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.”

      BlackRock sets up in Abu Dhabi UAE as it plans regulatory approval from ADGM

      BlackRock sets up in Abu Dhabi UAE as it plans regulatory approval from ADGM

      The global fund manager BlackRock, which has a Bitcoin ETF, known as IBIT where in just 211 days since its launch has amassed $40 billion in assets, has received a commercial license in Abu Dhabi as it seeks regulatory approval to operate from the Abu Dhabi Global Market ( ADGM).

      In a statement to Bloomberg, BlackRock stated, “Building on the long-standing relationships BlackRock has built with clients in Abu Dhabi and across the region over more than 20 years, the new office reflects BlackRock’s continued commitment to the UAE, and its dedication to fostering strong relationships with clients and partners in the country.”

      The US headquartered company has assets under management of $11 trillion plus. Earlier in the year, BlackRock appointed Mohammad AlFahim as Head of the UAE. Ben Powell relocated to the region to serve clients as BlackRock Investment Institute’s first Chief Middle East & APAC Investment Strategist.

      “Our presence in ADGM will enable us to better serve our clients around the world on whose behalf we engage with sovereigns, wealth managers and specialist investment vehicles based in Abu Dhabi, operating in sectors such as infrastructure, renewable energy, and technology,” said Charles Hatami, Head of Middle East and Global Head of the Financial & Strategic Investors Group, BlackRock. 

      BlackRock’s growing focus on this region saw CEO Larry Fink as one of the headline speakers at Riyadh’s Future Investment Initiative (FII) forum last month, where he spoke about the largest macro trend in the world today is the amount of capital needed to digitize and decarbonise and rebuild infrastructure, amounting to trillions of dollars.

      In May, BlackRock Inc. also revealed plans to set up a new investment platform in Saudi, backed by up to $5 billion from the country’s sovereign wealth fund the Public Investment Fund (PIF).

      BlackRock’s strategic positioning and the increasing acceptance of Bitcoin as a viable investment option have contributed significantly to this success. The ETF’s performance highlights the potential for digital assets to become a mainstream component of investment portfolios.

      ADGM regulatory authority releases consultation paper for security tokens, stablecoins and more

      ADGM regulatory authority releases consultation paper for security tokens, stablecoins and more

      UAE ADGM regulatory authority, the Financial Services Regulatory Authority (FSRA) has published a consultation paper No.10 to propose amendments on various regulations including those related to virtual assets. The amendments discuss, Digital security tokens, commodity tokens, stablecoins, and utility tokens.

      As per the announcement, The proposed miscellaneous amendments result from the FSRA’s desire to simplify, clarify and correct certain requirements where appropriate and necessary, but are also in response to the FSRA’s experience of operating such legislation in practice.

      The consultation period will close on 10 December 2024.

      Digital Securities

      In terms of virtual assets under the title “Regulation of Digital security offerings, virtual assets under the FSMR (ICO Guidance) and its Guidance on Regulation of Digital Securities activity in ADGM, it deals with the FSRA’s treatment of virtual assets and the financial activities that can be conducted in relation to them within ADGM.

      The FSRA has defined Virtual Assets in the FSMR, as Digital Securities, which means digital or virtual tokens that have features and characteristics of a Security under the FSMR (such as Shares, Debentures and Units in a Collective Investment Fund).

      As such all financial services activities in relation to Digital Securities, such as operating primary / secondary markets, dealing / trading / managing investments in or advising on Digital Securities, are subject to the relevant regulatory requirements under the FSMR.

      Virtual assets as Commodities

      In addition, market intermediaries and market operators dealing or managing investments in Digital Securities need to be licensed / approved by FSRA as FSP holders (including as Multilateral Trading Facilities), Recognised Investment Exchanges or Recognised Clearing Houses, as applicable “Virtual Assets” such as non-fiat virtual currencies, crypto ‘exchange tokens.

      The Guidance also discusses virtual assets treated as commodities where only activities in Accepted Virtual Assets will be permitted.

      In terms of capital formation activities, they are not within the virtual asset framework offered by FSRA in ADGM. While Derivatives and Collective Investment Funds of Virtual Assets, Digital Securities and Utility Tokens regulated as Specified Investments under the FSMR will need to be licensed by FSRA as FSP holders.

      Utility Tokens

      When it comes to Utility Tokens, which means tokens that can be redeemed for access to a specific product or service and are not for investment, they are also not regulated.

      Stablecoins

      Fiat tokens or stablecoins, which are fully backed by underlying fiat currencies which are used as a payments instrument for the purposes of money transmission will be licensed and regulated by the FSRA as providing money services.

      UAE based ASSNTURE launches its Blockchain trade finance Tradedesk

      UAE based ASSNTURE launches its Blockchain trade finance Tradedesk

      ASSNTURE Limited, registered in Abu Dhabi ADGM ( Abu Dhabi Global Market) as a technology startup providing Asset Tokenization and Digital Assets Infrastructure Solutions, has launched “TradeDesk,” a blockchain-based platform designed to revolutionize the management and settlement of trade finance transactions for finished goods, raw materials, and commodities.

      TradeDesk leverages blockchain technology to enable frictionless finance, tracking, verification, and settlement of trade transactions. This platform enables businesses to invite and transact on international trades ensuring governance and transparency throughout,
      whilst providing a secure and efficient digital network for seamless, transactions

      This innovation offers its users unmatched efficiency and security by ensuring security and trust between all parties involved, whilst also providing users the ability to leverage liquidity on trades through the tokenization of the goods themselves. This allows sellers to obtain upfront liquidity for the goods in trade, providing immediate cashflow.

      “With TradeDesk, we are transforming the trade finance landscape by providing businesses with a secure, peer-to-peer digital solution that streamlines the entire trade process,” said Ihsan Khelef, Co-Founder & MD at ASSNTURE Limited. “Our platform not only enhances the speed and transparency of transactions through blockchain, but also fosters trust between buyers and sellers, making trade finance more accessible and efficient.”

      Designed for businesses of all sizes, TradeDesk simplifies the complexity of international trade, allowing users to manage and settle transactions in real-time. By removing the reliance on banks and other financial intermediaries, TradeDesk empowers businesses to focus on growth and innovation, without the challenges and costs of traditional trade finance models.

      UAE a source of significant amount of crypto trading for Brevan Howard

      UAE a source of significant amount of crypto trading for Brevan Howard

       During the AIM Conference in Dubai, Brevan Howard a global hedge fund management fund which recently opened its offices in Abu Dhabi UAE noted that it does a significant amount of its crypto trading from the United Arab Emirates. Ryan Taylor, Group head of compliance at Brevan Howard stated that this was because of the country’s sensible regulations.

      Taylor stated, “The regulators in the UAE are hard, but they want the industry to fly and so they write sensible regulations and they are prepared to talk to the industry in order to evolve those regulations.”

      Taylor said that Brevan Howard’s crypto trading operations represented about $2 billion of the firm’s total strategies which he said were over $30 billion. Brevan Howard has become the first global hedge fund to have 100 employees in the United Arab Emirates.

      The statements come soon after Brevan Howard became the first client for Standard Chartered regulated crypto custody service out of DIFC.

      In May 2024, Standard Chartered announced that it had signed a memorandum of understanding (MoU) with Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody through its Zodia Custody entity. The now licensed service will allow clients to safekeep their Ethereum and Bitcoin cryptocurrencies as a start.

      Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, is confirmed as the inaugural client for the product.

      During the announcement, Gautam Sharma, Chief Executive Officer of Brevan Howard Digital commented, “This is a significant win for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption. The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.” 

      Brevan Howard, which manages $35bn in assets, opened its Abu Dhabi office in February 2023.