Klickl and IMKAN Properties to convert crypto into AED for real estate transactions

Klickl and IMKAN Properties to convert crypto into AED for real estate transactions

While the UAE Central Bank has made it clear that crypto cannot be used as a legal tender for the purchase of goods and services inside the country, while AED stablecoins can be, real estate investors and buyers can still utilize cryptocurrencies for real estate purchases with Klickl and IMKAN Properties which has 26 properties across two continents.

Klickl, the Web3 financial platform out of the UAE, will be able to help IMKAN offer international investors with secure, fast and flaxible options of alternative payments in high value sector such as real estate. Klickl will offer cryptocurrency payment processing system.

“Our collaboration with IMKAN aligns with our mission to extend the benefits of Web3 technologies into everyday business transactions,” said Michael Zhao, CEO of Klickl. “From cross-border remittances to real estate investments, digital currencies offer an unmatched level of convenience, transparency, and efficiency. By supporting IMKAN’s customers with both crypto payment acceptance and fiat conversion, we are creating a model that other real estate companies can adopt to attract a new generation of buyers.” He went on to say.

The collaboration will allow IMKAN to offer its clients the option of converting cryptocurrencies, including Bitcoin, Ethereum, and stablecoins like USDT for use to invest in premium real estate . With these options, both local and international buyers gain greater flexibility, avoiding the complexities and delays that often come with cross-border bank conversions.

One of the key drivers behind this initiative is the increasing number of international investors in UAE real estate. The ability to use digital currencies for conversion will streamline transactions for overseas buyers, especially those in emerging markets or regions with less-developed banking infrastructure.

“Crypto is more than a payment method—it’s a financial tool that enables us to operate more efficiently across borders,” Zhao explained. “Our goal with IMKAN is to offer this technology to its customers in a way that enhances liquidity and supports business continuity, providing real estate developers with the financial stability they need to grow.”

Klickl’s platform will be offered seamlessly with IMKAN’s existing sales and payment systems. Buyers will experience a straightforward process where cryptocurrency payments can be made through a secure platform, and all necessary regulatory checks will be conducted automatically.

Klickl will ensure that all transactions are compliant with UAE regulations. From Know Your Customer (KYC) protocols to anti-money laundering (AML) compliance, the platform incorporates best-in-class security features to protect both IMKAN and its clients.

“We are committed to maintaining the highest levels of security and compliance,” Zhao emphasized. “Every transaction will go through rigorous checks to ensure it meets regulatory standards, so our partners and their customers can transact with confidence.”

The long-term vision includes expanding the use of digital finance tools across IMKAN’s full range of projects, from luxury residential developments to large-scale commercial properties.

“The UAE is rapidly emerging as a major crypto hub driven by the region’s welcoming regulatory environment and its proactive approach to supporting the digital asset sector. As one of the nation’s leading real estate developers, IMKAN is proud to play a decisive role in revolutionizing real estate transactions by embracing cryptocurrency for property investments. Together with Klickl, we are helping to ensure that the UAE will remain a leader and not a follower in digital currency proliferation,” said Engineer Suwaidan Al Dhaheri, CEO of IMKAN Properties.

“This collaboration demonstrates how blockchain and digital assets can bring real value to traditional industries,” said Zhao. “It’s not just about following trends; it’s about using these technologies to solve real-world challenges and unlock new opportunities. We see the potential for this model to reshape not only real estate but also other sectors where high value transactions are common.”

Dubai authorities investigated $65.3 million worth of crypto money laundering

Dubai authorities investigated $65.3 million worth of crypto money laundering

During the years between 2022 and 2024 Dubai Police revealed that they had conducted money laundering financial investigation cases including $16.3 million ( 60 million AED) in virtual assets, or crypto asset cases. This did not include a case where The Dubai Economic Security Center disrupted a $49 million crypto money laundering operation. Both investigations led to a total of $65.3 million crypto money laundering investigation cases.

Between 2022 and 2024 Dubai Police had conducted a total of 500 money laundering cases totaling $1.1 billion ( 4 billion AED).

Lt-Gen Abdulla Khalifa Al Marri, Commander-in-Chief of Dubai Police, noted that these achievements reflect the UAE’s dedication to combating money laundering and enhancing international cooperation to tackle financial crimes. “Through the UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee, the force strategically coordinates with key partners to fight financial crimes,” he said.

“Our efforts encompass human resources development and specialised training for our officials such as the International Diploma in AML and Terrorist Financing, launched in cooperation with the United Nations Office on Drugs and Crime. The programme has trained 116 professionals from relevant national organisations,” Al Marri revealed.

Lt-Gen Al Marri explained that Dubai Police has demonstrated exceptional commitment to intelligence sharing, exchanging 1,733 financial crime-related dossiers with international partners over the last three years. “These exchanges have been facilitated through organisations such as INTERPOL, Europol, and regional and Gulf networks. Additionally, Dubai Police has signed numerous Memoranda of Understanding (MoUs) with global counterparts to bolster law enforcement cooperation,” Al Marri confirmed.

Expert Maj-Gen Khalil Ibrahim Al Mansouri, Assistant Commander-in-Chief for Criminal Investigation Affairs, highlighted the role of advanced technologies in enhancing investigative capabilities. “Dubai Police leverages cutting-edge artificial intelligence and specialized task forces to uncover illicit activities, apprehend perpetrators, and work closely with international law enforcement to combat money laundering effectively,” Al Mansouri noted.

Dubai Economic Security Centre disrupted $49 million crypto money laundering operation

The other successful operation, a collaboration between Dubai Economic Security Centre and the Public Funds Prosecution in Dubai disrupted an international organized crime network involved in money laundering operations worth $49 million (180 million AED) using cryptocurrencies. It involved 30 individuals and three companies. The network, which conducted complex money laundering operations worth AED180 million using cryptocurrencies, operated across the UK and Dubai. Investigations revealed that the network laundered cash in the UK through unlicensed cryptocurrency intermediaries present in the UK and Dubai.

Dubai Police working with crypto exchanges and Blockchain Intelligence firms

The General Department of Criminal Investigation at Dubai Police signed a Memorandum of Understanding (MoU) with BitOasis Technologies to strengthen cooperation, foster partnership ties, and enhance security efforts. The MoU aimed to bolster collaboration and exchange expertise in addressing economic crimes and exploring their future trends.

Additionally Dubai Police also partnered with Crystal Intelligence an advanced blockchain analytics and on-the-ground intelligence firm empowering financial institutions, governments & regulators in the fight against cryptocurrency crime.

29 percent of Middle East Wealth owners see crypto asset wealth transfer as a problem

29 percent of Middle East Wealth owners see crypto asset wealth transfer as a problem

As the popularity of crypto rises not only globally but in the UAE, a recent DIFC Innovation Hub, Julius Baer, and Euroclear report entitled “Navigating the Future of Inheritance” found that one of the most problematic assets to transfer as part of inheritance is crypto assets.

According to the report 24% of global wealth owner respondents cited crypto assets as problematic during the transfer process, while in the Middle East region, it was higher at 29%. The typical HNWI’s ( High Net Worth Individuals), estate is spread across more accounts and more documents globally than ever, many of which lie outside of the core responsibilities of the region’s wealth managers.

This is interesting especially given that The United Arab Emirates ranked fifth for crypto adoption worldwide, with the largest percentage of the population holding crypto at 30.4% (The average across all countries is 3%).


The Navigating the Future of Inheritance report addressed the complexities of inheritance at a time when the region stands on the verge of a historic transition of USD 1trn (AED 3.67trn) in wealth to heirs and extended family members. This includes High Net Worth individuals in the United Arab Emirates who have seen their assets grow by 20 percent to reach USD 700bn in value since 2022.

The report discussed how smart contracts can automate trust deeds administration with streamlined client onboarding at trigger events such as birthdays or deaths. In addition by tokenizing assets wealth holders could standardize and streamline the administration of all their holdings into a single digital portfolio with safe custody and better access to financing.

It would also ensure the HNWI’s had control over their data which was also something important to them, improving their data privacy and confidentiality. Tokenization could allow each individual’s data item to be separately permissioned – so that any one organization can see only what the original wealth holder wants them to see.

Smart Contracts for example would allow wealth holders to define their own administration and reporting rules especially with high complexity of tax and jurisdictional rules which is an issue for 81% of respondents in the survey. The use of smart contracts can be used to drive greater programmability of data and processes – and therefore reduce costs and complexity for investors and their wealth
managers.

In addition with 14% of respondents in the report struggling to define and document asset ownership, digital identity and tokenization would be able to create digital records with information on history, ownership and updates. The report notes that recent pilots in Europe have demonstrated that permissioned tokens can directly link Know Your Customer (KYC) information to securities investments, creating self-contained units of information that facilitate streamlined processing and verification.

Another issue that needs to be address is security. According to the report tokenized security records are both immutable and traceable which is a requirements for 14% of respondents who are struggling to verify the authenticity of assets.

Instant transfers for example is a requirement of 50% of respondents and 62% of non shariah wealth holders who usually have to wait over 6 months to transfer their assets today.

Finally, the report notes the potential benefits of tokenization appear equally apparent. In removing obstacles to proper estate planning and in smoothing the execution of wealth transfers, a new, industry platform could reduce costs and improve transparency, thereby delivering a range of social benefits that extend for generations.


More transparent wills would mean less pressure on existing family decision structures. Lower costs would mean greater access to inheritance beyond only HNWIs. Most of all, a tokenized ecosystem for inheritance could avoid unnecessary stress on family structures and ensure that more wealth is preserved for generations to come.

This will need more clarity on the rules that govern how digital assets can be recognized, and used, the the legal validity of electronic wills, stored as smart contracts; and how the rights of investors using tokens can be protected – across multiple jurisdictions where assets may be held and / or transferred.

FastBull Finance Summit debuts in Dubai UAE in April 2025

FastBull Finance Summit debuts in Dubai UAE in April 2025

The FastBull Finance Summit has announced its debut in Dubai, taking place on April 16-17, 2025, at the iconic Coca-Cola Arena. The summit will bring together industry leaders, investors, and financial experts for two days of insightful discussions, groundbreaking trends, and unparalleled networking opportunities.

A Must-Attend Event to Listen to Jim Rogers’ Sharing

At the heart of this highly anticipated event is none other than Jim Rogers, the legendary investor and co-founder of the Quantum Fund. Known for his bold market predictions and expertise in global investment strategies, Rogers will share his invaluable insights on the future of global markets, the rise of alternative assets, and his outlook for emerging economies.

Exclusive Panel Discussions on the Future of Trading

At the FastBull Dubai Finance Summit 2025, the organizers are offering four exclusive panel discussions that will dive deep into the most pressing topics in the world of Forex, crypto, and smart trading. Each forum will provide participants with valuable insights and hands-on discussions led by top industry experts.

Networking is made easy with complimentary coffee breaks throughout the event, providing a chance to mingle with fellow professionals, engage in discussions, and form valuable business connections.

Every participant will have the chance to win incredible prizes in our surprise raffles held throughout the event. From exclusive gifts to once-in-a-lifetime experiences, you won’t want to miss your chance to win something special!

Kingdom Holdings will invest in crypto only in one case

Kingdom Holdings will invest in crypto only in one case

In an interview on the sidelines of the World Economic Forum, the CEO of Kingdom Holding Company (KHC), led by Saudi Prince Alwaleed Bin Talal, Talal Ibrahim Al-Maiman noted that while they might invest in Tiktok If the USA or Trump invests in it, they will not invest in crypto as long as they cannot buy goods with cryptocurrencies.

Using Warren Buffet’s famous theory, ” You dont buy, you dont invest in what you cannot use to buy goods” . As such Al Maiman told Reuters that Kingdom Holdings has no immediate plans to invest in cryptocurrencies due to their limited adoption as a payment method.

CEO of Kingdom Holdings, Talal Ibrahim al-Maiman told Reuters that the company known for its traditional value investing strategy and its diversified portfolio of $13.6 billion in assets remains skeptical of the digital asset market.

Al-Maiman explained on the sidelines of the World Economic Forum in Davos. “Since we can’t buy goods with cryptocurrencies, we’re not looking into them at this time.”

Although there has been ongoing speculation on social media about Saudi royal family investments in cryptocurrencies, Alwaleed has consistently expressed doubt. In 2017, the prince publicly stated that he believed bitcoin would eventually “implode.”

Kingdom Holding remains aligned with Alwaleed’s long-standing approach, favoring established sectors like finance, hospitality, healthcare, media, technology, and real estate over speculative digital assets.

However it recently invested in AI, taking part in the $6 billion Series B round of Elon Musk’s artificial intelligence startup “xAI”, at a valuation of $24 billion.

This comes as the Middle East & North Africa (MENA) region ranks as the seventh-largest crypto market globally in 2024, with an estimated $338.7 billion in on-chain value received between July 2023 and June 2024, accounting for 7.5% of the world’s total transaction volume.

While the UAE got its first regulated AED (UAE Dirham) stablecoin approved by the Central Bank of the UAE and is set to launch soon according to AE Coin’s X post.

UAE Phoenix Group joins crypto miners in Ethiopia

UAE Phoenix Group joins crypto miners in Ethiopia

UAE based Phoenix Group PLC (ADX:PHX), has expanded its operations into the burgeoning African market with the acquisition of an 80-megawatt (MW) power purchase agreement (PPA) in Ethiopia. This landmark deal, forged in partnership with Abu Dhabi-based cybersecurity firm Data7, marks a significant step in Phoenix Group’s global diversification strategy. It secures a reliable and sustainable energy source to fuel its long-term growth and underscores a commitment to responsible digital asset infrastructure development.

The new Ethiopian site, slated for energization in Q2 2025, will dramatically enhance Phoenix Group’s operational capacity, significantly increasing the exahash rate of its rapidly expanding mining portfolio. This move solidifies Phoenix Group’s position as one of the world’s largest Bitcoin miners and reinforces its commitment to scaling operations and delivering cutting-edge, globally distributed digital asset infrastructure. Phoenix Group is poised to build on this momentum, with further announcements of new sites and increased capacity in 2025, including continued expansion in Ethiopia and a strategic entry into the South American market.

“This 80MW expansion in Ethiopia, on the heels of our North Dakota site announcement, is a powerful testament to Phoenix Group’s accelerating global momentum,” said Munaf Ali, CEO of Phoenix Group. “We are aggressively building out our mining capabilities, and this added capacity further solidifies our position as one of the world’s largest Bitcoin miners, fueling our growth trajectory as we prepare for our listing on Nasdaq. We’re not just expanding our operations; we’re strategically positioning ourselves at the forefront of a financial revolution where cryptocurrencies will play a central role in creating a more inclusive and dynamic global economy.”

Reza Nejatian, CEO of Global Mining Operations at Phoenix Group, added: “This project in Ethiopia, significantly increasing our exahash rate, is a clear signal of our ambition to not just participate in, but to lead, the global Bitcoin mining landscape. Ethiopia’s emergence as a key crypto-mining hub provides the perfect platform for our continued expansion, and this is just the first phase of our growth in the country. Our strategic partnership with Data7, enabling the deployment of the latest S21 Hydros, underscores our commitment to leveraging cutting-edge technology to maximize efficiency and solidify our competitive advantage. And our ambitions extend beyond Africa; we’re actively preparing to launch operations in South America in 2025, further diversifying our global footprint. This is how we execute on a global scale, and this is how we build the future of decentralized finance.”

Earlier this month, UAE Phoenix Group launched its 50MW mining facility in North Dakota in the USA. Fully operational, the site will contribute an impressive addition of more than 2.7 exahashes (EH) to Phoenix’s global hash rate. This is an initial step in expanding Phoenix Group’s UAE mining capabilities and investments in the United States.

Ethiopia is a growing crypto mining Hub

Ethiopia and its local Bitcoin mining operations account for 2.5% of global hashrate. Bitcoin miner Kassa stated, “Bitcoin miners in Ethiopia now command 2.5% of the global hash-rate. If trends continue, according to Ethiopian Electric Power (EEP), this will more than double within one year.”

Ethan Vera, co-founder and COO of Luxor Mining, had previously noted that the EEP reports local operations already consuming 600 MW of power. By the end of 2024, that number could rise to 1 gigawatt, representing as much as 7% of the global Bitcoin network’s hashrate.

Companies like Bitmain-backed BitFuFu have acquired large mining operations in Ethiopia. In addition BIT Mining has also recently entered the Ethiopian market, acquiring a 51 MW Bitcoin mine and 17,869 mining rigs for $14.3 million. While, Matthew Sigel, Head of Digital Assets Research at VanEck Investment firm speaking on CNBC SquakBox noted that three new BRIC members, Argentina, UAE, and Ethiopia had begun mining Bitcoin using government resources

In November 2024, Ethiopia Electric Power (EEP), a state-owned utility, signed power purchase agreements with 25 bitcoin mining companies. These bitcoin companies are using Ethiopia’s surplus renewable energy from The Grand Ethiopian Renaissance Dam (GERD), a 6,450 MW hydropower project nearing completion on the Blue Nile in Ethiopia, located about 30 km upstream of the border with Sudan.

UAE Hodler Investments entering Ethiopia to provide energy for data centers

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

Unregulated UAE based Cryptocurrency Financial services admits to fraud

Unregulated UAE based Cryptocurrency Financial services admits to fraud

UAE based but unregulated, Cryptocurrency financial services firm CLS Global, has pleaded guilty to charges stemming from a U.S. undercover operation targeting fraud in the crypto sector. USA federal prosecutors announced that CLS will admit to manipulating the market for a digital token created at the FBI’s direction.

The investigation, known as “Operation Token Mirrors,” was the FBI’s first attempt to create its own digital token and a fake cryptocurrency company as part of a broader strategy to identify fraudsters in the crypto market. CLS is one of three market makers and 15 individuals charged last year by federal prosecutors in Boston as a result of the probe.

In court filings, CLS acknowledged providing illicit services to the FBI-backed NexFundAI token, which ran on the Ethereum blockchain. Prosecutors said the firm engaged in wash trading—sham transactions intended to artificially boost the token’s trading volume and price.

Under the terms of the plea agreement, CLS will plead guilty to two fraud-related counts, pay $428,059 in penalties, and withdraw from cryptocurrency transactions involving U.S. investors. The company will also be required to certify its business practices annually and agreed to settle civil charges brought by the U.S. Securities and Exchange Commission.

Filipp Veselov, CEO of CLS Global, stated, “We recognize that there may be areas where we can improve our processes, and we are open to constructive dialogue with regulatory authorities.” The company added that it actively works to restrict engagement with U.S. clients.

This case is part of a broader DOJ crackdown on crypto market manipulation, with other firms like CLS Global, and ZM Quant also facing accusations of inflating token volumes. These firms allegedly engaged in similar practices, making tokens appear more active and valuable than they were, often selling them at inflated prices to outside investors.

Dubai authorities broke up two major money laundering operations

This comes as Dubai authorities, in collaboration with key federal authorities, have successfully broken up two major international networks conducting money-laundering operations worth a total of $174 million (AED641 million). The Dubai Public Prosecution referred an Emirati national, 21 British nationals, two Americans, a Czech national, and two companies owned by the Emirati national to the Criminal Court of First Instance at Dubai Courts. The individuals and entities face charges of possessing illicit funds of AED461 million as well as forgery of official documents and their use.

In another successful operation, a collaboation between Dubai Economic Security Centre and the Public Funds Prosecution in Dubai disrupted an international organized crime network involved in money laundering operations worth $49 million (AED180 million) using cryptocurrencies. The Dubai Public Prosecution has referred the case involving a network of 30 individuals and three companies to the Money Laundering Court at Dubai Courts. The network, which conducted complex money laundering operations worth AED180 million using cryptocurrencies, operated across the UK and Dubai. Investigations revealed that the network laundered cash in the UK through unlicensed cryptocurrency intermediaries present in the UK and Dubai.

The accused, identified as two Indian nationals and one British national, orchestrated the scheme, which included proceeds from illegal activities such as drug trafficking, fraud, and tax evasion in the UK. A meticulously planned operation led to the arrest of the accused and the freezing of bank accounts used for money laundering activities.

The success of these complex operations was made possible through the combined efforts of the Public Funds Prosecution in Dubai, Dubai Economic Security Centre, Dubai Police’s Anti-Money Laundering Unit, the UAE Financial Intelligence Unit, Dubai Customs, and the International Cooperation Department at the UAE Ministry of Justice.

His Excellency Essam Issa Al Humaidan, Attorney General of Dubai, commended the Public Prosecution, law enforcement agencies, and partnering local and federal agencies for conducting coordinated meticulous investigations that led to the successful dismantling of the sophisticated international money laundering networks. He underscored the significance of these efforts in tackling complex financial crimes, protecting the national economy, and enhancing financial stability. His Excellency reaffirmed Dubai’s commitment to enforcing anti-money laundering laws, combating organized financial crime, and strengthening international cooperation to uphold global financial integrity.

Dubai Police succeed in addressing 500 money laundering cases

Dubai Police successfully addressed 500 money laundering cases from 2022 to 2024, underscoring their vital role in the UAE’s efforts to combat organized and transnational crime. Working closely with international law enforcement agencies, these efforts have led to investigations involving over AED 4 billion, including $16 million (AED 60 million )in virtual assets.

Lieutenant General Abdulla Khalifa Al Marri, Commander-in-Chief of Dubai Police, highlighted that these accomplishments reflect the UAE’s ongoing commitment to fighting money laundering and strengthening global partnerships to tackle financial crimes.

Morocco’s Central Bank forms the Morocco Fintech Center

Morocco’s Central Bank forms the Morocco Fintech Center

The Central Bank of Morocco, better known as Bank Al Maghrib has formed the Morocco Fintech Center (MFC). It includes governmental entities, private sector entities as founding members. The Center was founded during a general meeting on January 15th 2025 at the headquarters of Bank Al Maghrib.

The founding members of the Morocco Fintech Center (MFC), include Ministry of Economy and Finance, represented by Mrs. Nadia Fettah Alaoui; Ministry of Digital Transformation and Administration Reform, represented by Mrs. Amal El Fallah Seghrouchni; Bank Al-Maghrib, represented by Mr. Abdellatif Jouahri; Moroccan Capital Market Authority, represented by Ms. Nezha Hayat; Insurance and Social Security Control Authority, represented by Mr.Abderrahim Chaffai; Mohammed VI Fund for Investment, represented by Mr. Badr Belkadi; TAMWILCOM, represented by Mr. Hicham Zanati Serghini; Digital Development Agency, represented by Mr. Sidi Mohammed Drissi Melyani; Al Akhawayn University, represented by Mr. Amine Bensaid; Mohammed VI Polytechnic University, represented by Mr. Khalid Baddou; Attijariwafa Bank, represented by Mr. Mohamed El Kettani; Banque Centrale Populaire, represented by Mrs. Naziha Belkeziz; Bank of Africa, represented by Mr. Mounir Kabbaj; CDG Invest, represented by Mr. Yassine Haddaoui; and HPS, represented by Mr. Mohamed Horani.

The general assembly approved that other organizations could join the association.

Morocco Fintech Center to assist Fintech startups

The Morocco Fintech Center aims to constitute a common window for Fintech startups and companies, supporting their development through support, incubation, acceleration and training. The MFC hopes to facilitate their understanding of the regulatory environment as well as access to financing. It will promote a collaborative fintech ecosystem fostering partnerships and networking opportunities while encouraging research and development in financial innovation.
The MFC held its first Board of Directors meeting under the presidency of Mr. Abdellatif Jouahri, Wali of Bank Al-Maghrib. The Board appointed Mr. Mustapha Lahlali as Executive Director.

As per the press release, Council members are committed to working together to accelerate the national fintech ecosystem.

Morocco to announce crypto regulations

On December 20th 2024, the Central Bank of Morocco represented by its governor Abdellatif Jouahri announced in Rabat Morocco that the draft crypto bill to regulate the use of cryptocurrencies was ready. Jouahri stressed that the full draft is ready to put in place a proper regulatory framework.

Jouahri stated, “Discussions are to be held with all stakeholders, including the Moroccan Capital Markets Authority (AMMC) and the Insurance and Social Security Supervisory Authority (ACAPS). We proceeded to a specific definition of the cryptocurrency and prepared a general public survey that details the specifics and use of this virtual currency in Morocco.”

Chainalysis’s 2024 Geography of Cryptocurrency report covering the MENA region and noting that MENA is the seventh largest crypto market globally in 2024 with the biggest two crypto countries being Turkey and Morocco.

Morocco Digital 2030 strategy includes DLT, and AI

On September 25 2024, Morocco unveiled its Digital 2030 strategy which aims to transform Morocco into a digital leader and boost its digital economy using AI, DLT (Distributed Ledger Technology), cloud services, and an ecosystem that supports innovative startups.

As per the strategy, the country seeks to create 240,000 jobs in the digital sector by 2030, which it expects will contribute 100 billion dirhams ($10.36 billion dollars) to the country’s gross domestic product while increasing digital export revenues to 40 billion dirhams ($4.15 billion). The strategy also aims to improve Morocco’s ranking in the United Nations Online Services Index, moving from 100th to 50th place worldwide in addition to creating 3,000 startups and improving 5G coverage to 70% of the North African kingdom’s territory.

The Hashgraph Association, a Swiss non-profit, drives global adoption of Hedera-powered solutions by funding innovation, training, and venture programs. It promotes economic inclusion and a digital future with a positive ESG impact, will be working with Agency of Digital Development to strengthen citizen services using the Hedera DLT network and Web3 technologies. It will also be working with Moroccan UM6P Ventures, an early-stage venture capital firm and the investment arm of UM6P (Mohammed VI Polytechnique University), will help to develop entrepreneurship and accelerate science innovation and co-investment opportunities in Morocco and the wider Africa region.

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.

UAE Sigma Capital venture firm launches $100 million Web3 fund

UAE Sigma Capital venture firm launches $100 million Web3 fund

UAE based Sigma Capital, a Web3 early-stage venture firm, has launched a $100 million fund dedicated to accelerating the next wave of Web3 innovation in the Middle East and globally. As per the press release, the fund launch spotlights the UAE’s growing role as a global hub for the Web3 & Blockchain sector.


The fund will focus on early-stage venture investments in transformative areas such as DeFi, blockchain infrastructure, real-world asset tokenization, gaming and the metaverse.

Sigma Capital will actively manage a portfolio of liquid tokens, seizing market opportunities to generate consistent returns. The fund will also leverage high-yield DeFi strategies to optimize portfolio performance and invest in high growth crypto venture funds that broaden exposure to emerging innovations.


Vineet Budki,an expert in the Web3 space, and the former CEO and Managing Partner of Cypher Capital, also a Web3 VC based out of UAE, will lead the fund.

Vineet spearheaded over 300+ investments in high-profile projects, including Mysten Labs, Sei Network, Casper Labs, Web3Auth, Casper labs, Manta network, Mocaverse, Peak network and MyPetHooligan.


The Sigma Capital Team has years of experience in the Blockchain investing space and have been invested or partnered with multiple reputed players in the Blockchain space which include Polygon Technology, Morningstar Ventures, Blockchain Founders Fund, Woodstock Fund and many others.


Vineet Budki, CEO and Managing Partner of Sigma Capital, said, “We envision a digital economy that is more open, inclusive, and innovative. The UAE’s dynamic economy and forward-thinking regulatory environment provide the perfect backdrop for Web3 innovation. This fund empowers startups with capital, equips them with access to our extensive network and expertise, and enables them to thrive in a rapidly evolving landscape.”


Sandeep Naliwal, Founder Polygon Technology one of the leading players in the Blockchain space noted, “ Vineet’s track record as a visionary leader in Web3 speaks for itself. His deep understanding of market dynamics and foresight in nurturing high-impact projects have been pivotal in advancing the ecosystem. The launch of Sigma Capital’s $100 million fund is a testament to his expertise and the UAE’s emergence as a global hub for blockchain innovation. I have no doubt this fund will catalyze the next wave of groundbreaking startups and solidify the region’s role in the decentralized economy.”


Sigma Capital plans to deploy investments across 100 early-stage projects, 25 liquid tokens, and 10 fund-of-fund allocations over the next three years. The firm’s strategic edge lies in its proven expertise and global reach, leveraging its network to provide access to key exchanges, market makers, exchanges, launchpads and opinion leaders.

Danilo S. Carlucci, Founder & CEO at Morningstar Ventures, and a key partner in the fund sdded, “Since our establishment in Dubai in 2020, Morningstar Ventures has been committed to supporting transformative projects and bold founders that push the boundaries of blockchain innovation. Sigma Capital’s $100 million fund is a testament to the region’s growing influence in blockchain and financial technology. It will support the growth of Web3 startups and further solidify the region’s position as a leader in financial innovation.”


Sigma Capital collaborates with Web3 hubs across 10 global cities, providing portfolio companies with deep market insights and comprehensive support to enable success in a competitive market. By combining a diversified approach with deep market access, Sigma Capital aims to drive sustainable growth in both the Global and GCC Web3 ecosystem.


The firm’s dual presence in Dubai and Singapore, coupled with regulatory oversight from the Cayman Islands, ensures access to global opportunities while maintaining a strong compliance framework.

In December 2024, The Hashgraph Group (THG), the Swiss-based international business, technology, and investment firm that operates exclusively within the Hedera ecosystem, secured a fund management license through its subsidiary Hashgraph Ventures Manager Ltd in ADGM planned to launch a $100 million global venture fund (Hashgraph Venture Fund-I). The strategic Web3 venture fund would focus on generating attractive long-term returns by investing in proven early-stage and well-established companies utilizing deep technologies to build and commercialize enterprise-grade solutions and products for the Web3 economy.