Direct Crypto Access Through AED Accounts

With this integration, RAKBANK customers can now trade eight major digital assets, including Bitcoin and Ethereum, using their existing AED accounts. There’s no need for external platforms or complex transfers. The transactions are processed through Bitpanda Broker MENA DMCC — a licensed entity operating out of Dubai — ensuring regulatory compliance and operational transparency.

UAE’s Digital Ambitions Gain Momentum

This move is aligned with the UAE’s broader vision of becoming a global fintech hub. By embracing Bitpanda’s robust trading infrastructure, RAKBANK steps beyond traditional banking to offer clients exposure to the world of crypto investing — with a particular emphasis on competitive trading fees that appeal to retail users.

Strategic Collaboration Over In-House Development

Rather than building its own solution, RAKBANK chose to leverage Bitpanda’s proven systems — a decision that not only reduces deployment time but also cuts operational costs. This plug-and-play approach reflects the UAE’s regulatory sandbox environment, which encourages innovation while maintaining strong oversight.

A Trailblazer in the MENA Region

RAKBANK’s initiative could give it a crucial first-mover advantage across the Middle East and North Africa (MENA). Supported by regulatory bodies like Dubai’s Virtual Assets Regulatory Authority (VARA), this move may inspire other regional banks to accelerate their entry into altcoin and blockchain-based financial services.

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Will the UK Take Action on Crypto?

As the European Union rolls out its MiCA regulations and the United States makes strides with the GENIUS Act in the stablecoin space, the UK’s vague and slow-moving approach has sparked criticism.

In a blog post published on Friday, Lewis McLellan, editor at OMFIF’s Digital Monetary Institute, and John Orchard, the organization’s chairman, argue that the UK has “squandered” its early leadership in distributed ledger technology (DLT). The post, pointedly titled “The UK keeps missing the boat on DLT finance,” calls out the country’s inability to offer clear and timely regulation.

Following Brexit, there were high expectations that the UK would set the “gold standard” for crypto regulation. Instead, the UK continues to speak vaguely about future regulations without providing a clear timeline. This regulatory ambiguity is emphasized in the FCA’s Crypto Roadmap, where no firm date is provided for when its regime will “go live.” At best, the guidance hints at some time after 2026.

EU and US Make Clear Progress on Crypto

The Markets in Crypto-Assets (MiCA) framework is now active across the EU. Meanwhile, the US Senate recently passed the GENIUS Act, a federal law that clearly defines stablecoins as legitimate payment tools.

The UK, however, still categorizes stablecoins as investment assets—a stance that OMFIF analysts say has caused significant market confusion. The Bank of England’s early proposal, which required systemic stablecoins to be backed entirely by central bank reserves, was widely criticized as commercially unworkable. Though this position has since softened, the UK has yet to present a viable regulatory model.

Other Regions Are Moving Ahead

While the UK lags, others are pushing forward. In May, Hong Kong passed its own stablecoin bill and is rapidly building a tokenization infrastructure through its Project Ensemble initiative.

The United Arab Emirates has also been praised for establishing VARA (Virtual Assets Regulatory Authority), a specialized body overseeing digital assets. The UK, by contrast, is still trying to retrofit traditional institutions to manage Web3 and blockchain innovations—an approach that the report sees as insufficient.

The UK’s Early Advantage Is Eroding

OMFIF concludes the piece by noting that although the UK led the way in fintech innovation during the 2010s, and still benefits from its favorable time zone, legal system, and language, those advantages aren’t guaranteed to last.

“Financial hubs rise and fall,” the authors warn. Without bold and timely action, the UK risks falling further behind.

Their message is clear: the UK must establish a clear, fast, and adaptive regulatory framework for the crypto space—before its global influence fades further.

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The post Is the UK Falling Behind in Crypto Regulation? appeared first on Coin Engineer.

Many investors on social media likened the collapse to the LUNA and FTX crises, calling it a potential rug pull. After a wave of speculation, the Mantra team finally broke its silence.

Mantra Team: “This Was Not Us”

In an official statement, Mantra tried to reassure its community:

“Today’s price action was triggered by reckless liquidations unrelated to the project. We want to be clear: this was not our team. We are investigating and will share more details as soon as possible.”

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Mantra’s CEO also made a statement:

“Guys, I just woke up and I’m trying to figure out what happened. A major OM investor’s position was massively liquidated on an exchange. We’re still sorting out the details, but we’re here and working on solving the issue. Thanks for your understanding.”

Massive Tokenization Projects in the Middle East

Ironically, the OM token crash came shortly after Mantra’s announcement of a $1 billion tokenization deal in January 2025. The agreement with Dubai-based DAMAC included real estate, data centers, and other physical assets to be tokenized on the Mantra blockchain.

Mantra also obtained a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA) in February 2025.

This license allows Mantra to legally operate in the United Arab Emirates, offering crypto exchange, brokerage, management, and consulting services.

Why Did OM Crash?

Mantra co-founder Patrick Mullin said the crash was triggered by the liquidation of a large investor’s position on an undisclosed exchange. However, details such as the exchange’s name, the identity of the investor, or the trade volume have not yet been clarified.

While the team continues to investigate the chain of events, investors are growing concerned about the sustainability of the Mantra ecosystem.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Mantra (OM) Crashes: 90% Value Loss in 24 Hours! appeared first on Coin Engineer.

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When the bankrupt crypto exchange filed for bankruptcy in the U.S. in November of last year, it launched Chapter 11 cases for 102 affiliated entities from around the world.

However, in a court filing on August 2, FTX argued that its Dubai unit did not conduct any business before the bankruptcy filing; therefore, it is unlikely that the subsidiary’s operations can be improved. The court will hear the first hearing on the matter on August 23.

In the filing, the crypto exchange stated that FTX is solvent and that, therefore, a voluntary liquidation procedure following the laws of the United Arab Emirates would allow for the timely distribution of the positive cash balance and the liquidation of all assets after the payment of all outstanding debts.

Virtual Assets Regulatory Authority (FTX)

FTX Dubai is a wholly owned subsidiary of FTX’s European arm, which has obtained a virtual asset service provider license from the Virtual Assets Regulatory Authority (VARA). FTX Dubai currently holds approximately $4.5 million in a few accounts, of which $4 million is restricted by VARA as license collateral. On July 25, VARA confirmed to FTX management that such restricted cash would be released in the context of FTX Dubai’s liquidation following the laws of the United Arab Emirates:

“All of FTX Dubai’s assets are located in the United Arab Emirates and a significant portion of FTX Dubai’s pre-sale activities took place in the United Arab Emirates. The Emirates is in the best interests of the Debtors and their property.”

It is expected that FTX Dubai will agree with the appointed liquidator to implement basic administrative procedures and promote the orderly and efficient management of the liquidation.

The bankrupt exchange filed for bankruptcy on November 11, 2022, and the exchange launched bankruptcy proceedings for 102 affiliated entities worldwide.

The post FTX Files to Remove Dubai Unit from Bankruptcy Proceedings appeared first on Coin Engineer.