Ripple backed Hidden Road receives in principle license approval in UAE

Ripple backed Hidden Road receives in principle license approval in UAE

Ripple backed Hidden Road, which offers traditional and digital asset brokerage services, has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a regulated financial services firm.

Pending final regulatory approval, Hidden Road will be authorized to offer clearing and prime brokerage services across its global suite of traditional and digital asset products to institutional investors in the UAE.

“Receiving our IPA from ADGM marks a significant milestone for our business,” said James Stickland, UAE CEO, Hidden Road. “ADGM’s high regulatory standards make it a key market for institutional growth.”

Hidden Road Partners CIV NL B.V. is licensed as a MiFID investment firm and as a Crypto-Asset Service Provider (“CASP”) by the Netherlands Authority for the Financial Markets (AFM). It is also an authorized a AMLD5 and MiFID investment firm by the UK Financial Conduct Authority; as well as a Commodity Futures Trading Commission (CFTC)-registered Futures Commission Merchant (FCM), a Financial Industry Regulatory Authority (FINRA)-member broker-dealer, and a member of the National Futures Association (NFA) and Fixed Income Clearing Corporation (FICC).


“Our goal from day one has been to equip clients with seamless access both to traditional and digital markets,” said Noel Kimmel, President at Hidden Road. “We continue to actively pursue regulatory approvals around the world to deliver on that commitment, recognizing the confidence and transparency that follows when operating under clear regulatory frameworks.”

Arvind Ramamurthy, Chief of Market Development at ADGM, said, “ADGM congratulates Hidden Road on receiving its IPA from the FSRA to operate as a regulated financial services firm. The expansion of their services within the international financial centre is a testament to the immense opportunities available within Abu Dhabi. We look forward to Hidden Road receiving their Financial Services Permission (FSP) and their contribution to ADGM’s dynamic ecosystem.”

Hidden Road’s IPA from ADGM’s FSRA follows its recent definitive agreement on April 8, 2025, to be acquired by Ripple, a leading provider of digital asset infrastructure for financial institutions, for $1.25 billion. With the backing of Ripple’s significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline and become one of the largest non-bank prime brokers globally. The deal is expected to close in the coming months, subject to regulatory approvals.

UAE based Aspen Digital seeds CoinBase Bitcoin yield fund

UAE based Aspen Digital seeds CoinBase Bitcoin yield fund

UAE regulated Aspen Digital, a digital asset manager seeds Coinbase Asset Management fund, which will be administered by Apex Group a leading financial services provider. The fund which will be delivered by Apex Malta is specifically tailored for digital asset strategies and its newly announced Coinbase Bitcoin Yield Fund (CBYF).

As per the press release, Aspen Digital will also serve as an exclusive wealth and distribution partner in the UAE and Asia.

This mandate further strengthens Apex Group’s strategic alliance with Coinbase AM and reflects the growing institutional adoption of digital assets, driven by the increasing demand for innovative yield-generating projects like CBYF.

Peter Hughes Apex Group’s Founder and CEO, noted, “We’re extremely pleased to strengthen our alliance with Coinbase AM to support the launch of CBYF this month. This fund further expands global access to meet the growing demand for bitcoin yield. Apex Group has ten years of expertise in crypto fund administration and is committed to innovation. We also have the ability to deliver secure, reliable and scalable solutions and pride ourselves on our capacity to handle the complexities of digital asset fund administration transfer agency and distribution while adhering to fiduciary standards.”

Matt Lundy, Coinbase AM’s COO and CRO, added, “The recent launch of the Coinbase Bitcoin Yield Fund has been met with incredible demand from institutional investors looking to earn yield on their Bitcoin holdings. Apex Group’s experience in the digital asset space and innovative thinking have allowed us to seamlessly deliver this unique international, institutional-grade Fund with Apex Group’s best-in-class administrator services to investors. We are thrilled to continue to build on our relationship with Apex Group.”

Crypto.com teams up with UAE Emarat Energy company to offer crypto payments

Crypto.com teams up with UAE Emarat Energy company to offer crypto payments

Crypto.com exchange, a regulated crypto exchange operating out of Dubai UAE, has partnered with Emarat Energy Company to offer crypto payment options at select Emarat service stations. As per the LinkedIn post the expansion depends on regulatory approvals and customer demand.

Emarat runs more than 155 service stations across the UAE. The setup of crypto fuel stations signals a shift towards new payment methods. This aligns with industry moves toward contactless payments and better customer service. Emarat hopes to modernize its retail model and appeal to tech-savvy consumers. It also aims to boost its image among digitally aware customers.


The partnership will see Crypto.com integrated at an initial 10 service stations, with plans to progressively expand the integration across the Emarat service station network.

Additionally, through Project Landmark—the first project providing naming rights for fuel stations in the world by Emarat, Crypto.com and Emarat will unveil the Crypto.com Emarat Service Station at Emarat’s Al Ameen Station in Al Wasl Road, a signature service station branded by Crypto.com and supported by the Crypto.com integration.

“Further enabling the utility of cryptocurrency is central to our vision at Crypto.com,” said Mohammed al Hakim, President of Crypto.com UAE. “The UAE is a cryptocurrency market leader, and we are excited to partner with Emarat, the region’s leading petroleum brand and serving tens of thousands of customers every day, in bringing digital assets into its next era.”

Ali Bin Zayed Al Falasi, Chief Retail Officer & Senior Vice President – Marketing at Emarat, said, “At Emarat, we are constantly exploring new frontiers in innovation and customer experience. This partnership with Crypto.com introduces a new era of convenience and possibility for our customers, while strengthening our position as a future-focused brand. Together, we’re bridging the gap between energy retail and emerging financial ecosystems.”

Crypto.com users and Emarat customers will be able to enjoy additional benefits of the partnership, having exclusive offers and a mutual promotional program to uplift customers’ experience.

The UAE has been at the forefront of Blockchain and crypto, with many real estate developers offering crypto payments and most recently one of the biggest investments in the UAE, the $2 billion investment into Binance being carried out using a stablecoin.

Kappa Lab for digital assets opens operation in UAE

Kappa Lab for digital assets opens operation in UAE

UK based Kappa Lab previously known as CrypPro, a digital assets market maker, has opened a new operational base in Dubai UAE at the DMCC Crypto center. The announcement comes after its participation at Token 2049 in Dubai this April.

Speaking to Anis Akl, Founder of Kappa Lab, he noted, “We selected Dubai as the location for Kappa Lab’s new office for several strategic reasons. First, its regulatory environment as Dubai offers a well-established, business-friendly framework that supports innovation and growth. Secondly, the city’s overall value proposition has proven highly attractive to both our existing team and prospective talent.”

He also stated that one of the reasons was Dubai’s position as a global business hub—bridging East and West—provides a strong strategic advantage for Kappa Lab, which already has an established presence in the UK and Europe and is expanding its engagement in Asian markets.

He added that they plan to apply for a crypto broker dealer license with Dubai’s Virtual Asset Regulatory Authority. He says, “We do plan to apply for a broker-dealer license.”

This announcement comes as more and more crypto entities have been granted licenses by VARA in the UAE. Most recent are Gate.io, as well as BurjX which received an in-principle approval from ADGM.

Abu Dhabi AltNovel and 3iQ to launch digital asset multistrategy fund in Middle East

Abu Dhabi AltNovel and 3iQ to launch digital asset multistrategy fund in Middle East

AltNovel, an Abu Dhabi-based private markets platform regulated by the Financial Services Regulatory Authority (FSRA) at ADGM, has partnered with 3iQ, a global digital asset investment manager recently acquired by Japanese Monex Gorup, to launch the AltNovel Digital Access Portfolio (ADAP), digital asset Multi-Strategy Fund in the Middle East.

As per the press release, ADAP is a multi-strategy portfolio of alpha-oriented digital asset hedge funds that seek to deliver high absolute returns with a reduced correlation to traditional assets and hedge funds. The fund seeks improved risk-adjusted returns versus other assets such as Bitcoin, stocks and other digital assets.


It aims to deliver lower volatility and drawdowns relative to long-only digital assets targeting annualized returns of over 20% and mitigating drawdowns to as low as 2.4%.


Designed for professional qualified investors, the fund will combine 3iQ’s expertise in digital asset management with AltNovel’s innovative portfolio structuring, to offer a diversified and balanced exposure to this rapidly growing asset class.

“This partnership is a milestone for AltNovel as we continue to focus on bringing high quality investment solutions to private investors in the GCC from our home in the ADGM,” said Stergios Voskopoulos, CEO of AltNovel. “Digital assets represent the next frontier in portfolio diversification, and this collaboration with a sector leader like 3iQ aligns with our commitment to offering forward institutional-grade, highly customizable digital asset investment opportunities tailored to their evolving needs.”

“The United Arab Emirates is at the forefront of financial innovation and robust digital assets regulation. As part of our global expansion plan, we are excited to partner with AltNovel to bring our expertise in risk management and digital asset strategies to the region. We are seeing an increasing demand for institutional risk-managed solutions,” said Pascal St-Jean, President and CEO of 3iQ.

The fund will provide diversified exposure to digital asset investment strategies with the objective of reducing volatility while delivering superior returns. This partnership underscores the firms’ shared belief in the potential of digital assets to transform the global financial landscape.

Kuwait extends its prosecution of illegal crypto mining

Kuwait extends its prosecution of illegal crypto mining

Kuwait’s Public Prosecution after detaining 26 individuals, is further investigating another 60 individuals which the prosecution says are involved in illegal crypto mining activities.

According to Kuwait Arab Times the Kuwait Public Prosecutor has detained 26 individuals pending further investigation. The individuals were charges with engaging in unauthorized activities that undermine the country’s interests, while lacking necessary licenses from municipality and the Ministry of Industry and Communications.

The charges are the illicit use of energy to mine cryptocurrency, in violation of state-mandated electricity consumption regulations. According to sources, the defendants denied the charges during their interrogation but were confronted with criminal investigation reports linking them to the incidents and some of the seized devices.

Meanwhile, the Ministry of Interior revealed the seizure of 47 homes in the Ahmadi Governorate, where residents were engaged in cryptocurrency mining, significantly affecting the electricity supply.

The Cabinet has commended the outcomes of an extensive security operation overseen by Acting Prime Minister and Minister of Interior Sheikh Fahad Al-Yousef, Minister of Electricity, Water, and Renewable Energy Dr. Subaih Al-Mukhaizeem, Minister of State for Communications Affairs Omar Al-Omar, and Minister of State for Municipal Affairs and Minister of State for Housing Affairs Abdullatif Al-Mishari.

The Cabinet emphasized that the operation is part of ongoing governmental efforts to combat unlawful activities, safeguard the electricity grid from illegal usage, and ensure public safety. Crypto mining according to government officials exploits electrical resources, leading to increased grid loads, power outages, and disruptions in residential, commercial, and service areas.​

The Public Prosecution, through the Commercial Affairs Prosecution, has ordered the continued detention of several suspects, including property owners who rented out their homes for mining purposes.

Others have been released on bail of 500 Kuwaiti dinars. Investigators have confronted defendants with evidence of substantial deposits in their accounts, some amounting to 3,000–4,000 dinars daily, originating from unidentified sources.

In Al Rai media, sources informed the publication that operations to identify cryptocurrency mining sites are ongoing. Searches are being conducted in areas including Wafra, Sabah Al-Ahmad, and Mutlaa, with no region excluded, The Ministry of Electricity is disconnecting power to properties involved in mining activities, with reconnection contingent upon approval from the Ministry of Interior.​

Additionally, the Ministry of Electricity, in collaboration with the Ministry of Interior, is enforcing penalties for cryptocurrency mining activities based on the previous ban announced recently.

xWeave stablecoin platform raises $3 million as it expands to UAE

xWeave stablecoin platform raises $3 million as it expands to UAE

XWeave, a stablecoin infrastructure startup for cross-border payments will be expanding its operations to the UAE after raising $3 million in seed funding. The round was led by Jungle Ventures through its First Cheque@Jungle initiative, alongside crypto investment firm Lightshift. Follow-on investment came from Menyala, a venture studio founded by Temasek that also incubated the company. Additional investors include White Star Capital, Fabric Ventures, Digital Currency Group (DCG), The Venture Dept., and several angel investors.

As per the announcement, the funding will be used to expand XWeave’s network across non-G10 payment corridors in Asia and the Middle East, including the UAE, Indonesia, Japan, and Hong Kong. The company is also in talks with regional fintechs and global merchant platforms to integrate real-time cross-border settlement into their products.

Founded in 2024 by Milind Sanghavi, a payments veteran with prior roles at Meta, PayPal, Visa, Ezetap, and OCBC, XWeave aims to modernize global money movement by connecting fiat payment rails with blockchain-based stablecoin networks. Since launching operations in December 2024, XWeave has enabled real-time payments between Singapore and the Philippines.


“The US$30T cross-border payments market is overdue for transformation. As stablecoins evolve into mainstream financial infrastructure, XWeave is the connective tissue that enables businesses to move money across borders with the ease of a text and the compliance rigor of regulated flows. While there have been other attempts using specific digital assets, we’re about to see a significant rise in both stablecoins and CBDCs. XWeave’s non-custodial, asset-agnostic orchestration platform is the best way for businesses to access this growing liquidity— leveraging the benefits of blockchain without relying on regulatory arbitrage. Our job is to make it usable and adaptable for the full spectrum of money flows.” said Milind Sanghavi, Founder and CEO of XWeave.

This week, Eric Trump, the son of President Donald Trump, during his participation at Token 2049 demystified the stablecoin behind the deal that was made between UAE sovereign wealth fund MGX and Binance crypto exchange. The $2 billion investment by MGX into Binance was announced earlier this year, yet the stablecoin mentioned for carrying out the deal remained a mystery.

Ceffu crypto custodian receives in principle approval from VARA Dubai

Ceffu crypto custodian receives in principle approval from VARA Dubai

Ceffu, a compliant, institutional-grade custody platform offering custody and liquidity solutions that are ISO 27001 & 27701 certified and SOC2 Type 1 & Type 2 attested, allowing institutional clients to safely store and manage their digital assets, and Binance crypto exchange only institutional crypto custody provider, has received In-Principle Approval (IPA) from the Dubai Virtual Assets Regulatory Authority (VARA) for their Virtual Asset Service Provider (VASP) license application.

As per the announcement, the approval enables Ceffu to offer institutional-grade custody services to Qualified Investors in and from Dubai, marking a major step in expanding our presence in the region’s fast growing virtual asset market.

According to Ceffu, this will enable them to continue to deliver secure, trusted, innovative and fully compliant custody solutions tailored to institutional needs. In their 2024 report Ceffu had showcased their expansion plans in both Asia, Europe and MENA region.

Ceffu commented that they look forward to continued collaboration with VARA to ensure their solutions remain compliant and have a positive impact on the region’s thriving virtual asset ecosystem while showcasing that they will continue their expansion in MENA.

In addition to its already ongoing partnership with Binance, Ceffu recently announced the launch of MirrorRSV (pronounced Mirror Reserve), a new and enhanced addition to their suite of flagship off-exchange settlement solutions.

Ceffu’s Strong Partnership with Binance continues


In addition to its already ongoing partnership with Binance, Ceffu recently announced the launch of MirrorRSV (pronounced Mirror Reserve), a new and enhanced addition to their suite of flagship off-exchange settlement solutions.

Discussing their new solution, they mentioned that through their extended partnership with Binance, the world’s largest cryptocurrency exchange, MirrorRSV offers operational efficiency and provides a gateway to unrivaled liquidity to institutional clients, all while ensuring institutional-grade security for their digital assets.

Digital assets are secured in Ceffu’s cold storage and fully verifiable on-chain. Clients receive representative assets in their designated Binance Exchange (Exchange) parent account at a 1:1 ratio, which are eligible for use with Binance Portfolio Margin.

Growth of Crypto Custodial services in UAE

This comes as more and more crypto custody providers are offering their solutions to the institutional sector. UAE based Fuze, a digital assets infrastructure provider partnered with crypto custodian Hex Trust also regulated in the UAE, to deliver institutional-grade digital asset custody across the Middle East.

In April 2025, BitGo, a global crypto custodian and crypto staking provider received its 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.

UAE MBS invests $8 billion for Maldives Financial center

UAE MBS invests $8 billion for Maldives Financial center

The Maldives Government and UAE based MBS Global Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani, have agreed to build a financial freezone in Maldives with an investment of $8.8bn. Dubbed the Maldives International Financial Centre (MIFC), the center will be designed for and created to attract global financial institutions, fintech pioneers, and global digital Nomads with support for digital assets.

As per the press release, The MIFC free zone will offer no corporate tax, tax-free inheritance, ownership as per the constitution of the Maldives, and privacy. Combined with no residency requirements, it’s set to attract digital nomads, entrepreneurs, and wealth creators seeking freedom without borders. Residents will benefit from multi-currency banking and access to offshore private banking. Future-ready regulations will support digital assets, and green finance – making MIFC not just a financial hub, but a destination for those investing in the legacy of future generations.

Due to be completed by 2030, it will be easily accessible from any part of the world and the aim is to notably increase the country’s GDP within four years with projected revenue to be well over US $1bn by the fifth year.

The centrepiece of MIFC is a state-of-the-art conference centre with capacity for 3,500 people. The multi-purpose convention venue will host leading global conferences, cultural events and innovation-driven hackathons establishing Male as leading assembly hub, driving all year round engagement in the Maldives and further supporting the wider, already established hospitality industry

The plan includes three iconic residential and office towers designed for international HQs and regional offices, high-end, sea front branded residences, world-renowned hotel brands, vibrant and one-of-a-kind retail experience, Oceanographic Museum, Mosque, and leading education facilities including an International School.

President Dr Mohamed Muizzu said, “With the MIFC, we are shaping the Maldives of tomorrow, a beacon of innovation and national pride that will thrive in harmony with nature. The financial centre will be a symbol of economic resilience and will set a new global benchmark that will massively benefit the people of the Maldives for generations to come.”

Minister of Finance for the Maldives said, “This is a momentous project. It offers a great opportunity to diversify our economy beyond tourism in line with our ambitions and will attract the best businesses and visionary entrepreneurs in the world.”

Nadeem Hussain, CEO of MBS Global Investments said, “The financial centre will set a new global benchmark, advancing financial innovation by at least two decades. It is the next evolution of what has been happening in other financial centres around the globe.”

This dynamic mixed-use development has been designed by master planner Architect Gianni Ranaulo, every structure from the overarching master plan to the individual buildings are inspired by the local fauna and marine eco-system. Ranaulo incorporates environmentally conscious practices in all projects. The total size of the development is 780,000 sqm where more than 6,500 people can reside, and an expected daily footfall of 35,000.

While the press release itself does not mention blockchain or crypto hub, a report from the Financial Times, noted that the agreement, which was signed on May 4, was done in the hopes of moving the Maldives away from reliance on tourism and fisheries by attracting foreign direct investment into blockchain and Web3 technologies.

MBS has previously investment in Blockchain entities

MBS Global Investments, through one of its portfolio entities UAE Varys Capital had previously invested in Movement Labs, an L2 Blockchain platform.

At the time, MBS Global Investments had noted on LinkedIn, “MBS Global Investments proudly congratulates our partner, Varys Capital on their successful pre-seed investment in Movement Labs (MOVE), a pioneering project that has just achieved a major milestone. The recent Token Generation Event (TGE) for MOVE was a resounding success, with the token reaching an extraordinary fully diluted valuation surpassing $6 billion. This remarkable achievement has already captured the attention of the global crypto community, with MOVE being listed on all major exchanges, including Binance.”

MBS also noted that they would continue to support this venture. They stated, “We are excited to continue supporting this transformative venture and looks forward to the significant impact MOVE will have on the future of decentralized finance and blockchain technology.”

UAE MAG seems to have dropped Mantra Chain for Multibank with new $3 billion tokenization deal

UAE MAG seems to have dropped Mantra Chain for Multibank with new $3 billion tokenization deal

It is obvious that UAE MAG real estate developer who just announced a $3 billion tokenization deal with MultiBank Group, a financial derivatives institution in UAE, has dropped its previous agreement with Mantra Chain valued at $500 million.

The property assets MAG mention in their current announcement with MultiBank, and Mavryk, a Layer 1 blockchain tokenization infrastructure provider are the same as those they had previously mentioned with Mantra Chain.

In July 2024, MAG Group had announced that it would tokenize $500 million of RWA with Mantra Chain, the Layer 1 Blockchain tokenization platform, whose OM Token recently lost 90% of its value. At the time the press release noted that MAG would tokenize assets in tranches and would include residential projects such as Keturah Reserve, which is being built by MAG as well as the $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ development, where investors would earn yield through stablecoins and Mantra’s OM token.

Woo and Behold today MAG in its announcement with Multibank and Mavryk are tokenizing the same exact property assets. As noted in the press release, ” The partnership will bring MAG’s high-value real estate developments, The Ritz-Carlton Residences, Dubai, Creekside, part of the Keturah Resort, and Keturah Reserve, onto the blockchain, making them available to global investors via MultiBank.io’s fully regulated RWA marketplace. Once launched, holders of the RWA assets will be able to earn yield distributed daily on the MultiBank.io platform.”

There still might be remnants of the deal with Mantra Chain given that the current press release says that part of the Keturah Resort will be tokenized in the deal with MultiBank, which might leave some assets for the initial deal with MantraChain. Interestingly the new press release does not build on or mention the previous agreement with Mantra Chain.

The release goes on to note that the $MBG token will power access, staking, fee payments, and platform engagement, positioning it as the infrastructure layer behind institutional-grade digital asset offerings.

Each entity will play their role. MAG will provide its premium real estate inventory for tokenization, while Mavryk will deliver the blockchain infrastructure to support on-chain asset issuance and DeFi integrations,while MultiBank Group will oversee regulatory compliance, secondary market liquidity, and platform governance.

Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, said, “At MAG, we have always been driven by excellence and a passion for shaping the property landscape of tomorrow. Partnering with MultiBank Group marks a milestone in broadening access to high-value developments and unlocking liquidity via blockchain.”

“This isn’t just a real estate deal, it is a flagship use case for the $MBG token. By enabling seamless access to $3B in tokenized property, MultiBank becomes the bridge between regulated finance and next-generation investment infrastructure.” said Zak Taher, Founder and CEO of MultiBank.io.

The platform is built to scale up to $10 billion in assets, setting the stage for a new era of programmable ownership and compliant digital investing, with $MBG at its foundation.

At the end of 2024, MAG Group Holding’s portfolio of current and under development projects across its different real estate subsidiaries has reached AED 43.7 billion ($11.9 billion).