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.”

Kucoin sponsors Dubai sports council launch Open Padel Cup

Kucoin sponsors Dubai sports council launch Open Padel Cup

KuCoin, aglobal crypto exchange, has announced it will be Title sponsor for Dubai Sports Council’s Open Padel Cup for Government Institutions. Scheduled from December 13 to 15, the Open Padel Cup Championship invites all government institutions across the UAE to participate. To promote amateur participation, professional players registered with clubs or the UAE Padel Association are not eligible, ensuring over 300 Emirati amateurs can take part in this competition.

Padel has been gaining traction in Dubai as a fun and engaging way to promote a healthy lifestyle and enrich the local sports culture. The Dubai Sports Council has recently spearheaded the Padel Cup Tournament initiative, partnering with KuCoin for the event, which is organized by Royal Griffin Event and hosted at JUST PADEL facilities.

As the title sponsor, KuCoin has expressed strong confidence in the economic prospects of the Middle East, particularly the UAE and Dubai, especially regarding the immense potential of the cryptocurrency market. Over the past few years, KuCoin has established many partnerships in Dubai’s vibrant city and has been actively involved in various local activities. Last year, KuCoin sponsored the COP28 Global Climate Change and Green Blockchain Summit and hosted the “KuCoin Green Future Charity Gala Dinner,” supporting various charitable causes.

At the press conference, Harry Chan, the representative from KuCoin highlighted the synergy between sports and blockchain technology, noting that both fields emphasize collaboration and innovation. Padel is a sport that requires high levels of teamwork and strategic thinking, aligns with the decentralized cooperation and innovative spirit of blockchain technology. “We believe that through activities like the Open Padel Cup for Government Institutions, we can better communicate the core values of blockchain technology to the public and inspire more innovative ideas,” said the KuCoin representative, and “help bring in and connect global responsible companies and talents”. This event marks the latest in a series of collaborations by KuCoin in Dubai, underscoring its long-term commitment to the Dubai market.

Fawzia Faridoun, Director of the Community Sports Department at the Dubai Sports Council expressed pleasure in partnering with KuCoin to promote the city’s sports culture and healthy lifestyle, looking forward to deeper cooperation in the future.

Interestingly Kucoin has yet to have a regulated presence in the UAE, while others such as Binance, Crypto.com and other global crypto exchanges have.

American University of Sharjah Blockchain sustainable marketplace wins first place at ICESCO

American University of Sharjah Blockchain sustainable marketplace wins first place at ICESCO

A blockchain sustainable marketplace concept developed by students from American University of Sharjah (AUS) won first place at the Islamic World Educational, Scientific and Cultural Organization’s (ICESCO) Youth Climate Leaders Camp – Arab Chapter held at Sharjah Research Technology and Innovation Park recently. Called Thimmar, this innovative platform connects consumers with farming communities and offers AI-optimized grocery subscriptions to cut food waste and connect. It will debut in the ICESCO Pavilion in COP29 in Azerbaijan this month. 

Thimaar, which aligns with two key areas of the UAE Year of Sustainability 2024—responsible consumption and planting wisely—brings this year’s slogan, “Plan to Action,” to life. It also contributes to the United Nations Sustainable Development Goals: No Hunger, Good Health and Well-being, Sustainable Cities and Communities, Responsible Consumption and Production, Climate Action, and Partnerships for the Goals.

“Our motto is reach, relive and reward. Through the platform, AI-calculated portions will help our customers to minimize food waste. They will also virtually connect with the farmers who grow their food, experiencing organic farming from home while also supporting the organic agriculture industry through micro-financing,” said Izma Fatima, an AUS international studies student who presented the concept on behalf of her team. “Additionally, customers receive loyalty points and gifts with organic and food waste collection. Waste is repurposed to benefit local organic farming communities in Sharjah, in alignment with the UAE’s efforts to reduce waste by 50 percent by 2030.”

By embracing a circular economy model, Fatima noted that Thimaar achieves three key goals: “making organic and sustainably produced products accessible, promoting a culture of organic farming, and minimizing food waste.”

Emphasizing a bottom-up approach that fosters healthy consumer habits, rather than flooding the market with sustainable products that have low demand, the team—comprising seven female students from Oman, Qatar, Sudan and the UAE—focused on female homemakers in the region as their target.

“Women are responsible for making the primary household consumption decisions and are seeking healthy, sustainable options for their families. However, they often face barriers to organic farming, including opposing trends, limited availability and accessibility, and a lack of time and resources. The organic food market in the UAE is projected to reach $500 million by 2025, with female homemakers representing about 10 percent of that market. For Thimaar, this equates to a target market of approximately $50 million. By tapping into this market, the platform not only aligns with the UAE’s sustainability initiatives but also offers a scalable solution that meets the growing demand for healthy, sustainable food options,” said Fatima.

Proposed key partners for the platform would include organic farms and markets, sustainability-focused brands and local governments.

Developing Thimaar followed a thorough process of study that included field visits and discussions with ICESCO, Sheraa, Shajar and Manbat, who provided the student team with access to networks and contacts to leverage support for the initiative.

“We visited Manbat and Shajar, two projects in Sharjah, that explore cultivation practices to maximize organic production through sustainable methods in this region. Facilitating these ideas was a central focus of our project proposal. We also had the pleasure of learning from professors from leading universities across the UAE specializing in economics, sustainable engineering, environmental philosophy, and environmental, social and governance experts, about the popular trends and technologies that focus on the climate challenges unique to the region,” said Fatima.  

Having designed and presented the elevator pitch for the final project, Fatima highlighted how the multidisciplinary education she received at AUS contributed to her ability to approach the project from diverse perspectives.

DMCC Future of trade report calls for incorporating Blockchain and AI in Gold trade

DMCC Future of trade report calls for incorporating Blockchain and AI in Gold trade

UAE based DMCC,an international business district that drives the flow of global trade through Dubai, in its special edition of its Future of Trade thought leadership report called for the incorporation of AI and Blockchain in the trade of precious metals.

The report predicts the rise of an “Asian Century” for gold, with a particular focus on the development of a new gold economic corridor among BRICS nations, including the UAE, that can provide an alternative to traditional gold trade centers.

DMCC’s findings forecast the UAE becoming one of the most important hubs for the gold trade in coming years. This position was significantly bolstered by the UAE leapfrogging the United Kingdom in 2023 to become the second-largest gold trade hub worldwide, with over USD 129 billion in total trade – a rise of 36 per cent on the past year.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “In recent years, we have witnessed historic shifts in the precious metals market, driven by Western sanctions that have forced record buying of gold by central banks and a rethink by many countries when it comes to their reliance on the US dollar. We are seeing a new gold corridor form across Asia, with Dubai at its centre – exemplified by the UAE’s rise to become the world’s second-largest gold trading hub last year. Our latest Future of Trade report underscores Dubai’s pivotal role in this transformation, as we strengthen its position as the world’s leading precious metals hub, attract key industry players and support our members to unlock new growth opportunities.”

Feryal Ahmadi, Chief Operating Officer, DMCC, said: “Our latest Future of Trade report on precious metals is a vital resource for all stakeholders involved in the industry and sets the scene perfectly for the 12th edition of our Dubai Precious Metals Conference. As the report highlights, this is a time of opportunity and challenge, and as the gold industry navigates its place in a rapidly evolving landscape, we look forward to working with our members and partners as we continue to build the world’s premier ecosystem for the global precious metals trade from Dubai.”

The report, titled “Trade, Technology and Markets in Transition,” provides key insights into the current state of the global gold and silver markets. The report highlights that geopolitical challenges including sanctions against Russia have shaken the global financial economy, prompting countries worldwide to reconsider their reliance on the US dollar and the safety of their gold holdings. As a result, central banks worldwide have ramped up their gold purchasing activities and repatriated US-stored bullion to diversify away from the dollar, with some even using gold in lieu of the US dollar in trade transactions. This shift is driving gold prices to unprecedented levels, creating a ripple effect across the global economy.

The report explores the growing importance of technological innovation within the precious metals market. From AI-driven exploration and autonomous mining techniques to blockchain-based tracking systems and digital gold investment products, technology is playing a crucial role in reshaping how gold is sourced, traded and invested in.

The Future of Trade report outlines a number of important recommendations for governments and businesses to help drive the evolution of the industry and shape the next phase of its growth:

The report calls for investing in AI and technology. Miners should invest in AI and advanced technologies to reduce costs, improve production and enhance ESG standards. Leveraging technology can also help artisanal miners eliminate mercury use.

The report also adds that players should boost digital Innovation and Access for Emerging Markets. Investment companies and fintechs should develop digital products that enable small-scale and young investors in emerging markets to access gold trading, expanding market participation.

Finally the report called for establishing Global Standards for Digital and Blockchain Solutions. It noted that industry participants should collaborate to create global standards for digital gold products and blockchain systems to improve transparency, eliminate pricing inconsistencies and reduce reliance on derivative products.

To access the full special edition report by DMCC, please visit: https://www.futureoftrade.com/

UAE to witness tokenization of 10,000 electric motorcycles

UAE to witness tokenization of 10,000 electric motorcycles

UAE based Layer1 blockchain platform for tokenization, MANTRA has partnered with UAE based Pyse, a sustainability-driven RWA platform, to finance the deployment of electric motorcycles for logistics and delivery services across the Emirates. This collaboration will kick off with initial deliveries of the striking pink electric vehicles (EVs) in Dubai as Pyse aims to tokenize more than 10,000 electric motorcycles on the MANTRA Chain by the end of 2025.

Earlier this year, MANTRA selected Pyse as a key member of the MANTRA Incubator program as part of its commitment to fostering innovative solutions in the green technology sector.

“Dubai’s logistics and food delivery sector is on the brink of an electric revolution,” said Kaustubh Padakannaya, Co-founder of Pyse. “Our partnership with MANTRA allows us to tokenize the leasing of electric motorcycles, making them accessible to retail audiences. This initiative celebrates Dubai’s sustainability goals while providing affordable mobility for all the rider heroes.”

Pyse goes beyond traditional models, enabling individuals to offset their carbon footprint and earn returns by investing directly in green assets like electric mobility and renewable energy. The MANTRA pink bike was revealed in October during Binance Blockchain Week in Dubai.

MANTRA CEO & Co-Founder John Patrick Mullin commented, “As the demand for eco-friendly delivery solutions in the region rises, this partnership positions MANTRA Chain and Pyse at the forefront of bringing quality and purposeful RWAs onchain. The deployment of these eye-catching pink EV motorcycles marks a significant step towards achieving Dubai’s ambitious sustainability goals.”

The MANTRA Incubator Program launched in June 2024. Pyse participated in the inaugural cohort alongside two projects in real estate and finance. The incubated projects received support and mentorship to build robust decentralized applications on MANTRA’s infrastructure.

In March 2024, MANTRA Chain raised $11 million led by UAE based Shorooq Partners with investors including Three-point capital, Forte Securities, VirtuZone, Hex Trust and GameFi Ventures. The news which was published in Coindesk stated, that Mantra Chain was in the final stages of receiving licenses from Dubai’s crypto regulator, VARA.

Later in July 2024, UAE based MAG Group Holding a multinational consolidation of different companies and sectors, the group’s portfolio includes real estate, contracting & engineering, industrial & commercial trading, freight services, and hospitality announced it would tokenize $500 million worth of real estate assets with UAE based Mantra a Blockchain Layer 1 RWA ( Real world assets) tokenization platform.

UAE based Shipfinex raises $1.5 million in seed round

UAE based Shipfinex raises $1.5 million in seed round

Shipfinex, which recently received preliminary approval from Dubai’s Virtual Assets Regulatory Authority, has secured $1.5 million in seed funding, led by Mr. Gaurav Mehta, Chairman of Best Oasis Limited and SPM Shipping DMCC.

As per the announcement, this investment signals a strategic partnership set to reshape access to maritime assets through blockchain technology.

Additional investors in the round include Mr. Vivek Seth, Senior Vice President at ADNOC Logistics & Services, and Mr. Yasovardhan Chinni, Founder of Nanlian Ship Management LLC.

Shipfinex aims to democratize maritime finance by enabling fractional ownership of maritime assets through blockchain. The funds will support the company’s growth, regulatory advancements with Dubai’s Virtual Assets Regulatory Authority (VARA), and the development of a secure and compliant marketplace for Maritime Asset Tokens (MATs).

“Shipfinex represents the next era in maritime finance, expanding asset ownership and enhancing transparency and efficiency,” commented Mr. Mehta. “We’re excited to support this transformative journey and redefine how the world invests in maritime assets.”

The collaboration between Shipfinex and Mr. Mehta’s leadership in maritime operations and asset management brings unprecedented synergy. This partnership combines Mr. Mehta’s strategic expertise with Shipfinex’s advanced blockchain capabilities, setting the stage for accelerated growth and innovation.

Vikas Pandey, CEO and Co-Founder of Shipfinex, emphasized, “Mr. Mehta’s support and industry insights are invaluable as we strive to redefine access and expand investment opportunities within maritime finance.”

Prior to this, UAE based ShipFinex, announced a strategic partnership with Tokeny, an onchain finance operating system specializing in tokenized securities.

XDC Blockchain partners with UAE RAK DAO for Web3 accelerator

XDC Blockchain partners with UAE RAK DAO for Web3 accelerator

XDC Network, an enterprise-grade Layer 1 blockchain designed for secure, scalable, and efficient operations that supports trade finance, real-world asset (RWA) tokenization, and decentralized applications for both enterprises and retail users, has announced its partnership with RAK Digital Assets Oasis to launch a Web3 accelerator in the UAE.

As per the X post, “The program offers support for fundraising, integration with XDC #blockchain , token launches, and regulatory guidance boosting early-stage Web3 innovation in the region.”

XDC noted on X, ” We signed an MOU with RAK DAO and launched a partnership for an acceleration program to bring more dApps onto the XDC Network and help companies register within RAK. This collaboration is set to empower the digital economy and support Web3 development in the region.

This announcement comes as XDC also partners with Plug and Play’s global open innovation platform to launch the XDC Payments Program. The program will identify and collaborate with the best payments-based web 3.0 solutions that can enrich the XDC Network.

Prior to that, Tether Operations Limited, creators of USDT digital currency has signed a Memorandum of Understanding (MoU) with RAK Digital Assets Oasis (RAK DAO). As per the press release this is the first step towards the launch of several strategic initiatives to help foster the adoption of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK) UAE.

Furthermore less than a month ago, Dr. Sameer Al Ansari, CEO of RAK DAO, announced the DAO Association Regime (DARe), a legal framework offering DAOs the clarity they need to operate securely within the UAE’s legal environment.

This framework provides two distinct models: the Startup DAO for emerging organizations with fewer than 100 members and the Alpha DAO for more mature entities with treasuries exceeding $1 million.

“With the introduction of DARe, we are proud to lead the way in providing a secure, legally recognized environment for DAOs to thrive,” said Dr. Sameer Al Ansari, CEO of RAK DAO. “This framework underscores the UAE’s commitment to embracing the future of decentralized governance, creating a globally recognized standard for DAO operations.”

Blockchain game Valhalla partners with Mall of the Emirates

Blockchain game Valhalla partners with Mall of the Emirates

Blockchain game, Valhalla, Floki’s PlayToEarn Massively Multiplayer Online Role-Playing Game (MMORPG) has partnered with Mall of the Emirates in UAE to display its brand across 93 screens in the mall for four weeks, starting from November 15th until December 12th.

Mall of the Emirates, located in the heart of Dubai, is one of the world’s most prestigious shopping destinations. Since opening in 2005, it has become an iconic landmark, attracting millions of visitors each year. The mall sees daily traffic of approximately 111,500 people, making it a prime venue for Valhalla’s campaign to reach a diverse and international audience.

As per the announcement, Valhalla is ramping up its presence in the UAE, a key market for crypto adoption. Valhalla’s campaign at Mall of the Emirates aligns perfectly with this momentum. By showcasing its brand in one of Dubai’s busiest and most iconic locations, Floki aims to boost awareness and adoption of its ecosystem.

This campaign follows Floki’s recent four-week marketing initiative at WAFI Mall in Dubai, running from November 8 to December 5, where its branding appears across 18 digital screens. Together, these efforts are part of Floki’s larger strategy to dominate the Dubai crypto scene.

Valhalla is a blockchain-based MMORPG inspired by Norse mythology, offering players the chance to discover, tame, and battle with creatures called Veras. The game features a player-driven economy and a hexagonal battlefield designed for dynamic combat. Users can learn more at Valhalla.game.

Ethiopia signs with 25 bitcoin mining companies

Ethiopia signs with 25 bitcoin mining companies

Ethiopia Electric Power (EEP), a state-owned utility, has signed power purchase agreements with 25 bitcoin mining companies. These bitcoin companies are using Ethiopia’s surplus renewable energy from The Grand Ethiopian Renaissance Dam (GERD), a 6,450 MW hydropower project nearing completion on the Blue Nile in Ethiopia, located about 30 km upstream of the border with Sudan.

The GERD is generating $55 million over the past 10 months. As per the announcement, the collaboration with mining companies will allow Ethiopia to efficiently use its energy grid and attract foreign investments. These agreements are expected to help modernize the country’s energy infrastructure.

EEP officials noted that cryptocurrency mining could become a key factor in developing Ethiopia’s energy sector and digital economy.

Ethiopia Electric Power (EEP) has already made $55m in less than a year from power-purchase agreements with bitcoin miners. It expects to earn at least $123m in 12 months from September 2024 as more bitcoin miners come online.

The Grand Ethiopian Renaissance Dam (GERD) will be the largest hydropower project in Africa. Owned and operated by the Ethiopian Electric Power company, the 145-m-tall roller-compacted concrete gravity dam will flood 1,874 km2 at a normal pool elevation of 640 m, and will have a tributary catchment of 172,250 km2. With a volume of 74 km3 (of which 14.8 km3 is dead storage), the reservoir can hold about 1.6 years’ worth of average flow of the Blue Nile – 48.5 km3/yr – at the El Diem gage station, just below the border in Sudan (Conway 1997).

In addition Matthew Sigel, Head of Digital Assets Research at VanEck Investment firm speaking on CNBC SquakBox noted that three new BRIC members, Argentina, UAE, and Ethiopia have begun mining Bitcoin using government resources

According to him this is a trend among BRICS nations toward exploring digital assets for economic resilience and financial independence.

Tremendous urgency to circumvent the fiscal policy in USA.

He also noted in the interview that Russia’s Sovereign Wealth Fund is investing in Bitcoin mining throughout BRICS countries with the goal of settling global trade in Bitcoin.

Earlier this year, the government’s investment branch, Ethiopian Investment Holdings, announced a preliminary agreement with Hong Kong-based West Data Group for a $250 million project to enhance the nation’s digital infrastructure to support BTC mining activity.

However, challenges remain. Despite an installed capacity of 5,200 MW, over 40% of Ethiopia’s 130 million citizens still lack access to electricity. The country aims to generate 25 GW of renewable energy by 2030, but access to power remains a significant hurdle for Bitcoin mining expansion.

Luxor Technology in an X post stated, ” We participated in the second GAMA_alliance conference in Addis Ababa, Ethiopia. Ethiopia leads Africa for deployed hashrate at 600MW with much more hashrate to come. Luxor is looking forward to continuing to support miners in Africa with machine importation, & custom firmware.”

This is announced as UAE Hodler Investments, a UAE based investment company headquartered in the Dubai, which includes in its portfolio energy, AI, and digital asset mining startups such as PermianChain, Brox Equity, NEXGEN, and others; and GCL Energy Investment, subsidiary of GCL Group (Golden Concord Group), a leading Chinese integrated energy service provider that specializes in clean energy and new energy, with diversified development of related industries, have partnered to develop a distributed energy infrastructure project to power next generation distributed compute cluster data centers that are hosting AI, Blockchain and other applications.

In April 2024, Golden Concord Group signed two PPSA agreements with the Ethiopian government to explore and develop gas in the Ogaden Basin. Relevant GCL development blocks have 2P reserves of nearly 200 BCM of natural gas and 46 million tonnes of oil reserves.

As per the Memorandum of Understanding, both Hodler Investments and Golden Concord Group will co-invest in feasible and suitable energy projects applying energy optimization and sustainable energy efficient technologies. Golden Concord Group will supply critical energy infrastructure that will monetize under-utilized energy in Ethiopia, with the aim of hosting global data center operators, while reducing carbon emissions.

UAE Phoenix Group now on FTSE ADX 15 Islamic Index

UAE Phoenix Group now on FTSE ADX 15 Islamic Index

UAE Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange (ADX: PHX) has announced its inclusion in the newly-launched FTSE ADX 15 Islamic Index (FADXI 15). 

As per the press release, live on ADX, the FADXI 15 marks a significant step forward in diversifying Shariah-compliant investment opportunities. Being included in the ADX FADXI highlights Phoenix’s stability and market leadership, and will enhance investor confidence, attracting investment opportunities for those seeking Sharia-compliant products.

“The inclusion of Phoenix Group in the FTSE ADX 15 Islamic Index is an honor and a testament to our dedication to aligning with global standards in ethical and Shariah-compliant investments,” said Mr. Seyed Mohammad Alizadehfard (Bijan), CEO and Co-Founder of Phoenix Group. “To be part of this exclusive index offers investors the opportunity to engage with high-growth, Shariah-compliant companies that are reshaping the future of the UAE’s technology sector.”

Munaf Ali, Co-Founder and Group Managing Director of Phoenix Group said “Phoenix Group remains focused on advancing innovation and economic growth in the UAE and throughout MENA, providing investors a structured entry point into the region’s dynamic tech sector, aligned with their ethical and financial aspirations. This index is a key channel for accessing exciting, Shariah-compliant growth opportunities.”

A week previously Phoenix announced its Q3 results.