Hash AI to launch UAE crypto mining site worth $2 million

Hash AI to launch UAE crypto mining site worth $2 million

Hash AI has begun constructing a $2 million large-scale cryptocurrency mining facility in the UAE. Announced on their X channel, the company noted that the site will fully be owned by the company. Hash AI will be mining Bitcoin, Dogecoin, Litecoin and at later stages other crypto.

The AI enhanced crypto mining site will sit over 3 acres and offer 3.5 MW power with the ability to host over 1000 ASIC Miners. Hash AI expects that it will bring in revenues of $3 million annually.

The site will also include 4,000 RWA ( Real World Assets) fractions. Hash AI will make 4,000 RWA fractions from this facility available for public investment, where people can participate for as little as $500.

Hash AI noted, ” We are thrilled to announce the acquisition of a substantial plot of land in the UAE, where we will be developing an industry-leading mining facility, fully owned by $HASHAI. This expansion will allow us to scale our operations massively, significantly enhancing long-term profitability. Construction is already underway, and we are eager to share progress updates with you along the way. We look forward to unveiling the fully operational facility in July!”

Hash AI is not the first crypto mining entity to set up in UAE, there is also home grown Phoenix Group, as well as Marathon Digital.

ADGM amends crypto regulations to attract more VASPs

ADGM amends crypto regulations to attract more VASPs

The Financial Services Authority (FSRA) of ADGM has implemented amendments to its regulatory framework for digital assets. The implementation of these amendments follows extensive industry engagement and feedback received on Consultation Paper No. 11 of 2024, with an aim to make their regulations more comprehensive and simpler.

The focus of the implemented amendments is on revisions to the process whereby Virtual Assets (VAs) are accepted for use as Accepted Virtual Assets (AVAs) in ADGM, alongside appropriate capital requirements and fees for Authorised Persons conducting Regulated Activities in relation to VAs (VA Firms). The amendments also introduce a specific product intervention power in relation to VAs as well as enshrining rules that confirm our existing approach to the prohibition of using privacy tokens and algorithmic stablecoins within ADGM. Finally, the amendments expand the scope of investments in which Venture Capital Funds may invest.

The FSRA has updated the Guidance – Regulation of Virtual Asset Activities in ADGM to reflect the implemented measures and to provide further guidance to VA Firms in relation to applying the AVA assessment criteria.

Emmanuel Givanakis, Chief Executive Officer of ADGM’s FSRA said, “The implementation of these changes marks a significant milestone in the evolution of the FSRA’s framework for digital asset regulation. Through extensive consultation with industry stakeholders, we have further enhanced our framework to provide the regulatory certainty that industry participants need, while addressing the evolving risks of the digital asset ecosystem. We believe this further positions ADGM as a premier jurisdiction for digital asset-related activities and shows our commitment to fostering responsible innovation in financial services.”

Assesing the amended virtual asset regulations, Kokila Alagh noted that the amendments are a bold move to streamline digital asset regulation. She states on LinkedIN, “The Financial Services Regulatory Authority (FSRA) has transitioned from a regulator-led “Accepted Virtual Asset” approval model to a self-assessment regime by authorized VA Firms.”

She explains, this means authorised Persons (VA Firms) must self-assess Virtual Assets using enhanced AVA criteria; notification-only to FSRA before commencing activity; firms must publish and maintain a list of approved AVAs on their website; and ongoing monitoring to ensure continued compliance.

She added, ” The FSRA has also enhanced the assessment criteria for determining whether a Virtual Asset meets the requirements of being an AVA. The updated criteria basis includes, *Traceability & monitoring, *Security standards, *Market profile, *Exchange connectivity, DLT infrastructure, Innovation/efficiency and Practical functionality.”

Binance now serving Syria with crypto

Binance now serving Syria with crypto

With the lifting of the United States sanctions on Syria, Binance, the world’s largest exchange with 21 licenses globally, has announced that it is now serving Syrian users.

As per the press release this is a pivotal moment for financial inclusion and reconnection.

Binance stands as a trusted and compliant exchange in the digital economy. Syrian users will now have access to Binance’s suite of products and services, including hundreds of digital assets, spot and futures trading, staking and earn products, stablecoins, and Binance Pay for seamless cross-border remittances. Dedicated educational content in Arabic and localized support will ensure users can onboard with confidence and trade securely.

Syria’s population is approximately 24 million residents, with an estimated 8 to 15 million more living abroad. Years of economic instability and high inflation left many dependent on remittances, informal networks, and unstable local currencies. These factors may explain why Syria ranked top 10 countries globally for crypto-related search activity as recently as 2021.

Richard Teng, CEO at Binance, said, “After years of exclusion, Syrians now have the chance to build, invest, and connect. With Binance, they gain access to one of the most robust crypto ecosystems in the world, from trading and earning opportunities to seamless crypto payments. This isn’t just about opening accounts; it’s about opening futures and horizons.”

Binance is committed to supporting Syrian users through educational initiatives, practical guidance, and secure access to the digital economy. Our mission has always been to promote financial accessibility and inclusion, and today marks a meaningful step forward.

Solana Foundation and Dubai’s VARA to collaborate on virtual asset innovation hub

Solana Foundation and Dubai’s VARA to collaborate on virtual asset innovation hub

The Solana Foundation and Dubai’s Virtual Asset Regulatory Authority have signed an MOU to collaborate on not only helping founders navigate licensing through workshops, advisory sessions and practical guides but also supporting the creation of a virtual asset innovation hub in Dubai that will offer policy feedback and data sharing.

Additionally the two entities will work to develop talent, provide economic impact reports, as Dubai positions itself as a forward thinking crypto jurisdiction.

Solana Foundation on LinkedIn noted, “Dubai continues to position itself as one of the most forward-thinking crypto jurisdictions in the world. We’re proud to support that vision and help founders, teams and investors plug into this growing ecosystem.”

Dubai VARA also on LinkedIn added, “We’re proud to formalise our partnership with the Solana Foundation through a newly signed MoU by our CEO, Matthew White, and Lily Liu, President of the Solana Foundation. From regulatory education and talent development, to data-sharing and co-creating the Solana Economic Zone in Dubai – this partnership reinforces our commitment to building a transparent, innovation-first environment for the virtual assets sector.”

Earlier this week Dubai VARA also signed an agreement with Sui Hub for similar initiatives.

Ripple stablecoin approved by Dubai DIFC regulator

Ripple stablecoin approved by Dubai DIFC regulator

Ripple, an enterprise blockchain and crypto solutions, RLUSD stablecoin has been approved as a recognized crypto token by the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC).


As per the press release, this approval reinforces RLUSD’s position as a trusted, enterprise-grade stablecoin, built with regulatory compliance, utility, and transparency at its core. Alongside today’s approval under the DFSA’s crypto token regime, RLUSD is one of the few stablecoins globally to be issued under a New York Department of Financial Services (NYDFS) Trust Company Charter.

“The DFSA’s approval of RLUSD is proof of our commitment to building a stablecoin that meets the highest standards of trust, transparency and utility,” said Jack McDonald, Senior Vice President of Stablecoins at Ripple. “With regulation-first design and enterprise-grade features, RLUSD is uniquely positioned to drive enterprise utility of blockchain technology across global markets, starting with cross-border payments.”

RLUSD has been purpose-built for global enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments. This recognition allows Ripple to integrate RLUSD into its DFSA-licensed flagship payments solution, combining the stability of a trusted digital dollar with a scalable, blockchain-based infrastructure and Ripple’s extensive global payout network.

This approval also enables other DFSA-licensed firms in the fast-growing DIFC to incorporate RLUSD into their virtual assets services. With almost 7,000 firms active at the end of 2024, this further supports the integration of high-quality stablecoins into Dubai’s burgeoning digital assets and fintech ecosystem.

Stablecoin adoption in the UAE is accelerating. According to market data, 2024 saw a 55% year-on-year increase in stablecoin transactions in the region, signalling strong demand for blockchain solutions that address the inefficiencies of traditional payment rails. With a $400BN+ market for international trade and one of the world’s most progressive regulatory frameworks for digital assets, the UAE is well-positioned to become a global hub for stablecoin innovation and utility.

“The UAE continues to set a global benchmark for forward-thinking digital asset regulation and innovation,” said Reece Merrick, Managing Director Middle East and Africa (MEA) at Ripple. “The DFSA’s approval of RLUSD is yet another step forward for Ripple’s operations in the region, and we’re seeing huge interest from businesses of all sizes for cross-border payments and digital asset custody solutions. The UAE’s digital economy is vibrant and incredibly dynamic, and we’re looking forward to working with our regional partners, customers and regulators to supercharge that growth.”

Earlier this month Ripple onboarded UAE Zand Digital bank and Mamo, while it also was used in Dubai Land Department tokenization of property platform.

UAE Fuze and Oman based Mamun to bring Sharia compliant financing through stablecoins

UAE Fuze and Oman based Mamun to bring Sharia compliant financing through stablecoins

UAE Regulated digital assets infrastructure provider, Fuze, has signed a strategic memorandum of understanding (MoU) with Oman based Mamun is a Sharia-compliant alternative finance and investment platform headquartered to enable regional and global retail and institutional investors to participate in short-term, sharia compliant financing of trade-driven businesses in USDT (Tether’s US dollar-pegged stablecoin).

As per the announcement, trade-driven businesses will then be able to receive fiat financing in local currency for supplier payments, local and cross-border trade. This will support businesses in accessing new forms of financing from a wider pool of investors.

The trade-credit gap in MENA stands at a staggering $250 billion, with that gap being over $1 trillion globally. SME businesses particularly feel the grunt of this problem, being underserved and underbanked by traditional financial institutions. Meanwhile, there are over 40 million crypto investors in MENA alone, with an estimated holding value of $300 billion, with very little access, if any, to small minimum, high-yielding, Sharia-compliant trade finance assets.

The partnership is one of the region’s first to bridge regulated digital asset infrastructure with traditional private credit markets. Under this collaboration, Fuze will provide the digital asset rails (on/off ramp, custody and conversion) while Mamun will originate Sharia-compliant trade finance opportunities. The agreement will enable quick and compliant settlement for SME trade financing and solve pain points around cross-border capital movement.

Mo Ali Yusuf, Fuze CEO said, “The alignment between Fuze and Mamun underscores a growing trend – the use of stablecoins like USDT not only for trading or remittance, but as a working capital and liquidity tool for real-world finance.”

Mohammed Al-Tamami, Mamun CCO said, “Bringing stablecoins into Sharia-compliant private credit allows us to open new pathways for cross-border trade finance. At Mamun, we’re not just innovating, we’re aligning digital asset infrastructure with real-economy capital needs. This collaboration with Fuze enables us to better serve investors and businesses alike.”

Galaxy recently led an investment round of $12 million into Fuze.

XBTO graduate of Abu Dhabi Hub71 receives crypto license in UAE

XBTO graduate of Abu Dhabi Hub71 receives crypto license in UAE

XBTO, an institutional digital asset management and graduate of Abu Dhabi Hub71 cohort has received full approval for its Financial Services Permission (FSP) under the 3A license category from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in the UAE to offer crypto custody, investment, and deal services.

The approval authorises XBTO to provide a range of financial services in and from ADGM, including custody, dealing in investments as matched principal, advising on investments, and arranging deals in investments.

“The UAE is a leading market in digital assets, and the 3A licence enables us to be a part of a positive digital movement in the region. This licence also serves to reinforce our long-term commitment to institutional integrity, regulatory transparency, and financial innovation in the UAE,” said Philippe Bekhazi, CEO and Founder of XBTO Group. “ADGM has built one of the most respected regulatory frameworks in the digital asset space globally, and we are honoured to be recognised under its jurisdiction.”

The licence enables XBTO to operate as a regulated counterparty to institutional investors, including sovereign wealth funds, family offices, and regional financial institutions. It also allows the company to actively market its services across the UAE, bolstering its ability to engage directly with local stakeholders and deepen its presence in the region.

“This approval gives XBTO the strategic footing to engage more actively with regional partners and demonstrates our alignment with the UAE’s vision of becoming a global hub for digital finance,” said Karl Naim, Chief Commercial Officer and General Manager for UAE at XBTO. “ADGM has created a forward-thinking environment that balances innovation with robust oversight – a model we are proud to be part of.”

The licence approval complements XBTO’s existing regulatory footprint in Bermuda and is part of its broader global expansion strategy, with the next regulatory milestone being its anticipated entry into the UK market.

The company was an active participant in Hub71’s specialized digital assets cohort before receiving their in principle license approval back in 2024. Peter Abou Hachem, Head of Growth and Strategy, Hub71, said, “We’re proud to see XBTO, a global leader in digital assets, secure their 3A license and scale from Hub71 to serve the world. Their move to Abu Dhabi reflects a clear shift toward the Middle East – one of the fastest-growing and most liquid markets globally. XBTO’s focus on regulatory excellence and innovation embodies the caliber of founders we back. As more startups choose our ecosystem to launch and grow, we remain committed to helping them scale with speed and impact.”

AMINA Crypto bank revenues from UAE grow by 150 percent

AMINA Crypto bank revenues from UAE grow by 150 percent

AMINA Bank AG, a global crypto bank licensed in Switzerland and the UAE, announced its financial performance for 2024, with 69% surge in revenue to $40.4 million with revenues from its Abu Dhabi operations growing 150% year on year and Hong Kong office accelerating 570%. Currently assets under management ( AUM) are $4.2 billion a 136% increase.

Franz Bergmueller, CEO of AMINA Bank said, “Our global, client-first strategy has delivered exceptional results in 2024 and proves how the market responds when you put your clients at the center of your business. I’m incredibly proud of our team’s tenacity and focus, which led to quarterly profitability in Q4 2024 – a pivotal milestone that confirms the value of our approach. With our current group geographical footprint – spanning multiple jurisdictions, offering 24/7 trading capabilities, and maintaining zero default in our lending book over five years – we are uniquely prepared to support our clients through the fast-paced changes of the crypto industry.”

As per the press release, AMINA’s self-funded approach and operational excellence in the past three years has placed the bank at a sustainable competitive advantage delivering $801 million in net new assets (NNAs) in 2024 along with 40% growth in derivatives revenue driven by client demand for risk management solutions.

Significant technology investments have been made under the new CTO leadership to develop a proprietary crypto banking platform and a modern online and mobile experience, all launching later this year. Supported by a scalable and API-driven architecture, these platforms support B2C, B2B, and B2B2C models while delivering seamless secure client integration and rapid adaptability to market demands, ensuring both AMINA and its clients remain agile, as the industry continues to evolve.

“Our strong financial fundamentals underpin this exceptional growth trajectory, demonstrating our strength and agility to support our clients through any market conditions,” added Mike Foy, CFO of AMINA Bank. “AMINA’s Liquidity Coverage Ratio is 228%, up from 219% in 2023. In addition, our CET1 capital ratio, which compares a bank’s capital against its risk-weighted assets, is more than double the regulatory requirement at 34%, despite an increase in risk-weighted assets as a result of our expansion.”

With the acceleration of institutional adoption and demand for regulated solutions, AMINA has established itself as an essential infrastructure provider at crypto’s critical inflection point. AMINA Bank has attracted almost 20 B2B2C partners including some of Europe’s largest private banks, with expectations to reach 30 partners by year-end.

Flipster crypto trading platform appoints MENA regional manager

Flipster crypto trading platform appoints MENA regional manager

In a show of its intention to enter the MENA region Flipster, a cryptocurrency trading platform, has appointed a regional head to drive innovation in this high-potential market.

Previously an executive at Rain crypto exchange licensed in UAE and Bahrain, Benjamin Grolimund, is now the General Manager of the UAE at Flipster.
Grolimund brings nearly two decades of experience scaling business operations and driving compliant digital assets innovation in the region. Prior to this, Ben was the founder and CEO of Finally Technologies, and the Regional Head of MEA at Bloomberg.

Appointed as General Manager of the UAE, Benjamin will oversee the firm’s business and operational strategies in the region. His appointment comes at a pivotal growth phase for Flipster, reinforcing its commitment to providing traders of all experience levels with seamless, global access to crypto trading.

Expanding into the Middle East marks a natural progression in Flipster’s global strategy, driven by the region’s strong demand for digital assets and a highly engaged, informed investor base. This move builds on the platform’s performance in 2024, which included an 856% increase in trading volume across existing markets. With Benjamin’s leadership, Flipster is well-positioned to support the region’s growing digital asset ecosystem and confidently execute its vision for strategic expansion in this high-growth market.

“Joining Flipster at this pivotal moment is an exciting opportunity to contribute to a bold vision for the future of digital asset trading,” said Benjamin Grolimund, General Manager of the UAE at Flipster. “The Middle East’s progressive regulatory environment and commitment to financial innovation provide an ideal foundation for responsible growth. My focus will be on establishing a strong, compliant, and operationally sound presence in the region—ensuring we build with integrity, safety, and long-term scalability. I’m proud to be part of a team that is setting new standards in the industry and driving the next phase of global expansion.”

As per the press release, Flipster’s expansion into the Middle East signals its commitment to work with regulators, industry partners, and the broader community. This move aims to shape the future of digital assets while ensuring traders worldwide stay ahead in a rapidly evolving market, all while maintaining the highest standards of compliance in the region.

Flipster offers over 350 trading pairs across spot and perpetual futures markets, Flipster combines zero trading fees, tight spreads, and up to 100x leverage to give users a powerful edge in any market condition. Users can trade and earn simultaneously—with USDT used for trading continuing to earn APR rewards—maximizing capital efficiency without sacrificing execution.

Bitgo launches crypto as a service in UAE

Bitgo launches crypto as a service in UAE

BitGo, a digital asset infrastructure provider, recently licensed in UAE has launched its Crypto-as-a-Service (CaaS) platform globally including the UAE to enable financial institutions, FinTechs, and enterprises to seamlessly integrate crypto functionality into their products.

The platform simplifies the process of offering crypto trading, transfers, and staking, ensuring high standards of security and regulatory compliance.

The CaaS platform leverages BitGo’s secure wallet infrastructure, modular APIs, and regulatory licensing, allowing businesses to build and scale digital asset products quickly. With minimal friction, organizations can now tap into BitGo’s trusted platform to offer crypto services to their customers.

Mike Belshe, CEO of BitGo, emphasized, “We’ve made it easier than ever for financial institutions to integrate crypto and meet growing demand without the time and resource burden of creating their own marketplace.”

Some of the key features include secure wallet infrastructure offer enterprise-grade solutions for safe transactions, regulatory compliance with built-in KYC/AML tools for global compliance, crypto trading and staking, customizable governance and policy features, and custodial insurance with protection of up to $250 million in assets.