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Prospects Grows for Asia's Web3 Following Ethereum’s Smart Account Adoption - ConsenSys
ConsenSys, a key player in blockchain software technology, suggests that a billion users from Asia could potentially join the Web3 revolution due to the concept of "smart accounts", more formally known as account abstraction. This was revealed in a conversation with Laura Shi, the company's Director of Strategic Initiatives, with Cointelegraph.
Account abstraction, having been proposed back in September 2021 by developers including Vitalik Buterin, paves way for more bank-style functionalities in a common crypto wallet. Shi believes this would enhance adoption across the Asia-Pacific region: "The evolution of account abstraction could enable the billion-strong users from the APAC zone into the Web3 space."
She further highlights that the Ethereum and Web3 ecosystem witnessed a substantial growth across Asia this year, where many dApps began catering to the Asian market, adding Asian language support. The key drivers of this growth, according to Shi, are Ethereum Virtual Machine (zkEVM) rollups and the mainstream embrace of Optimistic rollups.
The growth in Asia is further motivated by the increasing popularity of social and Web3 gaming, particularly in South Korea and China. Shi underscores that these areas will highly benefit from the development of zkEVM roll ups and account abstraction.
The UK's FCA Alerts Crypto Companies About Advertising Compliance Deadline
In the UK, the Financial Conduct Authority (FCA) has urged crypto-related firms to adhere to the country's new financial promotions rules by October 2023, or face stiff measures from the regulatory body. The enforcement of this framework extends to all digital promotional activities, inclusive of "websites, mobile applications, social media posts and online advertisements", as noted by the FCA.
As per the present data, only 42 crypto companies, such as Bitstamp, MoonPay and Galaxy Digital UK, are in compliance with the FCA's guidelines.
Voyager Digital Creditors Hit with $5.1M in Legal Charge
Law firm McDermott Will & Emery, from New York, billed the creditors of the insolvent crypto brokerage firm, Voyager Digital, with a $5.1 million fee in return for their legal services provided from March 1 to May 13, 2023.
The court papers disclosed that Voyager Digital was charged at an hourly rate of $1,026.76 for the services during that period. This is the final bill of a three-part payment from McDermott Will & Emery, leading to a total earning of $16.48 million between July 5, 2022, and May 19, 2023. To date, over half of the amount, totalling $8.97 million, has already been settled by the creditors.
