Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and having a major impact on the payment industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space.
This week, the UK announced amendments to the Financial Services and Markets Act (FSMA) which included recognising cryptocurrency and digital assets as financial instruments, paving the way for a comprehensive regulatory bill after passing Royal Assent.
Passing of FSMA a ‘big step forward towards UK becoming a global crypto hub’
As the FSMA received Royal Assent clearance, indicating that cryptocurrency regulation is now closer than ever in the UK, Payment Expert spoke to some of the sector’s key players and asked for their thoughts on how this landmark bill will transform the country’s crypto landscape.
Su Carpenter, Director of Operations at CryptoUK, has worked alongside the Government officials advising how the country can become a hotbed for crypto growth and innovation. She stated that she and CryptoUK are ‘delighted’ that the FSMA was cleared.
“The passing of this transformational piece of legislation into law is a big step forward towards the UK becoming a global hub for crypto and digital assets and is a significant step in terms of providing the necessary regulatory clarity and business certainty for firms to invest here in the UK,” added Carpenter.
One of the UK’s most prominent crypto companies, Zumo, have been pioneering in the country’s digital sector for a number of years. Zumo CEO, Nick Jones, believes the positive news can help foster innovation.
He said: “This development is welcomed at Zumo, as we have always prioritised compliance and sustainability, working closely with regulators. The positive news this week reinforces an aligned and proportionate approach that can foster innovation and realise competitive advantages for the growing UK digital asset sector.”
Winklevoss asks DCG to agree to ‘final offer’ to repay Earn investors
After months of back-and-forth with the Digital Currency Group (DCG) over forbearance payments to victims of Genesis’ bankruptcy, Gemini Founder Cameron Winklevoss appears to be laying down an ultimatum.
Winklevoss announced this week that he is offering up to $1.5bn to repay investors who lost out on money on Gemini and Genesis’ Earn program, with the aftermath of the FTX collapse causing a knock on effect to Genesis, ultimately causing the company to go bankrupt.
The letter which contained the offer – addressed to DCG CEO Barry Silbert – outlines that if the two parties can not come to an agreement, then Winklevoss would contemplate legal action against DCG and Genesis.
Regulation of utmost importance for the Web3 Foundation
In the wake of new European measures that may stifle Web3 innovation, W3F’s Chief Legal Officer, Daniel Schoenberger, expressed his dismay at the potential guidelines and called on for Web3-focused regulations to offer more room for innovation.
He stated at the Polkadot Coded Conference in Denmark: “Companies should be regulated for what they are, and what they do. We are encouraged by how some jurisdictions have tailored their regulations to the reality of the technology.”
OKX deepens Manchester City partnership with new sleeve sponsorship
OKX has extended its partnership with Premier League winners Manchester City by securing a new first team brand deal.
The OKX logo will now be featured on the men’s and women’s first teams’ kit sleeves, while also retaining its sleeve placement on Manchester City’s training tops.
“Stablecoins have vast potential to unlock the flow of money across borders”
In a recent study by Juniper Research, it uncovered that stabelcoin transactions have the potential to reach up to $187bn in value by 2028.
The study found that stablecoins are making rapid progress in the cross-border market in particular, with it representing a key way to bypass slow, expensive and difficult-to-track existing cross‑border payment rails.
Twentyone’s Danny Brewster opens up about his Bitcoin journey
In a Payment Expert exclusive, we spoke to Twentyone Founder Danny Brewster, as he revealed all on his turbulent journey from Cyprus to Manchester and his profound belief in the potential of Bitcoin.
He shared: “Some of the accusations stemmed from individuals who I was holding Bitcoin for. It’s important to note here that I only held Bitcoin for individuals who did not have the capacity to hold it themselves, and while Neo was unable to hold the coins either. As soon as the individuals were ready to take ownership of the Bitcoin, the keys were ready for them to do so.”
“Ultimately, I trusted the people that were around the business, and these were the people that tried to screw me over in the long run. I still take responsibility for the people I chose to have around me at the time, and I’ve learned huge lessons from that.”