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Coinbase Partners With Mastercard to Make NFT Purchase Easy

Leading cryptocurrency exchange Coinbase has teamed up with payment processing giant Mastercard to simplify purchasing non-fungible tokens.　　According to an official blog post today, Coinbase is planning to make it easier for newcomers to join the booming NFT market by employing a similar strategy as it did with its cryptocurrency exchange.　　Despite the growth of NFTs in recent months, Coinbase said purchasing digital collectibles is still a complex experience for many users.　　However, the digital asset platform has collaborated with Mastercard, and both companies will classify NFTs as “digital goods” to allow customers to purchase such collectibles with ease.　　Meanwhile, Coinbase recently launched an NFT peer-to-peer marketplace dubbed Coinbase NFT.　　The platform allows users to mint, purchase, sell, showcase, and discover digital collectibles.　　By partnering with Mastercard, Coinbase hopes to unlock new ways for users to pay for NFTs using their Mastercard card in the future.　　“Thanks to our work with Mastercard, we‘ll be able to provide a better customer experience on Coinbase NFT, and plan on working to find ways to bring this opportunity to the broader ecosystem through Mastercard’s scale and global network,” the crypto exchange said.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-01-19Deep Dive

Malaysia to Explore the Potential Launch of a CBDC

Bank Negara Malaysia (the central banking institution of the nation) has reportedly joined the global race to develop a digital version of its national currency. As of the moment, the project is still in a research mode as the county is only “assessing the value proposition” of such a financial product.　　Launching a central bank digital currency has been a target for many countries recently. While Chinas efforts are by far the most advanced globally, other nations such as Mexico, Indonesia, and Nigeria have also started exploring the initiative.　　According to a recent Bloomberg coverage, Malaysia is the newest state dipping its toes. Despite not making any final decisions, the Asian country has started researching how a central bank digital currency could affect its monetary network and whether it will be beneficial for its economy:　　“While a decision has not been made to issue CBDC, we have focused our research on CBDC via proof-of-concept and experimentation to enhance our technical and policy capabilities, should the need to issue CBDC arise in the future.”　　A few months ago, Bank Negara Malaysia joined forces with the central banks of Australia, Singapore, and South Africa to organize a cross-border payments trial using multiple CBDCs. The financial institutions

2022-01-19Deep Dive

U.K. Government to Crack Down on Crypto Advertising

The Government of the United Kingdom has published its plans to impose stringent restrictions on crypto advertisements. The strengthened rules focus mainly on misleading claims in adverts that might cause consumers harm.　　Crypto Regulatory Landscape Continues Taking Shape　　Her Majestys Treasury is clamping down on misleading marketing.　　The Treasury of the United Kingdom published the governments plans for legislation surrounding misleading cryptocurrency promotions today. While the government body emphasized its willingness to encourage innovation, it seeks to regulate cryptoassets under the same standards as other forms of financial advertising.　　The Financial Conduct Authority of the U.K. already has strict standards by which financial promotions on other instruments like equities or insurance products must abide. The Treasurys outlined plans involve amending the Financial Promotion Order to include digital assets within the purview of the existing financial promotion regimes.　　The Financial Services and Markets Act of 2000 bars businesses from promoting financial instruments without approval from the Financial Conduct Authority or the Prudential Regulation Authority, yet the FCA currently is limited in its authority to regulate cryptocurrencies.　　According to the Treasurys announcement, the FCA “will shortly be consulting on their proposed financial promotions rules that will apply to cryptoassets,” and this legislation will appear before parliament when “parliamentary

2022-01-19Deep Dive

Australian Regulator Warns Against Investing Retirement Funds in 'High Risk' Crypto-Assets

An Australian regulator has warned residents seeking to self-manage their retirement funds to be wary of investing in crypto-asset investments that promise high returns in a short space of time. The regulator reiterates in the warning that crypto-assets are a high-risk and speculative investment.　　Scammer Tactics　　The Australian financial services regulator, the Australian Securities and Investments Commission (ASIC), has warned residents that self-manage their superannuation funds to be wary of scammers that are using the lure of quick and high returns offered by crypto assets to defraud unsuspecting victims.　　The watchdog added that superannuation fund members that wish to “transfer superannuation [retirement savings] out of a regulated fund into a self-managed superannuation fund (SMSF)” should seek advice from a licensed adviser before making the switch.　　In a public warning issued on January 17, 2022, the ASIC also details some of the tactics used by scammers that Australians need to be on the lookout for. The warning states:　　“Do not rely on social media ads or online contact from someone promoting an ‘investment opportunity.’ Be wary of people ‘cold calling’, text messaging, or emailing you with a recommendation to transfer your super to an SMSF, or invest in crypto-assets via your SMSF.”　　For Australians that decide to

2022-01-19Deep Dive

Wikipedia’s Editors Don’t Want to Classify NFTs as Art

NFTs are revolutionizing the art world, opening doors to many artists and allowing them to explore a different dimension of art-making. As artwork, NFTs have made their way to the worlds most renowned auctions and even hit records in sales.　　However, NFTs have been a controversial topic, and even the editors of Wikipedia, the largest online encyclopedia, are unsure whether non-fungible tokens can be considered art.　　The discussion on Wikipedia started when editors began reviewing the list of most expensive artworks by living artists, which featured digital artist Beeples NFTs but excluded Pak, another successful artist and NFT seller.　　Beeple and Pak have made successful NFT sales, and their artwork is highlighted on the list of most expensive non-fungible tokens.　　“I see that Paks Merge has been removed but we are keeping Beeples Everday Sale, should that not also be removed from this list？ It is also an NFT sale so if Merge doesnt qualify then perhaps Beeple shouldnt qualify？ The Beeple work also consists of a large number of works and is not a single work like say a Koons sculpture. It is a compilation of works - sold as one - but does that make it a single artwork？ I would argue

2022-01-18Deep Dive

Unlocking the Potential Between Blockchain and Antitrust

Law and technology overlap in many ways, but scholars and regulators tend to focus on incompatibilities between the two. I propose that they also explore synergies between law and tech, and address frictions in a way that preserves them. This exploration should begin with blockchain and antitrust.　　In recent months, a body of blockchain antitrust cases has emerged. Looking at the cases in isolation could give the impression that the interaction between blockchain technologies and antitrust laws is only a point of friction.　　In Gallagher v. Bitcointalk.org, a Bitcoin enthusiast filed a claim against the Bitcoin Foundation and the forum owners for excluding him from the website. He argued that the defendants conspired against him to prevent new competition in the space, therefore violating Section 1 of the Sherman Act.　　In another case, United American Corporation v. Bitmain, the plaintiff argued that various firms—including those of prominent Bitcoin investor Roger Ver—schemed to hijack the Bitcoin Cash network, here again in violation of Section 1 of the Sherman Act.　　More recently, in In re Tether and Bitfinex Crypto Asset Litigation, plaintiffs argue that Tether and Bitfinex have coordinated to manipulate the price of Bitcoin. They seek $1.4 trillion in compensation.　　All these cases are directed against

2022-01-18Deep Dive

Singapore prohibits crypto firms from advertising publicly

Authorities in Singapore have stepped up their regulatory oversight of the crypto industry, with new guidelines prohibiting crypto service providers from promoting their services and products to the public.Singapore bars public crypto advertisements　　According to the Monetary Authority of Singapore (MAS), the public needs to be wary of crypto assets. At the same time, digital payment token (DPT) providers can only use platforms owned by them to advertise their products.　　As such, service providers of this nature can only use their websites, apps, or social media for promotional purposes. Not only that, but they must also ensure that their promotional materials highlight the risks that might be attached to investing in the crypto space.　　“DPT service providers should not portray the trading of DPTs in a manner that trivialises the high risks of trading in DPTs, and should not promote their DPT services in public areas in Singapore or through any other media directed at the general public in Singapore. This includes placing of any form of advertisements or promotional materials in public areas such as Singapore public transport, public transport venues, broadcast media or periodical publications, third party websites, social media platforms, public events or roadshows.”　　Aside from prohibiting public crypto advertisements, the

2022-01-18Deep Dive

Crypto.com suspends its services following a possible hack

Crypto.com has confirmed deposit and withdrawal services stoppage amid investigations regarding a possible hack. The exchange is looking into several accounts that reported losing a hefty amount of money through unconventional ways. It also tweeted that its team is updating its security measures and will resume operations once complete.A possible hack pushes crypto.com to pause its services　　Several Cypto.com users have expressed their worries that they may have unknowingly lost funds from their trading accounts. The users posted that they were surprised to find prized digital assets missing from Crypto.com trading accounts. The exchange is currently under maintenance and investigating the matter; therefore, their depositing and withdrawal services are unavailable for now.　　Even though several users have complained about the ‘loss’ of their holdings, the exchange has assured them that all funds are intact. A spokesperson for the exchange also refused to give more information regarding the saga.　　Crypto.com houses over 10 million clients and is among the most popular exchanges in the US. It is also popular due to its business deals, like the recent take over as the title sponsor of the Los Angeles sports center. The exchange cut a deal worth $700 million, featuring actor Matt Damon, one of their

2022-01-18Deep Dive

Could Bitcoin’s security be weakening? Let’s talk about it

Bitcoin proponents claim that Bitcoin‘s security is unquestionable and fears surrounding halving events are blown out of proportion. Critics, however, argue that transaction fees might not have the capacity to counteract the declining block rewards, driving the network’s security budget down.　　While 2022 started with the Bitcoin hash rate at an all-time high (ATH), and the total miner revenue up over 400% since halving, the topic deserves attention in the light of Bitcoin payments declining.Need for block subsidy　　Designed to cap the total number of coins issued at 21 million, Bitcoin halving is a cyclical event that cuts rewards for miners in half, and occurs roughly every four years.　　According to Satoshis vision and design, “in a few decades when the reward gets too small, the transaction fee will become the main compensation.”　　This assumption is contingent on one major fact–Bitcoin becoming broadly adopted, as the networks growth is expected to drive the demand for block space, eventually decreasing the need for a block subsidy.　　According to Morgan “Mo” Bennett, this topic needs more air time.　　The independent analyst pointed out that Bitcoins security budget, which protects the network against 51% attacks and is represented by the block subsidy and transaction fees combined, is in constant

2022-01-18Deep Dive

Ethereum gas fee tokens poor performers, Ponzi accusations

Without any sign of gas fees on Ethereum being less of a pain to users, the fees continue to be a hot topic, and a driving force and tailwind for so-called Layer-1 competitors such as Solana and Avalanche, both of whom boast much lower fees.　　As Ethereum gas fees stir some frustration among its users, theres perhaps no surprise some are trying to capitalize on the emotions. There are now at least two tokens that have gained a non-ignorable amount of attention from parts of the industry.GAS down 94%　　The GAS token was launched on the 29th of December, claimable to Ethereum users who spent a significant amount on gas fees in the past. Launched by the Gas DAO, the purpose of the token is, as per the DAO website, “Providing strategic insights and a voice for the networks most active users.”　　The “strategic insights” come from polls conducted among token holders.　　“Gas DAO polls Ethereum users on behalf of protocols, leveraging the most diverse user base on Ethereum to create actionable Insights for protocols. Responses are cryptographically verifiable,” the website reads.　　However, if the intention of the GAS token ever was to bring some comfort to hardened gas payers, it has thus far failed

2022-01-18Deep Dive
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