Ant Digital to tokenize green finance energy assets in UAE

Ant Digital to tokenize green finance energy assets in UAE

Ant Digital Technologies, a blockchain, privacy computing, security technologies, and distributed database company has established its global headquarters in Hong Kong and is expanding its footprint into the UAE. Ant Digital Technologies has selected Dubai as a strategic gateway to unlock opportunities in the Middle East market.

As per the announcement, the strategic move underscores the company’s commitment to global Web3 and Artificial intelligence (AI) development, while recognising the UAE’s rapid embrace of emerging technologies.

Ant Digital seeks not only to tokenize Financial Real World Assets but also energy ones. The company seeks to offer access to green financing. Diverse investors can participate in the transition towards a greener future, fostering a more inclusive and liquid market for sustainable assets. Ant Digital Technologies, has facilitated transactions for 14 million new energy devices on-chain through the tokenization of green energy assets, setting a global standard and exemplifying how green assets can unlock significant investment opportunities.

At a recent event in UAE, Ant Digital Technologies announced the release of Jovay, a Layer 2 blockchain solution tailored for RWA fund transactions, showcasing trusted execution and exceptional performance capabilities with a throughput of 100,000 transactions per second and 100-millisecond on-chain response time. This cutting-edge platform can seamlessly integrate with Layer 1 blockchains, enhancing their performance and scalability. Jovay is set to play a pivotal role in transforming trillions of RWAs into tradable digital assets globally, thereby enhancing global liquidity and streamlining the trading of physical assets on the blockchain.

Zhuoqun Bian, President of Blockchain Business at Ant Digital Technologies, said, “We have been enthusiastic about the transformative power of blockchain technology across the finance industry and beyond. Leveraging years of expertise in blockchain, IoT, and AI research and development, we look forward to collaborating with global partners to unleash the full potential of real-world assets and propel innovation on a global scale.”

Dr. Zhao Wenbiao, CEO of Ant Digital Technologies, shared, “By integrating top-tier blockchain solutions into the energy RWA ecosystems of these regions, we aim to cultivate a ‘dual-hub synergy’ between Hong Kong and Dubai, propelling the global shift towards a digital economy.”

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 digital asset broker BurjX receives in principle license approval

UAE digital asset broker BurjX receives in principle license approval

UAE digital asset broker, BurjX, has received In-Principle Approval (IPA) for a license in the UAE from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

This is the prelude to the full Financial Services Permission (FSP) that will allow BurjX to operate as a fully regulated, institutional-grade trading and custody platform.

“This is an exciting step forward – not just for BurjX, but for crypto in MENA as a whole,” said Omar Abbas, Co-Founder & CEO of BurjX. “Secure, institutional-grade custody is the foundation of a trusted trading platform, and the MENA region is ready for it. As BurjX moves toward final regulatory approval, we are reimagining crypto trading – seamlessly integrating cutting-edge security with a frictionless trading experience in a single, unified platform.”

Adam Ferris, Co-Founder & Chairman of BurjX, underscored the company’s vision, “This milestone is just the beginning. We’re building something that doesn’t just meet the highest security and regulatory standards – it’s about raising the bar for enterprise-grade custody, compliance, and market integrity. BurjX is shaping the future of responsible digital asset trading.”

With final regulatory approval on the horizon, BurjX is preparing to launch later this year, bringing a full suite of digital asset trading and custody solutions to market. Designed for retail, professional, and institutional traders, the platform provides secure fiat on/off-ramps, deep liquidity, and advanced execution tools all within a tightly governed and fully compliant framework.

For security BurjX has partnered with Fireblocks leveraging its multi party computation technology and security protocols, and for peace of mind, it has secure market leading insurance coverage.

One of the first crypto exchanges to be licensed out of ADGM was M2, and today in Dubai VARA boasts of 30 licensed VASP providers. The UAE has become a hot bed for licensed digital asset, tokenization and crypto service providers.

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.”

Digital asset startups in Hub71 raise $100 million in 2024

Digital asset startups in Hub71 raise $100 million in 2024

Hub71, Abu Dhabi’s global tech ecosystem, in its 2024 Impact Report, noted that startups in the Digital Assets program raised more than $100 million. As per the report in 2024 Hub71 startups recorded $2.17 billion (AED 8.02 billion) in funding; a 44.7% year-on-year increase from $1.5 billion (AED 5.4 billion) in 2023, demonstrating strong investor confidence in Abu Dhabi’s innovation economy. Revenue generated by startups also climbed to $1.2 billion (AED 4.5 billion), up from $1 billion (AED 3.5 billion) the previous year, reflecting sustained commercial traction across priority sectors.

Much of this rapid growth was fueled by Hub71, which is driving sector-wide transformation through its specialist ecosystems. Hub71+ Digital Assets, Hub71+ ClimateTech, and the newly launched Hub71+ AI are attracting startups that are developing impactful solutions to some of the world’s most pressing challenges. Startups in the Digital Assets program alone have raised more than $100 million, while partnerships with global tech leaders like Google, NVIDIA, Solana, Hashed and AWS are accelerating innovation across Web3, AI, renewable energy, and deep tech.

During the year, Hub71 received over 3,100 applications from entrepreneurs representing more than 20 countries, highlighting the growing global appetite to build from the UAE capital. Of the 46 startups selected, approximately over 70% came from international markets, with more than half in the Seed or Series A stages. Startups from the US, UK and Germany, made up nearly 63% of Cohort 16, cementing the city’s reputation as a gateway between established tech hubs and high-growth emerging markets.

Ahmad Ali Alwan, Chief Executive Officer of Hub71, said, “Hub71 began as an ambitious idea to enable founders to build from Abu Dhabi. That idea has since grown into a thriving community of entrepreneurs, investors, and partners working together to drive lasting impact. The progress captured in this report reflects the strength of our ecosystem and the trust placed in us by those who believe in Abu Dhabi’s long-term potential. As we look ahead, our focus remains on empowering founders and positioning Abu Dhabi as a global hub for technology and innovation.”

Hub71’s momentum mirrors Abu Dhabi’s growing status on the global startup map. According to the 2024 Global Startup Ecosystem Report, the emirate is the fastest-growing emerging startup ecosystem in MENA, with its ecosystem value rising 28% to $4.2 billion between mid-2021 and end-2023. StartupBlink’s 2024 rankings placed Abu Dhabi 6th regionally and 2nd in the UAE, reinforcing its rising global profile.

Capital access remains a central pillar of Hub71’s strategy. In 2024, capital partners deployed $65 million (AED 238 million) into its startup community. The global tech ecosystem welcomed new investors, including Princeville Capital, The Catalyst, and Golden Gate Ventures.

Meanwhile, Tech Barza, Hub71’s exclusive capital club for family offices, recorded its first startup deal and a 10% increase in membership. To unlock early-stage capital, Hub71 launched the Angel Investor Support Package empowering five new angel networks, including Falcon Valley and Qora71, to facilitate more early-stage ticket investments, thereby accelerating the growth and scalability of startups within the Abu Dhabi ecosystem.

Unlocking market access through strategic partnerships

Beyond funding, strategic partnerships remain a key pillar of Hub71’s value proposition, playing a critical role in helping startups gain traction. In 2024, startups signed 91 corporate deals with government and private sector partners worth $28 million (AED 103 million), accelerating their ability to scale and commercialize their solutions.

Programs like the Regulatory Sandbox, co-developed with the Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi Mobility, and the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), enabled startups to pilot cutting-edge technologies in sectors such as smart mobility, digital health, food innovation, and alternative proteins.

Startup successes: Scaling impact from Abu Dhabi

In a year marked by an evolving funding environment, Hub71 startups captured investor attention with landmark raises that signal both global relevance and real-world impact. FinTech startup FlapKap, raised $34 million (AED 124.7 million) in pre-Series A funding to expand its AI-driven lending solutions across the GCC. ClimateTech pioneer 44.01 secured $37 million (AED 135.7 million) in Series A funding to scale its CO₂ mineralization technology that transforms captured emissions into rock, contributing to global decarbonization. Meanwhile, HealthTech innovator BioSapien closed a $5.5 million (AED 20 million) pre-Series A round to accelerate clinical trials of its MediChip™, a 3D-printed implant that delivers localized cancer treatment with minimal side effects.

Today, Hub71 is home to a vibrant community of founders building high-impact startups that address global challenges and unlock new markets; driven by access to capital, expert support and sector-specific expertise to attract top talent and fuel Abu Dhabi’s innovation agenda.

About Hub71:

Hub71 is Abu Dhabi’s global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation.

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

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.

The Hayvn digital asset saga ends with $8.85 million in fines

The Hayvn digital asset saga ends with $8.85 million in fines

The saga that has engrossed UAE based HAYVN, a digital asset focused financial institution, providing trading, asset Management, custody, and payments previously regulated in ADGM UAE, has ended after more than a year with fines of over $8 million.

The saga which started in December 2023, when Hayvn announced the so called resignation of its CEO Christopher Flinos and the request to make its status inactive in Abu Dhabi ADGM ( Abu Dhabi Global Market), insinuated that the CEO had carried out a huge misconduct, has come to a conclusion with the The Financial Services Regulatory Authority (“FSRA”) regulatory arm of ADGM taking enforcement action following an investigation into serious regulatory breaches and misconduct related to the Hayvn Group of Companies, which operated under the name ‘HAYVN’, its former CEO, Christopher Flinos and related entities. 

In February 2024, Deus X Capital, a $1 billion family office agreed to buy out HAYVN and appointed Richard Crook as new CEO. Deus X Capital purchased the business brand, technology, clients and staff from other HAYVN shareholders.

Today, and as per ADGM FSRA press release, the FSRA’s investigation found serious breaches and misconduct concerning the operations of three related party companies and Christopher Flinos.  As part of its investigation, the FSRA took steps to ensure that no ADGM client assets or money were lost as a result of the relevant misconduct.  

The enforcement action has resulted in the cancellation of Hayvn ADGM’s Financial Services Permission (“FSP”), the prohibition of Christopher Flinos indefinitely from performing any function in a financial services business in ADGM, as well as financial penalties totalling $8.85 million being imposed across the four parties involved.  Details of the total fines imposed are as follows:

  • USD 3.6 million against AC Holding Limited registered in the Cayman Islands (“Hayvn Cayman”), the parent company of a group of entities operating under the name ‘HAYVN’ that provided financial services related to Virtual Assets.
  • USD 3 million against AC Limited (Hayvn) (“Hayvn ADGM”), an ADGM-based subsidiary of Hayvn Cayman, licensed and regulated by the FSRA to conduct specific financial services activities in relation to Virtual Assets.
  • USD 1.5 million against AC Holding Limited (“AC Holding”), a Special Purpose Vehicle (“SPV”) registered with the Registration Authority (“RA”) of ADGM and not licensed by the FSRA to carry out any form of financial services activity in ADGM; unconnected to Hayvn Cayman and Hayvn ADGM.
  • USD 750,000 against Christopher Flinos, the former Senior Executive Officer (“SEO”) of Hayvn ADGM, Chief Executive Officer (“CEO”) of Hayvn Cayman, sole owner and director of AC Holding.

The misconduct and breaches were related to Hayvn ADGM exceeding the scope of its FSP by allowing client transactions to be routed through accounts held by AC Holding, the unregulated SPV entity registered in ADGM, without any appropriate protections being in place.  It failed to establish and maintain adequate systems and controls to manage its operations and risks, as well as to recognize and record all of its client relationships, breaching the FSRA’s Anti-Money Laundering (“AML”) requirements.

The company Hayvn Cayman and AC Holding also carried out significant unlicensed financial services activity in relation to Virtual Assets in ADGM from around October 2018 to around May 2024. 

Hayvn Cayman routed client transactions related to the conversion of Virtual Assets to fiat currency and vice versa through the accounts held and controlled by AC Holding, the SPV that was not licensed by the FSRA and therefore prohibited from conducting any form of financial services activity in ADGM.

 As a result, both Hayvn Cayman and AC Holding were found to have carried out unlicensed payments and arranging services in relation to Virtual Asset activities in ADGM.

 Christopher Flinos played a central role in directing and controlling the unlicensed activity in ADGM and as SEO of Hayvn ADGM and CEO of Hayvn Cayman and as the sole director of AC Holding was found to have been centrally involved in the breaches and misconduct. 

The report notes that Christopher Flinos lacked integrity and failed to take reasonable care to ensure that Hayvn ADGM operated in compliance with the applicable rules and regulations of ADGM, for which he was ultimately responsible as SEO.

Hayvn Cayman, AC Holding and Christopher Flinos created and disseminated false and misleading information about the nature of the transactions related to Virtual Assets routed through AC Holding’s accounts.  This included the provision of over 200 false and misleading documents on AC Holding letterheads to AC Holding’s banking partners to open and then maintain the operation of these accounts.  These documents were produced under the direction of Christopher Flinos with the involvement of both Hayvn Cayman and AC Holding.

Hayvn ADGM, Hayvn Cayman and Christopher Flinos provided false and misleading information to the FSRA in response to requests for information including the nature and scope of the business operations associated with each entity above and specifically AC Holding undermining the integrity of the regulatory process. 

Emmanuel Givanakis, CEO of the FSRA of ADGM, said, “The FSRA will take robust and appropriate enforcement action against individuals and entities that violate our regulatory framework.  In this case, the actions of the entities and individuals involved were particularly serious, as they conducted unauthorised Virtual Asset activities through an unregulated entity based in ADGM.  Furthermore, Christopher Flinos was found to have provided false and misleading information and statements during the investigation.  Such misconduct will not be tolerated and warrants strong regulatory penalties which send a strong message of deterrence. ”

Givanakis added, “To address this serious misconduct, the licence of Hayvn ADGM has been cancelled, significant fines have been imposed on the entities involved, and Christopher Flinos has been prohibited from holding any functions in relation to financial services in ADGM.  The FSRA remains ever-vigilant and committed to holding entities and individuals accountable for their actions and ensuring the integrity of the financial system in ADGM.”

The FSRA of ADGM acknowledges and thanks ADGM’s Registration Authority and the Cayman Islands Monetary Authority (“CIMA”) for their cooperation during its investigation in relation to this matter.

Abu Dhabi Finstreet subsidiary of IHC Group signs MOU with Ninety One investment manager to integrate blockchain technology

Abu Dhabi Finstreet subsidiary of IHC Group signs MOU with Ninety One investment manager to integrate blockchain technology

Finstreet Limited, a subsidiary of IHC Group through Sirius International Holding a regulated subsidiary in Abu Dhabi ADGM, has signed a Memorandum of Understanding (MoU) with Ninety One, a global active investment manager with US$163 billion in assets under management (as of 31st December 2024) to explore innovative collaborations using blockchain technology.

Finstreet Global Markets Limited is, subject to final regulatory approval licensed for the Regulated Activity of Operating a Multilateral Trading Facility; at ADGM as well as subject to final regulatory approval, licensed for the Regulated Activity of Providing Custody, as a Digital Settlement Facility and Central Securities Depository; and is licensed for the Regulated Activities of Operating a Private Financing Platform, Managing a Collective Investment Fund, Advising on Investments or Credit, Arranging Deals in Investments, and Arranging Custody.

This strategic agreement aims to explore innovative collaborations in the development of structured and exchange-traded products, as part of Finstreet’s vision to redefine financial market access by integrating blockchain technology with traditional financial infrastructure platforms.

As per the press release, by combining Ninety One’s global experience with Finstreet’s infrastructure, the collaboration aims to drive growth and innovation in the financial sector, while meeting rising investor demand for private debt instruments.

The partnership will focus on creating and trading structured products and private debt instruments on Finstreet Global Markets, addressing growing market demands for sophisticated investment solutions.

Sunidhi Pasan, Founder & CEO of Finstreet Limited, commented, “This partnership underscores Finstreet’s commitment to redefining financial market access through strategic collaborations. Ninety One’s global expertise complements our vision of delivering robust investment solutions to institutional and professional investors.”

Nicolaas Alberts, Co-Head of the Middle East, Ninety One, said, “Through this MoU, Finstreet and Ninety One are laying the cornerstone for a dynamic, long-term partnership that will create enduring value for stakeholders. Furthermore, this collaboration with Finstreet will allow us to develop liquidity for our private debt solutions, including infrastructure debt, while strategically addressing market needs. Moreover, it reflects our shared ambition to deliver innovative investment solutions and products that unlock long-term value for investors.”

Kazakhstan to cooperate with UAE on CBDCs and crypto regulations

Kazakhstan to cooperate with UAE on CBDCs and crypto regulations

The visit of the National Bank of Kazakhstan to the UAE will lead to exploration of cross border initiatives, collaboration with ADGM and DIFC on digital assets, and learnings from Dubai’s Virtual Asset Regulatory Authority on developing bespoke regulations for digital assets. This comes as the UAE Central Bank launched its digital dirham CBDC which will be available for retail users at the end of 2025.

These comments were made by Binur Zhalenov, Chief Digital Officer of the National Bank of Kazakhstan in a LinkedIn post as he noted that the delegation’s visit was a productive one.

In an official press release, the National Bank of Kazakhstan noted that on March 26-27, the delegation of the National Bank of Kazakhstan and the Agency of Kazakhstan for Regulation and Development of Financial Market (ARDFM) made a visit to the United Arab Emirates (UAE).

During the visit, meetings were held with H.E. Khaled Mohamed Balama, Governor of the Central Bank of the UAE; H.E. Waleed Saeed Abdul Salam Al Awadhi, CEO of the UAE Securities and Commodities Authority; H.E. Ghannam Butti Al Mazrouei, Chairman of the Abu Dhabi Securities Exchange; management of the Mubadala sovereign investment fund, administration of the UAE international financial centers, banking and fintech companies.

In the course of the meeting with the Central Bank of the UAE parties exchanged views on macroeconomic conditions, as well as experiences in financial flows management and digital financial assets regulation. Following the meeting, a Memorandum of Understanding was signed aimed at exchanging best practices in the development of financial markets and FinTech, ensuring cybersecurity, and promoting CBDCs.

An exchange of experiences on the digital financial assets regulation and the development of blockchain technologies took place with the management of the Virtual Assets Regulatory Authority of the UAE.

In cooperation with the AIFC management, a meeting was held with the administrations of Abu Dhabi Global Market (ADGM) and Dubai Financial Centre Authority (DFSA) to discuss approaches to the regulation of the UAE’s international financial centers, as well as the conduct of transactions and mutual settlements within the jurisdictions of these centers.

Following the meeting with the Abu Dhabi Securities Exchange, the parties noted the importance of developing infrastructure in the capital markets and increasing the liquidity of trading products in the exchange market.

In addition, meetings were held with the Mubadala investment holding and First Abu Dhabi Bank on the prospects of expanding investment partnership with Kazakhstan, as well as with regional offices of leading international companies BCG and Microsoft on the creation of infrastructure for the proactive development of AI in the financial market of Kazakhstan.

Crypto Regulations in Kazakhstan

Kazakhstan currently mandates that all crypto transactions occur through the Astana International Financial Center (AIFC), where regulated platforms such as Binance and Bybit operate. However, many transactions still take place outside this framework. More recently Azat Peruaşev, leader of the minority Aq Jol party and member of the Majilis, the lower house of the Kazakhstan parliament, proposed that the country’s central bank and private banks collaborate to create a “crypto bank” to provide a legal platform for operations with cryptocurrencies. Another MP, Ekaterina Smyshlyaeva, proposed legislative reform of digital asset regulations at the same time.

Peruaşev said 90% of crypto operations in Kazakhstan are currently carried out in a legal gray zone. That enables scams, illicit activities, and tax evasion.

The country through the Kazakhstan’s Financial Monitoring Agency (FMA)also recently shut down 36 illegal crypto exchanges, seizing $4.8M in assets to combat money laundering. Authorities blocked 3,500 unlicensed platforms, returning $545K to victims and freezing $120K in assets. Additionally Kazakhstan plans to launch its Digital Tenge CBDC by 2025 integrating it with global payment platforms.

All this comes as Kazakhstan has put laws into place to encourage cryptocurrency miners to establish operations there. Kazakhstan currently produces around 6.17% of the world’s cryptocurrency mining, placing it among the top four nations in the world along with China, the US, and Russia.