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

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

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

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

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

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

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


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


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


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


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


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

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

MBank received Payment Token Services approval from UAE Central Bank

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

Previously Mbank also launched the first regulated stablecoin AE Coin.

Zodia Custody seeks acquisition of Tungsten crypto custodian

Zodia Custody seeks acquisition of Tungsten crypto custodian

Zodia Custody, the institution-first digital assets platform backed by Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD, is exploring the potential acquisition of UAE regulated Tungsten Custody Solutions.

According to the press release, the acquisition would significantly expand Zodia Custody’s operational footprint in the Middle East and would benefit from Tungsten’s licensing within the Abu Dhabi Global Market (ADGM).

Additionally the integration with Tungsten Custody Solutions, Zodia Custody would enhance its ability to deliver secure, digital asset custody services in the region. Tungsten also holds an Initial Approval and No-Objection Certificate from Dubai’s Virtual Asset Regulatory Authority (VARA). Zodia Custody will continue the process of obtaining its full Virtual Asset Service Provider (VASP) license from the Dubai regulator.

As part of the transaction, Further Ventures, Abu Dhabi’s leading digital asset-focused venture capital firm, would also join Zodia Custody’s cap table. Further Ventures incubated Tungsten Custody Solutions from inception and brings deep institutional ties across the UAE’s investment, innovation, and regulatory ecosystems.

“The UAE is setting the global standard for digital asset infrastructure – and we’re here to build with it,” said Julian Sawyer, CEO of Zodia Custody.

“It’s a natural move for us to explore joining forces with Mohamed Hamdy and the team at Further Ventures, who are recognised leaders in fostering growth and innovation within the global digital asset landscape. We are looking forward to learning from their expertise and in-market insights as we work to expand our presence in the UAE.

“This acquisition would give us licensed, operational scale within ADGM and unlock deep connectivity with the region’s sovereign ecosystem. It’s a pivotal moment in our global strategy.”

Mohamed Hamdy, Managing Partner at Further Ventures, comments, “We are excited to explore joining Zodia Custody on its journey to becoming the global leader in institutional digital asset custody solutions. Zodia’s robust infrastructure, world-class team, and exceptional track record provide a powerful foundation to accelerate the adoption of digital assets across the Middle East and beyond. This partnership would not only be strategic but would align perfectly with our vision of nurturing transformative companies within the UAE’s digital economy.”

Completion of the acquisition is subject to the completion of due diligence and regulatory approval, shareholders’ approvals and satisfaction of other customary closing conditions. This news comes alongside key leadership appointments, including Dominic Longman, previously Senior Executive Officer at Binance Abu Dhabi Limited, now serving as Managing Director, Middle East and Africa (MEA). He is joined by Zane Suren, Managing Director of Commercial, MEA, who relocated to the UAE earlier this year, and will lead Zodia Custody’s regional growth from its ADGM-regulated hub.

Global Crypto Custodian Bitgo now licensed in UAE

Global Crypto Custodian Bitgo now licensed in UAE

BitGo, a global crypto custodian and crypto staking provider has received a license in the UAE through its Dubai subsidiary, BitGo Custody MENA FZE. BitGo obtained the license from Dubai’s Virtual Assets Regulatory Authority. The Virtual Assets Service Provider (VASP) operating license will allow BitGo to offer Virtual Asset Custody Services and Staking. This approval follows BitGo’s receipt of the in-principle approval (IPA) in January 2025.

BitGo Custody MENA FZE will now be offering secure and efficient cold storage custody services to Institutional and Qualified Investors in the UAE.

Ben Choy, General Manager of BitGo Custody MENA FZE, said, “At BitGo, we provide the most secure and scalable solutions for the digital asset economy. A large part of this effort is ensuring we adhere to the highest regulatory standards. Receiving authorization from VARA reinforces our role as a trusted partner for institutional investors and allows us to provide our award winning services from Dubai.”

Bitgo recently secured its position as the world’s largest staking platform by total locked value with $48 billion in assets staked.

UK crypto broker, Archax sets up presence in Dubai UAE

UK crypto broker, Archax sets up presence in Dubai UAE

UK crypto broker and custodian, Archax, has set up an entity in the Dubai International Finance Centre (DIFC) in Dubai UAE. The company has set up under an Innovation License.

Recently Archax expanded its presence in the EU and US regions and has an offshore tech center in the Philippines. According to the announcement the new setup in Dubai DIFC will act as a technology hub and the first based for wider expansion in UAE.

Graham Rodford, CEO and co-founder of Archax, commented, “From our core business base and presence in London, it has always been the Archax vision to expand our presence into key regions globally. This started with the establishment of our offshore development arm in the Philippines a few years ago and continued recently with our broker acquisitions in Europe and the US – both subject to a successful regulatory change-of-control process. The UAE region is emerging as a digital asset and crypto hub too, so securing a foothold there with this entity in DIFC is a logical next step for us. We are excited by the technology talent and opportunity that exists in Dubai and now look forward to building and expanding our presence in the region”.

Previously UAE based XDC Network, an enterprise-grade Layer-1 blockchain, launched the first money fund tokens on its platform in collaboration with Archax, the FCA regulated digital asset exchange, broker and custodian.

UAE regulated Tungsten Custodian receives SOC2 Type 2 certification

UAE regulated Tungsten Custodian receives SOC2 Type 2 certification

UAE regulated Tungsten Custody Solutions Ltd, a leading regulated digital asset custodian, has successfully retained its SOC 2 Type 2 certification with an Unqualified Opinion from Ernst & Young, one of the world’s leading professional services firms.

As per the announcement the achievement underscores Tungsten’s commitment to the highest standards of security, compliance, and risk management in safeguarding digital assets. The recognition of retaining SOC2 Type 2 builds on the 2024 Continuity Insurance and Risk Global Category shortlisting of Tungsten Custody Solutions in November 2024 and also Tungsten’s ISO27001:2022 accreditation, which has also been retained following successful surveillance assessment in December 2024.

The SOC 2 Type 2 certification is a globally recognized audit standard developed by the American Institute of Certified Public Accountants that evaluates an organization’s controls over security, availability, processing integrity, confidentiality, and privacy. Achieving this certification with an “Unqualified Opinion.” This is the highest level of assurance that demonstrates that Tungsten has implemented and maintained industry-leading security and compliance controls without exception.

Jose J. Perez Aguinaga, SEO of Tungsten, commented, “As a regulated custodian, security and risk management are at the core of everything we do. Retaining SOC 2 Type 2 with an Unqualified Opinion from EY is a testament to our unwavering commitment to providing our clients with the highest level of security and operational excellence in digital asset custody. This milestone reinforces our position as a trusted partner for institutions navigating the digital asset landscape.”

Rushikesh Shreshtha, Chief Information Security Officer (CISO) of Tungsten, added, “Security is the foundation of digital asset custody, and achieving SOC 2 Type 2 certification confirms our ability to meet the strictest security and compliance standards. Our team has worked diligently to establish best-in-class security protocols, risk management frameworks, and operational resilience. This certification is not just a milestone, it’s a reflection of our ongoing commitment to securing digital assets in an evolving threat landscape.”

The achievement further strengthens Tungsten’s reputation as a secure and compliant custody provider, ensuring institutional clients, asset managers, and enterprises can rely on its best-in-class infrastructure for safeguarding their digital assets.

Komainu licensed in the UAE, raises $75 million in Bitcoin from Blockstream

Komainu licensed in the UAE, raises $75 million in Bitcoin from Blockstream

UAE regulated digital asset service provider and custodian, Komainu, licensed by VARA Dubai, and backed by Laser Digital, a Nomura company, has raised $75 million in strategic investment from Blockstream Capital Partners (“Blockstream”) in Bitcoin. The raise is subject to relevant regulatory approvals.

As per the press release, the funding enables the company to accelerate its international strategic growth plans whilst adopting and integrating class-leading technologies developed by Blockstream Corporation Inc (“Blockstream Corp”), to maximize efficiencies and enhance client services in collateral management and tokenization.

The funding transaction itself is funded in Bitcoin with appropriate hedging and risk management and Komainu establishing its own Bitcoin Treasury to manage the Bitcoin provided by Blockstream.

Blockstream Corp’s Liquid Network will enable Komainu to dramatically cut the time for its off-exchange margining & settlement solution, Komainu Connect, from hours to minutes, becoming class-leading in the process. Blockstream Corp’s AMP technology will enable Komainu to automate its regulated asset support for tokenization and develop trustless trading solutions. The company will also integrate other technologies and services developed by Blockstream Corp, including its enterprise HSM wallet, in order to provide institutional clients with a broader range of bank-grade digital asset services.

To solidify the strategic partnership between the two entities, Adam Back, PeterPaul Pardi and Nicolas Brand will join Komainu’s board of directors.

Adam Back, CEO Blockstream Corp, commented “We are delighted that Komainu is adopting Blockstream’s various technology streams to enhance its institutional service offering. This is testament to the fundamental veracity of Bitcoin-related technologies and applications and marks the first time that these have entered the institutional arena. I am confident this will be the first of many such use cases as the institutional community wakes up to the power of the Lightning and Liquid Networks.”

Paul Frost-Smith, Co-CEO at Komainu, and who also joins Komainu’s board of directors, said, “At Komainu, our mission is to empower the digital asset ecosystem by offering secure, compliant, and innovative digital asset services. This partnership with Blockstream will transform the services we are able to offer and enhance our customer experience on many levels. Having a closely-aligned technology partner like Blockstream, one of the original visionaries in the digital assets ecosystem, is testament to our determination to become the go-to provider of digital asset services for Bitcoin and the institutional market, as well as increasing institutional adoption.”

PeterPaul Pardi, Director, Blockstream Corp, commented “This partnership with Komainu, backed by Nomura’s Laser Digital, is a landmark moment for the adoption of Bitcoin-related technology by a bank-built, regulated financial services business. It showcases the institutional use-cases for Bitcoin as demand reaches new highs. We are delighted that Komainu has chosen to implement Blockstream’s technology and we anticipate even wider uses for it in the institutional investor community over coming months”

Robert Johnson, Co-CEO & CTO at Komainu, said, “Integrating Blockstream’s technologies will significantly enhance and diversify our underlying core technology stacks. At Komainu we believe in offering our clients a wide choice of technology options and this partnership with Blockstream will maximize efficiencies and lower latencies across the various services that we offer. “

UAE Further Ventures leads $16 million investment in digital asset wallet

UAE Further Ventures leads $16 million investment in digital asset wallet

Further Ventures, a private equity fund in Abu Dhabi UAE, has led a $16 million investment Series A round in French digital asset wallet and custodian developer, DFNS, DFNS, which was launched in 2020, and has operations both in Paris and New York aims to compete against FireBlocks and Ledger.

Using the funds raised both in 2022, $12 million and that raises now $16 million, the startup plans to accelerate its development to meet requirements of financial institutions.

This deal was led by Further Ventures, which is a private equity fund based in Abu Dhabi. Other historical investors, such as White Star Capital, Hashed, Semantic, Techstars and Bpifrance also participated in the round.

“This deal validates both our product and our focus on fintechs and financial players,” explains Clarisse Hagège, co-founder and CEO of DFNS, which claims more than 130 customers including Fidelity, Zodia Custody (Standard Chartered’s crypto subsidiary) and Stripe, which has just acquired Bridge.

DFNS developed a wallet creation solution based on MPC (Multi-Party Computation) technology. This MPC technology breaks down the access keys to the digital wallet into fragments; these are then distributed across different secure universes. Using an API system, the startup allows developers to take bricks and create their own wallet system.

“We allow our customers to deploy their own instances on public clouds like AWS, private clouds, and connect their Thales or IBM HSMs to our blockchain transaction management system,” explains Clarisse Hagège

Als in terms of pricing , while not all offers are the same, the startup offers a billing system based on usage and not on volumes under management.

UAE Future Ventures has already invested in several digital asset service providers including Soter Insure, a provider of insurance products tailored to the digital asset economy licensed by VARA in the UAE, as well as QCP, a global digital asset trading firm, Fuze, a digital assets infrastructure provider, TwinStake, Tungsten, Kemet trading, and others.

Hex Trust crypto platform launches fiat on and off ramping services in UAE

Hex Trust crypto platform launches fiat on and off ramping services in UAE

Hex Trust, a regulated provider of virtual assets custody, staking and market services has officially opened HT Markets MENA offering fiat on/off-ramp services in Dubai UAE through its secure, institutional-grade platform.

These services are immediately available for institutional clients and accredited investors with a minimum on-ramp threshold of AED 368,000 (equivalent to USD $100K).


Hex Trust established a Dubai office in June 2022. It currently holds three Virtual Asset Service Provider (VASP) licenses in Dubai, issued by the Virtual Asset Regulatory Authority (VARA). This includes a license to provide Virtual Asset Custodial Services, a second license for its VA Broker-Dealer and and a third for VA Management and Investment arm, HT Markets MENA FZE.

As per the announcement, these licenses allow Hex Trust to offer comprehensive Virtual Asset services covering Broker-Dealer and Management and Investment Services, which include regulated Staking Services.


“We are one of the first VA broker-dealers in the MENA region to offer an efficient and secure bridge between fiat and virtual assets. This unique offering caters to the huge appetite for on/off-ramp services in Dubai and is a significant achievement for HT Markets MENA.
We see enormous potential for virtual asset growth in Dubai given the progressive regulations, welcoming governments, and thriving crypto ecosystem. ” Filippo Buzzi, Hex Trust’s Regional Director MENA.


Hex Trust Markets offers safe access to the DeFi ecosystem, where clients can generate yield with native on-chain staking solutions and execute trades with the support of Hex Trust’s dedicated Markets team. It also brings secure access to crypto-fiat conversions through Hex Trust’s fully-licensed, institutional-grade custody platform. This enables investors in Dubai to seamlessly move their cryptocurrencies into fiat currencies, fostering a secure and compliant trading environment.

Aspen Digital gains crypto broker and custody license from ADGM in UAE

Aspen Digital gains crypto broker and custody license from ADGM in UAE

Aspen Digital, a full-service private wealth management platform built for family offices and ultra-high net worth clients allocating into digital assets, co-incubated by Everest Ventures Group and TTB Partners and backed by RIT Capital Partners, Liberty City Ventures and Token Bay Capital today has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority of ADGM.

The license grants the company permission to provide broker-dealer, asset management, advisory, and custody services under its fully regulated and best-in-class tech platform. The wealth management platform received preliminary approval back in June 2024.

Elliot Andrews, CEO of Aspen Digital, said, “ADGM has established itself as a global center for digital assets, and we look forward to contributing to the continued development of the ecosystem. With digital assets increasingly becoming an important part of the private wealth portfolio, Aspen Digital is uniquely positioned to service this segment of clients in the region by providing a holistic solution across the asset class.”

Arvind Ramamurthy, Chief Market Development, ADGM, added, “We are delighted to welcome Aspen Digital to ADGM, further cementing its reputation as a global financial hub and its growing prominence as a leading wealth management hub. Aspen Digital’s decision to establish its presence in ADGM is a testament to the strength of our regulatory framework and our ability to enable private wealth platforms to serve the growing demand for digital assets across the region. We look forward to supporting Aspen Digital in its journey to advance the private wealth management landscape in Abu Dhabi and beyond.”

Zand Bank now a licensed crypto custodian in UAE

Zand Bank now a licensed crypto custodian in UAE

UAE based Zand Bank, an AI powered digital bank, has received a full VASP license from Dubai’s virtual assets regulatory authority (VARA) allowing it to offer crypto custodial services. The license allows Zand to offer crypto and digital asset custodial services to institutional investors and qualified investors.

Zand, the AI-powered bank for the digital economy and first fully licensed all-digital bank in the United Arab Emirates was founded to support the digital economy and bridge the gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi).

Mohamed Alabbar, Chairman of Zand, commented: “This approval from VARA is a milestone for Zand and the UAE’s digital economy. It reflects our commitment to bold innovation and sustainable growth. Our mission is to establish Zand as a cornerstone of the UAE’s evolving financial landscape, contributing to the nation’s ambition to be a global financial powerhouse.”

Michael Chan, CEO of Zand, added: “We would like to extend a heartfelt token of appreciation to VARA for their continued support of Zand. Our Digital Asset Custody service is a significant step in UAE banking. By providing institutional-grade security for digital assets, we are equipping our clients with the tools they need to thrive in the digital economy. The upcoming launch of Zand’s AED-backed stablecoin will further enhance our ability to integrate TradFi and DeFi, reinforcing our leadership in this space.”

Zand Bank has been chosen by several crypto exchanges and brokers who are working in the UAE as their digital banking partner. With Zand’s new crypto custodial license, VARA would have licensed three crypto custodians, Zand, Hex Trust, and Komainu.

Zand Bank has been growing its presence and offering within the UAE and GCC region. It has signed several partnerships over the past year, the last being with Paymentology.

Paymentology and Zand will enable fintech entities to thrive by offering a range of specialized services, including BIN-sponsorship, virtual IBANs, and Client Money Accounts. These services are designed to help fintech entities launch and scale faster, providing them with the infrastructure to bring their solutions to market efficiently.

The timing aligns with the UAE government’s push to establish a strong digital economy through the UAE Digital Economy Strategy, which aims to double the sector’s contribution to the nation’s GDP from 9.7% (April 2022) to 19.4% over the next decade.

Additionally, IDA, a Hong Kong-based stablecoin issuer, also partnered with UAE Zand Bank, to offer cost-effective and efficient cross-border transactions across the Belt and Road regions and BRICS Plus. As per the press release both entities aim to provide businesses with streamlined 24/7 digital payments.

Updated Dec 14th with quotes