Singapore mulls stringent crypto regulations, Meta allows posting NFTs on Facebook and Instagram

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Place your bets on future ether prices soon as the Ethereum network's transition to proof-of-stake (PoS) is just around the corner! But what else is happening in the world of crypto? From Facebook and Instagram letting their users upload NFTs on their favourite social media platforms to Singapore taking measures to prepare for new cryptocurrency regulations and more... Read on.

OpenSea marketplace will not support forked NFTs post-Merge

OpenSea, the largest non-fungible token (NFT) marketplace has announced that it will support only the NFTs that are on the upgraded proof-of-stake (PoS) blockchain after the Merge.

To support NFTs on the upgraded Ethereum PoS chain, OpenSea made it clear that if there are forked NFTs, they will not reflect on the platform as it will only support the upgraded chain.

To ensure a seamless transition of Ethereum Merge, the NFT marketplace also stated that its staff is preparing the NFT trading platform for any problems that may occur. 

The merge event, one of Ethereum’s biggest upgrades to date, is expected to happen on September 15 or 16.

Launched in 2017, OpenSea, the first NFT market, has supported over 80 million NFTs and over $31 billion in total volume.

Crypto regulations to get tighter in Singapore

The Monetary Authority of Singapore (MAS) is reportedly planning to implement further regulatory measures in the cryptocurrency market to provide safeguard investors.

The MAS may also strengthen its existing regulations by implementing customer suitability assessments.

According to reports, the government is set to pass consumer appropriateness guidelines and impose limitations on the use of credit and leverage by retail investors while trading digital assets.

Despite its ambition to become one of the world’s major crypto hubs, Singapore has stated that it will oversee the local digital asset ecosystem more closely than most other nations.

Meta now lets you post NFTs to Facebook and Instagram 

Users of Facebook and Instagram can now upload NFTs on their favourite social media platforms.

Social media giant Meta, the parent company behind Facebook and Instagram, also announced that it will allow users to add digital wallets to these popular platforms.

To post a digital collectible, all you need to do is connect your crypto wallet to Instagram. 

Instagram currently enables connections with third-party wallets like Rainbow, MetaMask, Trust Wallet, and Coinbase Wallet and currently supports blockchains such as Flow, Polygon, and Ethereum. 

This digital asset integration is expanded across 100 countries and can be posted or shared on Instagram free of charge.

Argentina’s Mendoza province to accept crypto for taxes and fees

Mendoza Province residents can now pay government fees and taxes with cryptocurrencies, thanks to Argentina's widespread crypto adoption policies.

This is just the latest in a long line of crypto-related adoptions across Argentina.

Citizens can use any cryptocurrency wallet, including Binance, Bybit, and Ripio, to make payments through the portal on the ATM website. 

Only stablecoins like Tether (USDT) will be accepted at this time to pay taxes.

Upon receiving the stablecoins, the ATM will convert the US-tethered stablecoins into pesos for processing and provide payers with a receipt of the transaction.

Earlier this year, the country’s capital Buenos Aires unveiled plans to start accepting public financial transactions in crypto.

Polygon founder raises $50M for Web 3.0 fund

Polygon co-founder Sandeep Nailwal has raised $50 million for a new venture fund dedicated to Web 3.0 startups. 

Nailwal’s venture firm, Symbolic Capital, is backed by cryptocurrency protocols, exchanges, crypto-focused auditing firms, and other venture capital investors. 

Symbolic stated that it plans to focus on backing startups building consumer-facing decentralized apps. The fund’s mission is to foster mass adoption of blockchain technology and Web 3.0.

The firm has already invested in three blockchain-focused gaming startups: BlinkMoon, Planet Mojo, and Community Gaming.

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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.