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Bitcoin and Crypto Market News Saturday, July 23, 2022 - 18:50

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After making a huge investment in cryptocurrency in 2021, Tesla has sold off 75 percent of its holdings in Bitcoin, which was worth about $2 billion at the end of 2021. However, the deal does not reflect a verdict on Bitcoin or the world of cryptocurrencies itself. Despite this move, countries like Dubai have unveiled metaverse plans targeting over 40,000 virtual jobs in the 5 years. UK financial markets bill authorizes regulation of stablecoins, service providers, and, Singapore onboard to become the next crypto hub and broaden crypto regulations and more... Read on.

Dubai unveils metaverse plans, targets 40,000 virtual jobs in 5 years

Dubai is aiming to enter the world’s top ten metaverse economies under a new strategy that is expected to generate up to 40,000 additional virtual jobs and add $4 billion to the city’s GDP by 2030.

The Dubai government aspires to develop global standards in building safe and secure platforms for users and develop infrastructure and regulations to accelerate the adoption of these technologies.

The strategy, announced by Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, aims to support the government's objective of increasing the number of blockchain enterprises in five years.

Dubai is already home to over 1,000 companies in the metaverse and blockchain sector, where virtual reality (VR) and augmented reality (AR) are currently responsible for 6,700 jobs in the UAE, contributing around $500 million to the country's economy.

UK to regulate stablecoins as a form of payment

Regulators in the United Kingdom are introducing rules in the parliament for using certain stablecoins as payment tools in the country. Stablecoins are cryptocurrencies whose prices are pegged to another financial asset.

The rules are part of long-awaited financial services and markets bill, aimed at strengthening the UK financial system post-Brexit.

Nadhim Zahawi, the newly appointed finance minister, explained the new legislation in his maiden speech on Tuesday. He claimed the legislation "reinforces the UK's position as a leading hub for technology as we safely adopt crypto assets."

According to a copy of the legislation published online, existing rules for banking and payment systems will be modified or extended to cover digital assets.

Singapore to broaden crypto regulations 

The Central Bank of Singapore and the Monetary Authority of Singapore (MAS) have planned to come up with a new set of regulations for bitcoin, other cryptocurrencies, and digital assets.

The MAS will also tighten laws for crypto players in the country in the coming months and take firm enforcement action if any entity is found to be conducting illegal activities. 

The central bank of Singapore will release plans next month to make the country a hub for bitcoin and other digital assets. The country seeks to protect consumers and investors by properly regulating these entities while encouraging businesses within the ecosystem. 

Singapore has been significantly impacted by the rising inflation that is causing global tensions to increase across the board.

Time Magazine to convert all future subscriptions to NFTs

Time Magazine’s President Keith Grossman said that said he hoped to fully digitalize all future subscriptions and migrate into NFTs on the "TIMEPieces" collection which provides holders with special subscription rights and the opportunity to own their data.

The TIMEPieces NFTs give their holders subscription rights and exclusive invitations to specific events. Users can connect their wallets on the Time Magazine webpage to authenticate their identity and login into their accounts.   

Since the launch of the collections in September 2021, Time Magazine has airdropped over 20,000 NFTs. According to Grossman, around 12,000 wallets currently hold a TIMEPieces NFT and are also connected to the website.

Time Magazine started accepting cryptocurrency payments for digital subscriptions in March 2021. President Grossman said the Magazine has been following the developments in the sector since September 2020 and decided that NFT-based ownership is the future.

Paraguayan Senate approves cryptocurrency bill

The Paraguayan Senate has passed a bill establishing a tax and regulatory framework for businesses operating in the cryptocurrency and the crypto mining sectors.

The bill, which had already been submitted to the deputy chamber, was approved by the Senate in 2021 with some changes suggested, establishing clear definitions and tax exemptions for companies in the cryptocurrency and crypto mining sectors.

The bill pertains specifically to mining, commercialization, intermediation, exchange, transfer, custody, and administration of crypto assets or instruments that allow control over crypto assets.

It also mentions that companies operating in the crypto sector will be exempt from paying a value-added tax. Individual and corporate crypto miners will also need to report their energy consumption schedule to the National Electricity Administration.

The bill is now one step away from being approved as law by President Mario Abdo BenĂ­tez.

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DisclaimerThis article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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