Snapshot Web3

September 20, 2023

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Regulatory and Legal News

UK bill focused on seizing illegal crypto moves to final stages

The UK's Economic Crime Bill, in final approval stages, expands authorities' power to seize illegal crypto used in crimes. It has passed through both Houses and awaits minor amendments before becoming law. The legislation strengthens the link to the Proceeds of Crime Act 2002, making it easier to seize illicit crypto assets. This reflects the UK's broader crackdown on cryptocurrency activities, including advertising and transaction reporting.

U.S. SEC’s Crypto Enforcement Chief Warns More Charges Coming to Exchanges, DeFi

The U.S. SEC's Crypto Enforcement Chief, David Hirsch, asserts that more charges are forthcoming for exchanges and DeFi projects violating securities laws. While acknowledging a heavy caseload, Hirsch affirms the agency's commitment to pursuing entities akin to Coinbase and Binance. He emphasizes scrutiny of intermediaries and emphasizes that DeFi projects won't be exempt. However, he notes resource limitations compared to the vast crypto landscape, with thousands of tokens and unregistered exchanges posing a challenge for enforcement.

Russia to ‘Integrate’ Digital Ruble With Tax Code – Moscow Forges Ahead with CBDC

Russia is advancing legislation to integrate its digital ruble into the tax system. The State Duma’s Committee on Budgets and Taxes approved a bill allowing tax authorities to regulate digital ruble transactions. The amendment introduces "digital ruble wallets" to the Tax Code and exempts associated operations from VAT. It mandates record-keeping for digital ruble transactions and expenses. The bill, introduced by lawmakers Anatoly Aksakov, Olga Anufriyeva, and Senator Nikolai Zhuravlev, will undergo readings and could be implemented by January 1, 2024.

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Innovation and Launches

Nomura's Laser Digital Starts 'Bitcoin Adoption Fund' for Institutional Investors

Nomura's digital assets arm, Laser Digital, has launched the Bitcoin Adoption Fund, providing institutional investors with long-only exposure to Bitcoin. This marks the first of several digital asset investment products offered by Laser Digital. The fund will utilize Komainu, a joint venture involving Nomura, Ledger, and CoinShares, for client asset custody. Both Laser Digital and Komainu recently secured operating licenses from Dubai’s Virtual Asset Regulatory Authority (VARA), enabling them to offer a variety of digital asset trading services and investment products.

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NFT, Gaming and Metaverse

Major League Baseball Is Hosting Its First Live Game in a Virtual Stadium

Major League Baseball (MLB) is set to host its first live game in a virtual stadium using metaverse technology. The real-world game between the Tampa Bay Rays and the Los Angeles Angels will be streamed in 3D by Improbable, providing a unique viewing experience. This technology, powered by Sony’s Hawk-Eye system, translates player movements into the metaverse, resembling a video game version of the actual game. Improbable's CEO anticipates potential revenue-expanding opportunities for broadcasters through enhanced fan experiences. The virtual ballpark will also feature traditional broadcast streaming, interactive spatial audio, and additional activities like trivia games and scavenger hunts.

Moonbirds NFTs Head to Moon with PROOF and Space Blue

Art collective PROOF is partnering with Space Blue to send 254 unique Moonbirds NFTs with the "Space Helmet" trait to the moon as part of the Lunaprise Museum project. These NFTs will be showcased on indestructible nickel plates alongside other digital artworks. A select group of 50 collectors who own a Moonbird with the Space Helmet trait will be invited to a black-tie gala event at the Kennedy Space Center on November 15th. This initiative is part of NASA's IM-1 Lunar Lander mission, marking their return to the moon after over 50 years. The Lunaprise Museum aims to preserve humanity's history and culture on the lunar surface.

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Scams and Hacks

DeFi protocol Balancer frontend is under attack, users urged to stay away

Balancer, an Ethereum-based decentralized finance protocol, has confirmed that its user interface is currently under attack. The platform urged users not to interact with Balancer's protocol until further notice. Details of the attack are being investigated, and the safety of user funds has not been confirmed. However, a blockchain analyst reported a theft of $238,000 within the first 30 minutes of the attack. This incident marks the second theft from Balancer in a month, following a warning of a critical vulnerability in August that led to a $2 million exploit a few days later.

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Quick Links

Coinbase crypto lobbying campaign to focus on 4 swing states

A poll of voters in New Hampshire, Nevada, Ohio and Pennsylvania found 55% would be less likely to vote for an anti-Web3 presidential candidate, said Coinbase.

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Miscellaneous

EU Central Bank Could Soon Hold Stablecoin Reserves, Says Circle Director

The European Commission's proposed Payment Services Directive 3 (PSD3) and Payment Services Regulation (PSR) could allow stablecoin issuers to open accounts at the European Central Bank for custody of stablecoin reserves. These proposals are under review by the Council and European Parliament and may become law by 2026 at the earliest. Additionally, the ECB plans to test transactions using the digital euro starting in 2024.

Bitcoin Shatters Records With Over 703,000 Transactions Confirmed in a Single Day as Ordinal Inscriptions Soar

On September 15, 2023, Bitcoin achieved a record-breaking 703,692 transactions in a single day, surpassing the previous high set in May. Notably, 62.63% of the day's activity came from Ordinal transactions, marking a new zenith. Currently, there are over 33 million Ordinals on the blockchain, and miners have earned 2,068 BTC (valued at $55 million) from these inscriptions since December 2022. This surge underscores the growing prominence of inscriptions over traditional transactions, with Bitcoin facing a backlog of around 481,574 unconfirmed transactions.

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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.