UAE Ministry of Interior and the FSRA regulatory arm of ADGM partner to fight virtual asset crimes

UAE Ministry of Interior and the FSRA regulatory arm of ADGM partner to fight virtual asset crimes

The Financial Services Regulatory Authority of ADGM (FSRA) and the UAE Ministry of Interior, have partnered to coordinate and combat financial crimes in the virtual asset, crypto realm.

As per the press release, the agreement aims to facilitate the exchange of information, strengthen risk mitigation frameworks, and support the national strategy to safeguard the financial system against evolving threats in the digital asset landscape.

Commenting on the importance of proactive cooperation in combating financial crime, Emmanuel Givanakis, CEO of the Financial Services Regulatory Authority, said, “The FSRA is focused on collaboration with UAE authorities to proactively fight against financial crime. Financial crime is constantly evolving, and it is crucial that regulators stay ahead of potential threats. Our goal is to build long lasting partnerships across the UAE to ensure prevention of financial crime in financial services including the use of virtual assets. We aim to protect the financial ecosystem and lead regulatory efforts in line with international best practices and federal laws. We also seek to raise awareness internally and locally to ensure proper understanding of financial crime risks and assist actively in the efforts conducted on a national level”.

This MoU establishes a framework for cooperation between the FSRA and the Ministry of Interior, supporting the exchange of information and coordination on matters related to financial crime and virtual assets. It also aims to bolster the security and efficacy of the UAE’s financial system while enabling knowledge-sharing initiatives, joint training programs, and strengthened investigative efforts.

This agreement comes at a time when Chainalysis recently reported that In 2024, crypto platforms experienced a 21% increase in stolen funds compared to last year, totaling an estimated $2.2 billion. This marks the fifth year on record with losses exceeding $1 billion.

Private key compromises were the leading method of theft, representing approximately 43.8% of stolen crypto.

Beam launches $150 million Web3 gaming fund in UAE

Beam launches $150 million Web3 gaming fund in UAE

The Beam Foundation has launched Beam Ventures in Abu Dhabi, the first venture fund focused exclusively on Web3 gaming from ADGM. The $150 million gaming fund aims to accelerate promising founders and contributing to Abu Dhabi’s transformation into a global gaming hub.

Beam Ventures is strategically positioned at the intersection of blockchain, gaming, and artificial intelligence, the fund is driven by a commitment to shape the future of gaming together with the next generation of game developers and innovators. Beam Ventures will launch an accelerator program, inspired by globally recognized precedents. This program is designed to support early-stage startups specializing in web3 gaming and AI, offering a combination of in-person and remote participation options. The goal of the program is to create a breeding ground of successful startups that will impact the gaming industry and beyond.

HE Saeed Al Fazari, Strategic Affairs Executive Director at the Department of Culture and Tourism – Abu Dhabi, said, “Over the past three years, we have built a robust gaming infrastructure in Abu Dhabi, and establishing a dedicated gaming fund is a crucial step in ensuring that this ecosystem continues to thrive. This initiative aligns seamlessly with our Abu Dhabi Gaming efforts, reflecting our commitment to welcoming investments in the gaming industry and highlighting the trust and confidence investors have in our ecosystem.

We remain deeply committed to attracting and nurturing talent in Abu Dhabi, contributing to the knowledge-sharing economy, and driving the growth of the creative industries. This fund is another step forward in ensuring Abu Dhabi becomes a global hub for gaming excellence and innovation.”

“At Beam Ventures, one thing drives us above all else: innovation. In whatever form it might take, innovation has always been our lifeblood and our North Star – and that’s why we are so delighted to be bringing our pursuit of innovation to Abu Dhabi, a city that has shown itself time and again to share our mindset. We’re convinced that Abu Dhabi is set to be the epicenter of the world’s most exciting, pioneering tech and gaming innovation for years and decades to come. We have always sought the cutting edge at Beam Ventures – and we know that with this collaboration we have found exactly that. We look forward to other cutting-edge creators and founders joining us on this adventure.” – Mark Borsten – Chief Strategy Officer.

Versifi an OTC crypto trading and lending firm receives initial approval from ADGM in UAE

Versifi an OTC crypto trading and lending firm receives initial approval from ADGM in UAE

VersiFi, a crypto and digital asset trading and lending firm, has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM in UAE.

As per the announcement, subject to final regulatory approval, VersiFi will launch a fully regulated digital asset trading solution for institutional clients from its new global headquarters in ADGM.

VersiFi’s ADGM presence is led by a team of exceptional financial services executives whose experience spans both digital and traditional assets at firms such as the Abu Dhabi Investment Authority, ADS Securities, Deutsche Bank, Credit Suisse, Gemini, Interactive Brokers, JP Morgan, Standard Chartered and the Royal Bank of Scotland.

VersiFi is working to address the IPA conditions and, subject to FSRA’s approval, plans to offer institutional clients a full trading solution, that will include direct Market Access (DMA) to leading digital asset trading venues; market-leading algorithmic trading that improves trade execution and efficiency; bilateral OTC trading in both spot and derivatives; powerful tools for real-time portfolio and risk management; a full range of KYC and AML protocols and segregated custody via secure, third-party digital asset custodians.


“ADGM has established one of the most robust and dynamic regulatory frameworks in the world and they are taking a leading role in the responsible regulation of digital assets,” said Sameer Shalaby, CEO, VersiFi.

“The FSRA has impressed us with its diligence and collaborative approach and we are committed to building and upholding the highest level of integrity and security as part of the progressive financial services community in the UAE. Receiving our IPA is a validation of our vision and an important step for VersiFi as we to contribute to the region’s digital asset growth story while building our own.”

“We are delighted to be the first DMA and OTC trading firm to be granted IPA,” said John Livingstone, ADGM Regional Head, VersiFi. “We are focused and actively working with the FSRA to comprehensively address all the IPA conditions and we are looking forward to serving clients globally from our ADGM headquarters.”

VersiFi is fully committed to the UAE, and subject to the regulatory approval and receipt of the Financial Services Permission, the company plans on making further investments to expand its presence in the region.

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.”

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.

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.”

UAE ADGM partners with Polygon Labs for token disclosure process

UAE ADGM partners with Polygon Labs for token disclosure process

Abu Dhabi Global Market (ADGM), a leading International Financial Centre (IFC), and Polygon Labs, developing a network of aggregated blockchains via the AggLayer, are collaborating to develop an international token disclosure process that ensures transparency, security, and trust within the Web3 ecosystem.

This initiative builds on ADGM’s pioneering Distributed Ledger Technology (DLT) Foundations Regulations to create a robust framework for Blockchain Foundations and Decentralized Autonomous Organizations (DAOs). The partnership aligns with ADGM’s vision of positioning Abu Dhabi as a global hub for technology-driven financial services, setting new standards for regulatory clarity and fostering innovation in the blockchain space.

Hamad Al Mazrouei, CEO of ADGM Registration Authority, stated, “Our collaboration with Polygon Labs underscores ADGM’s commitment to shaping the future of blockchain through innovation and regulatory leadership. By establishing a standardized token disclosure process, we aim to promote transparency and build confidence in blockchain technologies while reinforcing Abu Dhabi’s position as a hub for blockchain and Web3 innovation. Polygon Labs brings unparalleled expertise in blockchain scaling and adoption, and together we look forward to driving transformative change in the global blockchain landscape.”

Sandeep Nailwal, Polygon Founder, commented, “Polygon’s mission has always been to make blockchain technology accessible and impactful on a global scale, empowering users and institutions to shape a more open and equitable internet. ADGM’s forward thinking regulatory approach and unwavering support for innovation align perfectly with this vision. Together, we’re not only establishing new benchmarks for transparency and disclosure but also creating a foundation for trust that allows users, developers, and institutions worldwide to engage with blockchain systems confidently. This collaboration is a critical step forward in advancing the global adoption of Web3 technologies.”

Prior to this ADGM partnered and added Solana, Finschia and IOTA to its DLT Foundation members.

USDC stablecoin issuer has set up office in Abu Dhabi ADGM

USDC stablecoin issuer has set up office in Abu Dhabi ADGM

Circle Internet Group, Inc., a global digital financial technology firm, and the issuer of the USDC stablecoin has incorporates its entity in the ADGM, as part of its strategic expansion into the Middle East and Africa.

As per the announcement, Circle has also entered into a partnership with LuLu Financial Holdings (‘LuLuFin’), and its affiliates, one of the largest financial services conglomerates in the region, to facilitate remittances and cross-border payments with USDC, Circle’s fully-reserved digital dollar.

Circle’s mission centers on enhancing financial inclusion and accessibility by deploying a stablecoin infrastructure that addresses gaps in financial services while complementing existing payment systems, particularly in high-traffic remittance corridors such as those traversing the Middle East. The partnership with LuluFin exemplifies this vision, deploying USDC as a robust platform to enable near-instant payments that enhance operational efficiency and reduce transaction costs.

LuLuFin operates across the Gulf Cooperation Council (GCC), Indian sub-continent and APAC region, managing over $10 billion in annual transactions. Through this partnership, LuluFin will optimize remittances and cross-border payment flows using USDC, initially targeting corridors between the Middle East and Asia, as well as Europe. By leveraging USDC, LuLuFin will benefit from increased liquidity and reduced volatility, while harnessing the speed, immutability, and traceability of blockchain technology.

“This partnership with LuLuFin marks a significant step forward in the evolution of cross-border payments within one of the world’s most dynamic remittance corridors,” said Jeremy Allaire, Co-founder and CEO of Circle, from the sidelines of Abu Dhabi Finance Week. “By incorporating in the ADGM and collaborating with industry leaders like LuLuFin, we strengthen our commitment to advancing the digital asset economy in the region. Together, we are driving innovative solutions and enhancing access to efficient digital financial offerings.”

“Our partnership with Circle reflects our unwavering commitment to innovation. At LuLu Financial Holdings, we have harnessed the transformative power of blockchain technology, enabling better, faster, and more seamless cross-border payment experiences for our customers. This collaboration with Circle marks another significant step forward in that journey, reinforcing our resolve to redefine remittance experiences with cutting-edge solutions,” said Adeeb Ahamed, Managing Director of LuLu Financial Holdings.

“We are proud to welcome Circle, the preeminent global stablecoin issuer, to one of the largest financial districts in the world — ADGM,” added Arvind Ramamurthy, Chief of Market Development at ADGM. “Circle’s products represent a powerful platform for intelligent financial services, and, alongside ADGM’s robust ecosystem, are positioned to unlock a myriad of opportunities for technological innovation and next-generation financial applications in the region. Their contribution will further strengthen ADGM’s position as a global financial powerhouse.”

“The Middle East is a crucial frontier for Circle’s mission of raising global economic prosperity through the frictionless exchange of value,” said Miriam Kiwan, VP, MEA at Circle. “By collaborating with impactful partners like LuluFin, we aim to transform how cross-border payments are conducted, ultimately delivering substantial benefits to individuals and businesses throughout the region.”

This comes just after the announcement that AE Coin has been issued the first stablecoin license in the UAE by the Central Bank of the UAE.

Tether also intends to issue its AED stablecoin in the UAE at the onset of 2025.

The Regulatory authority of ADGM in UAE publishes digital asset amendments consultation paper

The Regulatory authority of ADGM in UAE publishes digital asset amendments consultation paper

The Financial Services Regulatory Authority (FSRA) of ADGM has published Consultation Paper No. 11 of 2024 setting out proposed amendments to its regulatory framework for Authorized Persons conducting Regulated Activities involving Virtual Assets in ADGM and to seek feedback on potential changes to that framework.

The proposed amendments include revisions to the process by which Virtual Assets are accepted for use within ADGM and refinements to capital requirements and fees. The paper also seeks feedback on several questions, including questions relating to staking and other emerging business models involving Virtual Assets.

One of the proposed amendments is that now the scope of the Regulated Activity of Providing Custody under FSMR currently
encompasses Financial Instruments, VAs and Spot Commodities. As outlined above, all VAs held in custody must be AVAs. The FSRA is asking for feedback on whether authorized persons can engage in providing custody to other than AVAs and hold a broader range of digital assets. They are also asking what other digital assets could be held.

    Feedback is also sought on the criteria to be applied in determining whether non-ADGM issued Fiat-Referenced Tokens should be accepted within ADGM. The paper also proposes to expand the scope of investments in which Venture Capital Funds may invest.

    As per the consultation the FSRA does not intend to restrict acceptance to FRTs issued only by issuers located in ADGM (“Domestic FRTs”). However, the FSRA notes that FRTs issued by issuers outside ADGM (“Foreign FRTs”) may not be subject to standards as
    stringent as those applied to Domestic FRTs. Given this, Foreign FRTs approved as Accepted FRTs for use within ADGM will be
    categorised as such to distinguish them from Domestic FRTs, which are subject to FSRA standards.

    The consultation adds, all Authorized Persons that use Foreign FRTs in conducting Regulated Activities will have to disclose to their Clients that such Accepted FRTs are not subject to the FSRA’s requirements for issuers of Domestic FRTs.

      The consultation period will close on 31 January 2025.

      The new consultation paper came out on the same day that ADGM issued its fiat-referenced-tokens framework, better known as its stablecoin regulations.

      The new framework expands the suite of digital assets already offered by ADGM regulatory authority.
      As per the press release, the framework introduces several key components that establish robust standards for FRT issuers to ensure financial stability and investor protection such as reserve assets, governance and integrity, transparent disclosure, prudential safeguards and redemption rights.


      The framework makes FRT issuance a distinct Regulated Activity within ADGM’s comprehensive financial services regulatory regime. It has been designed to be risk-proportionate while ensuring FRT issuers operate in a safe and prudent manner.


      Emmanuel Givanakis, CEO of the ADGM FSRA stated, “Our FRT framework is a significant milestone in ADGM’s evolution as a progressive international financial centre. Through extensive consultation with industry stakeholders, we have created a regime that balances innovation with strong regulatory oversight. This framework provides the regulatory certainty that industry participants need while maintaining high standards of financial stability and investor protection. We believe this positions ADGM as a premier jurisdiction for responsible FRT issuance and shows our commitment to fostering responsible innovation in financial services.”

      As per the framework, an Accepted Fiat Referenced Token means a Fiat-Referenced Token that, in the opinion of the Regulator, meets the requirements that permit a regulated activity to be carried on in relation to it.
      The FSRA defined a Fiat-Referenced Token as a digital asset, the transfer and storage of which is achieved through the use of distributed ledger or similar technology, which can be used as a medium of exchange with a stable store of value, by referencing a fixed amount of a single fiat currency; and enabling the holder to redeem the token in exchange for the amount of the fiat currency referred to from its issuer upon demand.
      The fiat referenced token can be used for remittance payments, and payment transactions, including transfers, payments for services, direct debits, credit transfers between bank accounts, including standing order, and others.

      The FSRA’s risk management guidance includes decentralized infrastructures

      The FSRA’s risk management guidance includes decentralized infrastructures

      The Financial Services Regulatory Authority (FSRA) of ADGM has published its Information Technology (IT) Risk Management Guidance (Guidance), providing a comprehensive and holistic framework for managing technology risks in ADGM’s financial sector which references to decentralized infrastructures which are used by virtual asset exchanges.

      The FSRA Guidance reflects extensive industry engagement, following the publication of the FSRA’s Discussion Paper on IT Risk Management and an industry briefing held in February 2024. During this engagement, the FSRA received positive feedback from stakeholders on the Guidance.

      It comprises four key sections that identify best practices for IT risk management that entities regulated by the FSRA should consider adopting:

      Establishing a Culture of Effective IT Risk Management – covers governance and controls for IT risk, including incident management, audits, and management of IT third party service providers.
      Managing an IT Environment – addresses IT asset management, IT infrastructure, systems lifecycle, resilience, and cyber incident response.
      Interacting Securely – focuses on system access controls, cryptographic key management, and secure online transactions.
      Leveraging Business Embedded Technologies – explores emerging technologies including algorithm-driven solutions like generative artificial intelligence, and decentralized infrastructure solutions such as virtual asset platforms.


      The Guidance is aligned with best practices outlined by international standard-setting bodies and financial regulators. The regulatory body of ADGM expects regulated entities will implement the best practices in a manner that is proportionate to their size, complexity, and business activities.

      Emmanuel Givanakis, CEO of the ADGM FSRA said: “As technology continues to transform financial services, robust IT risk management becomes increasingly critical. This Guidance reinforces our supervisory focus on IT risk and cybersecurity while supporting innovation in digital finance. It provides practical direction for senior executives, compliance officers, and IT practitioners to strengthen their risk management frameworks. This initiative reflects our commitment to building a resilient and progressive international financial centre in Abu Dhabi.”