The Ledger: Rishi Sunak becomes PM, gaming embraces blockchain

The week was filled with surprises, from Rishi Sunak becoming prime minister in the UK to many game developers entering the blockchain space.

There was a lot of movement across the NFT sector and also in the overall rate of adoption of cryptocurrency tech and assets around the world this week.

Vietnam recently ranked as the leader in grassroots cryptocurrency adoption for a second consecutive year, according to Chainalysis Geography of Cryptocurrency report. Meanwhile, there has been a lot of new developments in the blockchain-related cryptocurrency sector.

Gala Games hired Mark Skaggs, a prominent video game product developer as its new SVP of games.  Gala Games focuses on free-to-play and play-to-earn blockchain games, one of which is Town Star.

Sims creator Will Wright is now looking into a new blockchain video game, which he has already revealed as VoxVerse. It’s the latest foray by a video game designer into the blockchain gaming space.

Axie Infinity’s good fortunes may have come to an end as the popular play-to-earn game now has $215m worth of AXS tokens to be unlocked. Speaking of gaming and purchases, Apple announced that it will be taking a 30% cut from all NFT and cryptocurrency sales on its App Store.

In regulatory news this week, the UK Parliament agreed to pass the Financial Services and Markets Bill. The bill passed through the House of Commons but it is still to be submitted to the House of Lords where it would need another vote before it is sent to King Charles III to promulgate. The bill will turn cryptocurrencies into regulated financial instruments.

The Financial Service Commission of South Korea announced that it is now going to track cryptocurrency whales in order to ensure that no money laundering activities are going undetected. The Australian Securities and Investments Commission is also looking into the business behind Qoin, which allegedly misled investors.

Turkish President Recep Tayyip Erdogan urged young people to avoid gambling products, but admitted that blockchain technology does have value and is worth pursuing. This was a rare acknowledgement of the potential of cryptocurrencies by Erdogan.

In the UK, Rishi Sunak became the new prime minister, replacing Liz Truss. Sunak is touted as a friend of the industry, and has not hidden his ambitions to turn the UK into a cryptocurrency hub.

Spain, in the meantime, has become the nation to pull well ahead in terms of total cryptocurrency ATMs.

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Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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