Blockchainreporter Weekly News Review – Major Crypto Developments

This week, the recent changes in the crypto regulatory sphere and some new developments have indicated an optimistic overview of this sector in the coming time. The regulators operating in diverse jurisdictions are attempting to implement regulations for crypto assets. In addition to this, the latest technological developments by the platforms have also witnessed a huge rise these days.

South Korea-based National Committee Supports Investor Protection Act

The South Korean National Assembly-based National Policy Committee has authorized the 1^st phase of the bill related to virtual assets. The respective legislation’s title is the Virtual Asset Investor Protection Act. The main thing focused on by its 1^st phase is the issuance of regulations dealing with consumer protection.

After the initial stage, which includes the regulations related to user-asset protection and unfair trade, the 2^nd phase will begin. It will consider improving the regulations specified for the market order. Nonetheless, the issues such as the establishment of the Digital Asset Committee as well as the exclusion of CBDC from the definition of digital assets are still there.

Alchemy Offers Crypto On-Ramp with UPI Support in India against INR payments

Alchemy Pay is offering support for native UPI payments in Indian Rupee (INR). The platform targets to facilitate matchless crypto on-ramps solutions to facilitate numerous consumers operating within the region. The Unified Payments Interface (UPI) in India has transformed the country’s cashless payments sector as more than 260 million people are using the respective service out of the cumulative 1.4B.

UPI has also been rapidly increasing the adoption of virtual transfers in India. Last year, as per the 2022 New Payments Index of Mastercard, ninety-three percent of Indian clients utilized new cashless payment means. This turned them into the most willing accepters existing within the Asia-Pacific zone.

UK Authorities Contemplate Modifying Tax Treatment of Staking and Lending in DeFi

The authorities in the United Kingdom have started a consultation seeking ideas focused on the categorization of staking and lending operations within the DeFi sector. This is being carried out to better denote the economic substance underpinning crypto assets as well as to lower the administrative burden experienced by the consumers.

On the accomplishment of the consultation, the authorities will issue a summary of the feedback to announce the upcoming moves. The authorities have had several discussions with interested parties for the determination of the most urgent issues as well as to investigate likely solutions.

OKX Releases zk-STARK Technology to PoR

Zero-Knowledge Scalable Transparent Arguments of Knowledge (zk-STARK) is categorized among the innovative technologies built to achieve the futuristic goals of the crypto industry. This has also played a significant role in enhancing crypto exchanges’ proof-of-reserves (PoR) along with improving scalability and privacy in the blockchain world. A well-known crypto exchange named OKX has announced the integration of this technology for its PoR.

Proof-of-reserve (PoR) is considered to be a significant part of the ecosystem of the crypto exchange. The latest zk-STARK technology offers a revolutionary solution to the issue of PoR audits that were formerly time-consuming and manual. The technology streamlines the respective procedure with automation.

Russia to Develop an Exclusive Committee on Crypto Usage for Global Payments

As per the reports, the Russian government is attempting to establish a committee that will deal with crypto assets. It will focus on releasing licenses for the use of digital assets in activities concerning international payments. Several professionals from law enforcement agencies, ministries, and the central bank will be a part of that committee. Along with this, the State Duma’s deputies are also contemplating a corresponding bill for the experimentation regime offered by the committee for cross-border payments with crypto.