Month: September 2023

Taiwan to restrict unregistered, noncompliant foreign crypto exchanges

East Asian country Taiwan is reportedly planning to put restrictions on unregistered overseas crypto exchanges operating within its jurisdiction as a part of its incoming guidance for virtual asset service providers (VASPs).  On Sept. 7, a local media outlet, the Central News Agency, reported that the Financial Supervisory Commission (FSC) of Taiwan had created a draft of 10 guiding principles for the management of virtual currencies in the country. The draft guidelines include enhancing information disclosure and require operators to set standards for reviewing listing and delisting. In addition, they also…

Morgan Stanley to Deploy AI Chatbot with OpenAI for Wealth Clients

The new AI chatbot will allow Morgan Stanley cater more effectively to its growing wealth division and the teeming clients there. American financial services company Morgan Stanley is looking to introduce an artificial intelligence (AI) chatbot in interactions with its wealthy clients. Morgan Stanley developed the chatbot in collaboration with OpenAI, the company behind ChatGPT. Both Morgan Stanley and OpenAI have been working on the AI chatbot for a while now. Morgan Stanley is now ready to launch the AI tool after a testing period that lasted a few months and involved 1,000 financial…

Coinbase (COIN), Circle (USDC), Aave Create Advocacy Group for Tokenized Real-World Assets

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Planetarium Labs Unveils Two Cutting-Edge Blockchain Games

Both games incorporate Web3 innovations such as self-balancing tokenomics and dynamic guild warfare systems, giving top guilds the power to influence in-game resources and rewards. In an announcement during the ongoing Korea Blockchain Week (KBW), which started on September 4, Planetarium Labs, a leading Web3 gaming company, has unveiled two innovative blockchain games that promise to redefine the gaming experience for players. The first game, Verse8, is an open-source, decentralized rogue-like RPG protocol with a rich multiverse backstory, adding depth and excitement to the gameplay. According to a press release shared…

UNESCO Releases First Guidelines for Generative AI in Education

UNESCO seeks to strike a balance between the benefits of GenAI and the preservation of traditional, fundamental learning experiences. UNESCO, the United Nations Educational, Scientific, and Cultural Organization, has taken a significant step in shaping the future of education by releasing its first-ever guidance on the use of Generative AI (Gen AI) for educational purposes. This landmark publication, issued on September 7th, emphasizes the importance of regulating Gen AI in education to ensure data privacy and safeguard the well-being of learners. UNESCO Calls for Responsible AI Adoption UNESCO’s guidance serves…

Korean Giant Links Up With Polygon, Can It Push MATIC Above $1?

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A major Korean finance powerhouse, Mirae Asset Securities, has joined hands with a popular blockchain network, Polygon. This partnership has ignited curiosity about how it might impact the price of Polygon’s native cryptocurrency, MATIC.  Top Financial Organizations Join Forces With Polygon To Create Tokenized Securities Network In the early hours of today, September 7, 2023, South Korea’s largest financial group, Mirae Asset Securities, with over $500 Billion under manager, announced they are connecting to the Polygon network. According to the report, the collaboration aims to increase the adoption of Web3 technologies…

US Treasury and IRS Propose Cryptocurrency Reporting Rules for Brokers

The United States Government Accountability Office (GAO) warns that “limits on third party information reporting to the IRS is an important factor contributing to the tax gap, which is the difference between taxes legally owed and taxes actually paid”.  The United States  Department of the Treasury and the Internal Revenue Service (IRS) have jointly released a proposed set of cryptocurrency regulations requiring brokers to report gains and losses incurred during the sale of cryptocurrency and digital assets. A statement released on September 5 by the Office of Advocacy of the…

Taiwan to Ban All Offshore Exchanges on Failure of Compliance

The Taiwanese government is planning to release guiding principles by the month end, in order to boost information disclosure for crypto exchanges. Taiwan is preparing to introduce some sweeping regulatory changes while restricting offshore exchanges from operating in the country without any proper compliance in place. The Financial Supervisory Commission (FSC) of Taiwan has formulated ten guiding principles for virtual asset service providers to establish their own self-regulatory frameworks. Taiwan’s semi-official Central News Agency was the first to report regarding the development. An FSC official also stated that the government…

Crypto Trading Volume Hits 4-Year Low

Crypto spot trading is at its lowest level since March 2019, according to digital assets data provider CCData, shedding some light on the soporific state of the market. Spot trading volume on centralized exchanges fell 7.78% to $475 billion in August, while volume in derivatives fell over 12% to $1.62 trillion, the second-lowest since 2021. An event such as Grayscale’s court victory over the SEC last week would have been expected to stoke a rally in crypto prices, but even this failed to spur traders into activity. “The low spot…