A proposed law to regulate cryptocurrencies in the UK is about to be published, the Financial Times reported. This and more news in this handy daily digest to keep you up to date with the latest developments in the crypto world.
A regulatory proposal for the crypto industry will soon be presented in the UK
📍The UK will introduce a new regulatory framework for the cryptocurrency industry. According to the Financial Times, UK plans to regulate the cryptocurrency industry are about to be published. The business and economics outlet reported that lawmakers are putting the finishing touches on a bill to address the challenges posed by the growing industry.
It is worth noting that UK Prime Minister Rishi Sunak wants to turn the country into a hub of technological innovation and development, where cryptocurrencies, stablecoins, NFTs and Web3 will play a central role.
Sunak, who was appointed UK Prime Minister following the resignation of Liz Truss, has been a vocal supporter of the crypto industry since his tenure as UK Chancellor of the Exchequer.
XRP whales keep moving
📍Unidentified whale withdraws over $1.500 billion worth of XRP from exchange. On Wednesday, over 4.124 million XRP tokens were moved by an unidentified whale from a Bittrex exchange address to an unknown wallet address.
The unidentified XRP whale withdrew its assets from the cryptocurrency exchange in a total of 7 transactions. The total value of the XRP moved amounts to around $1.560 billion, currently.
The transactions made by the unknown whale were identified by the WhaleAlert blockchain transaction tracking system.
WhaleAlert has identified two more XRP token withdrawals from another exchange, Bitstamp, in the last few hours. Another unknown whale has withdrawn 70,1 million XRP, worth approximately $26,6 million USD, to an unknown wallet address.
At the time of writing, the price of XRP is trading at around $0,38 per unit. In the past few hours, XRP has seen a slight drop of 1,75%.
A DAO bids for the US constitution
📍ConstitutionDAO, second attempt to obtain the original manuscript of the US Constitution. ConstitutionDAO has announced that it will once again participate in an auction of the US Constitution manuscript, which will be held through the auction house Sotheby's.
ConstitutionDAO first participated in an auction for an original copy of the US Constitution in November last year. The DAO created the PEOPLE token to raise funds for the auction. In just 72 hours, ConstitutionDAO managed to raise over $47 million from investors. However, the DAO lost the manuscript auction to billionaire Citadel CEO Ken Griffin.
Now, ConstitutionDAO has said on Twitter that it will once again participate in an auction for the constitution manuscript, and this time it will win. ConstitutionDAO wants to buy the manuscript to start a collection of civic artifacts that are entirely run by the people. “We are going to teach the world about the democratic innovations found in history and Web3,” the DAO said.
Sotheby's will offer the only other original print of the US Constitution in existence, which was privately owned.
Kazakhstan approves new regulations for crypto
📍In Kazakhstan, lawmakers have approved new regulations for the cryptocurrency industry. The New regulations approved In the country, they are primarily aimed at crypto mining. In fact, Kazakh lawmakers have given the green light to four new regulations requiring crypto mining companies to comply with new licensing requirements, and requiring companies to purchase electricity from the country's public system at market price when there is a surplus.
Other regulations imposed by the new regulations approved in Kazakhstan seek to establish a ban on the advertising of cryptocurrencies and impose new tax rules on their participants.
Kazakhstan became a major Bitcoin mining hub following China’s bans on cryptocurrencies. The proximity between the two countries prompted a large number of miners to migrate to Kazakhstan in search of profits to sustain their activities on blockchain networks. However, the Kazakh government has begun to regulate the crypto industry more and more restrictively.
A Spanish couple gets married in the Metaverse
📍Eva and Julio registered as the first Spanish couple to celebrate their wedding in the virtual world. According to local media, Eva and Julio's Metaverse wedding took place simultaneously with the royal wedding. The couple said that the Metaverse gave them the opportunity to live a completely different experience, as if they and their hundreds of guests were inside a video game.
Due to the restrictions that governments imposed due to the Covid pandemic, other couples had also chosen to celebrate their weddings in the virtual world. The Metaverse is also seen as scenario for providing legal services and carry out other procedures, such as divorce and the resolution of legal disputes.
Continue reading: Polygon Network joins The Graph to build more decentralized applications
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