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Access real-time blockchain and cryptocurrency news updates from around the globe.
Crazy outcomes when current laws applied to NFTs and the metaverse
NFTs can now serve as court documents… but they might also be unregistered securities, illegal loot boxes, or come with impossible tax demands.
Nonfungible tokens (NFTs) are thought of by most people as just funny pictures that degens on the internet spend far too much money on for poorly understood reasons. But Jason Corbett, managing partner of global blockchain law firm Silk Legal, says new and innovative use cases are beginning to emerge.
“We’ve seen recently the courts allowing the serving of court documents by way of an NFT,” Corbett says, referring to a recent decision by a United Kingdom court to allow notice of the case to be served by airdropping court documents as NFTs to wallets allegedly stolen from the claimant.
Crazy outcomes when current laws applied to NFTs and the metaverse
NFTs can now serve as court documents… but they might also be unregistered securities, illegal loot boxes, or come with impossible tax demands.
Nonfungible tokens (NFTs) are thought of by most people as just funny pictures that degens on the internet spend far too much money on for poorly understood reasons. But Jason Corbett, managing partner of global blockchain law firm Silk Legal, says new and innovative use cases are beginning to emerge.
“We’ve seen recently the courts allowing the serving of court documents by way of an NFT,” Corbett says, referring to a recent decision by a United Kingdom court to allow notice of the case to be served by airdropping court documents as NFTs to wallets allegedly stolen from the claimant.
A bunch of legal absurdities occurs when you apply existing laws to NFTs and the metaverse.This changes our conception of what NFTs are and what rights and responsibilities come with them. Following this precedent, the sending of NFTs can be understood as a type of electronic communication, with the caveat that it is generally public. The sending of NFTs is more comparable to attaching posters to the outer wall of one’s house versus discreetly sliding them into the mailbox.
This comparison to publicly visible posters begs the question of whether this means that individuals controlling blockchain wallets hold responsibility for the NFTs they hold, in the same way as a homeowner would ultimately be responsible for removing obscene or otherwise illegal posters on their property, even if placed there against their will.
Armenia aims to position itself as a Bitcoin mining hub
The post-Soviet republic took a friendly stance on crypto, but heavily relies on foreign energy.
MiCA coming in hot in October, NFTs not in focus: EU regulators
In an online panel from the German Bundesblock, local regulators discussed details of upcoming MiCA regulation, along with a brief update on NFTs and stablecoins.
MiCA coming in hot in October, NFTs not in focus: EU regulators
In an online panel from the German Bundesblock, local regulators discussed details of upcoming MiCA regulation, along with a brief update on NFTs and stablecoins.
South Korea expands its efforts to regulate Metaverse
The country has been very active in the Metaverse development since the beginning of 2022, teasing large investments and a regulatory framework.
Thailand SEC to apply strict guidelines for crypto ads
Cryptocurrency-related adverts in Thailand will have to meet strict rules as the Securities and Exchange Commission looks to emulate foreign standards.
Thailand SEC to apply strict guidelines for crypto ads
Cryptocurrency-related adverts in Thailand will have to meet strict rules as the Securities and Exchange Commission looks to emulate foreign standards.
Trust in crypto remains strong despite bear market: Bitstamp survey
Despite the downward market, global trust in cryptocurrencies like Bitcoin remains mostly unshakable, with countries like the U.S. showing more trust in crypto in Q2.
CEL climbs 50% as Celsius Network aims to return $50M to clients
The price of CEL soared by nearly 50% as traders assessed its parent firm Celsius Network's inclination to return a portion of the locked funds to its customers.
No CEL-ling pressure for now
On the daily chart, CEL surged to its intraday high of $1.67 per token on Sep. 2 after lows of $1.15 the day before. However, the token's sharp rally accompanied lower trading volumes, suggesting a lack of conviction among traders about further upside moves.
CEL/USD daily price chart. Source: TradingViewCEL's gains appeared after Celsius Network filed a motion with the Bankruptcy Court, requesting that its clients with "certain Custody and Withhold accounts should be able to withdraw the amount of digital assets owed to them."
Celsius pulled itself up by taking cryptocurrencies from its clients and offering them mouth-watering returns by deploying their deposits in the broader crypto lending market.
But the market downturn this year created a $2.85 billion hole in Celsius's balance sheet, prompting the firm to freeze its clients' accounts, thus trapping billions of dollars of more than a million accounts. In July, Celsius filed for Chapter 11 bankruptcy.
CEL climbs 50% as Celsius Network aims to return $50M to clients
The price of CEL soared by nearly 50% as traders assessed its parent firm Celsius Network’s inclination to return a portion of the locked funds to its customers.
No CEL-ling pressure for now
On the daily chart, CEL surged to its intraday high of $1.67 per token on Sept. 2 after lows of $1.15 the day before. However, the token’s sharp rally accompanied lower trading volumes, suggesting a lack of conviction among traders about further upside moves.
CEL/USD daily price chart. Source: TradingViewCEL’s gains appeared after Celsius Network filed a motion with the Bankruptcy Court, requesting that its clients with “certain Custody and Withhold accounts should be able to withdraw the amount of digital assets owed to them.”
Celsius pulled itself up by taking cryptocurrencies from its clients and offering them mouth-watering returns by deploying their deposits in the broader crypto lending market.
But the market downturn this year created a $2.85 billion hole in Celsius’s balance sheet, prompting the firm to freeze its clients’ accounts, thus trapping billions of dollars of more than a million accounts. In July, Celsius filed for Chapter 11 bankruptcy.
El Salvador Bitcoin bond delayed due to security concerns: Tether CTO
The Bitcoin bond was announced in November last year and was initially expected to launch in the first quarter of 2022.
Bitcoin squeeze to $23K still open as crypto market cap holds key support
A matter of a few hundred dollars could separate BTC price action from a "short squeeze," one trader believes.
Bitcoin squeeze to $23K still open as crypto market cap holds key support
Bitcoin (BTC) returned to $20,000 on Sep. 2 amid renewed bets on a “short squeeze” higher.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader eyes $20,700 short squeeze trigger
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering from another dip below the $20,000 mark on the day, continuing rangebound behavior.
The pair gave little insight into which direction the next breakout could be, with opinions differing on the surrounding environment.
Amid downside pressure on risk assets and a strong U.S. dollar, overall consensus appeared to favor long-term weakness continuing.
For popular trader Il Capo of Crypto, however, there was still reason to believe that a relief bounce could enter first. Thanks to the majority of the market expecting immediate losses to continue, a “squeeze” of short positions could hit, pushing spot price out of its multi-day trading range to target as much as $23,000.
What is a gold-backed token and how does it work?
Gold-backed tokens are getting increasingly popular as a more accessible alternative to investing in physical gold.
62% of wallets did not sell Bitcoin for a year amid the bear market: Data
Majority of traders have held Bitcoin for one year and above, 32% held for BTC one month up to a year and 6% have held for less than a month, data reveals.
62% of wallets did not sell Bitcoin for a year amid the bear market: Data
Majority of traders have held Bitcoin for one year and above, 32% held for BTC one month up to a year and 6% have held for less than a month, data reveals.
dYdX ends contentious promo claiming 'overwhelming demand'
The prompt cancellation comes after strong community pushback relating to the requirement of a facial recognition scan in order to receive the deposit bonus.
Think tank launches ‘technical sandbox’ exploring United States CBDCs
The Digital Dollar Project's Technical Sandbox Program is set to begin in October aiming to provide a clearer understanding of the ramifications of a United States CBDC.