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FameEX Morning Crypto News Recap | December 29, 2023
2023-12-29 12:30:35
Hong Kong Regulatory Authorities Release Consultation Paper for Public Feedback on Stablecoin Regulation
The Hong Kong Monetary Authority (HKMA) and Financial Services and the Treasury Bureau have published a public consultation paper seeking feedback on the proposed regulatory framework for stablecoin issuers. Additionally, the HKMA has announced the launch of a sandbox arrangement, designed to provide supervisory expectations and compliance guidance to potential stablecoin issuers.
Research Notes Concentration of Bitcoin Mining Rewards in Antpool
Antpool's rise in 2023 highlights a major shift in the bitcoin mining landscape, with a marked consolidation of bitcoin rewards, outpacing Foundry USA in block mining. Analysis by The Miner Mag indicates that Antpool and other major pools are centralizing coinbase block rewards, suggesting a more complex, interconnected mining ecosystem and shifting power dynamics within the industry.
India's Effort to Reduce Dollar Dependence Falters as Oil Suppliers Express Concerns Over Rupee Repatriation The Indian Oil Ministry has admitted the country's effort to purchase oil using rupees instead of U.S. dollars has not been successful. The setback is attributed to suppliers' concerns about the ability to repatriate their funds. This initiative was part of India's broader strategy to reduce its dependency on the U.S. dollar for international trade settlements. Comprehensive Analysis of the 2023 Banking Crisis: Examining the Three Largest Bank Failures in US History In 2023, the U.S. banking sector faced a historic crisis with the collapse of three major banks, the largest such event in American history. Amidst this turmoil, cryptocurrencies like bitcoin showed exceptional resilience, benefiting from the banking sector's instability. Meanwhile, the crisis led to the de-pegging of Circle's major stablecoin due to challenges in recovering $3.3 billion from the insolvent Silicon Valley Bank (SVB). NYT's AI Lawsuit Against OpenAI, Microsoft Seen as Potential 'Watershed Moment' The New York Times (NYT) has filed a lawsuit against OpenAI, the developer of ChatGPT, and Microsoft, alleging illegal use of its content for training AI bots, which poses a threat to its journalistic endeavors. This marks another significant copyright infringement case in the AI industry, with a major media outlet targeting the creators of ChatGPT. Argentinians Offered Opportunity to 'Regularize' Unreported Cryptocurrency The new Argentine government led by Libertarian Javier Milei is easing the process for taxpayers to legalize their cryptocurrency assets. The Law of Bases and Starting Points for the Freedom of Argentines allows for the legalization of crypto without needing extra documentation about their origin, even for holdings that are behind on tax declarations. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
