TronWeekly

Crypto World News

You are here: Home / Archives for Spotify

Spotify

Coinbase’s Russian Data Localization Fine: Compliance Clampdown

by

In a recent regulatory setback for the United States-based cryptocurrency exchange Coinbase, the Moscow District Court has imposed a fine of approximately $10,840 on the platform for its failure to localize the data of Russian users within the Russian Federation, according to Russia’s local media report. 

GTY court house mar 140826 16x9 1600
Coinbase's Russian Data Localization Fine: Compliance Clampdown 2

Coinbase Non-Compliance

Alongside Coinbase, the international association AIDA International was also fined for non-compliance. The magistrate’s court, located at the Judicial District 422 in Moscow, charged both Coinbase and AIDA International with an administrative offense under Part 8 of Article 13.11 of the Code of Administrative Offenses of the Russian Federation. 

This specific charge pertains to the failure of operators to ensure the proper recording, systematization, accumulation, and storage of data of Russian citizens when collecting personal information.

The court’s decision comes in the wake of a directive issued by the Federal Service for Supervision of Communications, Information Technology, and Mass Media (Roskomnadzor) in May 2023. According to this directive, foreign services were required to localize databases of Russian users within the Russian Federation by July 1, 2023.

The fine imposed on Coinbase and AIDA International amounts to 1 million Rubles each, with the court indicating that this is the minimum penalty under the relevant article. Notably, both companies were warned of potential fines reaching up to 6 million Rubles ($65,040) for their non-compliance.

This decision follows a series of fines imposed on several international companies, including Spotify, Apple, WhatsApp, Airbnb, Google, and others, for similar data localization non-compliance issues. Approximately 600 representative offices of foreign companies in Russia have complied with this requirement, local media reports.

Additionally, Zoom, a video communication service, was fined 15 million rubles for repeated refusal to localize Russian user data, while Telegram paid 50,000 rubles in fines. 

The enforcement of data localization laws in Russia underscores the increasing regulatory pressures on foreign companies operating within the country’s digital sphere. These recent penalties highlight the strict enforcement of compliance with data localization regulations in Russia.

Related Reading | Former FTX Execs Launch New Crypto Exchange After Testifying Against SBF

Spotify: Gamers Can Now Bob Their Heads To Music-Themed Islands In Roblox Metaverse

by

Popular streaming music provider Spotify has stepped into the metaverse of gaming platform Roblox with the launch of Spotify Island.

Through this collaboration, the Swedish streaming giant has joined major labels in the Roblox metaverse which aims to build an interactive presence. Apart from that, it has become the first music streamer to enter the gaming platform.

As per a statement released, Spotify Island will enable fans to create new sounds together, hang out in digital spaces and gain access to exclusive merch.

“Roblox users can mingle with artists, complete interactive quests, and unlock exclusive content,” it read. “Players can also enjoy an immersive audio experience by creating music and exploring sounds at the virtual beat-maker stations powered by Soundtrap.”

From the main Spotify Island, gamers will be able to connect to themed islands that will come to life throughout the year. It will also provide exclusive content, artist interactions, and themed ‘mini-quests’.

Spotify enters the Roblox metaverse

“Through the Island, we’re creating an easy opportunity for artists to connect with fans and to partner with Spotify on the creation of in-game virtual merchandise,” said the statement.

“Spotify’s portion of those sales will go directly back to the artists themselves. We’ll work with artists to create more opportunities like this in the months ahead,” it added.

Will Spotify propel Music to become the next breakout NFT application?

In March, Spotify announced plans to add blockchain innovation and non-fungible tokens to its web-based feature.

Of late, the already crowded NFT market has shown signs of deceleration, several in the crypto business have tipped music as a breakout new application for NFTs this year.

That opens up a whole new range of opportunities like selling advanced collections or utilizing NFTs to open advantages at gigs, from product to behind-the-stage passes.

For example, Musicians, such as rapper Snoop Dogg and DJ Steve Aoki have effectively become noticeable NFT authorities, while Kings of Leon and Grimes have sold NFTs of their music.

Even Warner and Universal have several NFT projects in their kitty, including a virtual band highlighting characters from the Bored Ape Yacht Club.

Spotify Looks to Integrate NFTs

by

Spotify, the Swedish streaming powerhouse, plans to integrate blockchain and NFTs into its services, much to the delight of musicians whose profits might be significantly boosted.

According to recent job listings, Spotify is looking for someone to work on Web 3.0, a decentralized version of the internet based on blockchain technology.

One job posting suggests an exploratory excursion towards Web 3.0, with the possible engineering recruit joining an “experimental growth” group tasked with “driving growth through…Web 3.0.”

Another job posting is for a manager to join Spotify’s “Innovation and Market Intelligence” division. The company is looking for someone with “content, creator, media, web3, and new technology sectors” expertise to effectively define the scale of ambitious initiatives.

Spotify to soon join the NFT bandwagon

Following Meta CEO Mark Zuckerberg’s revelation earlier this week, Instagram will soon be introducing NFT functionality to its platform.

Spotify has joined the list of prominent technological businesses dabbling in Web3 and NFTs.

Limewire, the ancient peer-to-peer (P2P) file-sharing platform, announced that it would be returning as an NFT marketplace earlier this month. It seeks to become “a more mature platform” after being acquired by TRON inventor Justin Sun in 2018.

The amount of NFTs transacted has begun to decline in 2022, causing crypto experts to predict that music will be the next lucrative vehicle for NFTs, whether through the sale of digital records or the provision of unique privileges at live performances.

Spotify has dabbled in cryptocurrencies before as an early collaborator in Facebook’s now-defunct Diem cryptocurrency project.

The idea was to pay artists directly via blockchain and cryptocurrencies, even if they didn’t have access to bank accounts.

Integrating NFTs and music will revolutionize the music industry. Identifying the true potential of NFTs, music labels and artists are diving into the world of crypto and NFTs.

NFTs aren’t just another fashionable acronym. NFTs appear to be on the cusp of revolutionizing the music business, based on their value propositions of more fair remuneration, more collabs and remixes, and tried-and-true scarcity arguments.

NFTs must continue to reinvent themselves and evolve aesthetically, much like the performers they support.