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ETF Applications Surge, UK Sets New Rules, and US Retains Crypto Firms
Here are the top news in the crypto and blockchain world this week:
Account abstraction will drive a billion users from Asia to Web3: ConsenSys exec
An executive at Ethereum software solutions provider ConsenSys, Laura Shi, argues that 'smart accounts' or account abstraction could attract a billion Asian users to Web3. With the Ethereum and Web3 ecosystem seeing substantial growth in Asia, and developments in DApps catering to the Asian market, the introduction of account abstraction with its enhanced programmability could drive greater adoption in the region.
Bitcoin ETF race begins: Has institutional trust returned to crypto?
There has been a resurgence of institutional interest in Bitcoin ETFs, with several financial giants including BlackRock, Fidelity, and Valkyrie filing applications for a spot Bitcoin ETF. This renewed interest has brought about a revival in the price of Bitcoin and stimulated investments back into the crypto market.
Crypto firms won’t leave US despite apparent hostility: Merkle Science CEO
According to Merkle Science CEO, Mriganka Pattnaik, the United States will retain its status as a crypto activity hub. Despite recent regulatory hostility and narratives suggesting otherwise, Pattnaik believes that the U.S., with its innovative capabilities, talent pool, and clarity around taxation, will continue to attract crypto firms.
U.K. Blazes Trail With New Cryptocurrency Rules
The U.K.'s Financial Conduct Authority (FCA) has announced new rules on financial promotion of crypto-assets. These new rules, brought about by the UK Financial Services and Markets Act 2023, place crypto-assets under a wider financial regulatory regime. These rules are set to be enacted around October 8, providing greater clarity for developers but increasing compliance burdens.
BlackRock Wants to Make It Cheaper to Trade Bitcoin, Larry Fink Says
BlackRock CEO, Larry Fink, described Bitcoin as an "international asset" and expressed the company's intent to lower transaction costs for the cryptocurrency. BlackRock, the world's largest asset manager, recently submitted paperwork for a Bitcoin-focused exchange-traded fund, suggesting a potential democratization of access to Bitcoin.
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