Dubai’s Virtual Assets Regulatory Authority (VARA) CEO has revealed in an interview with the UAE Emirates News Agency (WAM) that it is working on new pilot projects after the success of the real estate tokenization pilot project with Dubai Land Department. The new pilot involves tokenization of Gold using DeFi.


Mathew White also noted that The Dubai Virtual Assets Regulatory Authority (VARA) has so far issued 36 full licences to entities operating in the virtual assets sector, with several hundred at various stages of the licensing process.


He noted that the ecosystem now includes over 400 registered entities involved in activities ranging from proprietary trading to blockchain technology services and other supporting operations.


Speaking on the DLD real estate tokenization project he added that these will soon be available on trading platforms allowing more accessibility and liquidity in the real estate market.

In June White on LinkedIn announced that VARA was piloting a decentralized exchange project, (DEX), the first of its kind in the MENA region. DEX is a peer to peer marketplace where users can trade cryptocurrencies directly with each other without the need for a central intermediary, differing from centralized crypto exchanges.

According to Mathew White CEO of VARA in a LinkedIn post, ” The conversation around decentralised finance (DeFi) has evolved. Not long ago, the question was “Will it survive?”. Now it’s “How fast can we integrate it? At the Virtual Assets Regulatory Authority [VARA], we don’t see DeFi as a threat to traditional finance (TradFi), but a high-efficiency tool for accelerating its evolution.”

White has stated out 2025 noting that it was the year of tokenization. In early January on Linked he had stated, ” Tokenized RWAs are on-chain representations of ownership in, or rights and obligations related to, assets like real estate, debt, equity, and other traditionally more illiquid financial assets. Tokenization can make them globally accessible and tradable, while also opening investment opportunities to individuals previously excluded from these asset markets.”

UAE based Byzanlink, a tokenization platform bridging traditional and decentralized finance, has partnered with the Hedera Foundation where in the first phase the company will integrate and deploy on Hedera Network, the enterprise-grade public network renowned for its high-performance and energy-efficient distributed ledger technology.

As per the press release, the collaboration marks a strategic step toward building a compliant, programmable infrastructure for tokenized financial assets. Byzanlink will leverage Hedera’s scalable and secure architecture to accelerate the development of tokenized real-world assets and expand institutional access to compliant, yield-generating financial instruments. The integration enables real-time settlement, increased transparency, and automated asset lifecycle management across a wide range of asset classes.

Byzanlink is developing an integrated platform that enables institutions, treasuries, and fintechs to interact with tokenized financial assets through a seamless and compliant framework. Through this integration, Byzanlink will leverage Hedera’s Network to ensure scalable deployment and real-time settlement for tokenized asset classes.

“We’re excited to collaborate with the Hedera Foundation as we bring real-world financial assets onchain,” said Anbu Kannappan, Founder and CEO of Byzanlink. “Hedera’s enterprise-grade capabilities align well with our vision of building secure, programmable, and transparent financial infrastructure for the future of global capital markets.”

Byzanlink is targeting the tokenization of over $100 million in real-world assets over the coming years, focused on enabling institutional access to secure, yield-generating financial instruments.

“Byzanlink’s infrastructure is aligned with our vision for enabling the next generation of institutional finance on Hedera,” said Vignesh Raja, Director of Business for Middle East & South Asia at Hedera Foundation. “We believe their model offers a compelling framework for tokenizing real-world assets at scale, and we’re proud to support their growth.”

Saudi Arabian NTDP recently invested in Byzanlink

Saudi Arabian NTDP ( National Technology Development Program), an entity aimed to transform Saudi Arabia into a tech leader by fostering sustainable development and innovation invested along with Outlier Ventures, Smart IT Frame, Sensei Capital as well as angel investors Murali Kulala (CEO, Smart IT Frame), Salman Butt (Co-founder, Salla), and Christopher, a seasoned fintech investor, along with several other prominent angel backers, a sum of $1 million in UAE based Byzanlink, a Blockchain enabled real-world asset (RWA) tokenization platform bridging traditional finance and decentralized finance (DeFi), in a private funding round.

Dubai Duty Free has signed a Memorandum of Understanding (MoU) with Crypto.com, a global crypto exchange regulated in UAE, to explore enabling crypto payment and develop collaborative initiatives.

As per the press release, the MoU paves the way for exploring crypto payments at Dubai Duty Free both in-store and online, offering travelers more diverse and innovative payment options and expanding collaborations through strategic partnerships, joint marketing campaigns, and customer engagement programs that leverage the strengths of both organizations.

The agreement was signed at the Emirates Headquarters by Ramesh Cidambi, Managing Director of Dubai Duty Free and Mohammed Al Hakim, President of UAE Operations at Crypto.com. The signing took place in the presence of HH Sheikh Ahmed bin Saeed Al Maktoum, President Dubai Civil Aviation Authority and Chairman of Dubai Duty Free.

Ramesh Cidambi, Managing Director of Dubai Duty Free noted that the MOU will offer more convenience and choice for their customers. He noted, “Dubai Duty Free continually seeks to enhance the retail experience. We believe that embracing digital currency payments, such as cryptocurrency, is a forward-looking step that will add significant value for our diverse customer base and support our vision for sustained growth.”

Eric Anziani, President and COO, Crypto.com added, “We’re delighted to complete the signing of this important MoU with Dubai Duty Free. As we continue to expand the everyday use case for crypto, integration with exceptional partners such as Dubai Duty Free will bring real momentum to the digital asset industry and enable both companies to offer genuine innovative finance solutions for our customers.”

Both parties will begin feasibility studies and detailed planning to bring crypto payment solutions to life and roll out collaborative initiatives under the MoU.

A couple of years back, Dubai Duty Free was in the process of offering stablecoin payments using WadzPay, but this did not materialize.

Prior to this Crypto.com exchange partnered with Emarat Energy Company to offer crypto payment options at select Emarat service stations. As per the LinkedIn post the expansion depends on regulatory approvals and customer demand.

TON Foundation ( The Open Network) has issued a clarification regarding its UAE Golden Visa initiative, saying that the announcement was published prematurely and that the initiatives stems from a collaboration between TON and a licensed partner specialized in blockchain and tokenized assets and has nothing to do with UAE governmental entities.

As per the medium post, TON noted, ” With regards to premature announcement that circulated on X regarding a UAE Golden Visa initiative offered by TON. While we understand the community’s interest and enthusiasm, it’s necessary to provide clarity. The initiative in question stems from an independent collaboration between TON and a licensed partner specializing in blockchain infrastructure and tokenized assets. This exploratory effort is developing outside of any formal arrangement with the UAE government entities.”

TON assets that there are no official Golden Visa program launched in partnership with the government of the United Arab Emirates, nor has any governmental endorsement been granted to TON.

Collaboration with Blockchain entity for Golden Visa initiative is in early stages

TON explained that the collaboration is in the early stages of development and is part of a broader effort to explore how compliant, blockchain-based frameworks might eventually support real-world access to residency pathways.

TON assets that any offering would be subject to all applicable laws and regulations and that application alone does not guarantee visa issuance, the authority for which remains at the discretion of the relevant UAE government bodies.

TON Supports UAE government statement

In the post TON also expressed their support for the joint statement issued by by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA), which confirms that no digital residency or investment visa initiatives have been formally approved or launched in partnership with the UAE government.

TON notes that this aligns with their position as the initiative is being developed independently by TON and their blockchain partner.

TON states, “We welcome the clarity provided and appreciate the UAE’s ongoing commitment to regulatory transparency. Should official involvement emerge in the future, it will be communicated transparently and through the appropriate channels.”

The clarification comes after TON spun out of Telegram, unveiled what it described as a new pathway to United Arab Emirates residency, offering 10-year golden visas to applicants who stake $100,000 worth of Toncoin for three years and pay a one-time $35,000 processing fee.

“Secure your Golden Visa in under 7 weeks from document submission to the Visa Office,” TON announced, detailing that its UAE-based partners will manage the visa processing and residency status confirmation.

However, the Emirates News Agency said later in a press release that the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority have issued a joint statement that golden visas are not issued to digital asset holders.

Crypto.com, a global cryptocurrency exchange regulated by Dubai’s Virtual Asset Regulatory Authority (VARA) and Dubai Land Department (DLD) signed a Memorandum of Cooperation to explore the use of Blockchain and digital currencies or crypto in the real estate sector.

As per the announcement, the initiative is part of Dubai Real Estate Strategy 2033 that aims to build a smart, sustainable, real estate ecosystem using advanced technologies such as blockchain, and digital assets as well as tokenization. The agreement was signed by His Excellency Omar Hamad BuShehab, Director General of the Dubai Land Department, and Mohamed Abdul Latif Al Hakim, the authorised signatory for Crypto.com, in the presence of several officials and CEOs from both sides.

Crypto.com will support Dubai’s digital real estate transactions using blockchain and digital currencies/crypto for property transactions. This will not only help to increase liquidity in the real estate sector but also modernize it by enabling real estate asset trading, investor verification as well as digital custody and settlement processes.

Crypto.com will propose solutions for tokenizing real estate and trading digital assets, while Dubai Land Department will explore them and provide administrative and logistical support to implement these regulatory approved joint projects.

Crypto.com will also offer technical support, analytical tools and reports for these projects.

Previously, the Department of Finance in Dubai Government, responsible for the development of the general annual budget and its execution (DOF), also agreed to enable government service fees to be paid in crypto using Crypto.com. Once the system is activated, individuals and businesses will be able to use Crypto.com’s digital wallet to pay for government services. The platform will convert crypto payments into AED and securely transfer the funds to Dubai Finance accounts.

Recently under the Real estate tokenization project, DLD, VARA, and the Dubai Future Foundation, with PRYPCO Mint underwent two tokenized property listings which were both sold out.

Mathew White, CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), recently noted on LinkedIn that the tokenization of real-world assets (RWAs) is no longer an experiment. He stated, “It’s happening right now.”

He explained how VARA views tokenization as more than a blockchain use case but rather as a structural shift and the foundation for a new kind of financial system. He explains, ” Everything from real estate and art to commodities and IP can be digitally represented, owned and exchanged in real time.”

He adds, “It’s a system of fractional ownership and near-instant settlement, where global markets are trustless, borderless, and always on. The illiquid can become liquid.”

After the Central Bank of Bahrain (CBB) issued its consultation paper on stablecoins back in October 2024, it has now issued the full stablecoin regulation on July 2nd 2025, and is offering licenses to stablecoin issuers, custodians, for fiat backed stablecoins that could be either in Bahraini Dinar or United States Dollars or any other fiat currency acceptable to the CBB.

Additionally, the Central Bank of Bahrain is allowing stablecoin issuers to issue yield bearing stablecoins which pay passive returns to its clients only from either interest or rewards ( for Sharia compliant stablecoins) which is earned from the investment of the reserve assets.

Also regulated are sharia compliant stablecoins. However all stablecoin issuers will need to meet requirements set by the Central Bank.
As per the stablecoin module stablecoin issuers seeking to issue and offer stablecoins, control the total supply of stablecoins or mint and burn stablecoins as well as manage and safeguard reserve assets and custody of stablecoins will need to meet the requirements set out in the module.

As per the document, ” Stablecoin issuers must provide the CBB with detailed description of the new services, the resources required and the operational framework for such service.” All service providers need to be licensed before undertaking stablecoin services.

Quality and liquidity of stablecoin are vital

The CBB notes that part of the approval of a stablecoin will include looking into the quality and liquidity of the stablecoin, as well as credit and concentration risk reserve assets in those currencies. It also notes that the Central Bank may reject an application for issuance of a stablecoin if it determines that the issuance thereof might cause damage, dilute or be contrary to the interests of national economy, the holders of the stablecoin or public investors in general.

Also applicants need to have at least three years track record in either issuing stablecoins or working in the crypto asset domain.

Moreover the license fee set by the CBB is a variable one 0.25% of operating expenses.

In terms of reserve asset composition, stablecoin issues can only keep reserves in cash and deposits with Banks rates at a minimum of AA- or equivalent, or debt securities with central bank, or repurchase agreements backed by short term government money market funds.

Difference between UAE stablecoin regulations and Bahrain

UAE Stablecoin Payment Token Services Regulation came out laying down the rules and conditions by the Central Bank of UAE for licenses pertaining to payment tokens, not allowing algorithmic tokens to be included and only allowing foreign stablecoins to be used to purchase virtual assets, while the AED dirham stablecoin became the only stablecoin to be allowed for payments in the country.

The Bahrain Central Bank has gone into an even further course, allowing for both Bahrain Dinar and USD stablecoins to be issued and utilized as well as sharia backed stablecoins. Moreover unlike the UAE, Bahrain is allowing yield bearing stablecoins to be issued.

The CBB stablecoin regulation compared to the U.S. Genius Act stablecoin regulation is similar except for the yield bearing factor and the fact that U.S did not open it up to other fiat currencies. In the Genius Act The bill mandates that stablecoins be fully backed by high-quality, low-risk assets like U.S. dollars, short-term Treasury bills, or insured bank deposits. The act defines “payment stablecoins” as digital assets issued for payment or settlement and redeemable at a fixed amount, like $1.

JP Morgan has noted that stablecoin market could hit $500 million by 2028. Stablecoin issuers have collectively generated over $10 billion in revenue, marking a significant milestone for the sector. This growth is largely attributed to the increasing profitability of stablecoins, which has driven expansion and innovation within the market. Tether, the leading stablecoin issuer, has amassed $6.56 billion in revenue, underscoring its dominant position. Other notable issuers include Circle, which earned $1.89 billion, Sky Protocol with $384 million, and Ethena with $332 million.


Aqua 1, Web3-native fund which seems to have been created recently, and on its website does not state who its team is announced it invested $100 million into Trump’s World Liberty Financial (WLFI) token, as a means to participate in the governance of the DeFi platform. The partnership will seek to synergize USD1 infrastructure to ignite adoption across commercial payment gateways and treasury management systems.

As per the announcement, the commitment will help accelerate the creation of a blockchain powered financial ecosystem centered on blockchain, Real World Asset (RWA) tokenization, and stablecoin integration.

The authors go on to noted, together, WLFI and Aqua 1 are building the definitive bridge between legacy systems and blockchain innovation, an institutional-grade marketplace delivering unparalleled access to traditional assets.

“We’re excited to work hand-in-hand with the team at Aqua 1,” said Zak Folkman, Co-Founder of World Liberty Financial. “Aligning with Aqua 1 validates our blueprint for global financial innovation, as we have a joint mission to bring digital assets to the masses and strengthen our nation’s standing as a champion and leader of cryptocurrency and blockchain technology.”

“WLFI and Aqua 1 will jointly identify and nurture high-potential blockchain projects together,” stated Dave Lee, Founding Partner of Aqua 1. ( no LinkedIn profile available)“WLFI’s USD1 ecosystem and RWA pipeline embody the trillion-dollar structural pivot opportunity we seek to catalyze, where architects merge traditional capital markets with decentralized primitives to redefine global financial infrastructure.”

Beyond the U.S. market, Aqua 1’s global investment and compliance teams will assist WLFI in expanding across South America, Europe, Asia, and emerging markets to accelerate digital asset ecosystem development.

Strategically, WLFI also plans to support the launch of Aqua 1’s Aqua Fund, a UAE-domiciled investment fund developed in partnership with leading regional stakeholders. The fund will be dedicated to accelerating the Middle East’s digital economy transformation through advanced blockchain infrastructure, artificial intelligence integration, and global Web3 adoption.

Aqua Fund aims to serve as a gateway for capital, talent, and technology to converge, positioning the region at the forefront of the next digital wave. Aqua Fund intends to partner with a secondary trading venue within ADGM to list the fund and facilitate secondary market liquidity for investors.

Furthermore, both parties plan to jointly develop and incubate BlockRock (https://x.com/BlockRock_rwa), an institutional RWA tokenization platform, focused on digitizing and integrating premium traditional assets into the Web3 ecosystem.

This is not the first time a UAE entity engaged with World Liberty Financial when it was announced that MGX, an Abu Dhabi tech company invested $2 billion in Binance crypto exchange, using the USD1 stablecoin. Binance listed World Liberty Financial USD (USD1) and opened trading for the following spot trading pair USD1/USDT.

UAE based Omining, the crypto mining infrastructure company operating under the DMCC ecosystem, has expanded operations into Kenya with new established facility in the Kenyan Special Economic Zone (SEZ) makes it one of the first large-scale Web3 deployments in East Africa by a UAE-based entity.

The company’s entry comes as global technology players, including Microsoft, expand into Kenya’s SEZ framework, with Google and Amazon reportedly completing due diligence for future presence in the region. Omining’s new facility will serve as its operational hub, with a 90-megawatt capacity currently being expanded to 200 megawatts.

It leverages Kenya’s stable electricity costs, investor-friendly regulation, and growing global relevance. Naivasha, where the plant will run, offers other key advantages: a year-round temperate climate ranging from 6 to 30 degrees Celsius, a 100% tax-free regime within the SEZ, and a currency whose value is closely aligned with the US dollar – much like Dubai.

“We’re witnessing the beginning of a revolutionary era – the democratization of cryptocurrency mining. By enabling anyone to mine a currency without government control, we’re participating in a groundbreaking movement that’s reshaping the world’s financial landscape,” said Francesco Colucci, Managing Partner at Omining.

In under-electrified markets, crypto mining operations can play a broader role. Kenya has made significant strides in renewable energy generation, yet in rural areas, grid expansion often remains economically infeasible due to low demand. Omining’s consistent, large-scale energy consumption and investments in the region can help stabilize long-term revenue for utility providers. This, in turn, adds to the long-term health of both infrastructure and access.

“The infrastructure we’re building is about more than just scale,” said Lorenzo Calligaris, CTO at Omining. “You need to be in environments that understand what you’re doing and let you move fast, but responsibly. That’s what we’ve had in Dubai, and now we’re applying that playbook in Kenya.”

Kenya’s positioning as an SEZ destination is rapidly gaining traction across multiple industries because of a skilled labor pool, and growing integration with global digital trade systems. Recent public commentary from Kenneth Chelule, CEO of the SEZ Authority, referenced the potential of crypto mining firms like Omining to contribute to SEZ employment and energy monetization.

Recently Phoenix Group also entered the African continent with operations in Ethiopia. expanded its operations into the burgeoning African market with the acquisition of an 80-megawatt (MW) power purchase agreement (PPA) in Ethiopia. This landmark deal, forged in partnership with Abu Dhabi-based cybersecurity firm Data7, marks a significant step in Phoenix Group’s global diversification strategy.

United Kingdom and Saudi Arabian Equivator, a premier alternative investment firm, has made a strategic investment of $8 million in UAE headquartered Related, where the funds will be used to launch AI and Blockchain solutions and expand into the United Kingdom.

As per the press release, the investment underscores Equivator’s commitment to nurturing groundbreaking ventures within high-growth sectors. It is aimed at accelerating Related’s expansion in the Kingdom, boosting innovation, and fast-tracking the launch of transformative solutions in AI, blockchain, and customer experience.

It also strengthens Related’s position as the company of choice for loyalty and rewards in Saudi Arabia and the broader Middle East and North Africa (MENA) region. The alliance aligns with Saudi Arabia’s wider economic diversification goals and its rapid digital transformation under Vision 2030.

Related currently services more than 30 million users across the GCC and Levant, powering loyalty programs for leading institutions in telecommunications, banking, retail, utilities, and entertainment.

“We are thrilled to welcome Equivator as a strategic partner on our journey to redefine loyalty and engagement in the region,” said Rabih Farhat, CEO of Related. “This partnership is more than a transaction; it’s a transformation, a joint mission to reshape the future of fintech-powered loyalty solutions in line with the Kingdom’s innovation agenda.”

The investment builds upon Equivator’s earlier involvement in the loyalty-focused B2C space through its prior investment in Uplines. In a decisive move, Related has acquired Uplines in full, integrating it into its broader strategic framework and setting the stage for a bold relaunch. As part of the development strategy, Related will introduce a range of new products and offerings, from Advanced AI tools to blockchain-enabled rewards platforms, gamification features and payments. These will enhance B2B and B2C experiences while unlocking value for brands and consumers alike.

“This is more than an investment. it’s a strategic deal to build a regional champion in loyalty and digital payments,” stated Enes Şehzade, CEO at Equivator. “Together, we aim to power a new era of data-driven customer engagement and reward invention.”

Equivator will support Related’s market entry into Europe and beyond while helping establish initiatives such as the “Related Loyalty & Fintech Authority”, a new regional knowledge and policy forum further solidifying Related’s leadership.

Dubai’s Virtual Asset Regulatory Authority is piloting a decentralized exchange project, (DEX), the first of its kind in the MENA region. DEX is a peer to peer marketplace where users can trade cryptocurrencies directly with each other without the need for a central intermediary, differing from centralized crypto exchanges.

According to Mathew White CEO of VARA in a LinkedIn post, ” The conversation around decentralised finance (DeFi) has evolved. Not long ago, the question was “Will it survive?”. Now it’s “How fast can we integrate it? At the Virtual Assets Regulatory Authority [VARA], we don’t see DeFi as a threat to traditional finance (TradFi), but a high-efficiency tool for accelerating its evolution.”

He notes that their DEX pilot, the first in MENA reflects Dubai’s ambition to be the first jurisdiction in the region with DEX regulations. He also notes that it will offer regulatory certainty.

He states, “We’re not afraid to move first, as long as we move responsibly. Dubai’s innovation appetite, combined with VARA’s balanced oversight, is creating one of the world’s most supportive environments for DeFi to thrive.”

The building blocks which are smart contract, DAOs, oracles, dApps, and wallet are not fringe technologies but offer a compelling solution to one of finance’s oldest problems, siloed capital and slow moving liquidity.

He notes that DeFi shrinks clearing cycles, and counterparty risk is replaced with transparent auditable code.

Over $110 billion are currently locked in DeFi protocols, access becomes open and participation global, by default.

He refers to ARK Invest’s Cathie Wood rwho ecently called it a “financial services revolution.” She highlights DeFi’s growing share of futures and spot trading volumes, and an even more striking metric – lending. With DeFi’s share jumping from 15% to over 60%, the implications are profound.

But DeFi has also had its risk with $787 million in losses in 2023, and $474 million in 2024.

This is why according to White, ” At VARA, we’ve built a risk-based licensing regime tailored for this next phase of finance. This includes outcome-based rules and principles, mandatory on-chain audit reports before full protocol licensing, and real-time monitoring of APIs to detect market stress long before retail users feel it. This isn’t regulation for regulation’s sake. It’s about building the guardrails that make innovation sustainable. And in Dubai, we’re not just writing policy – we’re piloting the future.”

Recently Lorenzo Valiente. Director of Research at Ark Invest, highlighted “strong, secular trends” in DeFi. Valente pointed out that despite market volatility and macro uncertainty, DeFi’s share in futures trading has grown from 1.6% to 7% since the fourth quarter of 2022, while its share in spot trading has surged from 7% to 20%.

DeFi’s share in lending also jumped, widening from 15% to over 60%. “DeFi isn’t just surviving — it’s scaling,” Valented said.

According to DeFiLlama, the decentralized cryptocurrency exchanges recorded a volume of $6.82 billion in the last 24 hours, with Uniswap UNI/USD and Raydium RAY/USD being the main drivers. The DEX-to-CEX dominance was over 25%, indicating that decentralized exchanges logged a quarter of the volume compared to centralized exchanges.

Earlier White noted on LinkedIn that the tokenization of real-world assets (RWAs) is no longer an experiment. He stated, “It’s happening right now.” He explained how VARA views tokenization as more than a blockchain use case but rather as a structural shift and the foundation for a new kind of financial system. He explains, ” Everything from real estate and art to commodities and IP can be digitally represented, owned and exchanged in real time.”

So VARA is working on two innovative implementations within the blockchain and crypto ecosystem in 2025, and maybe more to come.