Kalam Crypto #179: Dubai hits 50 crypto licenses, outpaces regional rivals 🇦🇪

“Bitcoin’s total circulation is limited to 21 million coins.” - Satoshi Nakamoto

Ahlan wa sahlan! Welcome to the latest edition of Kalam Crypto, your weekly lens on the evolving digital asset landscape across global markets and the MENA region.

This week, we track major institutional milestones as Tokyo-listed Metaplanet surpasses 43,000 Bitcoin in total holdings. Meanwhile, Dubai cements its status as a top global crypto hub by reaching 50 licensed firms. We also cover South Africa's new draft tax rules, Russia's upcoming digital ruble rollout, and a historic look back at Satoshi Nakamoto's early comments on Bitcoin scarcity.

Let’s dive straight into this week’s big edition 👇

🌍 Global Market Pulse

Metaplanet Surpasses 43,000 BTC Holdings, Third Largest Corporately

Tokyo-listed investment firm Metaplanet acquired 2,823 Bitcoin during the second quarter of 2026, pushing its total holdings past the 43,000 BTC milestone. The acquisition, valued at approximately $222 million, positions the company as the third-largest corporate holder of Bitcoin globally. Alongside stacking coins, Metaplanet generated $10.95 million in quarterly revenue through its Bitcoin options yield strategy. In contrast to this institutional accumulation, South Korea’s K Wave Media filed an SEC disclosure confirming the sale of its remaining 88 BTC to clear $6 million in debt, completely exiting its corporate Bitcoin treasury strategy.

South Africa Clarifies Crypto Tax Rules

The South African Revenue Service (SARS) released draft guidelines clarifying how crypto assets are taxed under the country's existing income and capital gains tax rules. The authority treats cryptocurrency as an intangible asset rather than a currency. Most crypto activities, including trading, swapping, and spending, trigger tax events. Tax classification depends entirely on the investor's intention, transaction frequency, and holding purpose. The draft guidance does not introduce new laws, and the public can submit feedback on the proposal until August 31, 2026.

Russia Reaffirms September Launch for Digital Ruble

Russia is on track to officially launch its central bank digital currency (CBDC) on September 1, 2026. Central Bank Governor Elvira Nabiullina confirmed that financial and credit institutions are prepared for the rollout, which will position the digital ruble as a complement to the physical fiat currency. The strategic timeline moves forward despite ongoing friction from European Union authorities, who issued preemptive sanctions against the digital asset architecture earlier this year.

Solana Company to Back Kazakhstan’s $6B Crypto Megacity Ambition

Nasdaq-listed digital asset treasury firm Solana Company signed a Memorandum of Understanding (MOU) to build the blockchain and crypto infrastructure for Alatau City, Kazakhstan’s planned digital-first megacity. Announced during an investment roadshow in Shenzhen and Hong Kong, the agreement positions the firm to develop the "Alatau Crypto Cluster," a special economic zone designed to operate on a Web3-native, tokenized economy. The partnership further accelerates Kazakhstan’s institutional alignment with the network, following the launch of Central Asia's first Solana Economic Zone in Astana and the recent introduction of a Solana ETF on the Kazakhstan Stock Exchange (KASE).

MiCA-Compliant Euro Stablecoins Surge 128% Before Transition Deadline

The market capitalization of eight MiCA-compliant euro stablecoins grew 128% over the past year, reaching $673.9 million by late June 2026. A report by payments infrastructure firm Decta revealed that trading volume also rose 43.1% to $67.3 million during this period. Despite this growth, euro-denominated tokens remain a tiny fraction of the market, representing just 0.22% of the $300 billion dollar-backed stablecoin sector. The findings fuel an ongoing debate among European policymakers on whether MiCA's strict reserve requirements and interest bans safeguard the ecosystem or hinder its ability to compete globally.

Strategy Sells $216M in Bitcoin to Fund Dividends

Michael Saylor’s Strategy sold 3,588 Bitcoin for $216 million to cover preferred stock dividend payments and replenish its cash reserves. According to an SEC filing, the transaction reduces the company's total holdings to 843,775 Bitcoin while keeping its $2.55 billion cash reserve completely intact. The sale follows a newly introduced capital framework that permits strategic asset monetization to support the 12% annual dividend rate on its STRC preferred stock. Wealth management firm Bernstein noted that Strategy is under no financial pressure to liquidate further holdings, maintaining a year-end Bitcoin price target of $150,000.

SBI Crypto Shuts Down Top-12 Bitcoin Mining Pool

Japanese financial conglomerate SBI is closing its crypto mining division's Bitcoin pool after a five-year run. Ranking as the 12th largest Bitcoin mining pool globally, SBI Crypto commands a 2.24% share of the total network hashrate. The company announced it will completely halt operations and stop accepting mining shares on July 31, 2026, though it did not disclose a specific business rationale for the shutdown.

📌 Regional Highlights

Dubai Tops Asian Crypto Hubs as Regional Regulations Advance

Dubai's Virtual Assets Regulatory Authority (VARA) hit a major milestone, issuing its 50th crypto license to pull ahead of regional competitors Hong Kong (13) and Singapore (37). Meanwhile, Taiwan's legislature officially passed its first comprehensive cryptocurrency law, mandating regulatory approval for all virtual asset service providers and introducing strict reserve and audit requirements for stablecoin issuers. Conversely, India's central bank continues to push for strict walls between traditional commercial banks and private cryptocurrencies, advising lawmakers to restrict banking exposure and payment settlements while still leaving room for state-regulated asset tokenization.

Keep an eye on 👀

Exactly 16 years ago, Bitcoin creator Satoshi Nakamoto announced the release of Bitcoin version 0.3 on the Bitcointalk forum. In the historic post, Nakamoto outlined the foundational mechanics of the network's fixed supply. The creator wrote that Bitcoin's total circulation is limited to 21 million coins. Nakamoto explained that the network gradually releases coins to nodes based on contributed CPU power, allowing anyone to earn a share by contributing idle CPU time. This early milestone remains a core pillar of Bitcoin's predictable issuance model.

CoinMENA News 🗞️

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Post Of The Week 🐥

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Quiz Corner ✅ 

Last week’s question: Approximately how much has Oman invested in crypto mining and data center infrastructure since 2022?

 The answer:  C) $700 million

This week’s question is: How many virtual asset service provider (VASP) licenses has Dubai's Virtual Assets Regulatory Authority (VARA) officially issued to date? 

A) 13 

B) 37 

C) 50 

D) 12

See the answer in next week’s newsletter. Or check out our learning platform https://university.coinmena.com/