Last week in review: UK sets out plan to become a global cryptoasset hub

While the markets remain relatively still, the news was anything but. In a turn of events, the UK is devising a plan to become a crypto hub of the world, Elon Musk forked out billions to purchase a stake in a leading social media platform, and could Jamie Dimon finally be changing his mind about crypto?

It all happened last week. Here are our top picks to come from it.

UK sets out plan to become a global cryptoasset hub

What

The UK has set out a detailed plan to become a global cryptoasset hub

Why

As part of this plan, financial services minister John Glen stated that the UK will legislate to bring some stablecoins under its regulatory framework

What next

Later this year the UK government will consult on creating regulations for a wider set of cryptoassets like Bitcoin, taking the sector’s energy consumption into account

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JPMorgan CEO praises decentralised finance in shareholder letter

What

In an annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon recognised the advantages of decentralised finance and blockchain technology

Why

The CEO went on to say he believes that there are many uses where a blockchain can replace or improve contracts, data ownership and other enhancements

What next

JPMorgan has begun to use blockchain technology to move tokenised U.S. dollar deposits with JPM Coin and established the blockchain network ‘Liink’ to find more efficient ways to transfer data through custom applications

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Elon Musk grabs $3bn Twitter stake

What

Elon Musk has taken a 9.2% stake in Twitter, according to a US securities filing

Why

The news comes as Musk recently revealed he was giving “serious thought” to building a new social media platform

What next

The stake is worth $2.89bn, more than four times the 2.25% holding of Twitter founder Jack Dorsey

Read the full story here

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

Strike integrates Shopify with Lightning Network
Jack Dorsey’s Block rethinks how Bitcoin hardware wallet should look and function
China’s central bank expands digital yuan pilot scheme to more cities
Meta pivots to social credit system via “Zuck Bucks”
Can Web3 free us all from Twitter and fake news?
Taro protocol by Lightning Labs will “Bitcoinise the Dollar”
Netflix’s Crypto King doc shows how far exchange security has come
41% of crypto owners purchased crypto for first time in ‘transformational’ year, study finds