Search Results for: AI

“Komainu, a digital asset custody service, has been authorized by the UK Financial Conduct Authority (FCA) to operate within the bounds of laws concerning money laundering and related funds transfer. This enables them to offer a range of cryptocurrency custody services across the UK, highlighting the growing acceptance of digital assets globally.”

“Taiwanese legislators are set to introduce the country’s first cryptocurrency regulatory bill in November 2023, aimed at overseeing cryptocurrency trading and related activities. The law is intended to prevent ‘regulatory arbitrage’ and protect investors from the challenges posed by rising foreign crypto operations.”

Dubai Virtual Assets Regulatory Authority (VARA) puts Bored Gen DMCC under scrutiny for its dealings related to Islamic Coin, triggering an investigation for an alleged violation of regional regulations. Despite notable accolades, VARA asserts the crypto venture lacks the required permissions, addressing a potential lapse in regulation compliance.

The former CEO of Voyager Digital, now under regulatory scrutiny for allegedly violating U.S. derivatives regulations, views these allegations as retrospective application of rules. This comes after Voyager’s bankruptcy and amid investigations into its unfair marketing practices. Regulations, while possibly seen as constraints, can provide stability and customer protection in the crypto market.

Taiwan plans to propose a special law to regulate emerging crypto businesses by November 2023, driven by concerns over offshore markets’ activities. There’s consensus on needing unique legislation for crypto, dissimilar to traditional financial instruments. Taiwan’s Financial Supervisory Commission is helping, releasing guidelines for investors’ protection, including complete segregation between exchange treasuries and customers’ assets. Critics argue that over-regulation might hinder organic growth and innovation.

Komainu, a venture co-founded by CoinShares, Ledger, and Japanese Nomura, has gained substantial regulatory approval in the U.K. as a custodian wallet provider. While this development brings crypto custody services to the U.K. and contributes to the country’s fintech landscape, it also raises concerns about individual privacy rights and the balance between industry regulation and the decentralized nature of cryptocurrencies.

Snapchat’s AI chatbot “My AI” faces scrutiny from UK’s Information Commissioner’s Office due to potential privacy threats to users, including minors. The case highlights the struggle between leveraging tech breakthroughs and protecting user privacy in the hyperconnected social media landscape.

ESMA’s latest consultation paper on Markets in Crypto Asset regulation aims at integrating the crypto market by 2024, focusing on sustainability, consistency in crypto services, transparency in pre, and post-trade data, record-keeping by CASPs and accessible white papers. The initiative stresses environmental sustainability, encourages business continuity policies, and emphasizes real-time transparency in transactions.

DeFi protocol BigWhale.io, built on Binance Smart Chain, has received a cease and desist order from the Texas State Securities Board for questionable marketing tactics and unfulfilled promises of high returns. The company’s lack of transparent capitalization and operations details, coupled with an audit implying a Ponzi scheme-like activity, raise significant investor concerns.

This article discusses a project launched by UNESCO and the Dutch government to study AI supervision across Europe, aiming to develop guidelines from best practices. It also highlights the contrast of some nations focusing heavily on AI regulations, while cryptocurrency protocols, such as for stablecoin transactions, are being neglected. The importance is stressed of striking a balance between embracing technological advances and ensuring proper regulation for consumer protection.

The European Securities and Markets Authority (ESMA) has published its second consultation paper on cryptocurrency regulations, focusing on sustainable indicators for distributed ledgers, disclosure of insider information, technicalities within white papers, transparency measures and record-keeping for Crypto asset service providers. ESMA’s move aims to encourage a more sustainable, transparent, and accountable crypto-market.

The Canadian Securities Administrators’ recent clarification on stablecoin trading rules indicates that exchanges may be allowed to trade these value-referenced crypto assets if sufficient asset reserves are maintained and necessary information is disclosed. This regulatory intervention could significantly affect the crypto landscape in Canada.

“In a dramatic criminal trial featuring the ex-CEO of the cryptocurrency exchange FTX, allegations have surfaced suggesting misuse of user funds to cover company losses. This case reveals the tension between decentralization ambitions and regulatory clarity, questioning the trustworthiness of crypto exchanges.”