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Crypto News Round-up of 29th August 2022

29-Aug-2022 By: Rohit Khandelwal
Crypto News Round-up

Crypto News Round-up of 29th August 2022

The Virtual Asset Regulatory Authority (VARA) of Dubai has released digital asset marketing and promotion standards that apply to any company using Dubai-based media sites and publishing channels. The standards will maintain factual accuracy, clearly disclose any promotional aim, and will not mislead customers about the guaranteed nature of their returns.

According to Faisal Zaidi, co-founder and CMO of Crypto Oasis, the announcement assures that enterprises in the digital assets market act appropriately, therefore protecting customers and investors.

  • Ethiopian Crypto Service Providers Are Required to Register With the Country's Cybersecurity Agency: Report

Cryptocurrency service providers operating in Ethiopia are now required to register with the country's cybersecurity body, the Information Network Security Administration (INSA), a report has said. According to the agency, legal action will be taken against crypto businesses that do not comply with the agency's registration request.

The agency noted that the crypto service providers have been given 10 days to complete the registration procedure. The INSA stated that entities who refuse to comply will face legal consequences.

  • Singapore Intends to Make Retail Cryptocurrency Trading More Difficult:

Singapore regulators are tightening their control on the country's crypto trading activity. On Monday, August 29, Singapore's central bank president stated that the city-state is mulling new regulations to make crypto trading even more difficult for individual investors.

Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), stated in a seminar on Monday that introducing frictions to retail access to cryptocurrencies is something that the MAS is considering. These may include client suitability testing and restrictions on the use of leverage and credit facilities for crypto trading.

  • Polkadot and Tezos Are Hailed As The Greenest Proof Of Stake (PoS) Chains:

Polkadot and Tezos were singled out for appreciation in a recent report on layer-1 blockchains' environmental credentials. The ‘Regenerative Finance Movement’ report by blockchain analysis firm Messari explores the energy footprint of various PoW and PoS chains as well as the function of carbon offsets in the sector. It highlights how many cryptocurrency projects are now turning green in order to improve their image.

Proof of Stake chains already have a lower carbon footprint than Proof of Work networks like Bitcoin. As a result, PoS layer-1s have become the favored option for environmentally conscious artists wishing to release NFTs, as well as crypto projects that support ESG. Indeed, the scorn showered on prominent artists who release their work on Ethereum has driven others to search for green chains as an alternative.

Formula One (F1) has made advances into non-fungible tokens (NFTs) and the metaverse realm with trademark registrations ahead of the Las Vegas Grand Prix in November 2023. On August 23, the entity registered two trademarks for the circuit with the United States Patent and Trademark Office (USPTO).

It's worth noting that the trademark registrations represent Formula One's joint interest in the NFT market. However, Individual teams on the platform already have agreements with crypto-related entities. Notably, certain teams, like Red Bull, have sponsors from the cryptocurrency industry.