Beam launches $150 million Web3 gaming fund in UAE

Beam launches $150 million Web3 gaming fund in UAE

The Beam Foundation has launched Beam Ventures in Abu Dhabi, the first venture fund focused exclusively on Web3 gaming from ADGM. The $150 million gaming fund aims to accelerate promising founders and contributing to Abu Dhabi’s transformation into a global gaming hub.

Beam Ventures is strategically positioned at the intersection of blockchain, gaming, and artificial intelligence, the fund is driven by a commitment to shape the future of gaming together with the next generation of game developers and innovators. Beam Ventures will launch an accelerator program, inspired by globally recognized precedents. This program is designed to support early-stage startups specializing in web3 gaming and AI, offering a combination of in-person and remote participation options. The goal of the program is to create a breeding ground of successful startups that will impact the gaming industry and beyond.

HE Saeed Al Fazari, Strategic Affairs Executive Director at the Department of Culture and Tourism – Abu Dhabi, said, “Over the past three years, we have built a robust gaming infrastructure in Abu Dhabi, and establishing a dedicated gaming fund is a crucial step in ensuring that this ecosystem continues to thrive. This initiative aligns seamlessly with our Abu Dhabi Gaming efforts, reflecting our commitment to welcoming investments in the gaming industry and highlighting the trust and confidence investors have in our ecosystem.

We remain deeply committed to attracting and nurturing talent in Abu Dhabi, contributing to the knowledge-sharing economy, and driving the growth of the creative industries. This fund is another step forward in ensuring Abu Dhabi becomes a global hub for gaming excellence and innovation.”

“At Beam Ventures, one thing drives us above all else: innovation. In whatever form it might take, innovation has always been our lifeblood and our North Star – and that’s why we are so delighted to be bringing our pursuit of innovation to Abu Dhabi, a city that has shown itself time and again to share our mindset. We’re convinced that Abu Dhabi is set to be the epicenter of the world’s most exciting, pioneering tech and gaming innovation for years and decades to come. We have always sought the cutting edge at Beam Ventures – and we know that with this collaboration we have found exactly that. We look forward to other cutting-edge creators and founders joining us on this adventure.” – Mark Borsten – Chief Strategy Officer.

UAE Mbank now offering the first AED stablecoin

UAE Mbank now offering the first AED stablecoin

Mbank has announced that it is the first bank to be offering the AE Coin licensed stablecoin. It has become the first bank to make the first-ever regulated stablecoin in the United Arab Emirates available through its AEC wallet.

Through AEC Wallet, powered by Mbank, customers will be able to purchase AE Coin and make secure, stable virtual financial transactions. In line with the Central Bank of the UAE’s digital payment token services framework and the government’s future-oriented vision.

AE Coin, is the first stablecoin of its kind, designed to provide secure, stable, and fully regulated transactions. With a focus on stability, scalability, and efficiency, AE Coin enables fast, low-cost transactions, all while operating under the regulatory oversight of the Central Bank of the UAE, adhering to the highest standards of security and compliance in digital finance. It combines the reliability of fiat-backed stability with the agility of blockchain technology, ensuring that each coin is fully supported by the Dirham.

Through Mbank, retail and corporate customers can open an AEC Wallet account and enjoy seamless, instantaneous, hassle-free AE Coin transactions with minimal fees, compared to that of traditional banking. Customers will be able to make secure transactions with AE Coin across e-commerce platforms, simplifying the entire payment procedure.

Mohammed Wassim Khayata, Chief Executive Officer at Mbank, commented on the partnership saying, “We are very proud to be the first entity to make AE Coin available as a digital currency, integrate it in our system, and offer our customers, whether individuals or businesses, a new era of transparent, cost-effective financial services where they can use AE Coin’s stable and regulated currency for easy, instant, and secure payments. By being a vessel for AE Coin, we are fostering economic growth, providing individuals and businesses with new opportunities to thrive in the digital economy, and making financial services more accessible to everyone”.

Ramez Rafeek, General Manager of AE Coin, added, “We are very pleased to partner with Mbank as it makes AE Coin available as a digital currency and integrates it into its system, redefining the way customers engage with money in the digital world. AE Coin harnesses the speed and efficiency of blockchain technology, facilitating instant, secure, and cost-effective transactions. It simplifies domestic transfers, making financial transactions faster and more efficient. In a rapidly evolving digital world, AE Coin sets the standard for trust, security, and innovation in digital currency”.

Tether receives approval for USDT in UAE

Tether receives approval for USDT in UAE

Tether, the largest company in the digital assets industry, has announced the acceptance of USD₮ by the Financial Services Regulatory Authority (“FSRA”) as an Accepted Virtual Asset (“AVA”) in the Abu Dhabi Global Market (“ADGM”). This approval ensures USD₮ meets the standards set by the ADGM, enabling the seamless integration of USD₮ into the approved services of licensed entities in ADGM and supporting the diversification and modernization of the UAE’s financial landscape.

This approval enables Authorized Persons operating and licensed by the FSRA to offer pre-approved services related to USD₮, advancing the region’s leadership in digital asset innovation. This announcement comes amid the rising adoption of digital currencies in the United Arab Emirates (UAE), reflecting the nation’s proactive approach to integrating traditional and digital finance.

“This milestone underscores Tether’s commitment to fostering global financial inclusion and innovation. By bringing USD₮ to the forefront of ADGM’s regulated virtual asset framework, we are not only validating the importance of stablecoins as critical tools for modern finance but also opening new doors for collaboration and growth across the Middle East,” said Paolo Ardoino, CEO of Tether. “The UAE’s forward-thinking approach to virtual asset regulation sets a global benchmark, and we are proud that USD₮ can play a pivotal role in driving economic progress and digital transformation in the region. This approval highlights Tether’s dedication to building bridges between traditional and decentralized economies while ensuring security, trust, and efficiency for users worldwide.”

Emirates NBD adds Fifth member to digital assets Lab

Emirates NBD adds Fifth member to digital assets Lab

Emirates NBD, a banking group with presence in Middle East, North Africa, and Türkiye (MENAT) region, has added its fifth member of its Digital Asset Lab, Chainlink, the standard for onchain finance, verifiable data, and cross-chain interoperability. Chainlink will join other founding members including PwC, Fireblocks, R3 and Chainalysis.

Chainlink’s membership will play a key role in advancing the Digital Asset Lab’s mission to create innovative solutions in digital finance.

Digital assets represent a market of over USD 1.3 trillion globally, with tokenization alone contributing an estimated USD 230 billion annually to GDP in the MENA region, Ernst & Young estimates¹.

As digital assets increasingly become mainstream, banks are increasingly innovating to cater to cryptocurrencies, tokenized securities and Central Bank digital Currencies. This strategic alliance strengthens the Digital Asset Lab’s ability to scale the development of digital asset solutions while upholding the highest standards of trust, reliability and security.

Miguel Rio Tinto, Group Chief Digital and Information Officer at Emirates NBD, said, “We are proud to partner with Chainlink and welcome them to Emirates NBD’s Digital Asset Lab as a council member. As a key platform for our innovation strategy, the Digital Asset Lab enables us to pioneer next-generation solutions for our customers. With Chainlink Labs’ expertise in onchain finance, we are confident this partnership will drive new advancements in tokenization and digital asset management, reinforcing Emirates NBD’s position as a regional leader in financial innovation.”

Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs, added, “Tokenization and digital assets represent a hundred-trillion-dollar opportunity for financial institutions in the MENAT region and beyond. Chainlink Labs is excited to collaborate with Emirates NBD by becoming a council member of its Digital Asset Lab to help support the development of onchain financial applications powered by the Chainlink standard for onchain finance, verifiable data and cross-chain interoperability.”

The Digital Asset Lab was launched in May 2023 at the Dubai FinTech Summit, to accelerate digital asset and financial services innovation in the UAE.

The Digital Asset Lab has implemented groundbreaking solutions for Emirates NBD, such as offering crypto products in retail banking using loyalty program points, tokenized real-world assets such as bonds for Emirates NBD Capital, stablecoins and surrounding regulations, as well as compliance and monitoring of virtual asset transactions.

Additionally the bank signed a Memorandum of Understanding (MoU) with Ctrl Alt, B2B alternative asset solutions provider, to explore infrastructure solutions related to tokenization of real-world assets.

Aptos Blockchain foundation enters UAE with new office in ADGM

Aptos Blockchain foundation enters UAE with new office in ADGM

Aptos Foundation, a blockchain foundation dedicated to supporting the development of the Aptos ecosystem and Web3 worldwide, opened a new office in ADGM entering the UAE market.

As per the announcement the Abu Dhabi office will serve as a hub for Aptos Foundation’s activities in the region, focusing on fostering partnerships and supporting projects designed to grow the Aptos ecosystem. By setting up operations in ADGM, Aptos Foundation will engage directly with these forward-thinking builders and institutions, creating new opportunities to collaborate and expand the Aptos ecosystem.

“The UAE is leaning hard into Web3, and that has made the region—and Abu Dhabi specifically—a clear leader in blockchain worldwide,” said Bashar Lazaar, Head of Growth and Ecosystems at Aptos Foundation. “We want to be at the forefront of that movement and help it grow as quickly as possible. This opening provides a unique opportunity for our team to learn from and connect on the ground with cutting-edge builders, institutions, and investors pushing the boundaries every day.”

“We are excited to welcome Aptos Foundation to ADGM,” said Arvind Ramamurthy, Chief Market Development Officer at ADGM. “Their decision to establish their first foreign office here highlights the UAE’s leadership in fostering innovation and advancing blockchain technologies. ADGM’s ecosystem is designed to support cutting-edge companies like Aptos Foundation as they collaborate with visionary developers, institutions, and investors to shape the future of Web3. We look forward to the contributions they will make to our vibrant community and the broader region.”

This expansion is a continuation of Aptos Foundation’s commitment to working with local stakeholders and playing an active role in accelerating blockchain adoption across the region.

ChainLink Labs sets up office in ADGM to serve DeFi in MENA

ChainLink Labs sets up office in ADGM to serve DeFi in MENA

Chainlink Labs, one of the primary contributing developers of Chainlink, the standard for DeFi and onchain finance, has expanded its presence in the Middle East and North Africa (MENA) region, and set up an office and an entity in Abu Dhabi under the Registration Authority of ADGM.

Global finance is moving onchain. Chainlink Labs is at the center of this massive shift, working with everyone from financial market infrastructures to asset managers to top DeFi protocols. As per their website they offer a world-class team of over 600 developers, researchers, and capital markets experts with deep experience in cryptography and decentralized systems and a singular vision to build Chainlink into the global standard for onchain finance.

Chainlink Labs plans to utilize its local presence in ADGM to expand its network of strategic partnerships with financial market infrastructures and financial institutions, better serve its global ecosystem, and continue to build key relationships in the region as demand for tokenized assets surges.

Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs. Senior Executive Officer at Chainlink Labs Abu Dhabi said, “The MENA region has become a global destination for innovators from around the world and a hub for the adoption of onchain finance. We are excited to expand the global footprint of the Chainlink standard by establishing a presence in Abu Dhabi and working closely with key financial market infrastructures and financial institutions in the region to bring tokenized assets to production.”

Hamad Sayah Al Mazrouei, Registration Authority CEO at ADGM noted, “We welcome Chainlink Labs, one of the primary contributing developers of Chainlink—the standard for onchain finance—on its recent expansion with a dedicated presence within ADGM. Chainlink Labs’ increased presence in the region underscores the growing demand for blockchain-based onchain finance solutions and tokenized assets, with Abu Dhabi, the ‘Capital of Capital’, providing the ideal environment for further expanding the global footprint of the Chainlink standard. We look forward to the innovative solutions that the Chainlink standard will enable in Abu Dhabi and beyond.”

UAE ADGM partners with Polygon Labs for token disclosure process

UAE ADGM partners with Polygon Labs for token disclosure process

Abu Dhabi Global Market (ADGM), a leading International Financial Centre (IFC), and Polygon Labs, developing a network of aggregated blockchains via the AggLayer, are collaborating to develop an international token disclosure process that ensures transparency, security, and trust within the Web3 ecosystem.

This initiative builds on ADGM’s pioneering Distributed Ledger Technology (DLT) Foundations Regulations to create a robust framework for Blockchain Foundations and Decentralized Autonomous Organizations (DAOs). The partnership aligns with ADGM’s vision of positioning Abu Dhabi as a global hub for technology-driven financial services, setting new standards for regulatory clarity and fostering innovation in the blockchain space.

Hamad Al Mazrouei, CEO of ADGM Registration Authority, stated, “Our collaboration with Polygon Labs underscores ADGM’s commitment to shaping the future of blockchain through innovation and regulatory leadership. By establishing a standardized token disclosure process, we aim to promote transparency and build confidence in blockchain technologies while reinforcing Abu Dhabi’s position as a hub for blockchain and Web3 innovation. Polygon Labs brings unparalleled expertise in blockchain scaling and adoption, and together we look forward to driving transformative change in the global blockchain landscape.”

Sandeep Nailwal, Polygon Founder, commented, “Polygon’s mission has always been to make blockchain technology accessible and impactful on a global scale, empowering users and institutions to shape a more open and equitable internet. ADGM’s forward thinking regulatory approach and unwavering support for innovation align perfectly with this vision. Together, we’re not only establishing new benchmarks for transparency and disclosure but also creating a foundation for trust that allows users, developers, and institutions worldwide to engage with blockchain systems confidently. This collaboration is a critical step forward in advancing the global adoption of Web3 technologies.”

Prior to this ADGM partnered and added Solana, Finschia and IOTA to its DLT Foundation members.

Crypto.com acquires Abu Dhabi based brokerage company

Crypto.com acquires Abu Dhabi based brokerage company

Crypto.com has acquired Orion Principals Limited, a brokerage company licensed by the Abu Dhabi Global Market (ADGM) in the UAE. As per the press release, the move is part of the company’s strategic plan to integrate traditional financial services into its platform, a step that will soon allow users to access securities (e.g. stocks), options, futures, contracts for difference (CFDs), and more.

Orion’s ADGM license enables Crypto.com to expand its offerings while maintaining compliance with one of the most respected regulatory frameworks for digital assets. With this acquisition, Crypto.com continues to grow its presence in the UAE, solidifying its reputation as a global innovator in digital finance.

“We have a clear path set out in our product roadmap for 2025—to offer our users the most comprehensive platform for a broad range of financial investment services. We are continually growing our presence in the UAE, which has one of the strongest regulatory frameworks for the digital assets industry globally and we appreciate ADGM’s commitment to supporting innovation in our sector.”
stated, Kris Marszalek, CEO of Crypto.com


For Crypto.com’s users, this move signals access to a more diverse range of investment opportunities. The integration of traditional financial instruments will allow traders to diversify their portfolios, managing both digital and conventional assets from a single platform. This blending of markets aligns with the growing demand for seamless cross-asset trading experiences and positions Crypto.com as a leader in unified financial services.

Crypto.com also recently gained a crypto payment services license in Bahrain and partnered with MasterCard to issue crypto cards in Bahrain.

The Regulatory authority of ADGM in UAE publishes digital asset amendments consultation paper

The Regulatory authority of ADGM in UAE publishes digital asset amendments consultation paper

The Financial Services Regulatory Authority (FSRA) of ADGM has published Consultation Paper No. 11 of 2024 setting out proposed amendments to its regulatory framework for Authorized Persons conducting Regulated Activities involving Virtual Assets in ADGM and to seek feedback on potential changes to that framework.

The proposed amendments include revisions to the process by which Virtual Assets are accepted for use within ADGM and refinements to capital requirements and fees. The paper also seeks feedback on several questions, including questions relating to staking and other emerging business models involving Virtual Assets.

One of the proposed amendments is that now the scope of the Regulated Activity of Providing Custody under FSMR currently
encompasses Financial Instruments, VAs and Spot Commodities. As outlined above, all VAs held in custody must be AVAs. The FSRA is asking for feedback on whether authorized persons can engage in providing custody to other than AVAs and hold a broader range of digital assets. They are also asking what other digital assets could be held.

    Feedback is also sought on the criteria to be applied in determining whether non-ADGM issued Fiat-Referenced Tokens should be accepted within ADGM. The paper also proposes to expand the scope of investments in which Venture Capital Funds may invest.

    As per the consultation the FSRA does not intend to restrict acceptance to FRTs issued only by issuers located in ADGM (“Domestic FRTs”). However, the FSRA notes that FRTs issued by issuers outside ADGM (“Foreign FRTs”) may not be subject to standards as
    stringent as those applied to Domestic FRTs. Given this, Foreign FRTs approved as Accepted FRTs for use within ADGM will be
    categorised as such to distinguish them from Domestic FRTs, which are subject to FSRA standards.

    The consultation adds, all Authorized Persons that use Foreign FRTs in conducting Regulated Activities will have to disclose to their Clients that such Accepted FRTs are not subject to the FSRA’s requirements for issuers of Domestic FRTs.

      The consultation period will close on 31 January 2025.

      The new consultation paper came out on the same day that ADGM issued its fiat-referenced-tokens framework, better known as its stablecoin regulations.

      The new framework expands the suite of digital assets already offered by ADGM regulatory authority.
      As per the press release, the framework introduces several key components that establish robust standards for FRT issuers to ensure financial stability and investor protection such as reserve assets, governance and integrity, transparent disclosure, prudential safeguards and redemption rights.


      The framework makes FRT issuance a distinct Regulated Activity within ADGM’s comprehensive financial services regulatory regime. It has been designed to be risk-proportionate while ensuring FRT issuers operate in a safe and prudent manner.


      Emmanuel Givanakis, CEO of the ADGM FSRA stated, “Our FRT framework is a significant milestone in ADGM’s evolution as a progressive international financial centre. Through extensive consultation with industry stakeholders, we have created a regime that balances innovation with strong regulatory oversight. This framework provides the regulatory certainty that industry participants need while maintaining high standards of financial stability and investor protection. We believe this positions ADGM as a premier jurisdiction for responsible FRT issuance and shows our commitment to fostering responsible innovation in financial services.”

      As per the framework, an Accepted Fiat Referenced Token means a Fiat-Referenced Token that, in the opinion of the Regulator, meets the requirements that permit a regulated activity to be carried on in relation to it.
      The FSRA defined a Fiat-Referenced Token as a digital asset, the transfer and storage of which is achieved through the use of distributed ledger or similar technology, which can be used as a medium of exchange with a stable store of value, by referencing a fixed amount of a single fiat currency; and enabling the holder to redeem the token in exchange for the amount of the fiat currency referred to from its issuer upon demand.
      The fiat referenced token can be used for remittance payments, and payment transactions, including transfers, payments for services, direct debits, credit transfers between bank accounts, including standing order, and others.

      The Global AI Show debuts in Dubai on December 12th

      The Global AI Show debuts in Dubai on December 12th

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