World’s oldest exchange gains in-principle approval in Singapore

While global cryptocurrency sentiment remains subdued, authorities and state-linked investors in Abu Dhabi are deepening their engagement with digital assets through expanded regulation and increased capital allocation. On Dec. 8, stablecoin issuer Tether and cryptocurrency exchange Binance announced they had secured regulatory approvals from the Abu Dhabi Global Market (ADGM), the international financial center and free economic zone in the UAE capital. The moves signal a continued effort by the United Arab Emirates to integrate blockchain technology into its formal financial system, creating a contrast with the broader market’s current “extreme fear” rating of 22 on the Alternative Fear and Greed Index.Photo by DrawKit Illustrations on UnsplashTether, Ripple stablecoins approvedTether confirmed that its USDT stablecoin has been designated as an Accepted Fiat-Referenced Token within the ADGM. This status allows financial entities licensed by the Financial Services Regulatory Authority (FSRA) to conduct regulated activities involving USDT across a broader range of blockchain networks, including Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON. The approval builds on previous authorizations for USDT on Ethereum, Solana, and Avalanche, and follows the FSRA’s recognition of Ripple’s RLUSD stablecoin last month. Binance fully cleared for regulated launch Simultaneously, Binance announced it has secured full authorization from the FSRA to operate a regulated platform within the financial center. Pending final operational preparations, Binance is scheduled to commence regulated activities on Jan. 5, 2026. The exchange will operate in Abu Dhabi through a three-entity structure that separates key functions, mirroring traditional financial infrastructure. Nest Exchange Limited (currently Nest Services) will function as the regulated arm for spot and derivatives trading, while Nest Clearing and Custody Limited will manage clearing and settlement. Broker-dealer activities will be handled by a third entity, Nest Trading Limited (currently BCI Limited). Circle awarded FSP for paymentsMore recently, Circle, the issuer of the USDC stablecoin, announced the receipt of a Financial Services Permission (FSP) license from the FSRA. The license allows Circle to act as a Money Services Provider within Abu Dhabi’s International Financial Centre (IFC), enabling it to support regulated payment and settlement services for businesses, developers, and financial institutions across the UAE. Circle has been expanding its regulatory presence in the region throughout the year. In February, the Dubai International Financial Centre (DIFC) recognized the company’s USDC and EURC tokens as permitted crypto assets under its virtual asset framework. This regulatory expansion comes amid the UAE’s efforts to develop a comprehensive financial compliance framework. A recent report by the Global Finance & Technology Network identified the UAE as one of seven jurisdictions globally that meet three core standards for anti-money laundering and counter-terrorist financing compliance. Those standards include know-your-customer (KYC) and identity verification, suspicious transaction reporting, and implementation of the Financial Action Task Force (FATF) Travel Rule. Institutional capital inflows riseIn parallel with the regulatory push, investment vehicles linked to the Abu Dhabi government have increased their exposure to digital assets. Bloomberg reported that in the third quarter, the Abu Dhabi Investment Council, a Mubadala subsidiary, increased its position in BlackRock’s iShares Bitcoin Trust ETF more than threefold to nearly eight million shares. Separately, the Royal Group, an investment firm associated with the Abu Dhabi royal family, currently holds roughly 6,516 Bitcoin, according to Arkham data. An earlier Crypto Briefing report noted that this acquisition was carried out through its majority-owned subsidiary, Citadel Mining. These simultaneous developments in licensing and capital allocation suggest a coordinated strategy to establish Abu Dhabi as a hub for institutional digital assets, with a focus on long-term infrastructure despite current market fragility. 

Despite ongoing fluctuations in the cryptocurrency market, analysts suggest that sustained institutional activity is likely to underpin a near-term rebound. As Bitcoin recovered above $90,000 on Dec. 5, market observers began weighing potential risks against growing evidence of corporate and sovereign adoption.Photo by Austin Hervias on UnsplashStructural risks seen as limitedAccording to South Korean news outlet Etoday, Hong Sung-wook, a researcher at NH Investment & Securities, said that the recent slump in both Bitcoin and Strategy stock may weigh on shareholders but does not fundamentally threaten the company’s solvency. He noted that concerns that typically emerge during Bitcoin downturns seldom reflect new underlying risks. Addressing the potential removal of Strategy from the MSCI index, pending review results expected by Jan. 15, Hong indicated that the impact would likely be limited, as the firm has already exhausted its capacity to make additional Bitcoin purchases. However, he cautioned that prolonged share price weakness could force companies to reevaluate digital asset treasury (DAT) models. Such a shift, he warned, could trigger corporate sell-offs that would burden the broader market. Hong also addressed concerns related to stablecoins and future technology. Despite S&P Global Ratings assigning Tether its lowest grade of "weak," Hong observed that the issuer maintains reserves exceeding the USDT in circulation, rendering a mass withdrawal crisis unlikely. Regarding the threat of quantum computing, he argued that the timeline remains uncertain and that the Bitcoin network could mitigate future risks through consensus-driven protocol upgrades. Policy moves may offer market tailwindsLooking ahead, the analyst identified several constructive developments that could bolster the market, including the potential passage of a U.S. crypto market structure bill early next year. He also pointed to the anticipated nomination of Kevin Hassett as Federal Reserve Chair by President Trump. Hassett is expected to favor interest rate cuts, creating a potentially favorable macro environment. Additionally, Vanguard’s decision to permit the trading of select third-party crypto ETFs and mutual funds was cited as significant, given the asset manager’s historically conservative stance on digital assets. While the market has shifted into a broader risk-off mode, institutional demand for Bitcoin has continued to build, including activity that began well before the recent pullback. The Czech central bank recently established a $1 million test portfolio comprising Bitcoin, a USD stablecoin, and a tokenized deposit to research payment futures, though it clarified that it does not currently plan to add digital assets to its international reserves. In the academic sector, a Form 13F filing with the U.S. SEC revealed that Harvard Management Company, which oversees a $56.9 billion endowment, held 6.8 million shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) as of Sept. 30, a threefold increase from the previous quarter. Furthermore, BlackRock CEO Larry Fink reportedly stated at the New York Times DealBook Summit 2025 that multiple sovereign wealth funds have begun accumulating Bitcoin, according to Forbes. Korean banks advance crypto integrationThis shift toward institutional acceptance is also materializing within South Korea’s traditionally conservative banking sector. The Maeil Business Newspaper reported that Woori Bank recently became the first major South Korean lender to display real-time Bitcoin prices on its trading floor, allowing dealers to track the asset alongside equities and foreign exchange rates. Concurrently, Hana Financial Group announced a partnership with Dunamu, the operator of the Upbit exchange, to develop blockchain-based remittance services, according to The Korea Economic Daily. By leveraging Hana’s global network and Dunamu’s technology, the initiative aims to reduce settlement times and costs for cross-border payments. Hana intends to introduce the technology for transactions between its Korean offices and overseas branches as early as the first quarter of next year, with broader expansion planned as domestic regulations evolve. Hana intends to launch the service at overseas branches as early as the first quarter of next year, with gradual expansion planned as domestic regulations evolve. 

OliveX Launches OVE Governance TokenSingapore’s OliveX, a crypto trading ecosystem solutions platform, marked a significant milestone on Sunday with the official launch of its governance token, OVE.The introduction of this token allows users to participate in staking, mining, and unlocking other rewarding opportunities. OliveX was established to address challenges faced by traders within the crypto space.Photo by Kris Sevinc on UnsplashHybrid trading modelTo that end, the platform has introduced its “Fusion-Ex” trading model, presenting a solution to the perpetual dilemma of choosing between centralized exchanges (CEX) and decentralized exchanges (DEX). By merging the strengths of both CEX and DEX, OliveX is attempting to optimize the trading environment for market participants.Through the Fusion-Ex model, OliveX combines the user-friendly and fast experience of CEX with the transparency, security, and control offered by DEX. With this approach, it strives to strike a delicate balance, ensuring high efficiency while prioritizing user asset control. OliveX caters to the diverse needs of both novice and professional traders, while seeking to tailor trading services to these user groups.The role of OVE in the OliveX Ecosystem, the governance token of OliveX, serves as the central component for value circulation within the ecosystem. It plays a pivotal role and offers numerous advantages to OVE token holders. These privileges include the right to propose and vote on ecosystem changes, receiving profit dividends, access to priority whitelists, and participating in airdrops.AI IntegrationAI integration has become a trend among crypto platforms of late. Singapore-based Crypto.com has harnessed AI for the benefit of its user base, as has global exchange, Binance. OliveX has also taken this approach, embracing the future of trading by incorporating AI technology. With its AI trading suite, it offers users a new and enhanced trading experience. The suite customizes an automated revenue model, enabling users to maximize their trading profits. Additionally, it seamlessly integrates with various DeFi applications, opening doors to various on-chain applications and expanding its user base as a consequence.Recent IEOOVE’s journey commenced with an Initial Exchange Offering (IEO) on July 6, which consisted of five rounds. The overwhelming response from the market was evident as each round ended with over-subscriptions. The total funds raised during the IEO surpassed $40 million, with over-subscription rates exceeding 3,000%. The high level of recognition and support was reflected in the participation of over 20,000 users.Looking ahead, the OliveX ecosystem, including the forthcoming OVE Chain, continues to expand into new areas. The platform is promising further product development and updates over the coming months.The official launch of OliveX’s governance token, OVE, is a significant step forward for the fledgling project. With the Fusion-Ex trading model, AI integration, and the versatility of OVE, the platform is certainly making every effort to differentiate itself and appeal to the crypto trading public.