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A proposed acquisition involving Solmate and RockawayX is set to form a digital-asset business valued at about $2 billion, marking one of the most significant consolidation moves in the crypto infrastructure segment this year. The companies have signed a term sheet that lays the foundation for a unified institutional platform, bringing together treasury management, custody, infrastructure services, and investment capabilities under a single framework aimed at accelerating growth in regulated markets.

The structure under discussion places Marco Santori at the helm of Solmate as chief executive, overseeing the combined treasury and infrastructure strategy. Santori, whose career has spanned legal, compliance and policy roles across the crypto sector, is expected to steer the organisation through advancing regulatory requirements and the maturation of institutional demand for blockchain-based services. Viktor Fischer will continue as chief executive of the RockawayX subsidiary, maintaining operational continuity for the unit’s investment and venture activities, while supporting its integration into the broader strategy being shaped for the merged entity.

The term sheet signals a drive toward strengthening institutional-grade products, an area that has been expanding as asset managers, banks and corporates look for secure and compliant exposure to digital assets. Market analysts note that consolidation among service providers has intensified during the year, with firms seeking scale to meet tighter rules around custody, disclosures and consumer protection. The combined platform is positioned to benefit from these pressures, particularly as policymakers in Europe and the Gulf continue to advance clearer frameworks for crypto trading and asset tokenisation.

Both companies have been active in digital-asset infrastructure, with Solmate operating from the UAE while expanding its footprint across treasury services, custody architecture and enterprise solutions, and RockawayX building a presence in venture investment and decentralised finance infrastructure. Industry observers point out that merging these capabilities could create a diversified revenue base that spans recurring service fees and strategic investment returns. The proposal aligns with a wider shift toward vertically integrated models, enabling providers to streamline operations and reduce dependence on external platforms.

The acquisition plan comes at a time when institutional appetite for blockchain-based solutions has grown. Asset tokenisation has gained traction across global financial centres, with several regulators encouraging pilots in settlement, fund distribution and real-world asset token structures. Market estimates from financial institutions tracking tokenisation flows suggest that the segment could expand into multi-trillion-dollar territory over the next decade, creating opportunities for firms positioned to serve corporate treasuries and fund managers seeking secure digital infrastructure.

Santori has highlighted in prior industry engagements that regulatory clarity is central to institutional adoption. His role in shaping the combined strategy is seen as critical as Solmate works to align its offerings with evolving rules across the EU, the UK and the Gulf. Fischer, meanwhile, has maintained a focus on early-stage blockchain innovation and decentralised services, an area where RockawayX has built strong networks with founders and developers. The proposed structure allows both executives to operate within their respective strengths while contributing to a unified long-term roadmap.

The companies are expected to enter a detailed due-diligence phase, during which they will assess operational integration, regulatory conditions and market positioning. While the term sheet outlines key leadership and structural arrangements, the final agreement will depend on further negotiations and any regulatory permissions required in relevant jurisdictions. People familiar with transactions of this scale emphasise that the coming stages typically involve extensive compliance reviews, cybersecurity audits and technology-stack assessments, especially for firms engaged in digital-asset custody and treasury operations.

Market participants say the combined entity’s valuation of around $2 billion reflects the premium placed on platforms capable of serving institutional demand for secure storage, liquidity management, infrastructure and tokenisation support. Comparable transactions this year have highlighted a rising interest among investors in firms that can bridge traditional financial practices with advanced blockchain tools. Analysts also point out that bringing treasury and venture operations together may create synergies, allowing insights from early-stage ecosystems to inform enterprise-level product design.

Emirates NBD has sealed a strategic partnership with the Dubai International Financial Centre aimed at offering enhanced wealth governance, succession planning and legacy-preservation services to ultra-high-net-worth families and family-owned enterprises. The collaboration will channel the capabilities of Emirates NBD Private Banking and the infrastructure of DIFC’s Family Wealth Centre to meet the complex needs of family businesses within the jurisdiction.

Under the agreement, Emirates NBD will provide tailored governance frameworks, succession-planning blueprints, tax structuring, and bespoke advisory services designed for clients with significant wealth or business holdings. The bank intends to complement these offerings with educational workshops, governance-best-practice programmes and family-office structuring support — all delivered through DIFC’s institutional facilities.

The move reflects growing demand in the Middle East for professionalised wealth-transfer and legacy-management solutions as substantial assets stand to pass to younger generations. Regional trends indicate about one trillion US dollars in assets are expected to be transferred within wealthy families by 2030, underscoring the urgency for robust governance structures.

United Kingdom legislation now formally recognises digital assets such as cryptocurrencies and stablecoins as personal property, offering holders protections under established property law. The Property Act 2025 — previously a bill — received royal assent, confirming that digital tokens may be treated as a third category of personal property alongside traditional “things in possession” and “things in action.” This marks a decisive shift from earlier reliance on case-by-case rulings by courts.

Legal recognition ensures that crypto-owners gain enforceable rights in instances of theft, fraud or insolvency, and enables digital assets to be included in estates or bankruptcy proceedings under the same protections afforded to conventional property. The Act does not itself define which digital assets qualify — courts will decide those details over time.

Judicial developments had already begun to lay the groundwork for this change. As early as 2019, the UK Jurisdiction Taskforce concluded that crypto-assets met criteria for property under English law: they could be defined, identified, transferred and treated as assets capable of value retention. A key case, AA v Persons Unknown, saw the High Court of England and Wales recognise Bitcoin provided as ransom in a cyber-attack as property, granting the insurer a proprietary injunction.

Advocates of the law hailed it as providing clarity long sought by individuals and businesses holding crypto-assets. CryptoUK, a leading trade body for digital assets, noted that while courts had already treated crypto as property in some cases, codifying the principle into statute removes uncertainty and streamlines legal protections across theft, insolvency and estate-related scenarios.

Legal experts say the Act reflects the recommendations laid out by the Law Commission in a 2023 report, which urged reform to ensure the law could accommodate emerging digital assets under a flexible yet robust framework. The Commission argued that existing categories of personal property under law were too rigid to account for assets that lacked physical form or contractual rights.

This statutory change arrives as UK regulators concurrently refine the broader regime for crypto-assets. Draft legislation published earlier this year already seeks to amend the Financial Services and Markets Act 2000 to designate certain “qualifying cryptoassets” and “qualifying stablecoins” as regulated investments, bringing market-level rules for trading, custody and compliance under formal oversight.

While the law does not render cryptocurrency a legal tender — meaning it still cannot be used to settle debts in substitute for currency — its classification as property gives holders legal certainty over ownership and enforceable rights. Taxation and regulatory treatment will continue to follow established frameworks, though this legal milestone reduces ambiguity over the status of crypto-assets in private law contexts.

Judges, lawyers and market participants anticipate that the Act will lead to a more stable and predictable legal environment for crypto-asset ownership, enabling individuals and institutions to treat tokens with the same legal respect accorded to traditional assets. As the courts start applying the new law in real cases, the boundaries of which digital assets qualify will grow clearer — and the UK’s position as a regulatory pioneer in digital asset law will be reaffirmed.

Saudi Arabia’s sovereign wealth fund is seeking to deepen ties with Japanese investors as it reshapes its investment strategy away from sprawling real-estate megaprojects toward sectors deemed more viable in the near term.

The Public Investment Fund, valued at roughly $925 billion, unveiled a plan to expand investments in Japan from $11.5 billion between 2017–2024 to a projected $27 billion by 2030, according to remarks by its governor, Yasir Al-Rumayyan, at a business summit in Tokyo. He described Japanese companies as “one of the largest partners for Saudi Arabia,” and said the kingdom hopes to “bring more and more Japanese companies” on board.

This outreach comes alongside a major overhaul of PIF’s priorities. Plans for large-scale real estate ventures—previously central under the Vision 2030 plan—are being put on the back foot as delays and write-downs erode investor confidence. The new strategy pivots toward sectors such as logistics, mineral extraction, religious tourism and artificial intelligence, with greater emphasis on data infrastructure and industries promising quicker returns.

Some megaprojects under Vision 2030, including the much-publicised desert city NEOM and a planned mountain-based winter sports hub, have faced repeated delays and mounting costs, prompting analysts to question their long-term viability. PIF’s 2024 annual report shows impairments on several high-profile investments that have weighed on returns, and strategic rebalancing appears aimed at stabilising the fund’s financial outlook.

The renewed focus on logistics underscores Saudi Arabia’s ambition to become a global supply-chain hub bridging Asia, Europe and Africa. Mineral extraction targets the kingdom’s considerable reserves of rare earths and critical minerals, seen as vital for future technology supply chains. Religious tourism aims to leverage steady demand for pilgrimage to holy sites, while investments in artificial intelligence and data infrastructure, led by PIF-backed firm Humain, reflect the kingdom’s drive to build a diversified economy beyond hydrocarbons.

Financial markets and global investors have welcomed the pivot as more pragmatic and potentially less risky than monumental real-estate bets. Yet critics caution that shifting to more conventional sectors may diminish the transformative potential originally promised under Vision 2030. The challenge now lies in whether the new strategy can deliver on its growth and diversification goals while restoring investor confidence.