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Despite its goal to become a crypto hub, the United Kingdom (U.K.). is still strict with its crypto regulations. Today, the U.K. financial conduct authority disclosed its regulatory approval of crypto firms, and out of the 300 that applied for approval, only 41 were cleared. Rejected applications were referred to law enforcement agencies.
The U.K.’s FCA is a regulatory body focused on regulating the financial markets and companies in the region. The regulator aims to protect consumer funds and ensure legal and financial systems. Given its ability to authorize and oversee firms in the financial market, the FCA has an upper hand to either approve or disapprove the operation of crypto firms in the U.K. 
Many Registered, But Few Were Chosen
Notably, out of the 300 crypto firm registration applications the financial watchdog received, only 41 applicants were shortlisted. At the same time, some of the rest were referred to law enforcement agencies for an investigation into a financial crime or a direct link to organized crime.
Sarah Pritchard, executive director of markets supervision, policy, and competition at the FCA, noted in a letter to the Treasury Select Committee: 
Overall, in the small number of cases where we have identified likely financial crime or direct links to organized crime we have referred these to law enforcement agencies. Some of those law enforcement investigations remain ongoing.

Furthermore, the new cryptocurrency-focused regulations by the FCA, which crypto firms are thriving to obtain approval was, initially introduced two years ago on Jan. 10, 2020, to supervise businesses operating in the sector and to ensure that they comply with the same Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations as firms in the traditional financial markets.
Approval Doesn’t Mean Exception For Crypto
Though the FCA did not give a solid reason behind the disapproval of some applications, the regulator did reveal some reviews showing its feedback on “good and poor quality” applications. Part of the disapproved applications include companies who used the application to promote their products and services, specifically when the application process was still in progress. The report noted:
Applicants’ websites and marketing material must not include language that gives the impression that making an application for registration is a form of endorsement or recommendation by the FCA.
The report also disapproved of companies’ applications that couldn’t prove the use of “sufficient blockchain-compliance resources to monitor on-chain transactions.”

At the end of the note, the FCA emphasized that firms that got approved are not exempted from obligations. FCA noted:
Applicants must recognize that being registered is not a one-off formality or a tick-box exercise without any further obligations or interaction with the FCA.
The FCA also stressed that the disclosure of the feedback is to assist applicants when preparing their application for registration and help make “the process as simple and efficient as possible.” While regulators continue to troop into the crypto market, companies and projects in the sector have demonstrated composure.

At the time of writing, the global cryptocurrency market capitalization still sits steady above the $1 trillion mark, down by only 0.3% in the last 24 hours.



Despite its goal to become a crypto hub, the United Kingdom (U.K.). is still strict with its crypto regulations. Today, the U.K. financial conduct authority disclosed its regulatory approval of crypto firms, and out of the 300 that applied for approval, only 41 were cleared. Rejected applications...

bitcoinist.com

UK’s FCA Gives Regulatory Approval To Crypto Firms But Only A Few, Here’s Why


Philip Hammond, the former UK Finance Minister, warned that the nation needs to catch up in its vision to become a crypto hub.



Crypto enthusiasts were optimistic about mass adoption when Rishi Sunak was appointed as the new Prime Minister of the UK. This was primarily because the PM tweeted while he was the nation’s Finance Minister, “We’re working to make the UK a global cryptoassets hub.”



Philip Hammond, the former Chancellor of the Exchequer, expressed his concerns about the UK slipping behind in the race to establish itself as the crypto hub. He recently took over the responsibility as the chairman of the crypto exchange Copper. The crypto exchange caters to institutional investors with custody, prime brokerage, and settlement services.




Former U.K. chancellor of the exchequer Philip Hammond will join crypto custody firm Copper as chairman. Hammond has acted as an advisor to the group since 2021 and holds a small stake. Copper previously completed financing at a valuation of $2 billion. FT https://t.co/YqP8f8AANN— Wu Blockchain (@WuBlockchain) January 26, 2023




Philip Hammond warned the UK is slipping behind the race to crypto regulation



The former Finance Minister of the UK told the Financial Times, “The UK needs to be leading in this area post-Brexit. It’s allowed itself to slip behind. Switzerland is further ahead. The EU is also moving faster. There has to be an appetite to take some measured risk.”



Copper had to pull back its registration form from the UK last year due to apparent slow processing from the Financial Conduct Authority (FCA). The firm later got registered in Switzerland. Can this be the reason for Hammond praising Switzerland over the UK?



Philip Hammond also mentioned that Copper is about to close new funding at the valuation of $2 billion. In July last year, it secured Series C funding from Barclays at the same valuation. It is also worth noting that the firm aspired to raise $500 million at a valuation of $3 billion from Tiger Global and SoftBank Group, but it was held back in the brawl with FCA.



UK takes one step at a time for crypto regulation



The UK is sending mixed signals on whether it has a pro-crypto or anti-crypto stance. The Advertising Standard Authorities have constantly clashed with crypto companies, most notably Crypto.com trying to prevent “misleading advertisements.”



However, strict advertising rules are the need of the hour, particularly after last year’s events of the collapse of multiple crypto companies that aggressively advertised their offerings.



The UK National Crime Agency has also established a dedicated unit to tackle cryptocurrency-related crime. The agency has been looking to hire a blockchain expert for its crypto unit.



Further, the Edinburg Reform, announced in Dec. 2022, noted that the government aims to establish a safe regulatory environment for stablecoins. It mentioned the Rishi Sunak government’s intention to  bring a “broader range of investment-related crypto assets activities into regulation.” 



Got something to say about Philip Hammond, the UK crypto regulation, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.



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The post Britain Lagging Behind in Race to Become Crypto Hub, Says Former UK Finance Minister appeared first on BeInCrypto.


Philip Hammond, the former UK Finance Minister, warned that the nation needs to catch up in its vision to become a crypto hub.
The post Britain Lagging Behind in Race to Become Crypto Hub, Says Former UK Finance Minister appeared first on BeInCrypto.


beincrypto.com

Britain Lagging Behind in Race to Become Crypto Hub, Says Former UK Finance Minister

[PRESS RELEASE – Singapore, Singapore, 24th January 2023]
Bunzz a web3 development platform for decentralized applications, has completed a $4.5M seed round. Investors included gjmp, DG Daiwa Ventures, Coincheck, and Ceres. Funding will be used to help build out Bunzz’s Smart Contract Hub, which is already used by more than 8,000 dApp developers. (Product page: https://bunzz.dev/ )
Bunzz has established a strong track record since its launch 11 months ago. Over 8,000 DApp developers have been using the platform, and more than 3,000 DApp projects have been deployed on-chain, making it one of the largest DApp development infrastructures in Asia.
The platform has been recognized by top-tier landmarks as a major infrastructure service in the smart contract development sector. It has been featured on the web3 development infrastructure chaos map published by Coinbase. Additionally, Bunzz was also a finalist in Icetea Lab, Singapore’s largest web3 accelerator program.
Currently, engineers who can handle DApp development are very rare. The reason is that the barrier to developing smart contracts, which are web3-specific programs, is high. In other words, if web2 software engineers could handle contract development, it would be much easier to enter the web3 space.
Bunzz has succeeded in simplifying the previously complex development process by providing frequently used contracts as modules and wrapping the preparation of nodes and the launch of the development environment.
About Bunzz’s core feature “Smart Contract Hub”
Bunzz offers a modularized version of frequently used smart contracts. These are freely available to general users and can be reused by other DApp developers.
On the other hand, there is a similar service called Open Zeppelin, an open-source library. The difference between this and Bunzz is convenience. While OZ’s code is just a library and cannot be deployed right away as it requires a development environment and nodes, Bunzz’s modules can be deployed with just a GUI. It is truly the “web3 version of Docker Hub”.
Partial list of smart contract modules offered by Bunzz
NFT related modules:

NFT (IPFS Mintable)
NFT (Breedable)
NFT (Custom-URI)
NFT (Royalties)
Simple Marketplace (For NFT)
Auction Marketplace (NFT)
NFT (ERC721)
Non-Tradable Token (ERC4671)
Simple Marketplace (For MultiToken)
Auction Marketplace (For Multi Token)

DeFi-related modules:

Token (ERC20)
Token (ERC20 Capped)
TokenERC20DAOToken
ReflectionToken
MultiToken (ERC1155)

Kenta Akutsu, CEO & Co-Founder of Bunzz, explained: “Bunzz ultimately aims to become web3’s equivalent to Docker Hub. Immutable smart contracts on the blockchain are open programs, also called ‘public goods,’ because anyone can access and use them without permission. However, the usage flow and the logic of their operation are difficult to understand, making it inconvenient for engineers who want to reuse them. Bunzz aims to solve this problem by incentivizing creators of smart contract modules to create more accurate coding and documentation. Please feel free to contact us via twitter or discord.”
The 13 participating investors:

Bunzz pte ltd company profile:
Company name: Bunzz pte ltd
Representative: Kenta Akutsu
Head Office: 6 Eu Tong Sen Street #12-17 The Central Singapore 059817
Business: Operation of web3 development infrastructure “Bunzz”
Establishment: May, 2022
Capital: 4,500,000 USD
URL: https://bunzz.dev
The post Bunzz Raises $4.5M Seed Round to Expand its Smart Contract Hub for DApp Development appeared first on CryptoPotato.

[PRESS RELEASE &#8211; Singapore, Singapore, 24th January 2023] Bunzz a web3 development platform for decentralized applications, has completed a $4.5M seed round. Investors included gjmp, DG Daiwa Ventures, Coincheck, and Ceres. Funding will be used to help build out Bunzz’s Smart Contract Hub, ...

cryptopotato.com

Bunzz Raises $4.5M Seed Round to Expand its Smart Contract Hub for DApp Development


January 24, 2023 – Singapore, Singapore


Bunzz, a Web 3.0 development platform for decentralized applications, has completed a $4.5 million seed round. Investors included gjmp, DG Daiwa Ventures, Coincheck and Ceres. Funding will be used to help build out Bunzz’s smart contract hub, which is already used by more than 8,000 DApp developers.

Bunzz has established a strong track record since its launch 11 months ago. Over 8,000 DApp developers have been using the platform, and more than 3,000 DApp projects have been deployed on-chain, making it one of the largest DApp development infrastructures in Asia.
The platform has been recognized by top-tier landmarks as a major infrastructure service in the smart contract development sector. It has been featured on the Web 3.0 development infrastructure chaos map published by Coinbase.
Additionally, Bunzz was also a finalist in Icetea Lab, Singapore’s largest Web 3.0 accelerator program.

Currently, engineers who can handle DApp development are very rare. The reason is that the barrier to developing smart contracts, which are Web 3.0 specific programs, is high.
In other words, if Web 2.0 software engineers could handle contract development, it would be much easier to enter the Web 3.0 space.
Bunzz has succeeded in simplifying the previously complex development process by providing frequently used contracts as modules and wrapping the preparation of nodes and the launch of the development environment.
About Bunzz’s core feature ‘smart contract hub’
Bunzz offers a modularized version of frequently used smart contracts. These are freely available to general users and can be reused by other DApp developers.
On the other hand, there is a similar service called ‘Open Zeppelin,’ an open-source library. The difference between this and Bunzz is convenience.
While OZ’s code is just a library and cannot be deployed right away as it requires a development environment and nodes, Bunzz’s modules can be deployed with just a GUI. It is truly the ‘Web 3.0 version of Docker Hub.’
Partial list of smart contract modules offered by Bunzz
NFT-related modules listed as follows.

NFT (IPFS mintable)
NFT (breedable) 
NFT (custom-URI) 
NFT (royalties) 
Simple marketplace (for NFT) 
Auction marketplace (NFT) 
NFT (ERC721) 
Non-tradable token (ERC4671) 
Simple marketplace (for MultiToken) 
Auction marketplace (for Multi Token) 

DeFi-related modules listed as follows.

Token (ERC20) 
Token (ERC20 capped) 
TokenERC20DAOToken
ReflectionToken
MultiToken (ERC1155) 

Kenta Akutsu, CEO and co-founder of Bunzz, said,
“Bunzz ultimately aims to become Web 3.0’s equivalent to Docker Hub. Immutable smart contracts on the blockchain are open programs – also called ‘public goods’ – because anyone can access and use them without permission.
“However, the usage flow and the logic of their operation are difficult to understand, making it inconvenient for engineers who want to reuse them. Bunzz aims to solve this problem by incentivizing creators of smart contract modules to create more accurate coding and documentation.
“Please feel free to contact us via Twitter or Discord.”
The 13 participating investors

Bunzz pte ltd company profile info

Company name – Bunzz pte ltd
Representative – Kenta Akutsu
Head office – 6 Eu Tong Sen Street #12-17 The Central Singapore 059817
Business – Operation of Web 3.0 development infrastructure ‘Bunzz’
Establishment – May 2022
Capital – $4,500,000
Website

Contact
Kenta Akutsu, CEO and co-founder of Bunzz
This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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The post Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development appeared first on The Daily Hodl.


January 24, 2023 – Singapore, Singapore Bunzz, a Web 3.0 development platform for decentralized applications, has completed a $4.5 million seed round. Investors included gjmp, DG Daiwa Ventures, Coincheck and Ceres. Funding will be used to help build out Bunzz’s smart contract hub, which is alrea...

dailyhodl.com

Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during the two snapshots on Terra Classic. 

Cosmos Hub price	$13.93
Low - High 24H	$13.19 - $13.97
Market cap	$4.08B
Volume 24H	$193.38M
All time high	$44.45 -68.71% January 17th 2022
All time low	$1.16 1098.86% March 13th 2020
Genesis date	N/A

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