Sat - 03 june

03 June 10 AM

Good Morning & Happy Saturday! As always you can find your personal referral links at the bottom 🫡.

Headlines for today: Indian Crypto Exchanges Propose Identity Checks for Transfers to Private Wallets, Alchemy Pay & Mastercard Come Up With ‘NFT Checkout’, and China Publishes National Blockchain Standard

💳 Indian Crypto Exchanges Propose Identity Checks for Transfers to Private Wallets: Crypto exchanges are collaborating on a potential regulation that would enhance oversight and combat illicit activities in the cryptocurrency space. The proposed rule would require individuals sending cryptocurrencies to disclose the identities of the recipients' private wallets. When holding cryptos in an exchange's wallet, they can be transferred to various destinations, including another domestic exchange's wallet, the holder's private wallet, another individual's private wallet, or an overseas exchange's wallet. The last two types of transfers are categorized as "high-risk" transactions. To comply with the Prevention of Money Laundering Act (PMLA), reporting entities such as crypto platforms would generate "suspicious transaction reports" (STRs) based on predetermined criteria, such as customer profiles, transaction values, and frequencies.

💸 Alchemy Pay & Mastercard Come Up With ‘NFT Checkout’: Alchemy Pay and Mastercard have joined forces to introduce "NFT Checkout," a direct payment solution for digital artwork. This partnership aims to enhance accessibility to the NFT market and revolutionize user engagement with digital art. The Alchemy Pay NFT Checkout enables businesses to efficiently sell and accept payments for NFTs, supporting various payment methods. Users can securely and swiftly purchase NFTs using credit cards, debit cards, and local payment options from 173 countries. With Mastercard being one of the largest payment networks globally, connecting individuals, businesses, and organizations in over 210 countries and territories, this integration opens up extensive opportunities. According to Mastercard's data, there are approximately 1.544 billion Mastercard debit cards in circulation worldwide.

📖 China Publishes National Blockchain Standard: China's Ministry of Industry and Information Technology (MIIT) has released a national standard for blockchain technology, as reported by state-run news channel CGTN on June 2. The publication of this guideline aims to provide guidance and direction for the development of the blockchain industry within the country. The standardization focuses on the functional architecture and core elements of blockchain systems, serving as a valuable reference for understanding and utilizing this emerging technology. According to Global Times, more than a hundred blockchain companies in China have already begun implementing the standard in their operations. Additionally, China launched a national blockchain research center on May 10, with the goal of facilitating collaboration between universities, developers, and blockchain businesses to foster the growth of the industry.