The bill complements one already on the governor’s desk that regulates digital assets owned by individuals.
Virtual Currencies News
A virtual currency is an unregulated currency that is stored in and exchanged across networks, software and apps specifically designed for it. Virtual currency’s value is mainly influenced by the sentiment of market participants.
There are many types of virtual currencies, and they can be categorized as centralized or decentralized. Centralized virtual currencies are those made by governments or entities that fully control the ecosystem and the economy. For instance, the form of centralized digital currency known as central bank digital currency (CBDC) and the XRP cryptocurrency are centralized virtual currencies.
On the other hand, a decentralized currency mainly refers to cryptocurrencies that lack a central administrator or third-party intermediary. Instead, the transactions of a decentralized virtual currency are authenticated by a distributed system called a blockchain network. For example, Bitcoin, Litecoin and Dai are decentralized blockchain systems allowing more transparency between parties over the peer-to-peer network.
FIFA Points is an example of gaming currencies and is a virtual currency used in the FIFA Ultimate Team game mode of FIFA video games to buy FUT Packs and FUT Draft tickets and to trade players. Similarly, flight points such as air miles can be a form of virtual currency that may be used to pay for flights and travel-related extras. Additionally, gambling tokens used in the place of money for coin-operated arcade games, which generally have no value outside the slot machines, may also be considered virtual currencies. So, not all virtual currencies are cryptocurrencies, but all cryptocurrencies are digital currencies.
The Backpack crypto wallet has bagged operational licenses across several jurisdictions worldwide over the past five months, according to the company announcement.4593
The rock band Queen and big bank HSBC eye up the metaverse while Yuga Labs launched the next iteration of its NFT gaming saga.3534
The two central banks are aiming to align their financial service sectors and said both share “many complementary strengths.”7834
Flatcoins need to provide a more stable and decentralized alternative to traditional currencies — otherwise, they’re nothing but investment vehicles.11085
The manuscript is part of a larger series of physical and digital items related to the famous book.3678
Regulators in Hong Kong plan for the addition of personnel to “better supervise” the activities of local virtual asset providers.8084
By allowing virtual banks, Thailand seeks to boost competition and economic growth.10244
Starting in 2023, the companies will have to obtain a new type of license to operate with crypto in the state.4645
The new legislation will bring a licensing regime for the virtual asset service providers requiring them to pass strict AML and money laundering guidelines.5725
Those looking to earn passive income in the metaverse have several available options, but how profitable and durable these are isn’t yet clear.47299
Financial Secretary Paul Chan highlighted the importance of being “steady and cautious” when promoting the development of the virtual asset industry in Hong Kong.19972
Crypto can act as protection against inflation, but not until it establishes its fundamentals and achieves mass adoption.12583
Crypto adoption should be about more than speculative trading outside of your regular bank account.11648
Crypto service providers must fulfill seven conditions that include being constituted in the form of a company with a minimum capital of roughly $52,725, or 50,000 euros.6292