UAE Tokinvest participates in DLD and VARA pilot for tokenizing property titles

UAE Tokinvest participates in DLD and VARA pilot for tokenizing property titles

UAE Tokinvest, a VARA regulated marketplace for real world asset tokenization, is participating with Dubai Land Department, Dubai’s Virtual Asset Regulatory Authority and Dubai Future Foundation, in the pilot for tokenizing property deeds and titles in Dubai.

The pilot announced this week is in line with the Dubai Real Estate Sector Strategy 2033, the Dubai Land Department (DLD) has launched the pilot phase of the ‘Real Estate Tokenization Project for property title deeds. The initiative, introduced under the Real Estate Innovation Initiative ‘REES,’ establishes DLD as the first real estate registration entity in the Middle East to implement tokenization on property title deeds. The project is being implemented in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation (DFF) through Sandbox Real Estate.

DLD anticipates that this groundbreaking initiative will drive significant growth in the real estate tokenization sector, with its market value projected to reach AED 60 billion equivalent to $16 billion by 2033, representing 7% of Dubai’s total real estate transactions.

Scott Thiel, CEO & Co-Founder of Tokinvest, has shared his perspective on the significance of this milestone with Lara on the Block noting, “Dubai continues to set the global benchmark for real estate innovation, and the launch of the Real Estate Tokenization Project by the Dubai Land Department marks a transformative moment for the sector. The initiative not only reinforces Dubai’s leadership in blockchain adoption but also paves the way for a more inclusive, liquid, and efficient real estate market.”

He added that Tokinvest is proud to be at the forefront of this evolution. He explained, ” We are proud to be collaborating with key stakeholders in shaping the future of tokenized real estate. Through our regulatory expertise and technology-driven approach, we are excited to contribute to the success of this pilot, bringing real-world assets onto the blockchain in a secure and compliant manner. Tokenisation is no longer a concept, it’s a reality that will open up Dubai’s real estate market to a global pool of investors like never before.”

Tokinvest is looking forward to working closely with the DLD, VARA, and other industry pioneers to establish best practices and drive meaningful adoption. Thiel notes, “This is the beginning of a new era for real estate investment in Dubai, and Tokinvest is committed to playing a key role in this transformation.”

Already Tokinvest, has carried out strategic partnerships connecting 1 billion people to tokenized real estate, investment funds, and alternative assets. The partnerships cross geographies that include UAE, Europe, Asia-Pacific, and beyond to establish a global tokenization infrastructure. They include UDPN (Hong Kong): Developing a tokenized deposit and stablecoin infrastructure to power virtual asset adoption across MENA and Africa, InvestaX (Singapore): A MAS-licensed digital securities platform, enabling investors to access global RWAs and compliant security token offerings, Archax (UK), The first FCA-regulated digital securities exchange, providing brokerage, custody, and liquidity for tokenized assets in institutional markets, and HKVAX (Hong Kong): A regulated SFC-licensed virtual asset exchange, bridging institutional finance with blockchain-based asset issuance as well as Fasset (UAE, Indonesia, Malaysia, the EU, Turkey, Pakistan, Bahrain and others) and StegX (EEA), A Frankfurt-based real estate tokenization marketplace, providing European investors with access to Dubai’s booming property sector.

Scott Thiel, CEO & Co-Founder of Tokinvest, said, “This isn’t just about partnerships; this is about building a global ecosystem that enables seamless access to tokenized real-world assets across multiple jurisdictions. With our expanding network, Tokinvest is positioning itself as a leader in unlocking previously inaccessible investment opportunities and redefining how people engage with high-value assets. Our reach now extends to potentially over 1 billion people, and we are only getting started.”

In the near future, Tokinvest is gearing up for the launch of its platform in April 2025, where investors will be able to access exclusive tokenised property investments in Dubai. Through its strategic partnerships, strong regulatory backing, and best-in-class technology, Tokinvest is paving the way for a new era of accessible, transparent, and efficient investing.

Binance participates at Dubai’s Token 2049 with its clubhouse

Binance participates at Dubai’s Token 2049 with its clubhouse

Binance, the world’s largest cryptocurrency exchange by trading volume and users, a strategic partner of TOKEN2049, taking place in Dubai from 30 April to 1 May 2025, is bringing back its Binance Clubhouse at Madinat Jumeirah.

As per the press release, the exclusive space will serve as a hotspot for the crypto community, driving the conversation on responsible innovation and global adoption, setting the standard for what’s next in blockchain technology. It will offer attendees a co-working and networking space, insightful talks and special guests from key industry voices and Binance representatives, games, giveaways, and experiences. Binance Clubhouse will be the hub for those who are not only seasoned enthusiasts but also curious newcomers looking to collaborate with industry leaders.

Binance is the title sponsor of this year’s TOKEN2049, further solidifying its leadership in the Web3 space and the region’s expanding crypto landscape. Binance CEO, Richard Teng, will also be on the ground at the Binance Clubhouse, engaging with the community and sharing insights on the future of the industry.

“We are thrilled to reunite with TOKEN2049, bringing back our much loved Binance Clubhouse. With over 1,500 events annually, Binance Clubhouse remains a cornerstone of our vision, empowering the next chapter of Web3. Designed for both industry veterans and curious newcomers, this space offers something for everyone – connection, impactful conversation, growth, and inspiration.” Rachel Conlan, Binance Chief Marketing Officer

Dubai Land Department pilots tokenization of property title deeds

Dubai Land Department pilots tokenization of property title deeds

In line with the Dubai Real Estate Sector Strategy 2033, the Dubai Land Department (DLD) has launched the pilot phase of the ‘Real Estate Tokenization Project for property title deeds. As per the announcement, the initiative, introduced under the Real Estate Innovation Initiative ‘REES,’ establishes DLD as the first real estate registration entity in the Middle East to implement tokenization on property title deeds. The project is being implemented in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation (DFF) through SandBox Real Estate.

DLD anticipates that this groundbreaking initiative will drive significant growth in the real estate tokenization sector, with its market value projected to reach AED 60 billion equivalent to $16 billion by 2033, representing 7% of Dubai’s total real estate transactions.

His Excellency Eng. Marwan Ahmed Bin Ghalita, Director General of Dubai Land Department, stated, “Amid rapid technological advancements and the increasing reliance on digital solutions, real estate tokenization emerges as a revolutionary tool driving fundamental change in the real estate sector. By converting real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes.”

He added: “It aligns with our strategy to unlock new opportunities for innovative real estate products, enhance property sector innovation, promote transparency and governance, and enable a wider pool of investors to participate in large-scale real estate projects in Dubai.

The announcement comes in the midst of increasing focus on tokenization in the UAE, as well as the announcement between DAMAC Group and MantraChain to tokenize $1 billion worth of assets.


Unchained Summit to feature prominent figures in Web3 in Dubai UAE

Unchained Summit to feature prominent figures in Web3 in Dubai UAE

As the world races toward a decentralized future, the Unchained Summit 2025 is set to take center stage in Dubai, hosting what promises to be a transformative gathering for the Web 3.0 ecosystem. Scheduled for April 28th and 29th at the luxurious Kempinski Central Avenue, this upcoming crypto conference in Dubai aims to redefine the global impact of blockchain technology, decentralized finance (DeFi), and the broader Web 3.0 landscape.

Tuesday, 11 March 2025, UAE: Organized by Aeternum, a rising B2B events company specializing in emerging tech, the Unchained Summit is poised to unite over 1,500 attendees, including visionaries, investors, developers, and policymakers; to spark meaningful dialogues, catalyze innovation with the help of curated topics and one-on-one networking.

The global momentum for crypto regulation and adoption is stronger than ever. Following major policy discussions, including the recent White House Crypto Summit featuring industry leaders, Unchained Summit will further drive the conversation by uniting the ecosystem’s top minds in Dubai.

The summit’s lineup features prominent figures from the Web 3.0 ecosystem, including:

• Greg Scanlon, VP Quantitative Blockchain, Franklin Templeton Digital Assets
• May Zabaneh, VP of Product – Blockchain, Crypto & Digital Currencies, PayPal
• Richard Muirhead, Chairman & Managing Partner, Fabric Ventures
• Rushi Manche, Co-Founder and Lead Architect, Movement Labs
• Jack Platts, Co-Founder, Hypersphere Ventures
• Shuyao Kong, Co-Founder, MegaETH, among others.

Martin de Rijke, one of the speakers attending the event, said, “Maple Finance is transforming institutional credit in crypto, providing a scalable on-chain infrastructure for transparent and efficient lending. As Head of Growth, I lead Maple’s expansion by forging strategic partnerships and scaling adoption among institutional borrowers and lenders. At Unchained Summit Dubai, I will share insights on the evolving credit landscape in crypto, the role of on-chain finance in institutional markets, and what’s next for decentralized lending.”

Among the attending organizations is Mesh, a platform that facilitates crypto transactions by integrating with over 300 exchanges and wallets. Bam Azizi, CEO and Founder of Mesh, commented, “Just as the internet transformed communication and commerce, crypto is shaping the future of payments. I look forward to engaging with the industry leaders, investors, and companies that will shape the financial system of our future. This is the time to create scalable, consumer-ready solutions and I can’t think of many places better than the Unchained Summit to have these discussions.”

The event’s structure prioritizes networking, with dedicated lounges, curated topics, fireside chats led by Founders and Investors, and an exclusive afterparty where attendees can unwind and forge partnerships. Over 300 investors are expected to attend, representing venture capital firms and funds eager to back Web 3.0 projects. For startups, the summit offers a rare chance to secure funding and mentorship in a single setting. For seasoned professionals, the event provides a platform to explore reconnect with the Crypto community, alongside learn from trends like asset tokenization, decentralized AI, and the intersection of Web 3.0 with traditional finance.

Sharath Kumar, Founder and CEO of Aeternum, organizer of Unchained Summit, said: “Unchained Summit distinguishes itself with a highly curated attendee profile, ensuring the presence of key decision-makers from across the Web 3.0 ecosystem. With a strategic focus on connecting VCs, crypto-focused hedge funds, and institutional investors with the most promising emerging projects, the summit aims to facilitate meaningful engagement beyond conventional networking. This will be achieved through pre-arranged one-on-one meetings, targeted investor introductions conducted in the lead-up to the event, and continued engagement opportunities post-event, positioning Unchained as a premier platform for high-value connections and strategic partnerships.”

Unchained Summit to bring together Key Web3 decision makers

Unchained Summit to bring together Key Web3 decision makers

Dubai is set to host Unchained Summit 2025, a highly curated gathering of leaders and innovators in Web 3. Scheduled for April 28 – 29, 2025, at Kempinski Central Avenue, the summit will serve as a platform for in-depth discussions and meaningful connections, bringing together key voices influencing the evolution of Web 3.0 globally.

Dubai has established itself as a hub for Web 3.0, driven by a proactive regulatory framework and a growing ecosystem of innovators. With clear policies supporting blockchain development and oversight from entities like the Virtual Asset Regulatory Authority (VARA), the city has become a key destination for Web 3.0 companies looking to scale globally.

Unlike large-scale conferences that prioritize hype, Unchained Summit is designed for high-value, strategic networking. It brings together key decision-makers and curated investor-startup connections, ensuring that emerging Web 3.0 projects engage directly with leading VCs actively seeking new ventures.

Beyond networking, the summit features high-impact discussions on institutional adoption, regulation, blockchain infrastructure, payments, and scaling. Investors gain direct access to promising startups, while builders and innovators connect with industry leaders who understand blockchain’s complexities and are ready to explore solutions that drive real progress.

A Powerhouse Speaker Lineup:

The summit will showcase an impressive lineup of speakers, including:

  • Ronghui Gu, Co-Founder, CertiK
  • Sreeram Kannan, Founder & CEO, EigenLayer
  • Luca Schnetzler, CEO, Pudgy Penguins
  • Katherine Dowling, General Counsel & Chief Compliance Officer, Bitwise Asset Management
  • Greg Scanlon, VP, Franklin Templeton Digital Assets
  • Yat Siu, Co-Founder & Executive Chairman, Animoca Brands, and many more.

Unchained Summit will also see participation from major industry players such as Bitwise Asset Management, Franklin Templeton, PayPal, and CertiK, alongside some of the most prominent investors in Web 3.0. Leading venture capital firms, including Fenbushi Capital, Hypersphere Ventures, Lemniscap, and Big Brain Holdings, will be in attendance, actively scouting for high-potential projects and investment opportunities.

Talking about enhancing security protocols in a dynamic landscape, Ronghui Gu, said, “In the fast-evolving blockchain space, security protocols must continuously adapt to emerging threats. Recent incidents, such as the Bybit exploit, underscore the urgent need for proactive risk management. CertiK’s approach — combining continuous monitoring, real-time threat analytics, and rigorous smart contract audits — ensures vulnerabilities are identified and mitigated before they can be exploited. This commitment to dynamic security sets an industry benchmark and offers an interesting topic for discussion at Unchained Summit.”

Sharath Kumar, CEO of Aeternum, organizer of Unchained Summit, emphasized: “April is a buzzing month for Web 3.0, with Dubai hosting numerous events. However, the sheer volume often dilutes quality and impact. At Aeternum, we are committed to standing out by curating an event that connects high-potential startups with serious investors. Unchained Summit prioritizes funding opportunities for new projects, bringing together the region’s most influential VCs, institutional investors, and policymakers. By combining strategic networking with high-impact content, we ensure that founders meet the right backers to accelerate growth and drive real innovation in Web 3.0.”

Tickets to the event are available on the official website: unchainedsummit.com

Dubai crypto regulator monitoring and tracking Bybit hack situation

Dubai crypto regulator monitoring and tracking Bybit hack situation

Dubai Virtual Assets Regulatory Authority has confirmed to Lara on the Block that they are actively monitoring the ByBit hack situation as the matter evolves and are closely tracking it until it stabilizes. The statement was made after Bybit, the second largest crypto exchange globally was hacked on February 21st 2025, losing $1.4 billion in Eth.

As per Bybit, whose headquarters are based in Dubai UAE, the exchange detected unauthorized activity within one of their Ethereum (ETH) Cold Wallets during a routine transfer process. The transfer was part of a scheduled move of ETH from their ETH Multisig Cold Wallet to their Hot Wallet. Unfortunately, the transaction was manipulated by a sophisticated attack that altered the smart contract logic and masked the signing interface, enabling the attacker to gain control of the ETH Cold Wallet. As a result, over 400,000 ETH and stETH worth more than $1.5 billion were transferred to an unidentified address.

It was later found that the Lazarus Group out of North Korea were responsible, and since then have been transferring ETH to new addresses through ChainFlip.

VARA spokesperson told Lara on the Block, ” Bybit has not been granted a regulatory licence under VARA, and is currently working towards fulfilling the stringent licensing requirements to secure a VASP operating permit in Dubai. As part of VARA’s rigorous due diligence, we have been actively monitoring the situation since the hack on ByBit was confirmed last night – this remains a highly evolving matter that we will continue to closely track until it stabilizes.”

Bybit headquartered in Dubai UAE

Bybit had set up its headquarters in Dubai UAE back in 2023, citing it as one of the most progressive crypto jurisdictions. The crypto exchange then received its in-principle license in September 2024 and is still in the process of receiving its full license. Bybit has been very active in the UAE partnering and working with entities to increase crypto awareness and investments in the ecosystem.

Bybit in turmoil after $1.4 billion hack

The Bybit hack is the biggest loss in the entire history of crypto exchanges. The exchange lost 400,000 ETH and stETH worth more than $1.5 billion. What is more interesting is since the hack the exchange has seen withdrawals of more than $5 billion. According to Bybit CEO Zhou speaking in an X space, ” Fortunately the company’s assets are far greater than $1.5 billion, there is a cold wallet in safe with nearly $3 billion in USDT, and fortunately this has not been stolen.” He adds though that, “if more than $10 billion was stolen, it might be necessary to consider selling the company.”

Cryptocurrency exchange Bybit has maintained reserves exceeding its liabilities despite suffering a $1.4 billion hack and an overall $5.3 billion decline in total assets, according to DefiLlama data. Bybit processed more than 350,000 withdrawal requests within 10 hours, completing 99.9% of them by 1:45 am UTC, Bybit co-founder and CEO Ben Zhou noted.

“Although we have been hit by the worst hack possibly in the history of any medians (banks, crypto, finance), But all Bybit functions and product remain functional, the Whole team had been awake all night to process and answer client questions and concerns,” Zhou wrote.

One of the exchange updates stated that they had reported the case to the appropriate authorities, and have worked quickly with on chain analytics such as Chainanalysis, and Hacken to identify and demix the implicated addresses.

Global crypto community shows solidarity with Bybit

In a show of solidarity, other crypto exchanges such as Bitget, Binance, OKX, and even some Chinese cryptocurrency leaders are actively transferring ETH to Bybit to support its liquidity. Even Huobi co-founder Du Jun deposited 10,000 ETH to Bybit as well as founders of Conflux and Mask Network.

In a recent Xpost Zhou also thanked MEXC, Solana, TON, Blockchain UAE, Ghaf Capital in UAE as well as Tether and Galaxy Digital among others.

Additionally according to Ethescan, the Mantle powered mETH Protocol has salvaged 15,000 cmETH from Bybit Exploiters worth about $2.76 million.

Updated at 8:00 pm Dubai UAE time

Blockchain tokenization entity CryptoAutos acquires $20 million worth of luxury vehicles in Dubai

Blockchain tokenization entity CryptoAutos acquires $20 million worth of luxury vehicles in Dubai

CryptoAutos,a Real-World Asset (RWA) entity in the Blockchain tokenization space, has acquired a rental fleet of luxury vehicles worth $20 million in Dubai UAE. As per the announcement CryptoAutos is seeking to bridge digital assets with physical assets and aimed at redefining vehicle ownership and investment through blockchain technology.

“Acquiring real-world assets and making them accessible through tokenization is at the core of what we do,” said Waqas Nizam, Founder of Crypto Autos. “This $20M fleet acquisition is another step towards enabling individuals to leverage their digital assets in meaningful, practical ways. Let’s put it into perspective – we’ve spent $20M on this fleet, this is significantly more than the majority of RWA projects have managed to raise.”

Backed by multiple funding rounds of $60,000,000 and $7,500,000 CryptoAutos will create investment opportunities in its fleet, allowing users to potentially earn yield in USDT from both the rental and sales of its luxury vehicles. Investors will benefit from an estimated annual rental yield of $15,000,000, making this a lucrative real-world asset-backed investment.

Through CryptoAutos’ platform, users can invest in fractional ownership of high-value vehicles, receive potential rental-based earnings.
Gain exposure to the appreciation and resale value of exotic cars, and by combining the efficiency of blockchain with real-world revenue streams, CryptoAutos ensures that digital asset holders can participate in a stable, high-yield investment model.

CryptoAutos’ decision to establish a stronghold in Dubai aligns with the region’s growing adoption of crypto-backed investments and digital finance.

“With its progressive stance on blockchain and finance, Dubai is the perfect location for our first acquisition,” added Waqas. “The city provides the ideal ecosystem for RWAs to flourish, and we are excited to drive this movement forward.”

As the company continues its expansion, CryptoAutos is set to introduce additional asset-backed opportunities, further bridging the gap between Web3 and traditional industries. The latest acquisition is just the beginning of a broader strategy to integrate RWAs into everyday transactions, making digital asset usability more practical than ever before.

It is noteworthy that CryptoAutos, while having acquired $20 million worth of vehicles in Dubai UAE, has yet to be regulated in the country.

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Incorporated in Dubai Algorethics Validator tackles AI Ethics including DeepSeek’s Bias & OpenAI’s Pitfalls

Incorporated in Dubai Algorethics Validator tackles AI Ethics including DeepSeek’s Bias & OpenAI’s Pitfalls

As artificial intelligence (AI) cements itself as a cornerstone of technological innovation, ethical concerns surrounding AI governance have gained global attention. Leading the charge for responsible AI, Algorethics has officially started operations in the UAE, aligning its vision with the Dubai AI Commitment and the Dubai AI Seal.

This move places Dubai at the forefront of ethical AI regulation, offering businesses and developers in the UAE a powerful tool to validate AI models against international standards. With Dubai emerging as a hub for AI-driven enterprises, this expansion highlights the increasing need for accountability and transparency in AI solutions. The Algorethics Ethical AI Validator, a cutting-edge compliance platform, is designed to detect hidden biases, flag ethical risks, and promote fairness in AI applications, ensuring they align with Dubai’s robust regulatory frameworks.

DeepSeek’s Propaganda Problem and OpenAI’s Ethical Pitfalls

As AI models like DeepSeek R1 and OpenAI’s ChatGPT revolutionize industries from education to healthcare, they also expose significant ethical vulnerabilities. The Algorethics Ethical AI Validator has uncovered troubling biases in these models, providing crucial insights for businesses and developers aiming to ensure their AI systems comply with ethical standards.

DeepSeek R1 has been praised for its cost-effectiveness, saving startups and enterprises up to 40% in GPU costs. However, Algorethics identified that DeepSeek R1’s outputs consistently align with Chinese government narratives, raising concerns about AI neutrality and ideological influence. The risks associated with biased AI models include manipulation of public opinion, global adoption challenges, and erosion of user trust.

Similarly, OpenAI’s ChatGPT has demonstrated remarkable versatility but has faced scrutiny for bias in training data, privacy violations, and factual inaccuracies. Such challenges emphasize the urgent need for robust ethical frameworks, ensuring AI technologies do not reinforce harmful stereotypes, generate misinformation, or violate user privacy.

The Real-World Consequences of Unethical AI

The risks posed by biased AI models are not merely theoretical—they can lead to financial losses, legal liabilities, and reputational damage. Historical cases illustrate the impact of unethical AI:

  • Amazon’s AI Recruiting Tool was scrapped after it was found to systematically discriminate against women.
  • Apple Card’s AI Credit Decisioning faced backlash for alleged gender bias in 2020, leading to regulatory investigations.
  • Uber’s Self-Driving AI caused a fatal accident in 2018 due to recognition failures, leading to legal repercussions.

Such failures highlight the critical need for AI governance frameworks like Dubai’s AI Commitment, ensuring AI models are fair, unbiased, and transparent.

Algorethics Validator: The Ethical AI Game-Changer

The Algorethics Ethical AI Validator addresses these challenges by offering:

  • Bias Detection: Identifies and flags ideological, political, or cultural biases in AI models.
  • Transparency Reports: Provides detailed insights to developers for correcting ethical shortcomings.
  • Accessibility: Free to use for validating popular LLMs and AI models, making it a vital resource for startups.
  • Versatility: The Validator supports a wide range of AI models, offering in-depth ethical evaluations beyond surface-level assessments.

With this Validator, businesses and organizations can preemptively address ethical concerns, safeguard their reputations, and ensure compliance with global AI governance standards.

Dubai’s AI Commitment and Future Ethical AI Governance

Dubai’s AI policy is built on three key pillars: governance, transparency, and accountability—principles that align seamlessly with Algorethics’ mission. The Dubai AI Seal ensures AI models deployed in the UAE meet stringent ethical requirements, fostering trust and responsible innovation.

By establishing operations in the UAE, Algorethics reinforces Dubai’s role as a global leader in ethical AI governance. Companies that adopt ethical AI compliance will not only benefit from regulatory adherence but will also gain a competitive advantage, attracting investors and customers who prioritize transparency.

Robert McNamara, Co-Founder and Chief Ethical Innovation Officer of Algorethics, emphasizes the importance of ethical AI, “Unchecked AI can perpetuate biases, influence opinions, and erode public trust. The Algorethics Validator empowers organizations to uncover hidden biases and create systems that prioritize fairness, transparency, and inclusivity. The future of AI must align with humanity’s core values, and we’re proud to lead this transformation.”

Ensuring AI Accountability with Algorethics

With AI rapidly integrating into critical industries, responsible AI governance is no longer optional—it is imperative. Businesses, regulators, and developers must work together to ensure AI models align with ethical guidelines, preventing bias, misinformation, and regulatory risks.

The Algorethics Ethical AI Validator is now available in the UAE, providing real-time compliance monitoring, bias detection, and transparency reporting to help organizations build responsible AI solutions.

Test your AI models today using the Algorethics Ethical AI Validator. It’s free, accessible, and designed to help developers create unbiased, responsible AI systems.

BitGo receives crypto custodial in-principle approval from Dubai regulator

BitGo receives crypto custodial in-principle approval from Dubai regulator

BitGo, a digital asset solutions provider offering crypto custody, and trading services has received its crypto custodial license from Dubai’s Virtual Assets Regulatory Authority (VARA). BitGo Custody MENA FZE, has received an in-principle approval (IPA) for a Virtual Assets Service Provider (VASP) license to provide custody services. This IPA marks a significant expansion of BitGo’s world-class suite of regulatory compliant custody services to leading financial markets around the world.

As per the press release, once fully approved and licensed, BitGo Custody MENA FZE will be able to offer its secure and efficient cold storage custody services to qualified and institutional investors in Dubai. 

Ben Choy, General Manager of BitGo MENA, said, “Dubai has cemented itself as a central hub within the digital asset ecosystem and we are excited to play an important role in its growth.This IPA marks a significant milestone in our journey and we are confident that BitGo’s innovative custody services will address the sophisticated needs of the market and will help deliver meaningful value to our clients.”

BitGo’s commitment to security and compliance aligns with VARA’s comprehensive regulatory framework, which is designed to protect investors and ensure market integrity. VARA’s forward thinking and innovative frameworks have positioned Dubai as the ideal choice for BitGo’s expansion into the region. 

Bitgo is one of eight virtual asset service providers currently holding in-principle approvals from Dubai’s regulator. Currently Zand Bank, Komainu, and HexTrust hold regulated licenses.

SuiHub Dubai accelerator receives over 630 applications

SuiHub Dubai accelerator receives over 630 applications

SuiHub, based out of Dubai UAE received over 630 applications for its Global Accelerator Program, the largest intakes ever recorded for an ecosystem-specific accelerator program.

SuiHub’s accelerator program attracted interest from over 13,000 individuals from 152 countries and 2,452 cities. This exceptional level of enthusiasm highlights the momentum within the Sui ecosystem and the widespread appeal of the SuiHub initiative.
Kristof Lukovich, CEO of SuiHub stated, “The immense interest in the SuiHub Accelerator Program underscores the strength of the Sui ecosystem and its appeal to builders worldwide. We are incredibly excited to work with the inaugural cohort and help them unlock the full potential of the Sui blockchain to address real-world challenges.”

With an acceptance rate of just around 1.3%, the inaugural cohort of the SuiHub Accelerator is set to feature some of the most innovative and promising startups in the Web3 space.

“The 630+ applicants is a testament to the strength of the SuiHub offering and the momentum within the Sui ecosystem,” said Scott Keto, President at CoinList. “With an acceptance rate of just 1.3% and many quality applicants to choose from, the first cohort of the accelerator looks incredibly promising. We look forward to supporting this next generation of builders on Sui.”

The SuiHub Accelerator, run in partnership with UAE based Brinc, CoinList, UAE based Ghaf Group, and the Sui Foundation, provides up to $200,000 in milestone-based funding per team, technical support, and access to global marketing channels. Its mission is to empower pre-token projects and entrepreneurs building sustainable business models on the Sui blockchain.

“Backed by Sui’s lightning-fast and scalable network, these projects have immense potential to continue to grow the Sui ecosystem.” said Dr. Kostas Chalkias, Co-founder of Sui.

“The response to the SuiHub Dubai Accelerator from the community, developers, entrepreneurs, and users has been incredible. The extraordinary volume of qualified submissions reflects the talent that makes the Sui ecosystem a thriving, innovative network,” said Henrik Johansson, Head of Community at Sui Foundation.

The first cohort of the SuiHub Accelerator is scheduled to commence shortly, with selected teams gaining direct access to the Sui Solutions Engineering team, expert advisory on token design and distribution mechanisms, and growth marketing support.

“The exceptional caliber and overwhelming number of SuiHub accelerator applications demonstrate both the rapid growth of the Sui ecosystem and the strength of our partners,” said Bashar Aboudaoud, COO & Co-Founder of Brinc. “The program is quickly establishing itself as one of the best in the Web3 space, and I am very excited to see the progress of the startups that enter it.”

As SuiHub continues to foster innovation and collaboration, this inaugural cohort is poised to set the stage for further advancements in Web3 and accelerate Sui’s mission of onboarding the next billion users to the blockchain.

“At Ghaf Group, we are thrilled to support Sui’s growth in the Middle East and beyond. This program is more than just an accelerator, it’s a launchpad for the next wave of innovation in Web3 and will have a positive effect in further strengthening the regional ecosystem through new global connections.” stated Feras Al Sadek, MD, Ghaf Group.

Sui Hub launched in UAE in November 2024

SUI, through its SuiHub launched its Global Accelerator Program, a new initiative designed to help build sustainable businesses on Sui in the Web3 space in the UAE back in November of 2024. The 12-week accelerator program will be run in partnership between Brinc, CoinList, Ghaf Group, and Sui Foundation; and is set to provide strategic funding, technical guidance, and networking opportunities to startups and developers building on the Sui blockchain.