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Cryptocurrency exchange Binance has withdrawn its license application with Abu Dhabi’s financial regulator, the Financial Services Regulatory Authority (FSRA). The decision is part of Binance's global licensing reassessment and is unrelated to the recent $4.3 billion U.S. settlement. Binance has recently withdrawn from licensing processes in Germany and Cyprus, exited the Netherlands, and continues to navigate regulatory challenges in various jurisdictions and expresses commitment to working with regulators in the Middle East. (Source: Bitcoin.com)

HashKey Capital's report lauds Thailand as the crypto hotspot of 2023, citing trading volumes reaching $116 billion from January to October. Despite high trading volumes, crypto payments are still outlawed in Thailand, causing uncertainty in the retail sector. The government's proposal to tax overseas income could impact crypto traders earning abroad and bringing funds into the country. The report also highlights ongoing efforts to reclassify crypto as an investment product, potentially aligning it with stocks and subjecting it to securities regulations. Thailand's central bank remains anti-crypto, threatening crackdowns and leaving the retail sector uncertain about the future of cryptocurrencies in the country.

Meta has introduced Purple Llama, an umbrella project aimed at promoting responsible development in the field of open generative AI models. Purple Llama focuses on addressing concerns related to AI cybersecurity and safeguards. The initiative incorporates a "Purple teaming" approach, combining offensive (red team) and defensive (blue team) strategies for collaborative risk assessment. The project initially provides tools and evaluations centered on cybersecurity, including metrics to quantify risk, assess insecure code suggestions, and make it harder for language models to generate malicious code. Meta aims to reduce the frequency of insecure AI-generated code with industry-standard benchmarks.

IBM has unveiled the Hyper Protect Offline Signing Orchestrator (OSO), a secure solution for managing digital assets in offline "cold storage" systems. Developed in collaboration with Swiss digital asset custodian Metaco, OSO aims to improve security, reduce costs, and enhance overall resilience by addressing the challenges associated with manual transaction authorization. The technology integrates with Metaco's Harmonize platform, providing users with an advanced and secure solution for digital asset management.

Anatoly Legkodymov, the founder of the cryptocurrency exchange Bitzlato, has pleaded guilty to operating an unlicensed money-transmitting business. Bitzlato had ties to the dark web, and Legkodymov's guilty plea comes as part of the Department of Justice's (DOJ) efforts to dismantle illicit cryptocurrency operations. The DOJ had previously shut down Hydra Market in 2022, an online marketplace linked to Bitzlato, seizing approximately $700 million worth of cryptocurrency exchanged between the two platforms. Legkodymov will forfeit $23 million as part of the legal resolution.

The surge in generative artificial intelligence (AI) development has prompted governments worldwide to accelerate efforts in regulating the emerging technology. The European Union's AI Act, recognized as an innovative set of regulations, has seen negotiators agreeing on controls for generative AI tools like OpenAI's ChatGPT and Google's Bard. Concerns about potential misuse have led the United States, the United Kingdom, China, and other G7 countries to hasten their work on AI regulation. Australia conducted an eight-week consultation seeking feedback on whether "high-risk" AI tools should be banned. China introduced regulations in August to oversee the generative AI industry.

Do Kwon, co-founder of Terraform Labs, is reportedly set to be extradited to the United States instead of South Korea to face criminal charges. Montenegro's Justice Minister plans to grant the U.S. officials' request for extradition. Kwon, arrested in Montenegro in March for using falsified travel documents, has also been charged in the U.S. and South Korea for his alleged involvement in the collapse of Terraform Labs. If extradited to the U.S., Kwon faces charges including commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation. The collapse of Terraform Labs in May 2022 triggered a cryptocurrency market downturn.

The residents of the Swiss city of Lugano now have the option to settle their tax bills and other community fees with Bitcoin (BTC) and the stablecoin USDT. The move is part of Lugano's effort to integrate blockchain and BTC into various aspects of daily life, making payments more flexible and modern. Bitcoin Suisse, a crypto-native pioneer, is the technical infrastructure provider for Lugano. This development follows the trend in Switzerland, with several other cities and cantons already accepting cryptocurrency payments.

IBM and Meta, along with over 50 tech companies, have established the 'AI Alliance' to advance the development of artificial intelligence (AI). The alliance emphasizes commitments to safety, collaboration, diversity, economic opportunity, and universal benefits. Members include AMD, Dell Technologies, Red Hat, Sony Group, Hugging Face, Stability AI, Oracle, the Linux Foundation, and educational institutions such as Cornell University, University of California Berkeley, and NASA. The AI Alliance aims to engage the academic community and has a collective annual research and development investment exceeding $80 billion.

A bill introduced in New Jersey seeks to classify all cryptocurrencies issued and sold directly to institutional investors as securities. This contrasts with the U.S. Securities and Exchange Commission's (SEC) stance, which considers bitcoin not to be a security but views most other crypto tokens as securities. The proposed legislation in New Jersey would subject virtual currencies sold to institutional investors to the state's "Uniform Securities Law" and any relevant regulations from the Bureau of Securities. The bill is currently under review by the Assembly Financial Institutions and Insurance Committee, with further hearings and a committee vote to follow.

A pro-blockchain bill, known as the "Deploying American Blockchains Act," has received unanimous approval from the U.S. House Committee on Energy and Commerce. The legislation aims to direct the U.S. Secretary of Commerce to support and promote the competitiveness of the United States in deploying, using, and applying blockchain technology or other distributed ledger technology. While not a high-profile bill, its approval signifies a positive step for blockchain-friendly initiatives in Congress. The legislation has yet to face further scrutiny and approval by the overall House.

The Securities and Futures Commission (SFC) of Hong Kong has blocked access to the websites of crypto entities Hong Kong Digital Research Institute and BitCuped, citing concerns about potential fraud. The SFC issued a warning, stating that misleading information online could entice individuals to invest in the HKD token issued by HongKongDAO. Cease-and-desist letters were sent to the operators of the firms' websites. The regulator highlighted suspicions that HongKongDAO may be spreading false and misleading information about itself and its business through online channels.