OneDegree launches digital asset insurance in UAE

OneDegree launches digital asset insurance in UAE

OneDegree, Asia’s licensed insurer for digital assets and Dubai Insurance Company have announced the issuance of digital assets custodial risk insurance to their customers in UAE. The Central Bank of UAE approved issuance of the digital asset insurance offering.

OneDegree and Dubai Insurance partnered in 2023. Custodial risk insurance completes the product portfolio and allows the partners to offer a one-stop-shop for digital asset companies in the UAE, under the brand “OneInfinity”.

VARA, Dubai’s dedicated regulator for digital assets, requires such coverage along with professional indemnity and directors & officers insurance. With this latest approval, specialized custodial risk insurance can be offered directly in UAE for the first time. Custodial risk insurance protects companies against the risk of losing access to digital assets including through third party hacks and theft, internal fraud and physical damage to the storage media.

Robin Scott, General Manager of Middle East for OneDegree, said, “UAE has only strengthened its position as a digital asset hub since our market entry last year. There are hundreds of companies setting up across the Emirates and looking to obtain key licenses. For this they need strong, tailored insurance policies. It’s fantastic that we are now able to offer the full suite of OneInfinity digital asset products to these inspiring companies.”

Abdellatif Abuqurah, CEO of Dubai Insurance, added, “We are thrilled to work with OneDegree on this important development in the UAE. Dubai Insurance is committed to bringing the most innovative insurance products to the UAE. Custodial risk insurance is something brand new to the market but that satisfies an urgent demand as UAE cements its position as a global leader in digital assets.”

OneInfinity by OneDegree offers tech-enabled digital asset insurance and risk management solutions globally. By offering tailor-made insurance to end-to-end digital asset players (including trading platforms, custodians, asset managers, banks, family offices and technology providers).

In addition, OneDegree, recently partnered with Saudi Arabia’s Walaa Cooperative Insurance Company, an insurance and reinsurance company where Walaa will support OneDegree as a reinsurer for its market-leading digital asset products globally. The partnership was announced during 24 Fintech event in Riyadh KSA.

After selection by Abu Dhabi Hub71, XBTO receives in principle approval from ADGM

After selection by Abu Dhabi Hub71, XBTO receives in principle approval from ADGM

XBTO, a global institutional digital assets company, have received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate in the UAE, after being selected by Hub71 Digital assets lab.

Philippe Bekhazi, Founder & CEO, XBTO said, “Receiving an In Principle Approval is a significant step forward for XBTO in establishing a strong presence in the rapidly growing Gulf region. We believe the UAE has the potential to become the global hub for digital asset businesses worldwide, so it is important that XBTO as one of the world’s leading digital assets companies has a foothold here. I’m excited to see this area of the business develop in the coming months and years.”

The IPA marks a significant milestone in XBTO’s journey and commitment towards becoming a regulated digital assets business in the different jurisdiction they are presently in, having been regulated by the Bermuda Monetary Authority (BMA) since 2019 and currently applying for licenses in the UK and France.

A major reason XBTO has chosen ADGM as a base for its expansion is that the FSRA is one of the first regulators globally to introduce and implement a comprehensive and bespoke regulatory framework for the regulation of exchanges, custodians, brokers, and other intermediaries engaged in virtual asset activities and ADGM being the fastest growing financial centre in the region, with a 211% increase in assets under management (AUM) in Q1 2024 compared to Q1 2023.

In addition, with notable financial institutions launching in Abu Dhabi last year, Abu Dhabi is rapidly attracting its target segment of clients including family offices, traditional and crypto native macro hedge funds, high net worth individuals, blockchain protocols, VC funds, brokerages and more.

Karl Naïm, Global Head of Business Development & General Manager XBTO Middle East added, “This is an exciting time for digital assets, the UAE and surrounding countries. There is strong interest in the growth of the sector here. XBTO is working with organizations across the region and we look forward to working hand in hand with the regulator, decision makers and institutions to help build a thriving and leading digital assets ecosystem from Abu Dhabi.”

XBTO will continue to have its main company headquarters in Bermuda, and European offices in Paris and London, while leveraging Abu Dhabi as a base to better locally serve the Middle East. In line with XBTO’s long term commitment to the UAE and regulatory frameworks, and subject to the regulatory approval for the grant of the FSP, the company plans on making further investments to invest in their presence in the UAE.

UK Blockchain Sports Ecosystem and Saudi investment company

UK Blockchain Sports Ecosystem and Saudi investment company

UK tech company, Blockchain Sports Ecosystem, signed a Memorandum of Understanding (MoU) with Saudi Arabian Alpha Jossor Investments to explore the development of one of the MENA’s biggest innovative sports complex using advanced hi-tech solutions and attraction of direct investments into the sports and entertainment industries, with a cumulative value of $3.3 billion. The top football stars Kevin Kuranyi, Jay-Jay Okocha, Mikael Silvestre, and Jens Lehmann were present at the signing ceremony in Riyadh, KSA, to endorse the strategic partnership.

The complex in Saudi Arabia will include an advanced football academy featuring the latest integrated training solutions, along with real estate development aligned with the concept of a smart sports city. The creation of new real estate facilities will contribute to the development of tourism and the attractiveness of foreign investment in the region in preparation for global sports events. The representatives of Blockchain Sports Ecosystem across three continents, along with the private sector representatives, will participate in implementing this massive project.

“I believe the partnership marks a significant milestone and is beneficial for the whole MENA region. The Middle East has proved its ability to bring innovative projects of enormous scale to life. With the advanced technologies Blockchain Sports Ecosystem has developed, the upcoming project will set a new standard for the global sports community. We hope our mutual efforts will make the region prominent in the world’s sports arena”, – Dmitry Saksonov, Founder of Blockchain Sports Ecosystem.

Alpha Jossor Investments has expressed its readiness to invest in the private sector and actively contribute to implementing the plan at all the subsequent stages.

The MoU also involves the real estate aspect. It includes the launch of a digital real estate platform facilitating buying, selling, and management of properties within the digital domain. It will include additional private developments around the football academy, with investments estimated at $1.6 billion, including 1,500 villas and approximately 3,330 apartments, which will be built under the smart city concept to promote sustainable and eco-friendly urban living.

“Alpha Jossor Investments is dedicated to bridging global expertise and local private investor landscape through high-impact investments. Our partnership with Blockchain Sports Ecosystem is a strong step towards creating an innovative sports hub in Saudi Arabia, aligning with our vision for sustainable growth,” – Faisal Janahi, CEO of Alpha Jossor Investments.

With a team of 1200+ tech and sports experts and offices in 8 countries across 3 continents, Blockchain Sports Ecosystem is the first international ecosystem building the future of sports by combining the advanced performance tracking, AI, XR, and blockchain technologies. The Blockchain Sports Football project is part of the ecosystem.

Over 50 football top players have endorsed Blockchain Sports Ecosystem activities. The renowned players Romario, Zico, Edmilson, Marco Materazzi, Ze Roberto, and Kevin Kuranyi are among the company’s ambassadors. Additionally, Wesley Sneijder, David Trezeguet, Essam El Hadary, William Gallas, Diego Lugano, Maicon, and many others are partners of the Blockchain Sports Ecosystem. The project will leverage their vast football experience and status to create the sports cluster of the highest international level. On the top of that, the Photochain project was developed to capture video memories of the football stars telling about their professional journeys. The interviews will help to gain insights and serve as the foundation for the design of the upcoming cutting-edge sports facility in Saudi Arabia.

An important part of the MoU is the digital ID Platform that will be created for athlete identities, allowing secure and transparent transactions within the sports industry. The partner academies from over 16 countries around the world will be connected to the platform to collect analytics and identify the best football players who will be given a chance to study at a high-quality academy in Saudi Arabia. The platform will be the first solution for storing data on athletes and will launch the global process of scouting players across the world. The integration solutions using blockchain technology will optimize the processes and data storage security.

Finstreet launches Blockchain enabled digital venue for trading financial assets in ADGM

Finstreet launches Blockchain enabled digital venue for trading financial assets in ADGM

Finstreet, a subsidiary of Rorix Holding, announced on LinkedIn, that it would be the first to launch a Blockchain enabled regulated digital venue for trading financial assets both global private and public securities from Abu Dhabi ADGM ( Abu Dhabi Global Market).

As per the post, “ Finstreet will be using a blend of traditional and blockchain technology, Finstreet enables investors and issuers worldwide to access greater liquidity, global connectivity, and comprehensive 360-degree trading — all from one centralized global infrastructure.”

They add, “This is just the beginning of what we believe will reshape the future of securities and commodities markets.”

This category defining financial market infrastructure and its combination of activities makes it the first of its kind to operate across the global markets from Abu Dhabi’s ADGM. Following direct application of English common law under the regulation and supervision of the FSRA, Finstreet provides a platform for transitioning towards the future of capital markets as they respond to the opportunities presented by new technologies.

Finstreet’s three subsidiaries will be the first regulated, global market infrastructure to offer an end-to-end hybrid traditional and blockchain-powered ecosystem to investors and issuers, covering the full lifecycle of financial assets, including origination, issuance, trading, settlement and custody.

Dr. Thani bin Ahmed Al Zeyoudi, the Executive Chairman of Rorix Holdings, stated, “Today’s launch of Finstreet and the granting of its FSP licence by ADGM’s Financial Services Regulatory Authority is a testament to the UAE’s commitment to embracing technological advancement and enabling inclusive global trade. I am certain that Finstreet’s digitised trade exchange platform will provide markets with a holistic approach towards international trade and bring a new standard to capital markets on a global scale.”

Ahmed Jasim Al Zaabi, the Chairman of Abu Dhabi Global Market (ADGM), said, “Finstreet’s pioneering initiative embodies ADGM’s unwavering commitment to driving innovation and redefining the future of global finance. By establishing the first regulated digital market for the trading of both public and private securities within our jurisdiction, we are further solidifying Abu Dhabi’s status as a premier global financial hub. This launch not only reinforces our strategic vision of positioning Abu Dhabi at the heart of global finance but also propels economic growth and enhances connectivity across the global marketplace.”

Ajay Hans Raj Bhatia, the Chief Executive Officer of Sirius International Holding and Managing Director of Finstreet, commented, “With this initiative, we further our mission to diversify UAE’s economic growth agenda. Finstreet provides a foundation for a new, innovative infrastructure to allow global financial market participants to both realise their own capital raising ambitions and participate in the substantial growth story of UAE-based firms.”

Sunidhi Pasan, the Chief Executive Officer of Finstreet Limited, added, “By harnessing Finstreet’s innovative infrastructure and deep market knowledge, we are opening up new avenues for investment and trading for issuers and investors both in the region and abroad.”

Saudi Central Bank works with IMF on cost benefit analysis of wholesale CBDCs

Saudi Central Bank works with IMF on cost benefit analysis of wholesale CBDCs

The IMF (International Monetary Fund) has noted in its recent country report issued on Saudi Arabia: 2024 Article IV Consultation-Press Release; and Staff Report, that the Saudi Central Bank is conducting a cost-benefit analysis of wholesale CBDCs (Central Bank Digital Currencies) in consultation with local banks and a team of IMF experts.

In the report which commends Saudi Arabia for improvement in various areas, the IMF discusses the exploration of Central Bank Digital Currencies by SAMA.

As per the report, “SAMA is exploring the application of a Central Bank Digital Currency (CBDC). It has joined project Aber with the UAE in 2019 to explore digital ledger technology and more recently, the cross-border CBDC project known as M-bridge.”

The report adds, SAMA has also been conducting a cost-benefit analysis of CBDCs, in consultation with local banks and a team of IMF experts. Considerations have so far focused on wholesale transactions.”

The IMF report notes that IMF staff supports SAMA’s cautious approach as it explores the complex requirements and risks to monetary and financial stability relating to the regulatory, technological, or other aspects of CBDCs.

IMF notes two thirds of countries in MENA exploring CBDCs

This is not the first time that the IMF discusses CBDC projects in KSA and in the MENA region. In June the International Monetary Fund noted that almost two-thirds of countries in the Middle East and Central Asia are exploring adopting a central bank digital currency with Bahrain, Saudi Arabia and UAE in the more advanced proof of concept stages. The countries in MENA and Central Asia are studying CBDCs as a way to promote financial inclusion and improve the efficiency of cross-border payments.

The IMF blog noted however that CBDCs require careful consideration, with each weighing their own unique set of circumstances.

Saudi Arabia is working on CBDC project mBridge

Saudi Arabia has been working on CBDC implementation project for over three years. Earlier this year, 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.

In 2023, at WEF, and during the World Economic Forum’s session Financial Institutions innovating under pressure’ The Saudi Minister of Finance Mohammed al-Jadaan stated that while CBDCs have privacy issues they are a fantastic tool in developing countries

Binance Bahrain to provide South Africans with derivative products

Binance Bahrain to provide South Africans with derivative products

Binance Bahrain has announced that it will become South African provider for derivatives products as a Juristic Representatives of FiveWest OTC Desk (Pty). As per the announcement, Binance ensures that it continues to comply with its regulatory obligations and can continue to provide services for derivatives products to South African users.

South African derivatives users will need to register a new account with Binance Bahrain and accept the applicable Terms of Use. Users will need to resubmit all required Know-your-Customer (KYC) documentation in order to comply with Bahrain regulatory requirements.

Binance will be able to continue serving South African users in compliance with local regulatory requirements. Binance Bahrain is able to provide crypto exchange and custodian services in line with its License by the Central Bank of Bahrain as a Category 4 Crypto-Asset Service Provider to operate a crypto-asset exchange.

In April 2024, after two years of foundational efforts, the financial sector conduct authority in South Africa approved 75 crypto asset service providers (CASPs) from a pool of 374 applicants. The list included prominent global exchanges such as Luno VALR but Binance and Yellow Card were missing. The FSCA noted that these applications are still under review and has committed to providing ongoing updates as the evaluation and approval process continues.

Soon afterwards in May 2024, Binance Holding became enthralled in a court battle with Dimplex, a minority shareholder of Binance Digital, a subsidiary of Binance international which does business mainly in UK and South Africa. Dimplex alleged that the holding company had misled authorities and customers about its operations.

Adaverse invests half a million dollars in Saudi Web3 loyalty platform

Adaverse invests half a million dollars in Saudi Web3 loyalty platform

Adaverse, a Web3 venture builder, has invested half a million dollars ($500,000) as a pre-seed investment in Saudi loyalty platform, Mithu, a platform aggregator for restaurants and cafes in Saudi Arabia. 

Mithu aims to solve a critical problem in the loyalty program market, where customers struggle to manage multiple loyalty programs and billions of dollars worth of points expire annually. 

In Saudi Arabia, only 2.5% of restaurants currently offer loyalty programs, leaving a vast untapped market, while globally, about $100 billion worth of loyalty points expire annually. Customers hold an average of 17 loyalty programs, with 68% churning within the first year.

By aggregating loyalty programs into a single, gamified app, Mithu seeks to increase customer engagement and help businesses, particularly SMEs in the food and beverage industry, retain customers more effectively. Founded earlier this year, Mithu has already signed agreements with approximately 200 restaurants in Riyadh. 

“We’re thrilled to have Adaverse on board,” said Mohsin Qureshi, Founder of Mithu. “Their expertise in Web3 and gamification is invaluable as we develop a tokenised version of our app. This investment accelerates our time to market, allowing us to better serve our clients and users.” 

Vincent Li, Founding Partner of Adaverse, said, “We are thrilled to invest in Mithu, whose founding team brings decades of deep experience in the restaurant and retail sectors. The opportunity to disrupt this vertical in Saudi Arabia is enormous, and we’re excited to be part of it. As Adaverse, we bring global expertise in technology, coupled with Web3 knowledge, to support Mithu in developing their cutting-edge solutions. This unique combination of industry insight, technological prowess, and market opportunity positions Mithu for significant success and growth. We look forward to witnessing their impact on the Saudi Arabian market and beyond.” 

Mithu’s founding team offers a depth of expertise that positions the company at the forefront of Web3, AI, and customer loyalty innovation. CEO Mohsin Qureshi boasts over 15 years in foodtech, q-commerce, and technology startups, having held key leadership positions at Foodics, Cheetay, and Delivery Hero. CTO Asif Ali brings experience from leadership roles at Careem, Swvl, and foodpanda, and is currently pursuing a Ph.D. in AI. 

Crypto.com launches its global retail service from Dubai UAE

Crypto.com launches its global retail service from Dubai UAE

Crypto.com, the global crypto exchange, has announced that it will be launching its global retail services across 90 countries out of Dubai UAE. The crypto exchange has partnered with Standard Chartered Bank to allow the deposit and withdrawal of crypto and fiat easily.

As per their X post, “This is the first seamless USD, EUR and AED deposit and withdrawal in over 90 countries. We’re excited to announce the launch of global retail services to our millions of users worldwide, powered by Standard Chartered Bank from our Dubai hub.”

The company claims that this move will improve the efficiency and utility of users’ cryptocurrency transactions.

The global retail services will be managed from Crypto.com’s regional hub in Dubai. Standard Chartered will support the expansion. The regulatory framework established by Dubai’s Virtual Assets Regulatory Authority is intended to provide a secure environment for the growth of digital assets.

“Working with Standard Chartered to launch our global retail services is a huge milestone for us,” said Eric Anziani, President and COO of Crypto.com.

“Not only is it a significant step forward in our global expansion plans, but also enables our commitment to delivering a world-class customer experience whilst maintaining the highest levels of security and compliance,”

The service will first be available next month to customers in the UAE. Users in the region will be able to access Crypto.com’s products and services through the app. This includes the ability to trade over 250 cryptocurrencies. Crypto.com plans to expand the service to other countries in the future.

The company aims to offer the same services and financial infrastructure for deposits and withdrawals to a global audience.

Rola Abu Manneh, Chief Executive Officer, UAE, Middle East and Pakistan for Standard Chartered, added: “This collaboration closely aligns with the UAE’s National Agenda which emphasizes innovation, economic diversification, and the growth of a knowledge-based economy.”

“By providing cutting edge solutions that meet the evolving needs of customers across the UAE and beyond, we are contributing to the UAE’s vision of becoming a regional and international hub for digital assets,” she added.

In April of 2024, Crypto.com received its full license from Dubai’s virtual asset regulator VARA.

Okto, self custody wallet from CoinDCX gets licensed in UAE

Okto, self custody wallet from CoinDCX gets licensed in UAE

Okto, the self custody wallet created by India’s CoinDCX crypto exchange which already has 1 million users, has secured a business license within the UAE through the RAK Digital Assets Oasis.


As per the blog post, Okto stated, that this is a significant milestone that underscores their commitment to compliance and operational excellence and marks a new chapter in their journey to democratize blockchain technology.


RAK Digital Assets Oasis is an initiative by the government of Ras Al-Khaimah, designed to foster innovation in digital assets, Web3, and AI. RAK DAO’s mission is to create a robust ecosystem that supports developing and adopting cutting-edge technologies. By providing operational clarity, RAK DAO plays a crucial role in positioning Ras Al-Khaimah as a global hub for digital innovation.

The license will enable a broader reach for Okto wallet. It will also bring new user benefits and improved services and security.

The business license will allow them to offer more robust tools and resources for developers, helping them create cutting-edge applications with ease. The blog post also notes that it will strengthen their platform.

The company plans to launch new features such as enhancing the Okto Wallet and Web3 SDK.

On X Neera Khandelwa, Co Founder of Coindex noted, “Thrilled to share that Okto has secured an operational license from RAK Digital Assets Oasis the world’s first Free Zone dedicated to digital assets! This milestone makes Okto the first Web3 wallet to achieve such a license, marking a significant step in our mission to democratize blockchain technology and foster Web3 adoption.”

In July 2024, CoinDCX acquired UAE based BitOasis crypto exchange, which according to Bloomberg could add $50 million in revenues to Coin DCX as it expands into the MENA region with the acquisition.

Established in 2018, CoinDCX has a user base of over 15 million, offers access to over 500 crypto assets, and facilitates average quarterly trading volumes exceeding $840 million in spot in 2024 while BitOasis established in 2016, holds over 60 tokens with fiat currencies such as AED, SAR, and USD and has processed over $6 billion in trading volume.


UAE and Bahrain CoinMENA expands its crypto offering with Bitpanda

UAE and Bahrain CoinMENA expands its crypto offering with Bitpanda

CoinMENA B.S.C., a crypto asset platform licensed by the Central Bank of Bahrain and sister company CoinMENA FZE, licensed by the Dubai Virtual Asset Regulatory Authority (VARA), have expanded the range of crypto assets available on its platform through its partnership with Bitpanda Technology Solutions, the leading digital assets infrastructure provider as a liquidity provider. The collaboration will enhance trade efficiency on the platform as well.

CoinMENA Co-Founders Dina Sam’an and Talal Tabbaa said, “We are excited to partner with Bitpanda Technology Solutions, an industry leader that shares our commitment to providing top-tier crypto asset trading services. This collaboration will not only enhance trading efficiency but also fulfil one of the most requested features from our users, enabling us to add new crypto assets more rapidly to meet market demands.”

When fully implemented, CoinMENA will have the ability to integrate the most complete range of crypto assets available on the market to meet the demands of its users safely and securely. By integrating Bitpanda Technology Solutions as a liquidity provider, CoinMENA will enhance trading efficiency, and ensure users receive the best possible prices. These improvements will deliver a smoother and more reliable trading experience, reinforcing CoinMENA’s position as a leading crypto asset service provider in the region.

Nadeem Ladki, Global Head, Bitpanda Technology Solutions, added: “The MENA region is one of the most ambitious and innovative regions in the world when it comes to crypto assets. Bitpanda Technology Solutions provides institutions in the region access to one of the broadest ranges of crypto assets available, in a fully modular way, all with a highly regulated and trusted partner.” 

Both Bitpanda and CoinMENA will collaborate closely with respective regulators to ensure full compliance in all future endeavors. In August 2024 CoinMENA announced that they have achieved a new milestone with crypto, fiat trading volumes surpassing $2 billion.