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Here’s what happened in crypto today

by CoinNews

Grammy Awards will consider music with artificial intelligence (AI) elements from now on. Meanwhile, in Asia, there’s hope that account abstraction or Ethereum “smart accounts” could onboard a billion users to Web3. Also, the United Kingdom has reminded crypto firms to tighten up their crypto ads or face “robust” consequences. Here’s what happened in crypto today. 

Music with AI-created elements eligible for Grammy Awards, CEO confirms

The CEO and president of the Recording Academy, Harvey Mason, clarified that AI-generated music will be eligible for the Grammy Awards in 2024. He said:

“AI, or music that contains AI-created elements is absolutely eligible for entry and for consideration for Grammy nomination. Period.”

However, the Academy would not give a Grammy or a nomination to the AI portion of the track, which includes AI voice model. “We don’t want to see technology replace human creativity. We want to make sure technology is enhancing, embellishing, or additive to human creativity,” he warned.

Account abstraction to lead Asia’s Web3 explosion: ConsenSys

One billion users from Asia could onboard to Web3 due to “smart accounts,” also known as account abstraction, Laura Shi, the director of strategic initiatives at ConsenSys told Cointelegraph.

Account abstraction — as proposed by Vitalik Buterin and other developers in September 2021 — offers more “bank-like” features than a regular crypto wallet which Shi claims would increase adoption in the Asia-Pacific region:

“The development of account abstraction will facilitate the onboarding of the billion-level users in APAC to Web3.”

Shi said the Ethereum and Web3 ecosystem had a strong expansion in Asia so far this year and many dApps are “improving UX for the Asian market, including introducing Asian language support.”

The primary drivers of the expansion are zero knowledge Ethereum Virtual Machine (zkEVM) rollups and the mass adoption of Optimistic rollups.

Adoption in Asia is also driven by social and Web3 gaming according to Shi, who pointed to South Korea and China as examples. She added both use cases will rely heavily on zkEVM roll ups and account abstraction development.

U.K. FCA reminds crypto firms of looming deadline for marketing compliance

The United Kingdom’s Financial Conduct Authority (FCA) has warned crypto companies they must comply with the country’s new financial promotions regulations by October 2023 — or risk “robust action” by the regulator. 

The new regulatory regime applies to all promotional campaigns via digital form, including “websites, mobile apps, social media posts and online advertising,” FCA clarified. 

An FCA technical specialist provides an update on marketing compliance. Source: LinkedIn

Currently, FCA lists 42 crypto firms as being compliant with its new guidelines, including Bitstamp, MoonPay and Galaxy Digital UK.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.