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  • The R Roundup: PayPal’s Crypto Services Emerge In The UK🅿️ - Issue #113

The R Roundup: PayPal’s Crypto Services Emerge In The UK🅿️ - Issue #113

Issue #113 : Web 3 News Headlines Of The Week

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The R Roundup
November 05, 2023

The R Roundup: PayPal’s Crypto Services Emerge In The UK🅿️ - Issue #113

PayPal's UK unit has gained approval from the Financial Conduct Authority (FCA) to operate as a cryptocurrency service provider, marking a significant milestone for the payments giant.

The FCA's nod allows PayPal UK Limited to engage in specific crypto activities and advertise its services to local clients, subject to compliance with the FCA's stringent anti-money laundering regulations.

The company's inclusion in the FCA's crypto register, established in 2020, permits PayPal to endorse its own crypto-related communications within the newly enforced marketing framework.

Despite this achievement, PayPal UK will maintain the temporary suspension of crypto purchases in the country, a measure introduced in August to align with regulatory guidelines.

While this development enables PayPal UK to transfer its customer accounts from PayPal Europe to the newly authorized UK entity starting from November 1, 2023, certain limitations persist. The platform is restricted from expanding its current crypto offerings into areas such as staking, exchanging crypto assets, participating in initial coin offerings, and engaging in decentralized finance activities like lending without explicit permission from the FCA.

Solana Welcomed On BigQuery☁️

Google Cloud has integrated Solana, the 20th blockchain on its BigQuery data analytics platform. This move enhances accessibility to Solana's archival data and analytics.

The integration, announced at Breakpoint 2022 in Lisbon, aligns with Google Cloud's commitment to comprehensive datasets. It empowers developers, enterprises, and individual users to delve deep into Solana's transaction data, NFT minting, wallet activities, and more, enabling advanced research.

NFT app Floor is among the first to leverage Solana integration, sharing data on Solana NFT sales and listings with BigQuery.

This collaboration enhances visibility into Solana's NFT ecosystem, offering valuable insights. Solana's growth necessitates rapid access to network data, aligning with the web3 industry's need for transparent, open, and accessible blockchain insights.

Moreover, Google Cloud's integration supports web3 adoption by web2 companies. Comprehensive datasets like BigQuery help businesses understand consumer interest in web3, aiding informed decisions about blockchain integration.

U.K Crypto Regulation Is FINAL🇬🇧😳

The UK Treasury has unveiled its definitive plans for the regulation of crypto assets, marking a significant step toward financial market oversight.

In response to extensive consultations and feedback from industry experts, the government has outlined its strategy to bring various crypto asset activities under the regulatory umbrella for the first time. Key among the proposals is the mandate that firms engaging with UK retail consumers must secure authorization from the Financial Conduct Authority, regardless of their geographical location.

These regulations will require crypto exchanges to meet stringent admission standards and uphold transparency by disclosing information when listing new assets. Notably, the proposals exclude the regulation of decentralized finance (DeFi) in this initial phase, acknowledging the complexities and nuances of the rapidly evolving DeFi landscape.

Instead, the UK government plans to collaborate internationally, working with bodies like the FSB and standard-setting organizations to develop a robust framework for future domestic DeFi regulation.

The Treasury's initiative aims to position the UK as a global leader in crypto asset technology and innovation while ensuring the responsible growth of crypto asset service providers within the country.

Celestia Mainnet + Token Launch Party🎁

Celestia, the cutting-edge modular blockchain network, has successfully launched its mainnet, heralding a new era in the crypto sphere.

Trading of Celestia tokens (TIA) commenced on platforms like KuCoin and Bybit, paired with the USDT stablecoin. Binance swiftly followed suit, listing $TIA and opening trading at 12 p.m. EST.

Distinguishing itself from traditional monolithic Layer 1 blockchains, Celestia's modular design empowers developers to create new blockchains effortlessly, fostering innovation within the crypto community. The network's unique architecture facilitates parallel consensus across chains, enhancing operational efficiency.

An exciting feature of Celestia's launch was the generous airdrop of 60 million tokens to active users on Ethereum Layer 2s, stakers on Cosmos Hub and Osmosis, and developers in the crypto space. This airdrop, constituting 6% of the total supply, showcases Celestia's commitment to community engagement and inclusivity.

With substantial support from investors like Bain Capital and Polychain, Celestia Labs secured $55 million, propelling its valuation beyond $1 billion in October 2022. Now live, Celestia's mainnet promises to reshape the crypto landscape, driving forward the industry's evolution with its innovative approach and user-friendly platform.

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As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies.

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