FameEX Morning Crypto News Recap | July 19, 2024

Banks and Financial Institutions Embrace Blockchain Technology for Asset Tokenization

Cryptocurrencies emerged during the 2008-2009 financial crisis as bank alternatives. Now, many Wall Street banks and financial institutions are engaging in cryptocurrency and adopting blockchain technology. They are creating private blockchains to secure asset records. With increasing investment, widespread blockchain adoption by banks seems imminent.

Google Launches CoSAI: The Secure Artificial Intelligence Alliance

Google launched the Consortium for Secure Artificial Intelligence (CoSAI) with founding members like Amazon, Intel, Microsoft, Nvidia, IBM, and others. Emphasizing collaboration, Google stated that implementing industry frameworks requires close cooperation. Thus, CoSAI was established with industry peers to enhance AI security.

Hong Kong Monetary Authority Mandates Stablecoin Issuers to Deposit Reserve Assets in Licensed Banks

The Hong Kong Monetary Authority (HKMA) advises stablecoin issuers to deposit reserve assets in licensed Hong Kong banks for better protection in case of business interruption or bankruptcy. The HKMA allows placing reserves in other regions if issuers demonstrate necessity and ensure proper risk management and user rights protection.

Greece to Implement Cryptocurrency Taxation Starting in 2025

The Greek government plans to tax cryptocurrencies and digital assets by January 2025. A special committee will present findings to the Ministry of Economy and Finance. Although not yet official, the framework proposes taxing profits from cryptocurrency and digital asset transactions at 15% as capital gains from securities sales.

South Korea's "Virtual Asset User Protection Act" Enforces Stricter User Protection Measures for Crypto Exchanges

South Korea's first cryptocurrency regulatory framework, the Virtual Asset User Protection Act, is now fully effective, emphasizing investor protection. Approved on July 18, 2024, the law includes a one-year grace period to refine regulatory details, ensuring robust measures to safeguard investors and secure virtual asset transactions.

PayPal Advocates for Tailored Regulatory Framework to Enhance Diversity in Financial Services

On July 18, PayPal urged the business community to support a customized regulatory framework promoting choice and diversity among financial service providers and industries. PayPal also suggested that a digital dollar could be the next logical evolution of the U.S. dollar in the future.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.