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buidlbee digest: EU’s crypto regulation, ETH update summary, and BTC-based global marketplace

Andrew Zhoao

News editor

Apr 21, 2023 at 10:28

In the world of cryptocurrencies, there have been some noteworthy developments that cannot be missed. The European Union (EU) is taking steps towards crypto regulation, while the latest Ethereum update is creating a buzz. Additionally, a global marketplace based on Bitcoin has been making waves. For those seeking to stay on top of the latest in the crypto world, diving into the details of these developments is a must. Read on for a comprehensive breakdown of each of these stories.

EU approves world’s first cryptocurrency regulatory system

While the U.S. suffers chaos from random attacks by the SEC, Europe has adopted a comprehensive law on cryptocurrencies (MiCA for short): 

Bitcoin regulation

  • Vendors and service providers in this market will now be held liable if investors lose their crypto assets through their fault.
  • Crypto platforms will be required to inform consumers of the risks associated with their transactions, and the sale of new tokens will be legally regulated.
  • The passage of MiCA made Europe the first major jurisdiction in the world to introduce a comprehensive cryptocurrency law. Because of its comprehensive approach and depth, this law could become a template for many other countries that are already actively exploring it.
  • On the one hand, MiCA will increase the region’s investment appeal, but on the other hand, it could increase the cost to businesses of complying with numerous regulatory requirements.

First reaction from CZ Binance

There are now clear rules of the game for crypto exchanges operating in the EU. Binance welcomes the new law and is ready to make adjustments to [its] business over the next 12-18 months to be in full compliance.

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Ethereum update summary

We continue to summarize the results of Ethereum’s transition to PoS. Last time, we showed that the network has not become cheaper, despite promises. Even Vitalik Buterin thinks that the commission on transfers can reach unbelievable values of several hundreds of dollars if the developers can’t optimize the network before the active bull market starts.

Estimated cost of transaction actions
Estimated cost of transaction actions

But there are promises fulfilled: Ethereum has become deflationary.

Since Ethereum moved to Proof-of-Stake (217 days), the second cryptocurrency’s supply has decreased by 100,000 coins; had the update not happened, the ETH issue would have increased by more than 2.52 million coins ($5 billion).

Ethereum supply chart
Ethereum supply chart

BTC-based global marketplace

The Bitcoin network will start an anonymous and global peer-to-peer marketplace; the new platform will be based on the Bitcoin blockchain and use Nostr and Lightning Network protocols. For now, this P2P exchange has opened a waiting list and plans to launch within a month.

#freealex post
#freealex post

CivKit will allow the trading of various goods and services, as well as exchanging digital assets for fiat currency. Moderators will monitor user activity, so drugs and other illegal items are unlikely to be traded on this blockchain market.

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