FameEX Morning Crypto News Recap | March 5, 2024

Taiwan's Financial Supervisory Commission Set to Propose Virtual Currency Act Draft in September

Huang Tianmu, the Chairman of Taiwan's Financial Supervisory Commission, announced plans to introduce a special law on virtual currencies in September to better regulate the market and protect investors. He also addressed the problem of fraud involving virtual currencies, indicating that strict administrative penalties would be applied to both individual and overseas currency traders to curb such activities.

MicroStrategy Intends to Raise $600 Million Through Convertible Bonds for Additional Bitcoin Purchases

MicroStrategy has declared its intention to issue $600 million in mature convertible senior notes via a private placement targeted at qualified institutional buyers. The company aims to allocate the net proceeds from this sale towards acquiring more Bitcoin, in addition to covering general corporate expenses, further cementing its investment in the cryptocurrency.

Bostic from the Fed Foresees Two Interest Rate Reductions This Year

Federal Reserve's Bostic has projected two interest rate cuts of 25 basis points each for this year. He clarified that these reductions are not expected to occur in a "continuous" sequence, emphasizing that the actual decision will be influenced by the market's response to evolving economic conditions.

India Requires Tech Companies to Obtain Approval Before Launching New 'Unreliable' AI Technologies

India's government has announced a directive requiring tech companies to seek approval before publicly releasing new AI tools developed at the lab level. Deputy IT Minister Rajeev Chandrasekhar emphasized on X that platforms have a legal obligation to ensure safety and trust, stating, "'Sorry Unreliable' does not exempt from law," highlighting the importance of accountability in the deployment of AI technologies.

US Legislators Oppose CBDC, Support Cryptocurrency Custody by Banks

Five U.S. senators have united against President Joe Biden's proposal for a "digital dollar," endorsing a bill to prohibit central bank digital currencies (CBDCs). Concurrently, the U.S. House Financial Services Committee (HSFC) approved a resolution opposing a U.S. Securities and Exchange Commission (SEC) rule that bars banks from offering crypto custody services, advocating for banks' involvement in the cryptocurrency sector.

Fashion and Luxury Brands Remain Enthralled by NFT Utility

The third NFT Paris event, set against the backdrop of the Eiffel Tower at the Grand Palais Éphémère, highlighted Web3's growing influence across different sectors. This gathering demonstrated the practical applications of nonfungible tokens (NFTs) and blockchain technology through the participation of artists, designers, and luxury brands, drawing thousands of attendees to the heart of France's capital.

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