UAE Central Bank Approves Web3 Insurance Solutions

By Shikha Singh

UAE Central Bank Approves Web3 Insurance Solutions.

The UAE Central Bank has approved Web3 insurance solutions developed by Relm Insurance and Liva Insurance.

The solutions, SIGMAWEB3 and SIGMAWEB3 VARA, are designed to cover the unique risks of digital assets, blockchain, and fintech businesses operating in the UAE.

This approval reflects the UAE’s commitment to fostering innovation in emerging technologies and addresses the insurance gap faced by Web3 companies.

The partnership between Relm and Liva Insurance aims to provide tailored coverage for the evolving industry.

Both companies emphasized the importance of this regulatory milestone in empowering businesses to innovate with confidence.

The approval also signals growing regulatory acceptance of Web3-specific insurance needs, positioning the UAE as a progressive jurisdiction for digital asset businesses.

Semler Scientific Pursues $500mn Offering to Boost Bitcoin Portfolio.

Semler Scientific (SMLR), a U.S.-based medical technology firm, plans to raise up to $500 million through a securities offering to fund general corporate purposes, including expanding its Bitcoin (BTC) holdings. The company filed a Form S-3 with the SEC, allowing flexibility in how proceeds are allocated.

Despite currently facing a 5% unrealized loss on its Bitcoin investments—due to BTC trading at ~$83,397 versus an average purchase price of $87,850—Semler remains committed to its crypto strategy. Between January 11 and February 3, it bought 871 BTC for $88.5 million, bringing its total holdings to 3,192 BTC, which now account for over 80% of its $330 million market cap.

Ethena Fined €600K by German Regulator and Ordered to Reverse USDe Token Issuance.

The German Federal Financial Supervisory Authority (BaFin) has ordered Ethena GmbH to cease all business activities related to the issuance of its USDe tokens.

This follows the discovery of significant deficiencies in the company’s operations during the regulatory approval process.

Ethena GmbH had entered the German market under a transitional provision of the EU’s Markets in Crypto-Assets Regulation (MiCAR).

However, on April 3, 2025, the company withdrew its application for authorization, effectively ending the approval process. As a result, Ethena GmbH is no longer permitted to operate within the European Union.

Under BaFin’s directive, the company must now unwind its USDe token issuance and implement a redemption plan, which will take place under regulatory supervision. To protect creditor interests, BaFin has also imposed a €600,000 coercive fine and issued a ban on payments and sales to safeguard Ethena GmbH’s assets.

Gemini’s Tyler Winklevoss Confirms Launch of Free Algorithms for XRP Holders.

Tyler Winklevoss, co-founder of Gemini, confirmed the launch of free investment algorithms designed for XRP holders. These tools, developed by Arch Public—a crypto firm focused on algorithmic automation—aim to create a fairer investment environment for holders of XRP and Bitcoin.

The announcement followed a tweet from attorney John E. Deaton, a prominent figure in the XRP community, who revealed his collaboration with Arch Public and shared that he had set up a Gemini account to run the algorithms. He claimed the tools could help users earn a “cash yield” by growing their XRP holdings.

However, the community response was mixed. While some showed excitement, others expressed skepticism, calling the algorithms unreliable. Critics also questioned Winklevoss’s motives, citing his past criticisms of Ethereum and speculating whether his account had been compromised. Cameron Winklevoss echoed his brother’s excitement but faced similar backlash.

OKX Relaunches U.S. Crypto Exchange With New Wallet.

Crypto exchange OKX is re-entering the U.S. market with a new office in San Jose, California, and has appointed Roshan Robert, a former Barclays executive, as its U.S. CEO.

This move comes after OKX paid a $504 million settlement to the DOJ for operating in the U.S. without a proper license.

Robert, previously involved with Hidden Road and CLST, emphasized a focus on regulatory compliance and responsible growth.

OKX now aims to work closely with U.S. regulators and has implemented a robust compliance framework including enhanced KYC, AML tools, geo-blocking, and market surveillance.

OKCoin users in the U.S. will be migrated to OKX, gaining access to more advanced trading features, lower fees, and higher liquidity.

Bybit Reverses PAWS Airdrop Following User Complaints Ahead of Token Launch.

Bybit reversed its PAWS airdrop after distribution errors caused some users to receive too many tokens and others none at all.

The exchange is reallocating tokens based on updated eligibility data and assured users no funds were lost.

Confusion grew due to EEA users being excluded under MiCA regulations, with tokens in restricted regions being recalled.

The airdrop, one of the largest community distributions, targeted Telegram mini-app users, Solana NFT holders, and social campaign participants.

Critics called the rollout chaotic, while Bybit promised corrected allocations before the PAWS/USDT trading launch and warned users about potential scams.

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