Mantra Finance secures first DeFi license in UAE

Mantra Finance secures first DeFi license in UAE

Mantra Finance a decentralized Finance platform operated by MANTRA Group, has secured the first DeFi license from Dubai’s Virtual Assets Regulator Authority (VARA).

Mantra Finance with the license will be able to operate as a Virtual Asset Exchange, as well as offer crypto broker dealer and management investment services.

As per the press release, this is significant milestone in MANTRA’s commitment to regulatory compliance, security, and innovation within the rapidly growing virtual assets ecosystem. The VARA license will support not just MANTRA’s global footprint as it introduces a range of innovative, regulatory-compliant financial products tailored to the evolving needs of investors around the world, but position it to further scale operations in the Middle East focused on the tokenization of real world assets (RWAs).

“By establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3, Dubai and VARA have become world leaders in crypto regulation. This license was a crucial step for MANTRA and a key step in our journey towards global expansion,” said John Patrick Mullin, CEO of MANTRA.

“The UAE and broader MENA region has fast become a progressive global hub and thriving ecosystem for Web3 and virtual assets owing to their regulatory initiatives and frameworks. This license not only strengthens our presence regionally, it positions us internationally to deliver unique DeFi products that bridge the gap between decentralized finance and traditional finance. Our goal is to build a future-focused financial ecosystem that benefits institutional and qualified investors globally.”

“By obtaining this license, MANTRA joins a growing community of regulated entities operating within the UAE, and we are excited to work alongside industry leaders to shape the future of virtual assets,” added Mullin. “Our regulatory compliance is fundamental to the trust we build with users, and it reflects our long-term vision of driving responsible growth in the digital asset space.”

As the platform continues to innovate, MANTRA will launch a variety of unique DeFi products designed to meet the dynamic needs of investors. Each product is developed with strict adherence to local regulations and international policy frameworks, ensuring that users benefit from both security and cutting-edge financial tools.

Mantra raised $11 million from Shorooq Partners in UAE

MANTRA Chain a Layer 1 blockchain for real world tokenization, raised $11 million led by UAE based Shorooq Partners with investors including Three-point capital, Forte Securities, VirtuZone, Hex Trust and GameFi Ventures. The news which was published in Coindesk stated, that Mantra Chain was in the final stages of receiving licenses from Dubai’s crypto regulator, VARA.

Mantra is already posed for success with its recent agreement with DAMAC Group to tokenize $1 billion worth of assets. In addition it has also signed an agreement to tokenize assets worth half a billion dollars with MAG Group.

Qatar Investment Authority funds Rasmal Ventures

Qatar Investment Authority funds Rasmal Ventures

Qatar Investment Authority has funded Rasmal Ventures LLC as part of its Fund of Funds Program. The funding is received into Rasmal Venture’s inaugural, home-grown venture capital fund, Rasmal Innovation Fund I LLC, which targets high-performance startups and scales up across a variety of innovative technology sectors, including fintech, B2B SaaS, HealthTech and AI.

Rasmal Innovation Fund I LLC is the first fund announcement as part of QIA’s $1 billion Fund of Funds program announced as open to applicants in February 2024.

To date, the Rasmal Innovation Fund I LLC has closed funding from QIA’s Fund of Funds, corporates, family offices and individual high-net-worth investors with an aim to reach $100 million in investment commitments. The fund is only open to professional investors as defined in QFCRA regulation.

Alexander Wiedmer, Co-Managing Partner of Rasmal Ventures, said, “As the first private VC fund based in Doha, we have forged strong partnerships with leading Qatari institutions to work closely with exceptional founders, stimulate innovation, and meet the region’s unique needs. While still in the early stages of capital deployment, we take pride in our first investments in proprietary tech startups. The trust QIA and our other investors placed in us is a testament to our team’s capabilities and dedication. We will continue to grow our presence across the region and execute our highly selective investment strategy to establish ourselves as a key player in the MENA VC landscape.”

Tokinvest and HKVAX crypto exchange partner for tokenized investments

Tokinvest and HKVAX crypto exchange partner for tokenized investments

UAE regulated, Tokinvest, real-world asset tokenization marketplace, and HKVAX, a crypto asset trading platform, have partnered to transform the global digital asset markets by linking Hong Kong’s established financial infrastructure with Dubai’s rapidly expanding virtual asset ecosystem. The alliance seeks to pave the way for a new era of tokenized investments.

By bringing together HKVAX’s SFC-regulated platform in Hong Kong and Tokinvest’s VARA-licensed broker-dealer operations in Dubai, this collaboration establishes a cross-regional tokenization corridor. The alliance will enable seamless token offerings, asset structuring, and secondary market trading, providing institutional investors with greater market accessibility while ensuring regulatory compliance across jurisdictions.

The partnership is set to drive cross-border liquidity, enhance market efficiency, and unlock new investment opportunities in tokenized real-world assets (RWAs), such as real estate, private equity, and alternative assets. In an industry that is still in its early stages, this strategic collaboration marks a significant step towards mainstream adoption of regulated digital asset markets.

“This strategic bridge between Hong Kong and Dubai represents more than just a partnership – it’s a gateway to seamless digital asset flows between two of Asia’s most dynamic financial centers.” said Sam Fok, Co-founder and COO of HKVAX. “Through our collaboration with Tokinvest, we’re creating new pathways for institutional investors while upholding the highest regulatory standards in both markets.”

Scott Thiel, CEO of Tokinvest, added, “Tokenisation is the future of finance, but to reach its full potential, we need strong regulatory frameworks and seamless market connectivity. This partnership with HKVAX creates a vital link between two global financial powerhouses, enabling investors to access previously untapped opportunities with greater security, liquidity, and efficiency. The future of real-world asset tokenisation is borderless, and this is just the beginning.”

UAE based Brevan Howard Digital deploys $20 million of assets on Kinto DeFi L2 platform

UAE based Brevan Howard Digital deploys $20 million of assets on Kinto DeFi L2 platform

The UAE branch of Brevan Howard Digital has deployed $20M in assets on Kinto, a Blockchain DeFi financial portal which rewards active participants such as traditional financial entities who deposit assets on-chain with token emissions.

As per the press release, Kinto enables financial institutions to deploy capital on-chain while meeting their strict legal and compliance requirements. Kinto is the only L2 that has native KYC and AML at the blockchain level, default wallet insurance and extensive security features.

Kinto’s mining program rewards active participants who deposit assets on-chain with token emissions. The mining program will be active for 10 years, with rewards decreasing over time. Brevan Howard Digital, through its Abu Dhabi branch, became one of the first major traditional financial firms to leverage its digital assets to participate in Kinto’s mining program.

Kinto’s CEO and co-founder, Ramon Recuero, believes that digital asset management platforms like Brevan Howard Digital are ahead of the curve and that participation in on-chain in programs like Kinto’s mining program will steadily increase. He expects similar institutions to become more prominent within the ecosystem over the coming months: “Institutions have been waiting for two things: regulatory clarity and compliance features. Now, through Kinto, financial institutions don’t need to wait any longer.”

Regulated crypto exchanges and wallets can advertise on google targeting UAE

Regulated crypto exchanges and wallets can advertise on google targeting UAE

Google announced that it has updated the cryptocurrencies and related products policy to clarify the scope and requirements for the advertisement of complex speculative financial products specifically in UAE. The company is allowing regulated crypto exchange and wallets to target UAE customers.

As per Google, starting February 26, 2025, advertisers offering cryptocurrency exchanges and software wallets targeting the United Arab Emirates may advertise those products and services when they meet the following requirements and are certified by Google.

The requirements are that cryptocurrency exchanges and crypto wallets targeting UAE users will need to be licensed by either the Financial Services Regulatory Authority (FSRA) out of ADGM in Abu Dhabi, Dubai’s Virtual Asset Regulatory Authority (VARA), or the Dubai Financial Services Authority (DFSA) out of DIFC. It adds that any other local legal requirements must also be complied with.

Interestingly crypto exchanges or crypto wallets license out of RAK DAO were not mentioned.

In the announcement Google notes, “As a reminder, we expect all advertisers to comply with the local laws for any area that their ads target. This policy will apply globally to all accounts that advertise these financial products.”

If advertisers violate the policy their accounts will be suspended without prior warning. A warning will be issued, at least 7 days, before any suspension of account.

This means that crypto exchanges such as Binance, OKX, CoinMENA, BitOasis, Crypto.com, M2 and others will be able to start advertising campaigns on Google targeting the UAE users. It also means that crypto wallets such as HexTrust, BackPack, Liminal, Komainu and others will also be able to.

Saudi Ministry of IT partners with Blockchain accelerator Adaverse

Saudi Ministry of IT partners with Blockchain accelerator Adaverse

Adaverse, Venture Fund and Cardano Blockchain accelerator has partnered The Saudi Arabian Ministry of Communications and Information Technology.

As per the press release, the partnership aims to accelerate the development of Web 3 technologies and promote innovation in blockchains in the Kingdom of Saudi Arabia. This collaboration will leverage the Ministry’s leadership in national digital transformation and Adaverse’s expertise in blockchain investments and technology infrastructure. It aims to equip local talent with access to the latest global advancements in this field.

Vincent Li, CEO of Adaverse Saudi Arabia, stated, “We take pride in contributing to Saudi Arabia’s digital transformation by sharing our global expertise and resources. This partnership will help build a strong Web3 community in the Kingdom and drive innovation in blockchain technology.”

The partnership will include training and awareness programs to help local talent gain expertise in Web3 and Blockchain. It will also foster innovation with community meetups and hackathons and provide access to cutting edge technologies to support KSA’s tech ecosystem.

Additionally Adaverse will work with the Minsitry to establish startup accelerators in Web3 sector.

This announcement coincides with the new Web3 alliance that has been formed in KSA . Animoca Brands, SandBox, and Outlier Ventures announced that they have united key Blockchain and digital innovation players towards to goal of driving adoption and Web3 technologies aligning with Saudi Arabia’s Vision 2030.

UAE Phoenix Group announces crypto mining revenues of $107 million

UAE Phoenix Group announces crypto mining revenues of $107 million

Phoenix Group PLC (ADX:PHX), ADX-listed blockchain and crypto mining entity saw crypto mining revenues of $107 million in 2024, compared to $32 million in 2023 and $5.4 million in 2022. This represents a1852% increase over two years.

The company’s total gross revenue across all verticals reached $206 million. Phoenix Group’s proactive operational efficiencies and strategic initiatives, including global expansion and diversification, have paved the way for sustained profitability and growth.

Commenting on the 2024 results, Munaf Ali, CEO & Co-Founder, stated, “These results are a testament to our unwavering commitment to innovation and strategic growth on a global scale. The past year has been pivotal for Phoenix Group, marked by significant expansion and enhanced profitability. We are not simply navigating the digital asset revolution – we are shaping it. With a strong foundation and a clear vision, we are confident in delivering continued value to our shareholders and stakeholders worldwide.”

The company achieved a total comprehensive income of $ 219 million and a net profit after tax of USD 167 million. Total assets stood at $962 million, along with earnings per share (EPS) recorded at $0.028, reinforcing Phoenix Group’s continued profitability and shareholder value growth.

Some of the reasons for the increase include improved profitability from self-mining. Gross margins rose to 24% in Q4 2024, up from just 5% in Q3 2024, driven by an average 37% increase in Bitcoin price and a 6% improvement in efficiency improvement mainly coming from sites in the US and Canada. In addition Phoenix Group also advanced its crypto mining operations to Ehtiopia.

In addition, processing power maintained a robust contribution of 15.0 EH/s to the Bitcoin network, with its market share holding steady at 1.9%. The company’s preliminary results remain subject to external audit, with audited consolidated financial statements expected by February 14, 2024.

UAE investors and consumers warned about memecoins by Dubai regulator VARA

UAE investors and consumers warned about memecoins by Dubai regulator VARA

UAE investors and consumers were officially warned about investing in memecoins by Dubai’s Virtual Assets Regulatory Authority (VARA) given the risks associated with advertisements promoting subscriptions to memecoins.

The UAE virtual asset regulator noted that memecoins are unregulated and highly risky in nature. The crypto regulator noted memecoins are highly speculative and volatile assets, frequently subject to market manipulation.

The regulator also stated that these memecoins lack intrinsic value and derive their pricing from social media trends, hype or misleading promotional strategies.

As such investors should exercise caution when presented with claims of unrealistic returns, as these often indicate fraudulent schemes.
There is a risk of significant financial loss within short timeframes due to price collapses, liquidity shortages, or scams.

Moreover VARA added that any virtual asset issuance from Dubai must ensure adherence with VARA Regulations and Rulebooks.
Any promotion, advertising, or solicitation of virtual assets must adhere to VARA’s Marketing Regulations.
Entities engaging in unauthorized virtual asset activities may be subject to enforcement action.

These memecoin platform may also be restricted without prior notice.

A new Web3 Alliance is formed in KSA

A new Web3 Alliance is formed in KSA

A new Web3 alliance has been formed in KSA . Animoca Brands, SandBox, and Outlier Ventures announced that they have united key Blockchain and digital innovation players towards to goal of driving adoption and Web3 technologies aligning with Saudi Arabia’s Vision 2030.

The non-profit association aims to create a collaborative ecosystem that empowers businesses and drives sustainable growth within Saudi Arabia by building on their previous initiatives and investments to advance the region’s digital landscape.

The alliance’s board is composed of industry leaders and experts based in Saudi Arabia, actively driving the Kingdom’s digital transformation. Supported by both international and local companies, these experts – including Dr. Abeer Al Humaimeedy, Yasser Alobaidan, Omar Elassar, Dr. Majid Almansouri, Wajd Badawi, Billal Yamak, Vincent Li, Bandar Altunisi, Ali Alasiri, and Stephan Apel – are deeply engaged in advancing innovation within the country.

“The Web3 Alliance of Saudi Arabia represents a crucial step forward in realizing the Kingdom’s vision for a digital future,” said Billal Yamak. “By bringing together expertise from both local and international leaders in the blockchain space, we’re creating a powerful platform for innovation and growth.”

On LinkedIn Bandar AlTunisi a Former Binance executive in MENA, stated, “Extremely excited to be a founding Board Member of the newly launched Web3 Alliance of Saudi Arabia (WASA)! WASA aims to accelerate the adoption and integration of blockchain technology and Web3 innovations in the Kingdom, through education, awareness, collaboration and policy support.”

The alliance will focus on four key pillars which include awareness and education, standards and best practice development, as well as research and development including networking and collaboration opportunities.

WASA will serve as the primary advocate for Web3 technology in the region, working independently to promote innovation rather than individual companies or entities.

The alliance’s governance structure includes a General Assembly and an Executive Committee, ensuring transparent and effective leadership. A comprehensive digital infrastructure and marketing strategy will support the alliance’s mission to connect and empower the Web3 community throughout Saudi Arabia.

Web3 enthusiasts, corporations, and industry leaders are invited to join the alliance and have a say in shaping the future of the Web3 ecosystem in Saudi Arabia.

NEOM and Outlier Ventures launched Web3 accelerator

In January of 2025, Neom, Saudi Arabia’s futuristic city being built on the shores of the Red Sea partnered with Saudi Arabian NTDP ( National Technology Development Program) and Outlier Ventures, a global Web3 accelerator, to launch the first Web3 accelerator and the FutureSpark Base Camp Demo Day.

Naif Abu Saida, Director of Web3 at Neom stated in a LinkedIn post, ” The future is here, and it’s powered by Web3. Since the beginning of our Web3 journey at NEOM, we’ve been working tirelessly to bring innovation to the forefront, and today, we’re proud to unveil the Kingdom’s first Web3 accelerator!”

UAE Mantra tokenization platform integrates Bitget Wallet

UAE Mantra tokenization platform integrates Bitget Wallet

Bitget Wallet, a leading Web3 non-custodial wallet, is now fully supporting the UAE based Mantra Mainnet, a Layer 1 blockchain focused on the tokenization of real-world assets (RWA).

As per the press release, with this integration, Bitget Wallet users can easily access Mantra’s network to transfer and receive $OM tokens, participate in cross-chain transactions, and explore staking opportunities through Mantra’s DApp.

The Mantra Mainnet is designed to enable the onchain representation of real-world assets, bridging the gap between traditional finance and blockchain ecosystems. Through tokenization, Mantra aims to provide a scalable and flexible foundation for integrating RWAs within decentralized finance (DeFi). By offering a compliant-ready framework, it positions itself as a key player in unlocking RWA potential.

Bitget Wallet’s integration with Mantra highlights its commitment to expanding user access to emerging on-chain asset ecosystems. Users can interact seamlessly with Mantra’s DApp, which offers $OM token staking, cross-chain functions, and official rewards programs. This integration aligns with the growing trend of bringing real-world asset exposure to the decentralized world.

Looking ahead, Bitget Wallet plans to deepen its collaboration with Mantra through upcoming reward programs designed to encourage user participation in the evolving RWA ecosystem. “As real-world assets move on-chain, wallets become gateways to a new era of finance,” said Alvin Kan, COO of Bitget Wallet. “Our partnership with Mantra accelerates this shift by providing users with direct access to tokenized assets, reshaping how value is stored, transferred, and grown in the digital world.”

UAE Tungsten Custody also announced support for Mantra

Earlier this week, UAE regulated, digital asset custodian, Tungsten Custody Solutions Ltd, also announced its support for UAE MANTRA (OM) Blockchain with its custodial services.

The collaboration would enable institutional clients to securely custody OM tokens while leveraging Tungsten’s regulated framework, ensuring the highest levels of security, transparency, and compliance. Tungsten Custody’s collaboration with MANTRA reinforces its commitment to supporting the broader MANTRA blockchain ecosystem that empowers developers and institutions to seamlessly participate in the evolving real world asset (RWA) tokenization space.

Mantra Blockchain to tokenize $1 billion worth of Assets for DAMAC

The support Mantra Blockchain for real world tokenization comes weeks after Mantra announced it would be tokenizing $1 billion worth of assets for DAMAC Group in the UAE.