Here are the most recent developments in the world of cryptocurrency.
Venmo to support P2P cryptocurrency transfers in the US
Venmo, a popular payment platform owned by PayPal, has announced that it will now support P2P cryptocurrency transfers. The move is seen as a significant step towards mainstream adoption of cryptocurrencies.
More options and flexibility for managing and moving digital currencies will be provided by the new feature that will become operational in May 2023.
Users in the US will be able to buy, sell and hold four different cryptocurrencies on Venmo - Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
UK to ban cold calls selling financial products
The UK government has announced a ban on cold calls selling financial products, including cryptocurrencies. The move is aimed at protecting consumers from scams and frauds in the crypto industry and is a significant step towards improving consumer protection in the UK crypto industry.
The government announced its new fraud strategy, promising 400 new jobs to update its approach to intelligence-led policing. The government will collaborate with the Office of Communications, the telecoms regulator.
The UK Financial Conduct Authority (FCA) has also ordered that all companies engaged in crypto asset activity register with it per the existing Financial Services and Markets Act rules for the digital assets market.
Nigeria greenlights national blockchain policy
The Nigerian government has approved a national blockchain policy that aims to promote the adoption of blockchain technology in the country. This is a significant step towards positioning Nigeria as a leader in the blockchain space in Africa. The policy aims to create an enabling environment for blockchain startups, promote research and development, and develop a regulatory framework for the industry.
The strategy will also steer the creation of blockchain business incentive programs, advancing digital awareness and literacy of blockchain technology, and building a robust regulatory and legal framework.
Sports Illustrated launches NFT ticketing platform on Polygon
Sports Illustrated, the popular sports magazine, has announced the launch of a new NFT ticketing platform built on the Polygon blockchain.This is a big step in the direction of blockchain technology adoption in the entertainment sector.
The platform will allow fans to buy, sell, and trade NFT tickets for sporting events, concerts, and other live events.
According to their announcement, "it will be the world's first complete NFT ticket service, allowing event owners, organizers and promoters to use Box Office to build further engagement opportunities into tickets, such as highlights, collectibles and offers through a feature called "Super Ticket."
Kenya to consider tax on crypto, NFT
Kenya's Finance Ministry, the National Treasury, has proposed a 3% tax on the transfer of digital assets and a 15% tax on monetized online content for the coming budget year. The nation's budget will be presented on June 8.
The National Assembly will go through five rounds of readings, committee hearings, and reports before sending the bill to the president for final approval and signing into law. According to a United Nations estimate, 4.25 million or around 8.5% of Kenya's population own cryptocurrencies, placing Kenya fifth globally in terms of the use of cryptocurrencies.
