FameEX Morning Crypto News Recap | March 4, 2024

UK law enforcement gains authority to freeze suspected criminal crypto assets without a conviction

The British government has declared that, effective April 26, UK law enforcement can now freeze crypto assets linked to criminal activities without requiring a conviction. This update, published on February 29, amends the Economic Crime and Corporate Transparency Act 2023, empowering agencies with broader authority to combat economic crimes involving cryptocurrencies.

Google's Stock Declines Amid Rising AI Competition Threat

This week, Alphabet, Google's parent company, saw its shares decline due to its leading AI product lagging behind competitors. Despite generating over $100 billion in cash last year and returning a record amount to shareholders, Google is at risk of being overshadowed by rivals potentially creating an AI-powered search engine capable of supplanting Google's dominant position.

Hungary Aims to Create Regulatory Framework for Digital Assets to Facilitate Cryptocurrency Services by Financial Institutions

Hungary has introduced a legislative proposal to set up a regulatory framework for digital assets, designating the Hungarian Central Bank as the primary regulator. This initiative aims to empower banks, investment funds, and asset managers to provide services related to Bitcoin and other cryptocurrencies, marking a significant step towards integrating digital currencies into the country's financial ecosystem.

SEC Evaluates Proposal for Ethereum Spot ETF

At the ETH Denver event, SEC Commissioner Hester Peirce revealed that the SEC is contemplating an Ethereum spot ETF, although there are no details to share yet. Peirce also criticized some SEC decisions as peculiar, noting that driving entities out of the U.S. limits the agency's regulatory oversight by pushing these entities out of its jurisdiction.

Court Approves SEC's Request for More Time in Ripple Lawsuit

On March 1, court filings revealed that the SEC received an extension for submitting its discovery materials concerning remedies in the Ripple case. This extension permits the SEC to file its opening brief by March 22. Ripple's deadline to submit its opposition brief is now April 22, while the SEC has until May 6, 2024, to file its reply, according to the new schedule.

Indonesia Considers Revising Double Taxation Policy on Cryptocurrency

Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) has approached the Ministry of Finance for a reassessment of cryptocurrency tax policies. Specifically, Bappebti is pushing for a review of the existing 0.1% tax on capital gains and 0.11% Value Added Tax (VAT) applied to cryptocurrency transactions, suggesting a possible revision of these tax rates to better suit the evolving digital currency landscape.

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