Experts Call for Regulatory Action as Web3 Revolutionizes Finance

Experts Call for Regulatory Action as Web3 Revolutionizes Finance

Web3 assets are still a long way from being used by most people. No matter if it\’s NFTs, cryptocurrency, tokens, or some other type of digital asset, there are a number of problems that are slowing the growth of Web3. One of the biggest problems is that states all over the world move slowly when it comes to making rules for Web3 digital assets. Part of the reason for the slow method is that Web3\’s new technology is very fluid. And politicians are trying to figure out and learn more about Web3. But experts say that states need to start regulating Web3 assets as soon as possible.

Web3 Summit by Fintech where Experts Shared Thoughts on Web3

Experts say that states should make rules about Web3 assets as soon as possible. And not wait until the field has reached its peak, since it is always changing. Monday at the Dubai FinTech Summit, there was a panel discussion where these thoughts and points of view were brought up.

Citi UAE\’s Managing Director for the Middle East and Africa, Ebru Pakcan, says that officials in many developed markets are slow to act because they are still trying to figure out how Web3 works. She did, however, say that the problem is that the sector is always coming up with new ideas. The longer it takes to set up the system, the more exceptions show up and grow. Pakcan said that it was important to move quickly in this area.

The advice from the experts shows how important it is to be cautious when making rules for Web3 assets. Such frameworks are important for dealing with new problems and making the most of the possibilities this innovative sector offers.

Why Web3 Holds Significance

Industry experts say that blockchain, decentralization, openness, and better user usefulness are key parts of Web3, which is the latest version of the World Wide Web. Market Research Future says that by 2023, the Web3 market will be worth about $6.2 billion. From 2023 to 2030, it is expected to grow by an average of 44.6% per year.

While experts agree that there is still work to be done in the traditional finance sector, they stress how important it is for governments and society as a whole to think about how to grow digital assets in the Web3 space in a responsible way. When Ebru Pakcan talks about this topic, she talks about the need to deal with the possible risks and problems that consumers face, especially those who are already at a disadvantage when it comes to financial inclusion.

Pakcan says, \”The most recent examples show that consumers are usually the most vulnerable.\” They already have problems because they don\’t have access to enough money.\”

With the rise of Web3, there are both new chances and new obligations. It needs careful thought and proactive steps to make sure that everyone has equal access, protection, and growth in the digital asset environment.

Jonathan Hayes on DeFi and its Utility for Financial Systems

Jonathan Hayes, who works at the Swiss private bank Julius Bär as Head of Digital Assets Development, recently talked about the main differences between the current financial system and Web3, especially decentralized finance (DeFi). Hayes says that while DeFi has shown a lot of creativity, it has had trouble being responsible with its money. Also, to prevent people from laundering money.

Hayes said that DeFi is a world unto itself where speculation on virtual assets thrives but has no link to real assets. But he stressed that financial services will be very important when it comes to tokenizing assets and putting them on blockchain systems.

\”On the other hand,\” Hayes said, \”banks might not be the most creative organizations. They keep things stable and do business in ways that are controlled.

Hayes thinks that the autonomous financial system can help the financial services industry come up with new products and services. He did warn, though, that getting to this mutually beneficial friendship will take a lot of time and a slow process.

The ongoing discussion shows how different standard financial institutions are from Web3\’s DeFi and how innovative it could be. It is trying to find a mix between new ideas and following rules. Also, to make sure that financial practices in the digital asset world are reliable and safe.

Web3 Aims to Eliminate the Need for Trust, Emphasizes Regulatory Oversight

Staci Warden, who is the CEO of the Algorand Foundation, said that the main idea behind a Web3 blockchain-based setting is that trust is no longer needed. Also, recent things that have happened in the crypto area have a lot to do with fraud. In fact, they are frauds that are happening in the world of digital assets.

Warden said it was important to go after scammers wherever they are and treat them the same way you would treat any other fraudster. In Web3, blockchain is different from other financial services because it lets more than one party record events on a single ledger. Because the ledger is not controlled by a single body, Web3 depends on this decentralized method.

Centralized Finance, DeFi, and the Trust Factor

Umar Farooq, the CEO of Onyx by JP Morgan and the Global Head of Financial Institutional Payments, said that most users in the area don\’t know much about technology. Even though banks and lawmakers are based on trust, lenders still run into problems and make mistakes all the time. In this situation, Farooq talked about how important it is to have rules so that people don\’t just use centralized funding instead of DeFi.

Farooq warned, \”Without proper regulation, oversight, and global clarity, fraud will continue, and people will keep going back to centralized finance.\”

The talks showed how important it is to build trust and keep regulatory rules in place within the Web3 ecosystem to stop fraud and make sure that digital asset transactions are safe.

\"Experts
Experts Call for Swift Regulatory Action as Web3 Revolutionizes Financial Landscape

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Experts Call for Regulatory Action as Web3 Revolutionizes Finance

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Reign of Terror – Game Review

\”Reign of Terror\” is an innovative mixed reality simulation game and play-to-earn massively multiplayer online game (MMO) built on the Solana blockchain, offering players an opportunity to earn rewards as they explore and advance through its unique virtual world. The game operates on a decentralized, crowdfunded platform and is set in a cyberpunk dystopian future. It follows a permissionless model, allowing players to acquire various non-fungible tokens (NFTs) by completing a diverse range of in-game tasks and activities. The game\’s narrative progression is directly linked to the completion of these tasks, making for a dynamic and engaging gameplay experience. Within the realm of \”Reign of Terror,\” players have the opportunity to collect a wide array of NFT items, including heroes, equipment, weapons, treasures, blueprints, lands, vehicles, machines, and building systems. Furthermore, players can immerse themselves in a Virtual Reality experience, fostering interactions with other players and establishing their reputation and notoriety within the game. The core gameplay of \”Reign of Terror\” revolves around the idea of players achieving recognition and respect within the gaming community, making it an immersive and captivating experience. The game offers two primary modes: Player versus Environment (PvE) and Player versus Player (PvP). PvE mode involves players facing off against non-playing characters (NPCs) within the game, while PvP mode enables players to compete against one another. Additionally, there are three distinct game loops, each varying in difficulty and format. The Basic Loop encompasses activities such as team creation, mission completion, credit earning, leveling up, and the aspiration to become Ascend Agents. The Advanced Loop introduces elements like investing in secure land plot NFTs, obtaining building blueprints, constructing buildings, gathering resources, and supporting alliance guilds. The Hard Core Loop, on the other hand, involves investment in terror zone land NFTs, raiding enemy lands, defending one\’s own land NFTs, and active participation in guild wars.

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Civitas – Game Review

In Civitas, players can customize their plot(s) of land with unique buildings and other items they have created or acquired. This city building game allows players to express their creativity and individuality through their city design and layout. Players must strategize and make important decisions in order to create and maintain a thriving city. In Civitas, players must make strategic decisions about how to best use their resources to build and develop their city. They can choose to focus on generating passive income, improving their city\’s stats, or collecting rare NFTs. Players can also trade with each other, allowing them to acquire new buildings and resources to help them grow their city. As they progress, players will unlock new technologies and abilities, giving them even more options for customization and growth. Ultimately, the goal of Civitas is to build the most successful and advanced city possible. Experience the real world in a new way with the augmented reality app, Civitas. Join in adventures, gather resources, participate in minigames, and collect unique NFTs. Collaborate with other players in your local subDAO to build advanced structures, gain power, and advance to new eras. You will possess one or more land plots in a sizable city as a citizen. So, you can gather, mine, and harvest the many resources that are on your property. These materials can be transformed by NFT buildings into other products required for upgrading and crafting. A virtual \”tower of influence\” is located in the middle of each city, and only its residents can access it. So, players can access crucial information from towers about the performance of their cities, available quests, the state of world diplomacy, yield rates, subDAO business, and other matters pertaining to the development and expansion of cities.

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Second World: New Era – Game Review

Second World: New Era is a free-to-play, competitive and strategy mobile game that invites players to rebuild civilization one city at a time on a real-world inspired planet Earth.  Besides that, players compete against each other to unlock troops and military defenses and level up in our global leaderboards to obtain special rewards. Combining elements of city-building and PVP strategy, it empowers players to create, expand. They can manage their unique cities while competing in a massive multiplayer online environment. As cities evolve from humble villages to sprawling metropolises, players unlock troops and military defenses. Furthermore, engaging in alliances or wars with others. The quest for supremacy is rewarded in global leaderboards, where exceptional performance leads to special rewards. In Second World, your strategy and choices shape the future of civilization and drive the player-centric economy. Whether you fight or collaborate on your path, the destiny of the Second World is in your hands. You will have the power to shape your city’s identity, choosing from three distinct paths – military strength, scientific innovation, or cultural richness – each offering unique defensive capabilities and strategic advantages.

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Striker Manager 3 – Game Review

Enjoy the Nextgen of football manager video games, where the passion for football meets the innovation of web3 technology. Striker Manager 3 is a unique football manager game that offers players a whole new level of gaming experience. The game is designed as a Play to Earn multiplayer game that provides users with the chance to earn rewards while enjoying the fun of traditional online football games. In Striker Manager 3, players own their in-game NFTs assets, which they can trade and evolve for greater rewards. However, as the owner of your assets, you get to take possession of your plot of land in the game\’s world, where you can build and customize your club, team, and facilities to your liking.

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