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The Hong Kong Virtual Asset Consortium (HKVAC) has announced notable changes to its crypto indexes, reflecting the evolving landscape of the cryptocurrency market. Ripple's XRP has been removed from the top five global crypto index, making way for Solana, which recently surpassed XRP in market capitalization. Additionally, Avalanche has entered the top 10 index, replacing Tron's token. The updates also include the inclusion of Internet Computer, Near Protocol, Optimism, Injective, and Immutable in the global large crypto index. These adjustments underline the dynamic nature of the crypto space, with shifting market capitalizations and performance influencing the HKVAC's assessments. This move coincides with Hong Kong's efforts to facilitate the growth of its crypto industry, aligning with global developments such as the recent approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). (Source: Cointelegraph)

The Financial Institutions Amendments Bill 2024, currently under consideration by Singapore's parliament, seeks to enhance the powers of the Monetary Authority of Singapore (MAS) in overseeing financial activities. If enacted, the bill will empower MAS to issue directives to Capital Markets Services License (CMSL) holders, including cryptocurrency exchanges. This development is particularly significant for the crypto industry, as it expands MAS's authority to regulate unregulated products such as Bitcoin futures and payment token derivatives traded on overseas exchanges. The bill addresses potential contagion risks that unregulated businesses conducted by CMSL holders may pose to their regulated activities. Cryptocurrency exchanges, which may fall under the CMSL category, will be subject to written directions from MAS regarding minimum standards and safeguards when engaging in unregulated activities. MAS had previously implemented measures to discourage speculative crypto...

The United States House of Representatives Financial Services Committee (FSC) has established a bipartisan Working Group on Artificial Intelligence (AI) to investigate the impact of AI in the financial services and housing industries. Chaired by Representative French Hill and Representative Stephen Lynch, the group aims to explore how AI is shaping the financial services workforce, developing new products, enhancing fraud prevention, streamlining compliance processes, and strengthening regulatory tools. The working group will also review existing regulations related to AI use and ensure that new regulations consider both potential benefits and inherent risks. This initiative aligns with President Joe Biden's Executive Order from October 2023, emphasizing responsible AI development and use. The bipartisan approach signifies a commitment to navigating the complexities of AI and fostering its responsible integration into the financial landscape. (Source: Crypto intelligence)

Reports suggest that the Venezuelan government is preparing to liquidate the Petro, one of the first state-backed cryptocurrencies. Asonacrip, a national cryptocurrency association, claims to have information about the impending liquidation process, involving the automatic exchange of Petro balances for bolivares, the Venezuelan fiat currency. This move aligns with the government's liquidation of other crypto assets held in government-managed accounts, all set to be converted to bolivares on January 15. The Petro, initially launched in 2018, has faced operational issues, and its popularity has waned. The government has not officially communicated the future of the cryptocurrency. (Source: Bitcoin.com)

Google's Play Store in India has blocked the Binance cryptocurrency exchange app after the Indian government issued a noncompliance notice. This follows a similar decision by Apple's App Store in India in December 2023. The Indian government blocked access to global crypto exchanges, including Binance, KuCoin, and OKX, on January 12. The move is part of India's efforts to restrict access to foreign crypto platforms, citing concerns about potential money laundering. While the Binance app has been removed from the Play Store, it's still accessible via web browsers. The Finance Ministry's Financial Intelligence Unit had issued warnings and show-cause notices to several international exchanges, alleging illegal operations and non-compliance with anti-money laundering laws. The restrictions aim to prevent Indians from downloading foreign exchange apps, directing users toward local platforms. Indian exchanges like WazirX and CoinDCX have seen increased user inflows amid the government's...

The World Economic Forum (WEF) has released its 19th Global Risks Report, identifying artificial intelligence (AI) as a novel global threat. The report explores the varied impacts of AI, outlining both its positive contributions, such as productivity benefits and breakthroughs in healthcare and education, and its potential adverse outcomes. The WEF emphasizes concerns about the rapid rise of AI-generated content, making it challenging to distinguish between reality and falsehood, leading to the spread of misinformation and disinformation. The report also addresses AI's influence on the global job market, anticipating substantial disruptions and economic instability. The WEF calls for increased public awareness, education, and regulation to address these risks. (Source: Cointelegraph)

Circle Internet Financial, the custodian of the USDC stablecoin, has filed for an initial public offering (IPO) in the United States. The Boston-based company aims to become a publicly traded entity, with the timing of the IPO dependent on the Securities and Exchange Commission's review process and market conditions. Circle's USDC stablecoin is the second-largest in the market, pegged to the U.S. dollar and known for its stability in the volatile crypto landscape. The company's decision to pursue an IPO follows the retraction of its previous plan to go public through a special-purpose acquisition company in 2022, valued at $9 billion. The move reflects Circle's commitment to a public listing despite challenges and uncertainties in the current financial climate. (Source: Coinedition)

The Financial Services Commission (FSC) of South Korea has reiterated its stance on the prohibition of cryptocurrency exchange-traded funds (ETFs), stating that launching such funds is "impossible." The FSC emphasized the need to stabilize financial markets and protect investors, citing concerns about the potential illegal outflow of domestic funds due to credit card payments on foreign crypto exchanges. The ban on banks and financial institutions from buying and owning cryptocurrencies in South Korea remains in place. The FSC official highlighted the regulatory approach of other countries, such as the United States, Hong Kong, and Germany, which have allowed crypto ETFs, but maintained that it is legally impossible in South Korea. (Source: Cryptonews)

Coinbase has announced a strategic partnership with Yellow Card, a leading stablecoin exchange in Africa, to enhance access to cryptocurrency in the continent. The collaboration aims to provide users in 20 African countries with easy access to USDC, facilitating faster and more cost-effective transactions through Coinbase and Yellow Card products. This move is particularly significant in regions with high inflation rates and heavy reliance on remittances, offering economic freedom and protection from currency volatility. The partnership is expected to benefit small and medium enterprises (SMEs) in African and other emerging economies, allowing them swift access to the global financial system. This initiative aligns with Coinbase's broader vision of global expansion and increasing cryptocurrency adoption. (Source: Coinbase)