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FameEX Morning Crypto News Recap | November 7, 2023
2023-11-07 12:06:15
Hong Kong's Regulatory Body Intends to Broaden Scope of Cryptocurrency Asset Management
The Hong Kong Monetary Authority is advancing plans to expand its regulatory oversight to stablecoin issuers within the virtual asset sector. Furthermore, it is in the process of creating an extensive set of regulations for banks that will govern the offering of custody services for these digital assets.
Georgia's National Bank Teams Up with Ripple for Digital Currency Pilot Tech Support
The National Bank of Georgia has chosen Ripple as the sole technology partner for its digital GEL project, a new central bank digital currency. Ripple's reputable CBDC solution stood out among eight other candidates, securing its role in propelling the pilot stage of Georgia's digital currency initiative forward.
Elon Musk Declares His Firms Will Not Engage in Creating a Proprietary Cryptocurrency Token Elon Musk, CEO of Tesla and SpaceX, has made it clear that none of his ventures will venture into issuing cryptocurrency tokens. His statement comes in the wake of a cryptocurrency misappropriating his AI company's name and erroneous reports tying his social media endeavor, platform X, to crypto tokens. OpenAI Vows to Finance Legal Defense for ChatGPT Users in Copyright Lawsuits OpenAI's "Copyright Shield" promises to fund legal defenses for copyright suits targeting users of its ChatGPT Enterprise and developer platform, mirroring similar commitments by tech giants like Google and Microsoft. This support, however, is not available for users of the free or Plus versions of ChatGPT. SEC Auditor Reports Ban on Cryptocurrency Holdings Obstructs Staffing Initiatives The U.S. Securities and Exchange Commission's Inspector General has highlighted recruitment difficulties within the agency, especially for cryptocurrency experts, attributing the struggle to a scant candidate pool and fierce private sector rivalry, as revealed in the OIG's annual management and performance evaluation. Hong Kong Regulator Establishes Guidelines for Tokenized Investments as Demand Grows Hong Kong's SFC has issued detailed requirements for businesses dealing in tokenized securities, providing guidance on 12 critical areas. These include protocols for tokenization processes, mandated disclosures, rules for intermediaries, and the expertise expected of staff to manage tokenized security transactions, as per the latest regulatory circular. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
