A Trump-tied hotel development in the Maldives and the Dubai Land Department announced details on tokenizing their real estate projects this week. Entities in Dubai and the archipelagic nation of the Maldives are moving forward with tokenized real estate development projects worth millions of dollars, combined. On Friday, the Dubai Land Department announced that it would launch the second phase of a real estate tokenization pilot program. The move followed about $5 million worth of real estate in Dubai being tokenized, allowing the resale of about 7.8 million tokens. The tokenization infrastructure partner for the pilot, called Ctrl Alt, which is also licensed as a Virtual Asset Service Provider in Dubai, will issue “Asset-Referenced Virtual Asset management tokens” to facilitate the transfer of the tokens on secondary markets. Read more
Dubai’s regulator approved the license on Feb. 5, allowing Animoca Brands to target institutional and qualified investors under the oversight of Dubai’s VARA. Animoca Brands has secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), clearing the way for the company to broaden its crypto operations across the Middle East. The license allows the Hong Kong-founded Web3 investor and platform developer to offer broker-dealer services and investment management related to virtual assets in and from Dubai, excluding the Dubai International Financial Centre, according to a Monday announcement. The services are aimed primarily at institutional and qualified investors. “This licence enhances our ability to engage with Web3 foundations as well as global institutional and qualified investors within a well-regulated framework,” said Omar Elassar, managing director for the Middle East and head of global strategic partnerships at Animoca Brands. Read more
DFSA’s new company-led suitability model and AML expectations may make it difficult for licensed entities to justify supporting privacy-focused assets. The Dubai Financial Services Authority (DFSA) made a major update to its Crypto Token Regulatory Framework, shifting responsibility for crypto token suitability assessments from the regulator to licensed companies operating in the Dubai International Financial Centre (DIFC), Dubai’s financial free economic zone. Under the revised rules, which took effect on Monday, companies providing financial services involving crypto tokens must determine whether tokens they engage with meet the DFSA’s suitability criteria. As part of the change, the DFSA will no longer maintain or publish a list of recognized crypto tokens. The update follows a consultation process launched in October 2025, and reflects a shift in the regulator’s approach since introducing its crypto token regime in 2022. Since then, the DFSA said it has closely monitored developments and engaged with sta...
A Dubai restaurant has opened that prides itself on having the world’s “first AI chef”, the latest ostentatious dive into new technology in a city obsessed with being on the cutting edge of the future. The Emirati city has become increasingly known for its growing culinary scene, with thousands of restaurants on offer from luxurious Michelin-starred eateries to greasy spoons serving up bona fide street food from across the Middle East and Asia. But at Woohoo, the brains behind the menu is not a person but an AI programme — known as chef Aiman — trained on thousands of recipes and decades of culinary research and molecular gastronomy. Chef Aiman can also optimise menus and balance flavours, according to the establishment. The real work of preparing and serving the food, however, remains in human hands, for now. “AI is going to create better dishes than humans maybe in the future,” said the restaurant’s Turkish co-founder Ahmet Oytun Cakir. While Woohoo’s menu mostly comprises international fusion dishes, some ...
The partnership marks Dubai’s latest step toward regulating the “machine economy,” blending onchain robotics, AI and tokenized real-world assets. Decentralized physical infrastructure (DePIN) protocol peaq has signed a memorandum of understanding with Dubai’s Virtual Assets Regulatory Authority (VARA) to develop a regulatory framework for onchain robotics and tokenized machines. According to a Thursday press release, the memorandum centers on peaq’s Machine Economy Free Zone, with additional areas of collaboration including guidance for projects seeking VARA licenses, joint training initiatives in technology and compliance, and data sharing to support research and regulation. Launched in July, the Machine Economy Free Zone is a controlled environment to test how robotics and AI can function within decentralized networks. Read more
Dubai deploys oil wealth and Islamic finance to challenge Asian crypto dominance, but Hong Kong’s liquidity firepower and Beijing backing maintain supremacy. Opinion by: Joshua Chu, co-chair of the Hong Kong Web3 Association It is no secret that Dubai has been aggressively challenging its Asian counterparts for the crown of becoming the world’s next crypto capital. Beneath the gleaming air-conditioned skyscrapers, where supermodels are everywhere at crypto events and pilot blockchain programs, a complex grand strategy is unfolding. Read more