Global Crypto Custodian Bitgo now licensed in UAE

Global Crypto Custodian Bitgo now licensed in UAE

BitGo, a global crypto custodian and crypto staking provider has received a license in the UAE through its Dubai subsidiary, BitGo Custody MENA FZE. BitGo obtained the license from Dubai’s Virtual Assets Regulatory Authority. The Virtual Assets Service Provider (VASP) operating license will allow BitGo to offer Virtual Asset Custody Services and Staking. This approval follows BitGo’s receipt of the in-principle approval (IPA) in January 2025.

BitGo Custody MENA FZE will now be offering secure and efficient cold storage custody services to Institutional and Qualified Investors in the UAE.

Ben Choy, General Manager of BitGo Custody MENA FZE, said, “At BitGo, we provide the most secure and scalable solutions for the digital asset economy. A large part of this effort is ensuring we adhere to the highest regulatory standards. Receiving authorization from VARA reinforces our role as a trusted partner for institutional investors and allows us to provide our award winning services from Dubai.”

Bitgo recently secured its position as the world’s largest staking platform by total locked value with $48 billion in assets staked.

Binance payment service company BPay receives license in Bahrain

Binance payment service company BPay receives license in Bahrain

The Central Bank of Bahrain (CBB) has granted BPay Global B.S.C.(c) (BPay Global), a Binance Group payment services company, a Payment Service Provider (PSP) license to operate in the Kingdom of Bahrain. Binance customers will be able to top up and withdraw on an e-wallet fiat currency, as well as custody their fiat and crypto and make payments.

As per the press release, the PSP license will allow BPAY to offer fiat services to Binance customers globally, including fiat top ups and withdrawals, custody and other payment services. This will enable Binance customers to open an e-wallet and make fiat top ups on the Binance platform through bank transfers and debit/credit card payments. The license will also allow BPay Global to custody fiat on behalf of customers.

Commenting on this announcement, Mr. Abdulla Haji, Director of Licensing Directorate at CBB, said “We are pleased to announce the issuance of a license to a new payment service provider in Bahrain. This license represents a positive step in enhancing Bahrain’s digital payments ecosystem, particularly in its support for crypto-related sector as well as fiat payment solutions. The CBB remains committed to enabling a dynamic and progressive payment landscape that aligns with global advancements in financial technology.”

Mr. Tameem Almoosawi, General Manager of Binance Bahrain and BPay Global, commented: “We are glad to announce the launch of BPay Global and the first Payment Service Provider license received by a Binance company, allowing it to act as a payment service provider and e-wallet provider for users around the world. With this license, BPay Global will provide Binance users with further choice of low-cost fiat on- and off-ramps.”

Binance had previously received a license from the Central Bank of Bahrain back in 2023 and was able to offer crypto payments through Binance Pay.

Stobox receives license in Qatar to offer tokenization solutions

Stobox receives license in Qatar to offer tokenization solutions

Stobox, a blockchain enabled tokenization provider, has received a license in Qatar by Qatar Financial Centre (QFC) .

As per the press release, this milestone reinforces Stobox’s pivotal role in accelerating the adoption of real-world asset (RWA) tokenization across the Middle East and North Africa (MENA). The license will allow Stobox to bring its technology and expertise to one of the world’s fastest-growing digital economies.

Qatar Financial Centre houses businesses, from start-ups to large corporations, like Deutsche Bank, Citibank, and Industrial and Commercial Bank of China, among its clients. Now, these companies can access Stobox’s innovative tokenization frameworks and blockchain-powered financial solutions.

In addition to its operational license, Stobox has secured a business license to provide consulting services, technology solutions, and customer support.

“Securing this license marks a transformative moment for Stobox. It affirms our leadership in tokenization and unlocks access to government-supported initiatives, business development opportunities, and partnerships with major banks and investors. We’re committed to building a robust tokenization ecosystem in Qatar and throughout MENA,” said Ross Shemeliak, COO and Co-Founder.

Additionally, Stobox will introduce products to Qatar’s tokenization ecosystem such as Stobox 4 – an ecosystem where users can manage a diverse portfolio of assets with unparalleled security and ease. It accommodates an extensive range of cryptocurrencies while also pioneering the tokenization of real-world assets, transforming traditionally illiquid investments into accessible, liquid opportunities.
Turn-Key Solutions to Tokenize Your Real-World Assets.


It will also introduce the Stobox Decentralized Identity (DID) framework fortifies the integrity of tokenized transactions, ensuring that only credentialed and authorized participants can issue, transfer, or redeem digital assets. It aligns with global regulatory frameworks while streamlining compliance operations.

Additionally the company operates the STV3 Protocol delivers a secure, efficient, and scalable framework for managing tokenized assets. It integrates cutting-edge innovations for improved performance, regulatory compliance, and automated governance, thus providing a robust ruleset for modern digital asset ecosystems.

Stobox has already tokenized the world’s largest shrimp farm in collaboration with Qatar’s ICM Capital, a prominent conglomerate in the Gulf Cooperation Council (GCC). This project exemplifies the transformative potential of tokenization in the region.

Stobox is also working in the UAE and has initiated partnerships there.

Crypto.com’s new license gives retail clients USD fiat rails through Standard and Chartered Bank

Crypto.com’s new license gives retail clients USD fiat rails through Standard and Chartered Bank


Crypto.com announced that Dubai’s Virtual Asset Regulatory Authority has issued the crypto exchange a limited license to offer derivatives in the UAE as well as enable retail users to access USD fiat rails for depositing and withdrawing USD from their crypto account through Standard and Chartered Bank.

Crypto derivatives are financial contracts whose value is derived from the price of an underlying cryptocurrency, such as Bitcoin or Ethereum. These instruments allow traders to speculate on future price movements without owning the underlying assets. The four major types of derivative contracts are options, forwards, futures and swaps.

With this limited license, the crypto exchange’s regional entity plans to initiate offering various derivatives products, including futures, perpetual swap contracts, and CFDs. CFD stands for contract for difference, a type of derivative product that you can use to speculate on the future direction of a market’s price.

These services will be available to eligible institutions globally, with qualified investors to follow at a later date. Additionally, through this limited license, all of the crypto exchange’s retail users can access USD fiat rails for depositing and withdrawing USD from their Crypto.com account via Standard Chartered.

“We are aggressively transforming and evolving Crypto.com to provide users around the world all of the financial technology tools they are looking for in one place,” said Eric Anziani, President and COO of Crypto.com. “With this approval from VARA for a limited license, we are taking a significant and exciting step forward in our pursuit.”

A few days earlier the exchange also announced that it had partnered with an AI Blockchain tech firm in UAE called Tawasal Al Khaleej. Tawasal has developed a mobile messaging application that is currently being utilized by UAE governmental entities and other industries within the UAE. Tawasal AlKhaleej will use crypto.com as their exclusive crypto partner of choice.

UAE SCA grants Bybit in principle crypto exchange license

UAE SCA grants Bybit in principle crypto exchange license

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has received its second in principle license approval in the UAE from The Securities and Commodities Authority in the UAE. This is its second in principle license approval as it has previously received one from Dubai’s Virtual Asset Regulatory Authority (VARA).

The in principle approval (IPA) will allow Bybit to set up a virtual asset platform operation within the UAE. Bybit is also in the final steps to receive its fully operational license soon. This milestone marks a significant step in Bybit’s ongoing mission to provide a secure, stable, and compliant platform for crypto traders in the region.

As per the press release, this IPA underscores the crypto exchange’s commitment to upholding the highest regulatory and compliance standards as it works toward full operational approval from the SCA. This authorization moves the exchange closer to offering a broad range of digital asset services to both retail and institutional clients in the UAE.

Ben Zhou, Co-founder and CEO of Bybit, commented on this milestone, “We are honored to have received the IPA from SCA. This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions. Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE.”

Beyond UAE, crypto exchange continues to secure regulatory approvals worldwide, expanding its presence in key jurisdictions such as India, Georgia, Kazakhstan, Turkey, etc, further reinforcing its regulatory commitment. These licenses enable Bybit to expand its reach while maintaining the highest security and compliance standards for its users worldwide.

This in principle license comes days after Bybit was hacked for $1.4 billion dollars.

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.

BitGo receives crypto custodial in-principle approval from Dubai regulator

BitGo receives crypto custodial in-principle approval from Dubai regulator

BitGo, a digital asset solutions provider offering crypto custody, and trading services has received its crypto custodial license from Dubai’s Virtual Assets Regulatory Authority (VARA). BitGo Custody MENA FZE, has received an in-principle approval (IPA) for a Virtual Assets Service Provider (VASP) license to provide custody services. This IPA marks a significant expansion of BitGo’s world-class suite of regulatory compliant custody services to leading financial markets around the world.

As per the press release, once fully approved and licensed, BitGo Custody MENA FZE will be able to offer its secure and efficient cold storage custody services to qualified and institutional investors in Dubai. 

Ben Choy, General Manager of BitGo MENA, said, “Dubai has cemented itself as a central hub within the digital asset ecosystem and we are excited to play an important role in its growth.This IPA marks a significant milestone in our journey and we are confident that BitGo’s innovative custody services will address the sophisticated needs of the market and will help deliver meaningful value to our clients.”

BitGo’s commitment to security and compliance aligns with VARA’s comprehensive regulatory framework, which is designed to protect investors and ensure market integrity. VARA’s forward thinking and innovative frameworks have positioned Dubai as the ideal choice for BitGo’s expansion into the region. 

Bitgo is one of eight virtual asset service providers currently holding in-principle approvals from Dubai’s regulator. Currently Zand Bank, Komainu, and HexTrust hold regulated licenses.

WadzPay Blockchain crypto entity no longer licensed in UAE

WadzPay Blockchain crypto entity no longer licensed in UAE

WadzPay, a blockchain technology and financial services company that had applied and had received a VASP license pending further operational requirements in Dubai UAE, via the Dubai Virtual Assets Regulatory Authority, has been delisted from VARA’s public registry, which implies that WadzPay is no longer a regulated entity in Dubai UAE. Reasons behind this are not unclear given the efforts WadzPay had made over the years to received this license, yet on VARA website it shows that the license has been withdrawn.

This comes months after WadzPay in November of 2023, had announced it secured a capital commitment of $50 million SGD in the form of a Share Subscription facility from GEM Global Yield (GEM). The SSF as noted in that press release, was supposed to accelerate the company’s growth strategy via acquisitions, partnerships and organic initiatives.

The agreement established a Share Subscription Facility granting WadzPay the option to call upon GEM to subscribe for Ordinary Shares up to a total value of SGD 50 million (approximately USD 36.7 million) upon a successful public listing for a thirty-six-month period.

WadzPay had received a VASP license for crypto brokerage under pending status back in February 2024. Yet until now it was still pending. In November Anish Jain, Founder and CEO, noted that the company opened its Dubai offices back in 2022, citing that a main attraction of Dubai was its supportive regulatory environment.

WadzPay “bridges the gap between fiat currencies and virtual assets,” according to Anish Jain, founder and CEO.

Moreover Jain had described the license, – issuance of which is subject to meeting pre-operating requirements and qualifications – as a “pivotal advancement for WadzPay… enhancing trust and credibility among stakeholders viewing Dubai as a launchpad for global ambition.”

It would seem that this ambition has faded for WadzPay.

UAE backed Soter digital asset insurer licensed in Bermuda

UAE backed Soter digital asset insurer licensed in Bermuda

Backed by Abu Dhabi’s Further Ventures, Soter Insure, a digital assets insurance provider has received a full operating license from the Bermuda Monetary Authority (BMA). This significant achievement enables Soter Insure to offer a comprehensive suite of insurance products specifically designed for institutions in the blockchain and cryptocurrency sectors.‍

The company had received a preliminary approval from BMA back in September of 2024.

Soter Insure’s product offerings include Directors & Officers (D&O) insurance, Asset Loss coverage, and Smart Contract insurance. Uniquely, these policies are denominated in U.S. dollars, Bitcoin, and Ethereum, effectively addressing the asset-liability mismatch commonly associated with insuring digital assets. This approach ensures that policyholders are indemnified in the same currency as their insured assets, providing seamless and efficient coverage.‍

“This licensing milestone underscores Soter Insure’s commitment to redefining insurance for the Web3 economy,” said Henson Orser, CEO of Soter Insure. “Our innovative approach ensures digital asset institutions can operate with confidence, knowing they are protected by tailored insurance solutions that meet the unique needs of their businesses.”‍

Mohamed Hamdy, Chairman of Soter Holdings Limited and Managing Partner at Abu Dhabi based Further Ventures, added: “Achieving full licensing from the BMA marks a pivotal moment for Soter Insure. It underscores our commitment to delivering innovative, compliant, and effective insurance solutions for the rapidly evolving digital asset landscape.”‍

Hashkey Group crypto exchange to be licensed UAE

Hashkey Group crypto exchange to be licensed UAE

HashKey Group (“HashKey”), a leading end-to-end digital asset financial services group in Asia, has announced that HashKey MENA FZE , a member of the HashKey Group, has received an In-Principle Approval (IPA) from the Dubai Virtual Assets Regulatory Authority (VARA) for its Virtual Asset Service Provider (VASP) license application to offer crypto exchange services.

As per the press release, this regulatory approval reinforces HashKey Group’s position as a trusted leader in the virtual asset industry, enabling HashKey to deliver secure and transparent services globally.

HashKey Group is adigital asset financial services group in Asia with global operations in regions such as Hong Kong, Singapore, Japan, Ireland and Bermuda. Since 2018, HashKey Group has built al Web3 ecosystem within a high-compliance regulatory framework, including HashKey Exchange, a licensed virtual asset exchange regulated by the Hong Kong SFC; HashKey Global, the global flagship digital asset exchange; HashKey Capital, a global asset manager investing exclusively in blockchain technology and digital assets; HashKey OTC, the compliant over-the-counter (OTC) trading arm of HashKey Group, HashKey Cloud, a leading provider of global Web3 infrastructure; and HashKey Tokenization, a tokenization services provider.

Upon final approval, the VASP license will authorize HashKey MENA FZE to offer Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to retail investors, qualified investors, and institutional investors.

HashKey Group holds licenses in Hong Kong, Singapore, Japan, and Bermuda, has a VASP registration in Ireland, and is actively pursuing a MiCA license in Europe to further strengthen its global regulatory footprint. The Group recently secured VASP registration approval from the Central Bank of Ireland.

So far UAE has been able to attract global crypto exchanges to the country including Crypto.com, Binance, OKX, and others. Hashkey will be one of the first from Asia to be seeking a license in the UAE.