CoinMENA and Dubai digital asset association to support crypto in MENA

CoinMENA and Dubai digital asset association to support crypto in MENA

The Dubai Digital Assets Association (D2A2), dedicated to advancing education, collaboration, and innovation in the digital asset industry, has partnered with CoinMENA FZE, a digital asset brokerage licensed by Dubai’s Virtual Asset Regulatory Authority serving the MENA region.As part of the partnership, D2A2 and CoinMENA will collaborate on thought leadership, events, and joint initiatives that empower users, support startups, and engage regulators and policymakers to help shape the future of crypto in the Middle East.

As per the press release, the partnership marks a key milestone in the mission to create a more connected and compliant digital asset ecosystem across the region. Together, D2A2 and CoinMENA will work to support greater access to digital assets, enhance regional regulatory dialogue, and foster innovation for both retail and institutional market participants.

CoinMENA provides both retail and institutional investors with secure and reliable access to digital assets. Its commitment to safety and accessibility aligns closely with D2A2’s mission to promote best practices, education, and responsible innovation in the digital asset sector.

In 2024, Dubai’s virtual assets regulatory accomplishments was the center of discussions at an event hosted by Dubai Digital Assets Association (D2A2), supported by Dubai Chamber of Commerce. On the one-year anniversary of VARA (Virtual assets regulatory authority) in Dubai, the forum provided a platform for industry stakeholders to review and analyze the development of the regulatory landscape for virtual assets and the challenges industry is facing. The feedback and insights gathered during the roundtable discussion were consolidated into a submission by D2A2 on behalf of the stakeholders to regulatory authorities for suitable action.

Egyptian Financial regulator warns against investing in crypto again

Egyptian Financial regulator warns against investing in crypto again

The Egyptian Financial Regulatory Authority has issued a warning against dealing with unlicensed financial entities including those marketing crypto and virtual assets.

As per the notice on their website, “Unlicensed entities and online platforms operating in the field of receiving & pooling funds for investment will face legal consequences. Do not participate in subscriptions for any securities (shares and bonds) unless the Authority has explicitly approved the public offering. Exercise extreme caution and avoid investing through companies lacking the necessary licenses to receive funds for investment or platforms offering financing without authorization.”

They also warned citizens against investing in virtual and encrypted currencies. ” FRA warns citizens against investing in virtual and encrypted currencies.”

The Egyptian FRA stated, that the negative list of unlicensed entities offering non=bank financial services and products would be released soon and asked citizens to report unlicensed product solicitations.

The FRA added that there are a number of website and social media platforms that are promoting and soliciting public investment in projects in exchange for returns, all without the necessary operational licenses or approvals. These actions are in direct breach of Capital Market Law No. 95 of 1992, Article 4, which unequivocally requires a Financial Regulatory Authority-approved prospectus for any public offering.

Lastly the Egyptian FRA once again warned Egyptian citizens against illegal promotion of virtual encrypted currencies, or cryptocurrencies. It states, ” We urgently warn all Egyptian market participants to be extremely vigilant and avoid recent solicitations to engage in these currencies due to their substantial risks, potential involvement in financial crimes and cyber piracy, lack of underlying value for stability and user protection and the exposure of users to fraud and legal repercussions for violating Egyptian law. Egyptian law prescribes imprisonment and/or a fine of one to ten million Egyptian pounds for anyone trading, promoting or offering activities related to these currencies without prior authorization from the relevant bodies.”

Egyptian Central Bank issued Fines against crypto violators

In 2022, The central bank of Egypt once again reiterated its warning against dealing in any type of cryptocurrencies, saying that crypto is risky, highly volatile, and is used in financial crimes and e-piracy. The Central Bank of Egypt noted it would fine anyone who violates the Law No 194 of 2020 which prohibits issuing, trading, promoting cryptocurrencies, operating crypto exchanges or any other related activities. The Central Bank will fine violators up to $516,000 ( 10 million LE) or face imprisonment.

Egyptian crypto growth doubles

In 2023, Triple A research noted that crypto ownership had doubled in countries such as Egypt. As they noted in January 2023 there were 420 million crypto owners globally; this is up from their previous report in January 2022 where they had stated there were 300 million crypto owners globally. In the Arab world biggest growth was seen in Morocco, Egypt, Lebanon, Tunisia, and even Iraq.

Dubai Government allows crypto payments for government fees with Crypto.com

Dubai Government allows crypto payments for government fees with Crypto.com

Dubai Department of Finance (DOF) , the governmental entity responsible for budget and its execution has signed an MOU ( Memorandum of Understanding) with Global UAE regulation Crypto.com to allow crypto payments for governmental fees.

The Memorandum of Understanding was signed at the Dubai FinTech Summit in the presence of senior officials. Once the system is activated, individuals and businesses will be able to use Crypto.com’s digital wallet to pay for government services.

The platform will convert crypto payments into AED Fiat currency and securely transfer the funds to Dubai Finance accounts. As per the announcement the move supports the Dubai Cashless Strategy, which aims to boost the local economy and strengthen Dubai’s position as a global leader in financial innovation and digital transformation.

Just last week, Crypto.com and Emarat gas stations also signed an agreement to allow for crypto payments at gas stations in the UAE.

While Eric Trump noted that they would accept crypto for Trump Towers project in the UAE, as well as noting that the World Liberty Financial USD stablecoin (USD1) is the stablecoin that will be used for the UAE MGX Binance deal.

96 firms want to get into UAE DFSA tokenization sandbox

96 firms want to get into UAE DFSA tokenization sandbox

 96 firms have shown interest in participating in UAE’s Dubai Financial Services Authority ( DFSA) tokenization regulatory sandbox. As per the DFSA announcement, the launch of the sandbox is part of DFSA’s strategy to support responsible financial innovation within the Dubai International Free Center.

The Tokenization Regulatory Sandbox forms part of the DFSA’s Innovation Testing License program and supports the regulator’s broader commitment to fostering innovation while maintaining market integrity and protecting investors. Expressions of interest came from a diverse range of sectors that are exploring the tokenization of financial assets and instruments, including those associated with the tokenization of shares, bonds (including Islamic bonds (sukuk)), units in a fund, and the trading and safe custody of those assets – reflecting the broad potential of tokenization across the financial ecosystem.

Interest came from both financial institutions and startups.

Justin Baldacchino, Managing Director, Supervision, DFSA, said, “We are excited to see such strong interest in the DFSA’s Tokenisation Regulatory Sandbox and to talk about it at the Dubai FinTech Summit. This momentum supports the DFSA’s strategic commitment – and aligns with the Dubai Economic Agenda D33 goal – to position Dubai among the world’s top four global financial hubs by 2033. The sandbox marks a new chapter in our engagement with innovative financial technologies, enabling firms to safely test tokenized solutions in a transparent, measured, and responsible manner, within a well-regulated environment, without being subject to the full suite of regulatory requirements that would otherwise apply.”

The DFSA’s themed sandbox approach enables targeted supervision, constructive regulatory dialogue, and the development of tailored policy responses to emerging financial technologies while fostering responsible innovation in the market.

Following the Expressions of Interest stage, selected firms will be invited to apply for an Innovation Testing License and enter a live testing phase under DFSA oversight, where they can refine their offerings while addressing critical areas such as investor protection, transparency, and financial stability. Upon successful completion of the program, firms may apply to transition to a full, unrestricted license, or withdraw their Innovation Testing License.

Prior to the launch of the tokenization regulatory sandbox, the DFSA has launched an explainer guide for its Innovation Testing License. The Innovation Testing License – the DFSA’s regulatory sandbox – is a restricted financial services license that allows eligible firms to test innovative financial products, services, and business models within a controlled environment with temporary modifications to existing regulatory requirements whilst being subject to close supervisory oversight. Launched in 2017, the Innovation Testing License remains a cornerstone of the DFSA’s approach to support the responsible development of financial technology solutions in the DIFC.

Designed as a practical tool for firms interested in applying for the license, the DFSA’s Innovation Testing License explainer guide offers clear and accessible information on how to engage with the DFSA’s regulatory sandbox, test innovative solutions, and navigate the path to full authorization. It outlines the purpose of the license, eligibility criteria, application process, and obligations firms must meet during the testing phase.

HashKey receives crypto exchange license in UAE

HashKey receives crypto exchange license in UAE

Asian based HashKey Group (“HashKey”), digital asset financial services group, has secured a Virtual Asset Service Provider (VASP) license from Dubai Virtual Assets Regulatory Authority (VARA) to provide both Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services within, and originating from, the Emirate of Dubai. The crypto exchange service will go live on May 19th 2025.

As per the press release, the license is part of HashKey’s expansion in the MENA region and will help to meet growing institutional needs. In January 2025, HashKey has announced it would soon be licensed in the UAE.

HashKey will offer clients several features such as USD and AED deposits and withdrawals, fiat on and off-ramping so that users can directly transfer USD from their bank account to HashKey Global MENAA’s fiat wallet. Standard Chartered will provide the fiat currency deposit and withdrawal services for the platform.

In addition HashKey will also be offering OTC services for the top 10 major tokens, through HashKey Global MENA, which will deliver regulated block trading with competitive all-inclusive pricing, ensuring transparent quotes and zero hidden fees for market-leading rates. While large orders benefit from instant execution, eliminating slippage risks, while flexible settlement options cater to institutional and HNWI liquidity needs.

“As a licensed platform, HashKey Global MENA embraces institutional needs by offering a regulated gateway for fiat-crypto transactions, backed by institutional-grade safeguards and strategic partnerships like Standard Chartered. Our regional expansion ambitions, with a strategic focus on the GCC, are rooted in empowering MENA’s institutions and HNWIs with seamless, cost-efficient access to global crypto markets, reinforcing the UAE’s position as a hub for blockchain innovation while prioritizing compliance and client protection at every step,” said Sherif Sanad, Country Manager, HashKey Global MENA.

As for the future, HashKey Global MENA will deliver not just virtual asset trading services, but aims to evolve and develop innovative digital asset products, designed and delivered within VARA’s robust regulatory and compliance framework.

HashKey Group already holds digital asset-related licenses from regulators in Hong Kong, Singapore, Japan, and Bermuda, as well as VASP registration in Ireland and is actively pursuing a MiCA license in the EU.

OSL Wealth and UAE regulated Nine Blocks Capital partner to offer BTC Market Neutral Fund

OSL Wealth and UAE regulated Nine Blocks Capital partner to offer BTC Market Neutral Fund

Hong Kong, OSL Wealth, a wealth management platform tailored for traditional investors managing crypto assets of OSL Group (HKEX: 863), has signed a distribution partnership with UAE-regulated Nine Blocks Capital Management, a regulated and institutional crypto hedge fund management and the first and only crypto hedge fund regulated by Dubai’s Virtual Assets Regulatory Authority (VARA).

As per the press release, through this collaboration, OSL Wealth will offer qualified investors access to UAE and Hong Kong based Nineblocks’ flagship USD Market Neutral Fund and BTC Market Neutral Fund, marking a significant milestone in the institutional adoption of digital asset investment strategies.

The partnership addresses growing demand from institutional investors seeking crypto exposure via regulated fund managers. This will enable OSL clients to generate returns on the USD/stable coin assets as well as generate yield on their Bitcoin holdings.

Nine Blocks’ market-neutral approach combines sophisticated quantitative strategies with rigorous risk management frameworks to deliver consistent returns across market cycles. The USD Market Neutral Fund enables investors to generate returns on their USD and stable coin assets. The BTC Market Neutral Fund enables long term BTC holders to generate yield on their Bitcoin assets without losing Bitcoin exposure.

Eugene Cheung, Chief Commercial Officer of OSL, emphasised the strategic importance of this partnership, “As digital assets mature into an institutional asset class, investors increasingly require sophisticated strategies that align with traditional portfolio construction principles. Nineblocks’ VARA-regulated market-neutral solutions represent exactly what discerning allocators demand – the innovation potential of crypto assets combined with institutional-grade risk management and compliance standards. This partnership enables us to provide clients with tools to navigate digital markets while maintaining their existing risk parameters.”

Henri Arslanian, Co-Founder of Nine Blocks Capital Management, commented, “We believe that many HNWIs and family office investors want to access crypto products through platforms that are regulated and institutional-grade. We are pleased to partner with OSL to deliver such products to the Hong Kong and Asian markets.”

UAE MBank offers AED to crypto conversion for Changer.ae crypto custodian

UAE MBank offers AED to crypto conversion for Changer.ae crypto custodian

UAE MBank, Al Maryah Community Bank the first fully integrated digital bank in the UAE, is offering AED secure and regulated AED dirham to crypto conversions and trades, AED Escrow Account Services, executed at UAE regulated Changer.ae platform, a global crypto custodian service provider.

The Central Bank of the United Arab Emirates (CBUAE) has officially approved Mbank to open an AED Escrow Account for Changer.ae. This approval enables secure and compliant holding of AED funds in escrow through Mbank’s digital infrastructure, while the conversion of virtual assets and stablecoins such as USDT and USDC into AED is carried out by Changer.ae.

As per the press release, the service is a significant step toward bridging the gap between traditional finance and the digital asset economy. Mbank provides AED Escrow Account Services to Changer.ae clients allowing them to safely utilize a Dirham escrow account powered by the bank, while all conversions between dirhams and crypto assets are executed by Changer.ae.

Mbank and Changer.ae announcement of the Dirham-based crypto conversion service, including a fully regulated fiat escrow account in AED for crypto transactions, was made during TOKEN2049 Dubai, with Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, and Wang Hao, Senior Executive Officer at Changer.ae.

For customers, this means they can confidently and immediately convert their digital assets into local currency within a fully regulated and secure environment, eliminating the uncertainty and delays often associated with fiat, in on-ramp and off-ramp transactions. The service is entirely online, providing fast, transparent, and seamless access to funds, and allows individuals and businesses to manage crypto-to-fiat flows with ease, backed by Mbank’s trusted digital banking platform.


The cooperation between Mbank and Changer.ae enables individuals to exchange supported cryptocurrencies and stablecoins into AED via Changer.ae, with the converted Dirham funds held securely in escrow by Mbank. It also provides businesses with the tools to operate transactions entirely within a regulated, blockchain-enabled system, with real-time access to fiat and crypto balances.


This escrow service supports Crypto to Dirham and Dirham to Crypto conversions executed by Changer.ae, while the customers’ Dirham funds and transactions are fully protected through a comprehensive regulatory compliance and by Mbank’s secure technology infrastructure. Furthermore, this service facilitates fast movement of customer’s AED funds, in and out, within the UAE banking system.


Mr. Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, stated, “We are excited to offer this unique service to our customers, providing a seamless way to integrate Dirhams and crypto-related transactions with confidence. By providing AED Escrow Account Services to Changer.ae, we ensure secure and regulated dirham to crypto conversions for Changer clients. This partnership with Changer.ae aligns with our mission to drive innovation in the UAE’s financial ecosystem by offering regulated and secure financial infrastructure. The launch of this escrow account demonstrates the UAE’s commitment to becoming a global crypto hub while maintaining the highest standards of security and regulatory compliance.”


Mr. Wang Hao, Senior Executive Officer at Changer.ae, said, “At Changer.ae, we are thrilled to bring this innovative product to the market in collaboration with Mbank. With the approval from CBUAE, we are enhancing our service offerings by providing a secure, reliable, and convenient way for customers to access crypto services. This product reflects our continued dedication to bridge the gap between traditional finance world and the rapidly growing world.”


Mr. Tarek Soubra, Chief Technology Officer at Mbank noted that the AED escrow account service was an exciting leap forward, as it was developed in house with the highest standards of security, reliability and compliance without relying on third-party crypto custody platform.

He added, “The seamless and straight forward integration between the systems of Mbank and Changer.ae,callow our customers to benefit from a safe, fast, and transparent crypto-to-fiat experience. Customers can now convert their cryptocurrencies into AED through Changer.ae and then use their converted AED funds immediately and seamlessly, with Mbank holding the AED funds in escrow. Alternatively, Mwallet customers can now receive their converted AED funds immediately into their wallets and use them for any supported transactions or for immediate cash withdrawal, using Jaywan ATM card.”

MBank received Payment Token Services approval from UAE Central Bank

Al Maryah Community Bank also received approval from the Central Bank of the UAE to provide Payment Token Services within the country. This new capability allows merchants to open accounts and accept payments through the AEC Wallet, further reinforcing Mbank’s role in supporting a regulated and innovative crypto payments ecosystem in the UAE.

Previously Mbank also launched the first regulated stablecoin AE Coin.

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UAE IHC and BlackRock partner for AI enabled reinsurance platform

UAE IHC and BlackRock partner for AI enabled reinsurance platform

UAE based IHC, a global investment company focused on building dynamic value networks, plans to establish a new AI-driven reinsurance platform headquartered in the Abu Dhabi Global Market (ADGM) with BlackRock. At the core of the company’s operations will be an AI-native approach, unencumbered by legacy technology, to enhance data analytics, pricing strategies, and company operations. This technology will bolster underwriting capabilities by improving the quality and speed of risk assessments, thereby optimizing capital efficiency.

As per the press release, the new platform, yet to be named, will provide critical underwriting capabilities, underpinned by cutting-edge AI technologies, to help accelerate the rapid growth in the Gulf region and support the continued evolution of regional capital markets.

BlackRock will partner with the platform to provide leading insurance asset management, advisory, and its Aladdin technology capabilities to the initiative. Lunate will also be a partner in the new platform, leveraging its deep expertise in private and public markets and its global, multi-asset investment experience in supporting the platform.

The platform will offer tailored solutions covering Property and Casualty (P&C), Life, and specialized insurance products. With its base in ADGM, it will operate across key international jurisdictions, creating a local platform capable of adapting to the diverse demands of the global market, while maintaining a strategic focus on the Middle East and Asia.

The platform will implement a buy-and-build strategy, targeting initial liabilities exceeding $10 billion. Initial equity commitments are expected to surpass $1 billion, which will be bolstered by additional hybrid and debt financing. After the signing of definitive documentation, BlackRock will provide a minority investment commitment to the venture.

IHC also announced that the company will be chaired by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, GCEO and MD of ADNOC, and led by seasoned industry expert Mark Wilson, former CEO of Aviva Plc and AIA Group Limited, who brings a wealth of experience to this initiative.

“We are excited to bridge global capital with regional opportunities in this fast-growing market to launch a value accretive business with solid financial returns while shaping the future of insurance with cutting edge technology. Supported by exceptional global partners in IHC, BlackRock and Lunate, the new company will bring deep expertise, a strong capital base, and AI-driven underwriting to enhance efficiency and precision. Furthermore, establishing the company in ADGM gives us access to a robust regulatory framework, a rapidly growing insurance market, and dynamic financial hub,” said Dr. Sultan Ahmed Al Jaber UAE Minister of Industry and Advanced Technology


Syed Basa Shueb CEO of IHC noted, “This venture embodies IHC’s commitment to innovation and strategic growth. By leveraging our diversified portfolio and deep regional insights, we aim to redefine the insurance landscape, delivering sustainable value to our stakeholders and contributing to the economic prosperity of the region.”

Larry Fink, Chairman and CEO of Black Rock added, “We are proud to collaborate with IHC and Lunate in this transformative endeavor to help accelerate the development of a more dynamic insurance, capital markets and financial ecosystem in Abu Dhabi and the broader region. We look forward to applying our asset management, advisory and technology capabilities to support its growth.”


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UAE AI company Aqlanx raises $10 million

UAE AI company Aqlanx raises $10 million

UAE based AqlanX, an artificial intelligence company, has raised $10 million investment from Lakeba Group through their venture DoxAI. The investment was facilitated through connections fostered by the UAE’s NextGen FDI initiative, to accelerate AqlanX’s mission to localize and expand the proven enterprise automation capabilities of DoxAI across the Middle East.

Founded on the vision of building UAE-Made, Arabic-first AI technologies, AqlanX focuses on automating business processes, enhancing operational efficiency, and transforming enterprise document management for large organizations.

As part of its national capacity-building strategy, AqlanX, DoxAI, and Lakeba have also formed a strategic partnership with the University of Wollongong in Dubai (UOWD) to establish an AI Centre of Excellence. This initiative will cultivate homegrown AI talent, research, and innovation directly in the UAE.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, commented that, “This collaboration between AqlanX, Lakeba, and DoxAI demonstrates the power of the NextGen FDI program to catalyse strategic, cross-sector partnerships. It underscores our commitment to fostering an ecosystem that nurtures innovation and collaboration in priority sectors like artificial intelligence.”

“This investment is more than capital, it’s a commitment to a shared vision. The UAE AI firm represents the next frontier of enterprise AI in the Middle East, and we are proud to bring our experience, technology, and strategic resources to support its growth,” said Giuseppe Porcelli, Executive Chairman of Lakeba and DoxAI.

Demetrio Russo, Founder and CEO of AqlanX, noted that, “With Lakeba and DoxAI behind us, AqlanX is equipped to deliver Arabic-first AI that is not only world-class, but also born in, and for, the UAE. We are building an innovation hub that reflects the ambitions of this region and empowers its enterprises to lead globally.”

UAE Ghaf Labs and Bybit exchange to drive crypto adoption in MENA

UAE Ghaf Labs and Bybit exchange to drive crypto adoption in MENA

Bybit, the world’s second-largest cryptocurrency exchange by trading volume which currently holds an in principle approval from Dubai regulator, and UAE based Ghaf Labs, a MENA-based Web3 boutique advisory and consultancy firm, signed a Memorandum of Understanding (MOU) to enter a multi-year strategic partnership that aims to drive crypto adoption, ecosystem development, and real-world utility across the Middle East and North Africa (MENA).

This partnership is on a mission to position the region as a global Web3 hub by enabling innovation, supporting regulatory clarity, and fostering meaningful use cases that integrate blockchain into daily life.


Ghaf Labs, backed by Ghaf Capital Partners, offers tailored advisory and incubation services to Web3 ventures across MENA. With its strong regional network and regulatory insight. Together, Bybit and Ghaf Labs will provide equity-free grants, startup support, and access to strategic resources for ventures exploring blockchain, AI, and sustainability, central to the region’s digital transformation.

“Our partnership with Ghaf Labs is rooted in a shared vision for the MENA region, one where crypto isn’t just adopted, but lived,” said Helen Liu, COO of Bybit. “From developer tooling to lifestyle integration, we’re building the bridges that bring crypto into everyday life.”

The collaboration will also launch a series of education initiatives designed to nurture local Web3 talent. These include university partnerships, bootcamps, and developer hackathons, all aimed at empowering the next generation of blockchain builders.

Additionally, both parties will co-develop educational content to improve Web3 literacy across Arabic- and English-speaking communities in the region.

“This partnership with Bybit reflects our shared commitment to advancing Web3 infrastructure, education, and institutional engagement across the MENA region. Together, we aim to accelerate innovation and continue to position the UAE as a global hub for digital assets.”
said Feras Al Sadek, Co-Founder and Managing Partner at Ghaf Labs.

Lara on the Block spoke with Al Sadek asking why Bybit in particular, his reply, “Bybit brings more than just liquidity and listing power. The decision was rooted in long-term alignment: Bybit has consistently demonstrated commitment to Web3 ecosystem growth, regional presence in MENA, and a partner-first approach. Unlike other exchanges, Bybit is building beyond trading, with initiatives in education, infrastructure, payments, and community development. We’ve supported Bybit from the beginning, and this partnership reflects our continued belief in their vision and values.”

Ghaf Labs has invested in MENA and International startups since its inception, so we asked Al Sadek what added value would Bybit bring in? He noted that the crypto exchange offered three layers of added value. The first was distribution and exposure paving a direct path to exchange listings, co-marketing and user acquisition at scale, secondly was product integration such as access to Bybit Card, API infrastructure, and on-chain tools to enable real-world utility and faster product-market fit, and finally was credibility & reach where being affiliated with a top-tier global exchange enhances startup credibility, which is critical for follow-on investment and partnerships.


Beyond development, the partnership highlights the real-world utility of crypto through lifestyle applications like the Bybit Card. This product connects digital assets with premium experiences, including exclusive access through partners such as Grand Millennium Hotels in Dubai—demonstrating the role of crypto in elevating travel, luxury, and everyday spending.

Speaking on this to Lara on the Block, Al Sadek noted that Bybit Card is a gateway to real-world crypto utility. He explained, “We see it as a foundational layer across our startup ecosystem. From loyalty programs to on-chain-to-off-chain commerce, the card can power a new wave of fintech experiences. One early proof point is our tripartite collaboration with Grand Millennium Hotel, where Bybit Cardholders now enjoy up to 30% off across F&B, rooms, salons, and events. We plan to expand this model, embedding Bybit Card access into everyday products, services, and reward mechanisms offered by our portfolio projects.”

In 2023, Ghaf Labs, partnered with Sui Foundation, a Blockchain Foundation that supports the growth and proliferation of the Sui blockchain protocol (“Sui”) and associated ecosystem.