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UK Commission Launches Review of International Crypto Laws
The UK is considering reforming its cryptocurrency laws. The Law Commission for England and Wales released a review on October 18 that will provide clarity on how international law addresses emerging technologies such as cryptocurrencies, digital assets and electronic documentation.
The government-backed project, called “Digital Assets: Which Law, Which Court?” is being launched to bring Britain up to speed on current and anticipated international laws regarding the decentralized finance sector.
As part of the review, the commission will undergo a detailed analysis of international regulations to formulate reforms that align with international law. The goal of the reforms is to eliminate conflict-of-law problems that have created legal insecurity for users, organizations, and governments.
Web3 Infrastructure Company secures $18.75 million in financing
Blockchain infrastructure and gaming services are one of the fastest growing segments of the Web3 community. In line with this trend, Canadian infrastructure company Web3 ChainSafe has closed an $18.75 million funding round backed by various industry venture firms.
The Series A round was led by venture firm Round13 with additional participation from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital. ChainSafe said the funding would go towards supporting the growth and adoption of Web3 technology.
DeFi Holds Up Amid Bearish Outlook In Traditional Markets
With inflation still a problem in the US and global economy, regulatory threats in the DeFi sector looming, and DAOs, new blockchains, and tokens being created at a breakneck pace, it’s important to take a step back. and look at the big picture. , and ask where cryptocurrency currently stands in the overall economy.
The flagship, and to some extent the benchmark, the Bitcoin cryptocurrency is holding steady in the $19,000 range. Bitcoin’s narrow trading range bodes well for the deFi sector, suggesting that the digital currency market is stabilizing under its own weight, despite bearish prospects for the mainstream economy.
Ether made small gains in the last 24 hours, Lido DAO is up 5% and Polygon’s MATIC is also up 5%.
Additionally, weekly downloads of crypto-related JavaScript code have increased 10-fold since 2018 and tripled in the last 12 months, and smart contracts have increased 50% since 2021, according to analysis by Cointelegraph.
European Commission calls for crypto mining block
The European Commission declared on Tuesday that members of the European Union must be ready to block crypto mining. The European Commission is the executive arm of the EU and the jus responsible for introducing legislation. The mandate comes as Russian gas supplies continue to be cut off due to the ongoing war in Ukraine.
Crypto mining is a high-energy endeavor and the European Commission fears power shortages and potential blackouts as Northern Europe heads into the winter months. “In the event that there is a need for load shedding in electrical systems, the [EU] member states must also be ready to stop mining crypto assets,” the commission said in a document released on Tuesday. Load shedding is when power companies deliberately cut off supply to a certain group of users to prevent the entire network from going down.
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