UK Proposes New Legal Status for Crypto Assets as Personal Property
The UK government is pushing forward with a new bill that classifies digital assets, including Bitcoin and NFTs, as personal property under English and Welsh law. If passed, this legislation will provide clear legal recognition for these assets, offering greater protection against fraud and ensuring smoother ownership rights. By positioning the UK as a leader in crypto regulation, the bill aims to foster a safer environment for digital asset owners while increasing trust in the market. (Decrypt)
PayPal and Venmo Simplify Crypto Transactions with ENS Integration
PayPal and Venmo have made a significant leap forward in simplifying crypto transactions for U.S. users by integrating Ethereum Name Service (ENS) support. This update allows users to send crypto using human-readable ENS names instead of cumbersome wallet addresses, reducing transaction errors and enhancing the user experience. This move makes decentralized finance more accessible to mainstream users and demonstrates a broader trend of integrating blockchain technology into everyday financial platforms. (The Block)
UAE Central Bank Introduces Digital Asset Custodial Risk Insurance
The Central Bank of the UAE has introduced a new custodial risk insurance product designed to protect digital asset custodians and exchanges from various risks, including hacking and fraud. Offered under the “OneInfinity” brand by OneDegree and Dubai Insurance, this insurance is the first of its kind in the UAE, offering vital protection for Web3 firms. As demand for such services grows with increasing digital asset adoption, this initiative positions the UAE as a hub for crypto regulatory innovation. (Cointelegraph)
Philippine Science High School Adopts Blockchain for Student Records
The Philippine Science High School (PSHS) has launched Pisay-DigiCert, a blockchain-based platform for managing student records. This initiative aims to streamline the process of sharing educational credentials securely and tamper-proof by leveraging blockchain technology. Expected to be fully operational by late 2024, Pisay-DigiCert is setting a standard for other educational institutions to adopt blockchain for more efficient and secure record-keeping practices. (BitPinas)
TRON, Tether, and TRM Labs Launch First Private Sector Financial Crime Unit
In a groundbreaking collaboration, TRON, Tether, and TRM Labs have launched the T3 Financial Crime Unit (T3 FCU) to combat financial crime within the TRON blockchain ecosystem. Combining blockchain intelligence, technical expertise, and investigative capabilities, the T3 FCU aims to secure digital asset transactions and protect the integrity of the market. Already, the initiative has led to the freezing of over $12 million linked to various scams, reinforcing efforts to create a safer environment for cryptocurrency users. (Blockworks)
