London is ready. Sri Lanka is not. Australia getting ready
In today’s dispatch we have:
Who’s ready for crypto?
The Timekeeper NFTs
FTX wants donations refunded
London has soared to the top as the world's leading hub for cryptocurrencies, according to a study by Recap, a funky crypto tax software biz.
Key takeaways from the report:
London, Dubai and New York made it to the top three in the list.
Hong Kong, which was positioned as the most crypto-ready country in 2022, fell to seventh place in the research.
London is the largest hub for the cryptocurrency industry, with over 800 cryptocurrency-based companies.
London has 2,173 people working in crypto-based jobs
London hosted the second-highest number of cryptocurrency events and conferences in 2022.
London's status as the leading crypto hub is great for the government's goal of making the U.K. a 'global hub for crypto-asset technology and investment. This bodes well for Prime Minister Rishi Sunak's plan to keep the U.K. financial services industry ahead of the curve in terms of technology and innovation.
In the Chinese city of Suzhou:
Suzhou city in China has the plan to promote digital Yuan (e-CNY) adoption. The new plan, "Suzhou Three-Year Action Plan for the Development of Digital Finance Industry (2023-2025)" aims to process $30 billion in digital yuan-powered loans for SMEs in 2023
Aiming to transact $297 billion worth of central bank digital currency (CBDC) in 2023
To increase digital Yuan transactions among residents and companies.
$50.5 billion in digital Yuan was transacted in the city as of 2022.
Over 30 million residents have downloaded e-CNY wallets, more companies and government entities are accepting payment in the digital currency.
Meanwhile, Huang Yiping, a former member of the Monetary Policy Committee at the People's Bank of China has called for a review of the country's ban on cryptocurrency trading, suggesting it may not be sustainable in the long run and could result in missed opportunities for the financial system.
Australia is figuring it out:
The Australian government is taking a multi-stage approach to regulating crypto startups in order to protect consumers from what it considers to be unsustainable business models.
The first stage involves the Australian Securities & Investments Commission increasing the size of its crypto team and taking legal action against project offerings that fail to register for appropriate licenses while ensuring risks are disclosed.
The second stage involves reforming the licensing and custody of crypto assets and establishing obligations for crypto asset service providers.
The third stage involves a token mapping exercise to discover which assets require additional regulatory attention.
But Sri Lanka isn't ready rn:
Billionaire Tim Draper recently travelled to Sri Lanka to film an episode of "Meet the Drapers", and while he was there, he tried to convince the country to join the Bitcoin bandwagon, just like El Salvador did.
Draper decked out in a Bitcoin tie, tried to pitch the idea of adopting Bitcoin to the Sri Lankan President and then to the Central Bank the next day. However, the Central Bank Governor wasn't having it and told Draper that a 100% Bitcoin adoption wouldn't happen in Sri Lanka.
Draper: "Does the administration have the guts to do it?"... "What's the advantage of having your own currency?"
Weerasinghe: "We don't want to make the crisis worse by introducing bitcoin."
Draper has been promoting the adoption of Bitcoin in other countries and has received more positive responses than he did from Sri Lanka. Draper is bullish on Bitcoin as he sees it as a hedge against inflation and predicts that it will reach $250K by mid-2023.
Takashi Murakami to release "The Timekeeper" NFT Collection
Takashi Murakami, the renowned Japanese artist, is set to release a collection of 13 Non-Fungible Tokens (NFTs) linked to physical Hublot watches. The collection, called "The Timekeeper," will be released in collaboration with the Swiss luxury watchmaker.
Each of the 13 NFTs will be linked to a physical Hublot watch, with the NFTs representing the watch's unique identity. The NFTs will be available for purchase on the OpenSea platform, with the physical watches available for purchase at Hublot stores. The collection will be released on April 28th, 2021. This marks the first time a physical watchmaker collaborated with an artist to create a collection of NFTs. The collection is sure to be a hit with art and watch enthusiasts alike.
Twitter to share ad revenue with creators?
Elon Musk recently announced that Twitter would be sharing ad revenue with creators. This is a major shift for the platform, which has traditionally not shared ad revenue with its users.
The revenue sharing will be based on the engagement of the content, with creators receiving a percentage of the ad revenue generated from their posts. This move is seen as a way to incentivize content creators to produce more engaging content, which could lead to more users and more ad revenue for Twitter. It remains to be seen how this will affect the platform, but it could be a major step forward for content creators.
Madrid Rehab Center Treats Crypto Trading Addiction
A Spanish rehab centre has added crypto trading addiction to its list of services. The centre, located in Madrid, is the first of its kind to offer specialized treatment for those suffering from an addiction to cryptocurrency trading. The centre will provide a range of services, including psychological and medical support, to help those struggling with their addiction.
The centre will also offer educational programs to help people understand the risks associated with trading cryptocurrencies. The centre hopes to help those suffering from crypto trading addiction to regain control of their lives and make better financial decisions.
FTX Demands Politicians Return Crypto Donations
Cryptocurrency exchange FTX is calling on politicians and political action committees (PACs) to return donations they have received from the company. FTX has stated that it will take legal action to recover the funds if the donations are not returned.
FTX has stated that it is committed to promoting responsible cryptocurrency use and that it is taking steps to ensure that its donations are not used to support policies that are contrary to its values.
The company has also stated that it will continue to support politicians who are open to the potential of cryptocurrency. FTX has been criticized for its donations to politicians, including those who have been vocal opponents of cryptocurrency.
Coffeezilla, a crypto investigator, uncovered that MMA fighter Dillon Danis promoted a fake NFT project without disclosing a $1,000 payment.
FTM has jumped 35% in the past week due to rumours of a new stablecoin and updates.
The White House published a statement warning about the risks of cryptocurrencies, pointing to last year’s various collapses.
Crypto trading venue Orion Protocol was set to pause operations Thursday after losing $3M of crypto in a trading pool exploit.
VC and other investments in crypto startups plunged 91% in January, with only $548 million raised.