Blockchain Ireland recently signed an MoU with Dubai’s Virtual Assets Regulatory Authority [VARA] to partner towards deepening collaboration between two forward looking jurisdictions committed to the responsible advancement of virtual assets, Web3, and emerging digital economies.

As per the LinkedIn post, the agreement aims to foster bilateral knowledge exchange and regulatory dialogue, support start-ups and scale-ups looking to expand across the EU and the Middle East, build bridges between talent, capital, and innovation ecosystems and promote policy leadership and cross-border cooperation in the virtual asset sector.

Over the past decade, economic ties between the two countries have strengthened significantly. Irish exports to the UAE have grown by 127%, with imports increasing by 3,094%. The total bilateral trade is now value at more than €2.25 billion annually.

Blockchain Ireland noted on LinkedIn, “As the global regulatory landscape evolves, we believe strategic partnerships like this are vital to shaping a safe, secure, and innovation-friendly future for the industry.”

Jordan has passed its virtual asset regulations which will become applicable within the next 90 days. The law covers what is considered as virtual assets, what virtual asset service providers are allowed to be licensed as well as all the related AML and KYC requirements.

Law No 14 of 2025, notes that virtual assets can be used for payments, investments, and more. It also notes that VASPs can be licensed as crypto exchanges, crypto payment providers as well as crypto custodians.

The law does not cover digital securities, and digital financial assets which will be subject to their own regulations. It also does not cover CBDCs ( Central Bank Digital Currency) which will be issued by Jordan’s Central Bank

In its Article 4-L the law discusses how virtual assets will operate and managed by virtual asset platforms. It also discusses the exchange between virtual assets and Jordanian or foreign currency, the exchange between virtual assets and other virtual assets, the transfer of virtual assets from one address to another, the nature of virtual assets and their management, including the tools that enable
the price of Providing brokerage services in virtual asset trading operations and participating in and providing related financial services to issuers of virtual assets.

Talal Tabaa, a Jordanian national and Co-Founder and CEO of CoinMENA, noted on LinkedIn, ” With the passing of Law No. 14 of 2025, Jordan now has an official legal framework for virtual assets — marking a pivotal moment in the country’s journey toward financial innovation. More importantly, it signals a clear commitment to responsible growth.”

He gives full credit to the Central Bank of Jordan, the Jordan Securities Commission, and the Prime Minister Office for leading this effort. He also mentions their proactive consultation with the industry before finalizing the law set a strong example of collaborative policymaking.

He adds, ” By embracing this emerging asset class, Jordan is laying the groundwork to strengthen its financial ecosystem, attract fintech innovation and global investment and enhance consumer protection and trust. As a proud Jordanian and crypto entrepreneur, I believe this law will be a catalyst for building a more dynamic and inclusive financial future.”

In May 2025, The Jordanian Senate Finance and Economic Committee, chaired by Senator Rajai Muasher, approved the Virtual Assets Regulation Bill of 2025 on Monday, as received from the House of Representatives. This came during a meeting attended by Minister of State for Economic Affairs Muhannad Shehadeh, Minister of State for Legal Affairs Dr. Fayyad Qudah, Minister of State for Digital Economy and Entrepreneurship Eng. Sami Smeirat, Deputy Governor of the Central Bank Ziad Ghanma, Chairman of the Board of Commissioners of the Jordan Securities Commission Dr. Adel Bino, and Head of the Anti-Money Laundering and Terrorism Financing Unit Samia Al-Sharif.

Prior to this in January 2025, The Jordanian government Cabinet, chaired by Prime Minister Jafar Hassan, approved the establishment of a comprehensive regulatory framework for virtual and digital assets within one year. The initiative aims to align with global standards and foster a robust digital economy in Jordan.

According to Statistica, the projected revenue in the crypto market for Jordan is estimated to reach US$29.4m in 2025 while the number of crypto users in Jordan is expected to reach 894.75k users by 2026. The user penetration rate is projected to be 7.36% in 2025 and is expected to rise to 7.72% by 2026.


SuiHub MENA and the Dubai Virtual Assets Regulatory Authority (VARA) have signed an agreement to support startups, develop local talent, and share insights that can help grow the virtual asset space in the Middle East.

As per the announcement, the collaboration represents a shared vision to make Dubai a global hotspot for virtual asset innovation. VARA, established in 2022, oversees the regulation and supervision of virtual assets in the Emirate. SuiHub MENA, backed by the Sui Foundation, is committed to supporting builders and developers in the web3 ecosystem. Together, they will engage in activities that simplify compliance processes for startups, provide advisory support, and generate insights to guide future virtual asset policies in the region.

The partnership includes several initiatives, such as regulatory and licensing educational support by jointly hosted workshops and guidance for startups navigating Dubai’s licensing regime, including advisory sessions and educational materials to guide founders and participants. It also includes ecosystem development, where VARA will support SuiHub MENA’s flagship innovation center based in Dubai through roundtables and strategic engagements with government stakeholders, as well as a joint exploration of research opportunities.

Additionally both entities will co create programs that are aimed at expanding local technical expertise aligned with the regulatory needs of the market. Both will also share anonymized data to assess the sector’s growth and its impact on employment, investment, and economic contributions.

SuiHub MENA will facilitate introductions between VARA and ecosystem projects while contributing insights for economic policy development. Both organizations will explore co-authored research and publications focused on the industry’s evolution.

“At SuiHub MENA, we believe in building strategic and supportive collaborations between regulators and founders.” shared Kristof Lukovich, CEO of SuiHub MENA. “Our collaboration with VARA is a significant forward and aligns with SuiHub MENA’s positive commitment to helping to shape a global benchmark for virtual asset innovation, regulatory clarity, and sustainable growth here in the region.”

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.

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.

UAE based but unregulated, Cryptocurrency financial services firm CLS Global, has pleaded guilty to charges stemming from a U.S. undercover operation targeting fraud in the crypto sector. USA federal prosecutors announced that CLS will admit to manipulating the market for a digital token created at the FBI’s direction.

The investigation, known as “Operation Token Mirrors,” was the FBI’s first attempt to create its own digital token and a fake cryptocurrency company as part of a broader strategy to identify fraudsters in the crypto market. CLS is one of three market makers and 15 individuals charged last year by federal prosecutors in Boston as a result of the probe.

In court filings, CLS acknowledged providing illicit services to the FBI-backed NexFundAI token, which ran on the Ethereum blockchain. Prosecutors said the firm engaged in wash trading—sham transactions intended to artificially boost the token’s trading volume and price.

Under the terms of the plea agreement, CLS will plead guilty to two fraud-related counts, pay $428,059 in penalties, and withdraw from cryptocurrency transactions involving U.S. investors. The company will also be required to certify its business practices annually and agreed to settle civil charges brought by the U.S. Securities and Exchange Commission.

Filipp Veselov, CEO of CLS Global, stated, “We recognize that there may be areas where we can improve our processes, and we are open to constructive dialogue with regulatory authorities.” The company added that it actively works to restrict engagement with U.S. clients.

This case is part of a broader DOJ crackdown on crypto market manipulation, with other firms like CLS Global, and ZM Quant also facing accusations of inflating token volumes. These firms allegedly engaged in similar practices, making tokens appear more active and valuable than they were, often selling them at inflated prices to outside investors.

Dubai authorities broke up two major money laundering operations

This comes as Dubai authorities, in collaboration with key federal authorities, have successfully broken up two major international networks conducting money-laundering operations worth a total of $174 million (AED641 million). The Dubai Public Prosecution referred an Emirati national, 21 British nationals, two Americans, a Czech national, and two companies owned by the Emirati national to the Criminal Court of First Instance at Dubai Courts. The individuals and entities face charges of possessing illicit funds of AED461 million as well as forgery of official documents and their use.

In another successful operation, a collaboation 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 (AED180 million) using cryptocurrencies. The Dubai Public Prosecution has referred the case involving a network of 30 individuals and three companies to the Money Laundering Court at Dubai Courts. 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.

The accused, identified as two Indian nationals and one British national, orchestrated the scheme, which included proceeds from illegal activities such as drug trafficking, fraud, and tax evasion in the UK. A meticulously planned operation led to the arrest of the accused and the freezing of bank accounts used for money laundering activities.

The success of these complex operations was made possible through the combined efforts of the Public Funds Prosecution in Dubai, Dubai Economic Security Centre, Dubai Police’s Anti-Money Laundering Unit, the UAE Financial Intelligence Unit, Dubai Customs, and the International Cooperation Department at the UAE Ministry of Justice.

His Excellency Essam Issa Al Humaidan, Attorney General of Dubai, commended the Public Prosecution, law enforcement agencies, and partnering local and federal agencies for conducting coordinated meticulous investigations that led to the successful dismantling of the sophisticated international money laundering networks. He underscored the significance of these efforts in tackling complex financial crimes, protecting the national economy, and enhancing financial stability. His Excellency reaffirmed Dubai’s commitment to enforcing anti-money laundering laws, combating organized financial crime, and strengthening international cooperation to uphold global financial integrity.

Dubai Police succeed in addressing 500 money laundering cases

Dubai Police successfully addressed 500 money laundering cases from 2022 to 2024, underscoring their vital role in the UAE’s efforts to combat organized and transnational crime. Working closely with international law enforcement agencies, these efforts have led to investigations involving over AED 4 billion, including $16 million (AED 60 million )in virtual assets.

Lieutenant General Abdulla Khalifa Al Marri, Commander-in-Chief of Dubai Police, highlighted that these accomplishments reflect the UAE’s ongoing commitment to fighting money laundering and strengthening global partnerships to tackle financial crimes.

UAE based Zand Bank, an AI powered digital bank, has received a full VASP license from Dubai’s virtual assets regulatory authority (VARA) allowing it to offer crypto custodial services. The license allows Zand to offer crypto and digital asset custodial services to institutional investors and qualified investors.

Zand, the AI-powered bank for the digital economy and first fully licensed all-digital bank in the United Arab Emirates was founded to support the digital economy and bridge the gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi).

Mohamed Alabbar, Chairman of Zand, commented: “This approval from VARA is a milestone for Zand and the UAE’s digital economy. It reflects our commitment to bold innovation and sustainable growth. Our mission is to establish Zand as a cornerstone of the UAE’s evolving financial landscape, contributing to the nation’s ambition to be a global financial powerhouse.”

Michael Chan, CEO of Zand, added: “We would like to extend a heartfelt token of appreciation to VARA for their continued support of Zand. Our Digital Asset Custody service is a significant step in UAE banking. By providing institutional-grade security for digital assets, we are equipping our clients with the tools they need to thrive in the digital economy. The upcoming launch of Zand’s AED-backed stablecoin will further enhance our ability to integrate TradFi and DeFi, reinforcing our leadership in this space.”

Zand Bank has been chosen by several crypto exchanges and brokers who are working in the UAE as their digital banking partner. With Zand’s new crypto custodial license, VARA would have licensed three crypto custodians, Zand, Hex Trust, and Komainu.

Zand Bank has been growing its presence and offering within the UAE and GCC region. It has signed several partnerships over the past year, the last being with Paymentology.

Paymentology and Zand will enable fintech entities to thrive by offering a range of specialized services, including BIN-sponsorship, virtual IBANs, and Client Money Accounts. These services are designed to help fintech entities launch and scale faster, providing them with the infrastructure to bring their solutions to market efficiently.

The timing aligns with the UAE government’s push to establish a strong digital economy through the UAE Digital Economy Strategy, which aims to double the sector’s contribution to the nation’s GDP from 9.7% (April 2022) to 19.4% over the next decade.

Additionally, IDA, a Hong Kong-based stablecoin issuer, also partnered with UAE Zand 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.

Updated Dec 14th with quotes

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 Financial Services Regulatory Authority (FSRA) of ADGM has published its Information Technology (IT) Risk Management Guidance (Guidance), providing a comprehensive and holistic framework for managing technology risks in ADGM’s financial sector which references to decentralized infrastructures which are used by virtual asset exchanges.

      The FSRA Guidance reflects extensive industry engagement, following the publication of the FSRA’s Discussion Paper on IT Risk Management and an industry briefing held in February 2024. During this engagement, the FSRA received positive feedback from stakeholders on the Guidance.

      It comprises four key sections that identify best practices for IT risk management that entities regulated by the FSRA should consider adopting:

      Establishing a Culture of Effective IT Risk Management – covers governance and controls for IT risk, including incident management, audits, and management of IT third party service providers.
      Managing an IT Environment – addresses IT asset management, IT infrastructure, systems lifecycle, resilience, and cyber incident response.
      Interacting Securely – focuses on system access controls, cryptographic key management, and secure online transactions.
      Leveraging Business Embedded Technologies – explores emerging technologies including algorithm-driven solutions like generative artificial intelligence, and decentralized infrastructure solutions such as virtual asset platforms.


      The Guidance is aligned with best practices outlined by international standard-setting bodies and financial regulators. The regulatory body of ADGM expects regulated entities will implement the best practices in a manner that is proportionate to their size, complexity, and business activities.

      Emmanuel Givanakis, CEO of the ADGM FSRA said: “As technology continues to transform financial services, robust IT risk management becomes increasingly critical. This Guidance reinforces our supervisory focus on IT risk and cybersecurity while supporting innovation in digital finance. It provides practical direction for senior executives, compliance officers, and IT practitioners to strengthen their risk management frameworks. This initiative reflects our commitment to building a resilient and progressive international financial centre in Abu Dhabi.”

      UAE ADGM regulatory authority, the Financial Services Regulatory Authority (FSRA) has published a consultation paper No.10 to propose amendments on various regulations including those related to virtual assets. The amendments discuss, Digital security tokens, commodity tokens, stablecoins, and utility tokens.

      As per the announcement, The proposed miscellaneous amendments result from the FSRA’s desire to simplify, clarify and correct certain requirements where appropriate and necessary, but are also in response to the FSRA’s experience of operating such legislation in practice.

      The consultation period will close on 10 December 2024.

      Digital Securities

      In terms of virtual assets under the title “Regulation of Digital security offerings, virtual assets under the FSMR (ICO Guidance) and its Guidance on Regulation of Digital Securities activity in ADGM, it deals with the FSRA’s treatment of virtual assets and the financial activities that can be conducted in relation to them within ADGM.

      The FSRA has defined Virtual Assets in the FSMR, as Digital Securities, which means digital or virtual tokens that have features and characteristics of a Security under the FSMR (such as Shares, Debentures and Units in a Collective Investment Fund).

      As such all financial services activities in relation to Digital Securities, such as operating primary / secondary markets, dealing / trading / managing investments in or advising on Digital Securities, are subject to the relevant regulatory requirements under the FSMR.

      Virtual assets as Commodities

      In addition, market intermediaries and market operators dealing or managing investments in Digital Securities need to be licensed / approved by FSRA as FSP holders (including as Multilateral Trading Facilities), Recognised Investment Exchanges or Recognised Clearing Houses, as applicable “Virtual Assets” such as non-fiat virtual currencies, crypto ‘exchange tokens.

      The Guidance also discusses virtual assets treated as commodities where only activities in Accepted Virtual Assets will be permitted.

      In terms of capital formation activities, they are not within the virtual asset framework offered by FSRA in ADGM. While Derivatives and Collective Investment Funds of Virtual Assets, Digital Securities and Utility Tokens regulated as Specified Investments under the FSMR will need to be licensed by FSRA as FSP holders.

      Utility Tokens

      When it comes to Utility Tokens, which means tokens that can be redeemed for access to a specific product or service and are not for investment, they are also not regulated.

      Stablecoins

      Fiat tokens or stablecoins, which are fully backed by underlying fiat currencies which are used as a payments instrument for the purposes of money transmission will be licensed and regulated by the FSRA as providing money services.