Bybit, one of the world’s top three crypto exchanges by volume, has forged a strategic partnership with global Web3 communities to unveil the establishment of the Blockchain for Good Alliance (BGA). This new coalition unites blockchain foundations, universities, and NGOs in a commitment to leveraging blockchain technology for social good.

Addressing a gap in the Web3 industry, the BGA will use the innovations and opportunities of blockchain and crypto ecosystems to power social advancement and tackle issues. By joining forces with the world’s most forward-thinking leaders, Bybit will drive change by using Web3 technology to open the future of finance to more people and find solutions for the world’s most pressing challenges.

The alliance will focus on offering blockchain technology training, boosting projects aligned with social betterment, managing initiatives, and providing financial backing to ensure the success of impactful projects. Bybit will spearhead discussions, promote hackathons, and offer its extensive expertise to develop technical and project management skills among partners.

Speaking at a live workshop at Blockchain Life Dubai 2024, Bybit COO Helen Liu addressed the inspiration behind the initiative. “Blockchain developers often tell me that they are lonely; that Web3 is still a niche pursuit,” Liu said. “So I wanted to find a way to help them find an audience who are new to Web3 and in this way support solutions that benefit and grow the whole ecosystem. The Blockchain for Good Alliance embodies this journey, setting a course for a more inclusive world where blockchain technology better serves humanity.”

Bybit’s role extends beyond the creation of the alliance; it is committed to being the bridge connecting users to the potential of Web3 through simple, accessible, and innovative products. With over 1 million Web3 wallet users, partnerships with leading projects like Solana and 1inch, and a comprehensive array of educational initiatives, Bybit, a.k.a the Crypto Ark, is not just navigating the present but charting a course for a more impactful future.

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The country passed a landmark bill in June 2023, which laid the foundation for stablecoins and other crypto to be treated as regulated financial activities.

• The U.K. will issue new legislation for stablecoins as well as crypto staking, exchange and custody by June or July this year, Economic Secretary Bim Afolami said.
• The Conservative-party-led government has said it wants to make the U.K. a global hub for crypto and passed legislation last year to recognize crypto and stablecoins as regulated financial activities in the country.

The U.K. government is set to put forward legislation for stablecoins as well as for crypto staking, exchange and custody by June or July, Economic Secretary Bim Afolami said at the Innovate Finance Global Summit on Monday.
“We are now working at pace to deliver the legislation to put our final proposals for our regime in place,” Afolami said. “Once it goes live, a whole host of crypto asset activities, including operating an exchange, taking custody of customers’ assets and other things, will come within the regulatory perimeter for the first time.”
In 2023, the U.K. passed a landmark financial markets bill that laid the foundation for stablecoins and crypto broadly to be treated as regulated financial activities in the country. Local regulators, the Financial Conduct Authority and the Bank of England, both consulted on what a stablecoin regime would look like last February. The BoE said it would oversee stablecoin providers that were large enough to affect the financial system, while the FCA said it would regulate the wider crypto space.

Afolami teased the coming of secondary stablecoin legislation in February, adding that the government was pushing to get it done within six months.
The U.K.’s Conservative Party-led government has said it wanted to be a crypto hub and has since consulted on its ambitions to regulate crypto. The U.K. is expected to have an election this year, which could see the Conservative party ousted and some crypto plans left in limbo, meaning the party could have a limited time left to execute its plans. The Labour party is the current favorite to win.

Source: coindesk.com

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