Crypto overtook Davos while more institutions across sectors are investing in crypto. Meanwhile, acceptance of crypto payments is booming, from real estate to luxury brands, while governments are investing in blockchain and the Metaverse. Find out the top 5 crypto news of this week.
The crypto crew overtook Davos last week with the gathering of around 3,500 enthusiasts outside the event, showing the desire of the industry to become more influential. From having a record number of people and companies outside the event to becoming a key topic of conversation at panels, digital assets took centre stage at the event. Discover what the crypto industry aims to achieve with this presence at key global economic events and the key takeaways from Davos. Read more
Prada joining top luxury brands in Web 3 with Ethereum NFTs
Luxury brands are increasingly getting involved with digital assets. The newest one is Prada. The prestigious brand is launching a 100 NFT collection based on Ethereum. Buyers of the latest Cassius Hirst Timecapsule apparel release will receive the product and an NFT representing a GIF of the black or white pill capsule. Earlier this year, Prada launched another NFT collection with Adidas, while other brands such as Gucci and Balenciaga added digital assets as payment options.
Singapore regulator announces plans to explore blockchain use cases
Singaporean regulators are embracing crypto. The Monetary Authority of Singapore (MAS) will be researching use-cases for decentralised finance (DeFi) on public blockchains. The new project named Guardian will explore the ‘economic potential and value-adding use cases of asset tokenization’ in collaboration with financial institutions like JP Morgan. MAS highlighted the potential of tokenization, and it will explore applications across areas (e.g., institutional-grade DeFi protocols). Read more
South Korea is betting on the Metaverse — and it could provide a blueprint for others
South Korea is becoming one of the first countries to invest in the Metaverse, while its approach may become a blueprint for other nations. As part of its Digital New Deal, the South Korean Ministry of Science and Information and Communication Technologies will boost the Metaverse by investing $177.1 million. The Minister of Science and ICT believes the Metaverse is ‘an uncharted digital continent with indefinite potential,’ with the government creating jobs and supporting companies in the industry. Read more
Paraguay approves crypto regulation bill via 40-12 vote
Paraguay is following the queue of El Salvador and the Central African Republic in adopting favourable views and legislation toward digital assets. Paraguay’s Chamber of Deputies approved a new draft of a bill to regulate digital assets with a magin of 40 to 12, but the Senate still needs to approve the modifications. Additionally, the bill will position Paraguay as an international crypto mining hub, given its low electricity rates. Read more
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