The Indian Meteorological Department intends to use AI models to enhance forecasting, especially for extreme weather events like droughts and floods. Top local weather official says the Indian government is experimenting with artificial intelligence (AI) in developing climate models to predict severe weather. The head of climate research and services at the India Meteorological Department
The 279-year-old British-American auction house also set a record in 2023 for the highest price ever paid for digital art. Sotheby’s, a fine arts auction house, sold “nearly $35 million” worth of digital art this year. The company’s vice president and head of digital art, Michael Bouhanna, provided the figures and referred to 2023 as
A proposal to stop taxing unrealized cryptocurrency gains was approved by the Japanese cabinet by the ruling Liberal Democratic party. This will probably help the nation’s Web3 industry grow. The plan would eliminate corporate taxation on the difference between the market and book values of cryptocurrency assets issued by other businesses. It must be discussed
Fatma Ozkul has been a lecturer at Marmara University in Istanbul since 2012, with an academic focus on accounting, finance, auditing, blockchain and digital assets. According to reports, professor Fatma Ozkul, an authority on blockchain technology and cryptocurrency assets, has been added to the monetary body of the central bank of Turkey by President Recep
Wallet Guard executive Michael Khekoian stated that since ZachXBT deleted his account, a number of fraudulent accounts have come to light. Following the deletion of his official account, rumours are making the rounds on social media about several accounts purporting to be well-known blockchain investigator ZachXBT, who is renowned for outing dishonest cryptocurrency projects in
In the bankruptcy action pertaining to the acquisition of stock-clearing platform Embed, the debtors of the collapsed cryptocurrency exchange FTX have requested independent litigation. The FTX debtors announced in a filing on December 22 that they had negotiated a proposed settlement with former CEO Sam “SBF” Bankman-Fried, “solely with respect to the claims asserted against
According to Faryar Shirzad, Chief Policy Officer of Coinbase, the claims are merely untrue and distort the exchange’s commitment to advancing advancements in cryptocurrency regulations. Senator Elizabeth Warren of Massachusetts claimed that the cryptocurrency exchange Coinbase hired former government employees to obstruct the development of laws governing digital assets. Coinbase has refuted her claims. Sen.
Stuart Alderoty, the legal chief at Ripple, stated in a post that the SEC asked the company to publicly recognise XRP as a security asset in 2020 and provided a short window for cryptocurrency compliance. Stuart Alderoty, the head of Ripple’s legal department, revealed the details of the Securities Exchange Commission’s (SEC) proposed settlement before
The cryptocurrency exchange MEXC was compelled to put an end to rumours over a recently deleted X (formerly Twitter) account with the username “MEXC_CEO,” which some had speculated would be a clue that things were not going well at the company. In response to recent “confusion” around the abrupt deletion of the MEXC_CEO account from
The guidelines are intended to establish minimum requirements and standards for banking relationships and account openings for Nigerian virtual asset service providers. The Central Bank of Nigeria (CBN) has loosened restrictions on Nigerian banks facilitating cryptocurrency transactions, almost two years after enforcing a broad ban on banks dealing with digital currencies. The CBN acknowledged in
The cNGN is supervised by a group of Nigerian banks and functions as an addition to the eNaira, not as a replacement for it. Nigerian banks are working together to design and manage the cNGN, a new stablecoin that is intended to benefit token holders as well as the Nigerian economy. The project’s anonymous insiders
Curvey’s community approved on December 21st, the reimbursement of liquidity providers impacted by a $61 million hack in July. The decentralised finance (DeFi) community that supports Curve Finance has decided to pay back the liquidity providers (LPs) that were hacked for $61 million in July. 94% of token holders approved the distribution of tokens valued
Web3 is a new industry that stands out for being adaptable and flexible. Within most sectors, news is characterised by a few main stories that are released each week and move slowly. Web3 is completely different, with industry-changing news stories appearing and disappearing every few hours. Web3 news moves so quickly that it can be
In their most recent financial stability report, the People’s Bank of China (PBoC) discussed challenges pertaining to cryptocurrency regulation and decentralized financing (DeFi), calling for an international initiative to create crypto regulations.In its most recent financial stability report, the Chinese central bank included a special section on cryptocurrency assets, emphasizing the necessity of international cooperation in the industry’s regulation.The research, which was released on December 22, claims that the cryptocurrency market makes up 1% of the whole financial system and has little to no relationship with traditional finance. Colin Wu, a local industry journalist, claims that the PBoC’s most recent financial stability report includes a section specifically devoted to cryptocurrency assets for the first time.The central bank urged governments everywhere to follow the “same business, same risks, same supervision” strategy in the report in order to prevent regulatory arbitrage.The study mentioned a variety of possible hazards associated with regulatory arbitrage in the cryptocurrency space, including market manipulation, hacker attack vulnerabilities, and issues with DeFi government systems.The PBoC emphasized the need to control regulatory fragmentation and do away with supervision arbitrage, citing in particular the collapse of the Terra ecosystem and the demise of the FTX exchange in 2022. China has moved to call on the international community to cooperatively regulate the cryptocurrency business, following the government of the Chinese mainland’s significant restriction on cryptocurrencies a few years ago. In an effort to suppress the growth of cryptocurrency in mainland China, the People’s Bank of China (PBoC) formally outlined steps in 2021 and pushed for more interdepartmental coordination.Mainland China is still a major center for bitcoin mining despite the prohibition that applies to almost all cryptocurrency transactions and mining.Industry leaders like as Yat Siu, co-founder of Animoca, believe that mainland China’s cryptocurrency laws may change significantly as a result of Hong Kong’s explosive growth in the space.Some local executives, however, think Hong Kong’s crypto-friendly initiatives have little to do with China’s crypto policies.
The goal of the General Administration of Press and Publication of China (GAPP) is to limit the range of activities associated with in-game tokens.The GAPP released a draft of its rules for the online gaming business on December 22. It recommended that the exchange of game tokens for legal cash and the purchase of tangible items be outlawed.The 62 Articles in the guidelines address a wide range of topics pertaining to the control of online gaming.It suggests more stringent rules, such as requiring the companies to get a license in China, storing client data for up to two years, making sure their material fits with a list of socialist and national values, and eliminating the option for users to register anonymously. The usage of game tokens is governed by Article 23.By substituting them for “products and services of other units” or “legal tender,” it seeks to outlaw the use of game tokens to purchase tangible commodities.The latter aspect raises questions because there is no explicit reference to “crypto” in the rules and cryptocurrencies are not accepted as legal money in China.Nonetheless, it seems the GAPP is attempting to shield virtual game economies from closer interaction with the actual economy.Additionally, the standards forbid game developers from providing inducements to play, including daily login bonuses or signup bonuses.It is mandatory for providers to establish user recharge limitations and pop-up window alerts to alert consumers about their “irrational consumption behavior.” The rules do not yet have legal force, they were released for public consultation.January 22, 2024, is the deadline for consultation.About a million distinct active wallets played Web3 games every day for the previous three months, according to DappRadar data. Yat Siu, co-founder of the gaming and venture firm Animoca Brands, told the press on December 17 that he believes this figure might rise by as much as $100 million the following year.
After US Securities and Exchange (SEC) head Gary Gensler made a recent criticism of the cryptocurrency space’s compliance, the community quickly responded with applause.Gensler says there is a lot of noncompliance in the cryptocurrency industry in a post he shared on X (Twitter) on December 22.Insinuating that victims are left defenseless, the SEC official stated that this “undermines confidence” in the industry.The recent crypto bankruptcies have left those impacted to only “stand in line” in the legal system, Gensler emphasized. The SEC chair’s remarks were immediately met with support from the community, which brought attention to the fact that the SEC has frequently been asked to define compliance.The community reported that the SEC has not taken a clear position by using the social platform’s Community Notes function, which enables users to fact-check posts on X.The email also mentioned how, in recent years, businesses like Coinbase have attempted to obtain regulatory clarification from the SEC. In response to Gensler’s statement, Billy Markus, the founder of Dogecoin, stated that the SEC chair has not actually imposed any rules.Markus went on to describe Gensler as “useless in every single way.”Brad Garlinghouse, the CEO of Ripple, also addressed Gensler’s remarks.The Ripple executive labeled Gensler a “political liability” whose actions undermined the SEC’s credibility and referred to the post as “stunning hypocrisy”. The SEC expressed its “deep regret” for some of the mistakes it made during an enforcement action in a new filing that same day.According to Coinbase’s chief legal officer, Paul Grewal, the SEC may “regret” its mistakes, but its chair is “browbeating an entire American industry.”Why should a judge or taxpayer believe their regrets, the attorney questioned.
The expansion of Paxos to the Solana blockchain has been approved by the New York Department of Financial Services (DFS). According to reports, the New York Department of Financial Services (DFS) has given stablecoin issuer Paxos regulatory approval to introduce its products on the Solana blockchain. Due to DFS restrictions, the company is only currently
Regulators in Hong Kong announced that they are prepared to review applications for exchange-traded funds (ETFs) that will trade cryptocurrencies on the spot market. The virtual asset environment has evolved since the Securities and Futures Commission (SFC) developed a “professional-investors only” regulatory approach in 2018, according to a joint statement from the SFC and the
A new generation of influencers has emerged in the rapidly changing world of cryptocurrencies, and they are having a significant impact on the digital financial landscape. These influencers, who are sometimes called “Crypto Finfluencers,” are people who have used social media to their advantage to establish themselves as knowledgeable figures in the field of virtual
Switzerland and Japan were two of the six nations with stablecoin laws in place in 2023 out of the 35 countries PwC examined. Stablecoin, or cryptocurrency, market value reached new all-time highs in 2023. Stablecoins, or cryptocurrencies like Tether and USDC, have seen impressive growth over the last year. A recent report claims that despite
The Financial Services Regulatory Authority of the United Arab Emirates has added new provisions pertaining to digital assets to its AML and sanctions guidelines. New provisions pertaining to digital assets have been added to the Financial Services Regulatory Authority’s (FSRA) updated Anti-Money Laundering and Sanctions guidelines in the United Arab Emirates. The Financial Action Task
According to a recent survey, only 11% of state agencies and more than 50% of federal agencies use blockchain analytics tools. Ninety percent of participants in a TRM Labs survey titled “Tackling Crypto Crime,” which involved over 300 law enforcement professionals from the United States and other countries, said their organisations provide crypto training, but
The December total of Coinbase (COIN) stock sales was extended on Wednesday by Cathie Wood’s investment firm, ARK Invest, bringing the total to $196.8 million. Since the end of November, the share price has increased by nearly 30%. With 132,782 shares sold by the ARK Innovation exchange-traded fund (ARKK) and 16,998 shares divested by the
The liquidators of the company, Teneo Restructuring, have disclosed that a British Virgin Islands court has frozen the founders of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC)’s assets, which total more than $1 billion. Su Zhu, Kyle Davies, and his wife, Kelly Chen, are all covered by the global court order that was
In order to extend its services to every area of the blockchain sector, TRES, a platform for cryptocurrency accounting and tax reporting, has received $11 million. According to an email message on Wednesday, the Tel Aviv-based startup plans to introduce support for “new blockchains every week” and presently supports over 100 layer-1 and layer-2 networks,
China’s Ministry of Science and Technology stated in a response made public on Tuesday that the country intends to publish a Web3 strategy document to define the industry’s future course.The department, in collaboration with the Chinese Academy of Sciences and the China Association for Science and Technology, stated that the strategy paper would address matters pertaining to government obligations, innovation, security, and inheritance.In addition, the ministry intends to improve communication between pertinent divisions in order to foster Web3 innovation, implement further research, and develop industry talent. China has outlawed cryptocurrencies, but its people are still using non-fungible tokens (NFTs), and the country’s Ministry of Science and Technology stated that it attaches “great importance to the development of Web3 industry.” China has already hosted a number of Web3 initiatives.A number of policy documents, including the “Blockchain Information Service Management Regulations” and the “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development,” have been published by the China Cyberspace Administration and the Ministry of Technology.Additionally, the statement stated that blockchain pilot projects were conducted by the Cyberspace Administration of China, the Central Committee’s Propaganda Department, the Supreme People’s Court, and other agencies. These projects had applications in the areas of trade finance, energy, copyright, rule of law, and copyright. Moving forward, China’s Web3 strategy would “focus on key areas such as government affairs and industry, encourage the development of new business models such as NFT and distributed applications (dApp), and accelerate the innovative application of Web3 and the construction of a digital ecosystem,” the response which was to Wu Jiezhuang, a
According to a report published on Wednesday by the Korean news outlet ChosunBiz, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, will meet with the chief financial regulator of South Korea in Washington, D.C. next month. Gensler and Governor Lee Bok-hyeon of the Financial Supervisory Service will talk about cryptocurrency regulations,
According to a released memo, representatives from BlackRock (BLK), Nasdaq, and the Securities and Exchange Commission (SEC) convened for the second time in a month to deliberate on regulatory modifications required for the listing of the bitcoin (BTC) exchange-traded fund (ETF). The memo states that the topic of discussion was The NASDAQ Stock Market LLC’s
Traders looking for small-cap plays on other networks seem to have been prompted by the exponential gains made on Solana-based meme coins; some have even been fortunate enough to turn their initial small capital into a life-changing sum. However, Avalanche’s Coq Inu (COQ), a token with a hen theme, is driving the conversation on the
The global standards body that governs the securities markets has released guidelines for managing decentralised finance (DeFi) as its members—roughly 130 jurisdictions—think through how best to regulate the sector. Just one month after releasing guidelines for policing cryptocurrency markets, the International Organisation of Securities Commissions (IOSCO), whose members oversee more than 95% of the global
