Dubai wrote rules for digital assets before most of the world knew it needed them.
Harshil Agarwal (@picaz_eth) of @TLPAdvisors joins @afscott on Solana is Global to walk through the UAE tokenization landscape and where stablecoins fit in the Middle East.
Full episode ๐
The first real, 1:1 backed tokenized stocks are coming.
โ Own actual tokenized shares of U.S. companies
โ Trade, hold, and redeem - all onchain
โ Automatically receive dividends
No derivatives, no IOUs.
Welcome to the future of stocks.
This month, @Bybit_Official put a @SpaceX IPO on-chain โ days after @binance wired AED into a UAE bank, and weeks after @cryptocom cleared crypto to pay Dubai government fees.
@Bybit_Official's IPO Express opens tokenized subscriptions at the offering price, starting with @SpaceX before public trading begins. @binance's ramp runs directly through @OfficialADCB: zero deposit fees, same-day settlement, no third-party processor. @cryptocom is the first VASP licensed by the @centralbankuae under a Stored Value Facility, funding payments in crypto and settling in dirhams.
None of this would have been possible without the regulatory groundwork the UAE has spent years putting in place. ๐๐ก๐๐ง ๐ญ๐ก๐ ๐ฐ๐จ๐ซ๐ฅ๐'๐ฌ ๐ฅ๐๐ซ๐ ๐๐ฌ๐ญ ๐ฉ๐ฅ๐๐ญ๐๐จ๐ซ๐ฆ๐ฌ ๐ค๐๐๐ฉ ๐๐จ๐ฆ๐ฆ๐ข๐ญ๐ญ๐ข๐ง๐ ๐ซ๐๐๐ฅ ๐ฉ๐ซ๐จ๐๐ฎ๐๐ญ๐ฌ ๐ญ๐จ ๐ ๐ฌ๐ข๐ง๐ ๐ฅ๐ ๏ฟฝ๏ฟฝ๐ฎ๐ซ๐ข๐ฌ๐๐ข๐๐ญ๐ข๐จ๐ง, ๐ญ๐ก๐๐ญ ๐ข๐ฌ ๐ ๐ฏ๐จ๐ญ๐ ๐จ๐ ๐๐จ๐ง๐๐ข๐๐๐ง๐๐ ๐ง๐จ ๐ฉ๐ซ๐๐ฌ๐ฌ ๐ซ๐๐ฅ๐๐๐ฌ๐ ๐๐๐ง ๐ฆ๐๐ง๐ฎ๐๐๐๐ญ๐ฎ๐ซ๐.
๐@adbc_ae #UAEForDigitalAssets
๐จ The SEC and CFTC have issued joint digital asset guidance - introducing, for the first time, a formal token taxonomy.
Key takeaways:
โข Clear classification framework
โ Digital Commodities โ not securities
โ Digital Collectibles (NFTs) โ not securities
โ Digital Tools (utility tokens) โ not securities
โ Payment Stablecoins โ not securities
โ Digital Securities โ remain under SEC
โข Lifecycle recognition
โInvestment contracts can come to an end.โ
โ Tokens may transition out of securities status as networks decentralize.
โข Core network activities clarified
Staking, mining, airdrops, wrapping โ not securities transactions
โข Startup relief incoming
A proposed safe harbor (up to $5M over 4 years) signals a shift toward capital formation, not enforcement.
Source: https://t.co/gBSIL6TCz7
The UAE Central Bank has recently issued FAQs in respect of Federal Decree-Law No. 6 of 2025 (the โCentral Bank Lawโ). Of particular relevance to market participants is the clarification provided on Article 62, which has been the subject of interpretative uncertainty, especially given the breadth of the phrase โfacilitating, whether directly or indirectlyโ.
In its response, the CBUAE has provided helpful guidance which materially narrows the perceived scope of Article 62. In particular, the CBUAE has clarified that Article 62 is not intended to regulate, license, or prohibit technology service providers solely by virtue of their role as providers of software, infrastructure, or other technical solutions. Such entities fall outside the Central Bankโs licensing and supervisory perimeter, unless they themselves undertake, purport to undertake, or otherwise facilitate regulated financial activities (as defined under Article 61), such as the provision of payment services, wallet services, or stored value facilities, whether directly or indirectly.
Importantly, the CBUAE further confirms that where a technology service provider is acting exclusively in support of a licensed financial institutionโby providing software, infrastructure, or technological solutionsโsuch activities will not, in and of themselves, be regarded as โpractisingโ, โofferingโ, โissuingโ or โfacilitatingโ a regulated financial activity for the purposes of Article 62.
This clarification provides meaningful comfort to technology providers operating in the UAE and aligns with a more pragmatic interpretation of the Central Bank Law.
For the full FAQs, please see:
https://t.co/44aulGyQMF
Bottom Line:
Yes - the U.S. is moving toward greater clarity and a more workable framework.
But no - this is not a universal โgreen lightโ or a settled classification of the market.
Thereโs a lot of noise around โthe US just declared most crypto NOT securities.โ
Thatโsโฆ not quite right.
What is happening: a gradual shift toward clearer crypto market structure ๐
Tokenized stocks, bonds, etc. = still securities
(Jan 2026 SEC statement)
Tokenization doesnโt change the legal nature of the underlying asset.
Similar to UAE
See TLPโs piece: https://t.co/jAUZeNyib5
This includes:
โข Banking-as-a-Service platforms
โข Payment orchestration providers
โข Open banking API companies
โข Core banking system vendors
Supporting licensed institutions does not, by itself, require a separate licence.
Technology service providers can breathe easier. The Central Bank of the United Arab Emirates (CBUAE) has clarified one of the most debated provisions of Federal Decree-Law No. 6 of 2025.
#crypto#payments#UAE#CBUAE#Dubai#Fintech#TLPAdvisors
However and this is critical :
If you are a technology provider serving licensed financial institutions, and you do not independently offer regulated financial services to end users, you are not automatically brought into scope.