Fun

News Feed - 2023-10-06 06:10:00

David Attlee23 hours agoUK must loosen KYC demands for crypto to outpace US in Web3 — Think tankPolicy Exchange published its report on Web3 containing 10 proposals for the U.K. government.1995 Total views70 Total sharesListen to article 0:00NewsJoin us on social networksThe United Kingdom has an opportunity to capitalize on the departure of Web3 firms leaving the United States due to regulatory uncertainty. But to achieve that, the U.K. will need to follow its own regulatory path, smoothing the requirements for crypto in some regard, according to a think tank.


On Oct. 2, the influential conservative think tank Policy Exchange published a report on Web3 with 10 proposals for the U.K. government, which it claims would help the country improve Web3 regulation.


One proposal made in the report is limiting the liabilities of individuals who hold tokens in a decentralized autonomous organization (DAO). The report cites a negative example of a recent ruling in the U.S. that makes any individual American who owns or previously owned tokens in a DAO liable for any violations of the law the DAO commits.


Related: UK to launch Digital Securities Sandbox in Q1 2024


The report also suggests the principal U.K. financial regulator, the Financial Conduct Authority (FCA), loosens its current Know Your Customer (KYC) approach, allowing for the use of “alternative and innovative techniques,” such as digital identities and blockchain analytics tools.


The experts say the U.K. should avoid undermining self-hosted wallets and regulating proof-of-stake services as a financial service. Among other proposals are allowing private stablecoin issuers to place stablecoin reserves in the Bank of England, creating a “tax wrapper” for the crypto exchange and creating a new sandbox under the Department for Science, Innovation and Technology.


Recently, U.K. regulators have taken a more stringent approach to the digital assets industry. His Majesty’s Treasury is considering banning all cold calls promoting crypto investments, and the FCA has warned local crypto businesses to follow its marketing rules or face consequences.# KYC# DAO# United Kingdom# Web3# RegulationAdd reactionAdd reactionRead moreWhat is an atomic swap, and how does it work?Expect new crypto regulations to follow Bitcoin ETFsOKX exec says KYC will ‘raise the bar,’ bring real capital into crypto: Blockchain Economy Dubai 2023

News Feed

Ana Paula Pereira7 hours agoUniswap founder burns $650B HayCoin against speculationUniswap"s Hayden Adams burned 99% of the HayCoin (HAY) supply on Oct. 20 over concerns about price speculation.6250 Total views5 Total sh
Alphabit Digital Currency Fund Deploys Initial Investment in Stratis Protocol and Initiates Coverage
Alphabit Digital Currency Fund Deploys Initial Investment in Stratis Protocol and Initiates Coverage PRESS RELEASE. Stratis’ innovative blockchain solution
Bitcoin Legal Tender in 7 Days: El Salvador Publishes Video Explaining What to Expect
Bitcoin Legal Tender in 7 Days: El Salvador Publishes Video Explaining What to Expect Bitcoin will become legal tender in El Salvador alongside the U.S. dollar in seven days. The S
Gaimin․io Developed a PC-Based Platform to Create a Global, Decentralized Data Processing Network
Gaimin․io Developed a PC-Based Platform to Create a Global, Decentralized Data Processing Network sponsored UK and Swiss based gaming and blockchain company,GAIMIN.IOLtd has devel
Bitcoin Beach co-founder claims Bitcoiners want to move families to El Salvador
Turner Wright4 hours agoBitcoin Beach co-founder claims Bitcoiners want to move families to El SalvadorThe Bitcoin-friendly area of El Salvador has attracted many visitors using crypto, but are people considering moving
Mobius Capital Founder Says Crypto Is Not an Investment but ‘a Means to Speculate and Have Fun’
Mobius Capital Founder Says Crypto Is Not an Investment but "a Means to Speculate and Have Fun" Mobius Capital Partners founder Mark Mobius says that cryptocurrency is not an inves
Fund Manager Says Bitcoin Will Crush Gold, Hit $1 Million By 2029
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Elon Musk Endorses Cryptocurrency for Martian Economy
Elon Musk Endorses Cryptocurrency for Martian Economy Spacex and Tesla CEO Elon Musk, widely believed to be the man taking humanity to Mars and building a perman
Mining Report Shows Bitcoin’s Electricity Consumption Decreased by 25% in Q1 2022
Mining Report Shows Bitcoin"s Electricity Consumption Decreased by 25% in Q1 2022 At the end of May last year, Tesla’s Elon Musk convinced bitcoin industry leaders to form a
Ukraine’s Digital Ministry Plans to Pay Employees With Digital Hryvnia in Pilot Project
Ukraine’s Digital Ministry Plans to Pay Employees With Digital Hryvnia in Pilot Project Employees of Ukraine’s Ministry of Digital Transformation may bec
Web3 Firm Acquires Creator of South Africa’s First Listed PoW Crypto, Safcoin
Web3 Firm Acquires Creator of South Africa"s First Listed PoW Crypto, Safcoin A Web3 technology company, Virtual Nation Builders, recently said it acquired FHM, the firm that creat
Sony warns 700 AI devs, music streaming companies against content misuse
Savannah Fortis10 hours agoSony warns 700 AI devs, music streaming companies against content misuseSony is cracking down on AI developers like OpenAI and Microsoft with a letter that prohibits them from using its content