Day: July 12, 2023

South Korea to ask firms to disclose crypto holdings from 2024

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The South Korean government is continuing to develop tighter regulations targeting the cryptocurrency industry with the introduction of new asset disclosure rules. On July 11, South Korea’s Financial Services Commission (FSC) announced a new bill that will require all firms that issue or hold cryptocurrencies like Bitcoin (BTC) to disclose their holdings. According to the announcement, the FSC reviewed related proposals and gave the green light to the exposure draft bill that introduces mandatory disclosure requirements for crypto. The new measures aim to enhance transparency in accounting and disclosure of…

European Banking Authority calls for early adoption of stablecoin standards

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In advance of required regulations that are expected in a year, the banking watchdog for the European Union asked stablecoin issuers to voluntarily follow certain “guiding principles” on risk management and consumer protection. The European Banking Authority (EBA) released its first set of measures on Wednesday, July 12, for public comment in an effort to clarify the Markets in Crypto Assets Regulation (MiCAR) requirements for the issuance of a stablecoin that would take effect on June 30, 2024. They contain clauses like a perpetual right of redemption and guidelines for…

How to use chatbots for virtual assistance

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Businesses and individuals are continually looking for novel methods to improve customer service, optimize operations and provide individualized experiences in today’s digital world.  Chatbots, a potent tool for virtual support, allow for effective and automated user interactions. This article will explain how chatbots may revolutionize organizations’ interactions with their customers and streamline internal operations by providing virtual support. Understanding chatbots: The foundation of virtual assistance It’s crucial to understand the principles of chatbots before delving into their practical applications. Conversational agents that use artificial intelligence (AI) to replicate human-like discussions…

A Second Round of the Lummis-Gillibrand Crypto Bill Elevates U.S. CFTC, Defines DeFi

About a month ago, the senators met with Lael Brainard, director of the White House’s National Economic Council and a former Federal Reserve governor who oversaw its research into central bank digital currency (CBDC), going over the details of the legislation for about an hour, said people familiar with the effort behind the new bill. The lawmakers’ staffs have also had regular contact with the relevant financial agencies, the people said. They said this bill was designed to find a middle road between the parties, and many of its provisions…

Ethereum Layer-2 Blockchain Starknet ‘Quantum Leap’ Upgrade Goes Live, for Speedier Transactions

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Stablecoin Issuers Urged to Anticipate EU’s MiCA Rules by Banking Agency EBA

Issuers of e-money tokens tied to fiat currency and of asset-reference tokens linked to other products such as gold should start adhering to MiCA’s “high standards” of disclosure to potential users sooner rather than later, non-binding guidelines published by the Paris-based agency said, offering a template form for companies to voluntarily notify intentions to national regulators. Original Source agencyAnticipateBankingEBAEUsIssuersMiCARulesStablecoinUrged CryptoX Portal

High skilled jobs most exposed to AI, impact is still unknown

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An employment outlook paper suggests that highly skilled professions are the most exposed to artificial intelligence while its potential impact on employment is yet to be seen. The Organisation for Economic Co-operation and Development (OECD) released its latest employment  report, with a focus on labour demand and widespread shortages given ongoing high inflation and resulting fiscal policies around the world. A key takeaway is covered in a chapter dedicated to exploring why there is no significant sign of slowing labour demand due to advancements in AI. Measures of AI exposure show…