Halt all ‘MetaBirkin’ NFT sales 👜, ‘Keep Australia safe’ 🇦🇺, Amazon to invest $100M 💵
Daily Crypto, Blockchain & Web3 Update 2023-06-26
CRYPTOCURRENCY
‘Keep Australia safe’: Dystopian draft bill against ‘misinformation’ unveiled (3 min read)
Australia is planning to fine big technology and social media companies if they don't delete fake news from their websites.
The new draft bill would see the country's media regulator, the Australian Communications and Media Authority (ACMA), armed with the power to make it obligatory for digital platforms such as Google and Facebook to maintain records concerning misinformation and disinformation on their platforms.
Binance eyes United Arab Emirates as ‘focal point’ for future operations (3 min read)
Binance is now focusing on the United Arab Emirates as the next important location, following several regulatory measures in the United States against the crypto exchange.
Binance Dubai's GM, Alex Chehade, said the UAE is a great place for crypto businesses that want clear regulations and have a positive attitude towards digital assets.
Token issuers in Japan are exempt from 30% crypto tax on paper gains (2 min read)
Token issuers in Japan no longer have to pay corporate taxes on unrealized cryptocurrency gains, according to a law revision by the National Tax Agency on June 20.
Japan's tax exemption for crypto-firms was approved, eliminating the requirement to pay taxes on paper gains for tokens held.
Australia’s token mapping to be ‘tech agnostic,’ says Treasury official (3 min read)
Australia's Treasury will use a "tech agnostic" and "principles-based" approach to define digital assets in their token mapping.
The Australian government is creating an easy-to-use framework to classify tokens based on their function and purpose.
BUSINESS
Amazon to invest $100M in generative AI center: Report (2 min read)
AWS is creating a $100 million AI solution to compete with Microsoft and Google.
According to Bloomberg, the upcoming AWS Generative AI Innovation Center will connect Amazon experts in AI and machine learning with clients seeking to build applications based on the latest technologies. In generative AI, algorithms are used to create new content, such as audio, code, images, texts, simulations, and videos.
Bitcoin ETF fever returns: Biggest inflow to ProShares’ BITO in a year (3 min read)
Bitcoin exchange-traded fund (ETF) fervor is back with a raft of new applications and an increase in capital inflows from institutional investors.
BITO, a Bitcoin futures fund, saw a large increase in demand on June 26, according to Eric Balchunas, an ETF analyst at Bloomberg.
The fund had its largest weekly inflow in a year at $65.3 million, with its assets topping $1 billion.
Crypto Travel Rule implementation ‘remains relatively poor,’ says FATF (3 min read)
Countries are being urged to use the "Travel Rule" to fight against money laundering and terrorist financing using cryptocurrencies.
UN body responsible for preventing money laundering and financing of terrorism stated that "many" member states haven't obeyed the rule.
Terra Allies’ Six Samurai team aims to revive the ecosystem (2 min read)
The Terra Allies engineering team, known as the Six Samurai, presented their Q3 spending proposal, showing their passion as Luna Classic holders.
After a joint governance proposal on liquid staking derivatives in Terra Classic (LUNC), a new proposal emerged for the next quarter, suggesting the formation of a dedicated team consisting of six senior full-stack engineers.
NFTs
Judge grants Hermès request to halt all ‘MetaBirkin’ NFT sales (3 min read)
The MetaBirkin creator argued that his project was protected under the first amendment as artistic expression; however, that defense ultimately fell short.
French luxury fashion house Hermès has notched another win in its infringement case against artist Mason Rothschild after a United States judge ordered a permanent injunction on all “MetaBirkin” nonfungible token (NFT) sales.
QUICK LINKs
Uncertainty over digital assets traps institutions in ‘supervisory void’ — Fed Governor (2 min read)
Lack of clarity on digital assets could have significant consequences for banks navigating higher interest rates, according to Fed Governor Michelle Bowman.
Michelle Bowman, member of the Board of Governors of the U.S. Federal Reserve System, has criticized the absence of a clear regulatory framework for novel technologies in the United States.