UAE among the top 10 global Blockchain countries with 340 patents

UAE among the top 10 global Blockchain countries with 340 patents

In a recent study by ApeX exchange the UAE came in among the top 10 globally ranked countries for blockchain and crypto technology. The UAE had a score of 73.2 with 340 blockchain patents. UAE also has 414 blockchain-related jobs, providing opportunities in a budding ecosystem.

Singapore took the lead, with the highest composite score of 85.4, with over 2,400 jobs related to blockchain technologies. Additionally, it has one of the largest concentrations of crypto exchanges globally, with 81 platforms.

Hong Kong ranks second in blockchain and cryptocurrency technology with a composite score of 82.7. Its financial infrastructure integrates blockchain seamlessly, supported by more than 1,100 jobs in blockchain technologies and a strong presence of crypto exchanges.

Estonia ranks third with a composite score of 81.5. It has the smallest population among the countries studied but still achieves impressive results with 95 blockchain patents, 149 blockchain-related jobs, and 52 crypto exchanges.

Switzerland secures fourth place in blockchain and cryptocurrency technology, with a score of 80.2. The country’s leadership in decentralized finance is backed by 440 blockchain-related jobs and 32 crypto exchanges.

The United States is fifth, scoring 79.8, and leading the way in blockchain and cryptocurrency technology, achieving the highest numbers across all key metrics. With 32,000 blockchain patents and more than 17,000 jobs related to blockchain available. The country hosts 166 crypto exchanges, providing platforms for trading and utilizing cryptocurrencies.

Canada ranks sixth in blockchain and cryptocurrency technology, with a score of 77.3. The country offers over 1,200 blockchain-related jobs, which shows the demand for skilled professionals in the sector. It also has 1,200 blockchain patents, while its 32 crypto exchanges provide ample platforms for cryptocurrency transactions.

Moroccan crypto regulation aligns with G20 recommendations

Moroccan crypto regulation aligns with G20 recommendations

Once again the Governor of Bank Al-Maghrib (BAM), Abdellatif Jouahri, has spoken about the crypto assets regulatory framework that the country will soon adopt noting that it will align with G20 recommendations. In a press conference this week, during the BAM’s council for 2024, he noted that the crypto framework will manage the use of crypto assets while encouraging innovation in the financial sector.

Last month the Governor also noted that the crypto framework was in the adoption phase. Morocco has been working on this crypto framework since 2022.

Jouahri said that the regulation aligns with the latest G20 recommendations. It also addresses the financial risks linked to crypto-assets.  

“We want to regulate the use of crypto-assets without hindering the innovation that may arise from this ecosystem,” Jouahri said.  

The governor explained that the framework was developed with technical assistance from the International Monetary Fund (IMF) and the World Bank. It seeks to balance two priorities; ensuring a secure and well-regulated environment and fostering innovation.  

The drafting process included broad consultations with national and international institutions, as well as economic stakeholders. “We engaged all relevant parties to create this framework. This approach ensures effective adoption and minimizes uncertainties,” Jouahri added.  

In September 2024, Chainalysis in its 2024 Geography of Cryptocurrency report covering the MENA region noted that MENA is the seventh largest crypto market globally in 2024 with the biggest two crypto countries being Turkey and Morocco. Turkey held 11th position while Morocco 27th where Turkey capture $137 billion and Morocco $12.7 billion.

CoinMENA the first and only Crypto exchange in MENA to list Ripple stablecoin

CoinMENA the first and only Crypto exchange in MENA to list Ripple stablecoin

CoinMENA, a regulated crypto broker with licenses in the UAE and Bahrain, is one of the selected crypto exchanges globally to be listing Ripple’s new RLUSD stablecoin on its platform. CoinMENA is the only crypto broker to be chosen by Ripple to list its stablecoin in the MENA region.

Ripple which today launches its Ripple USD (RLUSD) on global exchanges has chosen CoinMENA, Uphold, MoonPay, Archax, Bitso, Bullish, Bitstamp, with Mercado Bitcoin, Reserve, Zero Hash and others expected in the coming weeks.

CoinMENA Founders, Dina Sam’an and Talal Tabbaa commented, “We are proud to be the first and only platform in MENA to list RLUSD, the latest stablecoin in the market. Demand for stablecoins is exploding in the region, driven by diverse and growing use cases, we are seeing from our user base. Stablecoins are by far the most popular use case in the crypto today, and this listing reflects our commitment to providing the latest crypto financial solutions that meet the evolving needs of our users.”

Each RLUSD token is fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents—designed to ensure its stability, reliability, and liquidity. To maintain the highest standards of transparency, Ripple will publish monthly, third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm.

“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide,” said Brad Garlinghouse, Ripple’s CEO. “As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”

Key RLUSD partners include leading global exchanges, market makers, and payment providers, which will drive adoption and usage across the Americas, Asia-Pacific, UK, and Middle East regions.

RLUSD will be utilized for financial use cases and allows institutions to, facilitate instant settlement of cross-border payments, access liquidity for remittance and treasury operations, seamlessly integrate with decentralized finance (DeFi) protocols, and a reliably bridge between traditional fiat currencies and the crypto ecosystem, ensuring a seamless and efficient transition when entering (on-ramping) or exiting (off-ramping) the crypto space.

It will also be used to provide collateralization for trading tokenized real-world assets such as commodities, securities, and treasuries onchain.

Early next year, Ripple Payments will use RLUSD to facilitate global payments on behalf of its enterprise customers. Ripple Payments has served $70 billion in payments volume and counting, and has near-global coverage with 90+ payout markets, which represent more than 90% coverage of the daily FX market.

 RLUSD is available on both the XRP Ledger and Ethereum blockchains, offering flexibility and scalability for a broad range of financial use cases.

“Stablecoins could become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems. With its focus on compliance and reliability, RLUSD aims to establish new standards for trust and to play a pivotal role in shaping the future of payments. Joining the Advisory Board provides me an opportunity to counsel RLUSD as it embarks on its journey in the rapidly evolving financial landscape,” said Raghuram Rajan, former Governor of the Reserve Bank of India.

“I am excited to join Ripple’s advisory board at such a pivotal moment for digital finance,” said Kenneth Montgomery, former First Vice President and Chief Operating Officer at the Federal Reserve Bank of Boston. “Stablecoins are rapidly emerging as a cornerstone of the payments landscape, delivering the speed, efficiency, and cost-effectiveness that traditional systems often struggle to achieve. I look forward to collaborating with the Ripple team to support the global growth and adoption of RLUSD, unlocking new opportunities for financial inclusion and modernizing the future of payments.”

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.

BitPanda crypto exchange steps out of Europe to UAE

BitPanda crypto exchange steps out of Europe to UAE

Bitpanda, a European crypto platform, has obtained an in-principle approval from the Virtual Assets Regulatory Authority (VARA), as its first expansion outside of Europe. BitPanda received the in-principle approval only after 8 months since submission.

As per the press release, once officially licensed, Bitpanda will be able to commence operations in the UAE as Bitpanda Broker MENA DMCC.

The expansion follows a series of strategic moves, including the establishment of its Dubai office at the DMCC Crypto Centre earlier this year, onboarding a team of regional experts, and forming key partnerships with financial institutions such as The National Bank of Ras Al Khaimah (“RAKBANK”) and CoinMENA, one of the UAE’s leading licensed crypto platforms.

Eric Demuth, Co-Founder and CEO of Bitpanda, commented, “In Europe, we have built a reputation as the most trusted and regulated digital asset platform. Now, we are scaling this proven model globally, with Dubai and the UAE serving as our strategic launchpad for international expansion. The opportunities are immense, and we are uniquely positioned to seize them – both as Europe’s leading crypto broker and as a top infrastructure provider in the digital assets space.”

Fabian Reinisch, General Counsel of Bitpanda, added: “Securing VARA’s in-principle approval in under eight months reflects the strength of VARA’s progressive regulatory framework and Bitpanda’s steadfast commitment to compliance and innovation. For over a decade, we have demonstrated that a compliance-first approach is the only path to sustainable and responsible growth in our industry. Now, we are extending this approach to markets beyond Europe.”

As it expands into the Middle East, Bitpanda is taking a decisive step toward a truly global presence, reaffirming its role as a pioneer in driving the adoption of digital assets around the world.

Japanese bitgrit establishes DLT Foundation in ADGM UAE

Japanese bitgrit establishes DLT Foundation in ADGM UAE

bitgrit, founded in Japan, aims to democratize AI development for all creators and has been working on developing systems utilizing blockchain technology. has announced that it has registered its DLT Foundation at ADGM in UAE.

As per the announcement, this foundation represents the first instance of a Japanese-rooted company leveraging ADGM’s regulatory framework to create a crypto asset foundation.

A DLT Foundation is a foundation scheme provided by ADGM, specifically tailored for projects involving crypto assets and DLT. This framework enables such projects to operate transparently and reliably. It also allows for the issuance and management of tokens in a legally authorized environment, providing significant advantages for projects prioritizing regulatory compliance.

bitgrit has now transitioned into an ADGM-registered entity, placing itself at the forefront of AI and blockchain innovation in the Middle East. The company connects a global community of over 35,000 data scientists and offers innovative services through its AI competition platform and an AI marketplace currently under development.

The newly established BITGRIT DLT Foundation will form the foundation for bitgrit’s planned issuance of crypto tokens. These tokens will be utilized within the company’s platforms, enabling AI agents to leverage AI models and datasets while facilitating transactions among users through token-based ecosystems.

Kazuya Saginawa, CEO of bitgrit, statedm “The establishment of the BITGRIT DLT Foundation is a significant milestone for us as a Japanese-rooted company operating under ADGM’s regulations. By integrating AI agents and Web3 technologies, we aim to create a new ecosystem that delivers value to both users and businesses while ensuring transparency and reliability.”

bitgrit DLT Foundation aims to issue crypto tokens to build an ecosystem where AI agents can efficiently operate and interact, and work toward listing the tokens on the UAE’s “Available Virtual Assets” list to enhance trust and adoption, while expanding from the MENA region to global markets.

In August 2024, Kaia DLT Foundation got licensed in ADGM and their mainnet will be launched on August 29th 2024. Prior to that IoTA also launched its DLT Foundation from ADGM.

UAE Bank invests in crypto custodian Zodia Custody

UAE Bank invests in crypto custodian Zodia Custody

A leading UAE bank, Emirates NBD, has invested in a crypto custodian service provider, Zodia Custody, which is seeking to be licensed in UAE. Zodia Custody is backed by Standard Chartered, SBI holdings and others.

As per the announcement, the strategic equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture fund.

Headquartered in London, Zodia Custody tailors digital asset custody solutions for institutional clients in alignment to regulatory requirements, ensuring institutions can make informed investment decisions according to market trends with the highest levels of security.

Marwan Hadi, Group Head of Retail Banking and Wealth Management, Emirates NBD, stated, “Our strategic investment in Zodia Custody reflects our commitment to creating an environment where digital asset trading venues and forward-thinking institutions can interact safely, securely and without compromise. FinTech is changing the institutional landscape rapidly and we want to ensure our ongoing support to emerging technologies to bolster this growth by bridging the gap between financial services and digital assets.”

He added, “Our investment is significant in light of the UAE’s progressive approach to digital asset regulation and its ambition to become a global innovation and technology hub. Additionally, it aligns with the Dubai Economic Agenda D33 that envisages the Emirate among the top four global financial hubs and a preferred capital market in the Middle East, Africa and South Asia region.”

Neeraj Makin, Group Head of Strategy, Analytics and Venture Capital at Emirates NBD, said, “Emirates NBD has decades of experience in leveraging innovation to simplify banking. The investment in Zodia Custody’s robust and unique offerings positions Emirates NBD at the forefront of digital asset innovation, a trillion-dollar-asset class. The MENAT region is transforming rapidly into a key player in the crypto economy fuelled by institutional and enterprise activity and a growing appetite for DeFi and Stablecoins. In line with our vision to be a digital leader in the region, we are making strategic investments via the Innovation Fund and committed to fostering a culture of innovation.”

Julian Sawyer, CEO of Zodia Custody, said, “As the fifth bank to cast a vote of confidence in our proposition, we are beyond grateful to Emirates NBD for placing their trust in us. This investment is a monumental step forward, paving the way for Zodia Custody to become a leading player globally.”

Alex Manson, CEO of Standard Chartered Ventures, said: “Emirates NBD’s investment marks the fifth TradFi institution supporting our Digital Assets venture Zodia Custody. As we build an ecosystem of infrastructure to operate Digital Assets at institutional grade, we are grateful for this recognition, support and most importantly look forward to our partnership.”

This week as well, Emirates NBD, added, its fifth member of its Digital Asset Lab, Chainlink, the standard for onchain finance, verifiable data, and cross-chain interoperability. Chainlink will join other founding members including PwC, Fireblocks, R3 and Chainalysis.

This also comes days after UAE based Zand Bank, an AI powered digital bank, 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 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

BitOasis receives full VASP crypto broker license in UAE

BitOasis receives full VASP crypto broker license in UAE

BitOasis, the first local UAE crypto broker has finally received its full Virtual Asset Service provider license from VARA ( Dubai Virtual Asset Regulatory Authority). As per the VARA website BitOasis can now offer crypto broker services servicing both retail and institutional clients.

In June 2024 crypto broker received its first license in the GCC and MENA region from Bahrain. The Category 2 license allows BitOasis to offer crypto asset services from the Central Bank of Bahrain. Prior to the crypto broker receiving its license in Bahrain, CoinMENA, RAIN, ARP Digital and Binance had already received licenses.

ARP Digital, CoinMENA and Rain all hold a category 3 license, while only Binance holds a category 4 license. As such BitOasis will be the only category 2 license in Bahrain so far.

The company said in a blog post it will seamlessly transition to operating under its new license with immediate effect. It noted, “Securing the full VASP License marks the final step in VARA’s licensing process for the platform’s current activities, and represents a major milestone in BitOasis’ journey, opening a new chapter in the company’s work with VARA, the world’s first dedicated virtual assets regulator.”

As a homegrown industry pioneer, BitOasis was among the first platforms to secure a provisional operating permit from VARA shortly after the regulator’s launch in 2022.

Ola Doudin, Co-Founder and CEO of BitOasis, said, “This is a very significant moment for BitOasis and the broader virtual assets community in the region. Securing the full VASP License is not only a testament to our team’s dedication to regulatory compliance but also reinforces our resolve to lead the industry with integrity and accountability. We are grateful to VARA for their guidance and support throughout this process. We are excited to continue our growth and further enhance our products to meet the rapidly evolving needs of our clients.”

Central Bank of Iran announces regulation for crypto exchanges and custodians

Central Bank of Iran announces regulation for crypto exchanges and custodians

Iran’s Minister of Economic Affairs and Finance Abdolnaser Hemmati has announced at an event on digital currencies in Tehran that the government intends to regulate digital currencies and cryptocurrencies instead of putting limitations on them, as the Central Bank of Iran announced the regulation of crypto exchanges and crypto custodians under its new crypto framework.

Hemmati said that Iran is moving towards regulating and eliminating the adverse effects of digital currency on the economy and instead using its positive effects. He cited the advantages and progress of digital currency as the reasons behind the decision.

While Hemmati noted that digital money, including digital currencies is within the scope of the Central Bank of Iran, he believes that developing and growth this asset sector will bring on youth employment, as well as to help nullify the effect of sanctions.

At the same event, The Central Bank of Iran (CBI) recently approved a “Policy and Regulatory Framework for Cryptocurrencies”, reaffirming its role as the primary regulator. The framework emphasizes licensing crypto brokers and custodians under CBI supervision while ensuring compliance with anti-money laundering (AML) laws, counter-terrorism financing (CTF) regulations, and tax obligations.

The Central Bank of Iran Governor Mohammadreza Farzin highlighted collaboration with other agencies, such as the Ministry of Economic Affairs and Finance, to develop robust regulatory mechanisms for the digital asset ecosystem.

According to the official, the mentioned framework focuses on active regulation and leveraging digital currencies’ economic potential.

In 2018, Iran banned trading and possession of cryptocurrency due to money laundering and terrorism financing concerns. [1] All Iranian financial institutions, such as banks, credit institutions, and currency exchanges, were banned from handling cryptocurrencies or promoting them in any way. [2] In 2019, however, the government began to roll back this ban as sanctions were crippling their local currency. Cryptocurrency was seen as a possible relief from reliance on the United States dollar. [3] The Central Bank of Iran’s new regulations allow for the possession and mining of cryptocurrency but still included a ban on using digital currency as a payment system. [4] Further, “it bars Iranians from holding large amounts of global cryptocurrencies in the same way they are officially prohibited from holding more than 10,000 euros.” [5] Towards the end of 2020, the Iranian government once again began exploring the possibility of reimplementing more controls on cryptocurrency as the price of Bitcoin was soaring, and the Iranian stock market and currency were severely falling. [6] The only change that has happened to the regulations so far is more restrictions on cryptocurrency miners due to heavy energy usage. [7]