UAE SaturnX stablecoin infrastructure provider raises $3 million

UAE SaturnX stablecoin infrastructure provider raises $3 million

UAE based SaturnX, the infrastructure provider for stablecoin-based cross-border payments, closes a $3 million seed round. The round was led by White Star Capital, with participation from strategic institutional investors. The company enables businesses and financial institutions to move money globally through an API-first platform that leverages stablecoin liquidity, smart FX routing, and regulatory-compliant payout networks. SaturnX supports cross-border payments in major remittance corridors and is rapidly expanding into Southeast Asia and Africa

Founded by Mirnas Brescic, who brings 15 years of experience in FX, treasury, and digital assets across institutions like Rain, Bitpanda and the IAEA, SaturnX serves as a behind-the-scenes API layer for B2B money transmitters, corporates and financial platforms. In just five months of operation, the company has already processed over $250 million in transaction volume, while maintaining profitability.

The capital will be used to accelerate SaturnX’s expansion into new payment corridors in Southeast Asia, including the Philippines, Bangladesh, Indonesia, Pakistan, strengthen regulatory infrastructure, and continue building its end-to-end API platform for enterprise-grade stablecoin payments.

As per the press release, with more than $600 billion in global annual remittance flows and rising demand for digital dollars in emerging markets, SaturnX is positioned to become a critical backend provider for the future of borderless payments by modernizing how money moves across borders, offering instant, low-cost stablecoin transfers for financial institutions, fintechs, and global remittance providers.

“Our vision is to connect the worlds of decentralised and traditional finance with infrastructure that brings the benefits of stablecoins to everyday financial use cases,” said Mirnas Brescic, CEO and Founder of SaturnX. “Despite considerable progress, cross-border payments are still expensive and slow. By offering a faster, cheaper, and programmable alternative, we’re helping financial partners unlock better ways to move money, starting with the world’s largest remittance corridors.”

The company pre-funds stablecoin liquidity pools in key markets, aggregates FX pricing in real time, and ensures regulatory compliance via partnerships and licensing pathways. Its flagship corridor, from the Gulf region to South Asia, collectively enables hundreds of millions in annual volume.

“We’re excited to back SaturnX at the forefront of a new payment infrastructure layer,” said Sep Alavi, General Partner at White Star Capital. “They’re operating in one of the most strategically important corridors globally, solving a massive pain point for cross-border remittances and B2B payments. Mirnas brings unmatched experience in FX, treasury, and crypto, and he’s already shown his ability to execute at speed.”

Speaking to Lara on the Block on the upcoming Genius Act for stablecoins in the USA, Brescic noted, “Regulation will bring the clarity and confidence required for a broader stablecoin adoption. It is definitely a positive development in the medium to long-term. SaturnX is stablecoin agnostic. With the regulatory clarity we see even more corporates using stablecoins to send or receive value globally. This is the market segment we want to support with our infrastructure.”


ADGM amends crypto regulations to attract more VASPs

ADGM amends crypto regulations to attract more VASPs

The Financial Services Authority (FSRA) of ADGM has implemented amendments to its regulatory framework for digital assets. The implementation of these amendments follows extensive industry engagement and feedback received on Consultation Paper No. 11 of 2024, with an aim to make their regulations more comprehensive and simpler.

The focus of the implemented amendments is on revisions to the process whereby Virtual Assets (VAs) are accepted for use as Accepted Virtual Assets (AVAs) in ADGM, alongside appropriate capital requirements and fees for Authorised Persons conducting Regulated Activities in relation to VAs (VA Firms). The amendments also introduce a specific product intervention power in relation to VAs as well as enshrining rules that confirm our existing approach to the prohibition of using privacy tokens and algorithmic stablecoins within ADGM. Finally, the amendments expand the scope of investments in which Venture Capital Funds may invest.

The FSRA has updated the Guidance – Regulation of Virtual Asset Activities in ADGM to reflect the implemented measures and to provide further guidance to VA Firms in relation to applying the AVA assessment criteria.

Emmanuel Givanakis, Chief Executive Officer of ADGM’s FSRA said, “The implementation of these changes marks a significant milestone in the evolution of the FSRA’s framework for digital asset regulation. Through extensive consultation with industry stakeholders, we have further enhanced our framework to provide the regulatory certainty that industry participants need, while addressing the evolving risks of the digital asset ecosystem. We believe this further positions ADGM as a premier jurisdiction for digital asset-related activities and shows our commitment to fostering responsible innovation in financial services.”

Assesing the amended virtual asset regulations, Kokila Alagh noted that the amendments are a bold move to streamline digital asset regulation. She states on LinkedIN, “The Financial Services Regulatory Authority (FSRA) has transitioned from a regulator-led “Accepted Virtual Asset” approval model to a self-assessment regime by authorized VA Firms.”

She explains, this means authorised Persons (VA Firms) must self-assess Virtual Assets using enhanced AVA criteria; notification-only to FSRA before commencing activity; firms must publish and maintain a list of approved AVAs on their website; and ongoing monitoring to ensure continued compliance.

She added, ” The FSRA has also enhanced the assessment criteria for determining whether a Virtual Asset meets the requirements of being an AVA. The updated criteria basis includes, *Traceability & monitoring, *Security standards, *Market profile, *Exchange connectivity, DLT infrastructure, Innovation/efficiency and Practical functionality.”

Binance now serving Syria with crypto

Binance now serving Syria with crypto

With the lifting of the United States sanctions on Syria, Binance, the world’s largest exchange with 21 licenses globally, has announced that it is now serving Syrian users.

As per the press release this is a pivotal moment for financial inclusion and reconnection.

Binance stands as a trusted and compliant exchange in the digital economy. Syrian users will now have access to Binance’s suite of products and services, including hundreds of digital assets, spot and futures trading, staking and earn products, stablecoins, and Binance Pay for seamless cross-border remittances. Dedicated educational content in Arabic and localized support will ensure users can onboard with confidence and trade securely.

Syria’s population is approximately 24 million residents, with an estimated 8 to 15 million more living abroad. Years of economic instability and high inflation left many dependent on remittances, informal networks, and unstable local currencies. These factors may explain why Syria ranked top 10 countries globally for crypto-related search activity as recently as 2021.

Richard Teng, CEO at Binance, said, “After years of exclusion, Syrians now have the chance to build, invest, and connect. With Binance, they gain access to one of the most robust crypto ecosystems in the world, from trading and earning opportunities to seamless crypto payments. This isn’t just about opening accounts; it’s about opening futures and horizons.”

Binance is committed to supporting Syrian users through educational initiatives, practical guidance, and secure access to the digital economy. Our mission has always been to promote financial accessibility and inclusion, and today marks a meaningful step forward.

Dubai PRYPCO Mint launches its second tokenized property

Dubai PRYPCO Mint launches its second tokenized property

On the heels of the success of the first tokenized property listing in UAE and MENA, which brought in investments of over $700K, Dubai PRYPCO, Dubai Land Department, under the regulatory overlook of Dubai’s Virtual Asset Regulatory Authority and the Central Bank of the UAE, have announced the launch of their second tokenized property worth $650K.

PRYPCO Mint will go live with the second tokenized property listing on June 11th 2025. As per the press release, the next phase not only reinforces investor confidence in fractional property ownership but also strengthens Dubai’s standing as a global pioneer in real estate innovation and blockchain-powered investment.

The new tokenized property is a one bedroom apartment in Kensington Water, at Mohammed Bin Rashid City. It has a total valuation of AED 1.5 million ( $653K) offered at a discounted rate compared to its estimated market value of AED 1.875 million.

Through fractional ownership starting from just AED 2,000, ( $540) to UAE residents holding Emirates IDs.

Amira Sajwani, Founder and CEO of PRYPCO, said, “The incredible response to our first tokenised property proved that investors are ready for a smarter, more accessible way to invest in real estate. With our second property, we’re continuing to break down traditional barriers and offer high-quality opportunities to a broader, more diverse audience. At PRYPCO, our mission is to democratise property ownership, and this is just the beginning.”

Already PRYPCO Mint which was launched on May 25th has been successful in its first offering, a two bedroom apartment in Business Bay that attracted 224 investors from over 40 nationalities, with an average investment of $2900. The first was also listed at $653,000 and was fully funded in one day.

Blockchain based certificates of Property Token Ownership were granted for the first property. Ctrl Alt powers the blockchain infrastructure, issuing secure ownership tokens on the XRP Ledger, while UAE digital bank Zand serves as the official banking partner.

Targeting tech-savvy investors, millennials, and first-time buyers, PRYPCO Mint enables digital property ownership through a mobile-first experience, transforming real estate from a traditionally slow, capital-heavy asset into a flexible, inclusive, and liquid investment.

PRYPCO Mint platform is expected to open to international investors in its next phase, further expanding Dubai’s real estate footprint as a global innovation hub.

Allo Blockchain to pilot digital identity and RWA tokenization in Qatar

Allo Blockchain to pilot digital identity and RWA tokenization in Qatar

After being admitted to Qatar’s Digital Assets Lab, Allo, a blockchain tokenization platform has announced that it will begin piloting initiatives in areas such as secure digital identity systems as well as tokenization of real world assets.

By working within the Qatar Digital Assets Lab, Allo is able to fine-tune its blockchain technologies to meet the specific demands of local markets. This includes use cases such as Islamic finance, regional data protection standards, and tokenized assets.

According to Allo, the opportunity to build and test under regulatory guidance is relatively rare and enables developers to refine applications in alignment with both legal and market realities.

Allo not only is focusing solely on technical development, it is also collaborating for, security, and regulatory adaptability. Allo’s participation supports efforts to ensure that blockchain tools are accessible, secure, and tailored to real-world financial inclusion and risk mitigation needs.

The goal is to generate actionable insights on how distributed ledger technology can strengthen financial infrastructure while maintaining compliance with regulatory frameworks.

Other partners at Qatar Digital Asset Lab such as The Hashgraph Association, are also working on five tokenization use cases.

Dubai VARA sees tokenization as a new kind of financial system

Dubai VARA sees tokenization as a new kind of financial system

Mathew White, CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), recently noted on LinkedIn that the tokenization of real-world assets (RWAs) is no longer an experiment. He stated, “It’s happening right now.”

He explained how VARA views tokenization as more than a blockchain use case but rather as a structural shift and the foundation for a new kind of financial system. He explains, ” Everything from real estate and art to commodities and IP can be digitally represented, owned and exchanged in real time.”

He adds, “It’s a system of fractional ownership and near-instant settlement, where global markets are trustless, borderless, and always on. The illiquid can become liquid.”

He gives the example of BlackRock which sees tokenization as a democratization of investing. Its CEO Larry Fink envisions a world where every asset can be tokenized from stocks and bonds to entire funds.

The global tokenisation market was valued at $3.32 billion in 2024 and is projected grow to nearly $13 billion in 2032 – a CAGR of 18.3%.

He goes on to say that in Dubai, tokenized RWAs are a policy priority. He explains, “We’re building the infrastructure to make it all real – credible rules, secure frameworks, trusted intermediaries. We’re enabling the shift from analogue finance to digital ecosystems where anyone – regardless of size or geography – can participate, invest, and grow. Technology alone won’t deliver the future we want. It needs governance, credibility, guardrails, and trust.”

He notes that VARA is committed to creating a gold standard for oversight – a regulatory regime that’s clear, credible, and agile. “The idea is to protect without paralyzing. To not only supervise innovation, but to accelerate it.”

In his final words he says that Dubai intends to lead from the front.

Already Dubai has stated with the successful tokenization of real estate project with Dubai Land Department that happened a few weeks ago. In addition, the UAE Securities and Commodities Authority has licensed Emirates Coin Investment LLC (EmCoin) based out of Abu Dhabi UAE, as the first regulated integrated investment platform to offer both crypto investments as well as traditional assets such as equities, commodities, and even ICOs.

Regulated by the UAE Securities and Commodities Authority, Emirates Coin Investment will be able to serve the entire UAE.

CEO of UAE ADI Foundation talks about AEDC stablecoin

CEO of UAE ADI Foundation talks about AEDC stablecoin

In a recent interview with Abu Dhabi based ADI Foundation, CEO Guillaume de La Tour told Tahawultech about the new AED backed stablecoin, AEDC, that the foundation is working on for ADQ, sovereign wealth fund in Abu Dhabi and FAB Bank (First Abu Dhabi Bank).

The trio intend to launch a UAE Central Bank regulated AED stablecoin that will be used for making payments not only in the UAE but also internationally. Moreover the stablecoin will also be used for Machine to machine payments in the IoT domain and AI one.

According to La Tour, the AEDC stablecoin will transform UAE’s digital economy by offering fast inclusive and compliant financial services. He notes that, “It is built on a modular EVM blockchain, AEDC ensures scalability, security, and decentralization while embedding KYC/AML and FATF-compliant features to ensure privacy and regulatory compliance.”

For La Tour, AEDC is combining DeFi with traditional finance and aligns with both Abu Dhabi’s Economic Vision 2030 and ADGM’s robust regulatory framework, cementing the UAE’s role as a global fintech leader.

He explained that this is preparing the UAE for a tokenized future by digitizing the AED dirham and ensuring it is compatible with currencies like the USD, Euro and Yuan for seamless global interoperability.

In ten years, all assets, stocks, and bank accounts will be tokenized

According to La Tour in the next 10 years all assets, whether they are stocks, bank accounts, or currencies, will be tokenized to enable a 24/7 financial system. This is driven by the need for efficiency and global connectivity.

He states, “Nations are expected to increasingly tokenize their currencies to maintain sovereignty, while ensuring interoperability with blockchain-based digital financial systems. The stablecoin positions the UAE at the forefront of this transformation, leveraging its blockchain’s compliance and scalability.”

With strategic partnerships across 20+ countries, reaching nearly 500 million people, ADI Foundation bridges Web2 and Web3, integrating traditional banking with blockchain to create a compliant, inclusive ecosystem that supports economic diversification and innovation. 

The ADI Foundation is working to drive global financial inclusion by deploying a blockchain with locally validated compliance at Layer 3, tailored to each region’s regulations.  

Partnering with cutting-edge providers, La Tour notes that the ADI Foundation ensures localized infrastructure and AI integration on the blockchain, empowering communities with secure, scalable solutions.  

 He adds, “Unlike traditional blockchain solutions, ADI’s modular EVM-based platform integrates a dedicated Layer 3 compliance sublayer, ensuring adherence to local and international regulations, including KYC/AML and FATF standards. Real-time monitoring and decentralized identity (W3C-compliant) further enhance security, mitigating risks like cybercrime and fraud. This robust, transparent framework reassures stakeholders by aligning cutting-edge technology with regulatory rigor, making the stablecoin a trusted tool for seamless, scalable financial operations.” 

He gives the example of their collaboration with East Africa’s M-PESA enables 70 million users to convert mobile money into a stablecoin backed by an African currency, facilitating secure, low-cost cross-border transfers and real-time currency conversion.  

Similarly, ADI Foundation’s work with UK-based Esyasoft, revolutionizes the carbon credit market by leveraging blockchain for transparent, efficient trading to support sustainability goals, with 57 trillion transactions aimed at reducing the carbon footprint of 2 billion people.  

Upcoming stablecoin challenges

 La Tour sees three main challenges to stablecoins when it comes to regulations. The first is navigating complex regulatory landscapes because of the diversity and evolving regulatory policies across jurisdictions.
 

He states, “Governments often grapple with balancing innovation against risks, like money laundering, tax evasion, and financial instability, leading to fragmented or restrictive regulations.  For instance, ensuring compliance with varying KYC/AML requirements globally, while maintaining blockchain’s decentralized ethos, is a technical and diplomatic hurdle. ADI Foundation addresses this by integrating a Layer 3 compliance sublayer into its modular EVM blockchain, enabling localized regulatory alignment without compromising scalability or security. 
The second challenge is ensuring interoperability and technological disparities which includes interoperability between stablecoins and existing financial systems.  

However, he addresses this issue stating that ADI Foundation is tackling this by designing native support for cross chain compatibility.

He explains, “For example, our collaboration with regional tech firms ensures blockchain nodes and AI-driven services operate efficiently even in low-resource environments, fostering inclusivity and operational reliability.”

The final challenge is building public and institutional confidence because of the skepticism around digital currencies. He notes that governments and investors may hesitate to adopt stablecoins, fearing economic disruptions or technical vulnerabilities.  

ADI Foundation counters this by anchoring the Dirham-backed stablecoin to the stable UAE Dirham and implementing robust cybersecurity measures, such as real-time transaction monitoring and W3C-compliant decentralized identity.  

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Qatar Investment Authority lost $250 million in bankrupt Builder ai

Qatar Investment Authority lost $250 million in bankrupt Builder ai

Qatar Investment Authority is one of the investors in Builder.ai, the British no-code AI startup to lose millions in investment, $250 million to be exact. Builder.ai filed for bankruptcy after Viola Credit seized $37 million from the company’s accounts leaving $5 million in restricted funds.

Founded in 2016, Builder.ai positioned itself as a revolutionary tool for businesses to build custom apps using AI with minimal coding. It raised over $450 million in total funding, attracting marquee investors like Microsoft, the World Bank’s IFC, Jeffrey Katzenberg’s WndrCo, Lakestar, and SoftBank’s DeepCore incubator, Bloomberg reports. In May 2023, Microsoft made an equity investment and announced plans to integrate Builder.ai’s platform with its own Azure and AI services. Also the lead investor at the time was Qatar Investment Authority. It lead the the series D funding round of $450 million.

At the time the company noted, that the latest round of capital will fuel the company’s continued industry leadership and innovation pipeline allowing further investments in talent, partnerships, and technology; with a bigger focus on using human conversation as the primary user interface for allowing people to build software. The Series D round included participation from additional existing and new investors including Iconiq Capital, Jungle Ventures & Insight Partners

Two years later, Builder.ai will now begin bankruptcy filings in each of its operational jurisdictions, including the U.K., U.S., UAE, Singapore, and India.

Less than two months ago, Builder.ai confirmed it had revised down key sales figures and appointed auditors to examine financials from the past two years. Former employees raised concerns that sales performance had been inflated in previous investor briefings. According to Bloomberg, these allegations triggered a domino effect of investor caution, internal restructuring, and eventual loss of confidence.

Builder.ai, faked business with the Indian social-media startup VerSe Innovation for years to falsely inflate its sales, according to documents reviewed by Bloomberg and people with direct knowledge of the practice. The two companies routinely billed one another for roughly the same amounts between 2021 and 2024, documents reviewed by Bloomberg show, as part of an alleged practice known as “round-tripping” that the people said Builder.ai used to inflate revenue figures it presented to investors. In many cases, products and services weren’t actually provided to either company for these payments, said the people, who asked not to be identified discussing confidential information.

Linas Beliunus, Director of Revenue at Zero Hash, in a LinkedIn post noted, ” It turns out the company had no AI, and instead was just a group of Indian developers pretending to write code as AI. Founder & CEO Sachin Dev Duggal has also reported fake revenue to investors. Somehow, the company was able to keep this scam going for 8 years.”

Web3 game, MetaSpace secures license in RAK Digital Assets Oasis

Web3 game, MetaSpace secures license in RAK Digital Assets Oasis

MetaSpace, an immersive Web3 Play-to-Earn (P2E) game built on Polygon Blockchain, has secured a business license from RAK Digital Assets Oasis (RAK DAO) as a Gaming Studio and Metaverse Service Provider.

As per the press release, the achievement marks a significant milestone in the project’s journey and underscores its dedication to creating a secure, compliant, and globally scalable gaming ecosystem.

MetaSpace offers a dynamic, open-world gaming experience driven by a decentralized, token-based economy. Players can earn, trade, and own in-game assets, including customizable avatars, rare digital collectibles, and NFTs that enhance gameplay and progression. The game blends action, strategy, and exploration to create a deeply engaging universe, empowering players to compete, collaborate, and craft their own unique experiences.

At the heart of the platform is its decentralized NFT marketplace, where players can freely buy, sell, and trade digital assets. Whether flipping NFTs for profit or staking them for high-yield returns, users actively contribute to the in-game economy. The game’s Play-to-Earn model transforms time spent in the game into real rewards, allowing players to shape and benefit from the game’s evolving economy, turning participation into tangible value.

“Securing the RAK DAO license is a key milestone for MetaSpace,” said Mo Akram, the founder. “It gives us the confidence and framework to grow responsibly and scale our P2E ecosystem across borders.”

Egyptian Founder of stablecoin banking startup, Limited raises $7 million as it sets to expand in MENA

Egyptian Founder of stablecoin banking startup, Limited raises $7 million as it sets to expand in MENA

Egyptian Founder, Hussein Ahmed has raised $7 million in a seed funding round, for his U.S. based fintech startup Limited to expand in areas such as the Middle East. Limited offers stablecoin-based global banking services with self-custody,

The round was led by North Island Ventures, with additional participation from existing backers Third Prime and Arche Capital, as well as new investors Collab+Currency and SevenX Ventures.

This brings the company’s total funding to US$10 million since its founding in 2024.

Founded by Hussein Ahmed, an Egyptian entrepreneur, Limited has developed a banking and payments platform that integrates the security of self-custody stablecoins with the functionality of traditional banking services. Available on iOS, Android, and web, the platform is accessible in 176 countries and enables users, both individuals and businesses, to access global payment systems while retaining full control of their funds via self-custody wallets.

The platform also includes tiered Visa and Mastercard offerings and cross-border payment tools that support over 300 local payment methods in more than 80 currencies.

“With stablecoin transaction volumes exceeding $30 trillion annually and global remittance fees averaging 6.3%, we’ve created a solution that finally resolves the traditional tradeoff between self-custody security and ease of use,” said Ahmed.

“This funding will accelerate our growth in high-opportunity markets across Latin America, Southeast Asia, and the Middle East, where demand for borderless financial services is strongest.”

The company aims to meet the growing demand for more secure, globally accessible financial tools, especially in emerging markets where traditional banking services may fall short. It currently utilizes Circle’s USDC stablecoin and EURC stablecoin.

Travis Scher, Co-Founder and Managing Partner at North Island Ventures, highlighted the potential of Limited’s approach: “We’ve long believed that stablecoins represent one of the most compelling use cases for blockchain technology—providing access to stable currencies and efficient payment rails globally. Limited has built an elegant solution that makes stablecoins practical and accessible for everyday banking and commerce, not just trading. By solving the critical challenge of balancing security with usability, they’ve created a truly differentiated product.”

Circle goes IPO in USA

The announcement comes on the back drop of Circle’s listing on the New York Stock exchange where its shares soared 168% after the stablecoin company and its selling shareholders raised almost $1.1 billion in an initial public offering. “To realize our vision, we needed to forge relationships with governments, we needed to work with policymakers … because if you want this to work for mainstream, it’s got to work in mainstream society and you need to have those rules of the road,” CEO Jeremy Allaire told CNBC’s “Money Movers”. “We’ve been one of the most licensed, regulated, compliant, transparent companies in the entire history of this industry, and that’s served us well.”

Allaire also speaking with Bloomberg noted that stablecoin adoption is moving from pre adoption to mainstream and Circle will offer the internet financial infrastructure for every day payments. He said, ” The Internet is colliding with the financial system and we will partner with leading platforms to offer an ultra safe form of digital cash money that can be transacted at the fraction of cost within seconds.”

While the U.S. awaits the passing of the Genius Act for stablecoin regulation in the country, the UAE already passed its regulation last year, while Qatar has put stablecoins as one of the digital assets in its tokenization strategy.