UAE ADGM regulates first stablecoin issuance from Paxos

UAE ADGM regulates first stablecoin issuance from Paxos

Paxos International, a UAE-based affiliate of Paxos, announced the launch of Lift Dollar (USDL) – a yield-bearing stablecoin issued under regulatory supervision of the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in UAE. The Lift dollar (USDL) stablecoin is now available to consumers in Argentina via distribution partners Ripio, Buenbit, Manteca and Plus Crypto. 

As per Paxos International press release, USDL is unmatched in the market as holders earn overnight yield from short-term, minimal-risk US government securities and cash equivalent assets held under the safe protection and custody requirements of the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). Under the FSRA’s license Paxos International is required to hold only high-quality liquid assets to back USDL – US dollar deposits, short duration US treasuries and cash equivalents. It is required to ensure that USDL will maintain 1:1 parity with the US dollar and consumers can redeem their tokens for fiat at all times. 

This reserve structure is like other Paxos-issued US dollar stablecoins that are backed 1:1. USDL is issued permissionlessly on Ethereum and pays yield programmatically on a daily basis to token holders.

According to the press release, USDL marks an important innovation in democratizing overnight yield by shifting interest earned on stablecoin reserve holdings directly to eligible end holders from the central issuer.

Using an Ethereum smart contract, USDL distributes the yield generated from its reserves to eligible wallet addresses daily without requiring any additional steps by the token holder.

Paxos will retain an issuer fee and pay out the remaining yield earned based on prevailing daily market conditions. Companies in permitted jurisdictions interested in enabling USDL on their platforms can onboard with Paxos International.

Ronak Daya, Head of Product of Paxos International, said, “Lift Dollar is the first stablecoin designed to benefit token holders. Token holders and distribution partners receive daily yield, through an Ethereum smart contract, with all the benefits of a regulated, trusted stablecoin platform. Paxos International has partnered with leaders Ripio, Buenbit, Manteca and Plus Crypto to ensure customers in Argentina are receiving tokens from safe and secure channels. Our targeted launch in this market will ensure millions of token holders will now have safe access to US dollars that enables them to not only save and transact, but also earn daily yield. We are pleased to work with these trusted platforms and look forward to growing our partnerships throughout the year.” 

Sebastián Serrano, CEO and co-founder of Ripio, commented: “The launch of USDL by Paxos represents another significant step in the commitment to offering users robust and reliable options in the world of cryptocurrencies. We are excited to list USDL on our app and continue to provide access to innovative financial tools that promote inclusion and economic freedom for all.” 

Federico Ogue, Chief Executive Officer of Buenbit, added: “We are very happy to partner with Paxos in the launch of USDL. Yield bearing stablecoins are the future of stablecoins as they share revenue generated with the end user. We are glad that Paxos was the first big stablecoin issuer to take this step forward as it is one of the most reputable companies in the field.”

Federico Goldberg, Co-Founder and CEO of Manteca, added: “The launch of USDL in Argentina with Paxos International, whose affiliate already provides services to giants like PayPal, MercadoPago and Nubank, is excellent news for retail customers, our corporate clients in Manteca and the local crypto ecosystem. The fact that USDL allows holders to seamlessly generate income is an incredible differential compared to other alternatives that currently exist. It’s like ‘putting dollars under the mattress’, but modern.” 

Saudi’s Central Bank joins CBDC project, Mbridge

Saudi’s Central Bank joins CBDC project, Mbridge

As the BIS (Bank for International Settlements) announced that it had reached a minimum viable product stage, Saleh Algrayan, AI Advisor at Bank for International Settlements and an employee of Saudi Central Bank, announced that Saudi Central Bank had now joined mBridge. Saudi Arabia’s Central Bank becomes the second Arab central bank to join after the UAE Central Bank.

Saleh Algrayan noted on LinkedIn, “I am immensely proud to announce that the Saudi Central Bank – SAMA has joined Project mBridge as a full participant, coinciding with the project reaching its minimum viable product (MVP) stage! As a dedicated SAMA employee and Advisor at the Bank for International Settlements – BIS Innovation Hub (BISIH) – Hong Kong Centre, I am honoured to be part of this revolutionary journey.”

He adds, “Project mBridge, leveraging advanced distributed ledger technology (DLT), aims to transform cross-border payments by addressing high costs, slow speeds, and operational complexities. This collaborative effort, starting in 2021 with partners like the Bank of Thailand, UAE Central Bank, Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority, now includes over 26 observers.”

He added, that SAMA’s participation marks a significant step forward, demonstrating the kingdom’s leadership in global financial innovation. He concluded, “We are paving the way for efficient, cost-effective, and instant cross-border transactions, addressing financial inclusion and making payments universally accessible.”

The Saudi Central Bank had previously participated in a CBDC project with the UAE under the name of ABER.

The announcement followed BIS press release where it invited private sector participants to propose value-added solutions that can be connected to the mBridge MVP platform.

The press release noted, “Project mBridge is the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members. More central banks and commercial banks can join the platform through the mBridge MVP legal framework and perform real transactions on it. Project expands international cooperation with a new full member and observers.”

The project aims to explore a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks, built on distributed ledger technology (DLT) to enable instant cross-border payments and settlement.

Project mBridge was the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members.

The project aims to tackle some of the key inefficiencies in cross-border payments, including high costs, low speed and operational complexities. It also addresses financial inclusion concerns, particularly in jurisdictions where correspondent banking (which connects countries to the global financial system) has been in retreat, causing additional costs and delays. Multi-CBDC arrangements that connect different jurisdictions in a single common technical infrastructure offer significant potential to improve the current system and allow cross-border payments to be immediate, cheap and universally accessible with final settlement.

A platform based on a new blockchain – the mBridge Ledger – was built to support real-time, peer-to-peer, cross-border payments and foreign exchange transactions. In 2022, a pilot with real-value transactions was conducted. Since then, the mBridge project team has been exploring whether the prototype platform could evolve to become an MVP – a stage now reached.

Four-founding participant central banks and monetary authorities have each deployed a validating node, while commercial banks have conducted more real-value transactions in preparation for the MVP release. In tandem, the project steering committee has created a bespoke governance and legal framework, including a rulebook, tailored to match the platform’s unique decentralized nature.

The MVP platform is enabled to undertake real-value transactions (subject to jurisdictional preparedness) and is also compatible with the Ethereum Virtual Machine. This allows it to be a testbed for add-on technology solutions, new use cases and interoperability with other platforms.

It is noteworthy that Qatar Central Bank recently launched its CBDC project for settling large payments with local and international banks.

Crystal blockchain analytics firm sets up office in UAE

Crystal blockchain analytics firm sets up office in UAE

Crystal a blockchain analytics, compliance and risk monitoring firm, has opened their new office at the Dubai World Trade Centre, emphasizing the firm’s commitment to supporting the more than 1,400 Virtual Asset Service Providers (VASPs) in the region.

As per the press release, Crystal, which currently works with notable Dubai-based virtual asset firms, will leverage its new space to expand its operations and deliver high-touch service to the fast-growing crypto industry in Dubai and the Middle East.

Navin Gupta, CEO of Crystal, a previous executive at Ripple, who will be based in the new Dubai office, shared his vision for the new office: “UAE with its progressive regulations is poised to become the Crypto Capital of the world. With our blockchain intelligence expertise, we want to empower licensed firms to keep themselves and their customers safe. Hence, we have chosen DWTC as our home for the region and I have decided to be based in the UAE. Proximity with our customers enables us to undertake R&D and bring new and region-specific products to market.“

Currently, Crystal works with government regulators, crypto institutions, and law enforcement across the EU, APAC, Middle East and US regions. Crystal plans to work closely with licensed entities in the UAE abiding by VARA regulations, to enhance their market compliance infrastructure and promote a secure, regulated digital asset marketplace.

As the digital asset space evolves, regulation remains a central theme, especially in areas like anti-money laundering (AML), counter-terrorist financing, and the stability of financial markets. Recent global shifts towards enhancing regulatory frameworks emphasizes the overarching interest in a harmonized approach to oversight. This initiative marks a significant step forward in aligning international standards with regional oversight capabilities, setting a precedent for future regulatory developments in the virtual assets space.

Dubai’s DIFC Regulatory authority now allows crypto asset investment and stablecoins

Dubai’s DIFC Regulatory authority now allows crypto asset investment and stablecoins

The Dubai Financial Services Authority (DFSA) the regulatory arm of DIFC ( Dubai International Financial Center) has amended its crypto token regime. These changes stem from the proposals outlined in Consultation Paper 153 – Updates to the Crypto Token regime published in January 2024.

According to the press release, this marks a significant step in refining and advancing the regulatory environment for Crypto Tokens in the Dubai International Financial Centre (DIFC).

Amendments are related to the following areas, funds, custody, recognition of crypto tokens and financial crime

In terms of funds DFSRA now allows the offering of units of external and foreign funds investing in recognized crypto tokens, as well as the ability for domestic qualified investor funds to invest in unrecognized crypto tokens. Minimum individual investment in fund is $50,000. The Fund’s investment in Crypto Tokens is limited to Recognized Crypto Tokens and does not exceed 20% of the gross asset value of the Fund.

Firms can offer custodial and staking services as per the amendment but they cannot offer lending services. Cited in the document, ” An Authorized Firm must not offer or provide any facility or service that allows a Client to lend a Crypto Token to the Authorized Firm or to another person unless it is reasonably satisfied that:. (2) The restriction in (1) does not apply to: (a) an Authorized Firm that is authorized to Provide Custody, if: (i) the Crypto Token is not a Prohibited Token; (ii) the Authorized Firm is reasonably satisfied that: (a)(A) the Client is a Professional Client or Market Counterparty; and (b)(B) the lending is solely for the purpose of staking.; and (iii) the requirements in (3) have been met”

An Authorized Firm must be able to demonstrate to the DFSA’s satisfaction the grounds upon which the Authorized Firm considers the Third Party Agent or a non DIFC custodian to be suitable to hold Safe Custody Investments or Safe Custody Crypto Tokens.

In addition DFSA has replaced its previous Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) – (AML/VER25/05-24) is repealed and has been replaced by Appendix 1 to this instrument and may be identified by the following reference – (AML/VER26/06-24). VASPs will have to comply with Federal Cabinet Resolution No. 10 of 2019 requirements under Federal AML legislation to Virtual Asset Service Providers (VASPs), in addition to Financial Institutions and DNFBPs. The DFSA’s AML regime applies in addition to the Federal AML legislation.

In terms of NFTs and utility tokens, the DFSA has excluded a Non-Fungible Token (NFT) and a Utility Token from its Crypto Token definition where such a Token meets specified criteria. However The DFSA has prescribed in AML Rule 3.2.1 that a person who carries on the business or profession of issuing or providing services related to a NFT or Utility Token is a DNFBP. An exclusion applies, in the case of an issuer, if the value of each NFT or Utility Token issued is less than $15,000 and, in the case of a service provider, if the service is IT support or advice to an issuer.

VASPs will have to adhere to AML requirements of the government of the U.A.E. or any government departments in the U.A.E.; the Central Bank of the U.A.E.; the FIU; the National Anti-Money Laundering and Combating Financing of Terrorism And Financing of Illegal Organizations Committee (NAMLCFTC); FATF; U.A.E. enforcement agencies; and the DFSA.

DFSA also recognized stablecoins which it called Fiat crypto tokens. DFSA does not consider privacy tokens or algorithmic tokens as recognized.

As noted, ” if Fiat Crypto Token, all of the requirements are met in respect of that Fiat Crypto Token including the matters referred to the regulatory status of the Crypto Token in other jurisdictions, including whether it has been assessed or approved for use by a Regulator in another Recognized Jurisdiction; whether there is adequate transparency relating to the Crypto Token, including sufficient detail about its purpose, protocols, consensus mechanism, governance arrangements, founders, key persons, miners and significant holders; the size, liquidity and volatility of the market for the Crypto Token globally; the adequacy and suitability of the technology used in connection with the Crypto Token and whether risks associated with the Crypto Token are adequately mitigated, including risks relating to governance, legal and regulatory issues, cybersecurity, money laundering, market abuse and other financial crime.

These changes are based on recent market developments, recommendations from international standard-setters and the DFSA’s supervisory experience.

Over the past two years, the DFSA has engaged with over 100 firms looking to be licensed, gaining valuable insights into the market dynamics and regulatory needs.

Ian Johnston, Chief Executive of the DFSA, said: “Our objective with the Crypto Token regime is to foster innovation in a responsible and transparent manner while ensuring we meet our regulatory objectives. At the DFSA, we have taken a balanced approach in the development of this regime and remain committed to evolving it in line with global best practices and standards.”

Noteworthy is that the amendments did not cover insurance which was mentioned in January in the consultation paper.

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%).

UAE regulated crypto broker GCEX to offer enhanced liquidity solution

UAE regulated crypto broker GCEX to offer enhanced liquidity solution

UAE regulated GCEX crypto has partnered with DV Chain a provider of liquidity and market-making services in the dynamic world of cryptocurrencies allowing GCEX clients to benefit from DV Chain’s exceptional crypto liquidity offering, with even tighter spreads and reduced execution costs.

Through this partnership, GCEX will provide enhanced brokerage services for spot cryptocurrency transactions, delivering unparalleled access to deep liquidity through its professional 24/7 service. Designed specifically for institutional clients, this offering is accessible through GCEX’s crypto-native platform – XplorSpot – or via API, facilitating the wider adoption of digital assets across institutions and professional traders.

Michael Aagaard, Managing Director, GCEX commented, “We are thrilled to expand our liquidity offering in digital assets through our partnership with DV Chain, one of the most advanced, globally recognized crypto market makers. As demand for deep liquidity in digital assets from institutional clients continues to rise, this partnership reinforces GCEX’s position as a leading regulated brokerage, delivering superior global crypto CFDs liquidity.”

Michael Rabkin, Global Head of Business Development, DV Chain commented, “We are excited to be working with GCEX, a leading global crypto brokerage, to enhance liquidity for their institutional clients. This collaboration allows us to bring our advanced crypto liquidity solutions to a broader audience, helping provide tighter spreads and reduced execution costs. Together with GCEX, we are committed to supporting the growing demand for efficient and reliable digital asset trading.”

MENA crypto traders become savvier with Bitget witnessing 52% growth in crypto futures

MENA crypto traders become savvier with Bitget witnessing 52% growth in crypto futures

Crypto Futures have risen in popularity over the years, being considered as one of the most sought out cryptocurrency derivatives offering. In the past weeks, on news that Ethereum Spot approvals from the U.S. Securities and Exchange Commission, might be approved, ETH Futures traded funds hit an all time high, The Ethereum futures ETFs generated $47.75 million in trading volume on May 21st 2024, 40% more than the prior $34.18 million peak set on March 5th 2024. Then the Ethereum ETFs were approved.

According to Bitget MENA, a Web3 cryptocurrency exchange, crypto traders in the region have become savvier, Bitget has witnessed a 52% increase in crypto futures trading from January 2024 until April 2024. Usually crypto trader beginners start with what is called spot trading, it is easier, and quicker. Yet to see that Bitget has witnessed this increase in crypto futures means that MENA crypto traders are gaining expertise.

This comes at the heels of Bitget’s Q1 2024 report where it highlighted more than 100% growth in crypto futures trading volume. Crypto futures trading volume was approximately US$ 1.4 trillion, representing a 146% increase, while Bitget Spot trading volume increased by 113% to over US$ 160 billion.

Bitget Global also witnessed substantial growth in the volume of Bitcoin Future trades on its platform from May 2023 compared to April 2024. In April 2024 the volume of Bitcoin Futures on Bitget crypto exchange reached $437.38 billion out of a total market of $1.9 trillion. In May 2023 this figure stood at $124.54 billion out of a market of $923.29 billion. (Source The Block)

The crypto exchange saw the highest increase in derivatives market share, with a growth of 2.4% in March 2024.

The enthusiasm for crypto futures comes at just the right time, with Bitget, a Web3 and crypto currency exchange, announcing that its 5th edition of the King’s Cup Global Invitational (KCGI) annual trading competition will include a crypto futures competition.

Sam Spiers, Regional Director at Bitget MENA explains, “Bitget MENA and our global operations have continuously offered our clients diverse choices for trading and benefiting from the crypto market. This is reflected in the growth of crypto futures trading in the MENA region and globally. It also showcases the maturity that most crypto traders have gained both in MENA and internationally, given that crypto futures trading is more complex than just spot trading.”

He adds, “We are happy to encourage crypto futures trading further with the launch of Futures trading team competition part of our yearly KCGI competition. The total prize pool of KCGI will reach 5,000,000 USDT.”

Gracy Chen, CEO of Bitget added, “As we embark on the fifth edition of KCGI, we are excited to provide traders with an unparalleled opportunity to test their skills, challenge themselves, and compete for incredible prizes. KCGI represents more than just a trading tournament, it is a celebration of the passion, dedication, and talent of our global trading community.”

Earlier this year, Bitget, announced a record all-time high in trading volumes in the MENA region while witnessing a growth of 500% in trading volumes since it started serving the MENA region in November 2023. Bitget now boasts of 2.5 million users from the MENA region, making up 10% of its total global user base which is 25 million.

In 2023 Bitget announced its expansion into the Middle East region with plans to establish its regional hub in the UAE and hire 60 employees as part of its global scaling strategy. Bitget has already begun exploring license applications to operate in target Middle East markets

Sui Blockchain founder to develop AI and cryptography hub in UAE

Sui Blockchain founder to develop AI and cryptography hub in UAE

The Co Founder of Mysten Labs, Kostas Kryptos, the creators of the Sui Blockchain has announced on X (formerly Twitter) that he is in the midst of creating a modern cryptography and AI Innovation hub in both Dubai and Abu Dhabi.

As he noted, ” The aim is to intellectually grow the whole UAE community with deep tech education and brainstorming meetups. So deep that some hackathons will run non stop 24/7 for a whole week, with support from local hotel and office-desk owners for accommodation.”

He adds,”My goal is to gradually advance the whole MENA region in a unique tech excellence level + see technologically competitive startups to emerge. There is already a plan to publish some unique ideas around ZKP, MPC, FHE, Differential Privacy, Web3 UX, Anon Credentials, AI on chain, AI for audits, DePIN data compression and parallelisation, Novel Key Management, Identity, Voting and Verifiable Execution.”

When asked by followers why the UAE, he explained, ” UAE has a strong community and economy, crypto and AI friendly, compared to EU it invests aggressively in innovation and takes more risks. Everyone speaks English, and it is in close proximity to both India and Europe, making it a meeting place for international deals. There are incentives from free zones to relocate there educational advancements for the government is top priority as well as critical mass of audience and media coverage which helps on publishing and advertising your work.”

He notes that the other benefit will be the access to USA and EU hubs.

He ends noting “It’s a big project. Hopefully with some local help, in the future we could also economically support selected research ideas relocating to the region.”

In November 2023, Abu Dhabi Technology incubator Hub71, partnered with Mysten Labs to support new projects on Sui. The partnership gave builders accepted to the incubator access to Mysten Labs’ technical expertise and support, and Hub71’s mentorship, resources, and global network of connections.

The founders of Sui have been working on educational projects in the region, specifically the UAE. Sui, a Blockchain Layer 1 platform partnered with UAE American University of Sharjah (AUS) to establish the AUS-Sui Blockchain Academy, a blockchain academy creating opportunities for hundreds of aspiring developers to learn about and ultimately advance the state of the art of the technology.

In addition UAE based blockchain startups such as Pravica and DRIFE have both partnered and integrated on the Sui Blockchain. Less than two months after publicizing the launch of S3.Money on the Sui Blockchain, The S3 testnet is now up and running, welcoming developers and financial community to start building tokenized money whether CBDCs (Central Bank Digital Currencies) or stablecoins.

Even UAE based is leveraging the Sui platform to track carbon credits. The collaboration leverages blockchain technology to serve use cases in line with the ESG goals that modern businesses are seeking.

KSA based Tokenizerly to tokenize real estate in Turkey

KSA based Tokenizerly to tokenize real estate in Turkey

KSA based Tokenizerly, a Blockchain enabled fintech startup in asset tokenization, has partnered with Funding Turkey, a leader in real estate marketing and development to revolutionize the fund and real estate market through blockchain technology. As per the agreement tokenizerly will integrate its advance tokenization platform with Funding Turkey’s extensive real estate portfolio, creating a new paradigm in property investment and ownership.

As per the press release, Tokenizerly will provide its state-of-the-art tokenization technology and technical expertise to tokenize Funding Turkey’s fund and real estate assets.

Both parties will work to obtain the necessary licenses for issuing security tokens for funding real estate units not only in Turkey but across Funding Turkey’s global operations.

Haiyan Alsaiyed stated, “We are thrilled to partner with Funding Turkey, a company that shares our vision for innovation in real estate investment. Our technology will enable investors to engage with fund and real estate like never before, making investments more fractional, accessible, and efficient.”

Serkan Topktas remarked, “This partnership with Tokenizerly marks a significant milestone in our mission to embrace emerging technologies. By tokenizing our assets, we’re not just transforming the way people invest in fund and real estate but also ensuring a more secure and accessible market for investors worldwide.”

This is the second partnership Tokenizerly signs within the month of May. The first was with ParisAline, a global leader in invisible orthodontic treatments. The collaboration aims to revolutionize funding mechanisms in the healthcare sector through the use of advanced blockchain technologies.

UAE regulated Laser Digital invests in tokenization with Mantra blockchain

UAE regulated Laser Digital invests in tokenization with Mantra blockchain

UAE regulated Laser Digital, Nomura’s digital asset subsidiary has strategically invested in MANTRA Chain, a Layer 1 blockchain solution for Real World Assets (RWA).

In March 2024 MANTRA Chain raised $11 million led by UAE based Shorooq Partners with investors including Three-point capital, Forte Securities, VirtuZone, Hex Trust and GameFi Ventures. At the time it was noted that Mantra Chain was in the final stages of receiving licenses from Dubai’s crypto regulator, VARA.

As per the press release, “This new investment aims to accelerate MANTRA towards its goal of becoming the de-facto RWA tokenization Layer 1 blockchain for Middle East and Asian markets and marks a collaboration with Laser Digital, bringing their complementary expertise and pertinent experience of RWA tokenization to the partnership.”

Jez Mohideen, CEO of Laser Digital, stated, ” We are excited to support MANTRA’s journey as it pioneers new frontiers in RWA and digital finance.”


John Patrick Mullin, CEO and Co-Founder of MANTRA, expressed his enthusiasm about the partnership, “We are incredibly excited to welcome Laser Digital as a strategic partner. Laser Digital’s investment is not just financial but an endorsement of our mission to make RWA accessible and operable through blockchain technology. Laser’s expertise and network in the financial sectors will be invaluable as we expand our technological footprint.”