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.

Zodia Custody seeks acquisition of Tungsten crypto custodian

Zodia Custody seeks acquisition of Tungsten crypto custodian

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

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

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

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

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

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

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

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

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

Daleel financial marketplace to integrate Binance Bahrain crypto products

Daleel financial marketplace to integrate Binance Bahrain crypto products

Daleel, a Middle East leading personalized financial marketplace will integrate and showcase cryptocurrency products from Binance Bharain. Through the Binance Link Program, Daleel will be able to access the top 10 crypto trading pairs from the largest and most liquid crypto exchange.

As per the press release, Daleel will become the first financial marketplace in the Middle East to present and compare information on cryptocurrency products alongside traditional financial services such as credit cards, loans and mortgages.

Users of Daleel’s platform will benefit from greater choice, the ability to seamlessly explore and access a wider range of financial products, while bridging the gap between traditional banking and digital assets.

Tameem Al Moosawi, Binance Bahrain GM, commented, “Cryptocurrency is being embraced around the world and providing access and visibility to crypto within a marketplace alongside traditional financial services will further legitimize crypto as an asset class. By adding cryptocurrency into everyday financial decision-making, we’re not just offering more choice, we’re defining what the future of finance looks like for millions of customers across the Middle East.”

PK Shrivastava, CEO at Daleel said, “We’re proud to be the first Middle East marketplace to offer crypto pricing from Binance, the largest crypto exchange. Through Daleel, customers in the Middle East will be able to access transparent information about cryptocurrency right alongside more traditional financial products.”

Daleel is a marketplace registered and licensed in the UAE and Bahrain and provides services in accordance with local regulations.

UAE Fuze and Hex Trust partner for crypto custodian offerings to financial sector

UAE Fuze and Hex Trust partner for crypto custodian offerings to financial sector

UAE based Fuze, a digital assets infrastructure provider has partnered with crypto custodian Hex Trust, regulated in the UAE, to deliver institutional-grade digital asset custody across the Middle East.

As per the LinkedIn post both Fuze and Hex Trust want to build secure compliant and scalable infrastructure that empowers financial institutions, banks and enterprises. The partnership will combine Hex Trust’s global leadership in digital asset custody with Fuze’s deep integration across the local banking and fintech ecosystem.

Mo Ali Yusuf, CEO of Fuze noted on LinkedIn, ” I am proud to announce our partnership with Hex Trust! Filippo Buzzi and I have built a strong working relationship over the past year, grounded in a shared vision for a regulated, secure, and scalable digital asset ecosystem. This partnership brings together two fully regulated entities under the VARA framework, combining Hex Trust’s global leadership in digital assets with Fuze’s deep integration across the MEA banking and fintech landscape. Together, we are building the trusted foundations for the next era of regulated digital assets and compliant innovation in the region.”

Recently Fuze, through its subsidiary Niobe Payment Services was licensed to offer digital assets payments by the Central Bank of the UAE. The company now holds a Retail Payment Services and Card Schemes (RPSCS) license. Niobe Payment Services LLC SPC, is now both a fully licensed operator for digital assets infrastructure and, through its payments infrastructure division, a regulated payment services provider for the region.

Kuwait Ministry of Interior to target illegal crypto mining

Kuwait Ministry of Interior to target illegal crypto mining

The Kuwait Ministry of Interior (MoI) has issued a statement saying that crypto mining in the country is illegal and unlicensed. Officials from Kuwait’s Ministry of Electricity, Water and Renewable Energy noted that there are over 1,000 crypto mining sites in the country.

In a press statement published on X, the General Department of Security Relations and Media, at the ministry clarified that cryptocurrency mining violates several key laws, including Law No. (56) of 1996 related to the Industry Law, Law No. (31) of 1970 amending certain provisions of the Penal Code No. (16) of 1960, Law No. (37) of 2014 establishing the Communications and Information Technology Regulatory Authority (CITRA), and Law No. (33) of 2016 concerning the Kuwait Municipality.

The Ministry noted that crypto mining depletes electricity power and increases the load on the power networks which can result in power outages a threat to public safety.

This warning follows joint efforts between the Ministry of Interior, the Ministry of Electricity, Water and Renewable Energy, the Communications and Information Technology Authority, the Public Authority for Industry, and Kuwait Municipality. These efforts are part of a coordinated national initiative to address these illegal practices and reduce their adverse effects on the country’s electrical infrastructure.

The Ministry of Interior urged violators to promptly rectify their activities, emphasizing that failure to comply will result in necessary legal actions. Violators will be referred to the appropriate investigative authorities for further action in accordance with applicable laws.

Kuwait also considers crypto trading as illegal.

However Kuwait as a country is considered as one of the cheapest countries to carry out crypto mining because of its subsidized electricity cost. estimates have previously dubbed Kuwait the most affordable location to mine bitcoin (BTC) worldwide. One roundup suggested the cost of mining in Kuwait was just $1,400 per BTC in 2022 compared to more than $18,000 in Texas (bitcoin was worth more than $40,000 at the time).

Fuze subsidiary Niobe licensed for digital asset payments in UAE

Fuze subsidiary Niobe licensed for digital asset payments in UAE

Fuze, a digital asset Blockchain enabled financial infrastructure providers, subsidiary Niobe Payment Services has been licensed to offer digital assets payments by the Central Bank of the UAE. The company now holds a Retail Payment Services and Card Schemes (RPSCS) license.

Fuze Group, through its subsidiary Niobe Payment Services LLC SPC, is now both a fully licensed operator for digital assets infrastructure and, through its payments infrastructure division, a regulated payment services provider for the region.

As per the press release, the new license will enable businesses to benefit from faster, more secure payment options, reduced transaction times and end-to-end compliance.

Mohammed Ali Yusuf (Mo Ali Yusuf), CEO and Co-Founder of Fuze said, “This license is the launchpad for the next generation of payments. It marks a key step in our mission to provide digital and AI-enabled infrastructure that will drive the future of finance and transform payments. We are privileged to be granted this license from the Central Bank and look forward to providing cutting-edge, compliant payment infrastructure and novel solutions – like virtual IBANs – for a range of businesses.”

Fuze’s technology will enhance digital payments, supporting the UAE Digital Economy Strategy, which aims to double the contribution of the digital economy to the UAE’s GDP to 19.4 per cent by 2032.

Through its strong regulatory foundation, Fuze is now launching a new payment platform that combines AI-driven technology, user-friendly design, and integrated compliance features, to simplify and support modern business needs.

With the license in place, Fuze will soon roll out a comprehensive, compliant suite of payment products with features that include digital payments and settlements through real-time infrastructure, AI-enhanced compliance and fraud detection engine, virtual IBANs to make it easier to collect payments and manage funds, and merchant tools to help UAE-based businesses to manage payments and grow

Egypt makes up 30 percent of Weex crypto exchange MENA customers

Egypt makes up 30 percent of Weex crypto exchange MENA customers

WEEX crypto exchange, which has over 6 million customers globally, has announced that since it started serving the MENA region in January 2025, it has witnessed expansive growth especially in countries such as Egypt, Algeria, Iraq, Morocco and Saudi Arabia.

Egypt has the highest number of users on WEEX crypto exchange making up 30 percent of their total MENA customer base, while Algeria follows at 17.3 percent, Iraq and Morocco making up 7-8 percent respectively.

Surprisingly Saudi Arabia customers are just 6.2 percent of their total MENA customer base. All numbers are founded on data up to March 31st, 2025.

While the number of customers still make up less than 1 percent of their total customer base, WEEX has showcased their commitment to the MENA region, launching their headquarters in the UAE as part of MENA expansion plans.

The Dubai headquarter currently houses 600 employees and is expected to add 50 more hires over the next two years. 

Andrew Weiner, Vice President of WEEX, stated, “We have witnessed impressive growth in our MENA customer base since we began offering our services in January 2025, this showcases the attraction that crypto has in the region especially in countries in North Africa, and the GCC. We will continue to expand our offering to support the MENA region while we seek to acquire regulatory licenses.”

He adds, “We believe that everyone should be able to access the crypto market, and that crypto will play a strong role in the economies of the future especially in the Middle East. We hope to serve our clients with the utmost security, transparency, and offering.”

WEEX already serves 6.2 million customers across 130+ countries. The crypto exchange has a daily trading volume of over $5 billion and supports more than 1,700 trading pairs. WEEX also boasts of a 1,000 BTC Protection Fund to protect users’ assets. In MENA the crypto exchange is offering Arabic language support through chatbot on their website, submitting a ticket on the website as well as through their telegram community.

Fred, MENA Regional Manager, WEEX, noted, “As traditional markets wrestle with inflation and uncertainty, crypto stands as a beacon of innovation, offering a glimpse into a more resilient, decentralized financial future.”

WEEX is currently participating and sponsoring TOKEN2049 Dubai event being held in Dubai UAE between April 30th and May 1st, 2025.

The Chainalysis 2024 crypto geography report noted that the MENA region has become the seventh largest crypto market globally. The biggest two countries being Turkey and Morocco, while the fastest growing countries were Saudi Arabia and Qatar. Saudi Arabia remained the fastest-growing crypto economy in the MENA region in 2024, growing by 154% year-over-year.

According to Statista, in Egypt, the number of users in the cryptocurrencies market is expected to reach 11.30m users by 2025. The user penetration rate is expected to be 9.72% in 2025.

UAE Central Bank licenses Relm and Liva insurance to offer insurance for Web3 businesses

UAE Central Bank licenses Relm and Liva insurance to offer insurance for Web3 businesses

UAE Central Bank has licensed Relm Insurance a dedicated insurer to emerging sectors – and Liva Insurance, a GCC insurance provider to offer their dedicated multi-line insurance solution for WEB3 businesses – SIGMAWEB3, and its tailored version for Dubai’s virtual asset regulatory authority VARA-regulated companies, SIGMAWEB3 VARA.

As per the press release, this follows the signing of Relm and Liva’s strategic partnership in February 2025, aimed at empowering innovation and entrepreneurship in emerging sectors such as digital assets, biotech and AI.

The UAE Central Bank approval reinforces Relm and Liva’s commitment to deliver tailored insurance solutions that address the unique

SIGMAWEB3 and SIGMAWEB3 VARA will help create the confidence and resiliency that WEB3 innovators require to tackle complex challenges and seize new opportunities, while meeting the necessary regulatory requirements. Both products are designed specifically for digital asset companies, blockchain startups, crypto exchanges, and fintech innovators, addressing the unique and complex financial, professional, crime, and cyber exposures inherent in their operations.

SIGMAWEB3 VARA is specifically tailored to meet the requirements of Dubai’s Virtual Asset Regulatory Authority (VARA), ensuring that crypto companies can operate with compliant insurance cover.

“Securing Central Bank approval for SIGMAWEB3 and SIGMAWEB3 VARA is a significant step for brokers and clients in the UAE. This milestone facilitates more comprehensive coverage tailored to the unique risks of the Web3 space. By closing the insurance gap, we’re empowering businesses with the protection they need to innovate confidently in a rapidly evolving market” said Joseph Ziolkowski, CEO of Relm Insurance.

“SIGMAWEB3 and SIGMAWEB3 VARA represent a significant step in our commitment to supporting growth and evolution of innovation within the insurance industry. This approval from Central Bank affirms both Liva Group’s deep market insight and Relm’s expertise in specialised insurance as well as reinforcing the vital role that regulatory collaboration plays in fostering a secure and thriving digital economy. Together, we aim to provide customers with solutions that meet their evolving needs, while strengthening our commitment to scale and diversify our business.” Martin Rueegg, Group CEO of Liva Group.

A year earlier OneDegree, Asia’s licensed insurer for digital assets and Dubai Insurance Company announced the issuance of digital assets custodial risk insurance to their customers in UAE. The Central Bank of UAE approved issuance of the digital asset insurance offering.

OneDegree and Dubai Insurance partnered in 2023. Custodial risk insurance completes the product portfolio and allows the partners to offer a one-stop-shop for digital asset companies in the UAE, under the brand “OneInfinity”.

VARA, Dubai’s dedicated regulator for digital assets, requires such coverage along with professional indemnity and directors & officers insurance. With this latest approval, specialized custodial risk insurance can be offered directly in UAE for the first time. Custodial risk insurance protects companies against the risk of losing access to digital assets including through third party hacks and theft, internal fraud and physical damage to the storage media.

Laser Digital shows support for Mantra OM Token

Laser Digital shows support for Mantra OM Token

Laser Digital, a UAE regulated crypto broker and investment manager service provider, as well as an investor in Mantra Chain, the L1 Blockchain tokenization platform, has made a statement confirming their support for Mantra OM Token after its 90 percent fall in the past 48 hours.

Laser Digital noted that it had no involvement in the recent price collapse of $OM token. They stated, ” Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading. 3/ On-chain movements of $OM linked to Laser wallets have been flagged publicly. We want to be absolutely clear: Laser has not deposited any $OM tokens to OKX. The wallets being referenced to OKX are not Laser wallets.”

The company emphasized that they are here to help grow the ecosystems they back. They stated, ” We remain fully aligned with our counterparties, and our core $OM investment remains locked. We have zero interest in putting pressure on the token or destabilizing the project. Transparency matters. We’re proud to support innovation and responsible growth in crypto markets — and that means showing up with facts when confusion and inaccurate information arises.”

This comes after Shorooq also made a similar claim with regards to Mantra Chain and its token.

UAE Zand Bank launches its crypto custodial services

UAE Zand Bank launches its crypto custodial services

UAE regulated digital Bank Zand has announced that it the first UAE bank to provide its institutional-grade Digital Asset Custody services under its banking license.

According to the LinkedIn post, “The groundbreaking offering which has been designed for corporate and institutional clients, ensures top-tier security, with private keys protected in onshore UAE Hardware Security Modules (HSMs) to meet the highest global standards.”

Zand is also offering the Zand Vault Cold Wallet crypto custody solution.

The digital Bank is also offering insurance coverage, multi signature and threshold signature schemes as well as regulatory oversight from the UAE Central Bank as well as Dubai Virtual Asset Regulatory Authority.

Zand is already well established in the UAE crypto ecosystem, as it offers crypto exchanges banking services.

In January 2025, Zand Bank partnered with Klickl after they announced they would be launching their digital asset custodial services. The Bank has also noted that it will be launching an AED stablecoin in the future while it enhances the bank’s ability to integrate TradFi and DeFi.

Other digital banks in the UAE are entering the crypto foray. Already Mbank has launched its first regulated AED stablecoin, while Liv Bank is now offering crypto trading services.

Mbank also launched Jaywan Cards, the UAE’s first National Debit Card, on its blockchain enabled Mbank Wallet platform.