are excited to expand the global footprint of the Chainlink standard by establishing a presence in Abu Dhabi and working closely with key financial market infrastructures and financial institutions in the region to bring tokenized assets to production.”

Hamad Sayah Al Mazrouei, Registration Authority CEO at ADGM noted, “We welcome Chainlink Labs, one of the primary contributing developers of Chainlink—the standard for onchain finance—on its recent expansion with a dedicated presence within ADGM. Chainlink Labs’ increased presence in the region underscores the growing demand for blockchain-based onchain finance solutions and tokenized assets, with Abu Dhabi, the ‘Capital of Capital’, providing the ideal environment for further expanding the global footprint of the Chainlink standard. We look forward to the innovative solutions that the Chainlink standard will enable in Abu Dhabi and beyond.”

Zodia markets crypto broker receives UAE license

Zodia markets crypto broker receives UAE license

Zodia Markets, a crypto and digital asset brokerage, has been granted a Financial Services Permission (FSP) by the Financial Services Regulatory Authority (FSRA) of ADGM. The license grants Zodia Markets (AME) Limited permission to operate a regulated virtual asset brokerage in ADGM.

This marks the fourth operating entity for the Standard Chartered-backed firm, following Jersey (July 2024), Ireland (2023) and the United Kingdom (2022).

The new entity which will be led by Ayad Butt will offer the same comprehensive digital asset solutions for clients, while leveraging domestic banking systems to enable faster local settlement.

As per the press release, the firm plans to deepen its capital market solutions, further bridging traditional finance with digital assets, to cater to the diverse needs of its growing client base around the world.

Ayad Butt, Senior Executive Officer for Zodia Markets (AME) Limited commented, “Abu Dhabi and the UAE is one of the fastest growing digital asset ecosystems. Digital asset adoption continues to accelerate across Africa and Middle East (AME) which makes this the ideal time to deepen our presence in the region, while reiterating our commitment to building in major financial hubs worldwide. It’s an exciting growth phase for us as new and existing clients alike will benefit from our global network, connectivity and capability. Under the robust regulatory framework in ADGM, we envision building a trading and innovation hub, to not only serve clients in the AME region, but also in other major markets around the world.

Arvind Ramamurthy, Chief Market Development Officer at ADGM noted, “We are pleased to welcome Zodia Markets to ADGM’s growing digital asset ecosystem, further cementing its reputation as a global financial hub and its growing prominence as a leading wealth management hub. Their decision to establish a presence in ADGM underscores our commitment to fostering a vibrant, yet regulated environment for innovative financial services companies. The robust regulatory framework at ADGM is designed to support firms like Zodia Markets, ensuring that their clients benefit from the highest levels of trust, security and governance.”

In 2023, Standard Chartered’s backed digital asset platform, Zodia markets, received an In-Principal Approval (IPA) fulfilling the pre-requisites to receive a Financial Services Permission (FSP) for OTC broker-dealer in virtual assets by Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center.

Zodia Custody has shown interest in offering its services not only in the UAE but in Qatar as well. Recently, Gerry Afentakis, Head of Europe & MENA Sales at Zodia Custody visited the Qatar Development Bank along with members from the Qatar Financial Authority.