While the most common way to earn money in the nonfungible token (NFT) space is by flipping the tokens for profit, there are other opportunities to earn money with NFTs as the market continues to develop. In a Cointelegraph interview, Bill Starkov, the founder of Apocalyptic Apes and a Bored Ape Yacht Club (BAYC) member, talked about how NFT holders can license the intellectual property (IP) rights of the tokens. Citing BAYC as an example, Starkov noted that “holders can generate thousands of dollars by licensing out their apes for commercial use.” He explained that this can also happen with …

Law firms Holland & Knight and Bluestone have served a defendant in a hacking case with a temporary restraining order through a nonfungible token, marking the first known legal process to be facilitated by an NFT. The so-called “service token” or “service NFT” was served to an unnamed defendant in a hacking case involving LCX, a Liechtenstein-based cryptocurrency exchange that was hacked in January for almost $8 million. As Cointelegraph reported at the time, the attack compromised the platform’s hot wallets, resulting in the loss of Ether (ETH), USD Coin (USDC) and other cryptocurrencies. Holland & Knight has become the …

The crypto market is growing at a rapid pace, with governments and various regulatory bodies actively trying to study and keep up with the growth. While many policymakers around the globe have come to realize that banning the crypto market is not an option, many are yet to come up with a formidable framework to regulate the nascent market in their respective countries. Even some of the most crypto-friendly countries have only managed to regulate parts of the crypto market such as crypto trading while a significant chunk of crypto-related activities still remains a gray area. Thus, for a rapidly …

The United States Department of Justice (DOJ) released a report on international law enforcement related to digital assets on Tuesday. It is the first of the approximately one dozen reports mandated in President Joe Biden’s March 9 executive order “Ensuring Responsible Development of Digital Assets.” The report, titled “How To Strengthen International Law Enforcement Cooperation For Detecting, Investigating, And Prosecuting Criminal Activity Related To Digital Assets,” was written with the collaboration of the Departments of State, Treasury and Homeland Security, as well as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Countries have varying degrees of …

In January, the United States Federal Reserve Board of Governors released a discussion paper on a potential U.S. central bank digital currency (CBDC) titled “Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” The comment period for the paper ended May 20, with the Fed receiving over 2,000 pages of comments from individuals alongside responses from leading stakeholders. Cointelegraph read a selection of shareholder responses to the Fed paper, and it quickly became apparent that there are plenty of confidently stated opinions but little agreement among them. The main points of commonality are in the places they …

Human rights activists from 20 countries have submitted an open letter to the United States Congress in support of a “responsible crypto policy” and praising Bitcoin (BTC) and stablecoins as essential tools aiding democracy and freedom for tens of millions. The letter comes just a week after an anti-crypto open letter was sent to Congress, purporting to be from the scientific community but whose lead signatures included well-known crypto critics and authors from high-income, democratic countries. The group of 21 activists clapping back includes people from countries that have either seen recent conflict or have otherwise unstable economies such as …

No-loss lottery decentralized finance (DeFi) platform PoolTogether has reached 100% of its legal defense funding goal via the sale of nonfungible tokens (NFTs). It has taken the project just ten days to reach its funding goal of 769 Ether (ETH) or $1.4 million, signaling strong support from the DeFi community, which is rallying against a lawsuit that some feel is an attack on the greater sector as a whole. the community has spoken @PoolyNFT https://t.co/pJSRUfjk3f — francom.eth (@francom619) June 5, 2022 PoolTogther is currently selling three tiers of NFTs as part of a funding campaign dubbed “PoolyNFT'' to fight a …

The Bank of Uganda is open to the idea of cryptocurrency businesses participating in its Regulatory Sandbox, inviting members of the Blockchain Association of Uganda (BAU) to share their knowledge with the central bank. A letter from the bank dated June 1 to the chairperson of the BAU, Kwame Rungunda, referred to a meeting between the two parties in early May. The central bank also advised the country’s crypto advocacy group to brush up on the sandbox regulations before it made time for further technical discussions. We look forward to working with @BOU_Official and all other stakeholders in shaping the …

Earlier this year, during the annual Queen’s Speech in the United Kingdom, Prince Charles informed the Parliament about two bills. One of them — the Economic Crime and Corporate Transparency Bill — would expand the government’s powers to seize and recover crypto assets. Meanwhile, the United States Internal Revenue Service (IRS) seized more than $3 billion worth of crypto in 2021. As digital currencies’ monetary stock grows and enforcers’ scrutiny over the maturing industry tightens, the amount of seized funds will inevitably increase. But where do these funds go, assuming they aren’t returned to the victims of scams and fraud? …

When was the last time you got a late payment? Chased an invoice? Waited for your monthly paycheck only to realize it’s late yet again? You might relate to these headaches as an investor, employee or client. But the tension that affects each of these unique parties is often caused by one unwavering contributor: an underlying traditional contract. Contracts affect every organization’s workforce, and 26% of employees are involved in managing these agreements at some point, according to the World Commerce and Contracting Association. With such a vast effect on a company’s contributors, these contracts should be up to par …

Japan is moving forward with legislation regarding the issuance of stablecoins, i.e., digital assets with their value pegged to fiat currencies or stabilized by an algorithm. On Friday, Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions, local news agency Nikkei reported. The bill reportedly stipulates that the issuance of stablecoins is limited to licensed banks, registered money transfer agents and trust companies in Japan. The new legislation also introduces a registration system for financial institutions to issue such digital assets and provides measures against money laundering. According to the report, the bill aims to protect investors …

So-called “no-loss lottery” decentralized finance (DeFi) platform PoolTogether has raised 470.90 Ether (ETH) via nonfungible token (NFT) sales to fund its legal defense against a putative class action lawsuit. That means PoolTogether is more than halfway to its goal to raise at least 769 ETH, worth roughly $1.5 million at the time of writing, to fight what it calls a lawsuit that has “no merit.” The platform has another 21 days to go before the NFT funding campaign ends. It noted on its NFT minting page that: “PoolTogether Inc. is a defendant in a putative class action lawsuit. A person …