Crypto NFT Today: The latest news in blockchain, cryptocurrency and NFT: 19-25 October 2022
Welcome to another edition of Crypto NFT Today! If you like cryptocurrency, NFTs and riding emotional roller coasters, this is the place to be.
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UK Commission launches review of international crypto laws
The UK is considering reforming its cryptocurrency laws. The Law Commission of England and Wales launched a review on 18 October, which will provide clarity on how international law approaches new technologies such as cryptocurrencies, digital assets and electronic documentation.
The government-backed project, called “Digital Assets: Which Law, Which Court?” launched to bring the UK up to date with current and anticipated international laws regarding the decentralized finance sector.
As part of the review, the commission will undergo a detailed analysis of international regulations in order to formulate reforms that are in line with international law. The goal of the reforms is to eliminate legal conflict issues that have created legal uncertainty for users, organizations and authorities.
Web3 Infrastructure Company secures $18.75 million in funding
Blockchain infrastructure and gaming services are one of the fastest growing segments of the Web3 community. In line with this trend, Canadian Web3 infrastructure company ChainSafe has closed an $18.75 million funding round that was backed by several industrial companies.
The Series A round was led by venture firm Round13 with additional participation from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital. ChainSafe said the funding would go towards supporting the growth and adoption of Web3 technology.
DeFi holds up amid bearish outlook in traditional markets
With inflation continuing to be a problem in the US and global economy, threats of regulation in the DeFi sector looming, and DAOs, new blockchains and tokens being created at a lightning pace, it is important to step back and look at the bigger picture, and ask where cryptocurrency currently falls in the overall economy.
The flagship – and somewhat bellwether – cryptocurrency Bitcoin is holding steady in the $19,000 range. The tight trading range for Bitcoin bodes well for the deFi sector, suggesting that the digital currency market is stabilizing under its own weight, despite bearish outlook on the traditional economy.
Ether made small gains in the last 24 hours, Lido DAO was up 5%, and Polygon’s MATIC was also up 5%.
In addition, weekly downloads of crypto-related JavaScript codes have increased 10-fold since 2018 and tripled in the past 12 months, and smart contracts have risen 50% since 2021, according to CoinTelegraph analytics.
The European Commission encourages Crypto Mining Block
The European Commission stated on Tuesday that EU members must be ready to block crypto mining. The European Commission is the executive arm of the EU and is responsible for introducing legislation. The mandate comes as Russian gas supplies continue to be disrupted due to the ongoing war in Ukraine.
Crypto mining is a high-energy venture, and the European Commission fears energy shortages and potential blackouts as Northern Europe heads into the winter months. “In case there is a need for load reduction in the electricity systems [EU] Member states must also be ready to stop the mining of crypto assets, the commission said in a document published on Tuesday. Load shedding is when energy companies deliberately cut off supply to a specific set of users to avoid the entire grid from going down.
Altcoin update
