Dubai’s regulator issued new guidance placing token launches into three buckets, tightening disclosure and governance standards for stablecoins, RWAs and other digital assets. Dubai’s Virtual Assets Regulatory Authority (VARA) published detailed guidance on Thursday that clarifies how token issuers should structure, disclose and distribute virtual assets in the emirate, sharpening rules for stablecoins and real-world asset (RWA) tokens. The document, which interprets VARA’s existing Virtual Asset Issuance Rulebook rather than creating new law, sets out three distinct issuance pathways and spells out who is responsible for what in each. Rather than treating all tokens as if they pose the same risks, the framework draws clear lines between Category 1 issuances (including fiat-referenced virtual assets and asset-referenced virtual assets), Category 2 issuances that must be distributed via a VARA-licensed intermediary, and exempt virtual assets with limited functionality. Read more
South Korean crypto exchange Bithumb files for a court-approved asset freeze to reclaim 7 BTC remaining from a February payout error. South Korean crypto exchange Bithumb has begun legal proceedings to recover 7 Bitcoin still missing from a payout error that saw 620,000 BTC mistakenly distributed during a promotional event in February. The exchange has filed for a provisional attachment, a court-approved measure that freezes assets ahead of a civil lawsuit, targeting users who have yet to return the funds, according to a Thursday report by local outlet Chosun Biz. On Feb. 6, the exchange wanted to distribute a total of 620,000 won ($420) to 249 event winners. Instead, due to an input error, the system sent out 620,000 Bitcoin (BTC), briefly valuing the mistaken transfer at roughly 62 trillion Korean won ($42 billion). Although the exchange reversed the transactions within minutes, a portion of the funds had already been moved. Read more
Yuga Labs first filed a lawsuit in June 2022, accusing Ripps and Cahen of copying its Bored Ape Yacht Club cartoon ape images and selling lookalike NFTs. Bored Ape Yacht Club creator Yuga Labs has settled its long-running lawsuit with a pair of artists accused of profiting off lookalike NFTs. According to documents filed in the District Court for the Central District of California on Tuesday, Yuga Labs and artists Ryder Ripps and Jeremy Cahen told the court they had reached a settlement agreement. As part of the settlement, Ripps and Cahen are permanently banned from using Yuga Lab's imagery and trademarks and will transfer control of the smart contracts, domains and any remaining NFTs associated with their RR/BAYC project to Yuga Labs within the next 10 days. Read more
Bitcoin and global markets rallied after the US and Iran announced a ceasefire, but data show BTC bears have not closed most of their positions yet. Key takeaways: The US and Iran ceasefire boosted stock markets and Bitcoin, but BTC derivatives suggest limited bullish momentum. Legislative setbacks and a "fragile truce" between the US and Iran keep bears active with a potential $68,000 correction on the cards. Read more
David Woodcock steps into the role as US senators await answers to questions on the agency’s dropping lawsuits against Justin Sun and several crypto companies. The US Securities and Exchange Commission (SEC) has appointed David Woodcock as director of its division of enforcement as lawmakers press for answers on his predecessor’s departure. In a Wednesday notice, the SEC said Woodcock would be taking over as the agency’s top enforcer starting on May 4. Sam Waldon will continue to serve as acting director of the division until then. Woodcock, a partner at the law firm Gibson, Dunn and Crutcher, chairs that firm’s Securities Enforcement Practice Group. He previously worked as the director of the commission’s Fort Worth office from 2011 to 2015. Read more