Discover the top news in crypto for the week!
The UK is moving forward with regulations on stablecoins while countries like Paraguay and Andorra are proposing new crypto bills. Meanwhile, Dubai launched a Metaverse strategy to boost its economy, while Web 3 has become the top sector for crypto venture capital funding. Find out the top 5 crypto news of this week.
Digital Nugget: The crypto market is a white swan
What is the volatility of crypto markets? Is it in an expected range? How does it differ from traditional asset classes? What is the likelihood of extreme market moves? These are some of the questions answered in the latest Digital Nugget from Sygnum Bank’s experts. The analysis shows that crypto is more volatile than other traditional assets, but its returns have remained in the normal range. Discover more in the report, including why crypto offers the ‘lowest chance historically of shocking portfolios by behaving differently on the downside.’ Read more
UK government takes step on making stablecoins a form of payment
The UK has introduced a new proposal - Financial Services and Markets bill - set to change the way cryptocurrencies like stablecoins are regulated in the country. Under the new bill, stablecoins and other ‘digital settlement assets’ will be regulated as a form of payment, bringing clarity to the sector and boosting the safe adoption of cryptocurrencies. The UK treasury added that the bill will also promote innovation, enabling companies ‘to test the use of new technologies and practices in financial markets.’ Read more
How 99-year-old publisher Time is leading legacy media into the NFT future
Prestigious media brand, Time, is betting heavily on the power of tokenization for the future of its business, reaching key figures of revenue and interest from non-fungible tokens (NFTs). Time publishing business and its NFT branch, TIMEPieces, is accepting over 30 cryptocurrencies for digital subscriptions while their NFT collections have generated more than $10 million in profit. Time has been dabbling with NFT use-cases, from launching collections to enabling unlimited access to content through token holding while delving into newer trends like the Metaverse. Read more
Dubai unveils Metaverse strategy, aims to attract over 1,000 firms
Dubai is working to become a global crypto hub, launching a Metaverse strategy set to create more virtual jobs and attract crypto businesses. Dubai aims to become the world’s top 10 Metaverse economy, attract over 1,000 blockchain and Metaverse companies and boost 40,000 jobs by 2030. Beyond boosting Dubai’s economy, the strategy will increase ‘the number of blockchain companies by five times the present number’ while fostering innovation. Read more
NFT companies were a big M&A target during first half of the year
According to new research by TheBlock, interest in NFT and GameFi companies is registering an all-time high in the first two quarters of 2022. Since 2013, the NFT and GameFi industries have seen over 50 deals, while 20 of those deals happened this year, representing the biggest M&A growth ever. Crypto experts believe this trend of high M&A interest will continue throughout the year amid current NFT market conditions of lower price floors and trading volume. Read more
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