29 October

Facebook said Thursday the company’s metaverse will support non-fungible tokens (NFT) in a possible boost to the Ethereum protocol, where the digital collectibles format has thrived.

This will make it easier for people to sell Limited Edition digital objects like NFTs, display them in their digital spaces and even resell them to the next person securely.

The news comes as Facebook delves further into the virtual world. The monetization push could dovetail with the company’s Novi crypto wallet. In another sign of Facebook’s metaverse fascination, the company’s stock will trade under ticker symbol MVRS starting Dec. 1.

Our goal is to provide a way for as many players as possible to build a business in the metaverse.”

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“Global anti-money laundering (AML) agency the Financial Action Task Force (FATF) has released its updated guidance for firms that handle cryptocurrency and virtual assets.

While the release of FATF’s updated guidance will increase the urgency for VASPs to become compliant, there is also a recommendation that regulators be flexible during the initial rollout, acknowledging the real-world issues VASPs and Travel Rule service providers have pointed out.

The FATF is basically saying that regulators can take a staged approach to enforcement of the Travel Rule so their [local] VASPs can realistically implement it. They are also recommending that VASPs be able to continue to do transactions with VASPs in non-compliant jurisdictions, to avoid excluding firms in the developing world, for example.

The guidance indicates that those who maintain “control or sufficient influence” over a DeFi arrangement should be regulated for AML purposes. This suggests that where DeFi developers have the ability to restrict coin listings on a decentralized exchange, operate a domain that enables user access, or are otherwise able to intervene in the activities of a DeFi marketplace in a significant way – they could very well be captured by regulation.

Helpfully, the guidance clarifies that individual governance token holders shouldn’t fall within the regulatory perimeter if they don’t exercise this type of influence over activities in a particular DeFi marketplace.

The final guidance does not provide any further clarity on FATF expectations when VASPs transact with unhosted wallets.”

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“On Wednesday, El Salvadorian President Nayib Bukele tweeted that his government had “bought the dip,” adding an additional 420 BTC, which is equivalent to around $25 million. El Salvador’s treasury now holds an estimated 1,120 bitcoin. Underlying sentiment remains extremely bullish for the top cryptocurrencies.

Today the markets were buoyed by news of additional state-level purchases from El Salvador, indicating the country’s intentions to continue to acquire.”

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Alchemy, which provides developer services to decentralized finance (DeFi), non-fungible token (NFT) and other crypto projects, is fast becoming the blockchain world’s version of Amazon Web Services (AWS).

Alchemy’s behind-the-scenes positioning makes it one of the most prolific rails for crypto infrastructure, though most end-users are unfamiliar with the brand. It focuses on Ethereum, its layers 2s and the Flow blockchain but has plans to stretch further.

We power virtually every NFT [marketplace], we power the majority of DeFi, we power most of the top apps in this space.”

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“Cryptocurrency exchanges Coinbase and Crypto.com are now two of the most downloaded apps for the United States Apple App Store, topping the charts at first and third place. Coinbase was the most popular download in the U.S. in 2017 and in May 2021.

Crypto.com’s rising popularity could be the result of the exchange releasing an ad campaign featuring actor Matt Damon. The “fortune favors the brave” ad, which went live early on Thursday, is aimed at reaching a global audience of potential crypto users and investors.”

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