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 has proposed a new law under the Proper Bill that would see crypto and other digital assets be defined as legal property, making inroads for more crypto companies to set up shop in the country.
Crypto classification to enable its growth in the UK
A bill has been passed to Parliament in the UK that would officially recognise cryptocurrency and other digital assets as legal property, alongside gold, money, etc.
This would grant digital assets the same property rights as traditional financial instruments, which will also help legal officers when it comes to crypto being used in cases involving fraud, scams and other financial risk cases.
The newly proposed bill is also a stepping stone in the UK’s roadmap to become a leader in digital finance. The government outlined in its statement that the country governs £250bn in global mergers and acquisitions, as well as 40% of global corporate arbitrations.
FBI outlines why the US leads the way for crypto fraud losses
The Federal Bureau of Investigation (FBI) has outlined why cryptocurrency fraud is taking on increased significance after findings were made during its Cryptocurrency Fraud Report 2023.
According to the report, the FBI and the Internet Crime Complaint Center (IC3) received more than 69,000 complaints regarding crypto-related fraud attempts. This led to losses of more than $5.6bn last year.
What may be the most damning revelation from the report is that despite crypto-related fraud only amounting to 10% of all financial fraud complaints in the US, fraud losses committed via the use of crypto amounted to 50% of all financial fraud losses.
Standard Chartered backs UAE’s digital asset development
Standard Chartered has launched its digital asset custody service in the UAE, with the UK-based multinational bank citing the Middle Eastern nation’s ‘well-balanced approach to digital asset adoption and financial regulation’.
The service has been issued a licence by the Dubai Financial Services Authority (DPSA) to operate within the Dubai International Financial Centre (DIFC), a special economic zone and ‘innovation hub’ within the UAE’s largest city.
Standard Chartered’s rollout of its digital asset programme in the UAE will initially focus on Bitcoin and Ethereum.
Brazil prepares second CBDC phase with major players
The Central Bank of Brazil has confirmed the inclusion of Visa and Santander as the latest payment firms to join its development project of a potential native central bank digital currency (CBDC).
The bank will oversee the development of 13 themes for the second phase of the Drex Pilot. So far, the CBDC project has proposed 42 use cases over the functionality of a digital Brazilian Real within its next phase.
Bitpanda’s presence transcends into the NFL
Bitpanda has entered into a long-term partnership with the National Football League (NFL) as part of its strategy to boost exposure and engagement through sports.
As part of the agreement, Bitpanda will gain both inside and outside stadium branding, starting with the NFL game between the New York Giants and Carolina Panthers at the Allianz Arena on 10 November, the home of Bayern Munich, another Bitpanda partner.
Bybit adds Kazakhstan to growing market expansion effort
Bybit has confirmed its market entry in Kazakhstan after being granted full authorisation by the country’s Astana Financial Service Authority (AFSA).
The clearance enables Bybit to come closer to becoming a fully regulated Digital Asset Trading Facility (DATF). Bybit Kazakhstan passed a full AML check, business conduct audit and detailed compliance inspections.
