Weekly Crypto News Bites: UK Regulations for Stablecoins, Dubai Metaverse Strategy to Open 40K Jobs, GameStop’s NFT Marketplace Generates $7.2M in Trade Activity

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What happened in the crypto world in the last week? Let’s see some interesting news together! 

UK Regulations for Stablecoins Introduced 

Regulators in the U.K. presented guidelines for using stablecoins as a form of payment to the parliament on Wednesday. The rules are included in the much-awaited financial services and markets bill, which is intended to strengthen the country’s financial system

The bill gave the Treasury the power to regulate DSAs or digital settlement assets, DSA payments, DSA service providers, and DSA insolvency arrangements. According to the UK government, cryptocurrency will have a huge role in boosting the economic competitiveness of the country.

Dubai to Open 40,000 Jobs for Metaverse Operations

Dubai launches Metaverse Strategy that aims to support more than 40,000 jobs and add $4 billion to the country’s economy in five years. The plan also seeks to place the emirate on top of the region and as one of the leading countries worldwide in terms of metaverse economy. 

The Dubai Metaverse Strategy, which was led by Vice President, Prime Minister, and Ruler of Dubai, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, eyes to “foster metaverse innovation and economic contribution,” “cultivate metaverse through education and training,” and “develop metaverse use-cases and applications in Dubai Government.” 

GameStop’s NFT Marketplace Generates $7.2M in Trade Activity

The non-fungible token (NFT) marketplace of GameStop has become in-demand among NFT collectors, bringing about more than 5,000 ETH (around $7.2 million) in trading volume since it rolled out on July 11. 

This number doubled the all-time NFT volume of Coinbase, which only did 1,913 ETH (around $2.8 million) in sales since its launch on May 4, according to Dune Analytics

Apart from the marketplace, GameStop has released various Web3 products a few months ago. The video-game retailer’s launch of its own cryptocurrency and NFT wallet in May boosted its stock value. 

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