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Dubai tightens inspections of cryptocurrency companies

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auditing of cryptocompanies

Authorities in Dubai are tightening checks on cryptocurrency companies that want to get a license to operate in the region. This is reported by Bloomberg.

According to the agency, the Dubai government is asking for more information from cryptocurrency firms about their operations to create a robust regulatory framework and increase stability in the cryptocurrency market.

“VARA wants to turn Dubai into the capital of the digital asset economy while maintaining its business ties with Western jurisdictions like Europe that are adopting stricter cryptocurrency regulations,” said Sam Blatteis, CEO of The MENA Catalysts.

Changpeng Zhao, founder and head of cryptocurrency exchange Binance, supported Dubai’s decision to tighten cryptocurrency licensing rules despite the platform being asked for more information about its operations. In his view, the responsible development of the cryptocurrency industry will help Binance work closely with Dubai’s authorities and use its expertise and ideas to help develop a regulatory environment that promotes innovation and protects investors.

As part of the collaboration with Binance, the Dubai government will hold a series of workshops and roundtables with key players in the crypto industry, including Zhao. According to Dubai authorities, the events will help the government better understand market dynamics and develop regulations that strike the right balance between encouraging innovation and providing investor protection.

Dubai introduced mandatory licensing for cryptocurrency companies in early February. The new rules require crypto firms to obtain a permit to operate in the city. All activities of such companies fall under the supervision of VARA, established specifically to watch the cryptocurrency sector. Meanwhile, as of the end of February, not a single company had a license from the supervisory authority.

However, the idea of issuing cryptocurrency licenses appeared a year ago. Thus, the Dubai authorities were going to accelerate the inflow of foreign cryptocurrency companies, creating a so-called “hybrid approach” to regulation.

Earlier, we reported that the media learned about Binance’s VIP clients in the United States.

Cryptocurrency

Standard Chartered Launches Institutional Spot BTC, ETH Trading

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Standard Chartered has become the first internationally recognized financial heavyweight to launch direct spot trading for Bitcoin and Ethereum.

The offering positions the UK-based institution at the forefront of regulated digital asset integration within traditional finance.

Launch Mechanics and Client Access

According to reports, the new service will allow institutional clients, including asset managers, corporations, and large investors, to trade BTC and ETH directly using FX trading interfaces established by the bank.

Standard Chartered stressed that the trades are “deliverable,” meaning that customers will receive actual crypto assets upon settlement rather than mere exposure via derivatives. Additionally, users can choose their own custodian, including Standard Chartered’s in-house service.

At first, the offering will be available during Asian and European trading hours, with potential demand determining whether there will be 24/5 access in the future.

The bank also plans to introduce non-deliverable forwards (NDFs) trading for the two largest crypto assets by market cap. This will further expand risk management tools amid growing institutional appetite for digital assets.

Traditional banks are under increasing pressure to bridge the gap between legacy finance and crypto infrastructure, and Standard Chartered hopes to eliminate a major point of friction for institutional players who were previously forced to navigate a fragmented and often unregulated crypto sector.

A Broader Crypto Strategy

The UK spot trading launch is just one piece of Standard Chartered’s growing arsenal of digital asset solutions. At the beginning of the year, the bank established a dedicated Luxembourg entity to offer regulated crypto custody services within the EU.

Around the same time, it also dipped its feet into stablecoins and tokenization, partnering with Animoca Brands and HKT to develop a Hong Kong dollar-pegged stablecoin.

Compteitors like JPMorgan and Goldman Sachs have taken a more conservative approach to direct crypto spot trading, with Nate Geraci, co-founder of The ETF Institute, decrying this cautious stance.

Recently, while referencing Vanguard, another heavyweight player in the financial management space, he suggested that the refusal by such institutions to offer crypto products could alienate investors seeking exposure to such assets.

“What Vanguard is missing (*huge* miss IMO)…” Geraci posted. “Is there are tons of investors who love Vanguard’s low cost approach to stock & bond investing AND they want to own some btc & crypto.”

Meanwhile, Standard Chartered Group CEO Bill Winters has consistently stated that “digital assets are here to stay.” The company’s aggressive positioning grants it an early-mover advantage in a market where deep-pocketed investors are increasingly demanding secure, compliant crypto exposure amid a shifting regulatory environment and rising BTC adoption.

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Is Solana About to Explode Further? Analyst Reveals Next Targets

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TL;DR

  • Solana breaks above $166 Fibonacci level, with bulls eyeing targets at $171, $179, and $185.
  • SOL trades above 9-day SMA, while MFI at 76 signals strong inflows but potential exhaustion.
  • SEC ETF reviews add momentum to Solana’s ongoing upward price action.

SOL Chart Points to Bullish Target

Solana (SOL) has broken out of an ascending triangle. The price cleared the $166 mark, which is the 1.272 Fibonacci level. Traders now watch for the next levels at $171, $179, and $185. The structure shows rising lows and growing volume, which supports the move. 

“This could be the cleanest breakout I’ve seen all month,” said analyst Ali on X.

If buyers stay in control, the $185 level may be next. But traders also watch for pullbacks, especially as prices move higher into resistance zones.

SMA and MFI Indicate Bullish Momentum

Solana trades above its 9-day simple moving average, which now sits at $158. This shows that buyers are still active. The slope of the line is pointing up, which supports the current direction. 

At the same time, the Money Flow Index is at 76.16, which is close to the overbought line. This reading shows that funds have flowed in fast. But it also warns of possible profit-taking or price pauses near this level.

SOL price chart
Source: TradingView

Network Use and ETF Talk Support Momentum

As CryptoPotato reported, the number of active users on Solana’s network has recently ticked up. This rise in activity often helps price moves stay strong. The added use shows interest in Solana is growing.

Meanwhile, the SEC is now reviewing spot ETF filings tied to Solana. These efforts are said to be moving quickly. If approved, they may open more ways for funds to buy SOL directly.

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Large Bitcoin Investors Realize $1.54 Billion in Profits but Rally Still Intact: CryptoQuant

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Bitcoin’s climb above the coveted $120,000 level was short-lived, as the cryptocurrency pulled back to below $117,000 amidst renewed volatility. Over the past 24 hours, it declined by over 4%.

On-chain signals reveal increased miner activity, which suggests short-term selling pressure.

Miners Cashing Out?

As the price approached new highs, the Miners’ Position Index (MPI) – which gauges the ratio of miner outflows to their one-year moving average – spiked to levels last seen during major sell-off periods. This means that some of them may have begun taking profits into strength, a pattern often seen when the MPI reading rises above 2, hinting at larger-than-usual Bitcoin outflows from miners to exchanges.

While such moves can introduce short-term selling pressure, CryptoQuant explained that historical patterns indicate they do not always derail broader bullish trends when demand from other investor cohorts remains strong.

At the same time, Binance, the world’s largest cryptocurrency exchange, recorded net inflows of nearly 6,000 BTC between July 12 and July 14. This activity reversed a period of predominantly neutral or negative netflows. The sudden influx alongside the recent price rally points to potential arbitrage activity, derivative hedging, or preparations for large-scale transactions rather than outright panic selling.

Considering all these factors together, the uptick in miner activity and increased exchange deposits mean that while some market participants are realizing gains, others may be positioning for continued price action.

Amid these miner outflows and Binance inflows, Glassnode recorded one of the year’s largest profit-taking days.

Bitcoin Logs One of Its Largest Profit-Taking Days

According to the blockchain intelligence platform’s findings, Bitcoin investors collectively realized $3.5 billion in profits over the past 24 hours.

This is one of the largest profit-taking days for BTC this year. Interestingly, long-term holders accounted for approximately $1.96 billion, or 56% of the realized gains, while short-term holders captured around $1.54 billion and accounted for the rest.

The significant wave of profit realization, led predominantly by long-term holders, demonstrated how seasoned investors are seizing the opportunity to lock in gains as Bitcoin hit a fresh peak while still allowing room for fresh capital to enter.

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