UAE gets its first AED stablecoin approved

UAE gets its first AED stablecoin approved

The first AED (UAE Dirham) stablecoin has been approved by the Central Bank of the UAE and is set to launch soon according to AE Coin’s X post. The AE Coin will be the first AED ( Dirham backed) stablecoin to be licensed in the UAE. While Tether who announced early on its intention to launch its AED stablecoin has not yet even received initial approval.

The AE Coin promises an instant, secure, stable, innovative, low-cost, and efficient payment experience that will reshape the future of the digital economy. A few months earlier the AE Coin had announced it received preliminary approval from the Central Bank.

AE Coin aims to empower individuals and businesses to access modern financial tools, fostering financial inclusion, and supporting innovation in industries such as e-commerce, remittances, and decentralized finance (DeFi).

Ramez Rafeek, General Manager of AED stablecoin, remarked, “AE Coin harnesses the speed and efficiency of blockchain technology, offering instant, secure, and cost-effective transactions. It simplifies transfers, making them faster and more seamless. In a rapidly evolving digital world, AE Coin sets a new standard for trust, security, and innovation in digital currency.”


According to Chainalysis, the stablecoin market in the UAE has grown significantly in 2024. Through the first half of the year, the value of stablecoins received by services (particularly CEX and DEX) in UAE totaled over US$9.8billion, a 55% spike over the US$6.3billion received over H1 2023.

Stablecoins now account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin (19%) and Ether (9%), which are typically considered to be the most recognized and popular cryptocurrencies.

Also Circle the issuer of the USDC stablecoin just announced the opening of its offices in ADGM and its partnership with Lu Lu Fin.

VARA the virtual asset regulatory authority in Dubai issues alerts for seven crypto entities

VARA the virtual asset regulatory authority in Dubai issues alerts for seven crypto entities

Dubai’s Virtual Assets Regulatory Authority (VARA) has issued alerts for seven crypto entities claiming to be registered and licensed in Dubai. The entities include, Koto Crypto, Finchain, Crypto Force, Coin Cashy, BTC Bay, XT, and Stabit.

The first entity is Koto Crypto based out of DMCC (Dubai Multi Commodities Center). As per VARA the company which claims to be registered in Dubai UAE, is carrying out non regulated virtual asset activities operating without a proper license.

As per the notice, “Any activities related to virtual assets conducted on this platform are therefore not in compliance with VARA Regulations. Engaging with unlicensed platforms that are not in compliance with VARA Regulations exposes users to significant financial risks and potential legal consequences for violating regulatory requirements, or criminal laws.”

The same applies to Finchain Payment Service Provider L.L.C. and Finchain Technologies DMCC also claiming to be registered out of DMCC. On checking FinChain website, it is no longer operational, claiming they are undergoing maintenance.

Also mentioned is Crypto Force registered as well in DMCC, which is conducting un-regulated virtual asset activities.

In addition VARA issued alerts for Coin Cashy, BTC Bay, whose website is also no longer active, as well as XT.Com crypto exchange which was recently hacked.

XT.com is a centralized cryptocurrency exchange established in 2018 and is registered in the Seychelles. The exchange facilitates trading of more than 1,000 digital currencies, with daily trading volumes of around $3.4 billion.

As for the 7th crypto entity put under alert status is Stabit, associated to Genesis Digital Assets Commercial Brokers Co. L.L.C, also offering un-regulated crypto trading services.

All these entities are unlicensed as per VARA and as such are not operating legally in the jurisdiction.  As such any promotion, advertising, or solicitation related to these seven entities has not been approved by VARA, and the platform is therefore prohibited from offering, promoting, or marketing any Virtual Asset products or services in Dubai or to its residents.

VARA advised investors and consumers to avoid using them and to exercise caution when considering interactions with unregulated platforms.

The regulator also notified users that access to these websites might be restricted without prior notice. As per the regulator, “It is recommended to take immediate necessary measures to ensure protection of user assets.

The alerts come after VARA has announced in October that it issued cease-and-desist orders, along with accompanying fines, to 7 entities for operating without the required licenses and for breaching marketing regulations.

Adaverse invests in Saudi sports tech company Grintafy

Adaverse invests in Saudi sports tech company Grintafy

Adaverse, Saudi based ecosystem accelerator and seed fund, has made a strategic investment in Grintafy, the Middle East’s premier football sports tech company to support its transition from a Web2 company to Web3 using blockchain technology.

Grintafy, established in 2019, has rapidly grown to become the go-to platform for amateur footballers, boasting over 2 million users across its ecosystem. The company’s approach to creating digital CVs for players has garnered partnerships with federations, ministries, and both local and international clubs.

Vincent Li, Managing Founder of Adaverse, expressed enthusiasm about the investment: “Grintafy’s vision aligns perfectly with our mission to support transformative Web3 projects. Their established presence in the sports tech industry, combined with their forward-thinking approach to blockchain integration, presents an exciting opportunity for growth and innovation in the Web3 space.”

The investment is set to accelerate Grintafy’s Web3 transition. Adaverse will provide crucial support in product development, particularly in integrating Web3 native features and enhancing user experience. Additionally, the partnership will facilitate connections with global resources, including football clubs and media networks, and assist in future fundraising efforts.

Majdi K. Allulu, founder of Grintafy, commented on the partnership: “Adaverse’s investment and expertise in the Web3 ecosystem will be instrumental in our evolution. We’re excited to explore how blockchain technology can enhance our platform, providing even more value to our users and partners in the football industry.”

This investment follows Grintafy’s previous backing from Chiliz, a major blockchain sports entertainment company, further solidifying its position at the intersection of sports and technology. The company plans to leverage these partnerships to expand its global footprint and introduce innovative features that will redefine talent discovery in football.

This investment follows Grintafy’s previous support from Chiliz in March 2024. Grintafy raised $2.1 million in a bridge round in 2022 from Aramco’s venture capital arm, Wa’ed, along with other investors.

Sidra Chain gets accepted into Qatar’s digital assets Lab

Sidra Chain gets accepted into Qatar’s digital assets Lab

SIDRA and its SIFRA Chain have been accepted into The Qatar Financial Centre (QFC) digital assets Lab. In an X post, Engineer Hossam Shaaban noted that QFC has made significant strides in its mission to foster a thriving digital assets ecosystem.

He stated, “The recent announcement of 24 innovative firms joining the inaugural QFC Digital Assets Lab marks a pivotal moment in this journey. Among these pioneering companies, SIDRA and SIDRA Chain stand out as prominent players, showcasing the potential of Qatar to become a global hub for blockchain technology.”

SIDRA, develops blockchain solutions. Its subsidiary, SIDRA Chain, offers a comprehensive suite of blockchain-based products and services, including tokenization, BaaS, and supply chain solutions.



The 24 participants in the Lab represent a diverse range of sectors, including finance, real estate, and supply chain management. Their innovative solutions have the potential to revolutionize the way we conduct business, improve transparency, and enhance efficiency.

Since the launch of the QFC Digital assets Lab, more than 24 startups have been accepted, including Ripple backed Ryzer Blockchain, DMZ Finance and more.

Mbank launches first blockchain enabled national debit card in UAE

Mbank launches first blockchain enabled national debit card in UAE

In celebration of the UAE’s 53rd National Day, UAE based Mbank (Al Maryah Community Bank) , a digital bank, launched Jaywan Cards, the UAE’s first National Debit Card, on its blockchain enabled Mbank Wallet platform.

As per the press release, the national debit card is powered by advanced blockchain technology. It empowers customers with the ability to pay seamlessly at all POS terminals across the UAE, transfer money internationally with ease, and enjoy zero fees for cash withdrawals. By leveraging the security and efficiency of blockchain, Mbank sets a new benchmark in financial convenience and inclusivity, reinforcing its commitment to innovation and serving the diverse needs of its customers.

The press release added, that the launch of Jaywan Cards reflects Mbank’s commitment to fostering financial inclusion, serving the local community, and enhancing its position in the UAE’s financial ecosystem.

This initiative aligns with the Central Bank of the UAE and Al Etihad Payments’ strategic timeline, supporting the introduction of over 10 million new debit cards into the UAE market over the next two years. Mbank extends its gratitude to Al Etihad Payments for their unwavering support and collaboration, which has been instrumental in bringing this transformative initiative to life and advancing the UAE’s payment infrastructure.

The Mbank Wallet offers a full suite of payment solutions, giving users the ability to manage their finances on the app while using Jaywan Cards for in-person transactions.

The Mbank Wallet is the UAE’s first national digital wallet built on decentralized blockchain technology, offering:

  • Payments Through All POS Terminals in the UAE: Jaywan Cards are widely accepted across the country for seamless transactions.
  • Instant Payments with QR Technology: Secure and quick payments for in-store and online purchases.
  • Cross-Border Transactions: International transfers facilitated through Lulu Exchange.
  • No Bank Account Needed: Customers can send, receive, and request payments using an IBAN, eliminating the need for a bank account.
  • Zero Fees for Cash Withdrawals: A fee-free experience at ATMs, ensuring greater financial accessibility.
  • Digital E-Vouchers: Simplify the process of purchasing gift vouchers from a wide range of top merchants

“As we celebrate the UAE’s 53rd National Day, we take immense pride in introducing a transformative step forward with the launch of Jaywan Cards through the Mbank Wallet,” said Mr. Mohammed Wassim Khayata, CEO of Al Maryah Community Bank. “This groundbreaking initiative is a testament to our unwavering commitment to empowering the nation’s financial landscape, enhancing customer experiences, and driving the UAE’s vision of becoming a leader in financial inclusion and digital innovation.”

He added, “With Jaywan Cards and the Mbank Wallet, we are not just redefining the banking experience but also reinforcing the UAE’s position as a hub for cutting-edge financial solutions. Our focus is on creating meaningful impacts that bring convenience and accessibility to every customer, reflecting the spirit of progress and innovation that defines our nation.”

This announcement comes after AED Stablecoin LLC stated that the Central Bank of UAE provided it with in principle approval to launch and establish its own stablecoin, AE Coin.

Deribit crypto derivatives exchange receives full license from Dubai’s virtual asset regulator

Deribit crypto derivatives exchange receives full license from Dubai’s virtual asset regulator

Deribit, a crypto derivatives exchange, will be launching its spot and derivatives trading in the UAE and migration of all activities towards Deribit’s Dubai-based entity, Deribit FZE, after it has received its full license from the Virtual Assets Regulatory Authority (VARA) of Dubai. It has received its conditional license back in April 2024.

Effective January 1, 2025, all qualified and institutional investors will be welcomed as direct clients of Deribit FZE, while retail clients will continue to be serviced by DRB Panama, now operating as a broker member of Deribit FZE.

As per the press release, this transition reflects Deribit’s focus on regulatory compliance and superior client service, leveraging Dubai’s advanced crypto infrastructure.

Client Transition Deadline: All clients must accept the new terms of service by January 1, 2025.


Mandatory KYC Refresh: Clients who do not complete the KYC process before January 1 will be placed on “Reduce Only” mode, restricting new positions but allowing the closure of existing positions. Deribit will migrate its substantial open interest, currently valued at nearly USD 50 billion, to its Dubai entity.


“Dubai has rapidly positioned itself as a global hub for digital assets, thanks to the visionary efforts of VARA and the UAE government. The city’s forward-looking regulatory environment provides the ideal foundation for Deribit’s growth and innovation. As the crypto industry matures and global regulatory needs evolve, our institutional clients require our regulated trading platform to be able to evolve with the industry. This move underscores our commitment to meeting these expectations while delivering exceptional, best-in-class service to our clients and adhering to the highest standards of transparency and compliance,” said Luuk Strijers, CEO of Deribit FZE.


Unlike other global trading venues establishing new entities, Deribit will consolidate all flow and activities into its Dubai entity. Deribit FZE will be the sole platform offering trading in all our products like spot, perpetuals, futures and options as well as all post-trade activities, all of which are under the supervision of VARA.


According to the press release the migration is a testament to the company’s ongoing mission to shape the future of crypto derivatives trading, ensuring regulatory alignment, operational efficiency, and client satisfaction.

Outlier Ventures AI, tokenization and Digital Identity teams participate in Saudi Arabian Future Spark accelerator

Outlier Ventures AI, tokenization and Digital Identity teams participate in Saudi Arabian Future Spark accelerator

Outlier Ventures has announced that its AI, tokenization, digital identity teams have joined the FutureSpark Base Camp accelerator program taking place in Riyadh at Monsha’at.

The cohort comprises teams from countries including Saudi Arabia, the United States of America, the United Kingdom, United Arab Emirates, Portugal and The Marshall Islands. Collectively the founders are developing cutting-edge technologies across Gaming, Artificial Intelligence (AI), Payment Solutions, Real World Assets (RWA) and Digital Identity, helping advance the Web3 ecosystem in the region and driving technological advancements across Saudi Arabia as part of Vision2030.

Announcing the first FutureSpark Base Camp cohort with the support of NTDP is an exciting moment in Outlier Ventures’ commitment to accelerating the development of high-growth Web3 ecosystems globally.

“We are very excited to welcome the founders participating in the first FutureSpark Base Camp program in Saudi Arabia. Over the 12-week program, the cohort is gaining invaluable tailored guidance from Outlier Ventures’ team of experts, the incredible mentors and support from NTDP.” Said Stephan Apel, CEO and Founding Partner. “This unique experience will not only accelerate their growth, but also help forge meaningful connections within the rapidly developing Web3 ecosystem in Saudi Arabia. We look forward to supporting the founders as we continue to build on our mission to help grow Web3 ecosystems globally.”

The teams participating include Astra Nova (Saudi Arabia), an expansive multimedia gaming universe that leverages web3 and user generated content (UGC) for immersive gaming, Byzanlink (United Arab Emirates), a platform connecting tokenized real-world assets to onchain yield, stability, and sustainable growth.

Byzanlink is a cutting-edge Real-World Asset (RWA) tokenization platform revolutionizing the management of traditional financial assets on-chain. By seamlessly bridging traditional finance (TradeFi) with decentralized finance (DeFi), Byzanlink empowers institutions and investors with access to diverse, yield-generating opportunities. It enables asset managers and SMEs to tokenize assets, reduce operational costs, unlock new capital sources, and achieve optimal risk management, transparency, and efficiency.

Also included are Feed Protocol (United States of America) which unlocks the blockchain for developers, startups, and organizations by providing powerful data streams, Kodex (United Kingdom) a unified Digital Law and Order Protocol: Censorship-Resistant Safety Monitoring for Web3 dApps, Games and Metaverses.

Kodex is the first truly decentralized, censorship-resistant trust and safety solution for social media, online games, and metaverses. At its core is The Kode – a unified rulebook defining harmful behaviors like fraud, harassment, toxic content, and disinformation, supported by a decentralized array of AI nodes and human reviewers that operate solely based on The Kode and nothing else, ensuring a consistent, impartial approach that’s both standardized and immune to external bias.

In addition LIFT (United States of America) a decentralized platform enables non-technical users to train AI Agents to analyze sports, games, social and security video — and trigger actions based on events detected in real-time is also participating.

As well as Oumla (Saudi Arabia) who are simplifying blockchain technology by providing a secure and scalable infrastructure for businesses and government agencies. Oumla enables developers to easily build on top of blockchains. You don’t need to learn complex, low-level Blockchain-specific APIs. By using our API/SDKs, you can accelerate your time to market and minimize security concerns.

Others include Ouroboro Labs (Portugal) a Layer-3 blockchain built to seamlessly onboard millions of gamers to web3. With lightning speeds, abstractable infrastructure and games across various genres.

Sorbet (Saudi Arabia) The modern digital wallet for freelancers—collect payments globally, store earnings in USDC, and manage your business as an independent, all in one place.

Waslah (Saudi Arabia) Waslah unlocks power of energy aggregation to save money and stabilize the electric grid. Saudi built circular energy network – that connects appliances, use AI for data processing to optimize energy management. Through predictive analytics and real-time demand-supply balancing we enhance grid stability.

Finally, YalGamers (Marshall Islands), a Web3 gaming ecosystem empowering gamers to earn, and developers to build with innovative tools and social features.

The FutureSpark program forms part of Outlier Ventures’ Base Camp accelerator programs that focus on supporting founders globally helping them to accelerate their product market fit. The program will culminate in a demo day in January in Riyadh. For more information go here: https://outlierventures.io/base-camp/

MEDGULF UAE introduces blockchain and AI solutions

MEDGULF UAE introduces blockchain and AI solutions

MEDGULF UAE has recently promoted a campaign on its social media platforms noting that AI and blockchain technologies are transforming the insurance sector by enhancing transparency, efficiency, and consumer protection.

For those who are interested as per their post, they can contact MEDGULF UAE for support.

MEDGULF Saudi in 2024 partnered with iO Health, which develops AI and digital solutions. As per the announcement at the time, iO Health will collaborate with MEDGULF to bring forward transformative, AI-driven innovations that will reshape patient care, optimize insurance services, and enhance overall healthcare experiences.

Together, the two organizations aim to create a next-generation health insurance model, tailored to meet the dynamic needs of today’s healthcare landscape in Saudi Arabia and beyond. By leveraging AI and advanced data analytics, this partnership is designed to empower healthcare providers and insurers to offer timely, effective care, significantly improving the quality of healthcare delivery.

By harnessing iO Health’s expertise in AI and digitization, MEDGULF will be able to deliver personalized, data-driven health insurance solutions, allowing for greater precision in healthcare recommendations and patient engagement. With these capabilities, iO Health and MEDGULF aim to address key healthcare challenges, facilitating preventive care and managing patient risk more proactively.

In addition within the UAE, The DFSA ( Dubai Financial Services Authority) the regulatory arm of Dubai’s International Financial center announced that it would be updating its crypto assets regulatory framework with new amendments that would cover crypto assets, crypto custody DeFi, stablecoins, crypto investment funds money laundering and terrorist financing, as well as blockchain and crypto in insurance.

One of the most interesting topics mentioned by DFSA was utilization of Blockchain and crypto in insurance.

The DFSA noted in their consultation paper that given that crypto tokens are being discussed in the context of insurance including the utilization of DLT (Distributed Ledger Technology), for insurance, as well as crypto tokens for denominating policies, receiving premiums and paying out claims, even underwriting risks in crypto market, has prompted DFSA to seek feedback.

In parallel BCG  published an article on how insurance firms are utilizing metaverse and blockchain in their operations, and how this trend will grow.

According to BCG some firms use blockchain records to process claims and detect fraud, while others deploy the technology to offer customized insurance products. It is noteworthy that UAE’s Ministry of Health has utilized blockchain technology for some time now.

BCG believes there are six strategic opportunities for the insurance industry after BCG evaluated leading insurance companies on 43 relevant dimensions and found that insurance companies were not only willing but it was feasible for them to do so.

Today with this announcement by MEDGULF UAE, it seems insurance companies in the UAE have started to implement Blockchain in their offerings.

Saudi Arabian entrepeneur patents DeFi protocol, Quintes

Saudi Arabian entrepeneur patents DeFi protocol, Quintes

A Saudi woman entrepreneur Ran Al Kharashi, has patented the Quintes Protocol a decentralized finance (DeFi) protocol with its innovative no-depreciation cryptocurrency model.

The Quintes Protocol is protected by a newly-secured Patent Cooperation Treaty (PCT) PCT/IB2024/061188 from the World Intellectual Property Organization (WIPO). This groundbreaking protocol offers a unique approach to perpetual asset growth, ensuring long-term value stability and positioning itself as a global disruptive force in the evolving cryptocurrency market.

Rand Al Kharashi aims to redefine the world of DeFi. By securing a WIPO PCT for the proprietary technology behind Quintes Protocol, she has reaffirmed her mission to upend the cryptocurrency market with the world’s first perpetually appreciating asset, which is expected to increase in price at an annual rate of 18-30%.

“This is more than a milestone for Quintes Protocol – it’s an affirmation that exceptional and continued value can be created in the crypto field,” said Al Kharashi. “Quintes is the world’s first crypto asset that is engineered for continued high price growth. Backed intensive research, verifications, and the knowledge of renowned token engineers and researchers from leading blockchain companies, Quintes has just one destination: to pioneer the future of DeFi with unmatched growth, blazing the way for an exciting new world of cryptocurrency value.”

The Quintes Protocol is poised to disrupt the market with its unprecedented cryptonomics. This protocol aims to outperform established asset classes, including S&P 500 equities, gold, high-yield fixed income, and many cryptocurrencies, including Ethereum and Bitcoin, unlocking massive market opportunities and setting new benchmarks for financial performance and growth.

Quintes introduces QNT, the first token designed to achieve a secure price appreciation of 18-30% per year through utilizing its unique over-collateralization strategy, novel cryptonomics mechanisms and AI-driven high-frequency trading to deliver unparalleled scalability and sustainability.

According to Al Kharashi: “We’ve seen the potential for cryptocurrencies to achieve great returns for investors, but that growth is fickle. Growth bubbles occur, burst suddenly and unexpectedly, and the value is often lost. It may be possible for an asset to rebuild to match or even exceed its previous high, but there’s always an element of risk. The value of existing crypto, and even more traditional investment assets, is never guaranteed. That is what inspired the creation of Quintes and the concept of perpetual growth, based on predictable collateral value appreciation.”

The decision to file for a WIPO PCT patent underscores Al Kharashi’s commitment to protecting Quintes’ pioneering engineering on a global scale. This strategic move ensures that Quintes’ innovative protocol is safeguarded as it seeks patent protection in numerous countries, providing a robust foundation for its international expansion, future success and eventual preparation to become open source.

The development and engineering of Quintes Protocol is grounded in rigorous research conducted by Kitabq Research Lab, which was founded by Al Kharashi. Over two years, Kitabq’s cryptonomics research has been instrumental in shaping Quintes’ architecture and mechanisms.

Quintes’ technical team is a powerhouse of talent, featuring elite token engineers and data scientists from industry giants like ConsenSys, Binance, Algorand, and Morgan Stanley. Collectively, this team has raised over $600 million in capital and achieved successful exits in both Web3 and Web2 domains.

Scheduled for an official launch in January 2025, the Quintes Protocol represents an exciting opportunity for investors and stakeholders eager to be part of the new future of DeFi. A recent simulation test revealed Quintes’ positive performance even in bearish market conditions, highlighting its resilience and potential. As Quintes gears up for its groundbreaking debut, the team is actively seeking investment to drive its vision forward.

Bahrain based Singapore Gulf Bank to raise $50 million for stablecoin payment entity

Bahrain based Singapore Gulf Bank to raise $50 million for stablecoin payment entity

Singapore Gulf Bank, a subsidiary of Whampoa Group, with a license in Bahrain, is in talks with a Middle East sovereign wealth fund to raise $50 million to acquire a stablecoin payments company in 2025 either in the Middle East or Europe. The news was published in a Bloomberg article. SGB is backed by Bahrain’s sovereign wealth fund Mumtalakat and privately held Singapore-based investment firm Whampoa Group.

The startup bank, will sell an equity stake of less than 10% by early 2025 according to the Bloomberg article.

The proceeds will primarily go toward accelerating product development, enhancing the bank’s payment network and hiring more staff, the people said. The purchase of a stablecoin payments firm is planned for the first quarter in the Middle East or Europe, they said.

Recently, Gulf Bank (SGB) appointed former Goldman Sachs executive Ali AlShamma as chief financial officer and ex-Sygnum executive Elaine Leong as chief operating officer. These two hires reinforce the mission of SGB to provide frictionless interaction between digital and traditional finance, said the digital bank.

On launching in Bahrain Singapore Gulf Bank noted that it would provide a real-time settlement network, digital assets custody and intuitive trading solutions, all underpinned by robust AML/KYC measures. As per the announcement this would enable businesses to manage their finances flexibly, whether they are traditional or digital assets – facilitating their participation in the digital economy.

Stablecoin usage has been growing in the Middle East and across the globe. Chainalysis in its recent MENA report noted that stablecoins and altcoins making gains across MENA particularly in Turkey, Saudi Arabia and the UAE. Turkey is number one in the world in stablecoin trading volume as a percentage of GDP, by a large margin. It’s important to note this measure is not saying that nearly 4% of Turkish GDP is stablecoins, but that stablecoin trading volumes on CEXs are equal to 4% of GDP in dollar equivalent terms, meaning crypto trading volumes could one day exceed a country’s measure of GDP.

Stablecoins consistently represent the majority of crypto assets purchased with the Turkish Lira, approaching nearly $6 billion in purchases in March of this year. Stablecoin purchases with the Turkish Lira are closely correlated with inflation rates.

Most recently the UAE Central Bank announced its stablecoin regulations as well.