TL;DR Breakdown Japan has implemented a recently passed law that will see token issuers exempted from paying taxes. The country is making moves to strengthen its regulatory framework. Description In a recent revision to the law by the National Tax Agency on June 20, token issuers in Japan have been relieved of the obligation to pay corporate taxes on unrealized cryptocurrency gains. This tax exemption, which comes into effect after the country’s government approved a proposal to eliminate taxes on paper gains of tokens … Read more In a recent revision to the law by the National Tax Agency on June 20, token issuers in Japan have been relieved of the obligation to pay corporate taxes on unrealized cryptocurrency gains. This tax exemption, which comes into effect after the country’s government approved a proposal to eliminate taxes on paper gains of tokens issued and held, aims to facilitate business activities involving token issuance. Japan exempts token issuers from paying unrealized gains tax The move to revise tax rules for cryptocurrencies has been under discussion by Japanese legislators since August of…

TL;DR Breakdown Federal Reserve Governor has called for clearer regulations in the banking industry. The governor highlights the importance of regulatory clarity in the industry. Description Michelle Bowman, a member of the Board of Governors of the U.S. Federal Reserve System, has emphasized the need for global regulators to address the current supervision of novel banking activities, specifically focusing on banking as a service and digital assets. During her speech at the Salzburg Global Seminar on bank regulation and supervision, Bowman … Read more Michelle Bowman, a member of the Board of Governors of the U.S. Federal Reserve System, has emphasized the need for global regulators to address the current supervision of novel banking activities, specifically focusing on banking as a service and digital assets. During her speech at the Salzburg Global Seminar on bank regulation and supervision, Bowman highlighted the “supervisory void” that financial institutions find themselves in regarding emerging technologies. The Federal Reserve Governor wants clarity in regulations Despite some efforts to provide guidance, there remains significant uncertainty regarding the permissibility and supervisory expectations surrounding these activities. This…

TL;DR Breakdown Amazon Web Services (AWS) is investing $100 million to establish the AWS Generative AI Innovation Center. The center aims to help customers create custom AI applications, focusing on various sectors, including healthcare, financial services, and manufacturing. AWS is positioning itself as a preferred choice for customers developing generative AI applications, thereby competing with Microsoft’s Azure and Alphabet’s Google. Description As one of the world’s foremost e-commerce giants, Amazon is launching an ambitious endeavor into the realm of artificial intelligence (AI). With a significant investment of $100 million, Amazon Web Services (AWS) has announced the establishment of the AWS Generative AI Innovation Center. This novel initiative is designed to aid customers in creating and implementing … Read more As one of the world’s foremost e-commerce giants, Amazon is launching an ambitious endeavor into the realm of artificial intelligence (AI). With a significant investment of $100 million, Amazon Web Services (AWS) has announced the establishment of the AWS Generative AI Innovation Center. This novel initiative is designed to aid customers in creating and implementing state-of-the-art AI products. Establishing the AWS…

TL;DR Breakdown Venezuela has announced plans to adopt the use of the Russian Mir to enhance its POS network. The country continues to chase a new method of settling payments without the dollar. Description The government of Venezuela has recently announced its integration of Mir, a Russian payments system, into its point-of-sale network as part of a national de-dollarization initiative initiated by President Nicolas Maduro. This move aims to reduce reliance on the U.S. dollar and circumvent the economic sanctions imposed on the country. Calixto Ortega, the president of … Read more The government of Venezuela has recently announced its integration of Mir, a Russian payments system, into its point-of-sale network as part of a national de-dollarization initiative initiated by President Nicolas Maduro. This move aims to reduce reliance on the U.S. dollar and circumvent the economic sanctions imposed on the country. Calixto Ortega, the president of the the country’s Central Bank, revealed that the necessary steps had been finalized to establish communication between Venezuelan and Russian banks through the interbank messaging system of the Central Bank of Russia. Venezuela…

TL;DR Breakdown The Bank of England (BoE) raises the benchmark bank rate to 5%, the highest level since 2008, in an effort to curb high inflation. The National Institute of Economic and Social Research (NIESR) warns this could push 1.2 million UK households towards insolvency. Areas such as Wales and North-East UK are predicted to face a heavier economic burden due to rising mortgage repayments. Description UK households are on the precipice of financial instability as the Bank of England (BoE) hikes the benchmark bank rate to 5%, its highest point since 2008. This unprecedented 0.5 percentage point surge represents the most significant increase in three months. The effect of this change reverberates across the financial landscape of the UK, with … Read more UK households are on the precipice of financial instability as the Bank of England (BoE) hikes the benchmark bank rate to 5%, its highest point since 2008. This unprecedented 0.5 percentage point surge represents the most significant increase in three months. The effect of this change reverberates across the financial landscape of the UK, with the…

TL;DR Breakdown French-Spanish venture Caceis has been granted a license to operate as a digital asset provider in France. France’s supportive stance on cryptocurrencies attracts major players. Description Caceis, an asset servicing business jointly owned by Crédit Agricole, the second-largest bank in France, and Santander, the largest bank in Spain, has successfully registered with the French financial markets authority, Autorité des Marchés Financiers (AMF), as a digital asset service provider (DASP). This move allows Caceis to offer custody services for digital assets, including … Read more Caceis, an asset servicing business jointly owned by Crédit Agricole, the second-largest bank in France, and Santander, the largest bank in Spain, has successfully registered with the French financial markets authority, Autorité des Marchés Financiers (AMF), as a digital asset service provider (DASP). This move allows Caceis to offer custody services for digital assets, including cryptocurrencies. The AMF’s approval marks a significant development as it adds a major traditional financial services group to the growing list of crypto companies registered under its supervision. Caceis will provide crypto services to its users With a substantial…

TL;DR Breakdown Six senior full-stack engineers, known as the “Six Samurai”, proposed a bold plan to revive the Terra ecosystem. The group plans to upgrade the system by migrating from Columbus-5 to Columbus-6 and integrating the latest Cosmos SDK. The proposal includes plans to list Terra Classic on Keplr’s web interface and Mintscan, a Cosmos block explorer. Description The Terra ecosystem, a highly innovative yet recently beleaguered platform, stands on the precipice of an audacious revival, thanks to a bold proposal from a group of engineers known as the “Six Samurai.” Operating under the banner of Terra Allies, these senior full-stack engineers bring to the table a potent blend of expertise, determination, and … Read more The Terra ecosystem, a highly innovative yet recently beleaguered platform, stands on the precipice of an audacious revival, thanks to a bold proposal from a group of engineers known as the “Six Samurai.” Operating under the banner of Terra Allies, these senior full-stack engineers bring to the table a potent blend of expertise, determination, and a tangible vested interest as holders of Terra Classic…

TL;DR Breakdown In response to allegations that he had served as an intern at Ripple, Charles Hoskinson of Cardano has denied this and stated that Vitalik Buterin, an Ethereum co-founder, was involved. Vitalik Buterin, the co-founder of Ethereum, could not obtain the internship position at the cryptocurrency payment startup due to visa issues. In an effort to promote cooperation, Hoskinson and the XRP community are working to mend their formerly acrimonious relations. Description Charles Hoskinson, the creator of Cardano, has addressed claims about his claimed prior internship with Ripple and clarified that he never worked for the blockchain company in any capacity. This is a surprise development. The information was revealed as Hoskinson tried to reach a settlement with the XRP community amid ongoing legal disputes and regulatory … Read more Charles Hoskinson, the creator of Cardano, has addressed claims about his claimed prior internship with Ripple and clarified that he never worked for the blockchain company in any capacity. This is a surprise development. The information was revealed as Hoskinson tried to reach a settlement with the XRP community…

TL;DR Breakdown The European Union (EU) and Meta are set to perform a stress test in July on the EU’s Digital Services Act (DSA) concerning online content rules. The stress test is a response to EU industry chief Thierry Breton’s demand for Meta to address content targeting children on its platforms. The DSA restricts specific types of targeted ads on online platforms, including those targeting children or using personal data like ethnicity, political views, or sexual orientation. Description As we witness the digital world evolving at breakneck speed, pivotal players like Meta and institutions such as the European Union (EU) are preparing for what could be the ultimate litmus test of online content regulations. In July, the EU and Meta will come together for a comprehensive stress test, aiming to measure the robustness … Read more As we witness the digital world evolving at breakneck speed, pivotal players like Meta and institutions such as the European Union (EU) are preparing for what could be the ultimate litmus test of online content regulations. In July, the EU and Meta will come…

TL;DR Breakdown Law-enforcement officials and retailers are investigating a recent wave of bomb threats by scammers across the United States, targeting grocery operators and other stores. These threats have been reported in states ranging from New Mexico to Wisconsin Description A wave of unprecedented threats has shaken the US retail sector, as scammers resort to sinister tactics such as bomb threats and cyber attacks to extort large sums of money from unsuspecting businesses. Retailers across the nation have been left reeling, desperately seeking solutions to counter these increasingly sophisticated and audacious scams. According to reports, … Read more A wave of unprecedented threats has shaken the US retail sector, as scammers resort to sinister tactics such as bomb threats and cyber attacks to extort large sums of money from unsuspecting businesses. Retailers across the nation have been left reeling, desperately seeking solutions to counter these increasingly sophisticated and audacious scams. According to reports, retail corporations such as Kroger, Walmart, and Amazon’s Whole Foods Market, among others, have received bomb threats at their locations in recent months, with some callers demanding…