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US government agencies would not be able to access the models or use the AI technologies without an exemption, such as for research.
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Arabian Business
an hour ago
- Arabian Business
DeFi user base hits record 27.3 million unique wallets amid mainstream adoption surge
Decentralised finance (DeFi) continues its rapid ascent beyond niche crypto circles, reaching a new milestone with over 27 million unique users interacting with DeFi protocols in May 2025, marking the highest monthly figure ever recorded. Data from highlights the explosive growth in DeFi adoption, fuelled by improved user interfaces, wider Layer 2 blockchain integration, and closer ties with traditional fintech platforms. These developments have helped DeFi increasingly resemble conventional online banking and investing, attracting a broader and more diverse user base. DeFi user growth surges in 2025 The rise follows a volatile but ultimately upward trend in monthly active users over recent years. After multi-year lows in 2022 and 2023, the 2024 crypto bull run reignited interest in DeFi, with monthly unique users quadrupling to nearly 21 million by the end of that year. Despite some fluctuations early in 2025, user numbers surged to 27.3 million in May, more than four times the user count from the same month last year. This surge reflects growing retail investor confidence in DeFi platforms for activities like staking, lending, yield farming, and trading. However, total value locked (TVL) in DeFi protocols grew more modestly, increasing 15 per cent year-over-year to reach $111 billion in June. This gap between user growth and capital influx suggests many new users are engaging cautiously or exploring the ecosystem with smaller investments. Ethereum remains the dominant blockchain for DeFi, holding over 55 per cent of total TVL, though its share has slightly decreased from 61 per cent last year. Solana emerged as a notable gainer, boosting its market share to 7.4 per cent and solidifying its position as the second-largest DeFi blockchain by locked value. Bitcoin and Binance Smart Chain follow, while Tron's market share nearly halved year-over-year. As DeFi continues to evolve, the record-breaking user engagement in May signals increasing mainstream acceptance and a maturing ecosystem that could redefine financial services globally.
Khaleej Times
2 hours ago
- Khaleej Times
DFSA report flags mounting risks from AI, quantum computing
The Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from the DIFC, has sounded a clear warning about the rising convergence of cyber risks, artificial intelligence (AI), and quantum computing in a new report that outlines the future of digital regulation for global financial systems. 'Cyber and artificial intelligence risk in financial services: Strengthening oversight through international dialogue,' released on June 30, highlights how emerging technologies are reshaping both the opportunity landscape and the threat environment across financial services. Published after the DFSA's inaugural Cyber and AI Risk Regulatory College — attended by 70 senior officials from 18 regulatory authorities worldwide — the report captures regulatory consensus on the accelerating pace of digital transformation and the urgent need for coordinated global oversight. The report underscored the mounting complexity of cyber threats, the disruptive potential of AI, and the systemic vulnerabilities posed by quantum computing. As the lines between operational resilience, cybersecurity, and technological innovation continue to blur, the DFSA's message is clear: regulatory frameworks must evolve swiftly and collaboratively to protect the integrity of global financial systems in a world of accelerated digital disruption. 'Digital risks are no longer peripheral – they are fast becoming systemic,' said Justin Baldacchino, managing director of Supervision at DFSA. 'This report reflects a growing supervisory consensus on where these risks are converging and how regulatory approaches are evolving.' Among the report's key findings is the rising frequency and sophistication of cyberattacks, many of which now involve 'Living Off the Land' tactics — where attackers misuse legitimate tools already present in systems to evade detection. The reliance on shared digital infrastructure, such as cloud services and third-party platforms, has further amplified vulnerability. A single-point failure within a critical provider — be it a cloud operator, payment processor, or managed services firm — could lead to widespread disruption, according to the DFSA. Supply chain attacks also feature prominently in the risk narrative. Financial institutions face threats from compromised credentials, outdated or unpatched software, and malicious updates within partner ecosystems. The proliferation of Internet of Things (IoT) devices and edge technologies — often with weak security governance — has added new threat vectors to an already complex cybersecurity landscape. The report also explores how cloud adoption, while enhancing resilience and scalability, introduces its own set of challenges. Cloud platforms enable faster deployment of AI solutions, but they raise critical concerns around data privacy, jurisdictional control, and vendor dependence. When sensitive financial data is processed or stored across borders, regulatory compliance and data sovereignty become difficult to manage. Herman Schueller, director of Innovation & Technology Risk Supervision at DFSA, emphasised the need for cross-border regulatory collaboration: 'As innovation accelerates, financial regulators globally are actively examining how best to adapt oversight practices. This report reflects the value of open, international dialogue in building mutual understanding of the regulatory, technical, and operational dimensions of digital risks.' One of the most striking themes of the report is the looming risk of quantum computing. Though still in the early stages of development, quantum computers have the potential to break existing cryptographic systems that underpin global financial security. The DFSA report urges early, coordinated planning to prepare for the transition to post-quantum cryptography, warning that institutions must not wait until quantum capability is commercially viable to act. AI-driven threats are another focal point. Malicious actors are now using AI to automate attacks, bypass defences, and even create synthetic media such as deepfakes and voice clones that can deceive users and systems. These AI-powered tools can detect vulnerabilities, launch attacks at scale, and operate autonomously. The report calls for stronger explainability frameworks, third-party risk assessments, and robust governance to manage the growing reliance on AI across financial services. The DFSA also notes that rising geopolitical tensions are compounding digital risks. State-sponsored cyber operations and Advanced Persistent Threats are becoming more frequent and targeted, often remaining undetected for long periods. As global financial institutions operate across jurisdictions with varying regulatory maturity, they face fragmented compliance burdens and heightened exposure to politically motivated cyber threats. The DFSA report contributes to the regulator's broader commitment to proactive, principle-based supervision within the Dubai International Financial Centre (DIFC). Through ongoing initiatives like the DFSA Threat Intelligence Platform and work on AI governance, the authority is reinforcing its role as a thought leader in managing digital-era financial risks.
Zawya
2 hours ago
- Zawya
LWK + PARTNERS unveils visionary concept for Pulse Wadi: Saudi's pioneering technology district
Riyadh: LWK + PARTNERS, proudly presents Pulse Wadi, Saudi Arabia's pioneering national technology and cybersecurity district. The project represents a bold vision for the future, aligning with Saudi Arabia's Vision 2030 and setting a new benchmark in sustainable urban development. Designed by LWK + PARTNERS' global studios in collaboration with govermental and semi-governmental entities Pulse Wadi spans an impressive 600,000 square meters with a Gross Floor Area (GFA) of 1.14 million square meters and a budget of AED 12.1 billion. Our multidisciplinary team of master planners, urban designers, architects, and landscape architects have meticulously researched and envisioned a district that seamlessly integrates technological innovation, cultural heritage, and sustainable urbanism. A Unique Vision for the Future Pulse Wadi is strategically positioned on the outskirts of Riyadh, leveraging its proximity to national infrastructure networks and offering a distinctive, future-ready environment. Anchored by a state-of-the-art government complex, the district will house two iconic headquarters, several cultural institutions, and a dynamic cyber-research community—positioning it as Saudi Arabia's very own Silicon Valley. Inspired by the startling beauty of Wadi Hanifa, the masterplan introduces a striking green spine that runs through the development, creating an ecological framework where at least 60% of the area is dedicated to green spaces and xeriscape. This naturalistic and contextual approach establishes a thriving, sustainable urban ecosystem that fosters a balance between nature and innovation that seeks to sets a benchmark for new urban typologies. Sustainability and Smart Mobility Pulse Wadi exemplifies intelligent and grounded sustainable design with the integration of urban metabolic initiatives and the latest intelligent city technologies emerging in the Middle East inspired from across the globe. The transportation strategy emphasizes green mobility, featuring electric vehicles, autonomous taxis, and dedicated cycling, running and walking networks, while sophisticated shading strategies enhance streets and plazas encouraging pedestrian interaction and community engagement. At the heart of the district lies the central wadi plaza—an inclusive events space designed as a cultural and democratic symbol for the people of Riyadh, honouring the rich Najdi heritage, while unifying all access points and the various tiers of commercial, recrational, retail and F&B functions – truly the heart of the development. The main complex, with its iconic stepped roof inspired by Salmani design principles, blends tradition with innovation, offering deep overhangs for natural shading and advanced ventilation systems to ensure comfort and efficiency. A Testament to Excellence "Pulse Wadi is not just a project; it's a bold statement of Saudi Arabia's commitment to innovation and sustainability," said Kourosh Salehi, Global Design Principal at LWK + PARTNERS. "This development is a unique opportunity to redefine the urban fabric by integrating technology and culture, ensuring a legacy for future generations." LWK + PARTNERS' extensive involvement as Lead Design Consultants, Master Planners, Urban Designers, Design Architects, and Landscape Architects underscores the firm's dedication to delivering groundbreaking solutions that push the boundaries of design excellence. -Ends- About LWK + PARTNERS LWK + PARTNERS is a leading international architecture and design practice. Its 700+ creative minds collaborate across a network of 9 offices around the globe delivering world-class solutions to the built environment. Its wide range of services include architecture, planning & urban design, interiors, landscape, heritage conservation, building information modelling (BIM), brand experience and lighting design. With over 40 years of growth, the practice has completed many outstanding projects across different sectors, such as mixed-use, commercial, residential, education, transit-oriented developments, and leisure and public facilities developments. LWK + PARTNERS is a member of C Cheng Holdings Limited (HKEX stock code: 1486), the first listed architectural services provider in Hong Kong and mainland China. Strong synergies and unified capabilities within the group offer unique advantages for the practice to spread leading design power around the globe. LWK + PARTNERS believes that great design has infinite possibilities and direct positive impact to people's lives. For media enquiries, please contact: Tala Alnounou Head of Marketing – MENA Email: talaalnounou@
