UK Government ‘Strongly Disagrees’ With Treasury Over Regulating Crypto As Gambling, UK FCA To Open Digital Sandbox On Aug 1, Push Protocol Launches Audio Streaming App and decentralized video

Source: AdobeStock / Iakov Kalinin

Get your daily, bite-sized roundup of crypto asset and blockchain-related news, digging into the stories flying under the radar in today’s crypto news.

Regulation News

  • The UK government rejected a proposal by the UK Treasury saying that he “strongly disagrees with the Committee’s recommendation to regulate “retail trading and investment activity in unbacked crypto assets as gambling rather than as a financial service.” He argument that the approach proposed by the Committee would risk creating a misalignment with the international standards and approaches of other major jurisdictions, including the EU, and potentially creating unclear and overlapping mandates between financial regulators and the Gambling Commission.
  • The United Kingdom Financial Conduct Authority (FCA) plans to provide access to a digital sandbox and allow experimentation through proof-of-concepts to see how companies’ products perform at an early stage of development. According According to the press release, following 2 successful pilot tests, the digital sandbox will be permanently available on August 1, “opening up the platform to an even broader range of innovative companies, start-ups, and data providers.” It will also help meet the regulator’s new secondary objective of supporting economic growth and international competitiveness, he said.
  • Kuwait’s main financial regulator, the Capital Markets Authority (CMA), forbidden practically all operations that involve cryptocurrencies to combat money laundering and comply with the Financial Action Task Force(GAFI) global recommendations for crypto assets. He banned the use of cryptocurrency for payments or investments, placed an “absolute” ban on mining digital assets, banned the recognition of cryptocurrency as a decentralized currency, and warned the public that companies cannot provide cryptocurrency-related services.

DeFi news

  • Web3 communication network insertion protocol announced the public launch of push spaces, described as “the first decentralized audio and video streaming app, built on Push Protocol’s existing communication ecosystem of 90k subscribers across 700+ apps and three blockchains.” According to the press release, Push Spaces is currently available for audio streaming, with video streaming coming soon.

crime news

  • Canadian police issued a public warning after noting a potential trend of high-value crypto investors being robbed in home invasions. “It appears that someone is targeting these victims for cryptocurrency, and we believe this public warning is necessary in the interest of public safety.” saying a staff sergeant. “The suspects appear to know that the victims are heavily invested in cryptocurrency, know where they live, and are being robbed of their own homes,” added another. Investigators did not provide specific details about either incident, but noted that large amounts of cryptocurrency were involved.
  • Police in Jingmen, Hubei province, China, said they froze multiple accounts with a combined value of $160 million in an online gambling case where digital currencies were widely used to avoid regulation. according to the South China Morning Post. In a separate case, police in the central province of Shanxi said they have broken a money laundering case involving USDT worth 380 million yuan.

exchange news

  • bitget announced its plans to expand into the Middle East region, which will involve the hiring of 60 new staff members. By According to the press release, it has already started exploring license applications to operate in the target markets of the Middle East. Among the countries that the exchange intends to explore are Bahrain and the United Arab Emirates, including Dubai, Abu Dhabi and Ras Al Khaimah. The platform plans to set up a regional headquarters and recruit team members who will be assigned various middle and administrative roles, he said.