Karnataka All Set to Build ‘Metaverse’ Theme Park, Binance CEO Calls For Crypto Regulation

The Karnataka government is constructing a theme park at the Statue of Prosperity that reflects Kempegowda’s idea of Bengaluru, announced Karnataka minister of IT & BT, Science & Technology; Skill Development, Entrepreneurship & Livelihood, Ashwath Narayan.

“The theme park would have tiny lakes, cultural symbols, museums, and metaverse experiences to depict rich heritage & tech prowess,” He tweeted in response to a query by a user on Twitter.

Narayan revealed the theme park’s design, claiming that it will draw visitors to the airport.

“The theme park will be integrated with sacred soil and water that is collected from various villages of Karnataka, including all 31 districts in Karnataka. This park in front of the huge Kempegowda statue is going to be a major attraction for all the tourists who fly from and to Bengaluru,” he said.

CZ Calls for Regulation

Changpeng Zhao, the CEO of global crypto exchange, Binance , has called for new but stable and clear regulations for the crypto industry, in light of recent developments and participants ‘cutting corners’, Reuters reported.

“We’re in a new industry. We’ve seen in the past week, things go crazy in the industry,” Zhao told a gathering of G20 leaders at the summit in Bali.

“We do need some regulations , we do need to do this properly; we do need to do this in a stable way. I think the industry collectively has a role to protect consumers, to protect everybody. So it’s not just regulators. Regulators have a role, but it’s not 100 per cent their responsibility,” Zhao added.

Bahamas Looking Into FTX

Police in the Bahamas announced on November 13, 2022 that they are looking whether any “criminal misconduct” caused the collapse of the cryptocurrency exchange, FTX.

“In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Security Commission to investigate if any criminal misconduct occurred,” the Royal Bahamas Police said in a statement.

According to a Reuters report, the Bahamas-based exchange has experienced at least $1 billion (€0.97 billion) in customer funds disappearing from the system.

FTX is under investigation by the Bahamas Securities Commission for allegedly stealing customer money. On November 10, 2022, the commission froze some of FTX’s assets and submitted documents to name a receiver to manage the liquidation.