Apple tightens its rules on crypto and NFTs in its App Store

Apple clarified its rules on cryptocurrencies and non-fungible tokens (NFTs) laying out what apps are allowed to do with these technologies.

On crypto exchanges, Apple said in updated App Store rules on Monday, that apps may facilitate “transactions or transmissions of cryptocurrency on an approved exchange.” But the app can only be offered in countries or regions where it has licensing and permission to operate a crypto exchange.

“Apps may not use their own mechanisms to unlock content or functionality,” such as cryptocurrencies or cryptocurrency wallets.

Apple has clarified the rules on NFTs, which can be a digital representation of a real-life asset such as artwork and are usually purchased using cryptocurrency.

Credit: Apple tightens its rules on crypto and NFTs in its App Store (nbcnews.com)

UK Lawmakers Vote to Recognize Crypto as Regulated Financial Instruments

 

Lawmakers in the U.K. voted in favor of recognizing crypto assets as regulated financial instruments and products in the country on Tuesday.

The House of Commons, the Parliament's lower house, met on Tuesday for a line-by-line reading of the proposed Financial Services and Markets Bill, which broadly covers the U.K.'s post-Brexit economic strategy. The lawmakers considered a list of proposed amendments to the bill, including one put forward by parliamentarian Andrew Griffith to include crypto assets in the scope of regulated financial services in the country.

Read More

Biden Administration Wants To Make It Easier To Seize Crypto Without Criminal Charges

 

Buried deep in a 61-page recent report by the U.S. Attorney General, the Biden Administration called for a dramatic expansion in the federal government’s ability to seize and keep cryptocurrency. If enacted, the proposed changes would bolster both criminal forfeiture, which requires a conviction to permanently confiscate property, as well as civil forfeiture, which doesn’t require a conviction or even criminal charges to be filed.

Read more 

Credit: Forbes 

How DeFi and Web 3.0 will shape the future of finance

 CEOs and leaders in the banking industry discussed the impact of emerging technologies and innovations on financial service including the development of new decentralised operating models and Web 3.0, the third generation of the internet.

The internet has witnessed some major  disruptions, from  offering read-only, static content at its inception to much more more dynamic, interactive, and decentralised experience now..  Web 3.0 is  evolving with , innovations in decentralised finance (DeFi), blockchain, cryptocurrencies, and distributed ledgers as  its foundation. In December 2021, the total market capitalisation of cryptocurrencies stood at $2.2 trillion while the total locked value in DeFi protocols grew by over 1000% year-on-year.

The financial service industry is  accelerating the adoption of Web 3.0.

Read More 

Crypto and climate change: Can web3.0 help get us to net zero

 Source:Click  Here 

Web3.0 will operate on blockchain-enabled technology working on P2P network. It will transform netizens’ experience but the flow of information will be administered by the participants themselves and no control shall be enforced by any single authority. In the absence of a third party like a bank to vet the transaction there is a need to validate ‘system security’ by solving complex puzzles by the cryptographers on devices which are energy hungry. Only after solving the puzzle, miners add a new block to the chain and receive a token as a reward.

Read More 

Web3 to inject $1.1T in India's GDP by 2032, following 37x growth since 2020

 

Source : Click Here 

The explosive Web3 growth in the country is supported by several factors, including a large talent pool, a high adoption rate and product development for global markets.

The global Web3 boom is expected to add $1.1 trillion to the Indian economy over the next decade, supporting the investment-based momentum driven by over 450 in-house startups, including CoinDCX, Polygon and CoinSwitch. 

Reading More