Crypto Roundup: UK Crypto Law Receives Royal Assent; Sony Invests in Japanese Web3 Startup

UK Crypto, Stablecoin Rules Get Royal Assent

The United Kingdom has taken a significant step forward in regulating the crypto industry as the crypto and stablecoin laws receive royal assent, officially passing into law.

The bill was approved by King Charles Thursday, marking the last formal stage that makes the bill law. The new legislation aims to provide clarity and oversight to the rapidly growing crypto sector within the UK.

The framework sets out regulations for cryptocurrency exchanges, custodial services, and stablecoins, focusing on consumer protection, anti-money laundering measures, and market integrity.

With the laws now in place, the UK solidifies its position as a leading jurisdiction in the crypto space, fostering innovation while ensuring a safe and regulated environment for participants.

Slovakia Approves Lower Crypto Taxes to Encourage Industry Growth

Slovakia’s parliament has approved new legislation that lowers taxes on crypto assets, aiming to stimulate the growth of the crypto industry within the country.

The taxes will be lowered to 7%, which is a significant decrease from the current taxation sliding scale of either 19% or 25%. The bill also excludes crypto income from a health insurance contribution of 14%.

This move is expected to attract businesses and investors to the Slovakian crypto market, promoting innovation and economic development. Slovakia is one of the 27 member states of the European Union, that has been proactively monitoring developments in the crypto industry throughout the region.

Sony Invests in Japanese Web3 Startup to Foster Innovation

Technology giant Sony Network Communications, a subsidiary of Sony — and Japanese Web3 infrastructure tech company Startale Labs have collaborated for a $3.5 million investment to build a foundation for the widespread adoption of Web3.

The investment aims to foster innovation and collaboration in the Web3 space, with a mission to create all-in-one solutions for Web3 development and focus on bridging real-world assets with the Web3 ecosystem.

By joining forces with the startup, Sony aims to unlock new opportunities and develop cutting-edge applications that harness the power of blockchain and contribute to the evolution of the digital economy.

Mastercard Pioneers Blockchain App Store with Beta Launch

Mastercard, one of the world’s leading payment technology companies, has announced to launch a test version of the Multi-Token Network (MTN). The platform aims to facilitate the adoption and development of blockchain-based applications by providing a marketplace where developers and businesses can showcase their solutions.

The initial beta launch of MTN is scheduled in the United Kingdom. A crucial facet of the platform is its underpinning by Mastercard’s permissioned blockchain, constructed on Ethereum.

By this, Mastercard aims to foster innovation and drive the mainstream adoption of this transformative technology. The blockchain app store offers an opportunity for developers to showcase their projects and for businesses to explore and integrate blockchain solutions into their operations, enabling greater efficiency, security, and transparency.

Regulators in Japan and Singapore Collaborate on Crypto Pilot Project

In a joint effort to explore the potential of blockchain technology, regulators in Japan and Singapore have embarked on a crypto pilot project.

The initiative aims to enhance cross-border payments using central bank digital currencies (CBDCs) and blockchain-based systems. The participation will be limited to observer capacity for the FSA in its current phase.

By collaborating on this project, the two countries seek to improve the efficiency, transparency, and security of financial transactions while fostering cooperation between their respective regulatory authorities.

That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!