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Welcome to Nonfungible Tidbits, a weekly roundup of reports in crypto, NFTs and their associated realms.
Our lead story this week is Thailand’s upcoming ban on crypto funds for items and companies. We’ll additionally cowl Jerome Powell’s remarks on crypto legal guidelines, a brand new debit card from Robinhood, NFL blockchain sponsorships and up to date logos filed by Meta concerning crypto.
Keep tuned for extra subsequent week.
Thailand bans crypto funds for items and companies
Thailand’s securities regulator introduced that crypto funds for items and companies can be outlawed beginning April 1. The ban is meant to fend off monetary instability, according to the nation’s Securities and Alternate Fee. The chance of cyber theft was cited as one other concern.
The barring of crypto funds comes when cryptocurrency possession in Thailand is excessive. Over 20% of the inhabitants ages 16 to 64 owns cryptocurrency, according to the Bangkok Post. Although crypto funds can be unlawful, cryptocurrency investments are nonetheless allowed.
Fed Reserve Chairman says crypto wants new guidelines
Throughout a banking panel on Wednesday, Federal Reserve Chairman Jerome Powell raised issues in regards to the dangers related to cryptocurrency, noting extra US regulation will probably be required. “Our present regulatory frameworks weren’t constructed with a digital world in thoughts. Stablecoins, central financial institution digital currencies, and digital finance extra typically, would require adjustments to present legal guidelines and regulation and even totally new guidelines and frameworks,” Powell stated.
Powell’s remarks come after President Biden’s executive order earlier this month, which directed federal businesses to provide you with coverage concepts for the cryptocurrency business and look into the opportunity of a US central bank digital currency.
Robinhood unveils new debit card with crypto rewards
Robinhood introduced the launch of a brand new debit card that permits customers to earn crypto and inventory rewards. Cardholders can spherical up purchases and make investments the distinction, aka “spare change,” in crypto or inventory, and Robinhood will supply a ten% to 100% bonus on rewards earned on the finish of every week (this bonus is capped at $10 per week). This card will substitute its present crypto debit card and at the moment has a waitlist.
Robinhood made headlines final 12 months through the GameStop inventory frenzy, which created steep dips and rises within the inventory worth, and price hedge funds billions. You may learn in regards to the GameStop inventory saga here.
Read more about Robinhood’s debit card here.
NFL says restricted blockchain sponsorships OK for groups
The Nationwide Soccer League issued a memo this week permitting NFL groups to accept limited blockchain sponsorships. The sponsorships, that are topic to NFL approval, could final now not than three years and stadium signage is prohibited. Restrictions for cryptocurrency and fan tokens will stay in place. The memo additionally famous that groups could settle for NFT-related sponsorships, additionally topic to NFL approval.
Meta (Fb) information logos for crypto exchanges, tokens and wallets
This week Meta, the not too long ago renamed father or mother firm of Fb, filed trademarks overlaying cryptocurrency exchanges, tokens and wallets. Meta CEO Mark Zuckerberg introduced final week that NFTs would be coming to Instagram, one other social media platform owned by the multinational expertise conglomerate.
Meta has held digital foreign money aspirations for a while. The corporate tried to launch its personal stablecoin cryptocurrency known as diem, however deserted its plans and bought off the remaining property earlier this year. The brand new logos counsel Meta could also be taking one other shot at creating cryptocurrency merchandise.
Thanks for studying. We’ll be again with lots extra subsequent week. Within the meantime, check out this story from Queenie Wong on procuring within the Metaverse.
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