FameEX Morning Crypto News Recap | April 3, 2024

Singapore Updates Payment Services Act to Encompass Regulations for Token Custody and Transfers

On April 2, the Monetary Authority of Singapore (MAS) announced plans to update the Payment Services Act (PS Act) to include new provisions. These updates will extend regulatory coverage to include custodial services for digital payment tokens (DPTs), token transfer and exchange facilitation, and cross-border money transfer services, with the goal of strengthening regulatory control.

Russian Cryptocurrency Transactions Total $51 Billion in 2023, According to Bank of Russia Report

The Bank of Russia's annual report for 2023 reveals that Russians executed cryptocurrency transactions totaling $51 billion (4.78 trillion rubles). The bank's investigations pinpointed a significant portion of these transactions, especially in bitcoin and ether, being carried out by Russian individuals on prominent exchanges.

Argentina Sets Legal Operating Standards for Cryptocurrency Exchanges

Argentina's Comisión Nacional de Valores (CNV) declared on March 25 that providers of virtual asset services are required to adhere to Financial Action Task Force (FATF) standards. As a result, companies offering crypto services need to officially register with the Argentine government, a step towards strengthening the country's Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) regulations.

OpenSea Adds Support for Programmable Earnings via ERC-721C Standard

OpenSea has added support for the ERC-721C token standard, introduced by Limit Break last May, to help creators easily set and enforce royalties. This innovation combats NFT wash trading by harmonizing royalty and token transfer rules across platforms, thus streamlining the protection of creator profits.

Two Investment Advisory Firms Fined $400,000 as U.S. SEC Takes Action Against "AI Laundering"

The SEC combats "AI laundering," with firms falsely promoting AI use. Chairman Gary Gensler highlighted the issue, cautioning against investment advisers and public companies making unfounded claims about AI's impact on client gains and stock valuations, respectively. This underscores the SEC's commitment to ensuring honesty in the portrayal of AI capabilities.

Ripple's Court Fight Against the SEC Set to Hit a Crucial Point by April's End

Ripple's three-year lawsuit against the SEC is approaching critical developments, notably the grand trial starting April 23. This trial's outcome could significantly affect XRP's price, potentially boosting it if Ripple secures a clear win. However, there's also a strong chance of an adverse effect should the decision go against Ripple.

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