TL;DR Breakdown Abu Dhabi has granted permission to Rain exchange to offer its brokerage and custody services in the country. UAE continues its progressive stance towards crypto Description The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority has recently granted financial services permission to cryptocurrency firm Rain, enabling it to offer brokerage and custody services to residents in the United Arab Emirates (UAE). The regulatory approval marks a significant milestone for Rain, as it allows both institutional and retail users to engage … Read more The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority has recently granted financial services permission to cryptocurrency firm Rain, enabling it to offer brokerage and custody services to residents in the United Arab Emirates (UAE). The regulatory approval marks a significant milestone for Rain, as it allows both institutional and retail users to engage in buying, selling, trading, and securely storing virtual assets through their platform. Abu Dhabi clears rain to offer retail and institutional services Rain’s CEO, Joseph Dallago, expressed the company’s excitement at receiving the regulatory green light, stating that they…

TL;DR Breakdown Alibaba Cloud has announced its partnership with Meta’s Llama 2 model for free AI development. Bridging gaps and fostering responsible AI deployment. Description In a significant move, Alibaba Group’s cloud computing arm, Alibaba Cloud, has become the first Chinese company to embrace Meta’s open-source AI model, Llama2. The strategic partnership aims to empower businesses in China with the zero-cost development of AI-powered programs and tools. Meta’s Llama2 model, which was released in July 2023, has already drawn comparisons … Read more In a significant move, Alibaba Group’s cloud computing arm, Alibaba Cloud, has become the first Chinese company to embrace Meta’s open-source AI model, Llama2. The strategic partnership aims to empower businesses in China with the zero-cost development of AI-powered programs and tools. Meta’s Llama2 model, which was released in July 2023, has already drawn comparisons to early AI models like OpenAI’s ChatGPT and Google Bard. Alibaba Cloud tasks developers to build large models on its cloud The Chinese conglomerate’s cloud computing division has deployed a Llama2-based solution, inviting developers to create custom large models on Alibaba Cloud….

TL;DR Breakdown South Korea has launched an inter-agency investigation unit to combat the surge of crypto crimes, including hacking, scams, and money laundering in the country. The interagency probe team brings together experts from different government departments to respond to emerging crypto threats and protect investors swiftly. Korea Securities Depository and Code, a travel rules company, signed a business agreement in Seoul to promote LEI (Legal Entity Identifier) use in the virtual asset market. Description South Korea has taken decisive action by forming an interagency investigation team to address the growing concerns over cryptocurrency crimes. The crypto market has grown increasingly popular and drawn a wide range of investors, but it has also become a haven for illegal activity.  This action represents a significant step towards enhancing national crypto regulation. … Read more South Korea has taken decisive action by forming an interagency investigation team to address the growing concerns over cryptocurrency crimes. The crypto market has grown increasingly popular and drawn a wide range of investors, but it has also become a haven for illegal activity.  This action represents…

TL;DR Breakdown Sam Bankman-Fried, the founder of the bankrupt FTX exchange, faces a court hearing about his bail conditions ahead of his fraud trial on October 2. The U.S. Attorney’s office has requested Bankman-Fried to refrain from making public statements that could impact the case. Bankman-Fried is accused of sharing the personal writings of Caroline Ellison, former CEO of Alameda Research and his ex-partner, with a journalist. Description In the whirlwind of the cryptocurrency world, Sam Bankman-Fried, the controversial founder of the now-defunct FTX exchange, returns to the courtroom this Wednesday. At the heart of the matter is the question of whether the entrepreneur will continue enjoying his current bail conditions. This re-evaluation comes in the wake of Bankman-Fried’s fraud trial, slated for … Read more In the whirlwind of the cryptocurrency world, Sam Bankman-Fried, the controversial founder of the now-defunct FTX exchange, returns to the courtroom this Wednesday. At the heart of the matter is the question of whether the entrepreneur will continue enjoying his current bail conditions. This re-evaluation comes in the wake of Bankman-Fried’s fraud trial, slated…

TL;DR Breakdown U.S. Congressman Brad Sherman criticized Bitcoin creator Satoshi Nakamoto during a recent Financial Services Committee crypto hearing. Sherman argued that traditional money production benefits the U.S. economy and citizens, and crypto developers aim to monopolize this. The congressman’s comments added a new level of skepticism to the ongoing crypto debate. Description A volley of hilarious critique and skepticism launched by U.S. Congressman Brad Sherman reverberated through the cavernous halls of a recent crypto hearing. Emanating from the Financial Services Committee, his acerbic remarks were squarely aimed at Satoshi Nakamoto, the enigmatic creator of Bitcoin. What’s his deal? Brad Sherman, the longstanding representative for California’s 32nd Congressional … Read more A volley of hilarious critique and skepticism launched by U.S. Congressman Brad Sherman reverberated through the cavernous halls of a recent crypto hearing. Emanating from the Financial Services Committee, his acerbic remarks were squarely aimed at Satoshi Nakamoto, the enigmatic creator of Bitcoin. What’s his deal? Brad Sherman, the longstanding representative for California’s 32nd Congressional District, ignited controversy with his biting critique of the crypto industry and, more specifically,…

TL;DR Breakdown Binance NFT has introduced ‘Bixel’ – an inventive AI NFT generator that provides Binance users with a one-of-a-kind opportunity to generate custom NFT artwork using AI.  Note that to use the Bixel tool, you are required to complete the platform’s know your customer (KYC) identity verification process. NFT enthusiasts who want to mint NFTs using the tool are also required to pay a minting fee of 0.008 BNB, which is around $2 at the time of writing. Bixel has been a topic of controversy with alleged plagiarism of the project “Chatcasso,” which won first place at the BNB Chain hackathon held in Seoul, South Korea in December 2022. Description Binance has introduced Bixel to the global NFT community. On June 26th, Binance‘s nonfungible token (NFT) arm announced the introduction of its artificial intelligence (AI) NFT generator, which allows users to create personalized artworks using AI technology.  Binance NFT announced that its AI NFT generator, dubbed “Bixel” is now permanently available to its users. According … Read more Binance has introduced Bixel to the global NFT community. On June…

TL;DR Breakdown   The Singapore High Court has declared cryptocurrency personal property, equating it with fiat money. This groundbreaking verdict stems from a case involving Ms. Ho Kai Xin, a former ByBit employee, who allegedly transferred $4.2 million USDT to her accounts. The ruling was noteworthy not for the monetary amount involved but for recognizing cryptocurrencies as property, despite their intangible nature. Description In an unprecedented turn of events, the High Court of Singapore has issued a landmark decision. They’ve declared cryptocurrency as personal property. Significantly, this includes fiat money, underscoring the rapid digital revolution. The catalyst for this groundbreaking verdict was a case involving Ms. Ho Kai Xin. Formerly employed at ByBit, a cryptocurrency exchange, she found … Read more In an unprecedented turn of events, the High Court of Singapore has issued a landmark decision. They’ve declared cryptocurrency as personal property. Significantly, this includes fiat money, underscoring the rapid digital revolution. The catalyst for this groundbreaking verdict was a case involving Ms. Ho Kai Xin. Formerly employed at ByBit, a cryptocurrency exchange, she found herself at the heart…

TL;DR Breakdown The US Senate has unanimously approved a measure requiring the reporting of investments in Chinese technologies aimed at increasing transparency and ensuring US investments do not contribute to potential threats to national security. The measure could lead to increased scrutiny of investments by US companies in Chinese technology firms and potentially impact their investment decisions, escalating tensions between the US and China. The measure, part of the National Defense Authorization Act, will now go to the House of Representatives for consideration and, if approved, will be sent to the President to be signed into law. Description The US Senate has backed legislation that mandates US companies to report any investments in Chinese technologies. The National Defense Authorization Act (NDAA) amendment was supported by a vote of 91 to 6. The NDAA, which sets policy for the Department of Defense, is expected to become law later this year. This amendment is a … Read more The US Senate has backed legislation that mandates US companies to report any investments in Chinese technologies. The National Defense Authorization Act (NDAA) amendment…

TL;DR Breakdown Ripple Labs’ chief legal officer, Stuart Alderoty, believes Ripple’s recent victory against SEC could influence other pending crypto cases. In a significant legal development, Ripple successfully dismissed the SEC’s charges of unregistered securities offerings of XRP. Alderoty asserts that the exchange of digital tokens does not equate to an investment contract, potentially benefiting Coinbase and Binance. Description In a significant development, Ripple Labs’ chief legal officer, Stuart Alderoty, stated that Ripple’s recent victory over the U.S. Securities and Exchange Commission (SEC) could set the stage for other pending crypto litigations. This comes after Ripple triumphed in a landmark court case in mid-July, successfully rebuffing the SEC’s charges of unauthorized securities offerings involving … Read more In a significant development, Ripple Labs’ chief legal officer, Stuart Alderoty, stated that Ripple’s recent victory over the U.S. Securities and Exchange Commission (SEC) could set the stage for other pending crypto litigations. This comes after Ripple triumphed in a landmark court case in mid-July, successfully rebuffing the SEC’s charges of unauthorized securities offerings involving XRP. Consequently, Alderoty expressed his insights on TechCrunch’s…

TL;DR Breakdown The Federal Reserve plans to increase the benchmark interest rate, resuming its monetary tightening strategy. This decision aims to control US inflation, after a brief reprieve in June. The US economy remains resilient, impacting the decisions on rate rises. Description Indeed, the Federal Reserve, America’s premier financial juggernaut, is poised to break from its temporary retreat, once again wielding the weapon of interest rate augmentation. Anticipations run high as a fresh quarter-point boost is on the horizon, a power move aimed to rein in the inflation beast that continues to grapple the US economy. Federal … Read more Indeed, the Federal Reserve, America’s premier financial juggernaut, is poised to break from its temporary retreat, once again wielding the weapon of interest rate augmentation. Anticipations run high as a fresh quarter-point boost is on the horizon, a power move aimed to rein in the inflation beast that continues to grapple the US economy. Federal Reserve returning to the frontlines The upcoming Wednesday could witness the Fed’s benchmark interest rate soaring into the new realm of 5.25 to 5.5 percent….