Crypto On LYO: The Blend — Crypto Art Renaissance to Be Created in Italy, Prudent Regulations Needed to Protect Crypto Users in the UK, Japan to Allow USDT in 2023

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

Crypto Art Renaissance to Be Created in Italy

According to a report from Research and Market titled “Italy NFT Market Intelligence and Future Growth Dynamics Databook,” the country is set to create the crypto art Renaissance through its nonfungible token (NFT) market.

With this, the Italian NFT market is expected to experience a 47.6% growth, increasing its valuation to an estimate of $671 million. In addition, the NFT industry in the country is predicted to have a 34.6% upward compound annual growth rate over the next five years. And by 2028, the spending value for NFTs is projected to reach $3.6 billion.

Prudent Regulations Needed to Protect Crypto Users in the UK

Sir Jon Cunliffe, Deputy Governor of the Bank of England, expressed his belief in providing greater protections for investors in the UK who are looking to enter the cryptocurrency markets.

Cunliffe emphasized that prospective and current crypto users and investors should invest in the asset class that offers consumer protection that is at par with conventional financial markets. He also added that heightened regulations in the country are needed as the interests of financial institutions and retail users to use cryptocurrency are increasing.

According to Cunliffe, “We had banks and investment funds and others who wanted to invest in it and I think we should think about regulation before it becomes integrated with the financial system and before it becomes a systemic problem.”

Japan to Allow USDT and Other Stablecoins in 2023

The domestic circulation of foreign-issued stablecoins such as USDT will be allowed by the Financial Services Agency (FSA) of Japan in 2023. Once the country’s local exchanges meet the requirements for asset protection, they will get the green light to provide stablecoin trading.

Moreover, the FSA emphasized that stablecoin distributors in Japan will undergo stricter anti-money laundering procedures.

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