Galaxy expands to UAE as part of Middle East push

State Street and Galaxy are set to launch a tokenized liquidity fund on the Solana blockchain in 2026, utilizing PYUSD as its currency. This initiative marks a significant step in the integration of traditional finance with cryptocurrency, reflecting growing institutional interest in blockchain technology.

Irina Volk, spokesperson for Russia’s MVD, confirmed the deportation of the founder of the Finiko crypto pyramid scheme from the UAE to Russia, where he faces allegations of large-scale fraud. This transfer occurred at Dubai Airport, marking a significant step in the legal proceedings against him.

Michael Saylor, founder of Strategy, delivered a keynote at the Bitcoin MENA 2025 conference in Abu Dhabi, asserting that Bitcoin will drive a digital credit revolution in the Middle East. He emphasized Bitcoin's potential to transform financial systems and proposed a Bitcoin-backed banking model for nation-states to enhance yield opportunities.

Dormant Bitcoin wallets have recently reactivated, indicating a shift in supply dynamics within the cryptocurrency market. This awakening of aging wallets suggests that previously inactive holders are now engaging with their assets, potentially influencing market behavior.

Galaxy Digital has opened a new office in Abu Dhabi, marking a significant step in its expansion strategy within the UAE, aimed at bolstering its presence in the rapidly evolving digital asset landscape. This move is part of a broader initiative to enhance service offerings and foster innovation in the region.

Ethereum's price has surged to $3,300, marking a significant recovery and indicating that the market may have reached its bottom. This increase follows a trend where Ethereum gained between 97% and 147% after flipping the 50-week moving average into support, suggesting a bullish momentum in the cryptocurrency market.

Japan is shifting its cryptocurrency regulation from payments law to securities law, which will impose stricter disclosure requirements for Initial Exchange Offerings (IEOs) and increase scrutiny on unregistered platforms. This move reflects a significant change in the regulatory landscape for digital assets in the country.

Tether and Circle have received significant regulatory approvals in Abu Dhabi, with Tether's stablecoin recognized as an Accepted Reference Token (ARFT) and Circle obtaining a Financial Services Provider (FSP) license. These developments mark a pivotal moment for the cryptocurrency sector in the UAE, reflecting the region's commitment to fostering a regulated digital asset environment.