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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, and NFTs: Oct. 19-25, 2022

Welcome to another edition of Crypto NFT Today! If you enjoy cryptocurrency, NFTs, and riding emotional rollercoasters, this is the place to be.

Are you ready for the crunch? Let’s get started.

U.K. Commission Launches Review of International Crypto Laws

The U.K. is considering reforming its cryptocurrency laws. The Law Commission of England and Wales launched a review Oct. 18, that will provide clarity on how international law approaches emerging technologies like cryptocurrencies, digital assets and electronic documentation.

The government-backed project, called  “Digital Assets: Which Law, Which Court?” is being launched to bring Britain up-to-date with current and anticipated international laws regarding the decentralized finance sector. 

As part of the review, the commission will undergo a detailed analysis of international regulations to formulate reforms that align with international law. The goal of the reforms is to eliminate conflict of law issues that have created legal uncertainty for users, organizations and governments.

Web3 Infrastructure Company Secures $18.75 Million in Funding

Blockchain infrastructure and gaming services are one of the fastest growing segments of the Web3 community. In line with this trend, Canadian Web3 infrastructure company ChainSafe has closed an $18.75 million funding round that was backed by several industry venture firms.

The Series A round was led by venture firm Round13 with additional participation from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital. ChainSafe said the funding would go toward supporting the growth and adoption of Web3 technology.

DeFi Holds Up Amidst Bearish Outlook on Traditional Markets

With inflation continuing to be an issue in the U.S. and world economy, threats of regulation in the DeFi sector looming, and DAOs, new blockchains, and tokens being created at a lightning pace, it is important to step back, look at the bigger picture, and ask where cryptocurrency currently falls in the overall economy. 

Flagship — and to some extent, bellwether — cryptocurrency Bitcoin is holding steady in the $19,000 range. The tight trading range of Bitcoin bodes well for the deFi sector, suggesting the digital currency market is stabilizing under its own weight, despite bearish outlooks on the traditional economy. 

Ether made small gains over the last 24 hours, Lido DAO was up 5%, and Polygon’s MATIC was also up 5%. 

Additionally, weekly downloads of crypto-related JavaScript codes have increased 10 times since 2018 and tripled in the past 12 months, and smart contracts have risen 50% since 2021, according to CoinTelegraph analytics. 

European Commission Calls for Crypto Mining Block

The European Commission stated Tuesday that European Union members must be ready to block crypto mining. The European Commission is the executive arm of the EU and ius responsible for introducing legislation. The mandate comes as Russian gas supplies continue to be cut off due to the ongoing war in Ukraine. 

Crypto mining is a high-energy endeavor and the European commission fears energy shortages and potential blackouts as northern Europe heads toward the winter months. “In case, there is a need for load shedding in the electricity systems, the [EU] member states must also be ready to stop crypto-assets mining,” the commission said in a document published Tuesday. Load shedding is when energy companies deliberately switch off supply to a certain set of users to avoid the entire grid toppling.

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