News Roundup — Dubai Regulator Sets Compliance Deadline for Updated Crypto Rules

Major news stories this week;‍

1. Dubai Regulator Sets Compliance Deadline for Updated Crypto Rules
2. SEC Charges Crypto Project Unicoin, Executives With $100 Million Fraud Offering
3. Circle Takes Aim at Swift With Cross-Border Payments Network
4. Bitcoin and Ethereum ETFs Add More Than $1 Billion Combined in a Single Day
5. Some Us Banks Explore Venturing Into Crypto With Joint Stablecoin, WSJ Reports

Story Summaries;

1. Dubai’s crypto regulator VARA has updated its Rulebooks, requiring licensed virtual asset service providers (VASPs) to comply by June 19, 2025. The changes enhance oversight of activities like margin trading and token distribution, standardize key terms, and align risk management rules to reduce ambiguity. Leverage limits were tightened, collateral standards clarified, and stricter marketing rules introduced for retail offerings.
2. The SEC charged crypto firm Unicoin and its top executives with fraud for allegedly misleading investors about the value and backing of its tokens and stock. While claiming $3 billion in sales, the SEC says only $110 million was raised. Unicoin falsely claimed SEC registration and asset backing, targeting over 5,000 investors through widespread advertising. The company and its executives face charges, and its general counsel has settled with a $37,500 penalty.
3. Circle has launched the Circle Payments Network (CPN) to rival SWIFT, enabling faster, cheaper, and transparent cross-border payments using USDC. Backed by major banks, CPN offers real-time, 24/7 settlement and targets institutional and international use. Meanwhile, yield-bearing stablecoins are growing globally but face regulatory resistance in the U.S. due to banking industry pushback.
4. Bitcoin and Ethereum ETFs saw over $1 billion in combined inflows Thursday - the highest in five months. BlackRock’s IBIT led with $877 million, as Bitcoin hit a record $111,814 amid strong investor demand and easing macro conditions. Ethereum ETFs added $110 million, with Grayscale and Fidelity leading. While Ethereum demand trails Bitcoin, ETF flows remain solid as ETH gains momentum.
5. Major U.S. banks like JPMorgan, Bank of America, Citigroup, and Wells Fargo are reportedly exploring a joint stablecoin project, according to The Wall Street Journal. Still in early stages, the plan could allow broader bank use. Regional banks may pursue separate efforts. The move signals rising institutional interest in crypto, amid growing political backing, including Trump’s pledge to support mainstream adoption.
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And that’s all for last week’s news! Wishing you a great week ahead!