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El Salvador is planning to transfer a substantial portion of its Bitcoin holdings to an offline, cold storage wallet for enhanced security. President Nayib Bukele announced the decision, revealing that the country's Bitcoin portfolio has reached a value of approximately $407 million. The move aims to safeguard the digital assets from online threats and ensure long-term protection. The decision to move a significant portion of El Salvador's Bitcoin holdings to cold storage reflects a proactive approach to securing valuable assets in the face of evolving cyber threats. By opting for offline storage, the government aims to mitigate risks associated with online hacking and theft, enhancing confidence in the security of its Bitcoin reserves. However, the move also underscores the persistent challenge of ensuring transparency and accountability in managing digital assets, especially in the absence of comprehensive disclosure regarding the exact size and distribution of the country's...

The Financial Sector Conduct Authority (FSCA) in South Africa has granted operating licenses to 59 cryptocurrency exchanges, out of over 300 providers seeking permits. By law, digital-asset exchanges require permits to operate in the country, and the FSCA has been processing licensing applications in phases. The FSCA declared cryptocurrency assets to be financial products in 2022, necessitating their regulation to safeguard financial customers and mitigate risks. Exchanges were given until November 30 to apply for licenses or face enforcement action. FSCA Commissioner Unathi Kamlana emphasized the phased approach to processing licensing applications due to the high number received. South Africa's move to regulate cryptocurrency exchanges reflects global trends toward increased oversight of the crypto industry. By requiring licenses for digital-asset exchanges, the FSCA aims to protect consumers from financial risks and ensure compliance with anti-money laundering and...

Thailand's Revenue Department has approved a tax break for holders of investment tokens, exempting them from personal income tax. The aims is to promote the use of investment tokens for fundraising and stimulate economic growth. Investment tokens are digital assets issued by businesses to raise funds, often through Initial Coin Offerings (ICOs) or Security Token Offerings (STOs). These tokens represent ownership or rights to a company's assets or profits. The tax break comes as part of Thailand's efforts to embrace blockchain and crypto technology. Kulaya Tantitemit, director-general of Thailand’s Revenue Department, emphasized the importance of digital tokens for investment, recognizing them as a tool for business operators to raise funds in the country. By providing tax incentives for investment token holders, Thailand hopes to encourage more businesses to explore alternative fundraising methods and facilitate economic expansion. Thailand's pro-crypto stance is further demonstrated...

An Australian court has dismissed a case brought by the nation’s market regulator, the Australian Securities and Investment Commission (ASIC), against Finder Wallet. The court found that the product offered by Finder Wallet, called Finder Earn, did not qualify as a debenture as alleged by the ASIC. Consequently, the court ruled in favor of Finder Wallet and ordered the ASIC to pay the defendant’s costs. This decision marks a significant victory for the crypto industry in Australia, as it shows the need for clear regulatory guidance and collaboration between policymakers and industry players. The dismissal of the ASIC's case against Finder Wallet is a notable development in the regulatory landscape of the crypto industry in Australia. It underscores the importance of precise legal definitions and clear regulatory frameworks to avoid confusion and unnecessary legal battles. The court's decision sets a precedent for future cases involving crypto assets and regulatory compliance in the...

The Southeast Asia Blockchain Convention (SEABC) recently wrapped up its inaugural event on March 10, 2024, in Ho Chi Minh City, Vietnam. This convention, the first of its kind in the Southeast Asia region, drew over 5,000 attendees, including investors, enthusiasts, media outlets, and industry leaders. The event featured more than 80 speakers from prominent organizations such as Polygon Labs, Animoca Brands, Solana Foundation, and Sandbox, who shared insights on blockchain technology's transformative potential across various sectors. Mai Ngo, representing Gate Web3, praised SEABC as a platform for meaningful dialogue and discovery, shows the importance of partnership and community in shaping the blockchain landscape. Sponsored primarily by Gate Web3 and Cointelegraph, SEABC 2024 received support from numerous projects and communities, including Three Kingdoms Projects, Sakai Vault, and Multi Universe Central. The event also garnered extensive media coverage from over 50 regional and...

The Netherlands’ central bank, De Nederlandsche Bank (DNB), has levied a hefty $3 million fine against Crypto.com for operating without registration for over two years. Crypto.com, also known as Foris DAX MT, provided crypto services from May 2020 to November 2022 without adhering to Dutch Anti-Money Laundering laws, allowing them to evade supervisory fees and compliance costs. However, this failure to register prevented them from reporting unusual transactions, a crucial aspect in combating money laundering and terrorist financing. Despite Crypto.com's subsequent registration in July 2023, the incident highlights the challenges and consequences of disregarding regulatory requirements. Additionally, the comparison with Binance's similar fines and subsequent exit from the Dutch market emphasizes the competitive landscape and regulatory scrutiny facing crypto service providers. Kraken's recent expansion into the Dutch market, backed by regulatory approval, further intensifies...

The New York Stock Exchange (NYSE) has taken a big step towards introducing an eco-friendly Bitcoin investment fund in the United States. They've submitted an important application to the Securities and Exchange Commission (SEC) that allows for listing and trading of shares of the proposed 7RCC spot Bitcoin and Carbon Credit Futures ETF on the NYSE. 7RCC, the company behind the ETF, wants to offer investors a way to invest in Bitcoin while also helping the environment. Their fund will invest most of its money in Bitcoin and some in carbon credits, which are good for the environment. This is a big deal because it's part of a growing trend of investing in things that are good for the planet. The CEO of 7RCC is hopeful about Bitcoin's future value and thinks it could go up a lot by the end of the year. They've also partnered with Gemini, a trusted company, to keep the investors' money safe. If approved, this eco-friendly Bitcoin investment fund could attract a lot of investors who care...

Google has announced measures to restrict election-related queries on its Gemini chatbot, initially implemented in the U.S. and India ahead of their respective polls. This decision reflects Google's commitment to avoiding potential missteps in deploying AI technology, following controversies surrounding its AI image generation tool last month. The move aims to address concerns about misinformation and fake news, particularly in light of advancements in generative AI, which governments are considering regulating to curb potential misuse. Countries like India have mandated government approval for the public release of AI tools, emphasizing the need for accountability and accuracy. Similarly, the U.S. Senate Intelligence Committee has expressed concerns about election fraud in the context of deepfakes and misinformation. In Europe, regulatory bodies like the European Commission have issued guidelines to combat AI-driven misinformation, prompting tech giants like Meta to devise...

The European Union (EU) is poised to enact the most comprehensive legislation on Artificial Intelligence (AI) to date, with the AI Act aimed at harmonizing innovation and protecting fundamental human rights. This landmark legislation, scheduled for approval today, represents a significant step forward in global AI governance. Crafted since 2021, the Act gains significance amid the rise of powerful AI models like OpenAI’s ChatGPT, backed by industry giants such as Microsoft. European officials emphasize the Act's role in positioning Europe as a global leader in trustworthy AI, with a risk-based approach focusing on stringent requirements for high-risk AI systems while fostering compliance and innovation. While hailed as a milestone, the AI Act faces scrutiny over potential loopholes and industry influence, particularly from tech giants like Google and Microsoft. Despite assurances from EU executive Breton, concerns linger over potential weakening through corporate lobbying,...

The National Tax Service of South Korea is gearing up to introduce a virtual asset tax system to effectively monitor cryptocurrency transactions and prevent tax evasion. With the assistance of consulting firm GTIC, the agency aims to develop a platform capable of analyzing data received from cryptocurrency holders to ensure compliance with tax regulations. This move comes amidst the growing popularity of cryptocurrencies as investment assets, prompting authorities to bolster efforts in regulating and taxing virtual assets. The implementation of the virtual asset tax system is expected to enhance the National Tax Service's ability to detect and prevent cryptocurrency tax evasion. By leveraging automated analysis of transaction data, the agency established fair tax practices and combat illegal activities such as money laundering and irregular inheritance gifting. The initiative aligns with broader efforts in South Korea to strengthen regulation on virtual asset service providers...

The U.S. Patent and Trademark Office (USPTO) and the U.S. Copyright Office jointly released a report acknowledging both the benefits and obstacles present in the non-fungible token (NFT) space. After analyzing public comments and key details, the Offices concluded that existing statutory enforcement mechanisms are adequate to address prevalent infringement concerns in the NFT arena. They cautioned against making any amendments to intellectual property (IP) laws at the present time, stating it is not advisable. The report was commissioned following a request from former Senator Patrick Leahy and Ranking Member Thom Tillis. Kathi Vidal, Under Secretary of Commerce for IP and Director of the USPTO, highlighted the unique opportunities NFTs offer creators to leverage their IP rights while addressing the new challenges in keeping their work secure. Vidal assured continued efforts to identify and address these issues in collaboration with industry and government collaborators. Similarly,...

The Securities and Exchange Commission (SEC) announced that the spot Bitcoin ETF application submitted by First Trust Advisors and SkyBridge Capital has been deemed "abandoned." The decision was based on the failure of the applicants to respond to prior communications from the regulatory body. The joint registration statement, filed under the Securities Act of 1933, had been pending for nine months without becoming effective, prompting the SEC to issue a notification indicating potential abandonment if no action was taken. Despite warnings, no response was received from First Trust SkyBridge, leading to the abandonment of the ETF application. Had the First Trust SkyBridge Bitcoin ETF been launched, it could have significantly impacted fund flows, potentially resulting in a 15% increase. However, the abandonment of the application reflects ongoing challenges faced by applicants seeking approval for Bitcoin ETFs in the US market. This development contrasts with the recent success of...