UAE’s new financial law pulls DeFi and Web3 into regulatory scope

The cryptocurrency market has seen notable fluctuations, with Bitcoin's price stabilizing around $90,000 despite pressures from ETF outflows and market volatility. This stabilization follows a period of significant price drops and uncertainty, indicating a complex market environment.

BNB Chain has announced plans to host two significant events in Buenos Aires during Devconnect Argentina 2025, aimed at engaging early-stage Web3 developers. This initiative marks a strategic move to enhance the presence of BNB Chain in the rapidly evolving cryptocurrency landscape.

The cryptocurrency market has seen notable fluctuations, with Bitcoin's price stabilizing around $90,000 despite pressures from ETF outflows and market volatility. This stabilization comes after a period of significant price drops and uncertainty in the market.

Franklin Templeton has launched its XRP exchange-traded fund (ETF), XRPZ, on NYSE Arca, marking a significant step towards the mainstream acceptance of cryptocurrency assets. This move highlights the growing integration of on-chain settlement assets into traditional financial infrastructure, as XRP's payment narrative evolves through regulated ETFs.

The UAE has enacted Federal Decree Law No. 6, which extends the central bank's regulatory authority over decentralized finance (DeFi) and Web3, effectively ending the 'just code' defense and introducing penalties that could reach $272 million. This law aims to bring more oversight to the rapidly evolving cryptocurrency sector.

Animoca Brands has secured in-principle approval from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi to establish a fund management business, marking a significant advancement in its regulatory strategy within the UAE's cryptocurrency sector. This approval allows the company to pursue a fund management license, enhancing its operational capabilities in the region.

The Prediction Protocol Myriad has achieved a significant milestone by surpassing $100 million in trading volume, marking a remarkable 10x growth within just three months. This surge reflects the increasing interest and engagement in Web3 prediction markets, positioning Myriad as a key player in the cryptocurrency landscape.

The cryptocurrency market has experienced notable fluctuations, with Bitcoin's price stabilizing around $90,000 amid pressures from ETF outflows and market volatility. Recent reports indicate that despite these challenges, Bitcoin has shown signs of resilience in the face of significant selling pressure.