Canada Unveils New Bank Capital Rules for Crypto Holdings
Canada’s financial watchdog recommends adjusting its capital and liquidity approach to crypto assets. The Office of the Superintendent of Financial Institutions (OSFI) claims that the proposed guidelines, which define four kinds of cryptocurrency assets and their capital classification, will simplify institutions’ approaches to perceived crypto risks. Up to September 20, OSFI allows public comment on […]
Worldcoin Faces UK Data Probe Over Iris Scans
The Information Commissioner’s Office will investigate the privacy implications of Worldcoin, a crypto project that requires users to scan their irises to get a digital ID and free tokens. About Worldcoin Worldcoin is a cryptocurrency project founded by Sam Altman, the CEO of OpenAI, a research organization that aims to create artificial general intelligence (AGI). […]
ASIC Cancels FTX Australia’s License Amid Crypto Regulation
The local affiliate of the defunct cryptocurrency exchange, FTX Australia, has had its banking license canceled by the Australian financial regulator. The revocation was notified on July 19 by the Australian Securities and Investments Commission (ASIC). It becomes effective on July 14.Until July 12, 2023, the exchange will be permitted to provide a limited range […]
China to Tighten Regulations Around Generative AI Development
In China, the government is contemplating new artificial intelligence (AI) development regulations which are being updated to include acquiring a license before releasing generative AI systems. The Cyberspace Administration of China (CAC) wishes to require local companies to obtain a license before releasing generative AI systems, according to a Financial Times report dated 11 July. […]
Circle Eyes Issuing Stablecoin Under New Japanese Law
Circle, the US-based financial services company and issuer of the popular stablecoin USDC, is exploring the possibility of issuing a stablecoin in Japan. In an interview, Jeremy Allaire, co-founder, and CEO of Circle, stated that he thought Japan might become a key market for stablecoins, especially if they become widely accepted in cross-border trading. Following […]