MetaDecrypt's Weekend Vibes

Hi guys,

Get ready to be inspired, informed and entertained as we dive into the world of Web3 latest developments together!!!

A. This Week in Web3 (Top 10 Highlights)?

• Top Crypto Executives to Gather at Dubai Blockchain Life
• UK details comprehensive plans to regulate digital assets as it kicks off public consultation?
• Binance Pay Ventures Into Mobile Top-Ups With Cryptocurrency??
• The Sandbox (SAND) Price Recovers but Investors Fear Effects of Token Supply Unlock?
• Dogecoin (DOGE) Core Developer Hints at Next Major Release?
• Neon Link Announces Limited Presale Of The $NEON Token That Will Power A Thousand Blockchain Games
• Bitcoin shrugs off Fed rate hike to hit six-month high
• Bank of China ex-advisor calls Beijing to reconsider crypto ban
• Polygon NFTs Outshine Ethereum Riding on Donald Trump’s Influence
• OKX Collective and Manchester City to share ‘boundless possibilities of Web3 Payment Expert

B. Sneak Peeks On Web3 Trends

Some Web3 Alternatives for Existing Web2 Platforms

• IPFS as an alternative to centralized file storage
• Gnosis as an alternative to centralized prediction markets
• Aragon as an alternative to mainstream corporate structures
• uPort as an alternative to centralized identity management systems
• Ocean Protocol as an alternative to centralized data marketplaces
• Uniswap as an alternative to centralized cryptocurrency exchanges
• DAOs (Decentralized Autonomous Organizations) as an alternative to traditional companies
• Filecoin as an alternative to centralized cloud storage providers
• Chainlink as an alternative to centralized oracle providers.

To be continued

C. Manna From The Metaverse

A Comparative Analysis of Crypto Policies in the UK and India: Lessons and Recommendations for Other Countries

This week, from the Metaverse, we would like to share our insights on the recent developments in the crypto space with a spotlight on the UK and India. Both countries have taken vastly different approaches to the promotion and regulation of cryptocurrencies, and it is important to understand the implications of these policies for the future of crypto in both countries.

The UK has established itself as a hub for innovation and investment in the crypto space, attracting some of the brightest minds and most forward-thinking companies. The recent study by Recap, a crypto tax firm, has named London as the world's leading cryptocurrency hub. This is based on various criteria such as the number of cryptocurrency businesses, employees, research and development spending, cryptocurrency ATMs, and capital gains tax rates.

London is home to over 800 cryptocurrency-based companies and has the highest number of people employed in the cryptocurrency industry compared to other regions. This aligns with the U.K. prime minister's goal of making the country a hub for the crypto industry.

In stark contrast, India has taken a hostile approach to crypto. The government has been unwelcoming, with officials openly expressing their skepticism and concern about the technology. The Reserve Bank of India has even gone so far as to ban banks from dealing with crypto exchanges, effectively making it impossible for Indian citizens to participate in the crypto space. In 2022, the country instituted a 30% tax on profits and a 1% tax deducted at source (TDS) on all transactions in the crypto sector. The recent amendment to the TDS rules now imposes a fine equivalent to the tax liability and/or jail time of 3 to 84 months in case of non-compliance.

The future looks bright for the UK's crypto space, with the government continuing to support innovation and investment. However, the Indian regime's unwelcoming approach to crypto could lead to a missed opportunity for growth and innovation. The Indian crypto market has huge potential, with a large and tech-savvy population that is eager to embrace new technologies.

In light of these developments, we would like to provide 6 key recommendations for countries pushed-back on crypto adoption:

• Re-evaluate the current stance on crypto, with a focus on the potential benefits and opportunities for the innovation economy.
• Establish clear and transparent regulations for the crypto space, including clear guidelines for Crypto start-ups and DeFi platforms.
• Encourage investment and innovation in the crypto space, by providing tax incentives and supporting startups and exchanges.
• Educate the public on the benefits of crypto and blockchain technology, through public awareness campaigns and educational initiatives.
• Establish a blockchain research and development center, to promote innovation and investment in the technology.
• Support the growth of the crypto community through meetups, hackathons, and other initiatives.

C. Meme of the Week

Thanks for reading. See you next week!

The MetaDecrypt Team

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