Taiwan Bans Crypto Purchases Using Credit Cards
Daily Market Wrap
Crypto market cap: 1.02 trillion, down 1.38%
BTC price stands at USD 22,077, down 1.41%
ETH price stands at USD 1,529, down 1.66%
Top gainer: Uniswap (UNI), up 3.52%
Top loser: Mina (MINA), down 8.36%
News of the Day
Taiwan bans purchasing crypto with a credit card.
Why it matters:
Taiwan’s Financial Supervisory Commission (FSC) issued a letter to the local banking association in early July, asking that credit card agencies stop bringing on crypto platforms as merchants
In the letter, credit card firms have been given three months to make adjustments and comply with the new law
The UK recently introduced a new bill that seeks to regulate stablecoins
Russia has also extended its ban on using crypto for payments, adding security tokens, utility tokens, and non-fungible tokens to the list
Crypto Daily Spotlight
Skeptics question the sustainability of move-to-earn Web 3.0 app called StepN.
Brief introduction: STEPN is one of the first move-to-earn Web 3 apps that has taken the crypto world by storm. Founded by Find Satoshi Lab and releasing its public beta version in December 2021, STEPN is a Solana-based Web 3 “lifestyle app” with Social-Fi and Game-Fi elements. To participate in the app, users must first purchase a sneaker NFT from the platform. Users can then earn Green Satoshi Tokens, or GSTs, by running while the app tracks an individual’s steps and own GMT tokens, which provide in-game governance rights. These tokens can be spent in the game, sold on an exchange like Binance (where it is now listed), or used to mint a new NFT.
Why it matters:
The Solana-based app recently generated $122.5 million in profits in the second quarter through platform fees
The company said in a Medium post that it intends to leverage 5% of the proceeds to initiate a buyback and burn program of its $GMT token
However, Ryan Mullins, the CEO of NFT (non-fungible token) sneaker game, Aglet, thinks that such a program will not be sustainable
Daily Sector Tracker
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