As metaverse land assets become more expensive, ownership becomes harder for normal users. Because of this, Ralf Kubli, board member at the Casper Association, argues that fractional ownership, similar to property loans in the real world, may gain traction within the virtual space through nonfungible tokens (NFTs). Kubli told Cointelegraph that understanding fractional ownership within the metaverse is very similar to the legacy property system. As prices soar, many cannot afford to buy and own properties. This leads to people renting or leasing property, giving a form of fractional ownership. He explained that: “Instead of the typical renter-buyer relationship and …

A former Chancellor of the United Kingdom has raised concerns the country is slipping behind its rivals in the European Union when it comes to the cryptocurrency regulation. Philip Hammond, who served as the U.K.’s Chancellor of the Exchequer from 2016 to 2019, told Bloomberg that there has been a distinct lack of direction and cohesion when it comes to crypto policy: “Particularly in the area of digital asset trading, I feel that the UK has missed a trick [...] We are getting very close to the point where it will be too late. Other jurisdictions are racing ahead of …

The crypto market has entered a bearish phase as prices of major cryptocurrencies have fallen to a four-year low. The current downturn in the crypto market has driven several crypto firms to go out of business, while many have made severe job cuts to remain afloat. The crypto market crisis began with the Terra debacle that saw $40 billion in investors’ money vanish from the market. At the time, the crypto market showed good resistance against such a massive collapse. However, the after-effects of the collapse had a greater impact on the crypto market, especially crypto lending firms, which many …

Layer-1 blockchain platform Wire Network announced the launch of its blockchain interoperability protocol called the Universal Polymorphic Address Protocol (UPAP). In the Web3 ecosystem, which is nascent compared to the larger crypto market, the primary interaction occurs over digital goods and nonfungible tokens (NFTs). However, a growing number of Web3 platforms lack interoperability, which could be a huge roadblock to a seamless Web3 experience. Wire Network aims to change that with its universal wallet address protocol. Blockchain interoperability is the ability to share information across different blockchain networks without restrictions. With the evolution of the blockchain industry, hundreds of new …

High net worth individuals (HNWI) have embraced cryptocurrencies and other digital assets, with 71% of wealthy individuals investing in digital assets according to a new survey. Technology consulting company Capgemini released its 2022 “World Wealth Report” on Tuesday. It polled 2,973 global HNWIs, with 54% reporting a wealth band ranging from $1 million to $30 million and 46% reporting wealth of $30 million and over. The survey asked about investment preferences for emerging asset classes such as digital assets, classifying them as cryptocurrencies, related exchange-traded funds (ETFs), nonfungible tokens (NFTs) and metaverse-related products. Of the roughly one in seven wealthy …

In recent months, Russian legislators have been preparing measures to fully institutionalize crypto as a properly taxable investment asset and a possible tool for foreign trade in Russia. Now, they want to make clear that the upcoming regulatory turn won’t include any windows for adopting digital financial products as a payments method. On Tuesday, Anatoly Aksakov, the head of the Financial Markets Committee of the Russian parliament’s lower chamber — the State Duma — introduced a bill that would prohibit the use of “digital financial actives” (DFA) to pay for any kind of goods or services. As the cover note …

Play-to-earn has taken the world by storm — and now, financial incentives are being extended to fitness apps. A motivational fitness social application has been created that boasts GameFi elements — encouraging users to put on their NFT sneakers and enjoy the fresh air. AMAZY says its ambition is to get people to step away from their screens — and given how crypto enthusiasts tend to be heavy tech users, this can be no bad thing. The project's campaign is already getting momentum — and support from influencers, celebrities and bloggers alike. Collectively, these stars have a total audience of …

Affluent investors in Asia are neither shy nor ignorant about crypto, with research revealing that 52% of them held some form of a digital asset during Q1 2022. According to research from Accenture published on Monday, digital assets, which include cryptocurrencies, stable coins and crypto funds, made up, on average, 7% of the surveyed investors’ portfolios, making it the fifth-largest asset class for investors in Asia. This was more than they allocated to foreign currencies, commodities and collectibles, and in some cases, was on par with or exceeded the amount invested in private equity/venture capital and hedge funds. Accenture said …

The Monetary Authority of Singapore (MAS) has launched Project Guardian, a blockchain-based digital assets trial that will use tokenization. The project will include regulated financial institutions serving as "trust anchors," with a pilot involving JP Morgan, DBS Bank and Marketnode, the SGX joint venture for bonds. The Project Guardian initiative, which was announced during the Asia Tech x Singapore Summit on Tuesday, was spearheaded by Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat. It will see MAS explore decentralized finance (DeFi) applications in wholesale funding markets by establishing a liquidity pool of tokenized bonds and deposits …

Digital asset investment products saw $141 million in outflows during the week ending on May 20, a move that reduced the total assets under management (AUM) by institutional funds down to $38 billion, the lowest level since July 2021. According to the latest edition of CoinShare’s weekly Digital Asset Fund Flows report, Bitcoin (BTC) was the primary focus of outflows after experiencing a decline of $154 million for the week. The removal of funds coincided with a choppy week of trading that saw the price of BTC oscillate between $28,600 and $31,430. Despite the sizable outflow, the month-to-date BTC flow …

The European Central Bank (ECB) is planning to launch a prototype of the digital euro in 2023. In the next five years, Europe could have its own central bank digital currency (CBDC) up and running. However, there are still many questions surrounding the prospective digital currency. In what form could it be issued? Is the ECB too late for the CBDC party, especially compared to other central banks such as that of the People’s Republic of China? To address these and other questions, Cointelegraph auf Deutsch spoke with Jonas Gross, chairman of the Digital Euro Association (DEA) and member of …

Bitcoin (BTC) proponent and MicroStrategy CEO Michael Saylor has welcomed the United States Financial Accounting Standards Board (FASB) vote to review accounting rules for digital assets and commodities. As it stands under current FASB guidelines — which is the source of authoritative Generally Accepted Accounting Principles (GAAP) — companies must report digital assets such as BTC as “intangible assets” on their balance sheets. This is due to crypto not meeting the agreed definition of “cash and cash equivalents, financial instruments, financial assets, and inventory” among the agency. Since crypto is deemed as an intangible asset, companies are required to measure …