UK Proposes New Legal Status for Crypto Assets as Personal Property
The UK government has introduced a bill to classify digital assets, including Bitcoin and NFTs, as personal property under English and Welsh law. This legislation would establish a new category of personal property, offering clear legal recognition and protection for these assets. If enacted, the bill aims to enhance legal clarity for digital asset ownership and safeguard against fraud, positioning the UK as a leader in crypto regulation. (Decrypt)
Paypal and Venmo Simplify Crypto Transactions with ENS Integration
U.S. users of Paypal and Venmo can now send crypto using Ethereum Name Service (ENS) names instead of long wallet addresses. This integration reduces transaction errors by automatically linking ENS names to the recipient’s wallet, streamlining the process for users. ENS Labs believes this move will make decentralized finance more accessible through familiar payment platforms. (The Block)
UAE Central Bank Introduces Digital Asset Custodial Risk Insurance
The Central Bank of the UAE has approved a new custodial risk insurance product for digital assets, offered by OneDegree and Dubai Insurance under the "OneInfinity" brand. This insurance protects Web3 exchanges, custodians, and asset managers from risks like hacking, physical damage, or internal fraud, ensuring secure handling of customer assets. With demand expected to rise as more firms get licensed, this is the first time UAE-based companies can acquire such insurance domestically. (Cointelegraph)
Philippine Science High School Adopts Blockchain for Student Records
The Philippine Science High School (PSHS) has launched Pisay-DigiCert, a blockchain-based system for managing and sharing student records. This new platform provides a secure, tamper-proof method for handling credentials, streamlining the process for institutions and employers, and eliminating the need for physical document requests. Expected to be fully operational by late 2024 or early 2025, Pisay-DigiCert aims to set a benchmark for other schools and agencies to adopt blockchain technology. (BitPinas)
TRON, Tether, and TRM Labs Launch First Private Sector Financial Crime Unit
TRON, Tether, and TRM Labs have established the T3 Financial Crime Unit (T3 FCU), a pioneering collaboration aimed at combating financial crime within the TRON blockchain ecosystem. This initiative combines TRM Labs' blockchain intelligence, TRON’s technical expertise, and Tether’s investigation capabilities to address illicit activities involving USDT. In its early efforts, the T3 FCU has facilitated the freezing of over $12 million linked to various scams, marking a significant step in safeguarding the integrity of digital asset transactions and promoting a secure crypto environment. (Blockworks)
