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DUBAI (Reuters) -Abu Dhabi-backed investment group MGX has made a $2 billion cryptocurrency investment in Binance, the companies said on Wednesday, deepening ties between the world's largest crypto exchange and the United Arab Emirates. The deal, which Binance called its first institutional investment, is one of the largest ever in the crypto industry. It will see MGX become a minority shareholder after making the investment in stablecoin - a type of cryptocurrency pegged to a fiat currency such as the dollar.

Russia's central bank has proposed regulating certain cryptocurrency investments for wealthy individuals, it said on Wednesday, outlining plans for "specially qualified" investors to trade crypto assets. The bank has gradually softened its strong opposition to cryptocurrencies, backing a law last year that allowed businesses to use cryptocurrencies in international trade, part of efforts to skirt Western sanctions imposed against Russia over the conflict in Ukraine. The bank said the experiment was aimed at increasing transparency of the cryptocurrency market and reminded potential investors of the risks of losing funds when trading crypto.

The central bank of Russia has proposed to allow crypto trading for select investors under an experimental regime.

The fresh capital will enable Mesh to expedite product development and enhance its APIs.

Increased volatility in the Treasury market often leads to reduced risk taking in financial markets.

Policy change at the regulator does not bind courts from analyzing the key question of whether certain crypto transactions are covered by federal securities laws. Private plaintiffs may take advantage, say Sydney Johnson and Calvin Koo, lawyers at Kobre & Kim.

YBFB hopes that using crypto will be a direct solution to the nation's shortage in U.S. dollars and foreign currency reserves.