Blockchain Payments - October/November 2022

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<div id="page1-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf001.webp" alt="background image"/> • Regulation Is Simpler Stated Than Executed P. 04 • EU Takes The Lead, With U.S. Following Carefully P. 14 • Ethereum’s Proof-Of-Stake Gambit P. 28 • Biden Talks Cryptocurrency For The First Time P. 30 October/November 2022 Blockchain Funds Tracker® Sequence Is Regulation Pal Or Foe For Blockchain? </div>

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<div id="page2-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf002.webp" alt="background image"/> 2 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 3 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved What’s Inside <a target="_blank" href="pdfs.html#3" rel="noopener">04</a> Regulation Is Simpler Stated Than Executed Cryptocurrencies are exploding in recognition, and regula- tors round the world are struggling to craft rules that restrict their dangers however unlock their advantages. <a target="_blank" href="pdfs.html#6" rel="noopener">10 </a> New Blockchain Laws Round The World The UAE, U.Okay. and U.S. are simply among the nations that are scrambling to manage the burgeoning blockchain scene. <a target="_blank" href="pdfs.html#8" rel="noopener">14</a> The EU Takes The Lead, With The U.S. Following Carefully New regulatory and legislative actions on each side of the Atlantic are kicking regulation into excessive gear. <a target="_blank" href="pdfs.html#12" rel="noopener">22 </a> Companies View Regulatory Uncertainty With Concern Fifty-two % of cryptocurrency exchanges and block- chain corporations fear that the dearth of authorized certainty may hurt their trade. <a target="_blank" href="pdfs.html#13" rel="noopener">24 </a> Navigating Blockchain’s Complicated Regulatory Panorama Andreas Veneris, professor {of electrical} and pc engineering on the College of Toronto, breaks down the fractured state of the present blockchain regulation scene. <a target="_blank" href="pdfs.html#15" rel="noopener">28 </a> Ethereum’s Proof-Of-Stake Gambit Ethereum’s transfer from proof-of-work to proof-of-stake may minimize carbon emissions by greater than 99%. <a target="_blank" href="pdfs.html#16" rel="noopener">30</a> Biden Takes Blockchain Motion The White Home points its first-ever cryptocurrency order, however extra steering could also be launched within the months to return. <a target="_blank" href="pdfs.html#17" rel="noopener">32 </a> About Data on PYMNTS </div>

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<div id="page3-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf003.webp" alt="background image"/> 4 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 5 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved Want To Know Regulation Is Simpler Stated Than Executed Energ<a target="_blank" href="https://www.whitehouse.gov/ostp/news-updates/2022/09/08/fact-sheet-climate-and-energy-implications-of-crypto-assets-in-the-united-states/" rel="noopener">y </a><a target="_blank" href="https://www.whitehouse.gov/ostp/news-updates/2022/09/08/fact-sheet-climate-and-energy-implications-of-crypto-assets-in-the-united-states/" rel="noopener">usage o</a>f hottest cryptocurrencies, as of August 2022 The blockchain market is anticipated to develop by $4.02 billion by 2026, in line with a current <a target="_blank" href="https://pixelplex.io/blog/top-blockchain-trends-to-follow/" rel="noopener">study, b</a>ut the trade’s fast development has additionally introduced some dangers that put regulators on alert. Worth volatility related to cryptocurrencies was a concern, for instance, as regulators consider some inves- tors could not be absolutely conscious of the dangers they take. Bitcoin <a target="_blank" href="https://www.bankrate.com/investing/bitcoin-price-history/" rel="noopener">topped out </a>at extra than $19,000 per coin in 2017, sky- rocketed to greater than $65,000 final 12 months, then plummeted proper again all the way down to its present worth of roughly $20,000. Regulators are additionally involved about fraud, with the Federal Commerce Commissio<a target="_blank" href="https://www.cnbc.com/2022/06/03/crypto-scams-cost-people-more-than-1-billion-since-2021-ftc.html#:~:text=In%202021%2C%20%24575%20million%20of,money%20out%20they%20could%20not" rel="noopener">n seeing</a> $575 million in cryp- tocurrency losses reported final 12 months. Specialists and policymakers have additionally raised issues about the environmental affect of cryptocurrency. Till not too long ago, a single Ethereum transaction <a target="_blank" href="https://blockworks.co/ethereum-switches-to-proof-of-stake-after-7-years-of-work/#:~:text=Ethereum%20has%20finally%20switched%20its,ET)%20on%20Thursday%2C%20Sept" rel="noopener">used m</a>ore vitality than the common family consumed in per week, due to its proof- of-work (PoW) verification. The corporate claims to have decreased this energy consumption to that of boiling a house- maintain kettle with its current change to proof-of-stake (PoS). 120B-240B kilowatt-hours per 12 months Complete electrical energy utilization of world crypto-assets 60%-77% Bitcoin’s share of crypto-asset vitality utilization 20%-39% Ethereum’s share of crypto-asset vitality utilization, pre-PoS </div>

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<div id="page4-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf004.webp" alt="background image"/> 6 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 7 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved $130M 2020 $680M 2021 $329M Q1 2022 Want To Know Reported cryptocurrency <a target="_blank" href="https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/06/reports-show-scammers-cashing-crypto-craze" rel="noopener">losses</a>, by 12 months Nicely-crafted regulation may unlock the blockchain’s full potential. The blockchain has monumental functionality to enhance cybersecurity, monetary inclusion, cross-border pay- ments and a bunch of different functionalities, however its present free-for-all standing is holding it again. The large- gest downside to the established order isn't essentially regulation or lack thereof however relatively the uncertainty of regulatory standing, with 55% of main cryptocurrency corporations <a target="_blank" href="https://www.prnewswire.com/news-releases/salt-survey-finds-regulatory-framework-both-a-challenge-and-an-opportunity-for-crypto-industry-301543226.html" rel="noopener">saying</a> that regulatory ambiguity hinders blockchain adoption. Authorities regulation may probably curb these drawbacks and enhance the blockchain for each corpo- charges and particular person traders. One other 60% of main blockchain corporations<a target="_blank" href="https://www.prnewswire.com/news-releases/salt-survey-finds-regulatory-framework-both-a-challenge-and-an-opportunity-for-crypto-industry-301543226.html" rel="noopener"> say</a> that regulatory readability may have probably the most important optimistic affect on institu- tional cryptocurrency adoption. This comparatively new trade would require a mild hand, nevertheless, as over- bearing or misguided rules may irreparably injury the trade and snuff it out earlier than it reaches its full potential. </div>

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<div id="page5-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf005.webp" alt="background image"/> 8 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 9 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved Want To Know Nations round the world try to resolve the regulatory puzzle. The White Home, for instance, i<a target="_blank" href="https://www.coindesk.com/policy/2022/09/08/crypto-mining-energy-implications-need-further-study-white-house-report-says/" rel="noopener">s calling</a> for laws that will develop complete requirements for the cryptocurrency trade’s environmental points. Different items of legislatio<a target="_blank" href="https://www.weforum.org/agenda/2022/09/why-crypto-businesses-need-anti-money-laundering-regulations/" rel="noopener">n require cr</a>yptocur- rency exchanges to adjust to the identical anti-money laundering (AML) protocols that presently apply to banks, inserting verification necessities on an trade that was as soon as largely self-regulating. The European Union not too long ago <a target="_blank" href="https://www.coindesk.com/policy/2022/10/10/lawmakers-back-eus-mica-crypto-law-in-committee-vote/" rel="noopener">enacted</a> laws permitting cryptocur- rency pockets suppliers to market themselves throughout the continent as long as they meet sure AML and stability necessities. The European cryptocurrency trade has thus far been welcoming of these rules, regardless of questions on their applicability to non-fungible tokens (NFTs). This legislation ought to go into impact one 12 months to 18 months after subsequent spring. A sampling of blockchain regulatory <a target="_blank" href="https://www.thomsonreuters.com/en-us/posts/wp-content/uploads/sites/20/2022/04/Cryptos-Report-Compendium-2022.pdf" rel="noopener">legislation a</a>nd its standing, by nation Financial Crime and Company Transparency Invoice Launched in Home of Commons, September 2022 Markets in Crypto-Property regulation Handed, October 2022 Lummis-Gillibrand Accountable Monetary Innovation Act Launched in Senate committee, June 2022 European Union United Kingdom United States </div>

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<div id="page6-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf006.webp" alt="background image"/> 10 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 11 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved Information And Tendencies New Blockchain Laws Round The World Staff of the U.S. authorities are sometimes sub- ject to strict ethics guidelines to make sure they don't seem to be unfairly taking advantage of their positions, and the U.S. Workplace of Authorities Ethics (OGE) simply up to date these rules to account for NFTs. The brand new <a target="_blank" href="https://coingeek.com/us-ethics-agency-issues-new-rules-for-govt-employees-who-hold-nfts/" rel="noopener">guidance </a>says that authorities workers should file monetary disclosures if they personal an NFT price extra than $1,000 or if the asset produces greater than $200 in revenue in the course of the reporting interval. This steering applies solely to NFTs bought for funding functions relatively than for private or family use. The OGE issued a seven-part take a look at to decide if a given worker’s NFT falls into these classes, together with questions as as to whether the worker bought the NFT for its potential worth or aesthetic causes. </div>

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<div id="page7-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf007.webp" alt="background image"/> 12 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 13 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved Information And Tendencies Portion of IT consultants whose high issues had been vitality consumption and environmental affect Portion of IT consultants whose high issues had been cash laundering and pockets safety UAE cracks down on cryptocurrency cash laundering Unhealthy actors typically use cryptocurrency in scams and illicit purchases, with the actual property subject rising as a brand new favor- ite for cryptocurrency scammers. The United Arab Emirates not too long ago <a target="_blank" href="https://www.coindesk.com/policy/2022/08/08/uae-to-clamp-down-on-crypto-real-estate-money-laundering/" rel="noopener">announced</a> new rules to curb cryptocurrency actual property fraud and cash laundering, requiring actual property brokers to alert authorities of any property bought utilizing cryptocurrency. The brand new guidelines may even try and curb different types of actual property fraud by requiring authorities notification of any actual property money buy of greater than AED 55,000 ($15,000 USD). These new rules go away “little or no room for manipu- lation or unlawful practices that would negatively affect the work atmosphere and the economic system and funding,” mentioned UAE Minister for Economics Abdulla bin Touq Al Marri. Specialists skeptical of U.Okay. authorities’s cryptocurrency plans The U.Okay.’s current Chancellor of the Exchequer, Nadhim Zahawi, <a target="_blank" href="https://www.altfi.com/article/9581_uk-pursues-leading-role-in-fintech-with-stablecoin-bill" rel="noopener">introduced a n</a>ew invoice that regulates the cryptocurrency sec- tor and can permit companies to check new blockchain applied sciences in a sandbox atmosphere. Cryptocurrency consultants are skepti- cal of the U.Okay.’s transfer to enter the blockchain subject, contemplating the presently plummeting values of cryptocurrencies, NFTs and different blockchain-related merchandise. Professional<a target="_blank" href="https://www.bcs.org/articles-opinion-and-research/professionals-assess-cryptocurrency-nfts-stablecoins-and-blockchain/" rel="noopener">s raised</a> a number of con- cerns, together with environmental points and the security of crypto wallets and exchanges. 23% 15% </div>

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<div id="page8-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf008.webp" alt="background image"/> 14 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 15 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved PYMNTS Intelligence The EU Takes The Regulatory Lead, With The U.S. Following Carefully Blockchain is drawing authorities scrutiny worldwide as regulators search to constrain fraudsters, restrict its environ- psychological affect and shield traders and fans from the expertise’s potential drawbacks. The EU and the U.S. are presently taking the lead in blockchain regulation, though different nations, corresponding to China, have taken the easier step of <a target="_blank" href="https://fortune.com/2022/01/04/crypto-banned-china-other-countries/" rel="noopener">banning</a> it fully. This comparatively new expertise would require a cautious hand on the subject of regulation, nevertheless. Overly onerous restrictions may constrain its potential financial ben- efits, whereas a laissez-faire strategy may allow fraud, cash laundering and worse. This month, PYMNTS exam- ines how the U.S. and the EU are threading this needle in their present and creating blockchain rules. </div>

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<div id="page9-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf009.webp" alt="background image"/> 16 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 17 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved PYMNTS Intelligence 21% Share of People who've used or invested in cryptocurrency 19% Share of People who view cryptocurrency in a optimistic gentle A quickly rising variety of People have<a target="_blank" href="https://www.cnbc.com/2022/03/31/cryptocurrency-news-21percent-of-adults-have-traded-or-used-crypto-nbc-poll-shows.html" rel="noopener"> </a><a target="_blank" href="https://www.cnbc.com/2022/03/31/cryptocurrency-news-21percent-of-adults-have-traded-or-used-crypto-nbc-poll-shows.html" rel="noopener">invested</a> in cryptocurrency, however many extra are suspicious of its potential, leading to requires authorities regulation. U.S. government motion is kicking blockchain regulation into excessive gear. Till now, cryptocurrency supervision was primarily <a target="_blank" href="https://tearsheet.co/blockchain-crypto/whats-the-current-state-of-crypto-regulation-in-the-us/" rel="noopener">based </a>on the Securities and Change Fee’s (SEC’s) interpretation and enforcement of the Securities Act of 1933, the Securities Change Act of 1934 and the Funding Firm Act and Funding Advisers Act of 1940. Most often, cryptocurrencies have been thought-about securities, and cryptocurrency exchanges and issuers are required to register and disclose market actions to federal regulators in the identical method as different investments underneath the SEC’s oversight. </div>

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<div id="page10-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf010.webp" alt="background image"/> 18 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 19 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved PYMNTS Intelligence The Biden administration is trying into additional cryptocurrency regulation, however probably the most urgent query is the clarification of whether or not cryptocurrencies ought to be outlined as securities or commodities. Classifying them as securities would proceed their present jurisdiction underneath the SEC, however a brand new congres- sional invoice would <a target="_blank" href="https://www.akingump.com/en/news-insights/the-digital-commodities-consumer-protection-act-a-bullet-point-summary.html" rel="noopener">change</a> their classification to commodities, inserting crypto underneath the management of the Commodity Futures Buying and selling Fee (CFTC) as an alternative. Each the SEC and the CFTC heads acknowledged, nevertheless, that not all cryptocurrencies are equal, and a case-by-case evaluation could also be wanted. Putting cryptocurrency oversight underneath CFTC management could be a game-changer, as trade participant<a target="_blank" href="https://www.forbes.com/sites/rosemariemiller/2022/09/01/bitcoin-ethereum-regulation-likely-to-wind-up-mainly-under-cftc/?sh=55aacaca3c48" rel="noopener">s see</a> the company as a extra crypto-friendly regulator than the SEC and extra prepared to challenge new rules. Nonetheless, if the CFTC had been to acquire new powers to manage crypto, it will likel<a target="_blank" href="https://www.washingtonpost.com/business/2022/08/03/stabenow-boozman-bitcoin-cftc-bill/" rel="noopener">y assess</a> new charges on crypto trade gamers to pay for the enforcement of recent rules, because the company is far smaller than the SEC. </div>

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<div id="page11-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf011.webp" alt="background image"/> 20 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 21 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved PYMNTS Intelligence 17% Proportion of Europeans who personal cryptocurrency 40% Share of European cryptocurrency homeowners who first invested final 12 months Europe<a target="_blank" href="https://www.euronews.com/next/2022/04/04/crypto-adoption-in-europe-is-lower-than-other-parts-of-the-world-a-new-survey-finds" rel="noopener"> </a><a target="_blank" href="https://www.euronews.com/next/2022/04/04/crypto-adoption-in-europe-is-lower-than-other-parts-of-the-world-a-new-survey-finds" rel="noopener">lags b</a>ehind a lot of the world in crypto adoption. The EU is specializing in the blockchain’s environmental issues. The European Parliament Committee on Financial and Financial Affairs not too long ago endorsed the Markets in Crypto-Property regula- tion, which requires crypto-asset service suppliers to reveal their complete vitality consumption. Whereas it does not particularly mandate that cryptocurrency corporations scale back their car- bon footprints, the hope is that these suppliers will voluntarily change into extra energy-efficient underneath public strain. This energy-focused regulation follows initiatives in different elements of the world to restrict cryptocurrency mining due to environmental issues. China, for instance<a target="_blank" href="https://www.protocol.com/newsletters/sourcecode/china-crypto-ban" rel="noopener">, banned</a> cryptocurrency transac- tions fully, and the state of New York <a target="_blank" href="https://www.coindesk.com/policy/2022/06/03/new-york-senate-passes-bitcoin-mining-moratorium/" rel="noopener">passed</a> a cryptocurrency mining moratorium and started a research on the injury of PoW mining. Some cryptocurrencies, corresponding to Ethereum, are already shifting to a PoS method to scale back these damages. </div>

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<div id="page12-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf012.webp" alt="background image"/> 22 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 23 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved Chart Of The Month Prime Blockchain Adoption Dangers Amongst Retailers Supply: PYMNTS Cryptocurrency, Blockchain And Cross-Border Funds: Deciding on A Blockchain Expertise Companion, February 2022 N = 250: Multinational monetary establishments, fielded April 2021 Regulatory Uncertainty Is Prime Concern For Blockchain Adoption Companies have monumental dangers to contend with when coming into the blockchain realm, and regula- tion <a target="_blank" href="https://www.pymnts.com/study/cryptocurrency-blockchain-and-cross-border-payments-kyc-kyb-cybersecurity/#wpcf7-f1234102-o1" rel="noopener">tops</a> the record. Fifty-two % of companies cited regulatory issues as their high danger, adopted by uncertainty about operational effectivity at 41%, knowledge high quality at 37% and knowledge safety at 35%. Regardless of these issues, companies are nonetheless exploring methods to leverage the blockchain to make their processes extra environment friendly. 52% Regulatory issues 37% Knowledge high quality 41% Uncertainty about operational effectivity 35% Knowledge safety 34% Earnings </div>

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<div id="page13-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf013.webp" alt="background image"/> 24 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 25 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved [Blockchain regulation until now] has been like closing your eyes and throwing a dart on the wall. It's a subject that has been very puzzling to lots of individuals as a result of there are so many various new entities — and so many unknown entities. ANDREAS VENERIS Professor {of electrical} and pc engineering Insider POV Navigating Blockchain’s Complicated Regulatory Panorama Andreas Veneris, professor {of electrical} and pc engineering at the<a target="_blank" href="https://www.utoronto.ca/" rel="noopener"> University of Toronto, t</a>ells PYMNTS why cross-border funds could be a very good begin for blockchain regulation. Legislators have been toying with the thought of regulat- ing the blockchain subject for a number of years, however they solely not too long ago began passing laws in earnest. This inter- est is lengthy overdue, mentioned Veneris, spurred by the collapse of the stablecoin TerraUSD this previous Might. This fall value traders tens of billions of {dollars} regardless of its pegging to the U.S. greenback, casting intense doubt on the viability of secure cryptocurrencies. “The collapse of TerraUSD introduced up the necessity for stron- ger, extra thorough and extra detailed regulation to guard the general public from scams and fishy cryptocurrencies.” </div>

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<div id="page14-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf014.webp" alt="background image"/> 26 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 27 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved There are 18,142 cryptocurrencies in circulation. There are 460 cryptocurrency exchanges round the world. The market cap for cryptocurrency is $1.7 trillion. Till now, blockchain and cryptocurrency have been largely<a target="_blank" href="https://www.weforum.org/agenda/2022/03/where-is-cryptocurrency-regulation-heading/" rel="noopener"> </a><a target="_blank" href="https://www.weforum.org/agenda/2022/03/where-is-cryptocurrency-regulation-heading/" rel="noopener">unregulated,</a> regardless of their growing market dimension. Insider POV These regulatory efforts stay fairly slapdash, nevertheless, as law- makers are nonetheless attempting to perceive this complicated expertise and craft acceptable laws. Governments generally understand cryp- tocurrency as a cost for doubtful functions and never as its personal complicated economic system on par with conventional monetary methods. “The regulatory atmosphere is nonetheless a mess, however in equity, it’s nonetheless a really new medium. However the genie’s out of the bottle proper now, and they can't cease the trip. It’s like BitTorrent 20 years in the past: The music trade tried to scare folks into not downloading songs, however that didn’t work out in any respect.” One of the best ways ahead for blockchain rules is to concentrate on cross-border funds, mentioned Veneris. These already depend on inter- nationwide cooperation and keep away from the central downside of per-country regulation: Totally different nations will seemingly by no means completely agree on the greatest solution to regulate the blockchain, and cryptocurrency exchanges can simply flock to the nation with the loosest legal guidelines and proceed to promote all world wide. “For the needs of advancing interoperability, it is likely to be neces- sary for regulators to have some provisions that are comparable. If they are not comparable, there will be a lot of alternatives for regulatory arbi- trage, the place one nation’s rules will not be in step with one other nation’s rules. Individuals may wish to reap the benefits of different jurisdictions with relaxed regulatory provisions.” </div>

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<div id="page15-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf015.webp" alt="background image"/> 28 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 29 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved Ethereum’s much-hyped shift from PoW to PoS is lastly right here after seven years of planning. Ethereum’s builders <a target="_blank" href="https://blockworks.co/ethereum-switches-to-proof-of-stake-after-7-years-of-work/#:~:text=Ethereum%20has%20finally%20switched%20its,ET)%20on%20Thursday%2C%20Sept" rel="noopener">made t</a>his transfer in an try and alleviate environmental and vitality utilization issues, with some consultants estimating that the blockchain’s energy consumption may drop by greater than 99.9%. That is as a result of the brand new PoS underlies a consensus mechanism that requires far much less vitality than what the PoW computations want. Gasoline charges will stay unaffected, nevertheless, as the full community capability will stay largely the identical. Ethereum isn't the one blockchain working to scale back vitality consumption. Algorand's blockchain, for instance, was designed as a greener various and carbon-neutral, as its protocol requires the vitality con- sumption of 10 common U.S. households. Corporations To Watch Ethereum’s Proof-Of-Stake Gambit </div>

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<div id="page16-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf016.webp" alt="background image"/> 30 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 31 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved What’s Subsequent White Home Releases First-Ever Cryptocurrency Framework Cryptocurrency regulation within the U.S. has largely been left to monetary regulators, however it's rapidly gaining curiosity from greater up within the chain of command. The White Home recentl<a target="_blank" href="https://www.cnbc.com/2022/09/16/heres-whats-in-biden-framework-to-regulate-crypto.html" rel="noopener">y issued i</a>ts first-ever framework on future cryptocurrency regulation, with a particular emphasis on borderless transactions and cracking down on digital asset fraud. The U.S.’s subsequent steps are a danger steering evaluation from the Treasury Division and an exploration of a brand new digital cur- rency that the Federal Reserve would challenge. JANET YELLEN United States secretary of the treasury Innovation is likely one of the hallmarks of a vibrant monetary system and economic system. However as we’ve painfully discovered from historical past, innovation with out sufficient regulation can end in important disruptions and hurt to the monetary methods and people. Supply: The White Home. Background Press Name by Senior Administration Officers on the First-Ever Complete Framework for Accountable Improvement of Digital Property. 2022.<a target="_blank" href="https://www.whitehouse.gov/briefing-room/press-briefings/2022/09/16/background-press-call-by-senior-administration-officials-on-the-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/" rel="noopener"> https:// www.whitehouse.gov/briefing-room/press-briefings/2022/09/16/ background-press-call-by-senior-administration-officials-on-the- first-ever-comprehensive-framework-for-responsible-development-of- digital-assets/</a>. Accessed October 2022. </div>

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<div id="page17-div" style="position:relative;width:1836px;height:1188px;"> <img width="1836" height="1188" src="https://study-images.nyc3.digitaloceanspaces.com/1425728/pdf017.webp" alt="background image"/> 32 | Blockchain Funds Tracker® Sequence Blockchain Funds Tracker® Sequence | 33 © 2022 PYMNTS All Rights Reserved © 2022 PYMNTS All Rights Reserved The Blockchain Funds Tracker® Sequence could be up to date periodically. Whereas affordable ef- forts are made to maintain the content material correct and up thus far, PYMNTS MAKES NO REPRESENTA- TIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, REGARDING THE CORRECTNESS, ACCURACY, COMPLETENESS, ADEQUACY, OR RELIABILITY OF OR THE USE OF OR RESULTS THAT MAY BE GENERATED FROM THE USE OF THE INFORMATION OR THAT THE CONTENT WILL SATISFY YOUR REQUIREMENTS OR EXPECTATIONS. THE CONTENT IS PROVIDED “AS IS” AND ON AN “AS AVAILABLE” BASIS. YOU EXPRESSLY AGREE THAT YOUR USE OF THE CON- TENT IS AT YOUR SOLE RISK. PYMNTS SHALL HAVE NO LIABILITY FOR ANY INTERRUPTIONS IN THE CONTENT THAT IS PROVIDED AND DISCLAIMS ALL WARRANTIES WITH REGARD TO THE CONTENT, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT AND TITLE. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES, AND, IN SUCH CASES, THE STATED EXCLU- SIONS DO NOT APPLY. PYMNTS RESERVES THE RIGHT AND SHOULD NOT BE LIABLE SHOULD IT EXERCISE ITS RIGHT TO MODIFY, INTERRUPT, OR DISCONTINUE THE AVAILABILITY OF THE CONTENT OR ANY COMPONENT OF IT WITH OR WITHOUT NOTICE. PYMNTS SHALL NOT BE LIABLE FOR ANY DAMAGES WHATSOEVER, AND, IN PARTICULAR, SHALL NOT BE LIABLE FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR INCIDENTAL DAMAGES, OR DAMAGES FOR LOST PROFITS, LOSS OF REVENUE, OR LOSS OF USE, ARISING OUT OF OR RELATED TO THE CONTENT, WHETHER SUCH DAMAGES ARISE IN CONTRACT, NEGLIGENCE, TORT, UNDER STATUTE, IN EQUITY, AT LAW, OR OTHERWISE, EVEN IF PYMNTS HAS BEEN AD- VISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISDICTIONS DO NOT ALLOW FOR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, AND IN SUCH CASES SOME OF THE ABOVE LIMITATIONS DO NOT APPLY. THE ABOVE DISCLAIMERS AND LIMITATIONS ARE PROVIDED BY PYMNTS AND ITS PARENTS, AFFILIATED AND RELATED COMPANIES, CONTRACTORS, AND SPONSORS, AND EACH OF ITS RESPECTIVE DIRECTORS, OFFICERS, MEMBERS, EMPLOYEES, AGENTS, CONTENT COMPONENT PROVIDERS, LICENSORS, AND ADVISERS. Parts of the content material unique to and the compilation produced by PYMNTS is the prop- erty of PYMNTS and can't be reproduced with out its prior written permission. The Blockchain Funds Tracker® Sequence is a registered trademark of What’s Subsequent Media & Analytics, LLC (“PYMNTS”). Disclaimer 32 <a target="_blank" href="http://www.pymnts.com" rel="noopener">PYMNTS</a> is the place the very best minds and the very best content material meet on the internet to find out about “What’s Subsequent” in funds and commerce. Our interactive platform is reinventing the best way through which corporations in funds share related data concerning the initiatives that form the way forward for this dynamic sector and make information. Our knowledge and analytics staff consists of economists, knowledge scientists and trade analysts who work with corporations to measure and quantify the innovation that is on the reducing fringe of this new world. We are in your suggestions on this report. If you have ques- tions or feedback, or if you want to subscribe to this report, please electronic mail us a<a target="_blank" href="https://news.google.com/__i/rss/rd/articles/mailto:feedback%40pymnts.com?subject=Global%20Commerce%20Tracker%C2%AE" rel="noopener">t feedback@pymnts.com</a>. About </div>

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