UAE Zand Bank at the center of a BRICS stablecoin

UAE Zand Bank at the center of a BRICS stablecoin

IDA, a Hong Kong-based stablecoin issuer, has partnered with UAE Zand Bank, the first fully licensed all-digital bank to offer cost-effective and efficient cross-border transactions across the Belt and Road regions and BRICS Plus. As per the press release both entities aim to provide businesses with streamlined 24/7 digital payments.

Michael Chan, CEO at Zand Bank commented: “We are excited to partner with IDA. Together, we are committed to strengthening connectivity between the Middle East and North Africa (MENA) region and China, fostering greater economic collaboration and opportunities for growth. By leveraging blockchain technology and AI, we are making cross-border payments more efficient, reliable, and accessible for everyone.”

IDA is a digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3. HKDA, a fiat-referenced stablecoin built on public blockchain protocols, will be the first product launched by IDA. HKDA is designed to drive enhanced digital connectivity for seamless commerce and payments between Hong Kong and global markets, 24/7/365. To maintain the highest level of security and stability, all circulating HKDA will always be fully backed by at least 100% reserve assets in regulated Hong Kong based authorized institutions.

Commenting on this partnership, Sean Lee, Co-founder and CSO at IDA said: “We are thrilled to partner with Zand Bank as this partnership aligns with the broader goals of financial innovation and digital transformation in the Middle East and Asia, positioning both companies at the forefront of the fintech revolution. The integration of stablecoins into cross-border payments promises to bring unprecedented transparency and stability, ensuring users can confidently transact with fiat-referenced digital currencies, and provides convenience for businesses which would like to access the Belt and Road countries.”

In subsequent phases, IDA will also launch key products denominated in other US Dollar (USD) pegged currencies with ecosystem partners across regulated financial institutions and Web3 platforms.

The UAE Central Bank recently regulated stablecoins in the country, allowing for the issuance of AED stablecoins for payments for good and services in the country.

In addition AECoin recently received in principle approval from UAE Central Bank, while Tether works to launch its AED Stablecoin in Q1 of 2025.

Zand Bank is a leading digital bank in the UAE that is utilized by various crypto exchanges and VASPs.

Emirates NBD opens digital assets Lab academia

Emirates NBD opens digital assets Lab academia

Emirates NBD, a lMENAT banking group in the MENAT (Middle East, North Africa and Türkiye) region, has announced the extension of its Digital Asset Lab to now also include academia, through the launch of its Future Leaders Outreach Program. The program was launched at an event hosted at and facilitated by DIFC Innovation Hub, Emirates NBD’s long-term strategic partner.

The Digital Asset Lab currently has four members including founding members PwC and Fireblocks, and enterprise distributed ledger technology platform, R3 and the blockchain data platform, Chainalysis as additional members.

Through the Future Leaders Outreach Program and supported by early partners including the University of Sharjah and the Higher Colleges of Technology, the bank aims to drive its innovation mission while nurturing future talent and supporting the Dubai Economic Agenda D33. Academic partners will have access to masterclasses from Emirates NBD’s internal experts alongside industry specialists from Digital Asset Lab members Fireblocks, PwC, Chainalysis, and R3. These sessions will cover a range of innovative topics, including real-world business experiments. Through these hands-on learning opportunities, students will gain valuable insights into the evolving digital asset landscape and diverse applications across various industries.

The Digital Asset Lab was announced in May 2023 with the goal of enabling and accelerating digital asset and financial services innovation in the UAE.

Saud Al Dhawyani, Group Chief Platform Officer at Emirates NBD, said, “We are excited to announce the launch of our Future Leaders Outreach Program. As a leading national bank, we have always remained committed to investing in our youth to nurture their talent that will contribute to national efforts of building a strong digital economy. Thus, the extension of Emirates NBD’s Digital Asset Lab to also include education partners was the clear progression in its growth journey. We look forward to the success of the program, supported by our members and now educational partners.”

Dr. Hatem Tamimi, Computer Information Science Associate Executive Dean, Higher Colleges of Technology, noted, “It is with great pleasure that we are collaborating with Emirates NBD on its National Digital Talent Program as well as its Digital Asset Lab. The Digital Asset Lab will provide a platform for HCT students to access learning portals and a sandbox environment that complements our students applied and competency-based approach to learning. We see this as a win-win-win partnership.”

His Excellency, Prof. Hamid M. K. Al Naimiy, Chancellor of the University of Sharjah, said: “The Digital Asset Lab initiative offers our students an outstanding opportunity to engage with the fast-evolving world of digital assets. Through our collaboration with Emirates NBD, we are enriching their academic journey while equipping them with the skills and expertise needed to become leaders in the digital economy. This partnership underscores our university’s commitment to innovation and shaping the future leaders of the UAE.”

Mohammad Alblooshi, Chief Executive Officer, DIFC Innovation Hub, said: “We are proud to support Emirates NBD’s Future Leaders Outreach Program. This initiative aligns perfectly with DIFC’s mission to foster innovation, enterprise, and talent across sectors in the MEASA region. By collaborating with academia and industry leaders, we are creating a robust platform for nurturing future digital talent and driving the UAE’s innovation agenda forward.”

OKX to use Standard Chartered for crypto custody

OKX to use Standard Chartered for crypto custody

OKX, cryptocurrency exchange and global onchain technology company, will be utilizing Standard Chartered, cross-border bank connecting the world’s most dynamic markets, as a third-party crypto custodian for its global institutional business.

The custody agreement with Standard Chartered is a significant addition to OKX’s comprehensive suite of institutional services, which includes advanced trading capabilities, robust risk management tools and enhanced custody solutions. By leveraging Standard Chartered’s extensive global banking expertise and rigorous risk management framework, OKX aims to offer institutional investors a broader range of secure and reliable custody solutions.

OKX Global Chief Commercial Officer Lennix Lai said, “We selected Standard Chartered as an institutional custodian partner to enhance our offering and accelerate the integration of digital assets within the traditional financial ecosystem. Standard Chartered’s extensive global banking expertise and unwavering commitment to security aligns with our objective to provide exceptional crypto services and reinforces the confidence of our institutional clients in managing their digital assets.”

Standard Chartered Global Head of Financing & Securities Services Margaret Harwood-Jones said “We are committed to offering custodial services that meet the highest standards of safety and compliance. Serving as OKX’s third-party custodian allows us to extend our expertise into the evolving cryptocurrency sector, providing institutional investors with the assurance they require.”

This collaboration is expected to attract increased institutional participation in the digital asset market, contributing to a more mature environment for institutions globally. It aligns with the findings of a recently published OKX-commissioned research brief authored by Economist Impact, entitled “Digital assets as the new alternative for institutional investors: market dynamics, opportunities and challenges,” which highlights institutional investors’ view that digital assets are an inevitable institutional opportunity. The report also finds that 80% of traditional and crypto hedge funds utilizing digital assets employ third-party custodians, highlighting strong demand for segregation of duties related to trade execution and asset custody.

Prior to this announcement Brevan Howard became the first client for Standard Chartered regulated crypto custody service out of DIFC. DIFC ( Dubai International Financial center) regulator DFSA ( Dubai Financial has granted a license to Standard Chartered for its digital asset custody service in the UAE. 

UAE Quantix Capital invests $1 million in Tezos blockchain TZPAC

UAE Quantix Capital invests $1 million in Tezos blockchain TZPAC

UAE Venture Capital firm, Quantix Capital has invested one million dollars in Tezos, through its Singapore adoption hub TZ APAC, with the aim of boosting blockchain gaming innovation on the Tezos platform.

As per the press release, the global blockchain gaming market was valued at $128.62 billion in 2022. By 2030, it’s expected to skyrocket to $614.91 billion, growing at 21.8%.

Blockchain technology allows players to gain true ownership of in-game assets, creating new economic opportunities for players around the world. At the core of this category are Play-to-Earn (P2E) games. These attract new players and provide additional revenue for developers. These games create a real-world use of gaming assets, allowing developers to earn royalties on secondary sales and greatly enhance the gaming ecosystem.

Jake Seltzer, Managing Director of Quantix Capital stated, “Tezos Web3 is uniquely positioned to lead innovation in this space.” He adds, ‘Our investment goes beyond financial backing; it’s a commitment to empowering the creators who are reshaping the future of games and interactive experiences.”

His counterpart, Jeremy Foo, Head of Gaming at TZ APAC, shares this ambitious vision. With a focus on nurturing a fair and inclusive gaming ecosystem, they are paving the way for a new era of gaming that goes beyond mere entertainment.

Eco-Friendly and Efficient Tezos operates on an eco-friendly Proof-of-Stake (PoS) model, slashing energy consumption compared to traditional blockchains. In an era where sustainability is a hot topic, this approach resonates with developers and eco-conscious gamers.

With Quantix Capital’s backing, the Tezos blockchain is set to welcome a wave of pioneering gaming projects. Many projects using Tezos are already underway, spanning a variety of genres—from real-world economy and interactive role-playing games (RPGs) to co-op games.

UAE, Argentina, and Ethiopia mine Bitcoin using government resources

UAE, Argentina, and Ethiopia mine Bitcoin using government resources

Matthew Sigel, Head of Digital Assets Research at VanEck Investment firm speaking on CNBC SquakBox noted that three new BRIC members, Argentina, UAE, and Ethiopia have begun mining Bitcoin using government resources

According to him this is a trend among BRICS nations toward exploring digital assets for economic resilience and financial independence.

Tremendous urgency to circumvent the fiscal policy in USA.

He also noted in the interview that Russia’s Sovereign Wealth Fund is investing in Bitcoin mining throughout BRICS countries with the goal of settling global trade in Bitcoin.

This comes months after a Bloomberg story about Chinese bitcoin miners in Ethiopia and Ethiopia plans of its government-funded $250M Bitcoin mining JV.

At the time Sigel tweeted, “Despite the ban on crypto trading in the country, 2022 saw the ratification of favorable data mining laws that permit “high-performance computing” and “data mining,” which is where bitcoin mining falls under. In the last two years, this has opened the floodgates to miners seeking its comparatively positive reception to bitcoin mining, coupled with its abundance of energy sources—chiefly hydro—to its optimal weather and cheap energy costs.”

UAE was one of the first to have a sovereign wealth backed crypto mining entity listed on the Abu Dhabi Stock Exchange. Phoenix Group currently holds 4% of Bitcoin mining globally.

In Oman as well, Chinese backed and UAE backed Phoenix Group have invested in Bitcoin mining projects in the country.

RAK DAO has close to 400 companies on its premise

RAK DAO has close to 400 companies on its premise

Ras Al Khaimah Digital Assets Oasis (RAK DAO), a free zone created for virtual asset companies, has attracted close to 400 companies in a year and is aiming to play a big role in the gaming industry.

“In 12 months, we welcomed just shy of 400 companies, issuing licenses to a diverse range of businesses in all the segments. Ras Al Khaimah Digital Assets Oasis is a global platform for the most exciting technology segments of our lifetime – artificial intelligence (AI), metaverse, blockchain, Web3, and many others shaping our future and of our children,” said Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis.

During the RAK DAO conference, Dr Al Ansari highlighted the immense size of the gaming industry, which surpasses both the music and movie industries combined. “We believe Ras Al Khaimah can play a big part in the development and growth of the gaming industry,” Al Ansari said while speaking during the conference hosted by the free zone on Friday.

He added: “We’ve also created a thriving ecosystem that has forged partnerships with key players in the industry. This further highlights Ras Al Khaimah’s growing reputation as a hub for digital innovation in the UAE, which is now ranked third in global crypto adoption. That is a lot of progress in the last five years.”

At the conference, RAK DAO also introduced the DAO Association Regime, a legal framework tailored to support decentralised autonomous organisations (DAOs)

“DAOs represent a significant shift in governance, driven by smart contracts and decentralised decision-making. They are projected to grow by over 20 per cent annually in the coming years. But with decentralisation comes significant challenges, especially when it comes to interacting with the off-chain world,” explained Al An Sari.

He added, “The regime addresses these challenges. It offers DAOs a comprehensive framework that provides legal identity and limited liability for their members. This ensures that participants are not personally liable for the organisation’s activities.”

Describing this initiative as a game changer for the Web3 landscape, the free zone introduced two new modules: Startup DAOs, aimed at emerging projects with less than 100 members, and Alpha DAOs, designed for more established DAOs with treasuries exceeding $1 million, allowing them to scale within a robust legal framework.

“DAOs are becoming essential to the Web3 ecosystem. Today, there are over 50,000 DAOs with treasuries exceeding $25 billion. This reflects the growing trust and reliance on decentralised governance. However, without legal recognition, many DAOs face barriers to interacting with the traditional financial systems,” he said, adding that now DAOs can open bank accounts and raise capital among other activities with greater privilege.

“By introducing RAK DAOs, the UAE sets the global standard for how decentralized organizations can operate within the legal framework. This initiative supports not only the most digital assets here but also serves as the blueprint for other jurisdictions that are still grappling with how to regulate DAOs. Looking ahead, DAOs will play an increasingly integral role in the sectors beyond finance and technology,” added Al Ansari.

Aurum Equity Partners $1 billion tokenized fund to invest in datacenters in UAE and KSA

Aurum Equity Partners $1 billion tokenized fund to invest in datacenters in UAE and KSA

Aurum Equity Partners, a private equity firm, has launched a combined equity and debt tokenized $1B fund, utilizing Zoniqx’s asset real world tokenization solutions and leveraging XRP Ledger (XRPL) Blockchain, for datacenter investments in United States, UAE, KSA, India and Europe.

Zoniqx (“Zoh-nicks”) is a global fintech leader based in Silicon Valley, specializing in converting real-world assets into Security Tokens. Their compliant infrastructure enables tokenization across public, private, and hybrid blockchains, driving global liquidity and DeFi integration.

As per the press release, this initiative will harness Zoniqx’s cutting-edge Tokenized Asset Lifecycle Management (TALM) solution and the Dynamic Compliant Interoperable Security Token (DyCIST) protocol to transform Aurum Equity Partners’ assets into tokenized financial instruments. This development marks a significant step forward in integrating blockchain technology with traditional financial markets.

Key Highlights:

  1. Innovative Tokenization: Zoniqx will enable Aurum Equity Partners to launch the world’s first combined equity and debt tokenized fund, leveraging the XRPL to provide investors with greater flexibility and diversification.
  2. Global Data Centers: The initiative will establish cutting-edge data centers across the United States, United Arab Emirates, Kingdom of Saudi Arabia, India, and Europe, showcasing the scalability and global reach of tokenization technology.
  3. Enhanced Liquidity: Utilizing Zoniqx’s TALM framework, the trading of tokenized assets on secondary markets will be more efficient and accessible, offering investors improved liquidity options.
  4. Compliance and Security: The DyCIST protocol, combined with the XRPL’s built-in safety compliance features, ensures all tokenized assets adhere to global regulatory standards, including AML and KYC protocols, providing secure and compliant transactions.
  5. Interoperability: The initiative will facilitate seamless integration across multiple blockchain networks, offering flexibility and accessibility for a wide range of investors and financial institutions.

“We are excited to work with Zoniqx to bring this groundbreaking project to life,” said Venkat Bussa, CEO and Chairman, General Partner at Aurum Equity Partners. “This development aligns with our commitment to leveraging cutting-edge technology to enhance liquidity, transparency, and overall investment efficiency for our investors.”

Prasanth Kalangi, Founder and CEO of Zoniqx, added, “Working with Aurum Equity Partners on this innovative project is a significant milestone in our mission to advance asset tokenization. Our technology is designed to meet the evolving needs of the financial industry, and we are excited to demonstrate its potential in the private equity space.”

David Schwartz, CTO of Ripple and Co-creator of the XRP Ledger, added “Tokenizing private equity is another emerging use case in RWA, tackling the challenges of illiquidity and limited access in these markets. By using XRPL’s ability to process transactions efficiently and securely, Aurum and Zoniqx are showing how real-world assets can be managed more effectively harnessing a decentralized blockchain.”

During Gitex Aurum Equity Partners and DEWA signed an agreement for edge infrastructure developments.

UAE a source of significant amount of crypto trading for Brevan Howard

UAE a source of significant amount of crypto trading for Brevan Howard

 During the AIM Conference in Dubai, Brevan Howard a global hedge fund management fund which recently opened its offices in Abu Dhabi UAE noted that it does a significant amount of its crypto trading from the United Arab Emirates. Ryan Taylor, Group head of compliance at Brevan Howard stated that this was because of the country’s sensible regulations.

Taylor stated, “The regulators in the UAE are hard, but they want the industry to fly and so they write sensible regulations and they are prepared to talk to the industry in order to evolve those regulations.”

Taylor said that Brevan Howard’s crypto trading operations represented about $2 billion of the firm’s total strategies which he said were over $30 billion. Brevan Howard has become the first global hedge fund to have 100 employees in the United Arab Emirates.

The statements come soon after Brevan Howard became the first client for Standard Chartered regulated crypto custody service out of DIFC.

In May 2024, Standard Chartered announced that it had signed a memorandum of understanding (MoU) with Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody through its Zodia Custody entity. The now licensed service will allow clients to safekeep their Ethereum and Bitcoin cryptocurrencies as a start.

Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, is confirmed as the inaugural client for the product.

During the announcement, Gautam Sharma, Chief Executive Officer of Brevan Howard Digital commented, “This is a significant win for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption. The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.” 

Brevan Howard, which manages $35bn in assets, opened its Abu Dhabi office in February 2023.

M2 Crypto exchange in Abu Dhabi gets new CEO in just two years

M2 Crypto exchange in Abu Dhabi gets new CEO in just two years

Stefan Kimmel, the CEO of M2, regulated crypto exchange out of Abu Dhabi UAE, has moved on to a board position and has been replaced by Saadeddine Zaher.
As per the announcement, Stefan will remain an integral part of the M2 family as he joins the Board of Directors and takes on a new role within the broader Group, where he will focus on the development of digital asset projects.

Stefan Kimmel said, “Building M2 from the ground up has been an incredible journey, and I’m immensely proud of what we’ve accomplished together. As I transition to my new role, I remain committed to supporting M2 in this exciting phase of its evolution. I look forward to contributing to our future projects and continuing to serve our stakeholders in this dynamic industry.”

Saadeddine Zaher will be the new CEO of M2. He has an extensive career in the banking sector. Saadeddine Zaher added, “It is an honor to join M2 at such a pivotal time in its journey. The foundation laid by Stefan and the team is incredibly strong, and I look forward to building upon it to ensure we continue to deliver innovative solutions and value to our clients and stakeholders. M2 is uniquely positioned to lead in the digital asset space, and I’m excited to lead the company into this next chapter.”

In July M2 announced M2 launched what it calls a simplified pathway for UAE residents to buy and sell Bitcoin (BTC) and Ethereum (ETH) through a direct integration with their bank account.

AED Stablecoin beats Tether to it and receives UAE Central Bank in principle approval

AED Stablecoin beats Tether to it and receives UAE Central Bank in principle approval

AED Stablecoin LLC announced that the Central Bank of UAE has provided it with in principle approval to launch and establish its own stablecoin, AE Coin. This comes after the Central Bank of UAE announced the “Payment Token Services Regulation”; Circular No. 2/2024, dated 7 June 2024, to be licensed by the Central Bank of the UAE.

As per the press release, the license will enable AED Stablecoin to be the first-ever entity in the UAE to issue AED Stable Coins, in line with the government’s forward-thinking vision and the UAE’s Digital Government Strategy 2025, AE Coin promises to revolutionize financial services by offering unparalleled stability, security, and efficiency.

AE Coin will utilizes fiat-backed stability and Blockchain technology. Each coin will be backed by the AED Dirham.

The press release adds, that AE Coin enables fast, low-cost transactions, all while operating under the regulatory oversight of the Central Bank of the UAE. It’s the future of a seamless, secure, and innovative digital economy.

Ramez Rafeek, General Manager of AED Stablecoin, stated: “We are very pleased to have received the approval of the Central Bank of the UAE to start issuing AE Coin, in accordance with the “Payment Token Services Regulation” Circular. As the first-ever stablecoin regulated by the Central Bank of the UAE, AE Coin will be revolutionizing the digital currency landscape, providing users with an unparalleled blend of financial freedom, unwavering stability, and top-tier security.”

It offers DeFi Integration by integrating with decentralized finance platforms (DeFi). In addition, it provides Enhanced Security and Transparency. AE Coin’s state-of-the-art blockchain technology ensures multi-layer encryption, meaning every transaction is securely recorded on the blockchain, ensuring trust and security.

Lastly it is adhering to Global Regulatory Compliance, with complete regulatory oversight from the Central Bank of the UAE, AE Coin assures users that it adheres to the highest standards of security and compliance in digital finance.

Companies in the UAE can use AE Coin’s stable and regulated currency for instant payments to other companies in the UAE holding AE Coin wallets, improving cash flow management and reducing transaction costs.

For individuals looking to invest, save, or use digital currency for everyday transactions, AE Coin’s intuitive and secure platform makes it easy for anyone to get started. Individuals using AE Coin will enjoy instant, hassle-free transactions without any delays and fees compared to traditional banking.

As a digital currency, AE Coin is designed to support the UAE’s growing digital economy, enabling easier, more secure payments that contribute to the country’s financial innovation. Lastly, AE Coin is designed to foster economic growth, providing individuals and businesses with new opportunities to thrive in the digital economy.

AE Coin’s strategy focuses on forming strategic partnerships with major financial institutions, payment gateways, and technology providers to ensure widespread adoption. AE Coin’s ambitious roadmap includes integration with decentralized applications (dApps), listings on major exchanges, and ongoing technological advancements.

Tether had also previously announced it was seeking a license to launch its own AED stablecoin.