Tag: Government

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Tesla CEO Elon Musk Warns Against Government Overregulation

Tesla CEO Elon Musk has expressed concern that excessive government expansion leads to more regulators than participants, negatively impacting the system. Musk acknowledged the need for regulators but stressed they should not outnumber players. He reiterated that the government should act as a referee, setting sensible rules without hindering industry progress. Elon Musk Says Government…
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The Non-Custodial Conflict: US Government Actions Stir Crypto Community Concerns

Over the past two days, there has been a notable uptick in concern within the crypto community regarding the U.S. government’s actions toward non-custodial wallets, which facilitate the sovereign storage of crypto assets. Recent events have fueled a widespread belief that a targeted campaign against non-custodial wallets is now underway. Debate Over Crypto Wallet Regulation…
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Crypto KYC Solutions Advance to Ensure Adoption and Better User Experience

Know-your-customer (KYC) measures are becoming more important as the cryptocurrency sector grows. These models have proven to help digital asset service providers prevent against crimes such as money laundering, terrorist financing and more. Yet while KYC processes can help financial firms better understand who their customers are, many KYC models remain time-consuming and challenging. A…
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Australia tries again to combat ‘future sectors’ crypto scams

The “Proposed Scams Code Framework” consultation paper aims to delegate clear roles and responsibilities to government and private entities when combatting scams. A consultation paper on a new framework for addressing consumer and business scams proposed by Australia’s Department of the Treasury considers applying sector-specific codes and standards to banking and cryptocurrency scams, among others.…
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Binance settles with U.S. government: Timeline of US enforcement actions

U.S. government agencies have spent months, sometimes years, investigating Binance in the lead-up to unsealing an indictment against the exchange. Binance and its founder Changpeng”CZ” Zhao has admitted to violating United States laws around money laundering and terror financing — agreeing to pay $4.3 billion in fines. The Justice Department’s probe into Binance started years…
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Bim Afolami takes the reins on UK crypto policy as new Economic Secretary

Under U.K. Prime Minister Rishi Sunak, former Economic Secretary Andrew Griffith will become the next minister of state in the Department for Science, Innovation and Technology. King Charles II has approved the appointment of Member of Parliament Bim Afolami to the position of economic secretary to the Treasury of the United Kingdom. In a Nov.…
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Nigeria and UK foundation launch Code Clubs for digital literacy

Nigeria’s communication ministry said the Code Clubs will introduce young participants to coding and digital technology and encourage them to deploy creative problem-solving in their everyday lives. The Federal Government of Nigeria, through the Ministry of Communications, Innovation and Digital Economy, has entered into a partnership with a UK-based computing education charity, Raspberry Pi Foundation,…
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Maine state treasurer to focus on handling abandoned cryptocurrency accounts

According to official data available publicly, the state of Maine currently holds over $328 million in unclaimed property. A report issued by the Office of the Maine State Treasurer highlighted the U.S. state’s interest in officially managing the abandoned and recovered crypto assets. The program evaluation report of Maine uncovered the state’s lack of preparedness…
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NIST establishes AI Safety Institute Consortium in response to Biden executive order

Documentation from NIST states the consortium will adopt a “broad human-centered focus” with “specific policies.” The United States National Institute of Standards and Technology (NIST) and the Department of Commerce are soliciting members for the newly-established Artificial Intelligence (AI) Safety Institute Consortium.  Participate in a new consortium for evaluating artificial intelligence (AI) systems to improve…
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Dubai VARA grants ‘initial approval’ to crypto firm WadzPay

The license allows WadzPay to begin preparing to provide virtual asset services and activities under the VASP License for Transfer and Settlement and Broker/Dealer activities. The Dubai Virtual Assets Regulatory Authority (VARA) has issued an “Initial Approval” license to the crypto firm WadzPay, marking a pivotal step in the company’s journey toward obtaining a Virtual…
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