FameEX Morning Crypto News Recap | March 5, 2024

Taiwan's Financial Supervisory Authority Plans September Proposal for Virtual Currency Legislation Draft

The head of Taiwan's Financial Supervisory Commission, Huang Tianmu, revealed a September timeline for proposing a dedicated virtual currency law aimed at enhancing market regulation and investor protection. He highlighted concerns over virtual currency fraud, noting that severe penalties would target both local and foreign currency traders to deter fraudulent practices.

MicroStrategy to Issue $600 Million in Convertible Bonds to Fund More Bitcoin Acquisitions

MicroStrategy plans to launch a $600 million private placement of mature convertible senior notes exclusively for qualified institutional buyers. The objective is to use the proceeds from this offering to further invest in Bitcoin and address general corporate needs, reinforcing the company's commitment to expanding its cryptocurrency portfolio.

Fed's Bostic Anticipates Two Rate Decreases in the Current Year

Bostic of the Federal Reserve anticipates implementing two reductions in interest rates, each by 25 basis points, throughout the year. He highlighted that these cuts wouldn't follow a "continuous" pattern, noting that market reactions to changing economic scenarios will play a crucial role in determining the timing and implementation of these rate adjustments.

India Mandates Tech Firms to Secure Approval Prior to Deploying New 'Unreliable' AI Solutions

The Indian government has issued a mandate that tech firms must obtain authorization before launching lab-developed AI tools online. Deputy IT Minister, Rajeev Chandrasekhar, stressed on X the legal necessity for platforms to maintain safety and trustworthiness, declaring that claiming 'Sorry Unreliable' won't absolve them from legal responsibilities, underscoring the need for responsible AI technology implementation.

US Lawmakers Resist Central Bank Digital Currency, Favor Banks Holding Cryptocurrencies

A coalition of five U.S. senators is challenging President Joe Biden's initiative for a "digital dollar," backing legislation to ban central bank digital currencies (CBDCs). Simultaneously, the U.S. House Financial Services Committee (HSFC) has passed a resolution against an SEC regulation that restricts banks from providing cryptocurrency custody, promoting the integration of banks into the digital currency ecosystem.

NFT Utility Keeps Fashion and Luxury Brands Fascinated

Held at the Grand Palais Éphémère with the Eiffel Tower in view, the third edition of NFT Paris underlined the expanding role of Web3 in various industries. Featuring artists, designers, and luxury brands, the event showcased the tangible benefits of NFTs and blockchain technology, attracting a significant crowd to the center of Paris and underscoring the digital shift in creative fields.

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