Last week in review: UK regulator hosts CryptoSprint in support of innovative crypto regulation

As crypto prices began to rise again, we saw growing optimism among investors and notable cryptocurrency support from UK regulators. And despite a bearish market, we saw some positive news across the globe. 

The Monetary Authority of Singapore (MAS) has partnered with the US investment bank JPMorgan Chase to launch a pilot for ‘Project Guardian’, which will explore the potential of Decentralised finance (DeFi). 

A new report by America’s Market Intelligence (AMI) reveals that Bitcoin adoption in Argentina rose to 12% amid soaring inflation rates. And you can now trade your tokens for tacos as Chipotle restaurants across the United States (US) began accepting digital currency payments. 

As always, there is never a dull moment in crypto. Here are our top headlines from last week.

UK regulator hosts CryptoSprint in support of innovative crypto regulation

What

The Financial Conduct Authority (FCA), the UK’s financial regulator, hosted a “CryptoSprint” earlier in May with 100 crypto roleplayers in attendance

Why

The regulator explained it is part of a process to foster innovation and introduce balanced regulation to the UK cryptocurrency sector

What next

It paves the way for a collaborative approach between the regulator and companies in the space 

Read the full story here

Singapore’s Monetary Authority partners with JPMorgan Chase to explore DeFi’s effectiveness

What

The Monetary Authority of Singapore (MAS) is partnering with JPMorgan Chase to explore DeFi’s potential

Why

The partnership is part of MAS’ Project Guardian initiative that aims to understand the effectiveness of DeFi in improving the borrowing and lending process

What next

JPMorgan Chase will lead a blockchain pilot as part of the project, with Singapore’s central bank poised to leverage the pilot’s results to inform its crypto policymaking

Read the full story here

Argentines turn to Bitcoin amid continued hyperinflation

What 

Bitcoin adoption in Argentina surged to 12%, double the rate of other South American countries such as Peru and Mexico, according to a new report by America’s Market Intelligence (AMI)

Why 

Bitcoin adoption has been spurred on by rampant inflation of 50% and more that has continued to erode the value of the peso. Argentines have had to look elsewhere to preserve their savings

What next 

Inflation in Argentina is predicted to continue at current levels this year. While Argentines stockpile goods to exercise some form of control over their buying power, the government says it is approaching cryptocurrency with caution, having no formal regulation in place and forbidding financial entities to provide services related to digital assets

Read the full story here

Chipotle accepts cryptocurrency payments in the US

What

Chipotle restaurants across the United States (US) will now be accepting cryptocurrency payments

Why 

Amid growing cryptocurrency adoption in the US, companies aim to capture the growing interest by offering alternative payment solutions

What next

The Mexican fast-food chain is Flexa’s latest partner and joins other large businesses like ​​Nordstrom, Barnes & Noble, Lowe’s, GameStop and Whole Foods in offering cryptocurrency options. Flexa is offering 10% off purchases made nationwide at Chipotle when using any digital currency in a Flexa-enabled app

Read the full story here

To catch up on other big stories from last week, be sure to check these headlines:

Privacy in an electronic age: The rise of the cypherpunks

Germany publishes its first nationwide tax guide for crypto

Japan issues new stablecoin law in the wake of Terra collapse