This week’s top-5 stories curated to catch up with the crypto world.
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The global crypto market has gained traction as the result of an increased influx of capital. This has also sparked the cryptocurrency community to spread some good news. From Australia becoming the first nation to pioneer a “Token Mapping” method to classify the various sorts of digital assets and bring them under a legislative framework to global fashion labels like Nike making $185M from NFT Sales and more… Read on.
Australia to use ‘Token Mapping’ for crypto regulation
Australia is set to begin a review on how cryptocurrency assets are managed in the country to help better understand and regulate the industry.
“Token Mapping” is a method of classifying various kinds of digital assets to place them all under the appropriate regulatory framework. The Labour government of Australia will be carrying out the process soon to keep the safe crypto practices up to date and protect customers in the country.
Australia will become the leader in this field as this has never been done before. Based on the existing rules, the government will be better able to manage the industry and fill the legal gaps for other asset classes requiring specialized legislation.
The idea behind this is to safeguard consumers from market volatility while educating the masses about the potential dangers associated with the crypto industry.
Samsung to launch crypto exchange in South Korea
South Korea-based global tech giant Samsung could likely launch a Bitcoin and crypto exchange in the first half of 2023.
According to reports, Samsung Securities is among seven large South Korean securities companies that have applied for government approval to create a virtual assets exchange.
Samsung is also currently conducting studies to resolve the best ways to enter the crypto market after attempting to develop a crypto trading platform in 2021 but failed to acquire the necessary talent to do so.
Mirae Asset Securities, South Korea’s largest investment banking and stock brokerage, is also involved in the effort.
Ripio launches prepaid card in Brazil, offers 5% Bitcoin cashback
Latin American cryptocurrency service provider Ripio has introduced a prepaid Ripio Card in Brazil in collaboration with Visa.
The company plans to launch 250,000 cards by the end of the year. The offering would be accessible to the one million users it has in South America. The digital version of the card is already available.
With every purchase made, Ripio Card users can get up to 5% cashback in Bitcoin. Ripio will immediately convert any Bitcoin spent for purchase to Brazilian currency (Real) when the card is used. This conversion allows the Visa network to process the transaction in fiat on behalf of Ripio, delivering cash to the merchant.
With these debit cards, users can make payments in Brazilian currency and 28 cryptocurrencies that Ripio listed on its platform.
Brazil is ranked 14th on a top 20 list of countries with the highest levels of cryptocurrency adoption in the world.
Nike estimates $185M profit in NFT sales
Leading athletic apparel brand Nike has overtaken prominent names with its NFT sales this year outrunning Dolce & Gabbana, Tiffany, Gucci, and Adidas. Nike’s NFT-related projects have generated over $185 million in revenue, establishing itself as the biggest earning brand.
NFTs became widely popular in 2021, with collections like the Bored Ape Yacht Club and CryptoPunks generating billions in lifetime sales.
Nike raked in $1.3 billion in transaction volume with $93 million from primary sales of NFTs while generating $92 million in the form of royalties. This makes Nike’s NFT sales one of the most lucrative fashion brands in the digital world.
Telangana launches blockchain forum to enable Web 3.0 adoption
The Telangana government is getting ready to create a Web 3.0 regulatory sandbox to support businesses in developing solutions for tokenization, NFTs (non-fungible tokens), startups, innovation, technology, and the ecosystem in the state.
Telangana’s senior secretary for the departments of industries & commerce (I&C) and information technology (IT), Jayesh Ranjan, presented this during the India Blockchain Forum Launch event.
India Blockchain Forum envisions collaboration with governments, academic institutions and research centers, regulators, Industry, and academia to support, adopt and help in the adoption of blockchain and Web3.0 in the country.
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Disclaimer: This 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.