BITCOIN

Bank of England’s analysts say crypto assets could have important roles within the metaverse. “Widespread adoption of crypto in the metaverse … would require compliance with robust consumer protection and financial stability regulatory frameworks,” they added. Bank of England’s Analysts on the Metaverse, Crypto, and Regulation Bank of England’s economist Owen Lock and policy analyst Teresa Cascino published a blog post titled “Cryptoassets, the metaverse and systemic risk” Tuesday. “Cryptoassets could have important roles within the metaverse,” they began, cautioning: If an open and decentralized metaverse grows, existing risks from cryptoassets may scale to have systemic financial stability consequences. “Widespread adoption of crypto in the metaverse, or any other setting would require compliance with robust consumer protection and financial stability regulatory frameworks,” they stressed. Lock and Cascino explained that “The open metaverse will require a means with which to

Coinbase CEO Brian Armstrong says “the more regulation there is for crypto, the better it is for Coinbase.” He revealed an inquiry from the U.S. Securities and Exchange Commission (SEC), noting: “We do not yet know if this inquiry will become a formal investigation.” Coinbase’s CEO on Crypto Regulation The CEO of Coinbase Global (Nasdaq: COIN), Brian Armstrong, discussed his company’s performance and cryptocurrency regulation during Coinbase’s Q2 earnings call Tuesday. Coinbase’s revenue declined almost 64% in the second quarter. The company reported a $1.1 billion net loss, compared with $1.59 billion in net income in the same quarter last year. “Q2 was a test of durability for crypto companies and a complex quarter overall,” Coinbase said in its latest letter to shareholders. Regarding cryptocurrency regulation, Armstrong detailed: “We’ve been pleased to see the progress recently both in the U.S. and in countries around the world toward more clear legislation for crypto. In the

Authorities in Kazakhstan have launched an investigation into a mining hotel business suspected of being a crypto pyramid as part of an ongoing crackdown on illegal activities linked to cryptocurrencies. The platform, called Bincloud, lured investors through popular messaging apps. Bincloud Operators Kept 16% of Investors’ Funds for Themselves Amid intensified efforts to fight crypto-related fraud, Kazakhstan’s Financial Monitoring Agency has initiated a pre-trial investigation into a crypto mining business allegedly working as a financial pyramid scheme. It’s led by the watchdog’s department in the West Kazakhstan region, the FMA announced, quoted by Russian crypto media. The people behind the Bincloud mining hotel were recruiting investors through the Whatsapp and Telegram messengers, convincing them to put money into the project offering mining equipment rental. As a reward, they were promised to get back 5 to 6% of the invested amount daily. The fraudsters withheld 16% of the