UAE Ministry of Interior and Dubai Virtual Asset Regulator to combat virtual asset crimes

UAE Ministry of Interior and Dubai Virtual Asset Regulator to combat virtual asset crimes

The Ministry of Interior have teamed up with Dubai’s Virtual Asset Regulatory Authority to collaborate for combating virtual asset financial crimes.

As per the press release, this agreement highlights the UAE’s commitment to safeguarding its financial system while fostering leadership in the digital economy.

The MoU aims to unify efforts in information sharing on virtual asset service providers, illicit transactions, and unlawful practices. By facilitating a rapid and secure exchange of data between VARA and the Ministry of Interior, the agreement ensures that the virtual assets sector in the UAE remains secure, innovative, and aligned with international standards.

As part of the collaboration, both entities will develop joint training programs, specialized task forces, and electronic platforms to monitor and detect suspicious activities. These initiatives aim to strengthen the regulatory framework, ensuring that only compliant virtual asset service providers operate in Dubai, thereby enhancing financial system integrity and consumer confidence.

Consumer protection is high up the list for both the UAE Ministry of Interior and VARA as is the combatting of money laundering efforts, and maintaining financial stability in the UAE.

Major General Khalifa Hareb Al Khaili, Undersecretary of the Ministry of Interior, emphasized the Ministry’s dedication to integrated collaboration with national institutions to enhance security and deliver services that reflect the UAE government’s vision and global standing. He highlighted the importance of institutional cooperation to achieve shared strategic goals and develop a robust regulatory framework.

This MoU marks a significant milestone in our collective mission to build a secure and well-regulated virtual assets ecosystem, said Matthew White, CEO of the Virtual Assets Regulatory Authority. By deepening our collaboration with the Ministry of Interior, we are reinforcing measures to detect and prevent financial crimes in the virtual assets space. This partnership ensures that Dubai continues to lead by example fostering innovation while safeguarding the integrity of the emirate’s financial ecosystem. Through this collaboration, we are not only enhancing the security of virtual assets but also cementing Dubai’s position as a global hub for responsible digital finance.

During the years between 2022 and 2024 Dubai Police revealed that they had conducted money laundering financial investigation cases including $16.3 million ( 60 million AED) in virtual assets, or crypto asset cases. This did not include a case where The Dubai Economic Security Center disrupted a $49 million crypto money laundering operation. Both investigations led to a total of $65.3 million crypto money laundering investigation cases.

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Incorporated in Dubai Algorethics Validator tackles AI Ethics including DeepSeek’s Bias & OpenAI’s Pitfalls

Incorporated in Dubai Algorethics Validator tackles AI Ethics including DeepSeek’s Bias & OpenAI’s Pitfalls

As artificial intelligence (AI) cements itself as a cornerstone of technological innovation, ethical concerns surrounding AI governance have gained global attention. Leading the charge for responsible AI, Algorethics has officially started operations in the UAE, aligning its vision with the Dubai AI Commitment and the Dubai AI Seal.

This move places Dubai at the forefront of ethical AI regulation, offering businesses and developers in the UAE a powerful tool to validate AI models against international standards. With Dubai emerging as a hub for AI-driven enterprises, this expansion highlights the increasing need for accountability and transparency in AI solutions. The Algorethics Ethical AI Validator, a cutting-edge compliance platform, is designed to detect hidden biases, flag ethical risks, and promote fairness in AI applications, ensuring they align with Dubai’s robust regulatory frameworks.

DeepSeek’s Propaganda Problem and OpenAI’s Ethical Pitfalls

As AI models like DeepSeek R1 and OpenAI’s ChatGPT revolutionize industries from education to healthcare, they also expose significant ethical vulnerabilities. The Algorethics Ethical AI Validator has uncovered troubling biases in these models, providing crucial insights for businesses and developers aiming to ensure their AI systems comply with ethical standards.

DeepSeek R1 has been praised for its cost-effectiveness, saving startups and enterprises up to 40% in GPU costs. However, Algorethics identified that DeepSeek R1’s outputs consistently align with Chinese government narratives, raising concerns about AI neutrality and ideological influence. The risks associated with biased AI models include manipulation of public opinion, global adoption challenges, and erosion of user trust.

Similarly, OpenAI’s ChatGPT has demonstrated remarkable versatility but has faced scrutiny for bias in training data, privacy violations, and factual inaccuracies. Such challenges emphasize the urgent need for robust ethical frameworks, ensuring AI technologies do not reinforce harmful stereotypes, generate misinformation, or violate user privacy.

The Real-World Consequences of Unethical AI

The risks posed by biased AI models are not merely theoretical—they can lead to financial losses, legal liabilities, and reputational damage. Historical cases illustrate the impact of unethical AI:

  • Amazon’s AI Recruiting Tool was scrapped after it was found to systematically discriminate against women.
  • Apple Card’s AI Credit Decisioning faced backlash for alleged gender bias in 2020, leading to regulatory investigations.
  • Uber’s Self-Driving AI caused a fatal accident in 2018 due to recognition failures, leading to legal repercussions.

Such failures highlight the critical need for AI governance frameworks like Dubai’s AI Commitment, ensuring AI models are fair, unbiased, and transparent.

Algorethics Validator: The Ethical AI Game-Changer

The Algorethics Ethical AI Validator addresses these challenges by offering:

  • Bias Detection: Identifies and flags ideological, political, or cultural biases in AI models.
  • Transparency Reports: Provides detailed insights to developers for correcting ethical shortcomings.
  • Accessibility: Free to use for validating popular LLMs and AI models, making it a vital resource for startups.
  • Versatility: The Validator supports a wide range of AI models, offering in-depth ethical evaluations beyond surface-level assessments.

With this Validator, businesses and organizations can preemptively address ethical concerns, safeguard their reputations, and ensure compliance with global AI governance standards.

Dubai’s AI Commitment and Future Ethical AI Governance

Dubai’s AI policy is built on three key pillars: governance, transparency, and accountability—principles that align seamlessly with Algorethics’ mission. The Dubai AI Seal ensures AI models deployed in the UAE meet stringent ethical requirements, fostering trust and responsible innovation.

By establishing operations in the UAE, Algorethics reinforces Dubai’s role as a global leader in ethical AI governance. Companies that adopt ethical AI compliance will not only benefit from regulatory adherence but will also gain a competitive advantage, attracting investors and customers who prioritize transparency.

Robert McNamara, Co-Founder and Chief Ethical Innovation Officer of Algorethics, emphasizes the importance of ethical AI, “Unchecked AI can perpetuate biases, influence opinions, and erode public trust. The Algorethics Validator empowers organizations to uncover hidden biases and create systems that prioritize fairness, transparency, and inclusivity. The future of AI must align with humanity’s core values, and we’re proud to lead this transformation.”

Ensuring AI Accountability with Algorethics

With AI rapidly integrating into critical industries, responsible AI governance is no longer optional—it is imperative. Businesses, regulators, and developers must work together to ensure AI models align with ethical guidelines, preventing bias, misinformation, and regulatory risks.

The Algorethics Ethical AI Validator is now available in the UAE, providing real-time compliance monitoring, bias detection, and transparency reporting to help organizations build responsible AI solutions.

Test your AI models today using the Algorethics Ethical AI Validator. It’s free, accessible, and designed to help developers create unbiased, responsible AI systems.

SuiHub Dubai accelerator receives over 630 applications

SuiHub Dubai accelerator receives over 630 applications

SuiHub, based out of Dubai UAE received over 630 applications for its Global Accelerator Program, the largest intakes ever recorded for an ecosystem-specific accelerator program.

SuiHub’s accelerator program attracted interest from over 13,000 individuals from 152 countries and 2,452 cities. This exceptional level of enthusiasm highlights the momentum within the Sui ecosystem and the widespread appeal of the SuiHub initiative.
Kristof Lukovich, CEO of SuiHub stated, “The immense interest in the SuiHub Accelerator Program underscores the strength of the Sui ecosystem and its appeal to builders worldwide. We are incredibly excited to work with the inaugural cohort and help them unlock the full potential of the Sui blockchain to address real-world challenges.”

With an acceptance rate of just around 1.3%, the inaugural cohort of the SuiHub Accelerator is set to feature some of the most innovative and promising startups in the Web3 space.

“The 630+ applicants is a testament to the strength of the SuiHub offering and the momentum within the Sui ecosystem,” said Scott Keto, President at CoinList. “With an acceptance rate of just 1.3% and many quality applicants to choose from, the first cohort of the accelerator looks incredibly promising. We look forward to supporting this next generation of builders on Sui.”

The SuiHub Accelerator, run in partnership with UAE based Brinc, CoinList, UAE based Ghaf Group, and the Sui Foundation, provides up to $200,000 in milestone-based funding per team, technical support, and access to global marketing channels. Its mission is to empower pre-token projects and entrepreneurs building sustainable business models on the Sui blockchain.

“Backed by Sui’s lightning-fast and scalable network, these projects have immense potential to continue to grow the Sui ecosystem.” said Dr. Kostas Chalkias, Co-founder of Sui.

“The response to the SuiHub Dubai Accelerator from the community, developers, entrepreneurs, and users has been incredible. The extraordinary volume of qualified submissions reflects the talent that makes the Sui ecosystem a thriving, innovative network,” said Henrik Johansson, Head of Community at Sui Foundation.

The first cohort of the SuiHub Accelerator is scheduled to commence shortly, with selected teams gaining direct access to the Sui Solutions Engineering team, expert advisory on token design and distribution mechanisms, and growth marketing support.

“The exceptional caliber and overwhelming number of SuiHub accelerator applications demonstrate both the rapid growth of the Sui ecosystem and the strength of our partners,” said Bashar Aboudaoud, COO & Co-Founder of Brinc. “The program is quickly establishing itself as one of the best in the Web3 space, and I am very excited to see the progress of the startups that enter it.”

As SuiHub continues to foster innovation and collaboration, this inaugural cohort is poised to set the stage for further advancements in Web3 and accelerate Sui’s mission of onboarding the next billion users to the blockchain.

“At Ghaf Group, we are thrilled to support Sui’s growth in the Middle East and beyond. This program is more than just an accelerator, it’s a launchpad for the next wave of innovation in Web3 and will have a positive effect in further strengthening the regional ecosystem through new global connections.” stated Feras Al Sadek, MD, Ghaf Group.

Sui Hub launched in UAE in November 2024

SUI, through its SuiHub launched its Global Accelerator Program, a new initiative designed to help build sustainable businesses on Sui in the Web3 space in the UAE back in November of 2024. The 12-week accelerator program will be run in partnership between Brinc, CoinList, Ghaf Group, and Sui Foundation; and is set to provide strategic funding, technical guidance, and networking opportunities to startups and developers building on the Sui blockchain.

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.

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UAE and Qatar VCs invest in securitization AI entity, Teamsec

UAE and Qatar VCs invest in securitization AI entity, Teamsec

Deniz Ventures, the venture capital fund of DenizBank, established under the Emirates NBD Innovation Fund—the Corporate Venture Capital arm of Emirates NBD Group—and Qatar based Rasmal Ventures, a venture capital firm, have invested in Turkish based TeamSec, an a AI-powered securitization platform, transforming the structured finance industry through its innovative Securitization-as-a-Service platform.

Securitization is the process in which certain types of assets are pooled so that they can be repackaged into interest-bearing securities.

With a total investment raise of 7.6 million USD, TeamSec aims to accelerate its growth operations, focusing on rapid expansion in the Middle East and North Africa (MENA) region. The company already has an innovation license in DIFC ( Dubai International Finance Center). Additionally, TeamSec also aims to diversify its product and service portfolio and enhance current service offerings.

TeamSec in Saudi Arabia

In Saudi Arabia, TeamSec has taken a major leap forward by signing a Memorandum of Understanding (MoU) with SIMAH, the Saudi Credit Bureau. This collaboration is a key milestone in enhancing the securitization ecosystem in the Kingdom, enabling us to access critical credit data and analytics required to structure robust securitization solutions.

The partnership with SIMAH will provide data-driven securitization models that meet international standards. By leveraging SIMAH’s extensive credit information database, the company seeks to ensure that their securitization products are built on a foundation of trust, reliability, and precision—qualities that are vital for attracting investors and fostering confidence in the market.

Through its AI and data analytics-based solutions, TeamSec seeks to create critical value for investors and financial institutions.

Commenting on the investment, Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said, “We recognize the immense potential securitization holds in supporting regional growth. Our recent strategic investment in TeamSec, a fintech innovator specializing in Securitization-as-a-Service, underscores our commitment to shaping this market and enabling its growth. We are the first investor in TeamSec, supporting the founder and team in their growth journey at an early stage.”

NEOHUB CEO Gürhan Çam highlighted that TeamSec’s technological infrastructure will lay the groundwork for stronger collaborations among financial institutions in the future and contribute significantly to the financial ecosystem. He stated: “Digital transformation in the fintech sector is no longer a luxury but a necessity. As DenizBank and NEOHUB, we aim to address the technological gaps in the field of securitization by collaborating with startups through our investment in TeamSec. We recognize that TeamSec’s innovations in securitization have the potential to set new industry standards.”

Emphasizing the collaborative approach, Rasmal Ventures’ Co-Managing Partner, Alexander Wiedmer, noted: “TeamSec’s bold vision to revolutionize the securitization industry across the Middle East and beyond resonates strongly with us. Their mission-driven, execution-focused team exemplifies the kind of ambition and innovation we are excited to support. Our investment, alongside Deniz Ventures, reflects our commitment to advance fintech solutions that redefine traditional financial processes. By backing teams like TeamSec, with deep expertise in their field, we aim to accelerate digital transformation and fortify the regional financial ecosystem.”

Emphasizing the role Emirates NBD’s Corporate Venture Capital arm played in driving this investment, Neeraj Makin, Group Head of Strategy, Analytics, and Venture Capital at Emirates NBD, added, “Emirates NBD’s Innovation Fund drives strategic investments in cutting-edge fintech startups like TeamSec, enabling us to deliver tailored solutions that align with our vision of being the most innovative bank for our customers. As the industry evolves, the fund ensures we stay ahead of disruptive trends while enhancing the digital experience for our clients.”

Esad Erkam Köroğlu, Founder and CEO of TeamSec, highlighted that this strategic investment from Deniz Ventures combined with the VC mindset and experience of the Rasmal Ventures’ team, is a key enabler in achieving the company’s vision: “The investment we received from ENBD and Rasmal Ventures demonstrates the trust placed in TeamSec’s vision and technological prowess by these renowned institutions. At the same time, this investment round supports our mission to revolutionize the securitization market, positioning TeamSec as a leader in the fintech sector as well as in the securitization market, particularly in the MENA region. With this investment, we endeavor to strengthen our position as a global game-changer in the field of securitization.”

Qatar based Rasmal Ventures, the first independent venture capital company within QFC authority, licensed to manage exempt funds domiciled in QFC, launched its Rasmal $100 million Fund I in 2023. The Fund was supported by key Qatari private investors and institutions.

Dubai authorities investigated $65.3 million worth of crypto money laundering

Dubai authorities investigated $65.3 million worth of crypto money laundering

During the years between 2022 and 2024 Dubai Police revealed that they had conducted money laundering financial investigation cases including $16.3 million ( 60 million AED) in virtual assets, or crypto asset cases. This did not include a case where The Dubai Economic Security Center disrupted a $49 million crypto money laundering operation. Both investigations led to a total of $65.3 million crypto money laundering investigation cases.

Between 2022 and 2024 Dubai Police had conducted a total of 500 money laundering cases totaling $1.1 billion ( 4 billion AED).

Lt-Gen Abdulla Khalifa Al Marri, Commander-in-Chief of Dubai Police, noted that these achievements reflect the UAE’s dedication to combating money laundering and enhancing international cooperation to tackle financial crimes. “Through the UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee, the force strategically coordinates with key partners to fight financial crimes,” he said.

“Our efforts encompass human resources development and specialised training for our officials such as the International Diploma in AML and Terrorist Financing, launched in cooperation with the United Nations Office on Drugs and Crime. The programme has trained 116 professionals from relevant national organisations,” Al Marri revealed.

Lt-Gen Al Marri explained that Dubai Police has demonstrated exceptional commitment to intelligence sharing, exchanging 1,733 financial crime-related dossiers with international partners over the last three years. “These exchanges have been facilitated through organisations such as INTERPOL, Europol, and regional and Gulf networks. Additionally, Dubai Police has signed numerous Memoranda of Understanding (MoUs) with global counterparts to bolster law enforcement cooperation,” Al Marri confirmed.

Expert Maj-Gen Khalil Ibrahim Al Mansouri, Assistant Commander-in-Chief for Criminal Investigation Affairs, highlighted the role of advanced technologies in enhancing investigative capabilities. “Dubai Police leverages cutting-edge artificial intelligence and specialized task forces to uncover illicit activities, apprehend perpetrators, and work closely with international law enforcement to combat money laundering effectively,” Al Mansouri noted.

Dubai Economic Security Centre disrupted $49 million crypto money laundering operation

The other successful operation, a collaboration between Dubai Economic Security Centre and the Public Funds Prosecution in Dubai disrupted an international organized crime network involved in money laundering operations worth $49 million (180 million AED) using cryptocurrencies. It involved 30 individuals and three companies. The network, which conducted complex money laundering operations worth AED180 million using cryptocurrencies, operated across the UK and Dubai. Investigations revealed that the network laundered cash in the UK through unlicensed cryptocurrency intermediaries present in the UK and Dubai.

Dubai Police working with crypto exchanges and Blockchain Intelligence firms

The General Department of Criminal Investigation at Dubai Police signed a Memorandum of Understanding (MoU) with BitOasis Technologies to strengthen cooperation, foster partnership ties, and enhance security efforts. The MoU aimed to bolster collaboration and exchange expertise in addressing economic crimes and exploring their future trends.

Additionally Dubai Police also partnered with Crystal Intelligence an advanced blockchain analytics and on-the-ground intelligence firm empowering financial institutions, governments & regulators in the fight against cryptocurrency crime.

Ledger crypto wallet now a validator for UAE based Mantra Blockchain

Ledger crypto wallet now a validator for UAE based Mantra Blockchain

Ledger, crypto wallet hardware provider, have joined UAE based Mantra Layer1 Blockchain as one of the validators.

As per the blog post, Mantra noted, “We’re thrilled to announce that Ledger has joined MANTRA as a Validator, strengthening our network security and further decentralizing our governance process. MANTRA has also integrated with Ledger Live, allowing Ledger to support MANTRA Chain natively for all Ledger devices and enable users to manage and stake their $OM directly through the platform.”

The MANTRA Mainnet for real world asset tokenization launched in October 2024 with validators playing a crucial role in operating a blockchain, ensuring efficient and secure transactions, and upholding sound governance.

MANTRA has already onboarded prominent validators such as Google Cloud, Twinstake, and Hex Trust.

As per the blog post, Ledger, renowned for its hardware security devices like the Ledger Nano, brings solid security expertise to the MANTRA Chain validator set. This collaboration not only strengthens network security but also paves the way for additional integrations, leading to improved user experiences and enhanced security features within the MANTRA Chain ecosystem.

This comes weeks after UAE Conglomerate DAMAC Holdings announced it would be tokenizing $1 billion worth of assets on Mantra Blockchain. In an interview with CoinDesk, CEO of Mantra John Patrick Mullin, stated, ” The UAE will become the epicenter of where this all kicks off, as regulatory frameworks are critically supportive here.”

DAMAC’s Managing Partner Amira Sajwani also noted in the interview with CoinDesk, that it is the perfect time. She noted ” In the UAE, there is a massive spotlight on the country. Working with Mantra we are allowing people to enter lower entry point tokenizing properties, the timing is mature and there is an accurate regulatory framework coming in place, supporting innovation.”

She adds, ” We already had an entity regulated by DFSA and we already have experience fractionalizing real estate where the entry point is 500 AED equivalent to $150 and we have had huge traction. The average was much higher between $300-$10,000 investment tickets so we knew there was a market for it and a demand. Now we are moving it tokenized assets, tokenization allows more transparency and efficiency with the title deed of the property, and we chose Mantra because after exploring other chains, we chose them for their technology but the team was equally as important.”

At UAE AI and Blockchain Council meeting, Minister of AI says data is crucial to the future of UAE Economy

At UAE AI and Blockchain Council meeting, Minister of AI says data is crucial to the future of UAE Economy

In the 4th UAE AI and Blockchain Council meeting held in Ajman, Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, stressed that the data sector will significantly contribute to the future of the UAE economy.

He believes that as the reliance on Artificial Intelligence, AI, technology increases, becoming a base for many vital activities of future societies. Promoting investment in this rapidly evolving global economic sector comes as part of UAE plans to celebrate the export of the last barrel of oil in 50 years.

“The Government of the UAE is working to achieve its future strategic objectives. It strives to employ the AI sector as the main source of a diversified and sustainable knowledge economy, through the development of innovative practices and scientific uses of AI technology tools and enhancing cooperation among all parties to employ them in the development of government services and private sector performance. This contributes to achieving the objectives of the UAE Vision 2021, and the establishment of the future model of the UAE 2071,” said Al Olama.

The Minister’s remarks came during the fourth meeting of the UAE Artificial Intelligence and Blockchain Council, hosted by Ajman. The meeting was headed by Al Olama, in the presence of several officials and directors of federal and local government entities.

The meeting agenda covered key challenges and recommendations proposed to standardise data collection by the Data Committee within the Council. These included preparing qualified human resources, establishing a unified database, and defining data classification standards, as well the mechanism of coordination of efforts and the exchange of experiences between different entities by establishing a joint team. The participants also stressed the need to follow up the implementation of the recommendations of the Data Committee, by speeding up the development of data collection for AI technology and digital transactions, to promote the UAE as a leading center for data in the region.

UAE headquartered crypto exchange FreedX raises $50 million

UAE headquartered crypto exchange FreedX raises $50 million

Freedx, a cryptocurrency exchange with its headquarters noted to be in Dubai UAE, yet unregulated in the country till now, claims that it has raised $50 million in a funding round. The $50 million fundraising will enable Freedx to accelerate platform enhancements, expand global reach, and strengthen its customer support capabilities. While the crypto exchange notes that it has secured regulatory permission in Panama and a BTC license in El Salvador, it is taking steps to expand its compliance efforts globally.

As per the press release, the investment reflects investor confidence in Freedx’s approach to offering a platform designed with a focus on clarity, simplicity, and advanced trading tools.

The exchange aims to fill a vital gap in the market by combining advanced capabilities—such as optimized order routing, real-time analytics, and frictionless execution—with a sleek, user-friendly interface. Since its inception, the Freedx team has grown to nearly 100 members dedicated to building a transparent, efficient, and secure trading environment.

“At Freedx, we believe that trading should be as seamless and transparent as possible. This fundraise validates our vision to build a platform that prioritizes traders’ needs above all else. We’re thrilled about the opportunity to continue developing innovations that empower our community and drive the industry forward.” said Jonathan Farnell, CEO, Freedx. 

The roster of executives include Anton Golub, as Chief Investment Officer. Anton is based in Dubai UAE, and is well known in the blockchain space and crypto space, yet on his own LinkedIn page he does not mention his affiliation to the crypto exchange.

UAE regulated GCEX partners with Fireblocks

UAE regulated GCEX partners with Fireblocks

GCEX a provider of digital assets and foreign exchange solutions regulated in Dubai UAE, has integrated with FireBlocks, an enterprise platform to manage digital asset operations and build innovative businesses on blockchain to enable its institutional clients to access Fireblocks’ digital asset platform and custody solutions.

This latest development enables GCEX’s institutional clients transacting through its Danish and Dubai entities to utilize Fireblocks’ robust Policy Engine and compliance toolkit, ensuring enhanced security and adherence to regulations. 

By accessing the Fireblocks Network, GCEX’s clients can connect and trade with over 2,000 liquidity partners, trading venues and counterparties, with the network facilitating instant settlement, rebalancing and payments.

Lars Holst, CEO at GCEX said, “By integrating Fireblocks’ world-leading technology, GCEX is reinforcing our commitment to providing institutional clients with a streamlined trading experience and the most secure, efficient and transparent trading environment in the digital asset space. As institutional adoption of digital securities accelerates and we continue to scale, Fireblocks’ multi-layer security protocols, regulatory toolkit and streamlined processes will support GCEX’s operations, underpinning our focus on ease of trading and asset protection.”

The announcements comes a week after GCEX launched its open API, created to give institutional and professional clients real-time access to their balances, trades, and positions. The open API will enable clients to integrate with the GCEX back office, which the company says will help make portfolio management and regulatory reporting more efficient as a result of automating manual processes.

Clients are also said to be able to integrate their data for tailored insights and compliance reporting. The launch comes as part of GCEX’s mission to enhance innovation and technology in the prime brokerage space.

At the time Lars Holst, CEO of GCEX, said, “The GCEX open API offers greater transparency, empowering clients to make more informed trading and portfolio decisions and respond on a timely basis to regulatory requirements. By providing instant access to key data through our open API, we are making it easier for our clients to optimize their trading operations and reporting capabilities.”