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Blockchain Bites: Mastercard sets off to launch crypto-linked cards in the Asia Pacific; Australian Senate Crypto Report – Implementing a DAO company structure; Home run swing: bitcoin as payment for Perth Heat; Miramax sues Tarantino over plan to issue ‘Pulp Fiction NFTs’

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Ready, go, go! Mastercard launches to launch crypto-linked cards in Asia Pacific

MasterCard has identified a path to bring crypto payments to the Asia Pacific region. In a recent press release, Mastercard announced that it has partnered with cryptocurrency platforms Amber Group, Bitkub and CoinJar to launch crypto payment cards in the Asia Pacific region.

This initiative forms part of Mastercard’s Global Crypto Card Program which is designed to make it easier and faster for crypto companies to bring reliable and compliant payment cards to market during a period when global consumers are increasingly looking for ways to conduct secure daily transactions in digital currencies.

This comes at a time when interest in cryptocurrencies is at an all-time high across the Asia Pacific region, with Visa partnering with CryptoSpend in Sydney recently.

According to Mastercard’s latest New Payments Index – a global survey that identifies trends in consumer behavior to meet the needs of customers in the future, 45 percent of those surveyed in the Asia Pacific region said they were likely to consider using cryptocurrency the next day in the year, a huge leap It is 12 percent of people who have used cryptocurrency this year, and above the global average of 40 percent.

Recognizing how MasterCard and global consumers can benefit from the introduction of crypto payment cards in the Asia Pacific region, Rama Sridhar, Executive Vice President, Mastercard, Asia Pacific, said:

Cryptocurrencies are many things to people – an investment, a disruptive technology, or a unique financial instrument. With the growing interest and interest (in cryptocurrencies) from all sides, their real-world applications are now emerging beyond speculation.

Given that Mastercard is known to take only a few months to implement its initiatives (the speed of light for such a large company) and its close competition with Visa, there is sure to be healthy competition in this area in the coming months and years.

Australian Senate Crypto Report Recommendation #4: Implementing the DAO Corporate Structure

The Australian Senate Select Committee Report as the final report of the Technology and Financial Center recommended the implementation of an independent decentralized organization (DAO) Company structure to promote and develop decentralized companies.

DAOs are a way for organizations to coordinate to achieve common goals by relying on smart contracts powered by the blockchain. Rather than a centralized organization, DAOs have a group of members who operate without a traditional corporate structure (but if the recommendation is accepted, there may be a new one soon). The two most common decentralized systems are used, but there is no legal recognition or regulatory guidance for them.

As it stands, DAOs are not recognized in Australian law as anything, which means they are not separate legal entities with their own legal personality or limited liability which leads to a host of potential problems. If the DAO is truly a partnership, unlimited liability can be attached to each member of the DAO which may stifle growth or detract from the appeal of DAOs.

Legal uncertainty and member liability can be addressed by some submissions arguing that an amendment to the Companies Act could provide clarity and recognition for the intersection between digital assets and DAOs.

Home Run Swing: Bitcoin as a Payment for Birth Heat

The Australian Baseball League’s Perth Heat has announced that it will become the first professional sports club to pay its players and staff in bitcoin.

The Heat will also accept bitcoin as payment for sponsorships and merchandise and will allow fans to purchase bitcoin snacks during games. CEO Stephen Nelkowski said in a media statement that the adoption of bitcoin as a payment method could help the club develop in new ways.

The club also appointed a chief bitcoin officer to facilitate the introduction and transfer of the company’s treasury from dollars to bitcoins. Patrick O’Sullivan said in the same release that the club is looking to embrace the future of funds and corporate coffers that it believes will live on the Bitcoin Blockchain:

The club has already set up a seed site in BTC to help secure its digital equity on the world’s most secure cash network and will continue to reinvest the available capital in Bitcoin.

It is not clear how the club will facilitate bitcoin transactions inside the stadium, but financial services companies such as Visa and Mastercard already have crypto-payment facilities in the pipeline and partnerships are ongoing.

Miramax sues Tarantino over plans to release Pulp Fiction NFTs

Production company Miramax has sued director Quentin Tarantino for his plans to mint and sell seven non-fungible tokens (NFTs) based on his classic movie Pulp Fiction. The NFT NYC Academy Award-winning director spoke at the NFT NYC Cryptography Conference about his plans to auction NFTs based on excerpts from the film’s original handwritten script along with his own commentary.

The NFTs will reveal secrets about the film and its creator, but have faced a cease and desist letter from Miramax, who claim the work infringes their copyright on the popular 1994 film. The lawsuit will determine whether Tarantino’s planned sale based on the script can be considered “published.” for the scenario.

Miramax, which was planning to launch its own NFTs based on its extensive film inventory, claims Tarantino’s move undermines its future sales. Tarantino’s lawyers responded to the production company saying they were wrong and that the director was acting within his “reserved rights”, and ultimately the right to “publish the script”.

With NFTs being the talk of the town in recent months, it’s no surprise that there is now a legal battle over Pulp Fiction NFTs.

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