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“The European Banking Authority is urging an early adaptation of guidelines for managing stablecoins, ahead of mandatory regulations due next year. This includes understanding and implementing the EU-approved MiCAR framework’s measures for good governance and consumer protection. These preemptive actions are designed to reduce potential risks and facilitate effective consumer protection in the rapidly evolving stablecoin market.”

Google faces a lawsuit for allegedly misusing data, including copyrighted items, for AI training without necessary consent, sparking a debate about internet ownership. A court order could demand explicit user permission for data collection or potentially fine Google up to $5 billion.

“The UK Treasury plans to exclude ‘unbacked’ tokens from its regulatory sandbox, aiming to balance innovation and consumer safety. Existing regulations are deemed sufficient for volatile assets like Bitcoin and Ethereum, whose regulatory future remains uncertain due to evolving rules for such cryptocurrencies.”

Authors Sarah Silverman, Richard Kadrey, and Christopher Golden accuse Meta Platforms and OpenAI of copyright infringement, claiming that their copyrighted content was used without permission for AI training. The lawsuit highlights the ethical boundaries around incorporating copyrighted material into AI technology development and could have significant implications for the blockchain and AI industry.

Animoca Brands CEO, Yat Siu, discusses the difficulties North American crypto entrepreneurs face compared to other regions due to macroeconomic and regulatory impacts. However, despite challenges like downturns in cryptocurrency prices and high global interest rates, the crypto industry continues to grow, with more people and smart contracts entering the scene. Siu’s comments highlight the fluctuating global terrain of crypto-regulation and the varying approaches of different region’s regulators.

“Fidelity Investments makes a second attempt at a spot BTC Trust known as Wise Origin, amidst seven similar fund applications this year. Despite potential risks, they argue for the need of a Spot Bitcoin exchange-traded product, which could protect U.S. investor assets from riskier alternatives. The blockchain future, despite regulatory skepticism, is seen as inevitable.”

Ukraine’s State Bureau of Investigation (SBI) has exposed an illicit crypto mining farm operating within a state-owned enterprise, Forests of Ukraine, mining over $108,000 and consuming around $41,000 worth of government resources. This crackdown aligns with Ukraine’s efforts to combat “crypto corruption” and emphasizes the importance of implementing effective regulations for the safe and legitimate growth of the crypto industry.

Ukrainian regulators propose an 18% tax on cryptocurrency gains starting 2024, with plans to introduce a draft law and grant regulatory powers to the National Commission for Securities and Stock Market and the central bank. The proposed tax has sparked mixed reactions in Ukraine’s crypto community, with concerns about discouraging investors and potential user exodus.

The National Bank of Ukraine (NBU) is working towards aligning the country’s crypto regulations with European standards, particularly the EU’s Markets in Crypto-Assets (MiCA) legislation. The NBU emphasizes maintaining financial stability, consumer protection, and transparency, while considering Ukraine’s unique legal and financial systems.

Ukraine’s National Anti-corruption Bureau (NABU) is probing the crypto sector to unmask money launderers in collaboration with the United States Embassy and the US State Department. Aiming to scrutinize cryptoassets, the largest training program in NABU’s history will educate participants on combating cryptocurrency-related crimes and ensure that crypto is no longer a means to hide corruption.

Russia expands its sanction list, including Binance U.S. Head of Investigation, BJ Kang, among 500 entities facing travel and financial restrictions. Binance is under scrutiny for reportedly generating high traffic from Russia, raising concerns over compliance with U.S. sanctions amid the ongoing Russia-Ukraine crisis.

The IRS partners with the Ukrainian government to tackle cryptocurrency fraud globally, focusing on Russian individuals suspected of evading sanctions. They will provide training on tracing blockchain transactions for Ukrainian officials using a tool developed by Chainalysis. This increased scrutiny raises concerns for the crypto industry, but Brian Armstrong, Coinbase CEO, argues that blockchain’s transparency deters illicit activities.

A Singapore court grants a restraining order against BitMEX co-founder Arthur Hayes amidst an ongoing dispute with Three Arrows Capital co-founder Su Zhu. The unresolved $6 million debt central to the feud remains unaddressed, while the cryptocurrency market is reminded of the importance of operating within legal bounds and maintaining financial responsibility.

Jane Street and Jump Trading’s withdrawal from the U.S. crypto market may disrupt liquidity, with market depth already down 50% after FTX’s collapse. Reduced liquidity could lead to increased volatility and credit risks, potentially impacting all sectors of finance.

A restraining order has been issued against BitMEX co-founder Arthur Hayes due to his targeted Twitter posts concerning a $6 million dispute following the collapse of Three Arrows Capital (3AC). The case highlights the need for a balance between communication, regulation, and social media usage in the evolving crypto industry.

The collapse of FTX exchange puts the spotlight on the role of lawyers facilitating loans to co-founder, Gary Wang. Claims are made on a potential $8bn shortfall prior to FTX’s collapse. Investigations into these claims, Wang’s and former Alameda CEO Caroline Ellison’s role in possible conspiracy and fraud are ongoing, packed with legal intricacies and complex crypto-law conundrums.

“Questions arise around FTX lawyers’ involvement in a $200M loan transaction from Alameda, increasing need for robust legislation in the crypto space. Moves from Europe, particularly Cyprus, towards tightening crypto regulations highlight the crucial role of checks and balances in the industry.”