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.Weve 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....
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Crypto OGs slang for Original Gangsters have acquired almost a mythical and godly reputation in an industry populated with libertarians, anti-government rebels, innovators, get-rich-quick scammers, hackers and degen investors with rampant gambling addictions and toxic social media behavior.Who are these OGs exactly? Unlike the rich and powerful in the traditional finance and conventional tech sector, crypto OGs are often protected by a layer of decentralized anonymity in a particularly wild corner of cyberspace. Who deserves this mythical label? The year they got into crypto? Their current....
Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.Top Stories This Week US Fed vice chair Michael Barr favors hard line on crypto, OCC acting head no friendlierGlobal crypto regulation remains a prevalent topic looming over the sector. Recent comments from United States Federal Reserve Board Vice Chair for Supervision Michael Barr and Acting Comptroller of the Currency Michael Hsu....
Despite the Chinese central bank's proposal to monitor metaverse and NFTs, companies such as Tencent and Huawei are pursuing metaverse-related trademarks. Despite the People’s Bank of China’s (PBOC) warning on metaverse and nonfungible tokens (NFTs) in November, more than a thousand Chinese companies have submitted thousands of metaverse-related trademark applications.In a summit back in November, Gou Wenjun, the PBOC’s AML and Analysis Center Director, warned about the dangers of digital assets. According to Gou, because virtual assets have no physical basis, they can be used for illegal....
Bitcoin lets everyone hide money in briefcases. One of the most troubling aspects of the law in almost every country is the fact that it is rarely applied in a completely equal manner. In most cases, there is one set of laws for the politically well-connected, and another set of laws for the common man on the street. Whether you're talking about financial regulations or any other aspect of the law, there always seems to be a certain group of people who are able to get away with not following the “rules of society” on a regular basis. It would be great if the law was always applied in an....
Despite the government’s restriction on bitcoin and an imminent ban on the metaverse, Chinese internet company Baidu announced on Monday that it has filed its metaverse trademark. Baidu And The Metaverse Of Xi’rang According to the most recent trade registration statistics, Chinese enterprises are hurrying to register trademarks related to the metaverse, or Yuanyuzhou in Chinese, despite Beijing’s cautions about the risks associated with the novel concept. Baidu, China’s largest internet corporation, said earlier today that it has registered its metaverse trademark.....