🚀 eToro secures crypto registration in Cyprus
To provide crypto services in all EU countries
Hey Waivly Crew! 🌊 EToro has received regulatory approval to offer crypto services in all EU countries. Walmart is planning to expand its retail strategy for the metaverse.
U.S. House committee pushes anti-CBDC bill
The House Financial Services Committee on Wednesday advanced a bill that would block the Federal Reserve from issuing a central bank digital currency.
According to a press release by the bill’s author, Rep. Tom Emmer (R-Minn), the CBDC Anti-Surveillance State Act was passed out of the committee and favorably reported to the House floor. That means the bill will next face a congressional vote.
Emmer stressed that the bill has already gained the support of 60 members of Congress. In his remarks regarding the committee’s decision, Emmer reiterated the dangers of state control over currency.
"In short, a central bank digital currency is a government controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil and restrict Americans' transactions," he said. "This is not just alarming — it's downright un-American."
Emmer and 49 co-sponsors reintroduced the CBDC Anti-Surveillance State Act in the U.S. House of Representatives last Thursday. It was formally introduced to Congress in February.
The bill contains provisions that would prevent the central bank from issuing a CBDC directly to individuals and block the Fed from indirectly issuing one through an intermediary.
The Federal Reserve has been exploring the possibility of issuing a CBDC, though an official earlier this month said the central bank was not close to developing one yet.
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Financial trading platform eToro is expanding its crypto services worldwide after securing new regulatory approval in Europe.
EToro has received a Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission, the firm announced on Thursday.
The registration will enable it to offer regulated crypto services to all countries in the European Union from one single entity, eToro Europe Digital Assets, once the EU’s Markets in Crypto-Assets Regulation (MiCA) is enforced in December 2024.
"This registration signals that we are 100% ready to embrace a new era for crypto once MiCA comes into effect next year. As a global company regulated in various markets around the world, we are very much looking forward to the increased certainty and security that MiCA will offer to both consumers and reputable businesses in this space," said eToro deputy CEO Hedva Ber.
EToro’s crypto approval in Cyprus follows a similar regulatory milestone in Spain. In July, the Bank of Spain approved the registration of eToro as a service provider of exchange of virtual currency for fiat currency and electronic wallet custody services.
Walmart is looking to "reinvent retail" by allowing customers to purchase physical versions of items they use within its House Flip virtual world.
The retail giant plans to add new décor items from Mainstays and Better Homes and Gardens into House Flip to allow users to virtually browse before purchasing the physical version.
In an interview with VentureBeat, Walmart General Manager of Metaverse Commerce Thomas Kang said customers will be able to check out for both physical and virtual goods using their Walmart account without leaving the virtual world. “We have a chance to reshape and reinvent retail in ways that are good for the customers,” he added.
Earlier this year, Walmart teamed up with game developer FUN-GI on House Flip, a mobile game available on iOS and Android that allows players to renovate and sell virtual homes.
Walmart also recently entered the virtual fashion space with its Scoop clothing brand. According to the VentureBeat report, customers can now purchase virtual clothing from Scoop in Zepeto, Asia’s largest metaverse platform.
“We want to help companies and brands sell their products in virtual worlds,” Kang said. He added that Walmart will test more experiences in virtual worlds over the next year. “We see limitless potential with this emerging technology, and we’re excited to explore its possibilities.”
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