Trust Wallet a self custodial crypto wallet sets up base in UAE

Trust Wallet a self custodial crypto wallet sets up base in UAE

In an interview with Bloomberg News, Trust Wallet, self-custody crypto wallet, majority owned by the former CEO of Binance has announced its operations in the UAE both in RAKDAO (Digital assets Oasis) free zone in Ras Al Khaimah and in ADGM in Abu Dhabi.

According to Eowyn Chen, CEO of TrustWallet, “Trust Wallet operates from the free trade zone of Ras Al Khaimah, where it has a business license. The zone is also known as RAK DAO, for “Digital Asset Oasis,” and caters primarily to blockchain companies. RAK has “more flexible and better corporate treatment” for web3 companies.”

Chen moved to Dubai from Virginia in October, while the company will be based in Ras Al Khaimah, the sixth-largest city in the UAE. The company has about 80 employees worldwide with about 15 per cent to 20 per cent in the UAE according to Chen.

A separate company, DApps Platform, holds the intellectual property rights for the wallet service and is based in Abu Dhabi Global Market in Abu Dhabi.

According to Chen, Trust Wallet has seen growth in India, Pakistan, and business opportunities in the UAE.

Trust Wallet is a software-based crypto wallet service designed to let users self-custody the kinds of digital assets popular in decentralized finance applications.

Globally, the app-based service has 56 million downloads on iOS and Android, making it the most popular crypto wallet for handheld devices, according to Data.ai.

In her interview Chen described regulators in the UAE as having a “friendlier outlook toward crypto in general”. That gives Trust Wallet confidence about the likelihood of “reasonable regulation on decentralized finance.”

ADGM in Abu Dhabi announced recently that it will be amending its virtual asset regulations and introducing DeFi regulations in 2024.

UAE crypto exchange BitOasis no longer a licensed entity in Abu Dhabi and is inactive in Dubai

UAE crypto exchange BitOasis no longer a licensed entity in Abu Dhabi and is inactive in Dubai

The Dubai Virtual asset regulatory authority public register continues to have UAE based BitOasis, crypto exchange on a “non operational” MVP Operational license status after a server glitch which had removed BitOasis from the registry for sometime totally today. This comes after months of BitOasis being on an inactive status, yet within Abu Dhabi’s regulatory body ADGM and FSRA BitOasis has a withdrawn its license application.

BitOasis has been working since July 2023 to fulfill select conditions associated with its Operational MVP License with respect to serving Institutional and Qualified Retail Investors, yet it seems that this is still ongoing with no change in its status to date.

BitOasis license in ADGM Abu Dhabi UAE, under the registered company name BLEX Financial limited has been withdrawn as well. In 2021 BitOasis had announced in a press release that its ADGM registered entity “had been granted a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) and is currently working towards the migration of its operations towards launch in ADGM”, this seems to have been put to a halt.

In August, the Dubai based crypto exchange received a capital injection aimed at supporting BitOasis. The capital injection came from Indian crypto exchange CoinDCX. At the time, Ola Doudin, Co-Founder and CEO of BitOasis said: “We are delighted to be working with CoinDCX, India’s leading crypto platform. The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets. We are very excited about the opportunities the funding will unlock for us.”

At the time of investment, BitOasis was undertaking mass layoffs.

Yet CoinDCX has not sought for a license in either ADGM or VARA.

Given that BitOasis is not licensed in ADGM and its license status is non active in Dubai’s VARA registry, does that make it an illegal VASP operating in the UAE, this is especially important after the Central Bank issued its recent guidance for combating the use of unlicensed virtual asset service providers.

As per BitOasis blog, in March 2022, BitOasis received a provisional approval from Dubai’s Virtual Assets Regulatory Authority [VARA] to continue its business operations in Dubai whilst it undertakes the [in-depth] process of applying for a license in accordance with the VARA requirements. It is on this basis that the exchange is still operating today notes BitOasis.

This article has been updated as VARA website has reinstated BitOasis on their registery.

Paxos secures in principle approval from Abu Dhabi ADGM for stablecoins, crypto brokerage and custody

Paxos secures in principle approval from Abu Dhabi ADGM for stablecoins, crypto brokerage and custody

Paxos,, a regulated blockchain & tokenization infrastructure platform has secured the in-principle approvals (IPAs) of the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) for the necessary Financial Services Permissions to issue US dollar and other currency-backed stablecoins, as well as to offer crypto-brokerage and custody services from two regulated ADGM entities. Upon receiving full approval, Paxos will continue to expand the global footprint of their regulated USD-backed stablecoins.

Stablecoins issued with prudential oversight from established and reputable regulators represent a significant step towards democratizing access to commerce and financial services. Paxos is committed to integrity and transparency in its operations and the company will only issue tokens that are subject to oversight by prudential regulators. By also securing oversight for its custody and digital asset infrastructure solutions, Paxos services that are provided out of the ADGM will be comprehensively regulated by the FSRA.

As per the press release,this milestone solidifies Paxos’ position as the most comprehensively regulated blockchain platform in the world, meeting the highest operating standards in New York, Singapore and the ADGM.

Walter Hessert, Paxos Head of Strategy, commented, “Blockchain technology is revolutionizing the global financial system to be more open, secure and innovative. Today’s announcement marks yet another milestone in Paxos’ ability to provide billions of users with safe and trusted digital asset services. Our IPAs from the FSRA, on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks. Paxos is unique in the industry for this approach and we will continue expanding our regulatory licensing to serve global enterprises as a trusted, innovative partner.”

By leveraging blockchain technology, Paxos aims to open the financial system to everyone, creating more access and freedom for billions of people around the world. As Paxos continues to lead the way in digital asset innovation, the company remains committed to its mission of building a more inclusive and accessible financial future.

IOTA launches the first regulated $100 million DLT Foundation in Abu Dhabi UAE

IOTA launches the first regulated $100 million DLT Foundation in Abu Dhabi UAE

IOTA DLT Foundation announced that it has been registered as the first foundation under the DLT Foundations Regulations at ADGM ( Abu Dhabi Global Markets. As per their blog, his landmark achievement positions IOTA at the forefront of digital and real-world convergence in the financial sector in the MENA (Middle East and North Africa) region and globally.

The IOTA Ecosystem DLT Foundation will be seeded with over $100 million in IOTA tokens, to be vested over the next four years. This funding is earmarked for nurturing the IOTA ecosystem and accelerating the growth of the IOTA protocol. In line with its community-driven ethos, the IOTA Ecosystem DLT Foundation will foster valuable partnerships in the region to advance the adoption of IOTA and its staging network Shimmer, across various sectors.

As per the blog, this will include collaboration with institutional investors, governments, and academic institutions for the tokenization of real-world assets and bringing them on-chain, thus bringing billions of dollars into the UAE’s virtual assets space.

Hamad Sayah Al Mazrouei, CEO of the Registration Authority (RA) of ADGM said, “Welcoming IOTA, one of the most established and well-respected blockchain protocols into ADGM’s DLT regime exemplifies our ambition to position Abu Dhabi’s stature as a prime location and ADGM as the leading jurisdiction for the blockchain industry. It is a strong validation of ADGM’s progress with its new and revolutionary DLT Foundations Framework. Working with companies like IOTA, ADGM aims to move towards a future characterized by setting global benchmarks in the ever-evolving blockchain and Web3 landscape”.

“The IOTA Foundation’s support from ADGM and our partnership with UAE authorities is about more than global expansion. It’s about ushering in a new era of regulatory synergy in the crypto markets,” said Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation. “We want to ensure that we take the right steps toward digital autonomy for everyone, and that means making sure a diversity of communities take an active role in shaping the Foundation’s technology and governance.”

In early November 2023, IOTA stated it would be launching its DLT Foundation in Abu Dhabi UAE soon.

UAE regulated, Laser Digital integrates with Institutional digital asset provider Talos

UAE regulated, Laser Digital integrates with Institutional digital asset provider Talos

Laser Digital, crypto broker and investment service provider, a subsidiary of Japanese Nomura has integrated with Talos, which provides an institutional-grade technology infrastructure that supports the full lifecycle of digital assets trading and procurement including liquidity sourcing, price discovery, trade execution, settlement, lending, and borrowing.

As per the press release,this partnership broadens Laser Digital’s reach among institutional clients while adding a new source of institutional-grade liquidity to the Talos network.

“We are proud to join forces with Talos to expand institutional access to digital assets,” said Jez Mohideen, CEO of Laser Digital. “Talos and Laser Digital share a heritage in traditional financial markets and a common goal to simplify digital asset trading in a way that is familiar and trusted by institutions”

Laser Diigtal’s quant-driven liquidity provision and market-making capabilities are powered by a proprietary technology platform based on years of experience in systematic trading.

“We are thrilled to welcome Laser Digital to the Talos provider network, reinforcing our commitment to providing comprehensive trading solutions to institutional clients,” said Anton Katz, CEO and Co-Founder of Talos. “Laser Digital stands out in the digital asset landscape and will enrich the liquidity available to Talos clients looking to achieve best execution.”

Prior to this Laser Diigtal launched an Ethereum adoption fund.

UAE and Chinese central Banks go beyond Mbridge CBDC project with new MOU on CBDC collaboration

UAE and Chinese central Banks go beyond Mbridge CBDC project with new MOU on CBDC collaboration

The Central Bank of the UAE (CBUAE) and the People’s Bank of China has signed an MOU (Memorandum of Understanding) to enhance technical and technological cooperation in the development of central bank digital currencies (CBDC), going beyond initial collaboration on mBridge CBDC project.

As per the UAE Central Bank press release, the signings will enhance the strategic partnership between the two friendly nations and expand the bilateral relations in the financial and economic fields.

His Excellency Khaled Mohamed Balama, Governor of CBUAE, and His Excellency Pan Gongsheng, Governor of the People’s Bank of China, signed the MOU in Hong Kong in presence of the UAE Counsel General in Hong Kong, H.E. Shaikh Saoud Ali Almualla.

The CBDC MoU aims to enhance collaboration central bank digital currency development and strengthen cooperation between CBUAE and the Digital Currency Institute of the People’s Bank of China in the field of financial technology. The MoU will enable the exchange of information on best practices and regulations relating to digital currencies and support the implementation of joint initiatives and projects, including the “mBridge” project which is a multi central bank digital currencies platform in facilitating cross-border trade payments instantly and securely.

The MoU also includes cooperation in training and skills development for specialists on both sides and the exchange of bilateral visits to discuss matters of common interest.

Commenting on the signing, H.E Khaled Mohamed Balama, Governor of CBUAE, stated, “We look forward to strengthening cooperation with our partners on innovation and solutions in financial technology including central bank digital currency to support the growth of our economy and society.”

Earlier,according to a Chinese media article, the Bank of China announced during The 3rd “Belt and Road” Summit Forum a list of 369 practical cooperation projects of which was an MOU signed with FAB bank of cooperation in digital currency.

Concurrently Standard Chartered announced its participation in the pilot testing program of China’s central bank digital currency (CBDC) known as the digital Yuan (e-CNY or digital RMB). This move makes Standard Chartered the first foreign bank to engage with the country’s CBDC. According to the announcement, Standard Chartered, in collaboration with City Bank Clearing Services Co, will facilitate e-CNY transactions for its clients. It will allow them to purchase exchange and redeem e-CNY within their bank accounts.

 It is noteworthy that Standard Chartered’s backed digital asset platform, Zodia markets, received an In-Principle Approval (IPA) fulfilling the pre-requisites to receive a Financial Services Permission (FSP) for OTC broker-dealer in virtual assets by Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center.

Standard Chartered’s , venture arm SC Ventures, an innovation and fintech investment arm recently partnered with Japanese SBI Holdings to establish a Digital Asset Joint Venture investment company in UAE. The parties intend to capitalize the vehicle with $100 million. The company will invest in DeFi, tokenization, consumer payments and metaverse.

Blockchain Founders Fund invests in UAE based Fintech startup Flow48

Blockchain Founders Fund invests in UAE based Fintech startup Flow48

Blockchain Founders Fund, SpeedInvest, Daphni, 212, Unpopular Ventures, Endeavor Catalyst, and TLG have all invested in SME fintech lending startup, UAE Flow48. This also included angel investors such as Scott Sandell from NEA.

Enrique Martinez Hausmann, Principal at Speedinvest. Stated, “What Flow48 is bringing to the table is not just innovative; it’s essential for SME growth in the region’s economic landscape. As we look ahead, the potential for Flow48 to expand beyond Revenue Based Financing is very exciting. The team is on track to become a full-service fintech solution for SMEs and expand their offerings to insurance, payments, and other financial services.”

Founded by Idriss Al Rifai on the principle of addressing the challenges SMEs face in securing working capital financing, Flow48 has developed a state-of-the-art platform that stands out with its real-time functionality, integrating seamlessly with major ERP providers, payment gateways, and e-commerce platforms. By enriching its proprietary risk engine and leveraging arrays of data from several sources, Flow48 is able to offer a more precise and efficient credit assessment process, setting new standards in SME lending.

A unique aspect of Flow48’s model is its commitment to ESG principles, focusing on empowering underrepresented segments within the SME sector. Notably, the startup has prioritized funding SMEs owned by minorities and women, a significant step in fostering inclusivity and diversity in the business landscape. “We believe that if the gap in financing exists for everyone and every industry, the hurdle is even higher if you are a woman or from a minority background,” says Al Rifai. “What we offer can be vital for these small business owners. We are contributing to building a more equitable economic environment.

In line with its broader mission, Flow48 is engaging with SMEs that drive positive environmental impact. This includes not only a focus on green energy sectors but also supporting enterprises that integrate sustainable practices into their business models. Among its diverse client base, Flow48 proudly counts several women and minority migrant-led businesses.

With its eyes set on expansion, Flow48 is strategically venturing into South Africa, attracted by its robust SME lending market and advanced fintech ecosystem. This move aligns with the company’s commitment to data-driven, real-time lending solutions and its ambition to empower SMEs across emerging markets globally. Going into South Africa is not just geographical but a deliberate step to integrate into thriving fintech ecosystems.

Dubai Chambers collaborates with Korean Blockchain game developer Wemade for UAE gaming ecosystem

Dubai Chambers collaborates with Korean Blockchain game developer Wemade for UAE gaming ecosystem

The Biggest South Korean blockchain enabled game developer, Wemade has announced its collaboration with UAE’s Dubai Chambers to develop the blockchain gaming ecosystem in Dubai and UAE.

The two are in talks to contribute to game development industry initiatives. A meeting between Henry Chang, the CEO of Wemade and  H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers  marked the next phase of Wemade’s efforts to support and grow blockchain gaming ecosystems in Dubai and the UAE.

As an advocate for the interests of Dubai’s business community, Dubai Chambers serves as a bridge connecting the local business community with Dubai’s dynamic government and is committed to ensuring a thriving environment in which businesses can flourish. The chamber seeks to facilitate and improve the ease of doing business in the emirate and advance Dubai’s position as a highly competitive global commercial center.

“The UAE is among the most dynamic regions building the next generation of games and gaming industry talent with Dubai and key stakeholders including Dubai Chambers playing an important role,” said Henry Chang, CEO, Wemade. “Wemade will focus on working with Dubai Chambers to explore how we can contribute our expertise and technology to support key initiatives including the Dubai Program for Gaming 2033.”

H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “We are pleased to initiate this collaboration with Wemade, which will contribute to driving innovation in the UAE’s rapidly evolving digital ecosystem. Dubai’s growing influence in the global gaming and blockchain arenas reflects our dedication to fostering an ecosystem that is rich in technological expertise. We remain committed to further strengthening the emirate’s position as a leading global hub at the heart of the digital economy.”

Unveiled recently by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai and Chairman of the Board of Trustees of Dubai Future Foundation (DFF), the Dubai Program for Gaming 2033 set out major industry goals. These are: to position Dubai among the top 10 cities in the global gaming industry; generate 30,000 new jobs in the gaming sector; significantly boost the sector’s contribution to the growth of Dubai’s digital economy; and increase the GDP by approximately US$1 billion by 2033.

M2 crypto exchange first in UAE to cater to all retail clients

M2 crypto exchange first in UAE to cater to all retail clients

On the launch day of M2 crypto exchange and custodian the exchange which is fully regulated by ADGM (Abu Dhabi Global Market) is the first to serve retail clients in the UAE.

Abu Dhabi headquartered M2, which is licensed by the FSRA in the ADGM, has been recognized as a fully regulated Multilateral Trading Facility (MTF) and Custodian and is now able to on-board UAE residents and institutional clients.

M2 will be able to offer best-in-class trading products targeted at both retail and institutional investors in the UAE. The services coming soon will include, virtual Asset Custody where Investors will be able to manage their Virtual Assets in M2’s custodial wallets and offline storage facility, conveniently and securely with the easy-to-use on ramp and off ramp mechanism.

In addition clients will be able to trade AED to BTC & ETH . M2 will shortly be able to offer institutions and retail clients the ability to trade AED with leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).

AED Fiat On/Off-Ramp: Allow the on/off ramp of AED with ease through its partnership with a local bank.

While other crypto exchanges have received licenses from ADGM none of them have been allowed to cater to retail clients or have they partnered with a UAE Bank.

Designed with regulatory compliance and customers in mind, M2 adheres to strict regulatory requirements set by ADGM in relation to consumer protection, technology governance, custody and all its trade activities such as market surveillance, transparency, settlement, and transaction recording.

The ADGM has been recognized as being one of the most respected regulated jurisdictions of virtual assets globally.  Taking its first steps on the journey to becoming a global FinTech champion for Abu Dhabi, and in line with Abu Dhabi’s Economic Vision 2030, M2.com is live and the team is setting its sights on being a leader in innovation whilst always maintaining regulatory compliance.

Stefan Kimmel, M2, CEO, comments: “We take pride in being a Abu Dhabi headquartered platform, licensed by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This recognition underscores our commitment to our customers and to the FSRA’s notably high and sophisticated regulatory standards. We look forward to offering crypto investors in the UAE the opportunity to utilize our platform, including the ability to trade on/off-ramp AED and to trade market leading cryptocurrencies such as BTC and ETH by the end of the year.”

He added: “As positive sentiment returns to the crypto market, we want to offer crypto investors a trusted place to buy, sell and custody crypto assets. Regulation is our routine, and we will continue to demonstrate our commitment to compliance and regulatory excellence.”

Arvind Ramamurthy, Chief of Market Development at ADGM said: “We are delighted to welcome M2 to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable M2’s vision, ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and M2’s innovative solutions will add to our vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.”

Notably M2 will be having its launch party today and will be featuring the Mayyas Dance show and superstar singer Guy Manoukian as they reimagine the future of digital assets.

The article was updated at 11:51 am GMT+2 removing ADCB bank reference.

Nine Blocks Capital is the first crypto hedge fund to receive license from Dubai’s regulator

Nine Blocks Capital is the first crypto hedge fund to receive license from Dubai’s regulator

Dubai’s virtual asset regulatory authority has just listed UAE based Nine Blocks Capital Management as a receiving a full VASP license and will make Dubai UAE its headquarters.

As per VARA website, Nine Blocks Capital will be able to offer crypto and virtual asset investment services to institutional and qualified investors.

Nine Blocks Capital received initial approval from VARA back in August 2022. Nine Blocks was launched by by PwC’s former global crypto head Henri Arslanian.

Nine Blocks is the investment manager of the Nine Blocks Master Fund, a market neutral crypto fund focused on generating alpha from inefficiencies in the crypto markets using relative value, arbitrage and quantitative strategies.
With around $100m in AuM and a track record of more than 2 years, Nine Blocks manages assets for many leading investors globally, from regulated financial institutions and private banks to public companies and fund of funds.
This license is the culmination of a process that started with an MOU between Nine Blocks and VARA, allowing knowledge sharing and consultation.
The Nine Blocks group was set-up in 2021 with the belief that institutional investors want digital assets exposure via fund managers who have established digital assets track record, are regulated, have traditional finance experience and comply with the highest operational due diligence requirements.
Henri Arslanian, co-founder and managing partner of Nine Blocks said, “We believe that a regulatory regime tailored for the fast-moving digital assets space can not only provide comfort to institutional allocators but also contribute to the growth of a healthy crypto ecosystem.The UAE is quickly becoming a leading jurisdiction globally for digital assets and we are honored to be part of this journey.”

Nine Blocks follows a market neutral trading strategy, profiting from arbitrage opportunities and market inefficiencies across the crypto space.