Weekly Crypto News Bites: $17 Million for Web3 Projects for Kids, Central African Republic’s Crypto Hub, Europe’s AML Regulations

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

$17 Million Raised for Web3 Projects for Kids

Zigazoo, a US-based social media network for kids, has raised $17 million to expand on its web3 projects. Through this platform, kids can create TikTok-like videos and show their talents to their friends. 

In April, the company released a non-fungible token (NFT) platform where collections from kid-focused brands are available for purchase. Children can include these NFTs in their videos or even trade them with other kids in Zigazoo.

Central African Republic to Launch Crypto Hub

Central African Republic (CAR) President Faustin-Archange Touadera announced via Twitter on Monday the launch of Sango project on July 3rd, an initiative that will transform the country into a crypto hub

In April, the President signed a law that made Bitcoin an official currency, making CAR the second country in the world to adopt Bitcoin as legal tender following El Salvador. 

The cryptocurrency adoption in Africa has been showcasing solid growth. Cameroon, the Democratic Republic of the Congo, and the Republic of the Congo expressed plans to adopt cryptocurrency and blockchain-based solutions for the countries’ economic progress.

Europe to Enforce AML Regulations

The European Parliament and Council have reached a provisional agreement to establish a transfer of funds regulation to make sure that all crypto transfers are traceable and suspicious ones are blocked. 

This move is intended to strengthen anti-money laundering regulations by requiring crypto exchanges to obtain personal data on every crypto transaction.

Ernest Urtasun, a member of the European Parliament, said in an interview with Bloomberg, “We will put an end to the anonymity of crypto transactions, which was a huge loophole when it comes to the fight against money laundering and criminality.”

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