UK cracks down on Crypto Hype. No country for Crypto Ads
In today’s dispatch we have:
UK cracks down on Crypto Hype
NFTs have a busy week
The U.K. has come up with a new guideline for crypto ads! The country's financial watchdog, the Financial Conduct Authority, has suggested a fresh "financial promotions regime" for crypto companies.
This means that all crypto companies, whether they are based in the U.K. or abroad, will have to follow certain rules when promoting their services to U.K. customers.
There are four routes under which a crypto firm can promote its services in the U.K.:
1) communication by an FCA-authorized person,
2) approved by an FCA-authorized person,
3) registered with the FCA under anti-money laundering regulations,
4) complies with conditions of an exemption in the Financial Promotion Order.
Any promotion made outside of these routes would breach the Financial Services and Markets Act 2000 and could result in up to two years of imprisonment for the executives.
Crypto ads globally
Well, crypto can be a wild ride, and sometimes people get a little too hyped up by ads and FOMO. That's why some countries have gotten a bit strict about crypto ads. And even the UN chimed in last year, saying, "All that glitters is not gold.
Charlie doesn't like Bitcoin. Michael doesn't like Charlie. Cathie likes only bitcoin
It's not even news when Charlie Munger goes signing the Bitcoin song. It's not the first, and it won't be the last. Munger, Vice Chairman of Berkshire Hathaway, has called for the US to ban cryptocurrencies.
Not first, not second, but the 101st time he has said something along these lines. He thinks it's all worth shit and argues that crypto assets are not currencies, commodities or securities but rather gambling contracts with a nearly 100% edge for the house. But for every Charlie, there is a Micahel, with shining armour and arsenal to challenge.
Michael Saylor, executive chairman of MicroStrategy, has responded to Munger's criticism by claiming that the billionaire investor is part of the "Western elite" who hasn't had the time to study cryptocurrency. Saylor believes that if Munger had spent 100 hours studying the problem, he would be more bullish on Bitcoin than Saylor himself. Every time Charlie runs down Bitcoin. Michael hits back. What a pair, the two of them.
Then, we have Cathie. Charlie. Michael and Cathie. It's a trio. Cathie Wood likes Bitcoin. She is the CEO of ARK Invest and believes that Bitcoin is the ultimate insurance policy against inflation and currency devaluation. She believes that high-net-worth individuals should use Bitcoin as a shield against "confiscation" due to its limited supply of 21 million coins.
NFTs have a busy week
The Party: Bill Murray recently attended a members-only NFT party at a golf course in Oceanside, California. He was initially confused by the acronym NFT, thinking it was a sports league. The event was filled with references to his films and personal stories, with activities such as golf, whack-a-mole, skee-ball, and an ice sculpture replica from Groundhog Day.
The Music: Legendary Oscar-winning actor Anthony Hopkins recently shared a video of himself playing a piano piece he had been working on for the past few years. Titled "Eternal", the piece was composed in honour of his NFT collection of images as various characters released on the OpenSea marketplace.
The Exit: Sethi, Mastercard's product lead for NFTs, announced his resignation from the company on Thursday, citing harassment and emotional distress. He said he was not paid for months at a time, and when he reported the issues to HR, he was told he had to serve a three-month notice period. To commemorate his resignation, Sethi is selling his resignation letter as an NFT.
The Louis Vuitton: Louis Vuitton and Yayoi Kusama are collaborating for the first time on an NFT release following the success of their recent NFT game launch. Louis Vuitton is marking its 200th anniversary by enabling customers to easily exchange these digital assets for physical copies.
The Bottle: Kweichow Moutai, one of the largest Chinese companies by market capitalization, has released 113,960 Lichun-themed NFTs, which are connected to their physical liquor equivalents. For a total of 139 million yuan, the NFT-linked bottles can be purchased for yuan 2,899 (500 ml) and 569 yuan (100 ml).
Crypto World Skips 2023 Super Bowl
Last year, a bunch of fancy crypto firms like FTX, Coinbase, Crypto.com, and Etoro splashed a ton of cash on commercials during the Super Bowl to show off their biz to a massive crowd. But, it seems like the crypto-party-bus has hit a few bumps on the road lately, with the industry facing some strains, a few bankruptcies, layoffs, and even the famous FTX tumble. So, it looks like fewer crypto companies are going all-in on the Super Bowl ad game this time around.
This year, only a few companies, such as Limit Break and Bitbuy, are advertising during the event. Limit Break runs an advertisement during the first commercial break and gives away thousands of NFTs, while Bitbuy emphasises trust in its ad and doubles the length of its commercial. However, the executive vice president of ad sales for Fox Sports stated that there would be no representation for crypto companies in the upcoming Super Bowl.
Sorare NBA, an NFT-based fantasy basketball game, sold a 1/1 Giannis Antetokounmpo NFT for $187,000 in ETH, setting a new record for the platform.
Payments giant Visa seeks to meet customer requests to convert digital assets into fiat payments.
The co-founder of Web3 metaverse game engine "Webaverse" has revealed they were victims of a $4 million crypto hack.
Crypto exchange Binance said that it will temporarily suspend US dollar bank transfers starting on Wednesday.
Interpol is investigating how it could police crimes in the metaverse, and a top Interpol executive believes there are issues with defining a metaverse crime.