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IBM has announced its achievement of a significant milestone in quantum computing with a 1,121-qubit processor, representing the pinnacle of its previous quantum roadmap. Preceded by processors like the 433-qubit "Osprey" and 127-qubit "Eagle," the focus in the quantum computing industry is currently on error correction and fault tolerance. IBM foresees a quantum computing "inflection point" by 2029, where experiments with 100-qubit systems are considered the standard, with ongoing efforts to increase the number of quantum gates processors can utilize.

Developed in collaboration with the UN Climate Change Global Innovation Hub (GIH), Envision Blockchain, in partnership with the HBAR Foundation and Swirlds Labs, aims to use decentralized blockchain technology for the digital transformation of carbon markets by creation of an open-source Managed Guardian Service platform.. It includes features such as artificial intelligence and guided search for the UN Framework Convention on Climate Change’s Clean Development Mechanism (CDM) methodology library, contributing to the industry's evolution. Developed on the Hedera Hashgraph (HBAR) blockchain, the platform focuses on a digitized and digital measurement, reporting, and verification (dMRV) system for carbon markets.

As part of regulatory compliance, 28 Virtual Digital Assets (VDA) or crypto service providers have registered with India's Financial Intelligence Unit (FIU). The registration is in accordance with the mandate from India's Finance Ministry, which requires crypto businesses to register with the FIU and adhere to processes outlined in the Prevention of Money Laundering Act (PMLA). This legal obligation includes implementing verification procedures like Know Your Customer (KYC). Notably, major exchanges like CoinDCX, WazirX, and CoinSwitch are among the registered entities, and all 28 appear to be domestic rather than offshore companies.

Crypto.com has obtained authorization to operate as an electronic money institution in the United Kingdom. The approval from the Financial Conduct Authority (FCA) allows Crypto.com, registered as Forisgfs UK, to offer e-money products in the UK. The company has been actively seeking regulatory compliance globally, with recent licenses obtained in Singapore and recognition as a derivatives clearing organization by the U.S. Commodity Futures Trading Commission.

The Financial Sector Conduct Authority (FSCA), South Africa's principal financial regulator, has reviewed 128 applications from crypto service asset providers (CASPs) and plans to discuss 36 of them during its December 12 Licensing Executive Committee meeting. The FSCA will review an additional 22 applications on February 13, and the remaining 14 applications will be considered on March 12. The FSCA's "Crypto Assets Markets Study" for 2023, published on November 30, revealed that 60% of traded crypto in South Africa comprises "unbacked crypto assets," excluding stablecoins and NFTs.

A member of the United States Space Force, Jason Lowery, has written a letter to the U.S. Defense Innovation Board, urging a formal investigation into the use of proof-of-work networks, like Bitcoin, for protecting the country from cyber-inflicted warfare. Lowery emphasizes the broader strategic significance of Bitcoin, beyond its role as a monetary system, suggesting it can be employed to secure various forms of data, messages, or command signals. The Defense Innovation Board, established to bring technological innovation to the U.S. Military, is encouraged to explore the "national strategic importance" of proof-of-work systems like Bitcoin. Source: Cointelegraph

SoFi, the financial services platform that entered the crypto trading space in 2019, is shutting down its crypto business due to increased regulatory scrutiny. New account creation has been disabled, and existing users have a three-week window to migrate their crypto accounts to Blockchain.com before automatic liquidation. The decision comes in the context of SoFi's bank charter, granted in January 2022, with conditions tied to regulatory approval for its crypto business within two years. Source: The Block

Bank of America is set to pay a $12 million fine imposed by the Consumer Financial Protection Bureau (CFPB) for repeatedly sending false information to federal regulators. CFPB Director Rohit Chopra emphasized the bank's violation of federal law and stated that additional measures would be taken to ensure compliance. Source: Daily Hodl

Two individuals involved in exploiting Platypus, an automated market-making (AMM) platform on Avalanche, have been acquitted of criminal charges in France. The court dismissed charges of accessing a computer system, money laundering, and concealment. The accused argued they acted as "white hat hackers" to help the platform fix bugs, but lost control of a significant amount. The judge stated that the actions didn't constitute unauthorized access to a computer system. Source: Bitcoin.com

A United States District Judge, Robert Shelby, has raised concerns about deceptive statements made by SEC lawyers in a legal action against DEBT Box, a crypto company. The SEC's case alleged that DEBT Box deceived investors by $50 million, but the judge highlighted discrepancies and inaccuracies, hinting at possible sanctions for the regulatory body. Source: CoinTelegraph

In a groundbreaking feat, Google's GNoME has uncovered a staggering 2.2 million crystals, with around 380,000 predicted to possess remarkable stability. This discovery not only signifies a leap forward in material science but also underscores the pivotal role of AI technology in accelerating advancements, offering promising prospects for various technological applications in the future. Source: Cryptopolitan

In Brief: Binance, the prominent cryptocurrency exchange, has announced the discontinuation of its native stablecoin, Binance USD (BUSD). The decision follows Paxos ceasing the minting of new BUSD coins. Binance has advised users to withdraw or convert their existing BUSD holdings into alternative assets before December 15. The exchange will initiate the process of disabling BUSD withdrawals starting December 31. Source: CoinTelegraph