crypto companies to have streamlined regulatory process in UAE

crypto companies to have streamlined regulatory process in UAE

Nucleus AI (https://besocial.ai), offering advanced artificial intelligence solutions, has partnered with the Dubai Blockchain Center (https://blockchaincenter.ae) to revolutionize how blockchain and crypto companies establish operations in Dubai by streamlining the regulatory processes.

“We are at the cusp of a transformative era where blockchain and artificial intelligence converge to create unprecedented opportunities,” said Dr. Marwan Alzarouni, CEO of Dubai Blockchain Center. “This collaboration marks a significant milestone in harnessing the synergies of these revolutionary technologies to foster an ecosystem that empowers businesses and drives innovation within Area 2071, Dubai, the UAE and beyond.”

At the core of this initiative lies Nucleus AI’s advanced AI platform, which enables enterprises, SMEs, and government entities to transform their existing knowledge bases into intelligent systems capable of understanding and acting upon complex data relationships.

“Our platform allows enterprises to deploy sophisticated AI-driven processes that operate across multiple tiers, drastically improving efficiency and effectiveness,” stated Raakin Iqbal, CEO and Co-founder of Nucleus AI. “We’re fundamentally enhancing how organizations manage and utilize their knowledge assets.”

“Our Pre-AGI technology doesn’t just automate – it innovates, making each regulatory interaction smarter and more effective,” Iqbal explained. “We’re pushing the boundaries of what AI can achieve in streamlining operational landscapes.”

The partnership will enable an AI-driven proof-of-concept that guides blockchain and crypto companies through the entire regulatory journey – from initial inquiry to final licensing – with unprecedented efficiency. Key capabilities include:

– Intelligent Reasoning: Applying complex logic to understand nuanced regulations and processes.

– Dynamic Knowledge Bases: Continuously updated to ensure adherence to the latest policies.

– Autonomous Action Models: Leveraging datasets and reasoning to autonomously navigate processes while ensuring compliance.

– Multilingual Support: Facilitating global adoption with AI-powered support across 25+ languages.

At the core of this initiative is an AI-powered interface that combines conversational AI with action-driven modeling to shepherd companies through every step, from initial inquiry to final licensing. “Nucleus AI’s platform ingests complex knowledge bases and autonomously executes actions based on logical inferencing – making it ideal for streamlining this intricate regulatory journey,” stated Kiran Ali, Co-founder.

“Our partnership with the Dubai Blockchain Center showcases how advanced AI can revolutionize regulatory frameworks through reasoning and autonomous execution,” Iqbal said. “We’re developing systems that deeply understand operational nuances to radically simplify business establishment.”

The Dubai Blockchain Center’s visionary leadership echoes this innovative spirit: “In our pursuit to position Dubai as a beacon for the blockchain sector, we aim to create an environment conducive to growth,” Dr. Alzarouni stated. “Our initiatives make it seamless for blockchain and crypto companies to operate here, fostering an ecosystem where innovation thrives.”

UAE Blockchain Phoenix Group to boost liquidity with BHM Capital

UAE Blockchain Phoenix Group to boost liquidity with BHM Capital

UAE Phoenix Group PLC, the GCC region’s first listed blockchain and tech conglomerate has partnered with BHM Capital, a liquidity provider tol boost liquidity for Phoenix shares on the Abu Dhabi Securities Exchange (ADX). As per the press release this will enhance trading volumes and bolstering investor trust.

Phoenix Group’s partnership with BHM Capital which serves as liquidity provider to Phoenix Group’s shares (PHX) reinforces its commitment to optimizing share trading on the ADX. This strategic alliance not only aims to increase trading volumes and stabilize prices but also enhances investor value. 

As a liquidity provider, BHM Capital plays a crucial dual role, strengthening market stability and improving the order book. The commitment to providing liquidity for Phoenix Group’s shares is designed to ensure more consistent pricing and increase overall trading liquidity on the ADX, making transactions smoother across various price levels.

Seyed Mohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group, commented, “Our partnership with BHM Capital represents a crucial step in strengthening the liquidity and stability of our shares on the ADX. It does not only enhance our market position but also provides our investors with more robust trading options. We are fully committed to leveraging this collaboration to deliver substantial value to our shareholders.” 

Abdel Hadi Al Sa’di, the CEO of BHM Capital, added “This move will enhance the company’s position in the Abu Dhabi Securities Exchange, stabilize the price movements of its traded shares, and enable investors to diversify their investment portfolios, taking advantage of opportunities in financial markets.”

Phoenix Group expects that the partnership with BHM Capital will significantly drive up trading activity and elevate demand for its shares on the ADX, fostering a more vibrant market presence. With a specific focus on boosting trading volume and the value of PHX shares, Phoenix Group is confident that this engagement will have a positive impact on the company’s performance in the coming months. 

Recently Phoenix Group paid $2.5 million for a 12.5% stake in Rekt Web3 gaming company, among other investments the group has made in the past few months.

MENA crypto broker CoinMENA enhances liquidity for its platform

MENA crypto broker CoinMENA enhances liquidity for its platform

CoinMENA B.S.C., a leading crypto asset platform licensed by the Central Bank of Bahrain and sister company CoinMENA FZE, licensed by the Dubai Virtual Asset Regulatory Authority (VARA), have partnered with Zodia Markets, a UK headquartered digital asset trading business, backed by Standard Chartered enhancing its liquidity on its platform.

The partnership will provide CoinMENA users with enhanced liquidity and reduced slippage on high-volume trades for G10 and GCC currencies vs a list of vetted and well-researched stablecoins and crypto assets.

Zodia Markets is renowned for its industry-leading trading and operational infrastructure, ensuring timely and efficient settlement. The business operates as a digital asset brokerage for institutional clients, offering a seamless avenue for fiat versus digital asset transactions across multiple currencies.

CoinMENA is a crypto asset platform where retail and institutional investors can buy, sell, send, receive, and store digital assets safely.
The partnership merges the strengths of two pioneering institutions. CoinMENA’s extensive network of retail and institutional clients across the MENA region, combined with Zodia Markets’ industry-leading capability, establishes a reliable and trusted gateway to digital assets.
In a joint statement, CoinMENA co-founders Talal Tabbaa and Dina Sam’an stated, “This partnership comes at a perfect time because we are seeing a significant increase in interest from retail and institutional investors. With Zodia Markets we substantially enhanced our service offering and can provide investors with more efficient avenues for entering and exiting the digital assets market, with minimal transaction costs and efficient settlement.”


Ayad Butt, Head of Sales and Trading Africa and Middle East, Zodia Markets added “The AME region, particularly UAE and Bahrain, has evolved impressively over the last five years. Regulatory clarity, world-class infrastructure, access to capital, and a growing economy
have attracted the best minds and the most sophisticated capital for trading, investing, and innovating.”


Ayad emphasized, “The growth and increased adoption of digital assets in this ecosystem hinge on bridging traditional finance with digital assets. That’s precisely what the partnership between Zodia Markets and CoinMENA achieves. We’re excited by the efficiencies this partnership will create for trading in the region.”

Over the past months CoinMENA has been partnering with several major players to enhance its crypto offering across the MENA region. It partnered with Network International, Onramp Bitcoin

UAE Dunes Fintech enters crypto space with acquisition of Be Mobile Africa

UAE Dunes Fintech enters crypto space with acquisition of Be Mobile Africa

UAE based Dunes Fintech platform signed an MOU to acquire a portion of Be Mobile Africa which offers a banking and cryptocurrency infrastructure.

As per the announcement, the acquisition, slated for completion by the end of the second quarter of 2024, marks a significant milestone for Dunes, positioning the company as a trailblazer in the latest generation of Fintech companies.

Dunes is seeking to launch a platform, seamlessly integrating cryptocurrency and traditional banking services. This groundbreaking initiative signals Dunes’ unwavering commitment to redefining the digital banking landscape in the UAE and beyond.

As part of the agreement, Be Mobile Africa will sell significant technology assets, including key components related to its banking and cryptocurrency infrastructures. Notably, this includes the Be Network, a game-changing infrastructure facilitating real-time settlement of fiat and cryptocurrency transactions 24/7. Be Mobile Africa will retain banking services for the African continent, continuing with its focus on fostering financial inclusion initiatives across the continent.

“The strategic sale of non-financial assets injects vital financial resources into Be Mobile Africa. These resources will be used to double down on key African markets, in line with the company’s mission of banking the unbanked and underbanked in Africa.” emphasized Dr Cédric Jeannot, Co-founder and CEO of Be Mobile Africa.

A senior Dunes Financial executive expressed enthusiastic anticipation about the acquisitions, stating, “We are thrilled to embark on this journey of innovation and progress. The acquisition aligns with our vision of creating a bridge between crypto and fiat, opening up new possibilities for regulated entities and individuals. We are committed to providing a secure and compliant platform redefining how people interact with financial services.”

Crypto Venture Capital fund receives in principle approval from ADGM in UAE

Crypto Venture Capital fund receives in principle approval from ADGM in UAE

 Token Bay Capital limited(“Token Bay”) is expanding its venture capital footprint in the capital of the UAE and has been granted an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) to carry out regulated activities that include managing both token and equity investments in early stage crypto start ups in the ADGM.

Subject to final regulatory approval for the grant of the Financial Services Permission (FSP), Token Bay brings niche capabilities to manage both token and equity investments in early-stage crypto start-ups under the FSRA’s Venture Capital Fund Manager (VCFM) framework.

Founded in 2021, Token Bay is a Crypto Venture Capital Fund that has adopted a regulatory-first approach from day one. Token Bay invests in start-ups building next-generation blockchain infrastructure and decentralized applications for Web3. Building on the success of its first fund, Token Bay is now launching its second fund and will continue to back outstanding entrepreneurs building infrastructure solutions for the new token economy.

In addition to Abu Dhabi, Token Bay also has offices in Hong Kong, and is strategically positioned across digital assets hubs in both the Middle East and Asia.

Founder and Managing Partner of Token Bay, Lucy Gazmararian stated, “This marks the first phase of global expansion for Token Bay, and we’re excited to have been granted the IPA in ADGM for venture capital investment in tokens as well as in equity. Blockchain technology has the potential to drive innovation through tokenization, and as blockchain networks continue to evolve, it is important that as venture capitalists we are fully equipped to support talented founders building in Web3 by directly participating in these networks and taking an ownership stake through tokens. We extend our sincerest thanks to the regulator for their forward-thinking approach and open dialogue so that we were able to reach this important milestone and establish Token Bay in one of the world’s leading international financial centers and digital assets hub.”

ADGM’s progressive regulatory framework, English common law legal framework, status as a leading centre for financial innovation and vibrant blockchain and digital assets ecosystem have attracted Token Bay to set up offices in the capital of the UAE.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend a warm welcome to Token Bay Capital as they join ADGM’s international financial centre and commence their establishment in Abu Dhabi, marking the beginning of their global expansion journey. ADGM is dedicated to cultivating innovation and excellence in the financial sector, particularly within the virtual asset space. With progressive regulatory frameworks that facilitate companies like Token Bay Capital, ADGM’s vibrant ecosystem stands as the optimal platform for initiating their global growth trajectory.”

Token Bay’s Venture Funds offer institutions, multi-national companies, private banks, family offices and high-net-worth individuals the opportunity to invest in an emerging asset class right at the start of a multi-decade cycle. 

First it was Qatar now its Abu Dhabi buying Bitcoin according to Max Keiser

First it was Qatar now its Abu Dhabi buying Bitcoin according to Max Keiser

Max Keisser the Bitcoin activist is at it again. Over the past months Max continues to make claims that a nation state is purchasing large amounts of Bitcoin. First, he pointed the finger at Qatar, claiming it would purchase $500 billion worth of Bitcoin.

Qatar obviously did not confirm or negate these claims; however, its central bank and government continue to prohibit the trading of cryptocurrencies noting the risky nature of these virtual assets. This has not stopped Qatar from embracing digital assets, and developing a regulatory framework as well as the digital assets Lab.

However, this has not discerned Keisser, he commented on an X (formerly twitter) post by Vivek4real that notes that an “undisclosed nation-state just bought another 100 Bitcoin. They now own 59K Bitcoin.”

Keisser comments on X that his new intelligence points to Abu Dhabi being the purchaser of Bitcoin. He states, “Just got some new intel . . .  Abu Dhabi is now the top contender.”

So now it is not Qatar but its Abu Dhabi, the capital of the UAE.

This while still seeming farfetched, could be closer to the truth than assuming that Qatar is purchasing Bitcoin. First Abu Dhabi and the UAE in particular have been positively approaching virtual assets. Both Abu Dhabi’s ADGM (Abu Dhabi Global Market) regulatory arm the FSRA as well as Dubai’s virtual asset regulatory authority (VARA) have come out with crypto regulations and have licensed crypto exchanges, and custodians.

Moreover Abu Dhabi is home to a Bitcoin mining farm co-owned and managed by Marathon Digital so it could be plausible that they are accumulating Bitcoin from revenues of the crypto mining farm. It is also the base of Phoenix Group another huge bitcoin mining investor.

So while Keisser continuously tries to allude to the fact that an rich oil country, or a country in the MENA region is buying up Bitcoin, the biggest governmental owners of Bitcoin are the United States, Britain, and Germany. They own the most Bitcoin according to Arkham Intelligence. The crypto analytics firm noted that the United States owns 212,847 Bitcoins.

What one can say for sure, is that the ownership of Bitcoin is falling more into the hands of institutional investors, and governments whether with Bitcoin ETFs or confiscated crypto.

Lebanese operated money exchanger sanctioned by OFAC for crypto transfers

Lebanese operated money exchanger sanctioned by OFAC for crypto transfers

In the last week of March 2024, The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against six entities based in Lebanon, Liberia, India, Vietnam, and Kuwait.

As per the OFAC announcement, among those targeted was a Syrian national money exchanger Tawfiq Muhammad Sa’id al-Law based out of Lebanon. The Treasury Department stated that Sa’id al-Law provided Hezbollah with digital wallets to receive funds from IRGC-QF commodity sales and conduct crypto transfers.

Sa’id al-Law was also accused of facilitating financial transactions for sanctioned Hezbollah officials and providing financial services to Sa’id al-Jamal and his network.

As per the announcement, the sanctioned entities were implicated in facilitating commodity shipments and financial transactions, including cryptocurrencies for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), the Houthis, and Hezbollah.

Furthermore, two Kuwait-based companies, Orchidia Regional for General Trading and Contracting Company and Mass Com Group General Trading and Contracting Company WLL, were also implicated in transferring money to support Sa’id al-Jamal’s network.

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said, “Treasury remains resolute in our commitment to deploy our tools against those who seek to fund illicit activities. The United States will continue to take action to disrupt the abuse of international energy markets to facilitate terrorist activities.”

On June 27, 2023, Israeli Defense Minister Yoav Gallant announced that Israel’s National Bureau for Counter Terror Financing (NBCTF) seized cryptocurrency from Hezbollah, and from Iran’s Quds Force. In total, the agency seized roughly $1.7 million worth of cryptocurrency and disrupted crypto “terrorism financing” infrastructure jointly run by the two organizations.

As per Chainalysis article, The NBCTF seizure focused on wallets controlled by Tawfiq Muhammad Said Al-Law, who “supposedly” worked with senior Hezbollah operators like Muhammad Qasim Al-Bazzal and Muhammad Ja’far Qasir, both of whom are sanctioned by OFAC, to operate Hezbollah’s crypto funding infrastructure.

In March 2024 as well, OFAC sanctioned a UAE registered business entity and its subsidiary for helping to build or operate blockchain based services to facilitate potential sanctions evasion on behalf of Russian nationals.

A new Crypto Custodian receives preliminary license in UAE

A new Crypto Custodian receives preliminary license in UAE

NorthStake a firm which offers safe, compliant and secure investment in Digital Assets for institutional investors as well as crypto staking and trading services has applied and received a preliminary approval for a license from Dubai’s virtual asset regulatory authority (VARA) for a license.

The news which came out on “Block Works” noted that such a license would allow the company to offer crypto custody services, custodial staking to institutional investors in the UAE.

Northstake CEO and Founder Jesper Johansen told the Block,” UAE is becoming a global frontrunner in virtual assets. Our ambition is to contribute to the growth of the crypto ecosystem in the UAE, leveraging our expertise and innovative solutions in digital asset investments to support the region’s financial institutions and our local partners on innovative digital asset products.”

Johansen also made the announcement on LinkedIn, “NORTHSTAKE has gained initial approval from Dubai’s Virtual Asset Regulatory Authority. Our ambition is to contribute to the growth of the crypto ecosystem in the UAE, leveraging our expertise and innovative solutions in digital asset investments to support the region’s financial institutions and our local partners on innovative digital asset products.”

The move comes after Northstake raised about $3 million to bolster its staking products for institutions. The company, also partnered with Coinify to serve the firm’s institutional and high net worth clients.

In a LinkedIn post made 11 months ago, Jesper Johansen stated, “We continue to develop NORTHSTAKE in Abu Dhabi and Dubai by building partnerships in the region. Today we met Mubadala and we are very excited to see how digital assets will continue to grow in the region. At NORTHSTAKE, we are committed to serve institutional clients on their digital asset portfolio.”

Over the past months VARA has licensed over 21 VASPs including Komainu, HexTrust and others. Most recently Crypto.com became the first global crypto exchange to receive a full license. The UAE has become one of the leading hubs for regulated VASP entities.

BACS for blockchain arbitration launches operations in Dubai DIFC

BACS for blockchain arbitration launches operations in Dubai DIFC

BACS ( Blockchain Arbitration and Commerce Society) has launched its operations in the Middle East with the opening of an office in Dubai, at Dubai International Financial Centre (DIFC). As per the press release, Dubai has become a vibrant ecosystem for blockchain companies, crypto assets, and artificial intelligence, offering significant opportunities for innovation, growth, and global expansion.

As Ignacio Ferrer-Bonsoms, President of BACS, points out, “Dubai is a strategic location for us. As a Digital Chamber of Commerce, we must be here. We want to bring our associates to Dubai and, conversely, we want to accompany Middle Eastern technology companies to the rest of the world. BACS’s presence within the DIFC reinforces its reputation as a world-class financial centre that attracts cutting-edge organizations.“

BACS encompasses a global network with deep industry knowledge and a commitment to responsible innovation.

BACS aims to further elevate Dubai’s profile as a destination for blockchain projects seeking a reputable and well-regulated environment. The arbitration and dispute resolution focus, carried out by the association not by BACS Dubai, will strengthen the DIFC’s legal framework, especially for complex cases involving emerging technologies.

Peter Hulks, CBDO of BACS Dubai, believes that “Dubai is making significant contributions to the world. Dubai is an Innovation Hub. Dubai is actively fostering a culture of innovation and experimentation. They invest in blockchain, AI, and other cutting-edge technologies, which in turn attracts global talent, entrepreneurs, and forward-thinking businesses. This pushes the boundaries of what’s possible and shapes how we think about the future economy.”

He also highlights its strategic location. “Dubai is a bridge between worlds. Located at the crossroads of East and West, Dubai is uniquely positioned as a connector. It facilitates trade, fosters international collaboration, and promotes cultural exchange. This connectivity plays a critical role in breaking down barriers and driving global progress. Overall, Dubai is contributing a fresh perspective, a spirit of innovation, and a commitment to a long-term vision, something increasingly lacking in countries once seen as leaders in these areas. There are many reasons why I call Dubai home, my answer barely scratches the surface.”

Levan Bodzashvili, COO of BACS Dubai, considers Dubai to be a model of tolerance. “Dubai’s diverse, multicultural society is a true melting pot. They’ve created an environment where people from all walks of life can work and live together. This promotes understanding and cooperation in an increasingly interconnected world, serving as an encouraging example.”

He also highlights Dubai’s visionary leadership. “Dubai’s leadership is clear. Their vision is grand and transformative. They’re not afraid to take risks and invest boldly in ambitious projects, often related to sustainability and technology. This drive pushes the limits and inspires others to strive for ambitious goals that can benefit all of humanity.”

The future of BACS is focused on contributing to a healthy and mature blockchain ecosystem. For BACS, reliability and accessibility are key: our arbitration services offer a clear path for dispute resolution, essential as this industry grows. 

Our goal is to simplify things, helping businesses understand and confidently explore blockchain’s potential. BACS is actively working on expanding its network to key markets, forging new alliances, and learning. BACS will be a practical force for good, advocating for responsible adoption and ethical practices within the blockchain space.

Some of the key advantages BACS offers to companies working with new technologies include:

– Risk Mitigation: New technology, especially in the blockchain space, carries inherent risks. We help companies understand those risks, both legal and technical, and implement strategies to mitigate them. This can save them from costly mistakes and protect their reputation.

– Dispute Resolution: When conflicts arise (and they inevitably will), BACS offers a specialized arbitration platform. This provides a faster, more cost-effective, and often more private alternative to traditional litigation, keeping projects on track and avoiding public disputes.

– Knowledge & Expertise: The BACS team has deep experience in blockchain, crypto assets, and AI. Companies venturing into these areas benefit from our insights, practical guidance, and connections to a global network of experts.

– Trust Factor: Working with BACS adds legitimacy to a project. It shows a commitment to transparency, fair play, and responsible innovation. This can be crucial for attracting investors, partners, and building a positive reputation in the industry.


BACS is like the steady hand on the wheel. Companies can focus on innovation, knowing that BACS has their back in managing the challenges that come with using cutting-edge technologies.

The announcement comes as more Blockchain, AI and Web3 startups gravitate towards DIFC.

India’s largest crypto exchange CoinDCX eyes international expansion starting with MENA

India’s largest crypto exchange CoinDCX eyes international expansion starting with MENA

In a recent CoinDCX blog post, where the founders Sumit Gupta and Neeraj Khandelwal addressed their users, investors and partners, the crypto exchange noted that their strategic investment in UAE based BitOasis crypto exchange was part of their expansion plans.

The six-year-old crypto exchange now one of the largest in India celebrated its anniversary.

While talking of the journey including the ups and downs from crypto market cycles, to regulatory hurdles, the founders noted that two things remained constant, their commitment to empowering Indians with the tools and knowledge they need to thrive in the crypto world, and the love and support of their incredible community.

What started as a crypto exchange in 2018 has evolved into a comprehensive ecosystem, encompassing an exchange, CoinDCX Ventures, the Okto self-custodial wallet, and the Okto SDK that bridges Web2 and Web3.

CoinDCX Ventures has already invested in 15 Web3 startups.

CoinDCX also mentions their strategic investment in UAE homegrown crypto exchange BitOasis. The post noted, “Our recent strategic investment in BitOasis, one of the leading exchanges in the MENA region, will facilitate CoinDCX’s expansion into international markets.” In the image associated with the blog post, it pointed out BitOasis as a “partner exchange”.

In August 2023, UAE based BitOasis crypto broker exchange announced that it had secured an investment from CoinDCX, India’s biggest crypt exchange. The announcement came after BitOasis’s license was deemed non-operational by Dubai’s virtual asset regulatory authority VARA and still stands to date as “non-operational” on VARA’s website.

The Blog post also notes that moving forward CoinDCX anticipates a bull run and expects surge in transactions and volumes. They post notes, “We have a huge responsibility to serve our customers better and introduce products that align with the market’s expectations. Going forward, we will continue empowering the masses by democratizing access to Web3. We promise that the coming year will be as exciting as the years gone by. As we continue to build in Web3, some of those initiatives will be rolled out soon. We are committed to take CoinDCX to the next level.”