FameEX Morning Crypto News Recap | April 3, 2024

Singapore Revises Payment Services Act to Include Token Custody and Transfer Regulations

The Monetary Authority of Singapore (MAS) declared amendments to the Payment Services Act (PS Act) on April 2. Singapore's central bank intends to expand the PS Act's scope to cover activities such as custodial services for digital payment tokens (DPTs), facilitating token transfers and exchanges, and enabling cross-border money transfers, aiming to enhance regulatory oversight.

Bank of Russia Reports: Russians Conducted $51 Billion in Cryptocurrency Transactions in 2023

In 2023, Russian citizens engaged in cryptocurrency transactions amounting to $51 billion (4.78 trillion rubles), as detailed in an annual report by the Bank of Russia. The bank's investigations highlighted that substantial volumes of these transactions, particularly in bitcoin and ether, were conducted by Russian nationals across major exchanges.

Argentina Introduces Regulatory Requirements for Cryptocurrency Exchanges to Operate Legally

On March 25, Argentina's securities regulator, the Comisión Nacional de Valores (CNV), announced that virtual asset service providers must comply with the Financial Action Task Force (FATF) guidelines. This move mandates crypto service companies to register with the Argentine government, aligning with reforms to enhance the nation's Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) legislations.

OpenSea Introduces Support for the ERC-721C Programmable Earnings Standard

OpenSea now supports the ERC-721C token standard, facilitating creators in setting and enforcing royalties easily. Invented last May by blockchain gaming company Limit Break, tackles NFT wash trading by standardizing royalties and other token transfer conditions across channels, simplifying the enforcement of creator earnings with just a click.

U.S. SEC Targets "AI Laundering," Resulting in $400,000 Fine for Two Investment Advisory Firms

The SEC is targeting "AI laundering," where firms misleadingly tout artificial intelligence usage. SEC Chairman Gary Gensler warned against false claims by investment advisers about AI models enhancing client returns and by public companies about their AI tech boosting stock prices, spotlighting regulatory vigilance over dishonest AI representations.

Ripple's Legal Battle with the SEC to Reach a Pivotal Phase by End of April

Ripple's ongoing three-year legal battle with the U.S. Securities and Exchange Commission (SEC) is set to encounter significant milestones this month, with the grand trial commencing on April 23 as the highlight. A conclusive victory for Ripple could positively influence the price of XRP, though the reverse outcome remains a considerable possibility.

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