Day: May 26, 2023

Norges Bank urges nation to forge ahead with national crypto regulation

In a recently published report, Norway’s central bank, Norges Bank, has put forth a proposal, urging policymakers to carefully consider the creation of a comprehensive national strategy for regulating cryptocurrencies.  The report emphasizes the importance of leveraging existing regulations that address risks and enforcement measures while highlighting the crucial need for tailored regulations. Steps towards a robust framework Following the collapse of crypto exchange FTX, which began with the crypto exchange Binance selling its FTT tokens for “risk management reasons”, and the collapse of the Terra (LUNA) crypto token earlier…

French lawmakers agree to loosen rules in proposed crypto influencer bill

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French lawmakers have agreed to tone down the restrictions on a bill first proposed in March that would have severely restricted locally-registered cryptocurrency companies from using influencer marketing. An earlier draft of the bill allowed only licensed crypto companies to engage in influencer marketing. However, while crypto companies are currently required to register with the regulator, none are currently licensed in France nor are they legally required to do so. On May 25, the French Senate said it reached a unanimous agreement on a bill that aims to regulate promotions…

Deposit suspensions hit bridged tokens pending multichain team’s clarification

In response to a series of transaction issues that raised concerns about the Multichain (MULTI) protocol, leading crypto exchange Binance has temporarily suspended deposits for 10 bridged tokens as of May 25. Affected token pairs include polkastarter (POLS), alpacatoken (ALPACA), travala.com (AVA), spell (SPELL), fantom (FTM), alchemy (ACH), beefy (BIFI), superverse (SUPER), harvest finance (FARM), and dexe (DEXE). A temporary suspension In a tweet that went out on May 25, Binance shared that they will temporarily be suspending deposits for bridged tokens-network while they await clarity. The announcement impacts the…

Microsoft urges lawmakers, companies to ‘step up’ with AI guardrails

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Brad Smith, the president of Big Tech firm Microsoft, has called on governments to “move faster” and corporations “step up” amid a massive acceleration in artificial intelligence development. Speaking at a May 25 panel in front of United States lawmakers in Washington D.C., Smith made the call as he proposed regulations that could mitigate the potential risks of AI, according to a report from The New York Times. The company has called for companies to implement “safety brakes” for AI systems that control critical infrastructure and to develop a broader…

RGB protocol may offer solution to Bitcoin’s Ordinals jam, proponent claims

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Gideon Nweze, the founder and CEO of the newly launched Digital Bitcoin Art and Assets (DIBA) nonfungible token (NFT) marketplace, believes there’s an alternative way to bring NFTs to Bitcoin that doesn’t impact block space and transaction fees. Nweze recently put this belief to the test, launching a beta version of his NFT marketplace on May 19. Rather than using Ordinals, it leverages the RGB Smart Contract Protocol to mint NFTs on top of the Bitcoin (BTC) network. Since the introduction of Ordinals Protocol in January, Bitcoin-based NFTs and tokens have…

Circle Unveils New Stablecoin On The Avalanche Blockchain

Circle, a leading stablecoin issuer, has introduced Euro Coin (EUROC) on Avalanche, marking a strategic step towards providing faster and more efficient payment solutions and financial services to developers and users. This launch is part of Circle’s comprehensive multi-chain strategy for EUROC, aimed at expanding its reach and functionality. By offering EUROC on the Avalanche network, Circle enhances the liquidity of the stablecoin and empowers users with the flexibility to transact in euros, complementing their existing USD-backed stablecoin, USD Coin (USDC). This development opens up new avenues for seamless and…