Aspen Digital receives in principle approval to offer digital asset investment services in UAE

Aspen Digital receives in principle approval to offer digital asset investment services in UAE

Aspen Digital, aimed at helping to accelerate the continued adoption of digital assets, and offer technical solutions to asset managers, high net worth individuals, family officers and other financial institutions, has received an in principle approval (IPA) from the regulatory arm of Abu Dhabi ADGM ( Abu Dhabi Global Market). the FSRA.

Aspen Digital which is co-incubated by Everest Ventures Group, a venture studio specializing in digital assets and blockchain technologies and TTB Partners, a regulated, boutique advisory and asset management firm started by Sir John Bond’s family will act as a bridge between tradition finance and the digital assets industry.

Subject to final regulatory approval, Aspen Digital will be licensed to provide financial services out of ADGM and expand its product offering and presence within the rapidly growing digital asset ecosystem in the Middle East.

Aspen Digital’s unique offering as a one-stop solution for private wealth to build their allocation to the alternative digital asset class will play an important role in driving the local ecosystem and broader adoption within the region.

CEO of Aspen Digital, Elliot Andrews said, “The IPA is an important milestone for Aspen Digital as we look to expand both our global footprint and offering within the digital asset sector. With a deep understanding of the asset class, ADGM has built a very comprehensive and clear regulatory framework in which to operate. We are grateful for their support and look forward to working closely with them in driving the next wave of digital asset adoption. 

Qatar tests CBDC for settlement of large payments

Qatar tests CBDC for settlement of large payments

 The Qatar Central Bank (QCB) has announced the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC) and the commencement of testing of CBDC for settlement of large payments with local banks. According to the press release, this initiative will serve as a proactive step to keep pace with the rapid global developments in this field.

Qatar Central Bank confirms that, after successfully completing the comprehensive study conducted in this field, it will proceed with testing and developing selected applications for the CBDC to settle large payments with a group of local and international banks in a trial environment designed according to the latest advanced technologies.

The project will focus on the applications of the CBDC to increase access to capital markets for operating banks in the country, enhance domestic settlement, and improve the efficiency of securities transactions.

This project, which will enter its first experimental phase extending to October 2024, aims to achieve a set of primary objectives, including leveraging artificial intelligence technologies, distributed ledger technology (DLT), and emerging technologies and establish a strong foundation to enhance liquidity by expanding participation in financial market facilities, considering the aspects related to information security during project implementation.

In line with the Third Financial Sector Strategy, the Fintech Strategy, and Qatar National Vision 2030, and based on Qatar Central Bank’s ongoing efforts to regulate and develop the financial sector in the country, Qatar Central Bank announced the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC), QCB said in a press release.

This project reflects Qatar Central Bank’s full commitment to contributing to digital transformation within the financial sector, noting in this context that the start of the CBDC project represents an important milestone and a strategic step towards building a digital economy in the country.

It was also noted that the results of this experiment will be the cornerstone towards identifying the different use cases that the Qatar Central Bank will adopt in the future, which will contribute to enhancing the efficiency of the current systems and instant settlement.

In April 2023 Qatar Financial Centre Authority and Blockchain solution provider R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology). Soon after, QFC announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. The digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

In May 2024 The Hashgraph Association (THA), the Swiss-based organization at the forefront of global digital enablement, signed a strategic partnership with the Qatar Financial Centre to launch a Digital Assets Venture Studio, a platform to support local Qatari and international portfolio companies in the development of regulatory-compliant decentralized finance (DeFi) solutions and digital assets built on the Hedera Distributed Ledger Technology (DLT) network.


The $50 million digital assets venture studio will focus on investments in Hedera-powered Web3 startups and enterprises building bankable DeFi solutions. The program will span over the next five years (2024-2028) with The Hashgraph Association investing $10million (20%).

Swiss crypto asset manager to expand into UAE with new board appointment

Swiss crypto asset manager to expand into UAE with new board appointment

Indirectly announcing their expansion into the UAE Digital Asset Solutions (DAS), a Swiss based crypto asset manager announced that they had hired Swiss financial professional Csaba Dekany on board as a strategic partner.

Dekany is already residing in Dubai UAE since 2023 has had a strong career at Credit Suisse, and Granite Gorup in Zurich.

DAS reports to the self-regulatory organization PolyReg in Switzerland, which underlines that compliance with the highest standards in terms of anti-money laundering (AML), customer protection, and transparency is a matter of course.

Dekany is expected to play a key role in the crypto specialist’s international expansion and leverage his extensive experience for his role as strategic advisor to management.

DAS on LinkedIn stated, “We’re thrilled to have Csaba Dekany join us in our expansion to Dubai! He will play a pivotal role in our first international push with his many years of experience in the financial sector and support DAS in identifying new opportunities in the Emirates.”

Csaba in a LinkedIn post stated, “Happy to be part of the journey to connect traditional finance with digital assets.”

Also on board with DAS is Zurich-based asset manager and CEO of VT Wealth Management, Sacha Fedier. He is taking a seat on the board of directors and noted that the UAE is «a market with great potential».

The UAE has been attracting an array of crypto and digital asset entities from across the globe, including crypto exchanges such as Crypto.com, OKX, Binance and many others.

It is no surprise that DAS is also setting its footprint in the UAE as well.

After VARA’s initial approval for digital asset broker license, DKK partners with UAE Seed Group

After VARA’s initial approval for digital asset broker license, DKK partners with UAE Seed Group

DKK partner, an emerging markets FX liquidity specialist firm, which recently received initial approval for digital asset broker license from Dubai’s Virtual asset regulatory authority, has partnered with UAE Seed Group, a company of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, based in Dubai.

As per the press release, the partnership offers a significant step towards achieving seamless financial interoperability across the United Arab Emirates (UAE), the broader Middle East and North Africa region (MENA). The companies will work together to enable transparent and efficient transactions and processes for global financial institutions, promoting digital solutions and financial inclusivity.

DKK Partners was recently granted initial approval to offer digital asset broker dealer services by Dubai’s Virtual Assets Regulatory Authority (VARA). The initial approval allows DKK FZE to move forward in the licensing process and offer customers in Dubai and the UAE access to stablecoin blockchain technology, utilizing USDT and USDC.

The Seed Group specializes in diversified business interests and operates across a group of companies, within different sectors such as technology, real estate, healthcare and more. Fostering innovation is what the Seed Group strives for, focusing on investment activities and strategic partnerships.

Hisham Al Gurg, the CEO of Seed Group stated, “We are pleased to work alongside DKK Partners in delivering forex risk management, liquidity solutions, and expedited collections to the rapidly growing markets across Dubai and the MENA region. This joint alliance will allow DKK Partners to deliver seamless interoperability customised to the growing demands of local businesses and government institutions. We are optimistic about how this partnership will unfold in the coming months.”

Khalid Talukder, Co-Founder and CEO of DKK Partners commented, “It is an extremely exciting time for us at DKK Partners as the new partnership grants us access to the offices of key decision-makers in Dubai and the UAE’s largest and most prestigious businesses. We were looking for a key strategic partner based in Dubai that has wide-reaching access in the UAE and GCC, and Seed Group was absolutely the ideal match. This partnership will enable us to showcase our business model and the immediate advantages we offer, perfectly aligning with our three-year growth and expansion strategy.”

Liminal now a fully regulated crypto custodian in UAE

Liminal now a fully regulated crypto custodian in UAE

Liminal Custody Solutions, a provider of digital assets and crypto custody as well as crypto wallet infrastructure solutions, has officially acquired the Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) allowing it to operate as a regulated crypto custodian within the Middle East.

As per the press release, obtaining the FSP positions Liminal as a trusted crypto custodian partner for institutions seeking secure and compliant solutions for safeguarding their valuable digital assets. This expansion broadens Liminal’s reach and allows it to serve a wider range of clientele seeking best-in-class digital asset custody solutions.

Mahin Gupta, Founder of Liminal Custody Solutions, expressed his satisfaction with the achievement, stating, “We are honored to receive the ADGM FSP license. This accomplishment represents the culmination of significant effort on behalf of our entire team, all dedicated to upholding the highest regulatory standards. Building trust within the digital asset industry, which is undergoing rapid evolution, is a core tenet of our mission. The ADGM FSP license serves as a powerful validation of our commitment to compliance. We are confident that this achievement will further empower us to deliver best-in-class custody solutions to our clients, ensuring the continued security and integrity of their digital asset holdings.”

By adhering to stringent regulations, Liminal crypto custodian ensures the safety and security of client assets, while its unwavering commitment to innovation allows it to develop cutting-edge solutions that address the evolving needs of the digital asset landscape. This two-pronged approach – prioritizing both regulatory compliance and technological advancement – positions Liminal as a leader in the digital asset custody space.

Commenting on Liminal achievement, Arvind Ramamurthy, Chief of Market Development at ADGM said, ” We congratulate Liminal on completing its licensing process and receiving the required  Financial Services Permission (FSP) from the FSRA of ADGM. Liminal’s focus on regulatory compliance and innovative solutions in the space of digital assets aligns with ADGM’s vision for fostering a dynamic and trusted financial ecosystem that prioritizes upholding the highest standards of security and innovation. We look forward to witness Liminal’s contribution to the growth of the digital asset industry in Abu Dhabi and beyond.”

Amir Tabch, CEO of Liminal Custody Solutions Middle East and Senior Executive Officer of the Category 3C ADGM-regulated entity First Answer Middle East Limited, remarked, “Earning the ADGM FSP license is a clear indicator of Liminal’s ironclad dedication to compliance and innovation. This achievement not only positions us at the forefront of digital asset custody but also signals our pivotal role in its future evolution. By equally valuing regulatory compliance and technological progress, we aim to equip institutions with the confidence to explore the digital asset realm, tapping into its vast, transformative potential. This milestone is a springboard for Liminal’s continued growth and a significant contribution towards the digital asset industry’s maturity.”

Liminal had received in principle approval from ADGM back in November 2023, and recently received in principle approval from Dubai’s regulatory authority.

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

On behalf of the Hong Kong SAR Government, the Financial Services Development Council (FSDC) signed an MoU with the Qatar Financial Centre (QFC) with the goal of deepening the collaboration across multiple financial services areas between Qatar and Hong Kong including digital assets.

The Hong Kong and Mainland China delegates to Qatar have had numerous group meetings and networking opportunities with the local Qatar stakeholders – QFC, QIA, QDB ( Qatar Development Bank), Invest Qatar, Qatar Foundation, QSTP, regulators, investors, family offices, channel partners in digital assets, fintech, wealth management, to deepen the collaboration and uncover concrete business opportunities.

This MoU signing is a follow-up from an earlier visit to Qatar by the Secretary for Financial Services and the Treasury, Christopher Hui, in 2023. Since then, Qatar leaders also visited Hong Kong during the Asian Financial Forum in early 2024.

King Leung, Global Head of Financial Services and Fintech, InvestHK told Qatar Pennisula media, that “Qatar can leverage Hong Kong’s strengths to its advantage. In Hong Kong, we have been experimenting lots of innovation such as tokenization and digital assets and would like to work more closely with Qatar.”

Sharing his perspectives on the intersection between fintech and AI, Global Head of Financial Services and Fintech Leung stated, “We are seeing the intersection of AI, big data, blockchain, and cloud. A lot of the financial institutions are now using fintech, which with that AI capability can help streamline a lot of the internal processes. We have seen a lot of AI innovation in the fintech space that are empowering the financial institutions to transform their operation, to raise their ability to service their clients.”

There have been regular follow-ups by both organizations, as well as InvestHK. We are committed to deepen our collaboration in key financial services areas – asset and wealth management, fintech, digital assets, and family offices.

The Undersecretary for Financial Services and the Treasury, Joseph Chan, the Financial Services Development Council (FSDC), InvestHK, and Cyberport led a delegation of over 30 Hong Kong and Mainland China business leaders to Doha on May 5-6.

Highlighting some of the key sectors of interest for investors from Hong Kong, Leung added, “The senior officials have been making our stance very clear in terms of our positioning as a major green finance and green tech hub. We would love to work with investors around the world to promote these movements. It could be new energy, new materials, or any of the technology layers that can promote a better tracking of the green behaviour. We see quite a lot of green fintechs using different technologies and access to different data.”

UAE regulated Hextrust crypto custodian granted new license for crypto brokerage from VARA

UAE regulated Hextrust crypto custodian granted new license for crypto brokerage from VARA

HexTrust, a digital asset custodian, under the UAE entity name of HT Market MENA, has been granted a VASP license from Dubai’s Virtual Asset Regulatory Authority (VARA) that will allow it to offer crypto brokerage services allowing it to serve both institutional and retail clients, pending that all requirements are fulfilled.

This is the second VASP license that HexTrust receives from VARA. It was previously awarded a crypto custodial license back in November 2023.

Hex Trust’s Dubai office was established in June 2022, and is led by Regional MENA Director, Filippo Buzzi.

On receiving the first license for digital asset custody services Buzzi stated, “It is exciting for us to become one of the first virtual asset companies to receive this operating license in Dubai,” said Filippo Buzzi, Hex Trust’s Regional Director MENA. “Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”

With this license Hex Trust will not only be able to hold crypto for its clients but also allow trading.

To date Dubai’s VARA has awarded 18 VASP licenses with the latest being Binance and WadzPay.

Moreover, there are more licenses on the way with Liminal Custody Solutions Dubai entity, “First Answer Custody FZE”, both providers of digital asset custody and wallet solutions, securing an initial approval from Dubai’s virtual asset regulatory authority (VARA).

Prior to that NorthStake a firm which offers safe, compliant and secure investment in Digital Assets for institutional investors as well as crypto staking and trading services applied and received a preliminary approval for a license from Dubai’s virtual asset regulatory authority (VARA) for a license.

Qatar Fintech Hub prepares for Digital asset hackathon

Qatar Fintech Hub prepares for Digital asset hackathon

In a linkedin post, Henk Jan Hoogendoorn, Chief of Financial Services Sector at Qatar Financial Centre Authority, noted that discussions were heating up with regards to the upcoming digital assets, takaful and Insurtech hackathon. He also mentioned discussions on the launch of a new wave of accelerator and incubator programs as well as a Fintech survey 2024.

He noted, “Qatar FinTech Hub on a roll. We discussed upcoming #hackathon with the focus on Digital Assets and takafel insurtech. As well as the launch of new wave of accelerator #incubator programs and Fintech survey 2024.”

Those present in the discussions included Qatar Development Bank and Qatar Financial Centre (QFC) Authority Qatar Central Bank.

This is part and parcel of the efforts Qatar is making on both the Blockchain and digital assets front, especially after launching the digital assets lab earlier this year.

Among the themes being focused on in Qatar is tokenization of real estate, securities and other financial instruments.

Recently Bahrain Central Bank graduated the first fractional tokenization platform for Islamic Sukuk, called INABLR.

UAE digital asset Blockchain platform partners with AIREV for AI to spur adoption in MENA

UAE digital asset Blockchain platform partners with AIREV for AI to spur adoption in MENA

Abu Dhabi-based BT Commerce a Bridgetower SPV entity that offers institutional grade digital asset platforms to facilitate the growth of AI and Blockchain in the Middle East, has partnered with AIREV, an Abu Dhabi-based pioneer in AI solutions, to converge the transformative technologies of Artificial Intelligence and Blockchain to drive global adoption across public and private markets.

BT Commerce and AIREV will collaborate on a comprehensive range of AI services leveraging blockchain and Web3 technologies. Their focus is to tackle fundamental challenges facing AI thereby ensuring data verification, establishing AI proof-of authenticity, and facilitating global distribution over secure private networks. This includes AI modeling, Large Language Models (LLM), AI GPU compute, and the distribution of sensitive data customized to fulfill the unique requirements of their clientele.

BT Commerce, headquartered in Abu Dhabi Global Market (ADGM), brings over $250 million of delegated assets for turnkey staking, as well as extensive expertise operating blockchain node validation for the world’s largest blockchains.

As per the medium post, BT Commerce will utilize its proprietary Web3 Commerce Platform to provide customers with customized marketplaces that are fortified by more than 25 years of digital asset, capital deployment, and business operations experience. The company also brings vast resources made available through its local Abu Dhabi and global partnerships.

“I am thrilled about our partnership with Bridgetower and BT Commerce,” said Muhammed Khalid Founder of AIREV. “This collaboration marks a significant milestone, setting a global benchmark in blockchain and AI integration. Together, we’re poised to drive innovation and growth not only in the GCC but worldwide, propelling us towards a future of transformative digital success.”

“We are excited to enter into partnership with AIREV — a fellow Abu Dhabi company — and contribute to the rapidly growing digital asset, blockchain, and AI explosion that has occurred in the UAE over the past two years,” said BT Commerce CEO Cory Pugh. “This region is leading the way globally and we believe Blockchain/AI solutions from AIREV powered by BT Commerce and the broader Bridgetower family will have a broad and lasting impact.”

In addition to augmenting AIREV’s existing 3 million School Hack users, the companies will work together on AIREV’s ONDEMAND platform that revolutionizes generative AI product development with its easy-to-use interface, a plethora of plugin offerings and AI agents for swift customization and integration. The ONDEMAND platform enables businesses to rapidly deploy sophisticated AI solutions, slashing development time and complexity to deliver innovative GEN AI products.

QCP Capital crypto trading firm opens office in UAE and partners with Further Ventures

QCP Capital crypto trading firm opens office in UAE and partners with Further Ventures

on the eve of Token2049 Dubai, QCP, a global digital asset trading firm and market maker with close to $60b in annual trading volumes
in 2023, and Further Ventures, a leading venture building and investment firm backed by Lunate and Mastercard, jointly announced a strategic partnership aimed at expanding digital asset innovation.

Tapping into the immense growth potential in Abu Dhabi, QCP and Further Ventures are partnering to launch new financial and Derivatives product offerings combining QCP’s considerable experience in digital asset trading and Further Ventures’ licensed broker-dealer and custodial platforms. On the back of this partnership, QCP is expanding to Abu Dhabi with plans to establish a presence in Abu Dhabi Global Markets as its jurisdiction of choice.

As per the press release, more details will be announced at a later stage.


Melvin Deng, CEO, QCP shared that, “Increased institutional adoption in digital assets combined with exponential growth of traditional AUM present a compelling and untapped opportunity for QCP to expand in Abu Dhabi, supported by our partnership with Further Ventures. We greatly value Further Ventures’ deep expertise and passion to develop the ecosystem as we grow our industry leadership in institutional digital assets.”

This collaboration brings together QCP’s market-leading and deep institutional capabilities in digital asset trading with Further Ventures’ investment expertise and extensive portfolio such as Tungsten and Fuze.

This article was updated on April 18th at 12:05 +3GMT