The Crypto Weekly Digest, June 2: Dubai Pioneers Real Estate on Blockchain

Hey folks! Welcome to the latest edition of the Crypto Weekly Digest, where we provide you with the significant developments that took place in the crypto world over the week. Dubai has set a regional precedent by launching the Middle East’s first public blockchain-based real estate tokenization. 

Spearheaded by the Dubai Land Department and Ctrl Alt, the initiative registers property deeds on the XRP Ledger. Backed by the Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation, this project lets users acquire fractional real estate through PRYPCO Mint with a minimum of AED 2,000. This development underscores Dubai’s ambition to modernize property ownership and draw in digital asset participants.

Meanwhile, the cryptocurrency world turned its attention to Las Vegas, where the Bitcoin 2025 conference kicked off on May 27 at the Venetian Conference Center. The event gathered over 30,000 attendees and nearly 5,000 participating firms. With more than 400 speakers lined up, discussions centered around Bitcoin Layer 2 protocols and BTCfi ecosystems. Industry watchers anticipated key announcements and emerging partnerships, signaling a renewed wave of development around the Bitcoin ecosystem.

Related: Google Says Quantum Computer Could Crack Bitcoin Sooner

Michael Saylor, executive chair of Strategy, was one such notable voice warning against conventional publishing of on-chain proof-of-reserves. During the conference, Saylor asserted that publicizing wallet addresses exposes custodians and institutions to unnecessary risk, describing the practice as “an insecure proof of reserves” and a compromise on systemic security.

In corporate developments, Circle Internet Group filed for an initial public offering (IPO), planning to list its Class A common stock under the ticker “CRCL” on the New York Stock Exchange. The offering includes 24 million shares, split between Circle (9.6 million) and selling shareholders (14.4 million), priced between $24 and $26 per share. A 30-day option to purchase an additional 3.6 million shares was granted to underwriters. The IPO’s final terms depend on market conditions.

Bitcoin, after briefly soaring to a record high of $112,000 on May 22, faced so much headwind that it triggered a pullback. Data from Santiment showed the price retreating to $109,000 by May 26, following a dip from April’s low of $73,700. The rally lost steam after former President Donald Trump announced steep tariffs—50% on European goods and 25% on Apple products—causing address activity to drop and the price to correct to around $105,000 by May 24.

Elsewhere in the DeFi world, the Sui community is voting on a governance proposal to recover $162 million stolen from the Cetus Protocol. The assets, currently held in two addresses controlled by the attacker, are expected to be returned through a protocol upgrade that allows for a one-time multisig transaction. Validators are showing strong support for the proposal, which aims to restore confidence in the network following the breach.

Across the Atlantic, Bybit received a green light from Austria’s Financial Market Authority under the EU’s MiCA regulatory framework. This license enables Bybit EU to operate legally across all 29 EEA countries. On May 29, the firm cemented its European presence by opening a regional headquarters in Vienna, reflecting growing momentum for crypto regulation and expansion in Europe.

In contrast, regulatory pressure tightened in Asia. Thailand’s SEC declared it would block five unlicensed exchanges—Bybit, 1000X, CoinEx, OKX, and XT.COM—starting June 28. The Thai regulator filed charges with the Economic Crime Suppression Division, accusing the platforms of violating the Digital Asset Business Act and giving out services to Thai users without government authorization. 

Related Circle Freezes $57M USDC Linked to Libra Token Scandal

Meanwhile, the U.S. Securities and Exchange Commission is preparing to host its next crypto roundtable on June 9 at its Washington, D.C., headquarters. Themed “DeFi and the American Spirit,” the session will explore how decentralized finance aligns with values such as market autonomy. The four-hour event will include a live town hall, with audience participation encouraged both in person and online.

Finally, the FTX estate began distributing over $5 billion to approved creditors as part of the second phase of its payout plan. With Kraken and BitGo as distribution partners, claimants within Class 7 are going to receive 120%, whereas other classes range between 54% and 72%. The update is indicative of further progress in court-authorized recovery efforts following one of the greatest collapses in the crypto industry.

From real estate tokenization and policy shifts to record Bitcoin highs and corporate restructuring, the last seven days emphasized that the crypto space is ever-evolving in terms of infrastructure, regulation, and global market.