FameEX Morning Crypto News Recap | March 4, 2024

UK authorities now empowered to seize crypto assets linked to crime without needing a conviction

Starting April 26, the UK government enables law enforcement to seize cryptocurrencies associated with illegal activities without a conviction. Announced on February 29, this measure revises the Economic Crime and Corporate Transparency Act 2023, granting enhanced powers to tackle economic crimes using digital assets, reflecting the government's commitment to stringent regulation in the cryptocurrency sector.

Google's Shares Drop as Threat of AI Competition Intensifies

Alphabet, the parent company of Google, experienced a dip in its stock value this week as its premier AI product struggled to keep pace with rivals. Despite a strong financial performance last year, earning over $100 billion and distributing unprecedented returns to its shareholders, Google faces the challenge of competitors possibly launching an AI-driven search engine that could challenge its supremacy.

Hungary Proposes Regulatory Guidelines for Digital Assets to Enable Financial Institutions to Offer Cryptocurrency Services

Hungary is advancing a bill to establish a digital asset regulation, with the Hungarian Central Bank at the helm. This move seeks to authorize banks, investment funds, and asset managers to offer Bitcoin and cryptocurrency-related services, signaling a pivotal move towards weaving digital currencies seamlessly into Hungary's financial landscape.

SEC Reviews Ethereum Spot ETF Proposal

During her speech at ETH Denver, SEC Commissioner Hester Peirce mentioned the SEC's consideration of an Ethereum spot ETF, albeit without specifics. She also highlighted the oddity of certain SEC actions, emphasizing that expelling entities from the U.S. diminishes the SEC's regulatory scope by moving these operations beyond its regulatory reach.

Judge Allows Extension for SEC in Ripple Legal Case

Court documents from March 1 indicate the SEC was granted an extension to present its discovery documents related to remedies in its case against Ripple. The new timeline allows the SEC until March 22 to submit its initial brief. Ripple has been given until April 22 to respond, and the SEC's deadline for a subsequent reply is set for May 6, 2024.

Indonesia Evaluates Adjustments to Cryptocurrency Double Taxation Rules

Bappebti, Indonesia's regulatory body for commodity futures trading, has requested the Ministry of Finance to reevaluate the nation's cryptocurrency taxation strategies. The agency is advocating for an examination of the current 0.1% capital gains tax and 0.11% VAT on crypto transactions, indicating a potential overhaul of these rates to align with the dynamic nature of the digital currency market.

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