Search Results for: BRIC

France is introducing a ‘Responsible Influence Certificate’ for finance bloggers or “finfluencers” to bring more oversight and credibility into promotion of investment products, including cryptocurrency. Despite not being obligatory, it represents a potential regulation method for online financial advice.

Zodia Markets, sponsored by Standard Chartered Ventures, has gained preliminary approval to operate as an over-the-counter crypto broker-dealer in Abu Dhabi. This is part of a custom-tailored approval process initiated by Abu Dhabi Global Market (ADGM), which aims to attract and regulate crypto-based businesses.

Anatoly Aksakov, head of Russia’s parliamentary financial committee, suggests a future where blockchain and Central Bank Digital Currencies (CBDCs) could erode traditional banking structures, with the digital ruble leading the way. Banks risk being marginalized unless they adapt to this new digital financial landscape.

The U.S. Copyright Office seeks insight on copyright concerns related to Artificial Intelligence (AI), particularly the use of copyrighted works to train AI and issues around AI-generated content. Pressing issues include AI’s capacity to mimic human artists. Media and entertainment industries grapple with unauthorised use of copyrighted materials for AI training. This discourse on AI, copyright, and regulation intertwines ethics, transparency, and surveillance matters.

“The indictment of Sam Bankman-Fried, the force behind cryptocurrency exchange FTX, has raised questions about the legal framework surrounding blockchain technology. Accused of various fraud charges, Bankman-Fried’s defense insists that lawyers approved his contested actions at FTX. The case’s outcome could set important precedents for the crypto industry.”

The Swiss-based SEBA Bank, known for its crypto friendliness, has made a significant stride towards offering crypto services in Hong Kong, securing approval-in-principle from the city’s Securities and Futures Commission. This move reflects SEBA’s strategic push to align with Hong Kong’s evolving crypto regulations and to strengthen its regulated presence across the Asia Pacific region.

China’s escalating efforts to eliminate private cryptocurrency activities are causing deep concern among blockchain firms. Measures taken by authorities include offering bounties for information leading to arrests and asset seizures of private crypto ventures – sparking fear amongst operators and sparking a mass exodus among Chinese Web3 founders. At the same time, state-sanctioned blockchain initiatives are flourishing, underscoring a dualistic approach by the Chinese authorities.

The US Securities and Exchange Commission (SEC) accused Titan Global Capital Management of deceiving investors regarding cryptocurrency offerings, leading them to part with over $1 million in a settlement. This instance underscores the SEC’s increased focus on regulatory compliance within the digital assets industry, potentially indicating impending tighter regulations affecting customer custody and information accuracy for cryptocurrency firms.

The Russian Central Bank’s proposal classifies the digital ruble, as a “high-quality liquid asset”. This could usher a dramatic reconfiguration of how financial institutions perceive and maintain liquid assets, potentially revolutionizing cross-border payment methods. However, this shift is viewed with apprehension among commercial banks.

“Moonstone Bank’s notorious shift to a pro-digital-asset stance has led to clandestine operations linked with the now-defunct crypto exchange FTX. The bank allegedly engaged in issuing stablecoins, raising concerns over regulatory oversight and reinforcing the need for stringent digital asset regulation in the finance sector.”

“PayPal announced a temporary halt of cryptocurrency purchasing services in the UK due to new rules set by the UK Financial Conduct Authority for advertising cryptoassets. This comes amidst a surge in UK crypto ownership, placing firms under increased responsibility to ensure investors’ knowledge and experience with crypto investments.”