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The Philippines Securities and Exchange Commission (SEC) has banned Binance, sparking worry among Filipino crypto investors about the fate of their cryptocurrencies. Attorney Paolo Ong from the SEC clarified that the ban is part of broader regulatory efforts targeting platforms operating without compliance, not solely focusing on Binance. Approximately 14 platforms faced bans in 2023 for similar compliance failures, reflecting the SEC's uniform approach to protecting investors. Both Binance and eToro were cited for operating without SEC approval, emphasizing the importance of compliance. While a "grace period" has been provided for Binance users to transfer their assets out of the platform, the SEC is drafting regulations to safeguard the growing crypto transactions in the Philippines, which reached $80 billion in 2023. The establishment of the Innovation Office aims to educate the public on the risks and opportunities of new financial technologies while finalizing the regulatory...

Nayib Bukele, the President of El Salvador, announced a groundbreaking initiative to offer 5,000 free passports to highly skilled professionals from around the world. In a tweet, Bukele emphasized that this move aims to attract scientists, engineers, doctors, artists, and philosophers to the country, promising significant benefits and opportunities. Under the plan, recipients of the free passports will be granted full citizenship status, including voting rights, and will enjoy incentives such as 0% taxes and tariffs on moving families and assets. This initiative represents a strategic effort by El Salvador to bolster its talent pool and position itself as a global hub for innovation and development. The announcement comes amidst El Salvador's recent initiatives to attract foreign investment and talent, including the adoption of Bitcoin as legal tender and the passage of a new migration law offering expedited citizenship to foreigners contributing to the country's social and economic...

DigiFT Singapore, has introduced its second-series RWA depository receipt (DR) token, the DigiFT USD Money Market Fund Token (DMMF). This token provides investors with a secure and compliant cash management option within the crypto space. The launch of DMMF comes amidst increasing demand for tokenized financial products, highlighted by the success of BlackRock's tokenized fund, which raised $160 million within a week of its debut. DigiFT's DMMF token offers investors a direct beneficial interest in a money market fund managed by licensed fund managers, investing in high-quality, short-term money market instruments and debt securities. Issued on Ethereum and Arbitrum, the DMMF Token targets stablecoin holders interested in treasuries or cash solutions, providing an additional option for stablecoin yield. The token's unique issuance structure, based on DigiFT's innovative DR model, ensures that each token accurately represents a share of the underlying securities' income rights,...

Lawmakers in Paraguay have introduced a draft bill to ban crypto mining in response to concerns about illegal mining operations draining power and disrupting the country's electricity supply. If passed, the ban would last 180 days or until new laws are enacted to address the issue. However, experts warn that such a ban could cost Paraguay over $200 million annually, considering the significant contribution of legal bitcoin mining operations to the country's trade balance. With a relatively small population and GDP, Paraguay has benefited from bitcoin mining's positive economic impact. The proposed ban may affect major players like Marathon Digital Holdings, which operates around the Itaipu hydroelectric power plant, a popular site for miners due to its surplus electricity supply. While illegal mining operations have caused disruptions and losses to the power grid, legal bitcoin mining has been a boon to Paraguay's economy. Similar to the situation in Kazakhstan, where crackdowns on...

Coinbase has emerged victorious in an ongoing lawsuit as the United States Court of Appeals for the Second Circuit ruled in its favor, confirming that secondary sales of cryptocurrencies on its platform do not violate the Securities Exchange Act. The ruling affects a nationwide group of individuals who traded tokens on Coinbase between October 8, 2019, and March 11, 2022. At the center of the dispute was whether cryptocurrencies traded on Coinbase met the criteria for securities. The plaintiffs alleged that Coinbase's actions constituted offering and selling unregistered securities, leading to federal and state law claims related to securities legislation. However, the court sided with Coinbase, arguing that secondary crypto asset sales did not meet securities transaction criteria, thus overturning some lower court decisions while upholding others. The ruling hinged significantly on interpreting Coinbase's evolving user agreements, with discrepancies hindering a definitive...

Coinbase, a prominent cryptocurrency company based in the United States, has secured a restricted dealer license in Canada. This license allows Coinbase to officially operate in Canada in compliance with regulatory requirements. The process of acquiring this license involved extensive discussions with multiple regulators since March 2023, indicating that Coinbase has invested significant effort to ensure compliance with Canadian regulatory standards. This achievement underscores Coinbase's dedication to being a trustworthy and law-abiding entity within the cryptocurrency industry. Coinbase's presence in Canada dates back to 2023 when it began offering services in the country and formed a partnership with Peoples Trust Company, a local financial firm, to provide services to Canadians. Additionally, Coinbase established a tech hub in Canada in April 2024, creating employment opportunities for nearly 200 individuals, further demonstrating its long-term commitment to the Canadian market....

Brazil is introducing a new taxation scheme for cryptocurrencies, to change the way these assets are taxed. Under proposed bill to be presented to the National Congress, cryptocurrencies would be taxed similarly to shares and capital instruments with variable exchange rates, rather than being categorized as goods. The bill suggests taxing crypto investments at a rate of 15% of the income generated from operations involving cryptocurrencies. Currently, cryptocurrency gains in Brazil are taxed as goods, subject to capital gains tax based on transaction volumes, ranging from 15% to 22.5%. The proposed tax regime would apply to cryptocurrency and non-fungible tokens (NFTs) traded by investors transacting over a certain threshold monthly. However, it remains uncertain whether the bill will alter the existing thresholds, potentially exempting small-scale cryptocurrency traders from taxation. The proposed changes are expected to be implemented in 2025, pending approval by Congress after...

Elon Musk is aiming to deploy his artificial intelligence venture, xAI's chatbot Grok AI, in the European Union (EU), as part of his strategy to expand its global reach. Musk's ambition aligns with the development of Grok 2, touted as a groundbreaking AI chatbot set to revolutionize the field. Grok AI's recent version 1.5 launch received significant attention, showcasing Musk's commitment to advancing AI technology. With plans for Grok 2 underway, Musk aims to outpace existing AI chatbot models and enhance Grok's capabilities further. The move to seek EU approval for Grok AI indicates Musk's intention to tap into new markets and cater to a broader audience. However, uncertainties persist due to the EU's stringent regulatory environment. In addition to targeting the EU market, Musk hinted at integrating AI into his social media platform, X, to enhance user experience and engagement. This strategic move underscores the pivotal role xAI, including Grok AI, will play in shaping the...

The United States and the United Kingdom have joined forces to lead safety trials for advanced artificial intelligence (AI) systems, marking a significant milestone in addressing concerns surrounding AI safety. The collaboration aims to develop robust evaluation methodologies for AI agents, systems, and models, focusing on dependability, safety, and ethical standards. The alliance underscores the importance of international cooperation in navigating the complex landscape of AI safety and ethics. By standardizing scientific approaches and fostering convergence, the partnership seeks to establish moral standards and protocols in AI development and application. One of the key objectives is to address bias, discrimination, and safeguard against malicious uses of AI. The collaboration aims to mitigate bias-related harms and promote inclusion in AI-driven ecosystems. Additionally, efforts are underway to strengthen societal resilience against emerging threats posed by malicious use of AI...

Global payment giant PayPal has announced that all users in the United States, except residents of Hawaii, will now have the ability to facilitate money transfers to friends and family abroad using USD converted from the PayPal USD (PYUSD) stablecoin. This move allows US customers leveraging PayPal's cross-border payments platform, Xoom, to convert PYUSD to USD and send money to recipients in approximately 160 countries with no transaction fees. Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal, emphasized that the introduction of PYUSD aims to drive mainstream adoption of cryptocurrencies while offering an easy and cost-effective way to securely send money internationally. This development underscores the growing importance of stablecoins in facilitating efficient and affordable cross-border transactions. The stablecoin market is witnessing increased competition, with various alternatives emerging to compete for...

The Monetary Authority of Singapore (MAS) has announced amendments to the Payment Services Act (PS Act) to broaden regulation of digital payment token (DPT) service providers. The amendments, set to be implemented in stages starting April 4, will bring custodial services for DPTs, token transfers, exchange facilitation, and cross-border money transfers under the scope of the PS Act. MAS clarified that the amended law covers cases where service providers do not handle funds or where transactions do not occur in Singapore. The updates empower MAS to impose requirements on DPT service providers related to anti-money laundering, user protection, and financial stability. Transitional arrangements will be provided for affected entities, requiring them to notify MAS within 30 days and apply for a license within six months of April 4 to continue operations under review. Noncompliant entities face closure when the amendments take effect. Additionally, MAS will introduce amendments...

Argentina's government has initiated measures requiring cryptocurrency exchanges to operate legally in the country. The Comisión Nacional de Valores (CNV), Argentina's securities regulator, announced on March 25 that virtual asset service providers must comply with Financial Action Task Force (FATF) recommendations regarding Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) laws. The implementation of these requirements follows the approval of modifications to Argentina's laws aimed at preventing money laundering and terrorism financing by the country's senate on March 14. CNV President Roberto Silva emphasized that unregistered virtual asset service providers would not be permitted to operate in Argentina. The move comes amid concerns about the future of digital assets in Argentina, particularly following the ascension of President Javier Milei, who was initially seen as pro-Bitcoin. However, the enforcement of FATF requirements has raised apprehensions...