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Bitcoin and NFTs could get more legal protection as ‘personal property’ under proposed UK law

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Bitcoin and NFTs may get greater legal protections as ‘personal property’ under proposed UK law

UK Government he introduced a brand new bill in parliament that proposes recent legal protections for digital assets such as cryptocurrencies, non-fungible tokens (NFTs) and carbon credits.

The bill comes as the cryptocurrency sector faces a series of regulatory headwinds: In the U.S., the Securities and Exchange Commission (SEC) ruled that some crypto assets are securities, and earlier this 12 months, the SEC approved the primary U.S.-listed exchange-traded fund (ETF) to trace Bitcoin. Meanwhile, the European Union (EU) can also be rolling out recent rules to control cryptocurrencies and make it easier to trace transactions.

Great Britain is we’re working on similar regulationsbut recent Asset Bill (Digital Assets etc.) fairly, it’s about legalizing digital assets as “personal property,” meaning they’ve the identical rank as traditional assets.

The proposed law is a response to Report 2023 from the Law Commission, which outlined the necessity to update the present laws on personal property rights. The report noted:

As technology advances and people spend more time online, our relationship with digital assets will develop into even more essential… Our recommendations also aim to be certain that the private law of England and Wales stays a dynamic, globally competitive and flexible tool for market participants in the world of ​​digital assets.

Law Commission: Digital Assets – Final Report Summary

The concept of “personal property” is significant in law since it plays a central role in legal matters referring to bankruptcy, insolvency, theft, inheritance, divorce proceedings and more. Currently, the law in England and Wales (Scotland and Northern Ireland have separate legal systems) governs two categories of property: tangible goods such as cars, jewellery and money, known as “things in possession”. Separately, “things in action” concerns the protection of intangible assets such as shares, debts and mental property.

That leaves an enormous loophole for “digital” assets like Bitcoin and similar cryptocurrencies, as well as NFTs like digital art (which have modified hands for significant amounts in recent times). This recent, third category, if passed, would bring greater clarity to what constitutes personal property and make it easier for courts to resolve disputes.

For example, a court could issue a freezing order to stop someone from dissipating digital assets before a dispute is resolved, very like a court would for tangible goods. Or if someone steals their digital assets as a part of a fraud, they could pursue greater legal remedies.

Additionally, such a law would mean that digital assets could develop into a part of an individual’s estate for the needs of probate or bankruptcy proceedings.

What’s next?

The bill got here first published in draft form in July, but has now reached the primary reading stage within the House of Lords, where it’s going to must undergo a series of debates and amendments before going to the House of Commons.

There continues to be a protracted strategy to go before the law comes into force, but there are currently around Labour Party majority governmentso there’s a high probability that this bill will ultimately be passed – however it will not be clear in what form and with what provisions.

For example, what will likely be considered “digital assets” under the brand new laws? In theory, the term covers a wide selection of topics, such as email accounts and files, carbon credits and in-game digital assets. The Law Commission I admit this, noting that there’ll likely be “borderline issues” across the digital asset spectrum. He also recommends the so-called “customary law“approach”, indicating that the law may require a trial in court, during which the presiding judge issues a ruling in each individual case to determine precedents as as to if personal property rights ought to be granted to an asset in a specific case.

However, the Ministry of Justice and the Law Commission have been clear that the “main” digital assets they consider are protected are crypto-tokens such as cryptocurrencies and NFTs.

This article was originally published on : techcrunch.com
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MIT Develops Recyclable 3D-Printed Glass Blocks for Construction Applications

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MIT develops recyclable 3D-printed glass blocks for construction

The use of 3D printing has been praised as an alternative choice to traditional construction, promising faster construction times, creative design and fewer construction errors, all while reducing the carbon footprint. New research from MIT points to an interesting latest approach to the concept, involving the usage of 3D-printed glass blocks in the form of a figure eight, which may be connected together like Lego bricks.

The team points to glass’s optical properties and “infinite recyclability” as reasons to pursue the fabric. “As long as it’s not contaminated, you can recycle glass almost infinitely,” says assistant professor of mechanical engineering Kaitlyn Becker.

The team relied on 3D printers designed by Straight line — is itself a spin-off of MIT.

This article was originally published on : techcrunch.com
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Introducing the Next Wave of Startup Battlefield Judges at TechCrunch Disrupt 2024

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Announcing our next wave of Startup Battlefield judges at TechCrunch Disrupt 2024

Startup Battlefield 200 is the highlight of every Disrupt, and we will’t wait to search out out which of the 1000’s of startups which have invited us to collaborate can have the probability to pitch to top enterprise capitalists at TechCrunch Disrupt 2024. Join us at Moscone West in San Francisco October 28–30 for an epic showdown where everyone can have the probability to make a major impact.

Get insight into what the judges are in search of in a profitable company as they supply detailed feedback on the evaluation criteria. Don’t miss the opportunity to learn from their expert insights and discover the key characteristics that result in startup success, only at Disrupt 2024.

We’re excited to introduce our next group of investors who will evaluate startups and dive into each pitch in an in-depth and insightful Q&A session. Stay tuned for more big names coming soon!

Alice Brooks, Partner, Khosla Ventures

Alicja is a partner in Khosla’s ventures interests in sustainability, food, agriculture, and manufacturing/supply chain. She has worked with multiple startups in robotics, IoT, retail, consumer goods, and STEM education, and led mechanical, electrical, and application development teams in the US and Asia. She also founded and managed manufacturing operations in factories in China and Taiwan. Prior to KV, Alice was the founder and CEO of Roominate, a STEM education company that helps girls learn engineering concepts through play.

Mark Crane, Partner, General Catalyst

Mark Crane is a partner at General Catalysta enterprise capital firm that works with founders from seed to endurance to assist them construct corporations that may stand the test of time. Focused on acquiring and investing in later-stage investment opportunities equivalent to AuthZed, Bugcrowd, Resilience, and TravelPerk. Prior to joining General Catalyst, Mark was a vice chairman at Cove Hill Partners in Massachusetts. Prior to that, he was a senior associate at JMI Equity and an associate at North Bridge Growth Equity.

Sofia Dolfe, Partner, Index Ventures

Sofia partners with founders who use their unique perspective and private understanding of the problem to construct corporations that drive behavioral change, powerful network effects, and transform entire industries, from grocery and e-commerce to financial services and healthcare. Sofia can also be one of Index projects‘ gaming leads, working with some of the best gaming corporations in Europe, making a recent generation of iconic gaming titles. He spends most of his time in the Nordics, but works with entrepreneurs across the continent.

Christine Esserman, Partner, Accel

Christine Esserman joined Acceleration in 2017 and focuses on software, web, and mobile technology corporations. Since joining Accel, Christine has helped lead Accel’s investments in Blackpoint Cyber, Linear, Merge, ThreeFlow, Bumble, Remote, Dovetail, Ethos, Guru, and Headway. Prior to joining Accel, Christine worked in product and operations roles at multiple startups. A native of the Bay Area, Christine graduated from the Wharton School at the University of Pennsylvania with a level in Finance and Operations.

Haomiao Huang, Founding Partner, Matter Venture Partners

Haomiao from Venture Matter Partners is a robotics researcher turned founder turned investor. He is especially obsessed with corporations that bring digital innovation to physical economy enterprises, with a give attention to sectors equivalent to logistics, manufacturing and transportation, and advanced technologies equivalent to robotics and AI. Haomiao spent 4 years investing in hard tech with Wen Hsieh at Kleiner Perkins. He previously founded smart home security startup Kuna, built autonomous cars at Caltech and, as part of his PhD research at Stanford, pioneered the aerodynamics and control of multi-rotor unmanned aerial vehicles. Kuna was part of the Y Combinator Winter 14 cohort.

Don’t miss it!

The Startup Battlefield winner, who will walk away with a $100,000 money prize, can be announced at Disrupt 2024—the epicenter of startups. Join 10,000 attendees to witness this breakthrough moment and see the next wave of tech innovation.

Register here and secure your spot to witness this epic battle of startups.

This article was originally published on : techcrunch.com
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India Considers Easing Market Share Caps for UPI Payments Operators

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phonepe UPI being used to accept payments at a road-side sunglasses stall.

The regulator that oversees India’s popular UPI rail payments is considering relaxing a proposed market share cap for operators like Google Pay, PhonePe and Paytm because it grapples with enforcing the restrictions, two people accustomed to the matter told TechCrunch.

The National Payments Corporation of India (NPCI), which is regulated by the Indian central bank, is considering increasing the market share that UPI operators can hold to greater than 40%, said two of the people, requesting anonymity because the knowledge is confidential. The regulator had earlier proposed a 30% market share limit to encourage competition within the space.

UPI has change into the most well-liked option to send and receive money in India, with the mechanism processing over 12 billion transactions monthly. Walmart-backed PhonePe has about 48% market share by volume and 50% by value, while Google Pay has 37.3% share by volume.

Once an industry heavyweight, Paytm’s market share has fallen to 7.2% from 11% late last yr amid regulatory challenges.

According to several industry executives, the NPCI’s increase in market share limits is more likely to be a controversial move as many UPI providers were counting on regulatory motion to curb the dominance of PhonePe and Google Pay.

NPCI, which has previously declined to comment on market share, didn’t reply to a request for comment on Thursday.

The regulator originally planned to implement the market share caps in January 2021 but prolonged the deadline to January 1, 2025. The regulator has struggled to seek out a workable option to implement its proposed market share caps.

The stakes are high, especially for PhonePe, India’s Most worthy fintech startup, valued at $12 billion.

Sameer Nigam, co-founder and CEO of PhonePe, said last month that the startup cannot go public “if there is uncertainty on regulatory issues.”

“If you buy a share at Rs 100 and value it assuming we have 48-49% market share, there is uncertainty whether it will come down to 30% and when,” Nigam told a fintech conference last month. “We are reaching out to them (the regulator) whether they can find another way to at least address any concerns they have or tell us what the list of concerns is,” he added.

This article was originally published on : techcrunch.com
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