Highlights from the weekend:
- YellowHeart is the newest one-stop-shop for NFTs and music streaming
- Binance and Nigeria team up to develop a digital economic zone
- The Bank of Russia is legalizing crypto for cross-border payments
- The Australian Police develop a brand new crypto unit
Words of Wisdom:
- Wences Casares
- Hal Finney
- Elon Musk
Binance has been broadening its presence in every corner of the world from South Korea to now - Nigeria. In February of 2021 - the Central Bank of Nigeria prohibited banks from having any involvement with cryptocurrency transactions. Currently, they're partnering up with Binance to build an Export Processing Zone Authority (NEPZA). The joint goal is to develop a digital economic area akin to the global tech hub in Dubai. The Nigerian authorities stated that they plan to build a virtual free zone and it will be dubbed the first in the West African region.
Adesoji Adesugba, NEPZA’s Managing Director mentions that the country's goal is to engender a flourishing virtual free zone. This goal will take advantage of nearly a trillion-dollar virtual economy in blockchain tech. Nigeria’s Securities and Exchange Commission published a rulebook for digital assets last May - and it appears that the country is heading full steam ahead towards crypto.
The first-ever NFT music streaming player is here and it's called YellowHeart. The Web3 marketplace is popular for ticketing, music and memberships - and now NFT music streaming. For music fans, now you can stream all your favorite NFT music and videos in a single player, rather than opening several applications. One of the biggest appeals of NFT music for both artists and fans is that a majority of the revenue goes back to the pockets of the artists. YellowHeart’s NFT music streaming player allows artists to claim a fair profit of their work, while making it easier for fans to download and play their favorite tracks.
Yellowheart will merge a Spotify-like streaming experience with the power of Web3 tools. Additionally, fans can also unlock custom vinyl records, free concert tickets and merch directly from their NFTs - without having to leave the platform. Currently, fans can only stream NFTS but in a few months, the company has plans to expand and include other wallets and marketplaces in the future. Eventually, the streamable playlist plans to expand to TV and film content in the years to follow.
Russia has had a love-hate relationship with crypto but currently, President Putin is in favor of digital assets. The Bank of Russia agrees that cross-border payments in crypto are unavoidable, and that they plan to adapt to it. Deputy Finance Minister Alexei Moiseev unveiled the news that the Bank of Russia and the finance ministry have finally allowed crypto-related cross-border payments.
A week prior to the announcement, Mikhail Mishustin the Prime Minister of Russia expressed his interest in the “safe” alternative of crypto. He added that it was a necessary move for the country, and that involving entities supervised by the bank are obliged to comply with the Anti-Money Laundering and KYC requirements. He also mentioned that Russia’s former stance on crypto was too strict and that they must evolve with technology, not go against it.
The Australian Federal Police or AFP has recently launched their new unit targeted at crypto-related criminal activities. Stefan Jerga, the national manager of the AFP expressed that criminal activity in crypto-related activities have escalated dramatically since 2018.
“The environment was such that we felt a standalone team [was required], rather than a lot of officers picking up some of this skill set as part of their overall role.”
Stefan Jerga, AFP National Manager
They’ve created a determined team of individuals that will tackle, investigate and trace all the commands across all businesses - from security to cyber-crimes. Since 2020, the AFP has seized $380 million in commercial and residential property - including $200 million in cash. The deputy commissioner also chimed in by stating that they plan to step up their efforts to be aligned with an ever-changing landscape.
Blockchain Events and Conferences:
- Tuesday, September 6th (Dubai, UAE)
Finnovex Middle East
- Wednesday, September 7th (Jakarta, Indonesia)
World Cloud Show- Jakarta
- Sunday, September 11th (Lisbon, Portgual)
...and finally, some memes for your morning:
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