Ripple backed Hidden Road receives in principle license approval in UAE

Ripple backed Hidden Road receives in principle license approval in UAE

Ripple backed Hidden Road, which offers traditional and digital asset brokerage services, has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a regulated financial services firm.

Pending final regulatory approval, Hidden Road will be authorized to offer clearing and prime brokerage services across its global suite of traditional and digital asset products to institutional investors in the UAE.

“Receiving our IPA from ADGM marks a significant milestone for our business,” said James Stickland, UAE CEO, Hidden Road. “ADGM’s high regulatory standards make it a key market for institutional growth.”

Hidden Road Partners CIV NL B.V. is licensed as a MiFID investment firm and as a Crypto-Asset Service Provider (“CASP”) by the Netherlands Authority for the Financial Markets (AFM). It is also an authorized a AMLD5 and MiFID investment firm by the UK Financial Conduct Authority; as well as a Commodity Futures Trading Commission (CFTC)-registered Futures Commission Merchant (FCM), a Financial Industry Regulatory Authority (FINRA)-member broker-dealer, and a member of the National Futures Association (NFA) and Fixed Income Clearing Corporation (FICC).


“Our goal from day one has been to equip clients with seamless access both to traditional and digital markets,” said Noel Kimmel, President at Hidden Road. “We continue to actively pursue regulatory approvals around the world to deliver on that commitment, recognizing the confidence and transparency that follows when operating under clear regulatory frameworks.”

Arvind Ramamurthy, Chief of Market Development at ADGM, said, “ADGM congratulates Hidden Road on receiving its IPA from the FSRA to operate as a regulated financial services firm. The expansion of their services within the international financial centre is a testament to the immense opportunities available within Abu Dhabi. We look forward to Hidden Road receiving their Financial Services Permission (FSP) and their contribution to ADGM’s dynamic ecosystem.”

Hidden Road’s IPA from ADGM’s FSRA follows its recent definitive agreement on April 8, 2025, to be acquired by Ripple, a leading provider of digital asset infrastructure for financial institutions, for $1.25 billion. With the backing of Ripple’s significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline and become one of the largest non-bank prime brokers globally. The deal is expected to close in the coming months, subject to regulatory approvals.

Crypto.com teams up with UAE Emarat Energy company to offer crypto payments

Crypto.com teams up with UAE Emarat Energy company to offer crypto payments

Crypto.com exchange, a regulated crypto exchange operating out of Dubai UAE, has partnered with Emarat Energy Company to offer crypto payment options at select Emarat service stations. As per the LinkedIn post the expansion depends on regulatory approvals and customer demand.

Emarat runs more than 155 service stations across the UAE. The setup of crypto fuel stations signals a shift towards new payment methods. This aligns with industry moves toward contactless payments and better customer service. Emarat hopes to modernize its retail model and appeal to tech-savvy consumers. It also aims to boost its image among digitally aware customers.


The partnership will see Crypto.com integrated at an initial 10 service stations, with plans to progressively expand the integration across the Emarat service station network.

Additionally, through Project Landmark—the first project providing naming rights for fuel stations in the world by Emarat, Crypto.com and Emarat will unveil the Crypto.com Emarat Service Station at Emarat’s Al Ameen Station in Al Wasl Road, a signature service station branded by Crypto.com and supported by the Crypto.com integration.

“Further enabling the utility of cryptocurrency is central to our vision at Crypto.com,” said Mohammed al Hakim, President of Crypto.com UAE. “The UAE is a cryptocurrency market leader, and we are excited to partner with Emarat, the region’s leading petroleum brand and serving tens of thousands of customers every day, in bringing digital assets into its next era.”

Ali Bin Zayed Al Falasi, Chief Retail Officer & Senior Vice President – Marketing at Emarat, said, “At Emarat, we are constantly exploring new frontiers in innovation and customer experience. This partnership with Crypto.com introduces a new era of convenience and possibility for our customers, while strengthening our position as a future-focused brand. Together, we’re bridging the gap between energy retail and emerging financial ecosystems.”

Crypto.com users and Emarat customers will be able to enjoy additional benefits of the partnership, having exclusive offers and a mutual promotional program to uplift customers’ experience.

The UAE has been at the forefront of Blockchain and crypto, with many real estate developers offering crypto payments and most recently one of the biggest investments in the UAE, the $2 billion investment into Binance being carried out using a stablecoin.

Kappa Lab for digital assets opens operation in UAE

Kappa Lab for digital assets opens operation in UAE

UK based Kappa Lab previously known as CrypPro, a digital assets market maker, has opened a new operational base in Dubai UAE at the DMCC Crypto center. The announcement comes after its participation at Token 2049 in Dubai this April.

Speaking to Anis Akl, Founder of Kappa Lab, he noted, “We selected Dubai as the location for Kappa Lab’s new office for several strategic reasons. First, its regulatory environment as Dubai offers a well-established, business-friendly framework that supports innovation and growth. Secondly, the city’s overall value proposition has proven highly attractive to both our existing team and prospective talent.”

He also stated that one of the reasons was Dubai’s position as a global business hub—bridging East and West—provides a strong strategic advantage for Kappa Lab, which already has an established presence in the UK and Europe and is expanding its engagement in Asian markets.

He added that they plan to apply for a crypto broker dealer license with Dubai’s Virtual Asset Regulatory Authority. He says, “We do plan to apply for a broker-dealer license.”

This announcement comes as more and more crypto entities have been granted licenses by VARA in the UAE. Most recent are Gate.io, as well as BurjX which received an in-principle approval from ADGM.

Abu Dhabi AltNovel and 3iQ to launch digital asset multistrategy fund in Middle East

Abu Dhabi AltNovel and 3iQ to launch digital asset multistrategy fund in Middle East

AltNovel, an Abu Dhabi-based private markets platform regulated by the Financial Services Regulatory Authority (FSRA) at ADGM, has partnered with 3iQ, a global digital asset investment manager recently acquired by Japanese Monex Gorup, to launch the AltNovel Digital Access Portfolio (ADAP), digital asset Multi-Strategy Fund in the Middle East.

As per the press release, ADAP is a multi-strategy portfolio of alpha-oriented digital asset hedge funds that seek to deliver high absolute returns with a reduced correlation to traditional assets and hedge funds. The fund seeks improved risk-adjusted returns versus other assets such as Bitcoin, stocks and other digital assets.


It aims to deliver lower volatility and drawdowns relative to long-only digital assets targeting annualized returns of over 20% and mitigating drawdowns to as low as 2.4%.


Designed for professional qualified investors, the fund will combine 3iQ’s expertise in digital asset management with AltNovel’s innovative portfolio structuring, to offer a diversified and balanced exposure to this rapidly growing asset class.

“This partnership is a milestone for AltNovel as we continue to focus on bringing high quality investment solutions to private investors in the GCC from our home in the ADGM,” said Stergios Voskopoulos, CEO of AltNovel. “Digital assets represent the next frontier in portfolio diversification, and this collaboration with a sector leader like 3iQ aligns with our commitment to offering forward institutional-grade, highly customizable digital asset investment opportunities tailored to their evolving needs.”

“The United Arab Emirates is at the forefront of financial innovation and robust digital assets regulation. As part of our global expansion plan, we are excited to partner with AltNovel to bring our expertise in risk management and digital asset strategies to the region. We are seeing an increasing demand for institutional risk-managed solutions,” said Pascal St-Jean, President and CEO of 3iQ.

The fund will provide diversified exposure to digital asset investment strategies with the objective of reducing volatility while delivering superior returns. This partnership underscores the firms’ shared belief in the potential of digital assets to transform the global financial landscape.

Kuwait extends its prosecution of illegal crypto mining

Kuwait extends its prosecution of illegal crypto mining

Kuwait’s Public Prosecution after detaining 26 individuals, is further investigating another 60 individuals which the prosecution says are involved in illegal crypto mining activities.

According to Kuwait Arab Times the Kuwait Public Prosecutor has detained 26 individuals pending further investigation. The individuals were charges with engaging in unauthorized activities that undermine the country’s interests, while lacking necessary licenses from municipality and the Ministry of Industry and Communications.

The charges are the illicit use of energy to mine cryptocurrency, in violation of state-mandated electricity consumption regulations. According to sources, the defendants denied the charges during their interrogation but were confronted with criminal investigation reports linking them to the incidents and some of the seized devices.

Meanwhile, the Ministry of Interior revealed the seizure of 47 homes in the Ahmadi Governorate, where residents were engaged in cryptocurrency mining, significantly affecting the electricity supply.

The Cabinet has commended the outcomes of an extensive security operation overseen by Acting Prime Minister and Minister of Interior Sheikh Fahad Al-Yousef, Minister of Electricity, Water, and Renewable Energy Dr. Subaih Al-Mukhaizeem, Minister of State for Communications Affairs Omar Al-Omar, and Minister of State for Municipal Affairs and Minister of State for Housing Affairs Abdullatif Al-Mishari.

The Cabinet emphasized that the operation is part of ongoing governmental efforts to combat unlawful activities, safeguard the electricity grid from illegal usage, and ensure public safety. Crypto mining according to government officials exploits electrical resources, leading to increased grid loads, power outages, and disruptions in residential, commercial, and service areas.​

The Public Prosecution, through the Commercial Affairs Prosecution, has ordered the continued detention of several suspects, including property owners who rented out their homes for mining purposes.

Others have been released on bail of 500 Kuwaiti dinars. Investigators have confronted defendants with evidence of substantial deposits in their accounts, some amounting to 3,000–4,000 dinars daily, originating from unidentified sources.

In Al Rai media, sources informed the publication that operations to identify cryptocurrency mining sites are ongoing. Searches are being conducted in areas including Wafra, Sabah Al-Ahmad, and Mutlaa, with no region excluded, The Ministry of Electricity is disconnecting power to properties involved in mining activities, with reconnection contingent upon approval from the Ministry of Interior.​

Additionally, the Ministry of Electricity, in collaboration with the Ministry of Interior, is enforcing penalties for cryptocurrency mining activities based on the previous ban announced recently.

UAE MBS invests $8 billion for Maldives Financial center

UAE MBS invests $8 billion for Maldives Financial center

The Maldives Government and UAE based MBS Global Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani, have agreed to build a financial freezone in Maldives with an investment of $8.8bn. Dubbed the Maldives International Financial Centre (MIFC), the center will be designed for and created to attract global financial institutions, fintech pioneers, and global digital Nomads with support for digital assets.

As per the press release, The MIFC free zone will offer no corporate tax, tax-free inheritance, ownership as per the constitution of the Maldives, and privacy. Combined with no residency requirements, it’s set to attract digital nomads, entrepreneurs, and wealth creators seeking freedom without borders. Residents will benefit from multi-currency banking and access to offshore private banking. Future-ready regulations will support digital assets, and green finance – making MIFC not just a financial hub, but a destination for those investing in the legacy of future generations.

Due to be completed by 2030, it will be easily accessible from any part of the world and the aim is to notably increase the country’s GDP within four years with projected revenue to be well over US $1bn by the fifth year.

The centrepiece of MIFC is a state-of-the-art conference centre with capacity for 3,500 people. The multi-purpose convention venue will host leading global conferences, cultural events and innovation-driven hackathons establishing Male as leading assembly hub, driving all year round engagement in the Maldives and further supporting the wider, already established hospitality industry

The plan includes three iconic residential and office towers designed for international HQs and regional offices, high-end, sea front branded residences, world-renowned hotel brands, vibrant and one-of-a-kind retail experience, Oceanographic Museum, Mosque, and leading education facilities including an International School.

President Dr Mohamed Muizzu said, “With the MIFC, we are shaping the Maldives of tomorrow, a beacon of innovation and national pride that will thrive in harmony with nature. The financial centre will be a symbol of economic resilience and will set a new global benchmark that will massively benefit the people of the Maldives for generations to come.”

Minister of Finance for the Maldives said, “This is a momentous project. It offers a great opportunity to diversify our economy beyond tourism in line with our ambitions and will attract the best businesses and visionary entrepreneurs in the world.”

Nadeem Hussain, CEO of MBS Global Investments said, “The financial centre will set a new global benchmark, advancing financial innovation by at least two decades. It is the next evolution of what has been happening in other financial centres around the globe.”

This dynamic mixed-use development has been designed by master planner Architect Gianni Ranaulo, every structure from the overarching master plan to the individual buildings are inspired by the local fauna and marine eco-system. Ranaulo incorporates environmentally conscious practices in all projects. The total size of the development is 780,000 sqm where more than 6,500 people can reside, and an expected daily footfall of 35,000.

While the press release itself does not mention blockchain or crypto hub, a report from the Financial Times, noted that the agreement, which was signed on May 4, was done in the hopes of moving the Maldives away from reliance on tourism and fisheries by attracting foreign direct investment into blockchain and Web3 technologies.

MBS has previously investment in Blockchain entities

MBS Global Investments, through one of its portfolio entities UAE Varys Capital had previously invested in Movement Labs, an L2 Blockchain platform.

At the time, MBS Global Investments had noted on LinkedIn, “MBS Global Investments proudly congratulates our partner, Varys Capital on their successful pre-seed investment in Movement Labs (MOVE), a pioneering project that has just achieved a major milestone. The recent Token Generation Event (TGE) for MOVE was a resounding success, with the token reaching an extraordinary fully diluted valuation surpassing $6 billion. This remarkable achievement has already captured the attention of the global crypto community, with MOVE being listed on all major exchanges, including Binance.”

MBS also noted that they would continue to support this venture. They stated, “We are excited to continue supporting this transformative venture and looks forward to the significant impact MOVE will have on the future of decentralized finance and blockchain technology.”

Eric Trump reveals the stablecoin behind UAE’s $2 billion Binance investment

Eric Trump reveals the stablecoin behind UAE’s $2 billion Binance investment

Eric Trump, the son of President Donald Trump, during his participation at Token 2049 demystified the stablecoin behind the deal that was made between UAE sovereign wealth fund MGX and Binance crypto exchange. The $2 billion investment by MGX into Binance was announced earlier this year, yet the stablecoin mentioned for carrying out the deal remained a mystery.

MGX, chaired by Sheikh Tahnoon Bin Zayed Al Nahyan, the UAE’s national security advisor and a brother of UAE President Sheikh Mohammed bin Zayed, backed not only by Abu Dhabi sovereign wealth fund Mubadala but also G42 invested 2 percent of its 100 billion investment vehicle into the world leading crypto exchange Binance.

At Token 2049 Dubai, Eric Trump demystified it stating the the World Liberty Financial USD stablecoin (USD1) is the one that will be used for the UAE MGX Binance deal, while noting that the USD1 would integrate with the Tron network.

Trump announced that the WLF USD stablecoin (USD1) was selected as the official stablecoin for MGX’s $2 billion investment in Binance. Zach Witkoff, the Co-founder of World Liberty Financial, teased more future partnerships for the DeFi protocol, adding that the platform aimed to establish USD1 as the preferred stablecoin in the DeFi and CeFi ecosystem, and the WLF team was working really hard on getting integrations into traditional retail point of sale systems.

“We thank MGX and Binance for their trust in us,” said Witkoff, who is the son of the White House envoy to the Middle East, Steve Witkoff. “It’s only the beginning.”

Trump disclosed that Abu Dhabi’s MGX will use the USD1 stablecoin to settle a $2 billion investment into Binance in one of crypto’s largest funding deals, marking the investment firm’s first venture into the crypto space.

Trump mentioned that sending funds internationally through SWIFT was slow, costly, and complex, emphasizing that crypto [almost] made banks redundant. An analysis report published by Statrys said the average transaction time on the SWIFT payment network was 20 hours and seven minutes. Additionally, 75% of SWIFT transactions involve one or two intermediary banks, meaning that these average 1 day and 11 hours to settle. However, a USDT or USDC stablecoin transaction on Ethereum settles within two to five minutes.

“USD1 will become one of the most transparent and regulated stablecoins in the world…not only do we want to create a product in our stable point USD, one that can be sent across borders in a very seamless way, but transparency and frankly, consumer safety is paramount…”

Galaxy leads $12 million investment in UAE based Fuze

Galaxy leads $12 million investment in UAE based Fuze

Galaxy, a leader in digital assets and data center infrastructure, and e& capital, the venture capital and investment arm of globaly technology group e& lead $12.2 million Series A funding round in Fuze, the Middle East and Turkey’s fastest growing digital assets infrastructure firm.

As per the press release, the Series A investment will fuel Fuze’s regional and international expansion, accelerate product innovation and compliance, and support top-tier hiring. Fuze provides Digital Assets-as-a-Service infrastructure enabling financial institutions and businesses across MENA and Turkey to offer regulated digital assets to their clients, as well as an Over-The-Counter (OTC) trading desk. In addition, Fuze has now launched a full suite of stablecoin infrastructure products and recently announced its expansion, through FuzePay, into payments.

Mo Ali Yusuf, CEO and Co-Founder at Fuze, stated, “Strategically, Galaxy’s comprehensive digital asset capabilities and e&’s unparalleled network will fast-track our mission to enable any bank, fintech or traditional business to seamlessly integrate digital assets and accelerate regional digital asset adoption. We are seeing a huge surge in demand and we believe that in the next 12 months, every financial institution and business will leverage some type of crypto or stablecoin capability.”

Leon Marshall, CEO of Galaxy Europe, added, “We are thrilled to partner with Fuze and lead this Series A round. The Middle East is poised to become a major hub for innovation, with the UAE demonstrating a willingness to develop comprehensive regulatory frameworks for digital assets and Fuze rapidly advancing its digital assets infrastructure.”

Fuze has been championed from the beginning by Further Ventures, an ADQ-backed venture builder and investment firm. In 2023 the company raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA). The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures. 

Mohamed Hamdy, Managing Partner at Further Ventures said, “This fundraising round marks an important milestone for Fuze, a company that Further Ventures backed since inception. We’re proud to welcome leading global investors – including Galaxy, e& Capital, and others – to join us on this journey. We believe Fuze is poised to become a dominant force in enabling digital asset businesses around the world.”

Harrison Lung, Group Chief Strategy Officer e&, said “With our investment in Fuze, we’re excited to align with a team that’s setting the benchmark for what a future-ready, regulated digital asset ecosystem can look like. There’s a natural synergy between Fuze and our fintech portfolio, from e& money to Wio and Careem Pay. And this investment is about backing bold companies who understand the long game, building digital assets infrastructure to supercharge the next wave of financial services innovation.”

In the last year, Fuze has processed over $2 billion in total digital assets volume through their Digital-Assets-as-a-Service platform, stablecoin infrastructure, and OTC.

SolvBTC Protocol launches Shariah Bitcoin yield product

SolvBTC Protocol launches Shariah Bitcoin yield product

Solv Protocol, creators of SolvBTC.CORE in partnership with CoreDAO and Nawa Finance have launched a Shariah compliant Bitcoin yield product.

SolvBTC.CORE enables institutions to access halal Bitcoin yields while meeting Shariah standards, unlocking a new era of Bitcoin finance (BTCFi) adoption.

The Middle East alone holds over $5 trillion in sovereign wealth fund assets. A significant portion of these funds require strict Shariah compliance before allocating capital into new asset classes, including digital assets like Bitcoin.

SolvBTC.CORE breaks down this barrier, offering a compliant pathway for these funds to earn sustainable yields on Bitcoin. Certified by Amanie Advisors, a globally recognized leader in Shariah advisory, and facilitated by Nawa Finance, a Shariah-compliant DeFi partner, SolvBTC.CORE adheres to the highest standards of Islamic finance, ensuring sovereign funds and institutional allocators can confidently participate in BTCFi.


SolvBTC.CORE combines Bitcoin’s security with Shariah-compliant yield generation by pegging Bitcoin, Every SolvBTC.CORE token is fully backed by Bitcoin, preserving the underlying value of users’ assets. It also offers secure staking yields where Bitcoin holders stake BTC through SolvBTC.CORE to help secure the Core Network, earning consistent on-chain yields without compromising liquidity or self-custody.
Yield generation mechanisms are fully aligned with Islamic finance principles — free from interest-based income and excessive risk.
Investors maintain full liquidity to deploy assets across DeFi opportunities, blending yield generation with active market participation.
With SolvBTC.CORE, institutions can now:

Ryan Chow, Founder of Solv Protocol, states, “SolvBTC.CORE paves the way for sovereign wealth funds and traditional financial institutions to securely and confidently stake Bitcoin and earn real, on-chain yields.”

Animoca Brands opens office in UAE and appoints Managing Director

Animoca Brands opens office in UAE and appoints Managing Director

Animoca Brands today announced its official expansion into the Middle East, with a presence in Dubai, United Arab Emirates, to meet the growing demands of Web3 organizations moving into the region. The company has also appointed Omar Elassar as managing director for the Middle East and head of global strategic partnerships.

As per the press release, the Dubai office will serve as a hub to engage with both local and international partners to foster innovation, guide strategic direction and operations and develop partnerships.

Oman Elassar will oversee the Middle East growth and operations. As a Web3 veteran Oman has eight years of Web3 native technology experience having held various executive roles with Polkadot, Ripple and others. He has also worked across corporate and technology strategy, as well as financial advisory at firms including Oliver Wyman, Deloitte, and Morgan Stanley. He holds an MBA from INSEAD, and an Honours degree in Computer Engineering from the University of Waterloo in Canada.

Commenting on the appointment, Evan Auyang, group president of Animoca Brands, said, “Omar’s deep expertise in Web3 makes him an exceptional addition to Animoca Brands. His leadership will be a key driver in driving Animoca Brands’ strategic growth in the Middle East and beyond.”

Omar Elassar, managing director for Middle East and head of global strategic partnerships, added, “We are excited to establish our first office in the Middle East, one of the world’s most connected innovation hubs, to leverage the region’s vibrant landscape and support the evolving needs of the Web3 industry locally and globally. Joining Animoca Brands at this phase in its journey presents a unique opportunity to work with visionary builders and contribute to the wider integration of blockchain technology in a market that is poised for significant growth.”

​Animoca Brands has been active in the MENA region

Already Animoca brands has been active in the region whether in Saudi Arabia or the UAE. Earlier this year is signed an agreement with Saudi Neom, and also led an investment in UAE based Param Labs, an independent Web3 Blockchain gaming and technology studio totaling $7 million.