Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and heavily impacting the payments industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space.
This week, the UK continues its charge to get cryptocurrency regulation passed as its Economic Secretary recently spoke on the need for regulation to accelerate plans for the country to become a leader in digital asset management.
UK is ‘working at pace to deliver crypto regulation’
Speaking at the Innovate Finance Global Summit, UK Economic Secretary Bim Afolami has continued his assurances that a cryptocurrency bill will be finalised this year.
Previously stating recently that the UK government has a six month window for the bill to be passed, Afolami is pushing for regulation to be finalised this year to fall in line with the Conservative Party’s ambitions to make the country a digital hub for innovation.
He said: “We are now working at pace to deliver the legislation to put our final proposals for our regime in place. Once it goes live, a whole host of crypto asset activities, including operating an exchange, taking custody of customers’ assets and other things, will come within the regulatory perimeter for the first time.”
Is the time now to act on the stablecoin surge?
The stablecoin market has become a lot more competitive in recent months through the arrival of PayPal’s PYUSD and Ripple Labs’ announcement of its own native stablecoin.
But whilst regulators in the US embark on a plan to finalise a cryptocurrency bill for later this year, they are not the only ones who should be preparing for the stablecoin boom, according to Laurent Descout, CEO and Co-Founder of Neo.
He said: “While it’s too early to say if stablecoins will eventually replace traditional forms of payments, treasurers need to start preparing. They should read up and stay abreast of the latest developments and start having conversations about their viability and digital wallets which allow them to hold and utilise them. Those who don’t, risk being left behind.”
Coincover & Onramp to boost crypto security with latest product
Blockchain protection company Coincover has launched ‘Protected Co-Signing’ which adds an additional layer of protection to reduce the risks during digital asset transactions.
Working with its partner Onramp, Coincover’s implementation will automatically screen transactions for any security risks, such as cases of fraud or hacking.
Bitpanda to enhance crypto availability to German institutions
Crypto platform Bitpanda has struck a deal with Germany’s largest federal bank, Landesbank Baden-Württemberg (LBBW) to offer its services in the “continuously evolving” German crypto market.
The deal will see the bank be provided with Bitpanda’s “Investing-as-a-Service” infrastructure that will be used for the custody and procurement of cryptocurrencies.
Winklevoss twins make Bitcoin investment in english football team
Gemini Founders Cameron and Tyler Winklevoss have made a $4.5m Bitcoin investment into non-league English football club Real Bedford FC.
The two parties share a similar enthusiasm for cryptocurrency, with the Winklevoss twins hoping that there continued investment can help the club land a place in the Premier League in the future.
