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UK Government Introduces Bill Regulating Stablecoin Payments

Daily Market Wrap

  • Crypto market cap: 1.50 trillion, down 0.24%

  • BTC price stands at USD 23,346, up 0.77%

  • ETH price stands at USD 1,537, up 0.08%

  • Top gainer: Monero (XMR), up 4.38%

  • Top loser: Zilliqa (ZIL), down 9.15%

News of the Day

Why it matters:

  • On Wednesday, the UK Finance Minister, Nadhim Zahawi, said that the government will introduce a bill on how stablecoins may be used as a payment method

  • The bill will set standards for utilising stablecoins for payments as crypto adoption rises among retail and other businesses

  • In April, the UK Treasury announced a set of initiatives to help turn the country into a global crypto hub

Crypto Daily Spotlight

Brief introduction: The Sandbox is a virtual gaming world where players can play, build, own, and monetise virtual experiences on LAND that they own by using NFTs and $SAND, the platform’s main utility token. The Sandbox powers its virtual economy that incorporates UGC, avatar-centric experiences, gaming, and financial systems.

Why it matters:

  • Metaverse gaming giant The Sandbox has partnered with BrandShield (BRSD), an online threat detection company, to offer security services for its crypto wallets, digital assets, and NFT marketplace

  • “In the open metaverse, users should be able to enjoy their true digital ownership rights and have new ways to create, store, and trade value while having fun rather than having to worry about online threats,” said Sebastien Borget, COO of The Sandbox

  • BrandShield specialises in identifying and tackling various threats to eliminate attacks on crypto wallets

  • From March to April of 2022, BrandShield successfully neutralised 120 phishing sites and 58 fake social media accounts impersonating the metaverse platform, ensuring The Sandbox’s economy to operate securely, the company said

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