NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry

On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial regulator stressed that businesses should not commingle customer funds and that customer funds should be segregated with separate accounting. FTX Collapse Prompts NYDFS to Issue […]

Crypto Miners in Kazakhstan to Buy Only Surplus Power, Under Digital Assets Bill

Companies extracting cryptocurrencies in Kazakhstan will be allowed to purchase only excess electricity on a government-controlled market. The decision comes with new legislation approved by lawmakers which regulates the activities of the industry and the taxation of its profits. Law to Regulate Crypto Mining in Kazakhstan, Change Licensing Rules The lower house of Kazakhstan’s parliament, […]

Open Metaverse Alliance OMA3 Launches to Develop Standards for an Interoperable Digital World

The Open Metaverse Alliance, OMA3, was launched by a group of Web3 dedicated companies in order to create standards for an interconnected metaverse. The organization, formed by companies such as Animoca Brands, Dapper Labs, The Sandbox, and Unstoppable Domains, stated its objective was to achieve a decentralized, community-led, and user ownership-oriented open metaverse. Open Metaverse […]

Tencent Launches Extended Reality Unit to Tackle the Metaverse Market

Tencent, the Chinese technology and entertainment giant, announced the creation of its own metaverse-driven division. The division, named the extended reality unit, will be the one tasked with encompassing all metaverse-driven efforts, including hardware and software developments. According to reports, the company aims to employ over 300 in this unit, with Tencent giving it big […]

Meta, Microsoft, and Others Launch Metaverse Standards Group

Meta, Microsoft, and 31 more companies have united to form an organization to promote the creation of open standards regarding metaverse tech. The institution, named the Metaverse Standards Forum, will focus on establishing standards to make each one of the metaverses on the internet interoperable, which would ideally permit these worlds to communicate. The […]

Vietnam Launches Blockchain Association to Conduct Research and Suggest Regulations

A newly established blockchain association aims to help Vietnam promote its digital economy and position the country on the world’s technology map. The organization looks to unite Vietnam’s experts in the field and seek cooperation with blockchain communities around the globe for the research and development of blockchain solutions. Vietnam to Expand Implementation of Blockchain […]