Nephos Group has agreed a partnership with venture accelerator Brinc to provide accounting, tax, banking, visa, corporate-structuring and tokenization services to more than 250 portfolio companies across the Gulf Cooperation Council (GCC).
The arrangement, announced in a 22 September press release shared with crypto.news, gives Brinc founders access to Nephos through the accelerator’s existing founder-support programme. It is not a new investment fund, and financial terms were not disclosed.
Support will include cross-border tax planning, corporate structures and banking introductions, as well as visa assistance. Stablecoin and Web3 businesses will also be able to seek advice on tokenized assets and proof-of-reserve attestations.
A reserve attestation assesses whether reported assets support an issuer’s claims at a particular point in time. It is different from a full financial audit, which examines financial statements and accounting procedures over a reporting period. Proof of reserves alone does not establish solvency because it may not disclose liabilities, internal controls or claims against the assets reported.
Nephos founder and chief executive Joe David said companies often build those systems only after launching, despite the need for such arrangements at an early stage.
David, who relocated to the United Arab Emirates, said his experience building Nephos and Myna Accountants had given him direct understanding of the challenges companies face when establishing and expanding in the region. The partnership, he added, would allow founders to secure compliance and structuring support “from day one rather than having to piece it together later.”
The two organisations will run workshops covering compliance preparation, reserve reporting, cross-border structures, tokenization frameworks and proof-of-reserve practices. No timetable has been announced, and the first participating startups have not been named.
Different rules across the Gulf
Digital asset companies in the GCC may be subject to national regulators as well as separate financial-centre and free-zone regimes. Businesses operating in several markets can therefore face differing licensing, reserve, disclosure, tax and company-formation requirements.
Dubai’s Virtual Assets Regulatory Authority clarified its token issuance framework in April. Fiat-referenced and asset-referenced tokens were placed in its first category, with requirements relating to reserve assets, redemption rights, disclosures and legal structures. Licensed distributors may also face due-diligence and continuing compliance obligations.
In May, AE Coin and USD Universal launched a regulated conversion system linking a dirham-backed token with the US dollar-backed stablecoin USDU for institutional settlement in the UAE. The system was supported by Al Maryah Community Bank and initially offered through regulated providers Aquanow and Changer.ae.
USDU had previously become the first dollar-backed stablecoin registered under the UAE’s Payment Token Services Regulation framework for institutional and professional users. Its approval covered digital asset-related payments under stated conditions, but not mainland retail payments.
GCC stablecoin businesses seeking US customers must also consider the US GENIUS Act, which introduced licensing, reserve, redemption, disclosure and compliance requirements for payment stablecoin issuers.
The US Treasury said in August that issuers will generally need an eligible federal or state licence when the law is expected to take effect on 18 January 2027. Foreign-issued stablecoins face separate conditions, including the ability to comply with lawful orders and requirements relating to regulatory reciprocity.
From 18 July 2028, service providers will generally be barred from offering payment stablecoins to people in the United States unless they were issued by an eligible licensed issuer. Treasury has also proposed anti-money laundering and sanctions obligations, including systems to identify suspicious transactions and block, freeze or reject transfers where required.
Brinc chief marketing officer Nick Ramil said companies expanding across borders needed more than funding and introductions. The accelerator will continue its existing programmes while connecting founders with Nephos.
Brinc’s portfolio spans blockchain, artificial intelligence, connected hardware, robotics, drones, clean energy, food technology and the Internet of Things. The Hong Kong-headquartered firm previously joined CoinList and Ghaf Group in a 12-week SuiHub programme in November 2024, which offered selected Middle East and North Africa pre-token projects up to $200,000 in milestone-based funding, technical help and networking.
Its past partners include Huawei, Schneider Electric, Puma, Manulife, Hong Kong Science Park, the Mohammed Bin Rashid Innovation Fund, the National University of Singapore, Artesian and Bahrain’s Economic Development Board.
