CoinMENA and Dubai digital asset association to support crypto in MENA

CoinMENA and Dubai digital asset association to support crypto in MENA

The Dubai Digital Assets Association (D2A2), dedicated to advancing education, collaboration, and innovation in the digital asset industry, has partnered with CoinMENA FZE, a digital asset brokerage licensed by Dubai’s Virtual Asset Regulatory Authority serving the MENA region.As part of the partnership, D2A2 and CoinMENA will collaborate on thought leadership, events, and joint initiatives that empower users, support startups, and engage regulators and policymakers to help shape the future of crypto in the Middle East.

As per the press release, the partnership marks a key milestone in the mission to create a more connected and compliant digital asset ecosystem across the region. Together, D2A2 and CoinMENA will work to support greater access to digital assets, enhance regional regulatory dialogue, and foster innovation for both retail and institutional market participants.

CoinMENA provides both retail and institutional investors with secure and reliable access to digital assets. Its commitment to safety and accessibility aligns closely with D2A2’s mission to promote best practices, education, and responsible innovation in the digital asset sector.

In 2024, Dubai’s virtual assets regulatory accomplishments was the center of discussions at an event hosted by Dubai Digital Assets Association (D2A2), supported by Dubai Chamber of Commerce. On the one-year anniversary of VARA (Virtual assets regulatory authority) in Dubai, the forum provided a platform for industry stakeholders to review and analyze the development of the regulatory landscape for virtual assets and the challenges industry is facing. The feedback and insights gathered during the roundtable discussion were consolidated into a submission by D2A2 on behalf of the stakeholders to regulatory authorities for suitable action.

Egyptian Financial regulator warns against investing in crypto again

Egyptian Financial regulator warns against investing in crypto again

The Egyptian Financial Regulatory Authority has issued a warning against dealing with unlicensed financial entities including those marketing crypto and virtual assets.

As per the notice on their website, “Unlicensed entities and online platforms operating in the field of receiving & pooling funds for investment will face legal consequences. Do not participate in subscriptions for any securities (shares and bonds) unless the Authority has explicitly approved the public offering. Exercise extreme caution and avoid investing through companies lacking the necessary licenses to receive funds for investment or platforms offering financing without authorization.”

They also warned citizens against investing in virtual and encrypted currencies. ” FRA warns citizens against investing in virtual and encrypted currencies.”

The Egyptian FRA stated, that the negative list of unlicensed entities offering non=bank financial services and products would be released soon and asked citizens to report unlicensed product solicitations.

The FRA added that there are a number of website and social media platforms that are promoting and soliciting public investment in projects in exchange for returns, all without the necessary operational licenses or approvals. These actions are in direct breach of Capital Market Law No. 95 of 1992, Article 4, which unequivocally requires a Financial Regulatory Authority-approved prospectus for any public offering.

Lastly the Egyptian FRA once again warned Egyptian citizens against illegal promotion of virtual encrypted currencies, or cryptocurrencies. It states, ” We urgently warn all Egyptian market participants to be extremely vigilant and avoid recent solicitations to engage in these currencies due to their substantial risks, potential involvement in financial crimes and cyber piracy, lack of underlying value for stability and user protection and the exposure of users to fraud and legal repercussions for violating Egyptian law. Egyptian law prescribes imprisonment and/or a fine of one to ten million Egyptian pounds for anyone trading, promoting or offering activities related to these currencies without prior authorization from the relevant bodies.”

Egyptian Central Bank issued Fines against crypto violators

In 2022, The central bank of Egypt once again reiterated its warning against dealing in any type of cryptocurrencies, saying that crypto is risky, highly volatile, and is used in financial crimes and e-piracy. The Central Bank of Egypt noted it would fine anyone who violates the Law No 194 of 2020 which prohibits issuing, trading, promoting cryptocurrencies, operating crypto exchanges or any other related activities. The Central Bank will fine violators up to $516,000 ( 10 million LE) or face imprisonment.

Egyptian crypto growth doubles

In 2023, Triple A research noted that crypto ownership had doubled in countries such as Egypt. As they noted in January 2023 there were 420 million crypto owners globally; this is up from their previous report in January 2022 where they had stated there were 300 million crypto owners globally. In the Arab world biggest growth was seen in Morocco, Egypt, Lebanon, Tunisia, and even Iraq.

OSL Wealth and UAE regulated Nine Blocks Capital partner to offer BTC Market Neutral Fund

OSL Wealth and UAE regulated Nine Blocks Capital partner to offer BTC Market Neutral Fund

Hong Kong, OSL Wealth, a wealth management platform tailored for traditional investors managing crypto assets of OSL Group (HKEX: 863), has signed a distribution partnership with UAE-regulated Nine Blocks Capital Management, a regulated and institutional crypto hedge fund management and the first and only crypto hedge fund regulated by Dubai’s Virtual Assets Regulatory Authority (VARA).

As per the press release, through this collaboration, OSL Wealth will offer qualified investors access to UAE and Hong Kong based Nineblocks’ flagship USD Market Neutral Fund and BTC Market Neutral Fund, marking a significant milestone in the institutional adoption of digital asset investment strategies.

The partnership addresses growing demand from institutional investors seeking crypto exposure via regulated fund managers. This will enable OSL clients to generate returns on the USD/stable coin assets as well as generate yield on their Bitcoin holdings.

Nine Blocks’ market-neutral approach combines sophisticated quantitative strategies with rigorous risk management frameworks to deliver consistent returns across market cycles. The USD Market Neutral Fund enables investors to generate returns on their USD and stable coin assets. The BTC Market Neutral Fund enables long term BTC holders to generate yield on their Bitcoin assets without losing Bitcoin exposure.

Eugene Cheung, Chief Commercial Officer of OSL, emphasised the strategic importance of this partnership, “As digital assets mature into an institutional asset class, investors increasingly require sophisticated strategies that align with traditional portfolio construction principles. Nineblocks’ VARA-regulated market-neutral solutions represent exactly what discerning allocators demand – the innovation potential of crypto assets combined with institutional-grade risk management and compliance standards. This partnership enables us to provide clients with tools to navigate digital markets while maintaining their existing risk parameters.”

Henri Arslanian, Co-Founder of Nine Blocks Capital Management, commented, “We believe that many HNWIs and family office investors want to access crypto products through platforms that are regulated and institutional-grade. We are pleased to partner with OSL to deliver such products to the Hong Kong and Asian markets.”

UAE MBank offers AED to crypto conversion for Changer.ae crypto custodian

UAE MBank offers AED to crypto conversion for Changer.ae crypto custodian

UAE MBank, Al Maryah Community Bank the first fully integrated digital bank in the UAE, is offering AED secure and regulated AED dirham to crypto conversions and trades, AED Escrow Account Services, executed at UAE regulated Changer.ae platform, a global crypto custodian service provider.

The Central Bank of the United Arab Emirates (CBUAE) has officially approved Mbank to open an AED Escrow Account for Changer.ae. This approval enables secure and compliant holding of AED funds in escrow through Mbank’s digital infrastructure, while the conversion of virtual assets and stablecoins such as USDT and USDC into AED is carried out by Changer.ae.

As per the press release, the service is a significant step toward bridging the gap between traditional finance and the digital asset economy. Mbank provides AED Escrow Account Services to Changer.ae clients allowing them to safely utilize a Dirham escrow account powered by the bank, while all conversions between dirhams and crypto assets are executed by Changer.ae.

Mbank and Changer.ae announcement of the Dirham-based crypto conversion service, including a fully regulated fiat escrow account in AED for crypto transactions, was made during TOKEN2049 Dubai, with Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, and Wang Hao, Senior Executive Officer at Changer.ae.

For customers, this means they can confidently and immediately convert their digital assets into local currency within a fully regulated and secure environment, eliminating the uncertainty and delays often associated with fiat, in on-ramp and off-ramp transactions. The service is entirely online, providing fast, transparent, and seamless access to funds, and allows individuals and businesses to manage crypto-to-fiat flows with ease, backed by Mbank’s trusted digital banking platform.


The cooperation between Mbank and Changer.ae enables individuals to exchange supported cryptocurrencies and stablecoins into AED via Changer.ae, with the converted Dirham funds held securely in escrow by Mbank. It also provides businesses with the tools to operate transactions entirely within a regulated, blockchain-enabled system, with real-time access to fiat and crypto balances.


This escrow service supports Crypto to Dirham and Dirham to Crypto conversions executed by Changer.ae, while the customers’ Dirham funds and transactions are fully protected through a comprehensive regulatory compliance and by Mbank’s secure technology infrastructure. Furthermore, this service facilitates fast movement of customer’s AED funds, in and out, within the UAE banking system.


Mr. Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, stated, “We are excited to offer this unique service to our customers, providing a seamless way to integrate Dirhams and crypto-related transactions with confidence. By providing AED Escrow Account Services to Changer.ae, we ensure secure and regulated dirham to crypto conversions for Changer clients. This partnership with Changer.ae aligns with our mission to drive innovation in the UAE’s financial ecosystem by offering regulated and secure financial infrastructure. The launch of this escrow account demonstrates the UAE’s commitment to becoming a global crypto hub while maintaining the highest standards of security and regulatory compliance.”


Mr. Wang Hao, Senior Executive Officer at Changer.ae, said, “At Changer.ae, we are thrilled to bring this innovative product to the market in collaboration with Mbank. With the approval from CBUAE, we are enhancing our service offerings by providing a secure, reliable, and convenient way for customers to access crypto services. This product reflects our continued dedication to bridge the gap between traditional finance world and the rapidly growing world.”


Mr. Tarek Soubra, Chief Technology Officer at Mbank noted that the AED escrow account service was an exciting leap forward, as it was developed in house with the highest standards of security, reliability and compliance without relying on third-party crypto custody platform.

He added, “The seamless and straight forward integration between the systems of Mbank and Changer.ae,callow our customers to benefit from a safe, fast, and transparent crypto-to-fiat experience. Customers can now convert their cryptocurrencies into AED through Changer.ae and then use their converted AED funds immediately and seamlessly, with Mbank holding the AED funds in escrow. Alternatively, Mwallet customers can now receive their converted AED funds immediately into their wallets and use them for any supported transactions or for immediate cash withdrawal, using Jaywan ATM card.”

MBank received Payment Token Services approval from UAE Central Bank

Al Maryah Community Bank also received approval from the Central Bank of the UAE to provide Payment Token Services within the country. This new capability allows merchants to open accounts and accept payments through the AEC Wallet, further reinforcing Mbank’s role in supporting a regulated and innovative crypto payments ecosystem in the UAE.

Previously Mbank also launched the first regulated stablecoin AE Coin.

UAE Ghaf Labs and Bybit exchange to drive crypto adoption in MENA

UAE Ghaf Labs and Bybit exchange to drive crypto adoption in MENA

Bybit, the world’s second-largest cryptocurrency exchange by trading volume which currently holds an in principle approval from Dubai regulator, and UAE based Ghaf Labs, a MENA-based Web3 boutique advisory and consultancy firm, signed a Memorandum of Understanding (MOU) to enter a multi-year strategic partnership that aims to drive crypto adoption, ecosystem development, and real-world utility across the Middle East and North Africa (MENA).

This partnership is on a mission to position the region as a global Web3 hub by enabling innovation, supporting regulatory clarity, and fostering meaningful use cases that integrate blockchain into daily life.


Ghaf Labs, backed by Ghaf Capital Partners, offers tailored advisory and incubation services to Web3 ventures across MENA. With its strong regional network and regulatory insight. Together, Bybit and Ghaf Labs will provide equity-free grants, startup support, and access to strategic resources for ventures exploring blockchain, AI, and sustainability, central to the region’s digital transformation.

“Our partnership with Ghaf Labs is rooted in a shared vision for the MENA region, one where crypto isn’t just adopted, but lived,” said Helen Liu, COO of Bybit. “From developer tooling to lifestyle integration, we’re building the bridges that bring crypto into everyday life.”

The collaboration will also launch a series of education initiatives designed to nurture local Web3 talent. These include university partnerships, bootcamps, and developer hackathons, all aimed at empowering the next generation of blockchain builders.

Additionally, both parties will co-develop educational content to improve Web3 literacy across Arabic- and English-speaking communities in the region.

“This partnership with Bybit reflects our shared commitment to advancing Web3 infrastructure, education, and institutional engagement across the MENA region. Together, we aim to accelerate innovation and continue to position the UAE as a global hub for digital assets.”
said Feras Al Sadek, Co-Founder and Managing Partner at Ghaf Labs.

Lara on the Block spoke with Al Sadek asking why Bybit in particular, his reply, “Bybit brings more than just liquidity and listing power. The decision was rooted in long-term alignment: Bybit has consistently demonstrated commitment to Web3 ecosystem growth, regional presence in MENA, and a partner-first approach. Unlike other exchanges, Bybit is building beyond trading, with initiatives in education, infrastructure, payments, and community development. We’ve supported Bybit from the beginning, and this partnership reflects our continued belief in their vision and values.”

Ghaf Labs has invested in MENA and International startups since its inception, so we asked Al Sadek what added value would Bybit bring in? He noted that the crypto exchange offered three layers of added value. The first was distribution and exposure paving a direct path to exchange listings, co-marketing and user acquisition at scale, secondly was product integration such as access to Bybit Card, API infrastructure, and on-chain tools to enable real-world utility and faster product-market fit, and finally was credibility & reach where being affiliated with a top-tier global exchange enhances startup credibility, which is critical for follow-on investment and partnerships.


Beyond development, the partnership highlights the real-world utility of crypto through lifestyle applications like the Bybit Card. This product connects digital assets with premium experiences, including exclusive access through partners such as Grand Millennium Hotels in Dubai—demonstrating the role of crypto in elevating travel, luxury, and everyday spending.

Speaking on this to Lara on the Block, Al Sadek noted that Bybit Card is a gateway to real-world crypto utility. He explained, “We see it as a foundational layer across our startup ecosystem. From loyalty programs to on-chain-to-off-chain commerce, the card can power a new wave of fintech experiences. One early proof point is our tripartite collaboration with Grand Millennium Hotel, where Bybit Cardholders now enjoy up to 30% off across F&B, rooms, salons, and events. We plan to expand this model, embedding Bybit Card access into everyday products, services, and reward mechanisms offered by our portfolio projects.”

In 2023, Ghaf Labs, partnered with Sui Foundation, a Blockchain Foundation that supports the growth and proliferation of the Sui blockchain protocol (“Sui”) and associated ecosystem.

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.