Animoca Brands and NEOM join Forces to Push Saudi's Web3 Development
Animoca Brands, a Web3 game developer, and Saudi Arabia's NEOM Investment Fund are partnering to promote Web3 development in the region.

They plan to create Web3 enterprise service capabilities, initially deployed in Riyadh and the NEOM region, as part of Saudi's "Saudi Vision 2030" for economic diversification. NEOM plans to contribute $50 million to Animoca Brands.

Bitcoin's Energy Consumption Linked to Price Surge : UN Report
A UN report links Bitcoin's energy consumption to its price, noting a 140% increase in energy use as Bitcoin's price surged 400%. Fossil fuels accounted for 67% of the electricity used for Bitcoin mining.

Efforts are being made to shift towards green energy sources, including hydropower, nuclear, solar, and wind. The top 10 Bitcoin mining nations were responsible for the majority of Bitcoin's carbon, water, and land footprint.

Research Finds Full Bitcoin Blocks Enhance Security
Research from Florida Atlantic University and the University of Mississippi proposes that full blocks on the Bitcoin blockchain provide added security against illegal activities.

They came across the full blocks that deter hackers and scammers. By signalling network congestion and leading to increased network security and higher Bitcoin prices. Block fullness is 20% less on days when cryptocurrency violations or fraud occur.

dYdX, a Decentralised Exchange has Launched the dYdX Chain
dYdX, a decentralised exchange has launched the dYdX Chain, a layer-1 Blockchain using native dYdX tokens. To make governance on the dYdX Chain more accessible it will distribute fees to validators and stakers in USD Coin.

The transition permits DYDX tokens to be used for staking, securing the network, and participating in governance. Validators safeguard the network and receive protocol fees in proportion to their staked assets.

Binance and CZ Challenge CFTC Lawsuit, Allege Regulatory Overreach
Binance and Changpeng "CZ" Zhao, its CEO, have filed statements to support a motion to dismiss a lawsuit by the US Commodity Futures Trading Commission (CFTC) reported in March. Their legal executive argued that the CFTC's case would permit it global authority to regulate cryptocurrency activities related to derivatives, which exceeds its decree. They also questioned individual counts in the lawsuit. The CFTC's suit summons Binance for failing to register and soliciting US customers, proclaiming non-compliance with derivatives trading rules. Binance formerly sought dismissal in July, contending the CFTC overstepped its regulatory boundaries. The exchange also faces a legal dispute with the SEC.

United States Internal Revenue Service Prolongs Comment Period
The United States Internal Revenue Service (IRS) prolongs the comment period for proposed crypto tax reporting rules until November 13, 2023. These rules, known as "Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realised and Basis for Digital Asset Transactions," These rules aim to streamline tax reporting and reduce evasion by requiring brokers to use a new reporting form, Form 1099-DA. The rules are set to take effect in 2026, affecting transactions in 2025. Although the crypto community has criticised the rules, with leaders like Miller Whitehouse-Levine, DeFi Education Fund CEO calling them "confusing" and "misguided." US Senators, including Elizabeth Warren and Bernie Sanders, have requested swift discharge of crypto tax reporting requirements.

https://www.coingabbar.com/en/crypto-shorts-news

Thailand's Digital Wallet Scheme Delayed Amid Legality Concerns
Thailand's digital wallet scheme, aimed at paying out 10,000 baht (approximately $274) to citizens over 16 years of age, has been delayed, raising concerns. Julapun Amornvivat, Deputy Finance Minister, cited the need for more time to ensure the system's security. The Thai government wants to stimulate the local economy through this step, with an estimated cost of 548 billion baht ($15 billion). Critics, including Rosana Tositrakul, a former Thai senator, have called for a probe by the electoral commission, pointing out the legality and funding sources of the program. The government had recently projected a 5% economic growth boost, partly funded by increased tax revenue.

https://www.coingabbar.com/en/crypto-shorts-news

Thai Investors Go to Astrologers for Crypto Price Predictions
An increasing number of investors are turning to astrology and divine powers to predict market movements, including cryptocurrency in Thailand. Some astrologers and fortune tellers are making estimations about crypto prices based on tarot card readings and astrology, which have acquired followings on platforms like Facebook and YouTube. While doubts abound, in Thailand, these practices are not considered unusual due to the ubiquity of spiritual beliefs. Similar patterns have been seen in the West, where astrologers and self-proclaimed fortune tellers have used celestial signals to predict cryptocurrency price fluctuations. Some think that such beliefs can influence traders' actions, potentially creating self-fulfilling prophecies.