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Consumer watchdogs call for EU action on in-game digital money

Consumers fall prey to many deceptive practices when buying and using in-game currencies in video games, claims BEUC.

A group representing European consumer protection organizations has filed a complaint with the European Commission about the video game industry’s use and marketing of in-game digital currencies.

The European Consumer Organisation (BEUC) and 22 member organizations from 17 countries on Sept. 12 called for the European Commission and the European Network of Consumer Authorities (CPC-Network) to take stronger enforcement against video game companies that maximize consumer spending by using in-game currencies. 

A report from the watchdogs noted the growth of in-game purchases using in-game digital currencies, especially in free-to-play games and those played by children, a practice they claimed now generates significant revenues for game companies.

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UBS: European Real Estate Markets Enter New Cycle

UBS: European Real Estate Markets Enter New CycleUBS reported on Thursday that European real estate markets appear to be entering a new investment cycle, with key indicators pointing to stabilization. “A new cycle starts,” the report said, as investment volumes show signs of bottoming out. After a period of inflation and rising interest rates, the UK saw a 6.5% quarter-on-quarter growth in […]

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New regulators are set to define Europe’s crypto policies

The European Parliament is set to establish a new European Commission, and it will determine the next five years of crypto policy for the European Union.

It’s an election year around the globe, and the European Union is no exception. The European Parliament will vote this autumn on a new European Commission, which converts political priorities into draft legislation.

The new commission will not take office until November at the earliest, so it is still too early to assess the impact of the class of 2024 on cryptocurrency policies. However, we can identify a few trends predictive of how the fresh lawmakers are likely to handle regulation.

The first trend is that Europe’s center of gravity is moving to the right, and this will impact businesses of all sizes. Taxation and approaches to innovation will be subject to debate. France in particular will have a bumpy ride forward due to rising instability and its uncertain political future. It’s tied to the parliamentary election, and it’s something crypto companies should note.

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Tether CEO Criticizes Durov’s Arrest, States Europe Is ‘Falling Into Dark Ages’

Tether CEO Criticizes Durov’s Arrest, States Europe Is ‘Falling Into Dark Ages’Paolo Ardoino, CEO of Tether, one of the largest companies in the cryptocurrency industry, has criticized the arrest of Telegram founder and CEO Pavel Durov. On social media, Ardoino stated this development was concerning for society as a whole and stressed that if it loses the battle, “dark ages will be our future.” Tether CEO […]

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Rumble CEO Leaves Europe After Pavel Durov’s Arrest

Rumble CEO Leaves Europe After Pavel Durov’s ArrestChris Pavlovski, founder and CEO of Rumble, an independent online video platform, has reported that he left Europe after the arrest of Telegram CEO Pavel Durov. Pavlovski criticized the measures taken against Durov, stating that France had “crossed a red line” by arresting him for not censoring speech. “Rumble will not stand for this behavior […]

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New DeFi protocol Nudge aims to unlock hidden value in users’ wallets

Nudge seeks to unleash a new DeFi primitive called Re: allocation Value.

Nudge is launching a new decentralized finance (DeFi) protocol on Ethereum designed to unlock the economic value hidden in users’ wallets, it told Cointelegraph on Aug. 15. 

It aims to create a two-sided marketplace where Web3 protocols pay users incentives — or “Nudges” — to redirect onchain assets, liquidity and engagement.

Nudge will unleash a new DeFi primitive called “Re: allocation Value” that represents the economic value of users’ onchain activities, according to the company.

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Bitstamp helps Stripe scale crypto purchases in the EU

Bitstamp entered a partnership to support Stripe’s crypto on-ramp solution in Europe a few months after Robinhood announced its $200 million acquisition of the exchange.

Cryptocurrency exchange Bitstamp is collaborating with the fintech platform Stripe to make cryptocurrencies like Bitcoin more accessible in Europe.

Bitstamp announced the partnership on Aug. 7, allowing consumers across the European Union to purchase crypto via Stripe’s fiat-to-crypto on-ramp.

“This provides users with a seamless checkout experience optimized for cryptocurrency conversion and allows near instant settlement of cryptocurrency transactions,” Bitstamp noted in an announcement on X.

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EU MiCA implementation is a “pivotal moment” for crypto regulations: compliance expert

The European Central Bank recently joined forces with Crystal Intelligence, as its blockchain analytics partner for the upcoming MiCA implementation.

The European Union is preparing to roll out the Markets in Crypto Assets (MiCA) bill, as the first comprehensive regulatory framework for the crypto industry.

This would make the European Union the first jurisdiction with a holistic regulatory framework on digital assets.

While it is a pivotal moment for crypto regulation, the actual implementation could present significant challenges, according to Hedi Navazan, the head of compliance and regulatory affairs at Crystal Intelligence.

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Digital euro to be ‘most private electronic payment option’

Since the inception of the digital euro, many critics have called the proposed digital currency a surveillance tool.

The digital euro will be one of the most private forms of electronic payment, according do a data protection official from the European Union. 

On Oct. 2, 2020, the European Central Bank (ECB) released a report laying the groundwork for its central bank digital currency (CBDC), the digital euro.

The digital euro has been in its investigation phase since October 2021, during which ECB officials and bankers hypothesized about its possible design and purpose.

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Meta won’t launch new AI products in EU, citing ‘regulatory uncertainty’

The door is now wide open for Google and Microsoft to gain first movers' advantage over the entire continent.

Meta is the latest US-based tech giant to pause artificial intelligence releases in the European Union. The company joins Apple, who in June announced that it would be withholding several AI-powered iPhone features from customers in the EU.

Neither company, so far, has given a timeline or described what, exactly, needs to happen for the embargoes to lift, but both companies have cited “regulatory uncertainty” as the catalyst.

In a statement sent exclusively to Axios on July 17, a Meta spokesperson said:

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