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After Bitcoin-supporting libertarian candidate Javier Milei won the elections in Argentina and became the new president, the government introduced a new tax peace bill. The bill includes cryptocurrencies such as Bitcoin (BTC) among the various assets that taxpayers must declare. Citizens who declare their cryptocurrency holdings before March 31 will be subject to a reduced tax rate of 5%, increasing to a maximum of 15% by November 30. The tax rates for cryptocurrencies will apply regardless of the issuer or storage location. (Source: Bitcoinsistemi)

The Hong Kong Securities and Futures Commission (SFC) has released rules for spot bitcoin exchange-traded fund (ETF) issuers, allowing the use of both cash and in-kind creation models. This is in contrast to the U.S. Securities and Exchange Commission (SEC), which insists on the exclusive use of the cash creation model for spot bitcoin ETFs. The SFC's circular provides requirements for authorizing investment funds with exposure to virtual assets of more than 10% of their net asset value for public offerings in Hong Kong. The move aims to meet the growing demand for virtual asset products while ensuring investor protection safeguards. (Source: Bitcoin.com)

The Eastern Caribbean Central Bank (ECCB) has issued a Request for Vendor Information (RFVI) as part of its exploration process for launching a retail central bank digital currency (CBDC), named DCash 2.0. The ECCB is seeking input from parties with deployment-ready solutions for a retail CBDC, including wallet providers, core banking systems, identity managers, business intelligence, and offline payment providers. The current version of DCash, developed by Bitt, has been in pilot status since 2021 and is now exploring integration with other systems, such as real-time gross settlement (RTGS) and financial institution core banking systems. (Source: Cointelegraph.coms)

Microsoft has introduced Copilot, a standalone AI chatbot app available on the Google Play Store for Android users. Developed in collaboration with OpenAI, Copilot integrates advanced language and image generation capabilities from GPT-4 and DALL-E 3 with image analysis features from GPT-Vision. Positioned as an evolution of the Bing search app, Copilot offers a wide range of AI-enhanced tasks, including answering questions, generating visuals, and assisting in document drafting. Notably, Microsoft consolidates various AI-powered services under the Copilot umbrella, providing users with a unified AI companion at no cost. (Source: Cryptopolitan.com)

Hong Kong has introduced a regulatory proposal for the stablecoin industry, outlining a legal framework that mandates stablecoin issuers to acquire a license within the city. The proposal, collaboratively released by the Hong Kong Monetary Authority (HKMA) and the Bureau of Financial Services and Treasury, details key requirements for stablecoin issuers operating in Hong Kong. To qualify for a license, stablecoin issuers must be locally incorporated, possess a governance presence, and establish an effective stabilization mechanism involving a pool of high-quality, highly liquid reserve assets. The proposed framework aims to regulate stablecoins referencing the value of one or more fiat currencies in Hong Kong. (Source: Bitcoinsistemi.com)

The South Korean government has announced the implementation of a unified public official asset disclosure service, incorporating the registration of cryptocurrency holdings. Beginning January 1, 2024, asset disclosure information for public officials, including cryptocurrency holdings, will be accessible through the Public Ethics Management Information System (PETI). This move aims to enhance transparency and accountability in the public sector, ensuring that approximately 5,800 public officials, including high-ranking civil servants, university professors, National Assembly members, and senior public officials, disclose their assets, including cryptocurrencies, through the centralized PETI platform. The initiative is expected to increase public access to information about the assets held by public officials and fortify measures against conflicts of interest. (Source: Cryptoslate.com)

The U.S. Securities and Exchange Commission (SEC) has established a deadline of December 29 for spot Bitcoin ETF applicants to finalize their filing amendments. Spot Bitcoin ETF issuers have been informed that applications fully updated and submitted by this date will be considered in the initial wave of decisions. Notably, the SEC has emphasized that filings mentioning the in-kind creation method will not be considered, urging the use of the cash creation method. This move comes as various spot Bitcoin ETF applications, including those from BlackRock, await regulatory approval, with market participants anticipating potential approval for multiple spot Bitcoin ETFs simultaneously. (Source: Bitcoin.com)

Grayscale Investments, a prominent crypto asset management firm, has undergone leadership changes as it awaits the Securities and Exchange Commission's (SEC) decision on its Bitcoin Trust (GBTC) application to become a U.S. spot exchange-traded fund (ETF). Barry Silbert, the former chairman, has resigned, and Mark Shifke, Chief Financial Officer (CFO) of Digital Currency Group (DCG), Grayscale's parent company, will take over as chairman effective January 1, 2024. The SEC has recently delayed decisions on various ETF applications, including Grayscale's, as the industry anticipates key regulatory developments in the coming months. (Source: Coindesk)

Global payments network Ripple has achieved a significant milestone with official regulatory approval from the Central Bank of Ireland to offer crypto services in the country. The approval includes Ripple's Irish subsidiary, Ripple Markets Ireland Limited, and allows the company to provide digital asset services in Ireland. This regulatory triumph in Ireland comes amid Ripple's ongoing legal battle with the United States Securities and Exchange Commission (SEC), where it recently secured a partial victory. The approval positions Ripple to expand its presence and offerings in the Irish crypto market. (Source: Bitcoinist.com)

Japan is considering significant tax reforms for cryptocurrencies in 2024, with a focus on taxing corporations based on their profits from virtual currency sales. The proposed changes also aim to establish a tax system for individual investors aligning with the tokens they hold. The reforms seek to elevate tax values for corporations engaged in holding and trading cryptocurrencies, fostering innovation and supporting startups in the country. The initiative is part of a broader effort to embrace digital assets, align with blockchain technology, and position Japan within the global landscape of web3. The reforms are anticipated to have a positive impact on the growth of the crypto industry in Japan. (Source: Cryptopolitan)

In a recent interview, Anatoly Aksakov, Chairman of the State Duma Financial Market Committee, revealed that Russia is considering the legalization of cross-border transactions with cryptocurrencies by the second half of 2024. Aksakov emphasized the importance of regulating Bitcoin and other cryptocurrencies in international payments and mentioned plans to issue comprehensive crypto regulations in 2024. The Russian government aims to discuss and potentially pass the law in March or April 2024, taking into account the interests of major players in the country's cryptocurrency market, including those involved in mining and circulation, who are reportedly ready to comply with regulations and pay taxes. (Source: en.bitcoinsistemi.com)

The International Organization of Securities Commissions (IOSCO) has issued nine policy recommendations on Dec. 19, aiming to promote greater consistency in regulatory oversight within and across jurisdictions. While the recommendations cover fundamental principles, such as enforcing applicable laws, their value lies in the detailed treatment provided for each. The guidance emphasizes assessing regulators' powers, tools, and resources, especially in emerging areas like decentralized finance (DeFi), to address potential regulatory evasion strategies by market participants. (Source: Cointelegraph)