The Abu Dhabi-based investment firm MGX has invested $2 billion into leading cryptocurrency exchange Binance, in the first institutional investment the exchange has seen, and MGX’s first digital asset-focused bet.

The Bank of Russia has submitted proposals to the government to start a tightly regulated cryptocurrency trading experiment that would allow a “limited group of Russian investors” to trade crypto.

Nebraska governor Jim Pillen has enacted legislation to protection consumers from fraud at a time in which crypto ATM-related fraud has been skyrocketing in the United States.

Top stories in the Crypto Roundup today:

• Abu Dhabi-Based MGX Invests $2 Billion in Binance
• Bank of Russia Proposes Crypto Investment Pilot for Wealthy Investors
• Nebraska Governor Enacts Legislation to Protect Consumers from Crypto ATM Fraud

Abu Dhabi-Based MGX Invests $2 Billion in Binance

The Abu Dhabi-based investment firm MGX has invested $2 billion into leading cryptocurrency exchange Binance, in the first institutional investment the exchange has seen, and MGX’s first digital asset-focused bet.

The investment, according to a press release, was made using stablecoins, though the specific stablecoin that was used wasn’t revealed. The move comes as Binance’s ties with the United Arab Emirates deepen, as the exchange already has a presence employs 1,000 people in the region.

Binance’s subsidiary in Dubai, Binance FZE, obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) last year, allowing it to offer a range of services in the United Arab Emirates.

Bank of Russia Proposes Crypto Investment Pilot for Wealthy Investors

The Bank of Russia has submitted proposals to the government to start a tightly regulated cryptocurrency trading experiment that would allow a “limited group of Russian investors” to trade crypto.

The proposal outlines a three-year experimental legal regime (ELR) allowing “particularly qualified” investors to engage in cryptocurrency transactions. Investors falling into that category include those with over 100 million rubles ($1.14 million) in investments or an annual income exceeding 50 million rubles ($570,000).

Institutional investors designated as qualified would also be eligible to participate in the initiative, which aims to establish standards for crypto-related services and enhance market transparency while providing opportunities for “experienced investors willing to assume higher risks.”

The Bank of Russia has nevertheless reiterated its long-standing concerns regarding the inherent volatility and risks associated with the cryptocurrency space. In line with its conservative stance, it proposed banning crypto transactions between residents outside the ELR and enforcing penalties for violations.

Nebraska Governor Enacts Legislation to Protect Consumers from Crypto ATM Fraud

Nebraska governor Jim Pillen has enacted legislation to protection consumers from fraud at a time in which crypto ATM-related fraud has been skyrocketing in the United States.

“Cryptocurrency is an important, emerging industry, and we’ve been working hard to build Nebraska into a cryptocurrency leader,” Pillen said in a statement. “An important part of these efforts is to make sure that we have guardrails to prevent criminals from taking advantage of Nebraskans.”

The Federal Trade Commission has reported victims have posted over $65 million in crypto ATM fraud. Under the new bill, crypto ATM and kiosk operators will need to be licensed under Nebraska’s Money Transmitters Act and registered with the Department of Banking and Finance.

Crypto ATM operators must also provide quarterly reports on kiosk locations, names, and transaction data, while having a $2,000 daily transaction limit for new users and limiting existing customers to $5,000 a da. On top of this, fees cannot exceed 18% of a transaction’s value.

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