FameEX Morning Crypto News Recap | July 19, 2024

Banks and Financial Institutions Adopt Blockchain Technology for Asset Tokenization

Cryptocurrencies arose from the 2008-2009 financial crisis as alternatives to banks. Now, many Wall Street banks are entering the cryptocurrency space and adopting blockchain technology. They are developing private blockchains to secure asset records. With growing investments, widespread blockchain adoption by banks appears inevitable.

Google Introduces CoSAI: The Secure AI Alliance

Google launched the Consortium for Secure Artificial Intelligence (CoSAI) with founding members such as Amazon, Intel, Microsoft, Nvidia, and IBM. Google highlighted the necessity of collaboration to implement industry frameworks. Thus, CoSAI was created with industry peers to advance AI security.

Hong Kong Monetary Authority Requires Stablecoin Issuers to Hold Reserve Assets in Licensed Banks

The Hong Kong Monetary Authority (HKMA) recommends stablecoin issuers deposit reserve assets in licensed Hong Kong banks for enhanced protection against business interruptions or bankruptcy. It permits reserves in other regions if issuers prove necessity and ensure proper risk management and user rights protection.

Greece to Introduce Cryptocurrency Taxation in 2025

The Greek government aims to tax cryptocurrencies and digital assets by January 2025. A special committee will submit its findings to the Ministry of Economy and Finance. While not yet official, the proposal includes a 15% tax on profits from cryptocurrency and digital asset transactions, treating them as capital gains from securities sales.

South Korea Implements "Virtual Asset User Protection Act" to Enhance User Protections on Crypto Exchanges

South Korea's first cryptocurrency regulatory framework, the Virtual Asset User Protection Act, is now fully effective, focusing on investor protection. Approved on July 18, 2024, the law provides a one-year grace period to refine regulatory details, ensuring comprehensive measures to safeguard investors and secure virtual asset transactions.

PayPal Urges Support for Customized Regulatory Framework to Foster Diversity in Financial Services

On July 18, PayPal called on the business community to back a customized regulatory framework that fosters choice and diversity among financial service providers and industries. PayPal also proposed that a digital dollar could represent the future evolution of the U.S. dollar.

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