Dubai releases crypto regulations for virtual asset service providers
The Virtual Asset Regulatory Authority (VARA), the regulator in charge of overseeing cryptocurrency laws within Dubai, has issued new guidelines for virtual asset service providers (VASPs) operating within the emirate.
According to Irina Heaver, a crypto and blockchain lawyer based in the United Arab Emirates, VARA has issued its “Full Market Product Regulations,” which include four compulsory rulebooks and activity-specific rulebooks that lay down the rules for operating VASPs. The rules only apply to market participants within Dubai, excluding those operating under the Dubai International Financial Centre (DIFC), a free zone with its own regulator.
The Dubai regulator also highlighted that all market participants, whether they are licensed by VARA or not, must adhere to regulations for marketing, advertising and promotions regulations.
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The Virtual Asset Regulatory Authority (VARA), the regulator in charge of overseeing cryptocurrency laws within Dubai, has issued new guidelines for virtual asset service providers (VASPs) operating within the emirate.
According to Irina Heaver, a crypto and blockchain lawyer based in the United Arab Emirates, VARA has issued its “Full Market Product Regulations,” which include four compulsory rulebooks and activity-specific rulebooks that lay down the rules for operating VASPs. The rules only apply to market participants within Dubai, excluding those operating under the Dubai International Financial Centre (DIFC), a free zone with its own regulator.
The Dubai regulator also highlighted that all market participants, whether they are licensed by VARA or not, must adhere to regulations for marketing, advertising and promotions regulations.
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Nokia connects distant breweries via the metaverse
Nokia, a provider of telecom infrastructure, has been looking for ways to use the metaverse.
Joyce claims that Nokia began collaborating with an Australian university to create a 5G-connected microbrewery using metaverse technology last year.
Nokia reportedly set up two labs last year to carefully explore the Metaverse and the underlying technologies, according to Robert Joyce.
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Nokia, a provider of telecom infrastructure, has been looking for ways to use the metaverse.
Joyce claims that Nokia began collaborating with an Australian university to create a 5G-connected microbrewery using metaverse technology last year.
Nokia reportedly set up two labs last year to carefully explore the Metaverse and the underlying technologies, according to Robert Joyce.
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Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48 Million
Investment management firm Ark Invest says bitcoin is “likely to scale into a multi-trillion dollar market.” In its new report, the firm offers three bitcoin price predictions, including a bull case where bitcoin could rise to $1.48 million per coin. Ark Invest CEO Cathie Wood sees bitcoin as “an insurance policy for everyone against the confiscation of wealth.”
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Investment management firm Ark Invest says bitcoin is “likely to scale into a multi-trillion dollar market.” In its new report, the firm offers three bitcoin price predictions, including a bull case where bitcoin could rise to $1.48 million per coin. Ark Invest CEO Cathie Wood sees bitcoin as “an insurance policy for everyone against the confiscation of wealth.”
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China issues warning regarding illegal fundraising & NFT advertising
Beijing’s market watchdog has advised investors against supporting ventures advertised nationally as NFTs, or ideas associated with the metaverse because users may use them for dishonest or illegal fundraising.
Many of these projects are drawn to the idea of “metaverse investing,” or NFTs, which carry a high level of risk and include speculative elements, according to a warning issued Tuesday by the Beijing Municipal Administration for Market Regulation.
The Authority cautioned people against engaging in “illegal fundraising efforts” and “hype and conjecture.”
While China will outlaw cryptocurrency transactions in 2021, strict regulations for NFTs still need to be implemented. Although numerous websites offer these services, Chinese users continue to buy and trade digital goods.
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Beijing’s market watchdog has advised investors against supporting ventures advertised nationally as NFTs, or ideas associated with the metaverse because users may use them for dishonest or illegal fundraising.
Many of these projects are drawn to the idea of “metaverse investing,” or NFTs, which carry a high level of risk and include speculative elements, according to a warning issued Tuesday by the Beijing Municipal Administration for Market Regulation.
The Authority cautioned people against engaging in “illegal fundraising efforts” and “hype and conjecture.”
While China will outlaw cryptocurrency transactions in 2021, strict regulations for NFTs still need to be implemented. Although numerous websites offer these services, Chinese users continue to buy and trade digital goods.
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NFT Market Remains Resilient With 1.23% Increase in Sales, Ethereum Dominates With 81% of Total NFT Settlements
Non-fungible token (NFT) sales rose slightly last week, increasing 1.23% to $232.49 million in recorded sales. The top two NFT collections, Otherdeed and Doodles, saw growth of 44% to 58% compared to the previous week. Ethereum continues to dominate the NFT industry, accounting for more than 81% of total sales.
NFT sales remain steady this week and during February 2023, with $39.72 million in recorded sales so far this month. Over the past seven days, there were $232.49 million in NFT sales, a 1.23% increase compared to the previous week. Ethereum accounted for 81% of total NFT sales, or approximately $188.51 million in settlements. The second largest blockchain for NFT sales was Solana, which processed $27.40 million in the past week, a decrease of 2.65% from the previous week. Immutable X ranked third in NFT sales, with sales rising 37.85% to $4.5 million.
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Non-fungible token (NFT) sales rose slightly last week, increasing 1.23% to $232.49 million in recorded sales. The top two NFT collections, Otherdeed and Doodles, saw growth of 44% to 58% compared to the previous week. Ethereum continues to dominate the NFT industry, accounting for more than 81% of total sales.
NFT sales remain steady this week and during February 2023, with $39.72 million in recorded sales so far this month. Over the past seven days, there were $232.49 million in NFT sales, a 1.23% increase compared to the previous week. Ethereum accounted for 81% of total NFT sales, or approximately $188.51 million in settlements. The second largest blockchain for NFT sales was Solana, which processed $27.40 million in the past week, a decrease of 2.65% from the previous week. Immutable X ranked third in NFT sales, with sales rising 37.85% to $4.5 million.
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Here’s a list of countries that love the metaverse the most
A recent analysis of more than a million tweets showed a list of countries that love and hate the metaverse, with Vietnam showing the most love for the concept and Ireland topping the opposite side of the spectrum.
Crypto data website CoinKickoff analyzed 1.6 million tweets from different parts of the world to determine which countries are in favor of the metaverse concept and which countries oppose it. The results showed that Vietnam topped the in-favor list, with 56.8% of the metaverse tweets coming from the southeast-Asian country being positive.
East-Asian countries were generally positive toward the concept. Apart from Vietnam, the Philippines, Ukraine, Nigeria and Indonesia also made it to the top countries in support of the metaverse.
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A recent analysis of more than a million tweets showed a list of countries that love and hate the metaverse, with Vietnam showing the most love for the concept and Ireland topping the opposite side of the spectrum.
Crypto data website CoinKickoff analyzed 1.6 million tweets from different parts of the world to determine which countries are in favor of the metaverse concept and which countries oppose it. The results showed that Vietnam topped the in-favor list, with 56.8% of the metaverse tweets coming from the southeast-Asian country being positive.
East-Asian countries were generally positive toward the concept. Apart from Vietnam, the Philippines, Ukraine, Nigeria and Indonesia also made it to the top countries in support of the metaverse.
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Fujitsu launches Web3 acceleration platform for startups and partner companies
Japanese multinational tech company Fujitsu has announced the launch of a new platform designed to support Web3 developers worldwide.
According to a report by the Fintech Times, Fujitsu’s Web3 Acceleration Platform seeks to provide a development environment, blockchain-based service APIs, high-computing technologies, simulations, AI, combinatorial optimization, for start-ups, partner companies, and universities building Web3 applications and services.
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Japanese multinational tech company Fujitsu has announced the launch of a new platform designed to support Web3 developers worldwide.
According to a report by the Fintech Times, Fujitsu’s Web3 Acceleration Platform seeks to provide a development environment, blockchain-based service APIs, high-computing technologies, simulations, AI, combinatorial optimization, for start-ups, partner companies, and universities building Web3 applications and services.
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OpenSea becomes an aggregator of the Seaport ecosystem
Starting today, the platform has launched a pilot program to merge listings from marketplaces and projects built on Seaport, starting with ens.vision, sansa, and sound.xyz.
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Starting today, the platform has launched a pilot program to merge listings from marketplaces and projects built on Seaport, starting with ens.vision, sansa, and sound.xyz.
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Jury favors Hermes in MetaBirkin trademark dispute, says NFTs are not art
Luxury handbag maker Hermes won in court against the artist producing an NFT dupe of its flagship trademark Birkin. A nine-person jury in New York returned the verdict on Wednesday, ordering the artist of the "MetaBirkin," Mason Rothschild, to pay $133,000 in damages.
Rothschild had customized blockchain-based images of the iconic handbag, which has been featured in TV shows such as "Sex and the City" in its original form and can cost hundreds of thousands of dollars. The NFTs featured one bag with horns, and others swathed in fluffy material covered in emojis. This is the first time a case involving NFTs has been tried through the lens of intellectual property law and is therefore precedent-setting for the digital asset space. It tested whether NFTs are commodities or art, under law.
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Luxury handbag maker Hermes won in court against the artist producing an NFT dupe of its flagship trademark Birkin. A nine-person jury in New York returned the verdict on Wednesday, ordering the artist of the "MetaBirkin," Mason Rothschild, to pay $133,000 in damages.
Rothschild had customized blockchain-based images of the iconic handbag, which has been featured in TV shows such as "Sex and the City" in its original form and can cost hundreds of thousands of dollars. The NFTs featured one bag with horns, and others swathed in fluffy material covered in emojis. This is the first time a case involving NFTs has been tried through the lens of intellectual property law and is therefore precedent-setting for the digital asset space. It tested whether NFTs are commodities or art, under law.
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Coinbase Argues Its Staking Services Are Not Securities, Criticizes SEC Regulatory Approach
Coinbase, one of the biggest cryptocurrency exchanges in the U.S., has stated that the staking services offered on its platform do not constitute securities. The statements, made in the wake of the $30 million settlement that Kraken, another U.S.-based crypto exchange, completed with the U.S. Securities and Exchange Commission (SEC), also criticize the institution’s approach to the issue.
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Coinbase, one of the biggest cryptocurrency exchanges in the U.S., has stated that the staking services offered on its platform do not constitute securities. The statements, made in the wake of the $30 million settlement that Kraken, another U.S.-based crypto exchange, completed with the U.S. Securities and Exchange Commission (SEC), also criticize the institution’s approach to the issue.
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Microsoft Reportedly Shutting Down Industrial Metaverse Focused Group
Software giant Microsoft is shutting down one of its most significant groups dedicated to the development and promotion of the industrial metaverse. According to reports, the company terminated its whole Industrial Metaverse Core group, which was composed of 100 employees, as part of the 10,000-person layoff rounds announced in January.
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Software giant Microsoft is shutting down one of its most significant groups dedicated to the development and promotion of the industrial metaverse. According to reports, the company terminated its whole Industrial Metaverse Core group, which was composed of 100 employees, as part of the 10,000-person layoff rounds announced in January.
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Chinese Government Launching National Blockchain Innovation Center
The Chinese government is setting up a national blockchain innovation center in Beijing to focus on industrial applications and major use cases of blockchain technology, particularly those related to the Chinese economy.
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The Chinese government is setting up a national blockchain innovation center in Beijing to focus on industrial applications and major use cases of blockchain technology, particularly those related to the Chinese economy.
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Larva Labs And Yuga Labs Donated NFTs To France’s Largest Modern Art Museum
NFT artwork was donated to the Centre Pompidou, the Paris Art Museum, for their permanent collection by Larva Labs and Yuga Labs. Both companies are happy to be a part of a permanent collection commemorating vital work of this kind via Twitter on February 11, 2023.
On February 10, Centre Pompidou also unveiled plans for a forthcoming permanent exhibition that would focus on the relationship between nonfungible assets on the blockchain and art. The Centre will exhibit NFTs by more than. 16 digital artists from across the world, including well-known collectibles like CryptoPunk #110 and Autoglyph #25, both of which were donated to the Centre Pompidou. As part of an initiative to place CryptoPunks at renowned institutions all around the world in November, CryptoPunk #305 was given to Miami’s Institute of Contemporary Art.
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NFT artwork was donated to the Centre Pompidou, the Paris Art Museum, for their permanent collection by Larva Labs and Yuga Labs. Both companies are happy to be a part of a permanent collection commemorating vital work of this kind via Twitter on February 11, 2023.
On February 10, Centre Pompidou also unveiled plans for a forthcoming permanent exhibition that would focus on the relationship between nonfungible assets on the blockchain and art. The Centre will exhibit NFTs by more than. 16 digital artists from across the world, including well-known collectibles like CryptoPunk #110 and Autoglyph #25, both of which were donated to the Centre Pompidou. As part of an initiative to place CryptoPunks at renowned institutions all around the world in November, CryptoPunk #305 was given to Miami’s Institute of Contemporary Art.
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Kenyan AI and Blockchain Startup Receives Investment From Swiss VC Firm
Fastagger Inc, an artificial intelligence and blockchain startup from Kenya, recently revealed that it had received an investment from the Swizterland-based blockchain investor CVVC. Mutembei Kariuki, said the investment will be used to fund the further develop Fastagger’s “cutting-edge technology expertise” which harnesses AI and the blockchain.
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Fastagger Inc, an artificial intelligence and blockchain startup from Kenya, recently revealed that it had received an investment from the Swizterland-based blockchain investor CVVC. Mutembei Kariuki, said the investment will be used to fund the further develop Fastagger’s “cutting-edge technology expertise” which harnesses AI and the blockchain.
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Brazil’s oldest bank allows residents to pay their taxes using crypto
A major Brazilian bank is offering a new and convenient option for taxpayers to settle their dues using cryptocurrencies.
According to a statement published by Brazilian bank Banco do Brasil on Feb. 11, it is now “possible” for Brazilian taxpayers to pay their tax bill with crypto in a joint initiative with Brazilian-based crypto firm Bitfy.
It is available to Brazilians with crypto under the custody of Bitfy, which will act as a “collection partner” for the major Brazilian bank.
It noted that besides the convenience it brings to customers, it could “expand” the use and access to the digital asset ecosystem with “national coverage” while having the comfort of a reputable bank providing consumer protection.
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A major Brazilian bank is offering a new and convenient option for taxpayers to settle their dues using cryptocurrencies.
According to a statement published by Brazilian bank Banco do Brasil on Feb. 11, it is now “possible” for Brazilian taxpayers to pay their tax bill with crypto in a joint initiative with Brazilian-based crypto firm Bitfy.
It is available to Brazilians with crypto under the custody of Bitfy, which will act as a “collection partner” for the major Brazilian bank.
It noted that besides the convenience it brings to customers, it could “expand” the use and access to the digital asset ecosystem with “national coverage” while having the comfort of a reputable bank providing consumer protection.
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Celebrating its 75th anniversary, PUMA to release “Super PUMA” NFTs
The introduction of a full digital makeover and PFP NFT project for their mascot, “Super PUMA,” has been announced by the iconic sports brand PUMA. The new collection introduces cutting-edge technologies and experiences to commemorate the brand’s 75th anniversary.
The 1970s saw the introduction of the Super PUMA comics, which shall have an influence on the collection. Green cat Super Puma is one of them. The NFTs will include references to some of PUMA’s most recognizable designs as well as immersive experiences and highlights of the most significant events in the brand’s 75-year history.
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The introduction of a full digital makeover and PFP NFT project for their mascot, “Super PUMA,” has been announced by the iconic sports brand PUMA. The new collection introduces cutting-edge technologies and experiences to commemorate the brand’s 75th anniversary.
The 1970s saw the introduction of the Super PUMA comics, which shall have an influence on the collection. Green cat Super Puma is one of them. The NFTs will include references to some of PUMA’s most recognizable designs as well as immersive experiences and highlights of the most significant events in the brand’s 75-year history.
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Kazakhstan to mandate 75% revenue sale from crypto mining for tax purposes
Kazakhstan, one of the world’s biggest Bitcoin mining hubs, announced plans to introduce new crypto regulations to reduce tax fraud and unlawful business operations.
A new law signed by Kazakh President Kassym-Jomart Tokayev on Feb. 6 reinstated the nation’s stand against the unlawful mining operations and issuance of crypto assets. Out of the two distinct pieces of legislation, the first requires the secured digital assets issuers to have the government’s permission.
The second legislation targets unsecured digital assets, typically earned through crypto mining operations. To reduce the possibility of tax evasion, crypto miners in Kazakhstan will be forced to sell at least 75% of their revenue via registered crypto exchanges.
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Kazakhstan, one of the world’s biggest Bitcoin mining hubs, announced plans to introduce new crypto regulations to reduce tax fraud and unlawful business operations.
A new law signed by Kazakh President Kassym-Jomart Tokayev on Feb. 6 reinstated the nation’s stand against the unlawful mining operations and issuance of crypto assets. Out of the two distinct pieces of legislation, the first requires the secured digital assets issuers to have the government’s permission.
The second legislation targets unsecured digital assets, typically earned through crypto mining operations. To reduce the possibility of tax evasion, crypto miners in Kazakhstan will be forced to sell at least 75% of their revenue via registered crypto exchanges.
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Bit2Me and Mastercard launch debit card with crypto cashback
In an announcement on Feb. 10, Bit2Me, the largest Spanish cryptocurrency exchange, revealed its new cashback debit card in partnership with Mastercard.
The original Bit2Me card works for its users via the Mastercard network that hosts millions of businesses worldwide. This new update offers users up to 9% crypto cashback for all purchases made with the card online or in-store.
Leif Ferreira, the CEO and co-founder of Bit2Me, told Cointelegraph that the use of already known Web2 financial tools like debit and credit cards comes with the hope of greater adoption of this "revolutionary" technology
"[The] goal is that any user from anywhere in the world has easy access to the limitless world of Web3 financial services, at the touch of a button."
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In an announcement on Feb. 10, Bit2Me, the largest Spanish cryptocurrency exchange, revealed its new cashback debit card in partnership with Mastercard.
The original Bit2Me card works for its users via the Mastercard network that hosts millions of businesses worldwide. This new update offers users up to 9% crypto cashback for all purchases made with the card online or in-store.
Leif Ferreira, the CEO and co-founder of Bit2Me, told Cointelegraph that the use of already known Web2 financial tools like debit and credit cards comes with the hope of greater adoption of this "revolutionary" technology
"[The] goal is that any user from anywhere in the world has easy access to the limitless world of Web3 financial services, at the touch of a button."
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UAE central bank to issue CBDC as part of its financial transformation program
The Central Bank of the United Arab Emirates (CBUAE) is planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of the first of its newly-launched financial infrastructure transformation (FIT) program.
In a recent announcement, the CBUAE introduced the FIT program and highlighted its aim to support the country’s financial services sector. The central bank highlighted that the program would promote digital transactions and enable the UAE’s competitiveness as a financial and digital payment hub.
The first stage of the FIT program includes the issuance of a CBDC. According to the central bank, the issuance of a CBDC would “address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments, respectively.”
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The Central Bank of the United Arab Emirates (CBUAE) is planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of the first of its newly-launched financial infrastructure transformation (FIT) program.
In a recent announcement, the CBUAE introduced the FIT program and highlighted its aim to support the country’s financial services sector. The central bank highlighted that the program would promote digital transactions and enable the UAE’s competitiveness as a financial and digital payment hub.
The first stage of the FIT program includes the issuance of a CBDC. According to the central bank, the issuance of a CBDC would “address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments, respectively.”
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Hello Pets Depict an Open Entertainment Ecosystem and Aim to be the Next Disney in Web3
Hello Pets team is building an open entertainment ecosystem where the community can join in the storytelling and art creation of shared IPs. Starting from their own adorable pet characters, Hello Pets also actively incorporate external NFT characters into their story and invite the holders and communities to create amazing content together. The Hello Pets team believes this is a paradigm shift that can fully unleash the potential of the community. Their ultimate goal is to be the next Disney in Web3.
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Hello Pets team is building an open entertainment ecosystem where the community can join in the storytelling and art creation of shared IPs. Starting from their own adorable pet characters, Hello Pets also actively incorporate external NFT characters into their story and invite the holders and communities to create amazing content together. The Hello Pets team believes this is a paradigm shift that can fully unleash the potential of the community. Their ultimate goal is to be the next Disney in Web3.
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