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The National Defense Authorization Act (NDAA) in the United States has seen the removal of two Anti-Money Laundering (AML) provisions related to cryptocurrency. The first provision involved coordinating with regulators to establish a risk-focused examination and review system for financial institutions dealing with crypto. The second provision targeted combating anonymous crypto transactions, requiring a report on volumes linked to sanctioned entities and regulatory approaches in other jurisdictions. The elimination of these provisions suggests a reevaluation of cryptocurrency AML measures within the NDAAThe removal of these provisions suggests a shift in focus away from cryptocurrency AML measures within the NDAA framework. (Source: Cointelegraph)

Starting January 29, 2024, Google is imposing stricter advertising standards for Cryptocurrency Coin Trusts in the United States. Advertisers promoting these financial products, which allow investors to trade shares in pools of digital currency, must adhere to new guidelines to obtain Google's certification. The move underscores Google's commitment to ensuring a credible, responsible, and legal environment for financial advertising on its platform. Advertisers are required to demonstrate compliance with the heightened requirements, emphasizing global policy adherence and local law alignment. Google's warnings will precede any account suspension, providing advertisers with a grace period to adjust to the new rules. The update aims to enhance accountability, transparency, and consumer protection in the cryptocurrency advertising space. (Source: Cryptopolitan)

Singapore and China have initiated a cross-border pilot program for the use of China's central bank digital currency (CBDC), the digital yuan (e-CNY). The program, a collaboration between the Monetary Authority of Singapore (MAS) and the People’s Bank of China’s Digital Currency Institute (PBCDCI), aims to simplify transactions for tourists in both countries. The move marks a critical step in the internationalization of the digital yuan, showcasing its potential as a global digital currency. Additionally, the Chinese Central Bank, in collaboration with the Hong Kong Monetary Authority (HKMA), is progressing into the second phase of integrating the digital yuan for payments and cross-border transactions within Hong Kong. This initiative strengthens financial ties and sets a precedent for future collaborations in the digital currency space. (Source: Cryptopolitan)

The IRS is actively seeking input from stakeholders on proposed cryptocurrency tax reporting measures until January 25, 2024. These regulations are part of the American Families Plan Act of 2023 and will target brokers and intermediaries in the crypto business. If implemented, crypto exchanges and brokers would be required to report transactions exceeding $10,000 to the IRS and maintain customer knowledge and detailed transaction records. The move comes as the IRS intensifies efforts to combat cryptocurrency tax fraud, with tax-related issues accounting for about half of digital asset investigations in the previous fiscal year. (Source: Coingecko.com)

The Indian government has expressed its support for startups innovating in the Web3 sector, including those focused on blockchain technology. The Minister of Electronics and Information Technology, Rajeev Chandrasekhar, mentioned the government's commitment to ensuring that innovators from India contribute to shaping the future of Web3 and the internet. Chandrasekhar highlighted the establishment of a Centre of Excellence (CoE) for blockchain technology, initiated in March 2020, as part of collaborative efforts involving various entities. The CoE serves as a specialized incubation facility for startups in emerging technologies, providing infrastructure, technology support, leadership, mentoring, training, and networking opportunities. (Source: Bitcoin.com)

The Realm of Historia project has announced plans to use blockchain technology and Non fungible tokens (NFTs) to preserve Armenian cultural heritage. The initiative, starting with the digital asset collection "Realm of Historia: Carahunge X," aims to digitize historical artifacts and physical sites. The Solana blockchain has been chosen for its efficiency and transparency. The project not only focuses on preserving cultural heritage but also supports local artists in Armenia through collaborations with entities like the Yerevan Biennial Art Foundation, A1 Art Space, and Latitude Art Space. (Source: Cointelegraph)

In 2023, Kazakhstan's Financial Monitoring Agency (FMA) took action against nearly a thousand illegal crypto exchanges operating in the country without proper registration. The FMA blocked access to 980 platforms, launched nine investigations into "illegal exchange operations," and initiated measures against money laundering. This move is in line with Kazakhstan's Digital Assets Law, enacted in February 2023, which prohibits the creation and trading of digital currencies and engaging in cryptocurrency exchange activities without obtaining a national license. The Astana International Financial Center (AIFC) is responsible for granting preliminary approval for such operations. (Source: Coingecko)

Two cryptocurrency-related provisions addressing anti-money laundering concerns have been removed from the joint version of the National Defense Authorization Act (NDAA), a crucial military-funding bill in the U.S. The provisions aimed to establish an anti-money laundering examination standard for crypto assets and require a report on the use of privacy coins and other "anonymity-enhancing technologies" in crypto. The NDAA, considered a must-pass bill, frequently sees amendments and was seen as a potential pathway for introducing digital-asset regulations this year in the U.S. The removal suggests a setback for immediate cryptocurrency regulatory efforts in the country. (Source: Coindesk)

The UK's antitrust regulator is considering launching a merger investigation into Microsoft's collaboration with OpenAI, worth several billion dollars. This follows OpenAI's disclosure that Microsoft would hold a non-voting board seat. The investigation will assess whether the collaboration represents an "acquisition of control." Microsoft emphasized it only plays a non-voting observer role and is willing to cooperate with the investigation. The regulator previously examined Microsoft's operations earlier this year. The collaboration involves a significant investment from Microsoft in OpenAI, aiming to advance artificial intelligence. (Source: Cointelegraph)

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.