UAE-based lawyer Irina Heaver told Cointelegraph that the new rules allow issuing and listing RWAs on secondary markets. Newly updated guidelines from Dubai’s crypto regulator include provisions on real-world asset (RWA) tokenization and clarify rules for issuers. On May 19, Dubai’s Virtual Asset Regulatory Authority (VARA) released its updated Rulebook for virtual asset service providers (VASPs) operating in the region. The regulator gave market participants until June 19 to comply with the new rules. The regulator previously told Cointelegraph that it had enhanced supervisory mechanisms and brought consistency across activity-based rules. One of the more prominent changes includes regulatory clarity on RWA tokens. Read more
Anthony Pompliano’s fintech-focused SPAC, ProCap Acquisition Corp, rose 7% on its Nasdaq debut after bumping its IPO to $220 million a day before listing. Crypto influencer Anthony Pompliano’s fintech-focused blank-check company, ProCap Acquisition Corp (PCAPU), rose 7% on its debut Nasdaq listing after a last-minute upsizing of its initial public offering. ProCap had boosted its IPO from $200 million to $220 million on May 20, a day before its public launch, pricing its 22 million shares on offer at $10 each. ProCap shares closed the May 21 trading day up 7% at $10.70, which continued with a 1.6% bump after-hours to $10.87, Yahoo Finance data shows. Read more
A Block Earner spokesperson told Cointelegraph that ASIC's case against the firm has escalated to a “broader legal question” around the definition of a financial product. Australia’s financial regulator will seek the High Court’s permission to appeal a lower court’s ruling favoring fintech firm Block Earner, which found the company’s crypto-linked fixed-yield earning service is not a financial product. The Australian Securities and Investment Commission said on May 21 that it wants to ask the High Court of Australia to clarify what the definition of a financial product is and clarify the circumstances when an interest-earning product and the conversion of assets from one form to another are regulated. “The definition of financial product was drafted in a broad and technology-neutral way, and ASIC believes it is in the public interest to clarify this,” the watchdog said. Read more