As the crypto and blockchain industry continues to become increasingly mainstream, the Law Commission of England and Wales has issued a consultation paper on the cryptocurrency market, addressing numerous components of the digital asset class.

The document primarily focuses on reforming laws governing certain virtual assets as property rights objects. Comments and responses will be accepted by the Law Commission until November 4th, 2022.

For cryptocurrencies and NFTs, the consultation paper analyzes private law principles as well as private property laws. It claims that digital assets and any associated technologies have the potential to create an Internet of property.

Moreover, property rights conferred on an asset class aid in the official characterization of several modern and complex legal relationships. As per the paper, these rights would play a vital role in insolvency cases along with situations involving the vesting of property on personal bankruptcy, succession on death, and finally tracing in cases of theft, fraud, or any other type of breach of trust.

In a nutshell, the document aims to officially define digital assets and the role they will play going forward. The main goal is to ensure that investors are protected at all times and that there are laws and regulations put in place to help those affected by fraudulent activities.

According to the Bureau of Economic Analysis, the United States economy has shrunk once again in the year's second quarter, causing many to believe that a recession could indeed be inevitable. GDP, a broad yet crucial indicator of economic activity, decreased by nearly 1% year on year from April to June. This drop represents a significant symbolic threshold for the most widely used, however unofficial, definition of a recession with regards to two consecutive quarters consisting of negative economic growth.

What is perhaps more interesting though is the notion that individuals are moving away from traditional financial institutions and practices in favor of new digital assets such as cryptocurrencies. After all, many believe that we are on the cusp of entering the Web3 era and that plenty of economic activity which was previously used as a measure of success could soon become obsolete.

How did we get to this point?

The decline in second-quarter GDP activity in 2022 was primarily caused by a drop in inventory levels. In recent quarters, businesses have attempted to resupply stockpiles depleted during the pandemic, and in attempting to adjust for supply chain disruption, they have ended up being overstocked at a time when consumers are experiencing reduced purchasing power due to rising inflation. As a result, inventory investments in the second quarter were considerably lower than in the year's first quarter.

Still, there are some who believe that things are not as bad as they appear. The current administration made the unusual choice of publishing a sort of explainer, arguing that two consecutive quarters of economic contraction do not necessarily constitute a recession. Recently, the White House stated that, in addition to GDP, data on the labor market, personal and corporate spending, production, and different types of income all contribute to defining a recession in this day and age. Others believe that the economy has just slowed down, and that this is not an accurate measure of micro-level statistics such as employment levels, salaries, and overall consumer behavior.

A shift in attitude

As previously mentioned, rising inflation rates and the very real possibility of a looming recession has resulted in a growing number of individuals actively seeking alternative means of securing an income. Apart from those typically involved with mainstream digital assets like cryptocurrencies and NFTs, there are also many people who are utilizing the P2E concept alongside the metaverse to generate passive income, despite the fact that the metaverse in particular has not been around for very long.

Cardanos Vasil hardfork has been postponed yet again after having failed to launch last month. ADAs price has remained more or less the same despite the announcement.

Kevin Hammon, technical manager at Cardano developer Input Output Global, stated that the long-awaited Vasil upgrade would be delayed to allow for adequate testing and to ensure a smooth transition. He also mentioned that it could be a few weeks before the update is ready to go live.

The Vasil hardfork, according to Input Outputs core technology program manager Javier Franco, is Cardanos most important upgrade to date. There are many moving parts and dependencies, he explained, adding that the teams priority is to make sure that everything is done correctly even if it takes longer to launch the update.

Cardanos scaling capabilities will be significantly enhanced as a result of the upgrade. In the past, Input Output claimed that it is the most difficult project Cardano has undertaken ever since its inception. Aside from the codes technical complexity, the update necessitates extensive coordination among ecosystem stakeholders in order to ensure Vasils success.

As the UAE continues to become a hub for all things related to crypto and blockchain, Dubai Police will reportedly be dropping a second round of NFTs due to the fact that digital assets align with their interests in areas such as communication, security and innovation.

The second edition shall be released in October during GITEX, a technology industry meeting platform. By participating through Dubai Polices social media platforms, the public will be able to obtain these digital assets for free.

Moreover, nearly 23 million people worldwide expressed interest in the Dubai Police General Commands first NFT collection, which was released in Q2 2022.

Brigadier Khalid Nasser Al Razooqi, Director of Dubai Polices General Department of Artificial Intelligence, stated that over 7,000 direct messages from participants have been received to date. Participants were contacted to confirm their digital wallet addresses, and those who met the criteria were then entered into a raffle draw.

With this latest development, Dubai Police has become the very first government entity in the country to successfully create its own digital assets, in addition to also being the inaugural police organization in the world to do so.

Ripple has entered into an agreement with FOMO Pay, one of Singapore's leading payment institutions. By leveraging Ripple's ODL (On-Demand Liquidity) technology along with obtaining constant access to liquidity for both Euro and USD, FOMO Pay will be able to vastly improve its treasury payments.

Even before joining forces with Ripple, the company had to rely on ineffective payment methods in which funds could take numerous days to reach destination accounts. Now though, FOMO Pay CEO Louis Liu stated that the company shall be able to comfortably carry out affordable and almost instantaneous settlements.

Moreover, according to Brooks Entwistle, SVP and Managing Director at Ripple, the Asia-Pacific region is brimming with opportunities to address issues related to ineffective payment systems. Therefore, the SVP continued, the partnership with FOMO Pay was a no-brainer.

The company obtained additional licenses from the MAS (Monetary Authority of Singapore) last year in order to broaden the scope of its regulated activities. As of now, FOMO Pay also supports transactions involving digital payment tokens such as CBDCs.

As the ongoing legal battle with the SEC continues, Ripple is actively looking to expand its influence beyond the United States and it has already done so with previous partnerships being established in places like Australia, Malaysia and the Middle East.Ripple has entered into an agreement with FOMO Pay, one of Singapore's leading payment institutions. By leveraging Ripple's ODL (On-Demand Liquidity) technology along with obtaining constant access to liquidity for both Euro and USD, FOMO Pay will be able to vastly improve its treasury payments.

Even before joining forces with Ripple, the company had to rely on ineffective payment methods in which funds could take numerous days to reach destination accounts. Now though, FOMO Pay CEO Louis Liu stated that the company shall be able to comfortably carry out affordable and almost instantaneous settlements.

Moreover, according to Brooks Entwistle, SVP and Managing Director at Ripple, the Asia-Pacific region is brimming with opportunities to address issues related to ineffective payment systems. Therefore, the SVP continued, the partnership with FOMO Pay was a no-brainer.

The company obtained additional licenses from the MAS (Monetary Authority of Singapore) last year in order to broaden the scope of its regulated activities. As of now, FOMO Pay also supports transactions involving digital payment tokens such as CBDCs.

As the ongoing legal battle with the SEC continues, Ripple is actively looking to expand its influence beyond the United States and it has already done so with previous partnerships being established in places like Australia, Malaysia and the Middle East.

As we slowly approach the end of the ongoing bear market, it is worth discussing the sheer amount of mainstream attention that crypto has been getting from a lot of retail and institutional parties. Adding to its already impressive list of accomplishments, Crypto.com has officially added support for Google Pay wallets. Users can now quickly make in-app purchases using their electronic devices and a credit or debit card through the payment application.

Why is this important?

Customers can take advantage of this new feature as long as they have a credit or debit card linked to Google Pay. As such, the users may utilize the Crypto.com app to buy over 250 different cryptocurrencies available at the exchange after entering their Google Pay details.

Crypto.com had originally launched this new feature in May, owing to its fast and easy way to make payments on websites, apps, and in stores. During a time where everything is becoming increasingly digitized, it makes sense as to why Crypto.com would add this feature so that they can simplify and improve the lives of the companys clientele.

Moreover, using this feature is relatively straightforward and uncomplicated, and the users balance in their crypto wallet would also be adjusted as soon as the transaction is complete. They would additionally be able to view their transaction history at any time via the app.

Crypto.coms growing influence

Formula One, UFC, the French football team PSG (Paris Saint-Germain F.C.), the Philadelphia 76ers, the Montreal Canadiens, and the charity organization Water.org all have sponsorship deals with Crypto.com, with the Water.orgs partnership even involving the addition of actor Matt Damon as a brand ambassador.

Last November, the company famously obtained the naming rights to the legendary Staples Center in Los Angeles, USA, subsequently rechristening it as Crypto.com Arena in a $700 million 20-year deal. Earlier this year, Crypto.com also became a sponsor of the 2022 FIFA World Cup in Qatar in March 2022.

Needless to say, Crypto.coms influence is growing at an astonishing rate despite the recent January 2022 hack which reportedly included a theft of stolen Ether totalling $15 million. Nevertheless, the company insisted that no funds were lost and that despite all the sponsorships and partnerships, Crypto.coms main goal will always be to protect the customers and provide the best possible experience for them while simultaneously contributing to the mainstream adoption of crypto.

Teslas recent decision to sell 75% of its Bitcoin (BTC) holdings has largely unfazed crypto industry experts, who say its a fairly common strategy for companies to improve cash flow during economic downturns.

The company revealed on Wednesday that it had sold three quarters of its Bitcoin holdings in Q2 2022, thereby adding a whopping $936 million in fiat currency to Teslas balance sheet.

CEO Elon Musk stated that the sale should not be interpreted as a final judgment on Bitcoin and its worth, clarifying that the decision was made due to liquidity concerns in light of Chinas ongoing COVID-19 lockdowns.

As such, Tesla sold a large portion of its Bitcoin holdings because Elon was unsure when the Covid lockdowns in China would be lifted. Due to this, it was critical for him to maximize the companys cash position before also stating that he is open to increasing Teslas Bitcoin holdings in the future if the situation improves.

Lastly, Elon went out of his way to remind everyone that Teslas ultimate goal is not to keep buying and selling crypto, but rather to focus on accelerating the advent of stable and renewable energy.

While most 17 year olds are making TikToks and learning to drive, one London lad has built an entire crypto marketplace from the basement of his parents home. 

Denis Seleznev first discovered cryptocurrency back in 2017 when he was just 12 years old. A year later he purchased his first Bitcoin and began trading on the blockchain. 

Bitcoin just fascinated me on every level, says Seleznev. a silent act of freedom really.

In hopes of mitigating the risk that comes with crypto trading, this young teenager gradually transitioned into yield farming - allowing for more validation and verification of a projects success. Little did he know how valuable his continual learning would be - for both his personal endeavors but also for others exploring the blockchain themselves. 

Seleznev even admits he never saw NFTs gaining so much momentum and jumped on the train just as the hype was starting to die down.

spent a lot of time researching because NFTs were a totally new concept to me.

As Seleznev began seeing the rise in NFTs, he understood their unique ability to sell culture something with intrinsic value that people everywhere could attach to. In his own trading however, Seleznev began seeing the disconnect between all the actions on the NFT marketplace - from those preparing to launch to individuals trying to swap. 

It was this observance that led to Seleznev developing his own crypto project back in November 2021. 

The goal is to unite all NFT actions onto one platform. 

Deedy allows users access to 5 of the most valuable activities including

1. The NFT Marketplace
2. Swapping
3. Lending
4. Renting
5. Launching

With a growing team that now consists of 12 engineers (from Ukraine), a Marketing Manager and a Chief Development Officer, Seleznev is preparing to launch his project just as soon as the market conditions improve. While some think that blockchain is a bust, others - like Seleznev - are excited about the future and eagerly preparing for it. 

Right now we just focusing on the business side of things, which includes getting the artists, building the partnerships and getting on top of all the admin work.

Seleznev approaches even routine business tasks - like  marketing - with the same innovation and curiosity that started his crypto ventures. His speedy foresight led him to discuss the most profitable marketing tactics with expert crypto marketers, Influx Group. His consultation led to the discovery of TikTok and other KOL strategies that have yielded enormous success for fellow crypto entrepreneurs.

The work of Seleznev is particularly unique, as he targets Web2 companies ready to make the leap into the Web3 world. Building this bridge between these two digital spheres is a critical step to further blockchain utilization. 

Any Web2 business can sell their product as an NFT, given it has some deliverable utility to it.

While Seleznev waits to launch until the market stabilizes a little, the teenager continues to strategically grow both his knowledge and company. The majority of his time is spent finishing his secondary studies, but Seleznev says he still able to put about 4 hours a day into his crypto endeavors - which sometimes is dedicated solely to research.

As with many fellow cryptonites, Seleznev is hopeful the decentralized world will move away from the pump-and-dump culture and instead refocus on the reason for its initial creation: to bring freedom and protection of digital assets ownership back to the Web. 

My hope for the future is to see the blockchain beat the scammers, NFTs to provide actual value and for the voice of the people to be returned without censorship. 

Website - https://deedy.digital

Author Credit - Savannah Holmes

Celsius Network has obtained permission to build a new Bitcoin (BTC) mining facility as part of its plans to hopefully rebuild and financially restructure the company. After the recent bankruptcy debacle, Celsius will now embark on a new adventure that will be closely monitored by nearly all retail and institutional parties.

As part of the main strategies outlined in the companys recovery plan, Celsius intends to spend $3.7 million on a new mining facility and an additional $1.5 million on duties and customs in order to import BTC mining rigs, for which it has already received approval.

It is worth mentioning that Celsius already operates such a mining facility within the U.S. In fact, the company presently has more than 43,000 mining rigs, a number which Celsius wants to increase to 112,000 by 2023s second quarter.

Overall, despite the recent controversy surrounding the company, Celsius is confident that it made the right decision to file for chapter 11 bankruptcy as it believes that this will protect customers and their funds in the long run. The restructuring will thus play an instrumental role in this, according to the companys representatives.

Nevertheless, a vast majority of the crypto community still remains hostile towards Celsius and the lawsuits continue to pile up, which also reportedly include a class-action lawsuit and, more alarmingly, one from a former Celsius employee.

Polygon, a Layer-2 scaling platform, has been chosen to participate in Disneys 2022 Accelerator Program, which will begin soon. This historic development indicates that despite the ongoing bear market, institutional interest in crypto remains high. As such, the Ethereum scaling platform is among six projects accepted into the Accelerator Program this year, which primarily focuses on AR, NFTs, and AI.

Whats there to know?

Polygon CEO Ryan Watt announced last week that although other projects were selected, Polygon was in fact the only blockchain chosen for Disneys prestigious Accelerator program. The programs application period began on April 22nd, with a deadline of May 13th, 2022. At the time, Disney stated that the accelerator would seek growth-stage companies with a vision for impacting the future of entertainment and technology.

The program was launched in 2014 and participants can receive mentorship via the Disney Accelerator Team.  Disney has always been at the forefront of the entertainment industry, so being able to work with them speaks volumes about Polygons true value, according to Ryan.

A much-needed win?

As previously mentioned, although we are still very much in a bear market, the interest in the crypto and blockchain space has not wavered at all, quite the opposite. As the inevitable Web3 era draws closer, many top projects will have to show real value if they want to survive long-term, and Polygon working alongside Disney would hence certainly be considered as a big win for the company in this regard.

Moreover, those taking part in the program shall also reportedly receive additional investment capital as well as co-working space at Walt Disneys L.A. campus. The program will eventually conclude with a Demo Day on campus. Since the announcement, MATIC also experienced a considerable increase, with Polygon enthusiasts hoping that this could be the start of a potential recovery for the cryptocurrency.

Flickplay, a Web3 application which enables users to discover NFTs through AR capabilities, and Lockerverse, a Web3 storytelling platform which connects brands and creators, were also chosen this year. Some of the other selected companies included the AR-based startup Red 6, the 3D virtual e-commerce startup Obsess, and the AI-powered digital character creation startup Inworld.

Following much anticipation and a plethora of delays, Ethereum Foundation developers have revealed that the upcoming Merge could happen in about two months from now.

Ethereum core developer Tim Beiko announced via a conference call that the networks transition to PoS (Proof-of-Stake) was now tentatively scheduled for the new date of September 19th, 2022. The new estimate was met with no opposition from other core developers and it is being said that the goal now is to ensure that this timeline is maintained and no more significant delays occur.

However, it is important to note that this new date is not finalized and that the announcement should be seen as a planning timeline instead. Still, after the success of both the Sepolia and Ropsten testnets, it does seem likely that Ethereum will initiate the Merge sooner rather than later.

Celsius has notified state regulators that it will file for bankruptcy in the very near future, citing growing struggles in dealing with seemingly overwhelming liquidity issues as the main reason for doing so. The company will therefore file for chapter 11 bankruptcy after previously freezing withdrawals.

Celsius confirmed earlier today that they had officially began voluntary chapter 11 proceedings. The company also revealed that it only has $167 million in cash, which shall be primarily utilized to support operations.

The voluntary liquidation is hence intended to let the company stabilize its operations and complete a thorough restructuring transaction which shall reportedly maximize value for all stakeholders.

Throughout the proceedings, the court will allow Celsius to pay employees and continue their benefits while the company files for imminent bankruptcy. Celsius shall remain operational, but there is no word regarding when or even if withdrawals will eventually be reinstated.