BTC=Digital Labubu; Majority in Dubai-Based CoinMENA Sold; Pakistan's Rise in Crypto

Happy Monday everyone!

Here’s what’s hot in the world of digital assets in the MENA region: The Middle East continues to cement its position as a global crypto hub, with Pakistan joining the UAE in rolling out regulatory frameworks for major exchanges. Binance and HTX secured preliminary clearances in Islamabad, while Turkey's Paribu made its USD 240 million move into Dubai's CoinMENA, marking the country's largest fintech acquisition. Meanwhile, traditional finance remains conflicted: Vanguard's quantitative equity chief compared Bitcoin to collectible toys even as the firm opened crypto trading to 50 million clients. As the UAE's dual strategy shows, Abu Dhabi building institutional rails, Dubai fostering everyday use, the question isn't whether crypto goes mainstream, but how quickly institutions can keep pace with reality.

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Istanbul-based digital asset platform Paribu has acquired a majority stake in Dubai-based crypto exchange CoinMENA, valuing the company at USD 240 million. The deal marks Turkey's largest fintech acquisition and its first cross-border move into regulated crypto markets.

The acquisition gives Paribu immediate access to Gulf markets through CoinMENA's licenses in Dubai and Bahrain, two of the region's most active crypto hubs. CoinMENA serves 1.5 million users across 45 countries with access to over 50 tokens.

Paribu plans to integrate CoinMENA into its expanded custody-brokerage-trading infrastructure, using the Gulf licenses as a launchpad for regional expansion. The move signals growing consolidation in Middle Eastern crypto markets under stricter regulatory frameworks.

Pakistan's Virtual Assets Regulatory Authority issued no objection certificates to Binance and HTX, allowing them to register locally and apply for full licenses. The clearances authorize both exchanges to engage with securities regulators and establish subsidiaries once final regulations are complete.

The move signals Pakistan's commitment to building a regulated crypto ecosystem aligned with international anti-money laundering standards. Finance Minister Muhammad Aurangzeb met with Binance CEO Richard Teng, co-founder CZ, and HTX adviser Justin Sun, marking high-level government engagement with global crypto leaders.

PVARA Chairman Bilal bin Saqib views Bitcoin and blockchain as foundational infrastructure for Pakistan's financial future, not speculation. The authority continues developing licensing frameworks and taxation policies, with CZ serving as adviser to Pakistan's Crypto Council guiding regulatory progress.

Vanguard's global head of quantitative equity John Ameriks compared Bitcoin to Labubu plush toys, calling it purely speculative. His remarks came at Bloomberg's ETFs conference, even as Vanguard recently began allowing its 50 million clients to trade cryptocurrency funds for the first time.

Despite skepticism from executives, Vanguard became the last major asset manager to offer crypto access, joining BlackRock and State Street. Ameriks acknowledged Bitcoin could gain real utility during high inflation or political instability, though the firm won't advise clients on crypto investments.

Vanguard's policy shift creates another bridge between traditional finance and digital assets, potentially channeling significant capital into crypto markets. With Bitcoin trading above $90,000 after 16 years of operation, fresh institutional money could further boost cryptocurrency prices tied to exchange-traded funds.

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