ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 28

In case you missed them, here are some of the top developments in the crypto space over the past week that we think would be of interest to you. Check out this week’s edition of ProBit Global (Blockchain) Bits. Happy reading!

Apple Joined the NFT Wagon

Last week saw Apple update its App Store Review Guideline to include access to non-fungible tokens (NFTs). Though the update is to support new features in upcoming OS releases, it will now allow the in-app purchase to sell services related to NFTs such as minting, listing, and transferring.

Users can view their NFTs or browse NFT collections owned by others but not unlock features or functionality within the app, including external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchases.

Meanwhile, the tech company will take its customary 30% cut from all transactions which somewhat limits its attraction.

Also, despite the decline in the NFT market, Swiss cryptocurrency-focused bank Seba is not deterred. Quite the opposite, the bank last week announced a custody solution that will allow its customers to store any Ethereum-based NFTs.

New Precedent Set as NFT is Recognized in a Court

In what has been considered a first-of-its-kind ruling in Asia, a judge of the High Court in Singapore has ruled that NFTs can be considered a form of property. Justice Lee Seiu Kin made the ruling in the case of a claimant who has been using a Bored Ape NFT as collateral on NFTfi where the claimant was highly ranked by the platform’s ranking system.

The claimant discovered that the Bored Ape NFT had been listed for sale on OpenSea by a lender after failing to pay at the stipulated time. Given the real risk of dissipation and disposal of the NFT, the claimant made an application to the court seeking a proprietary injunction prohibiting the defendant from dealing with the Bored Ape NFT in any way until after the trial.

In a ruling that may set a precedent for NFTs’ recognition, NFTgators reports that Justice Lee agreed to the claimant’s request to serve the lender court papers through Twitter, Discord, and a crypto wallet address.

Singapore Sets Requirements for Stablecoins’ Development

The Monetary Authority of Singapore (MAS) last week published two consultation papers proposing regulatory measures for the crypto space.

They want to reduce the risk of consumer harm from cryptocurrency trading and support the development of stablecoins as a credible medium of exchange. The proposed measures cover three broad areas: consumer access, business conduct, and technology risk.

MAS will regulate the issuance of stablecoins that are pegged to a single currency (“SCS”) and has a value of over S$5 million.

The key proposed SCS issuer requirements include holding reserve assets in cash, or cash equivalents, at 100% of the par value of the outstanding SCS in circulation, and these assets must be denominated in the same currency as the pegged currency. All SCS issued in Singapore is to be pegged only to the Singapore dollar or any Group of Ten (G10) currencies. Issuers must publish a white paper disclosing details of the SCS, and, at all times, meet a base capital requirement of the higher of S$1 million or 50% of the annual operating expenses of the SCS issuer.

Minister Shares That Crypto-Related Scams Risen Sharply in Singapore

Still, in Singapore, the country’s Ministry of Home Affairs last week said the number of cryptocurrency scam cases reported to the police has risen sharply. From 125 in 2019 to 397 in 2020 and 631 in 2021, Mr. K Shanmugam, the Minister, notes in a written reply to a Parliamentary question on the number of cryptocurrency-related scams reported annually over the past three years.

He states that the vast majority of cryptocurrency scams are perpetrated outside Singapore. Hence there is a limit to how much law enforcement agencies in Singapore can do. Shanmugam says they look to the level of cooperation from foreign law enforcement agencies.

Rishi Sunak Becomes Britain’s Prime Minister

Conservative MP Rishi Sunak became Britain’s Prime Minister last week after others dropped out of the race. Like Liz Truss, who was the British PM for about a month now, Sunak has made a crypto-friendly statement in the past. He is known to be a staunch advocate for crypto and blockchain.

The former Goldman Sachs analyst has on several occasions expressed a positive attitude toward crypto. While he was the minister in charge of Britain’s finances, he outlined a grand plan to make the country a global crypto hub in April. That included bringing stablecoins within the country’s payment system.

On what he could do for crypto in the UK., some reports suggest that Sunak could seek to align different UK regulators’ efforts to police or boost crypto in the UK.

EY Assists Norway’s Public Offices to Test Moving into the Metaverse

From InterPol to Norway, EY has worked with the Brønnøysund Register Centre and the Norwegian Tax administration to become the first Norwegian public offices testing information services in the virtual world of Decentraland!

It marks the entry of another public organization into the Metaverse world which insiders suggest could see a market value of US$47.48 billion before surging to $678.8 billion by 2030. Interpol recently unveiled the first-ever Metaverse specifically designed for law enforcement worldwide.

According to EY, the aim of the Metaverse arrangement is to reach the relevant and youngest users. It will help to enable the correct reporting of new types of services, companies, and incomes such as cryptocurrency. The global consulting firm believes that there will be an increasing need for services related to the Metaverse moving forward.