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• Huobi HK introduces crypto spot trading services in Hong Kong, aims for regulatory compliance

  TL;DR Breakdown Huobi HK applies for a virtual asset exchange license in Hong Kong, enabling the provision of crypto spot trading services to retail and institutional clients. Hong Kong’s crypto-friendly regulatory environment supports the move, aiming to protect investors and foster innovation in the cryptocurrency sector. Huobi HK prioritizes compliance and regulatory adherence, collaborating with auditors to meet anti-money laundering regulations and the Hong Kong Securities and Futures Commission requirements. Huobi HK, a subsidiary of digital asset exchange Huobi Global, has taken a significant step in the crypto industry by applying for a virtual asset exchange license in Hong Kong. The exchange submitted an application notice to the Hong Kong Securities and Futures Commission on May 29, aligning with the regulatory requirements for offering regulated services. The move reflects Huobi HK’s commitment to compliance and regulatory standards. Hong Kong’s crypto-friendly regulatory environment Hong Kong has recently implemented a regulatory framework to protect retail investors and foster innovation in the cryptocurrency sector. Under this framework, licensed cryptocurrency platforms will be permitted to cater to retail investors, and guidelines encompassing asset custody…

  Article 2023年6月2日

• BRICS summit 2024: Russia open to expanding membership, Putin to attend via video link

  TL;DR Breakdown The upcoming BRICS summit in Kazan may see the addition of new participants beyond the current five members, according to Russian Deputy Foreign Minister Sergey Ryabkov. Russian President Vladimir Putin’s remote participation in the previous summit does not signal reduced attention to BRICS, but rather emphasizes the country’s commitment to the format. Enlargement of BRICS will be a key topic of discussion at the upcoming summit in Johannesburg, with over 40 countries expressing interest in joining, including potential candidates like Saudi Arabia, the UAE, Indonesia, Egypt, and Argentina. Description Russia’s Deputy Foreign Minister, Sergey Ryabkov, announced that next year’s BRICS summit, to be held in Kazan, may see more participants beyond the current five member countries. As Russia assumes the chairmanship of BRICS in 2024, the country is open to welcoming new member states, making enlargement a key topic for discussion during this year’s … Read more Russia’s Deputy Foreign Minister, Sergey Ryabkov, announced that next year’s BRICS summit, to be held in Kazan, may see more participants beyond the current five member countries. As Russia assumes the…

  Article 2023年7月25日

• OpenAI discontinues its AI-detection software amid accuracy concerns

  TL;DR Breakdown OpenAI has announced that it will shut down its AI-detection software over claims of inaccuracy. Drop in accuracy raises concerns about reliability. Description OpenAI, a prominent name in the field of artificial intelligence, recently decided to discontinue its AI-detection software, citing a significant lack of accuracy. Introduced on January 31, the software aimed to assist users, including educators and professionals, in distinguishing between human-written and AI-generated text. OpenAI acknowledges the tool’s limitation The company took an unexpected turn … Read more OpenAI, a prominent name in the field of artificial intelligence, recently decided to discontinue its AI-detection software, citing a significant lack of accuracy. Introduced on January 31, the software aimed to assist users, including educators and professionals, in distinguishing between human-written and AI-generated text. OpenAI acknowledges the tool’s limitation The company took an unexpected turn when, in a blog post announcing the launch, they revealed that the AI classifier had been shut down as of July 20, 2023. The reason provided was its notably low rate of accuracy, rendering the tool impractical for use. Despite the project’s…

  Article 2023年7月26日

• Gemini and Genesis File Motion to Dismiss SEC Lawsuit

  TL;DR Breakdown Gemini and Genesis jointly filed a motion to dismiss the SEC lawsuit against their “Earn” product, which offered yields to customers against their crypto deposits. The crypto exchange aims to recover over $1.1 billion in assets for approximately 232,000 Earn users affected by Genesis’ bankruptcy. The companies are engaging in mediated negotiations and collaborative restructuring to find a resolution. Gemini, a prominent cryptocurrency exchange, and Genesis Global Capital, a bankrupt crypto lender, have jointly filed a motion to dismiss the Securities and Exchange Commission’s (SEC) lawsuit against their “Earn” product. The lawsuit alleges that Gemini Earn, a service that allowed customers to earn yields on their crypto deposits, violated securities regulations by offering unregistered securities.  Gemini and Genesis have argued that Gemini Earn should not be classified as a security, asserting that the transactions were essentially loans. In their legal filings, the companies are seeking the dismissal of the complaint or, alternatively, the removal of the SEC’s requests for a permanent injunction and disgorgement. Contents hide 1 Challenging the Classification of Gemini Earn 2 Mediated Negotiations and Collaborative…

  Article 2023年5月29日

• What has The Ethereum Merge done for institutional investors?

  TL;DR Breakdown One year after Ethereum’s Merge, institutional adoption of ether staking faces challenges. Ethereum validators have risen from 400,000 to 800,000, with 29.4 million ETH in the Beacon smart contract. Lido leads in staked ETH, and centralized exchanges, especially Coinbase, follow closely. Description Ethereum, one year post-Merge, heralds a transformed landscape. But when we zone into the realm of institutional adoption of ether staking, it’s not the rosy picture one might have painted. Despite the leaps and bounds the platform has made, a thick veil of regulatory fog and economic uncertainty still stands in the way. The Gains … Read more Ethereum, one year post-Merge, heralds a transformed landscape. But when we zone into the realm of institutional adoption of ether staking, it’s not the rosy picture one might have painted. Despite the leaps and bounds the platform has made, a thick veil of regulatory fog and economic uncertainty still stands in the way. The Gains and Gapes in Ethereum’s Post-Merge World From 400,000, the number of Ethereum network validators has skyrocketed to nearly 800,000. One of the key…

  Article 2023年9月16日