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U.S. crypto firm Ripple has bought Switzerland-based crypto custody firm Metaco for $250 million, in its first major acquisition, Ripple said on Wednesday.

The U.S. stock market rally this year is so narrow that the S&P 500 index's gains have been entirely driven by just a handful of stocks, which are now significantly more expensive than more than 95% of the broader market.

Switzerland's central bank has successfully used digital currency to settle transactions involving five commercial banks, the Swiss National Bank said on Thursday, the latest trial of the technology in wholesale markets.

The regulator for DIFC, Dubai's state-owned financial free zone and the Middle East's major finance centre, has released the first part of a regulatory framework for digital tokens aimed at opening up trading of the fast-growing asset class.

China's market regulator will take steps to boost support for private firms in their efforts to improve quality and efficiency and promote fair competition by strengthening supervision, it said on Tuesday.