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Renowned author, philosopher, and history professor Yuval Noah Harari has raised concerns about the unchecked use of artificial intelligence (AI) in the financial system. Speaking at the Bank for International Settlements (BIS) Innovation Summit, Harari emphasized the need for robust institutions to regulate and monitor AI's role in finance. Harari highlighted the crucial role of strong institutions in keeping AI in check within the financial sector. He argued that while the financial system relies on trust to function effectively, the complexity of financial innovations often renders regulation incomprehensible to the majority of the population. Describing AI as an "alien form of intelligence," Harari warned that its evolution could lead to the creation of financial instruments beyond human comprehension. This could potentially shift power away from politicians and regulators to algorithms, disrupting trust relationships and causing social instability. Harari stressed the importance...

In a significant stride towards financial inclusivity, the Reserve Bank of India (RBI) is advancing its central bank digital currency (CBDC) project to facilitate offline transactions, announced RBI Governor Shaktikanta Das during a Bank for International Settlements (BIS) event. Governor Das underscored the importance of ensuring the digital rupee's ease of use by enabling offline functionality, akin to traditional cash transactions. By broadening accessibility and replicating the offline nature of cash, the RBI aims to enhance the digital rupee's appeal across diverse demographics in India. The move towards offline usability addresses infrastructural challenges, particularly in areas with limited internet access. Recognizing the significance of offline transactions in India's diverse landscape, the RBI seeks to bridge the gap between digital and physical transactions, fostering wider adoption of the digital rupee. While advancing its CBDC project, the RBI remains cautious about...

The Hong Kong Monetary Authority (HKMA) announced on Tuesday the establishment of a working committee aimed at setting industry standards for wholesale Central Bank Digital Currency (CBDC) interoperability. The committee, dubbed Project Ensemble Architecture Community, seeks to facilitate tokenized asset transactions and interbank settlement using wholesale CBDC (wCBDC). Led by the HKMA, the committee will focus on developing mechanisms to support seamless interbank settlement of tokenized deposits through wCBDC for tokenized asset transactions. Comprising members from various sectors including regulators, banks, academia, and crypto firms, the committee aims to contribute to the development of the tokenization market in Hong Kong. Project Ensemble, launched by the HKMA in March, aims to enhance Hong Kong's financial industry by leveraging wholesale CBDC technology. Eddie Yue Wai-man, Chief Executive of the HKMA, emphasized Hong Kong's commitment to innovation, inviting international...

The Commodity Futures Trading Regulatory Agency, commonly known as Bappebti, has taken a significant step in overseeing the cryptocurrency industry by establishing a dedicated committee. With responsibilities including the regulation of cryptocurrencies, Bappebti has formed the Crypto Asset Committee under regulations enacted in January. Crypto assets fall under Bappebti's jurisdiction as they are considered commodities in Indonesia. Kasan, the head of Bappebti, emphasized the committee's role in ensuring the smooth operation of the crypto asset industry within the legal framework during the BLK 2024 opening event in Jakarta on May 2. Representatives from various government ministries, crypto exchanges, clearing institutions, associations, academics, and relevant practitioners make up the Crypto Asset Committee. This diverse composition reflects the committee's comprehensive approach to analyzing industry reports, managing a central database, assessing crypto asset risks, and...

The U.S. Securities and Exchange Commission (SEC) has announced yet another postponement in its decision-making process regarding the approval of Ethereum exchange-traded funds (ETFs). Following the successful introduction of Bitcoin ETFs earlier this year, market enthusiasts have eagerly awaited the green light for Ethereum ETFs. Having previously deferred its decision from January to March, then to May, the SEC has once again extended its timeframe for deliberation. This latest delay comes as no surprise to industry observers, given the complexity and regulatory scrutiny surrounding cryptocurrency ETFs. While Bitcoin ETFs have experienced record outflows, companies like Grayscale and BlackRock are already gearing up for new product offerings. Despite the setbacks in Ethereum ETF approvals, market sentiment remains cautiously optimistic, finding silver linings amid regulatory delays. In its most recent filing, the SEC has solicited comments on five ETF applications submitted by...

Mollars (MOLLARS), the latest contender in the crypto arena positioning itself as a store-of-value asset, is swiftly gaining momentum ahead of its official listing on public crypto exchanges. The anticipation surrounding its launch is palpable, with LBank becoming the second exchange to announce its listing following the closure of the token presale. As the Mollars.com token presale continues, the deadline has been extended to June 1st, offering investors an extended opportunity to participate in this promising venture. The decision to extend the deadline was prompted by hard cap goals and increased demand from crypto exchanges, ensuring maximal benefits for all stakeholders. The response to Mollars has been overwhelmingly positive, with Bitmart exchange confirming its listing post-ICO deadline closure. Now, with LBank joining the fray, anticipation among presale token holders is reaching new heights. LBank's vast user base of over 7 million users is expected to drive significant...

In a bid to tackle potential tax evasion in the burgeoning crypto space, the Australian Tax Office (ATO) has launched a crackdown demanding annual transaction details from crypto exchanges. This move aims to ensure investors accurately report their crypto gains and fulfill their tax obligations. Announced in April, the ATO's data collection program requires designated exchanges to furnish specific information, including client names, addresses, birthdays, and transaction details. By promoting transparency, the initiative seeks to foster a fair and balanced tax system in Australia. Acknowledging the complexities of crypto usage, the ATO recognizes the confusion among users regarding their tax responsibilities. The allure of purchasing crypto assets using false information further complicates matters, making them attractive to tax evaders. Australia's significant presence in the crypto ecosystem classifies digital assets as taxable assets, subjecting investors to capital gains tax....

Emilio B. Aquino, chairperson of the Securities and Exchange Commission (SEC) in the Philippines, has unveiled plans to introduce a regulatory framework for cryptocurrency assets and trading in the latter half of 2024. This initiative aims to protect the interests of Filipino cryptocurrency users amidst escalating actions against major platforms like Binance. The upcoming regulatory framework signals the SEC's commitment to ensuring a secure and transparent environment for crypto trading in the Philippines. With the rapid growth of the crypto market, regulatory measures are crucial to safeguarding investors against potential risks and ensuring compliance with national laws. Aquino's announcement comes on the heels of the SEC's intensified actions against Binance, one of the world's largest cryptocurrency exchanges. The SEC has requested tech giants Apple and Google to remove Binance's applications from their respective app stores, citing concerns over the exchange's lack of licensing...

In a bold move to tackle tax evasion in the booming crypto space, the Australian Taxation Office (ATO) has set its sights on approximately 1.2 million crypto accounts. As interest in cryptocurrencies skyrockets, so does the ATO's determination to ensure transparency and compliance within the sector. The ATO's latest initiative targets unreported exchanges of crypto assets for currency or goods and services. With the complexity of the crypto landscape often leading to a lack of awareness about tax obligations, the ATO aims not only to regulate but also to educate traders on their fiscal duties. "Also, the ability to purchase crypto assets using false information may make them attractive to those seeking to avoid their tax obligations," the ATO stated. Australia classifies crypto as assets, not foreign currency, necessitating capital gains tax on profits from selling and trading digital assets. By reinforcing its efforts, the ATO underscores its commitment to ensuring all taxable...

Coinbase is facing a new legal challenge as customers filed a class-action lawsuit accusing its subsidiaries, Coinbase Global and Coinbase Asset Management, of repeatedly violating securities laws since the exchange's inception. The lawsuit highlights contradictions in Coinbase's user agreement, alleging that while certain crypto assets are identified as securities, Coinbase never registered them for sale. The lawsuit specifically identifies digital assets listed on Coinbase as "digital asset securities," including Algorand, Decentraland, Polygon, Near Protocol, Uniswap, and Solana. It alleges that Coinbase knowingly failed to register these securities as required by state law. The lawsuit alleges that Coinbase's failure to disclose key information and its classification of digital assets as securities amplified deceptive marketing tactics. These tactics purportedly pressured customers into purchasing digital asset securities on Coinbase. The plaintiffs claim that Coinbase recognized...

The Federal Court of Australia has ruled against BPS Financial Pty Ltd. for operating the "Qoin Wallet" without proper licenses. The Australian Securities and Investments Commission (ASIC) announced that BPS Financial engaged in unlicensed conduct by offering the Qoin Wallet, which utilized a crypto-asset token called "Qoin." Justice Kylie Downes found BPS guilty of violating the Corporations Act by not holding the necessary licenses to issue or provide financial advice about the Qoin Wallet. ASIC Chair Joe Longo emphasized the significance of this ruling as the first court outcome against a non-cash payment facility involving crypto. Longo stressed the importance of regulatory compliance in the volatile crypto market to protect consumers, highlighting the inherent risks and complexities associated with crypto assets. He underscored the necessity for providers to have appropriate licenses and authorizations, ensuring that investors receive clear and accurate information. The court...

India’s Directorate of Enforcement (ED) has declared its multi-year crackdown on the "E-Nugget" scam in Kolkata successful. The operation, initiated in 2022, targeted a major online gaming app scam known as E-Nugget. The scam lured users with promises of high returns on investments through real-money games and commissions but ceased operations post-investment, leaving users without access to their funds. During the investigation, ED uncovered nearly 2500 dummy bank accounts used in the scam, leading to the seizure of approximately Rs. 19 Crore in cash. The mastermind behind the scam, Aamir Khan, was arrested and is currently in judicial custody. As part of the operation, ED sought details of crypto wallets from various exchanges, including Binance, Zebpay, and Wazirx. Information obtained from these exchanges led to the freezing of approximately Rs. 90 crore in funds across 70 accounts linked to the scam. The frozen crypto assets were subsequently transferred to the ED's crypto...