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Crypto Flipsider News – Visa Advisory Service, Regulation Update – Australia and India’s New Bills, Central Banks to Fight DeFi – Ubisoft to Launch Energy-Efficient NFTs, Meta Comes Under Scrutiny, Crypto Trading Floor in New York Casino

Read in the Digest

  • Visa to support clients through crypto advisory services.
  • Regulation Update: Central banks to fight DeFi, Australia proposes new laws, India to ban crypto payments, Biden’s nominee withdraws.
  • Ubisoft prepares to launch Quartz, an energy-efficient NFT platform.
  • Meta comes under scrutiny, watch dogs urge halting the ‘Novi’ project.
  • Cryptocurrency trading floor included in pitch for New York City casino.

Visa to Support Clients Through Crypto Advisory Services

Digital payment firm Visa, which has been strongly pushing for the mass adoption of cryptocurrencies, is launching new consultation and advisory services to help its institutional clients navigate the cryptoverse.

Visa explained that its consultation services are designed for financial institutions, retailers, and other firms, looking to integrate crypto features. In addition, Visa says it will even offer consultations and advisory services for non-fungible tokens (NFTs).

According to Visa, awareness around crypto products has risen substantially in 2021. Furthermore, Visa named American bank UMB as one client that is already using its crypto advisory services. 

Uma Wilson, the Executive Vice President and Chief Information and Product Officer at UMB Bank, said

"VCA helped us begin to explore a roadmap of a strategy, from product and partner selection to cross-functional considerations such as Technology, Finance, Risk and Compliance."

Flipsider:

  • Visa’s growing involvement in crypto has raised concerns, with some believing the payment firm could be centralizing the industry.

Why You Should Care

Through this new service, Visa hopes it can help increase the mainstream adoption of Bitcoin and other digital currencies.

Regulation Update: Central Banks to Fight DeFi, Australia Proposes New Laws, India to Ban Crypto Payments, Bidens Nominee Withdraws

Decentralized Finance (DeFi) is becoming increasingly popular as it offers users greater security, transparency, and control. However, the Bank for International Settlements, an umbrella group for central banks, has urged regulators to fight decentralization, calling it an illusion.

Lawmakers in Australia are looking to draw cryptocurrencies “out of the shadows” by proposing a new, “world-leading” regulatory framework. According to Treasurer Josh Frydenberg, firms that offer crypto services will need to be licensed, thus bringing increased safety and security to users. He also confirmed that the country is in talks to launch a CBDC.

In India, lawmakers have proposed a bill banning the mining, generating, holding, selling, and dealing of cryptocurrencies. Should the bill pass, itl could punish vast swathes of Indian residents, among whom are between 15 million to 20 million crypto users, with jail terms being introduced for the use of crypto.

Flipsider:

  • In a positive move for the crypto industry, President Joe Biden’s controversial nomination for Comptroller of the Currency, Saule Omarova, has withdrawn her name from Senate consideration for the post.

Why You Should Care

The issue of cryptocurrency adoption cannot be entirely solved  until a unified regulatory framework supporting the industry has been put in place.

Ubisoft Prepares to Launch ‘Quartz,’ an Energy-Efficient NFT Platform

Making a name for itself in the gaming world with franchises such as Assassin’s Creed, Far Cry, and the Rainbow Six series’, Ubisoft becomes the most significant game developer and publisher to launch an NFT project.

Taking it a step further, Ubisoft is preparing to launch a new energy-efficient NFT platform called ‘Ubisoft Quartz.’ Ubisoft plans to achieve remarkable energy efficiency by building on proof-of-stake blockchain Tezos.

Ubisoft Quartz will launch on December 9th, and the company will begin distributing NFTs to PC players on the Tezos blockchain, beginning with ‘Ghost Recon: Breakpoint.’ Gamers in the United States, Brazil, Spain, France, Belgium, Germany, Italy, and Australia will have initial access to Quartz.

Flipsider:

  • Experts have raised concerns about the trajectory of NFTs, which were initially created to protect artists.

Why You Should Care

Ubisoft’s foray into NFTs could bring more gaming giants into the already fast-growing NFT sector. 

Meta Comes Under Scrutiny, Watchdogs Urge Halting the Novi Project

Just one week after the resignation of Meta’s head of crypto wallet project ‘Novi,’ financial watchdogs have called on regulators to investigate the project.

Meta’s chief executive, Mark Zuckerberg, had earlier received backlash for launching the Novi Wallet without waiting for regulatory approval. Financial watchdogs are now concerned that Meta is accepting deposits without a banking charter approved by the Office of the Comptroller of the Currency.

Americans for Financial Reform and Demand Progress, and the Open Markets Institute, have called on the U.S. Department of Justice, and other regulatory bodies, to investigate the Novi digital wallet.

Flipsider:

  • Despite regulatory calls, Novi holds a license to operate as a money services business under U.S. federal law and has a money transmitter license in 38 states

Why You Should Care

The increased scrutiny on Novi comes after recent reports that financial businesses seeking to use stablecoins should be regulated like banks.

Cryptocurrency Trading Floor Included in Pitch for New York City Casino

Experts have opined that cryptocurrencies need to acquire numerous new use cases on the path towards mainstream adoption. A world’s first crypto trading floor is set to be included in a pitch presentation for the New York City casino.

The pitch, which will be presented on December 10th by money manager Jason Ader, will feature what he calls the world’s largest cryptocurrency trading floor. The building will also feature a landing pad for flying cars, an esports arena, and an event space.

Ader explains that

"the goal is to have a differentiated, but comprehensive approach to entertainment that goes beyond casino gaming with some pretty cool elements."

Depending on the site, the project could cost $3 billion or more. However, Ader went on the record to say he would prefer the location to be in Manhattan.

Flipsider:

  • The premise of a new casino in Manhattan has drawn opposition from local legislators.

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