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The European Central Bank (ECB) has announced plans to allocate €1.2 billion to private-sector partners for the development of a digital euro. The ECB will seek partners for five initiatives, including developing offline payments and risk and fraud management. The move is part of the ECB's efforts to advance the digital euro project, with contracts expected to cover various aspects, from app development to offline payment solutions. ECB President Christine Lagarde had previously stated that the development of a central bank digital currency (CBDC) would take two years.(Source: Dlnews)

The US Commodity Futures Trading Commission (CFTC) has issued a report on decentralized finance (DeFi), emphasizing the spectrum between centralization and decentralization in most DeFi systems for regulatory consideration. The report aims to guide US policy discussions and inform ongoing dialogues at the US Congress, state legislatures, and regulatory bodies. It highlights concerns over the lack of clear lines of responsibility and accountability in DeFi systems, recommending collaborative efforts between regulatory bodies and industry participants to address risks and foster a more secure DeFi landscape.. (Source: Coingape)

Coinbase UK is taking steps to comply with the Financial Conduct Authority's (FCA) stringent regulations by introducing a risk-acknowledgment form for its users. The form requires UK users to specify their investor classification and confirm their understanding of the high-risk nature of cryptocurrency investments. This move aligns with the FCA's updated financial promotion policy, reflecting Coinbase's commitment to compliance in the evolving regulatory landscape. (Source: Dailycoin)

Jay Clayton, the former chair of the United States Securities and Exchange Commission (SEC), expressed his belief that the approval of a spot Bitcoin exchange-traded fund (ETF) is inevitable. During an appearance on Squawk Box, Clayton noted that there's "nothing left to decide" and acknowledged the current strength of the Bitcoin market. His comments come just ahead of the SEC's January 10th deadline, where several companies, including Invesco, VanEck, and WisdomTree, have applied for approval. If granted, a spot Bitcoin ETF could contribute to greater mainstream adoption of cryptocurrencies in the United States. (Source: Crypto.news)

Bitcoin's price has exceeded $47,000 for the first time since April 2022, marking a significant surge as the United States Securities and Exchange Commission (SEC) approaches the deadline for potential approval of spot Bitcoin exchange-traded funds (ETFs). The cryptocurrency jumped over 6.5% in the last 24 hours, reaching a year-to-date high at $47,284. This comes as the SEC reissues a warning about FOMO (Fear of Missing Out) crypto investing just ahead of the anticipated approval of spot Bitcoin ETFs, expected to attract significant investment in the coming years.

Upbit Singapore, a subsidiary of South Korea's leading crypto exchange Upbit, has announced the acquisition of a Major Payment Institution License from the Monetary Authority of Singapore (MAS). This achievement follows the in-principle approval received in October 2023, positioning Upbit Singapore among the few fully licensed exchanges adhering to Singapore's stringent regulatory standards. The Major Payment Institution License adds to Upbit APAC's portfolio, a prominent global digital asset group, which already operates regulated exchanges in Singapore, Indonesia, and Thailand, along with managing VerifyVASP, a globally recognized Travel Rule solution provider.(Source: Cryptonews)

The much-anticipated approval of a Bitcoin Exchange-Traded Fund (ETF) in the United States is nearing fruition, as major players such as BlackRock, Grayscale, and 21Shares have submitted crucial 19b-4 amendments in response to the Securities and Exchange Commission's (SEC) request. This marks a crucial stage in the approval process, hinting at possible unofficial approval. The next steps involve asset managers completing S-1 documents, potentially paving the way for US exchanges to list shares of investment securities linked to Bitcoin. Analysts expect the SEC to review the documents next week, with ETF trading potentially commencing the following Thursday if approved. Despite this positive development, the cryptocurrency market has shown limited excitement, with Bitcoin struggling to recover from recent declines and trading below $44,000. Other cryptocurrencies, including Solana and Ethereum, also exhibit cautious investor sentiment.(Source: Cryptopolitan)

Companies in Nigeria's cryptocurrency sector are responding to the Central Bank of Nigeria's (CBN) approval of the cNGN stablecoin project. Nigerian banks and fintechs, part of the Africa Stablecoin Consortium (ASC), introduced cNGN in December, aiming to provide benefits to token holders and the Nigerian economy. Crypto analyst Rume Ophi believes the country's crypto community will appreciate the new stablecoin, emphasizing the importance of promotion and education efforts. While there are reports that cNGN will complement Nigeria's stablecoin eNaira, opinions differ on the compatibility of stablecoins on public and private blockchain networks. (Source: Cointurk)

Próspera ZEDE, the special economic zone in Honduras, has formally acknowledged Bitcoin (BTC) as a legitimate unit of account. The recognition covers various commercial, tax, and financial transactions within the zone. The announcement, made by Jorge Colindres, acting manager and Tax Commissioner of Próspera ZEDE, outlines the conditions under which legal entities can adopt Bitcoin as their unit of account. Entities interested in doing so must file a notice with the Tax Commissioner within thirty days of the relevant tax period, referencing an approved major cryptocurrency exchange, such as Kraken or Coinbase. (Source: Finbold)

Banco de España has selected its collaborators for central bank digital currency (CBDC) tests, partnering with Cecabank, Abanca, and Adhara Blockchain. This collaboration comes a year after the central bank issued an open call for participants. The CBDC program, separate from the digital euro project, will involve a simulated tokenized bond settlement as part of the experiment with the Cecabank-Abanca consortium. Additionally, Spain's Ministry of Economic Affairs and Digital Transformation announced plans to implement the European Union's Markets in Crypto-Assets Regulation six months ahead of the deadline. (Source: Cointelegraph)

Universal Music, the world's largest music group, has filed a lawsuit against Anthropic, a rival of OpenAI, alleging that its AI-based platform Claude produces lyrics that are "nearly word-for-word" copies of copyrighted material. In a parallel development, visual artists are taking legal action against AI ventures Stability AI, Midjourney, and DeviantArt, claiming copyright infringement. The artists argue that these platforms utilized their works' styles without obtaining proper permissions or providing due credit and compensation. In the U.S., AI developers facing copyright claims have often turned to the "fair use doctrine" as a defense strategy. This legal approach, previously employed by Google in 2015, hinges on factors such as the purpose and character of the use, the nature of the copyrighted work, the amount used, and the impact on the market for the original work. The cases underscore the intricate legal landscape surrounding copyright issues in the evolving field of...

On January 4, influential figures in Turkey's cryptocurrency sector, including Tansel Kaya, Turan Sert, Devrim Danyal, Vedat Güven, and Nurullah Dündar, convened at Istanbul University to deliberate on the circulating draft of Turkey's cryptocurrency law. While the draft has not been officially confirmed, discussions shed light on its key aspects: Access to Global Exchanges: Turkish crypto investors will retain the ability to trade on global exchanges. Foreign Exchange Regulation: Foreign exchanges seeking to serve Turkish investors must establish a local company in Turkey, obtain permission, and comply with regulatory standards. Taxation Focus: The draft currently lacks details on taxation, with the primary emphasis on combating money laundering. Taxation considerations are expected to emerge in a subsequent phase. Regulation and Oversight: Exchanges operating in Turkey will be subjected to regulatory frameworks and oversight. The draft is anticipated to undergo scrutiny by the Plan...