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SelfKey Progress Report for June 2022

We're at the beginning of yet another quarter. The month of June has ended with signs of stronger regulations coming to crypto markets and SelfKey inching closer toward the beta release of the MetaProof Platform. Read all that and more in the 6th edition of the SelfKey progress report for 2022.
05 Jul 2022
Sree
SelfKey Progress Report June 2022

Crypto Market Updates

The markets are bound to go through their cycles. Crypto markets are currently going through a corrective phase. Now no one really can predict the start of the next cycle. However, what we can predict is that regulations are coming thick and fast to the crypto space.

Recently, we saw crypto being one of the main focus of the World Economic Forum that took place in Davos earlier this year. The event was a testament to how the world's most powerful individuals and organizations are beginning to take crypto seriously.

Gaining the attention of mainstream media and institutions was one of the things that crypto as a community set out to achieve, now that we are there, everybody would be eager, what the next step would be.

One fairly certain thing is that with mainstream attention comes regulations and calls for compliance. Moreover, recent happenings in the crypto space have expedited this shift. 

During the last month, we saw several reports that affirmed this fact.

New York's Crypto Regulator Publishes Formal Stablecoin Guidance - Stablecoins traded in the U.S. state of New York should be fully backed by certain assets, with these assets segregated from the issuers' operational funds and attested to by an auditor regularly, according to new guidance issued by the state's banking and finance regulator. Read More

Brazilian proposal would make crypto payments legal and protect private keys - A proposed addition to existing Brazilian law would grant Brazilians the right to use cryptocurrency as a means of payment while protecting their private keys from being taken by the courts. Read More

The list goes on…

Regulations are often met with negativity. People argue that regulations give control to centralized authorities. SelfKey has always welcomed news about regulations, not just because it's a digital identity management project but because poorly handled regulatory policies will curb the growth of the crypto industry altogether.

Proper regulations with a decentralized focus can further strengthen the crypto ecosystem and help expand its boundaries.

Therefore hearing about regulations in crypto, you should be bullish about SelfKey. Decentralized solutions built by SelfKey can make the process of regulatory compliance a smooth experience, and chances are - if there are regulations- that's good for SelfKey.

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SelfKey Development Updates

SelfKey continues its focus on the development of the MetaProof Platform and Living Avatar NFTs. The beta testing phase which will soon launch will only be exclusively available for the SelfKey community.

More updates coming your way soon!

Fresh Content

Does Discord Care about User Security? SelfKey Does…

SelfKey Credentials, MetaProof, NFTs

As the digital world transforms from centralized to decentralized, identity management alone can't remain in the past. A properly implemented decentralized identity management solution is a necessity for the future we're heading into. Products developed by SelfKey like the MetaProof Platform and Living Avatar NFTs, in combination with SelfKey Credentials, can formulate a user-governed identity management ecosystem that can ensure identity verification and management for its users.

Read the article here.

That's all for this month. Stay safe, and Thanks for reading.

You can read all the previous SelfKey progress reports here.

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