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Australia Tightens the Screws on the Crypto Industry
The Australian Securities and Investments Commission (ASIC) is set to significantly tighten regulations on the cryptocurrency market. Under a newly proposed framework, most companies working with digital assets will be required to obtain a financial services license. UK Welcomes Crypto-Focused Xapo Bank
Xapo Bank, a crypto-focused financial institution, received a license in the UK and officially launched interest-bearing accounts in USD and BTC. The Bitcoin account offers an annual interest rate of 1% paid directly in BTC, without the need to lock funds or lend to other users. OpenAI Initiates Discussions with Major Media Outlets
OpenAI, a company specializing in artificial intelligence development, has begun negotiations with top media outlets including Fox, Time, and CNN. The talks are centered around obtaining a license to use their content for AI model training. This strategy is intended to preemptively address any future copyright infringement concerns. US Lawmakers Probe SEC & FINRA
US House Financial Services Committee members, led by Chair Patrick McHenry, are seeking clarity from the SEC and FINRA about how Prometheum secured a special purpose broker-dealer (SPBD) license.
They're probing if the SEC used Prometheum as a model firm to support Gary Gensler's stance that existing laws suffice for crypto regulation in the U.S.
Despite Prometheum's claims of being pivotal for regulated digital asset offerings, the lawmakers pointed out that the firm hasn't served any customers yet. Also they raised concerns about potential ties between Prometheum and the Chinese Communist Party.
The committee has requested related documents and communication records by Aug. 22. 
S&P Solutions Accused of Money Laundering Through Crypto ATMs
The Cuyahoga County Prosecutor's Office, in cooperation with the U.S. Secret Service (USSS), filed charges against S&P Solutions and three of its employees for operating crypto ATMs without a proper license, conspiring to launder money, and engaging in corrupt activities. 
CSFC Convicts Telegram Admin for Unauthorized Financial Advice
A Chinese court has found Wong Ming-Chung, the administrator of a financial Telegram chat group offering paid subscriptions, guilty of providing investment advice without the necessary license over several years. The investigation and subsequent lawsuit were led by the China Securities and Futures Commission (CSFC). X (Twitter) Secures Crypto License
X, previously known as Twitter, has successfully obtained the Rhode Island Currency Transmitter License, enabling it to offer cryptocurrency payments and trading services in the U.S.
This acquisition, confirmed on August 28 via NMLS data, aligns with X's ambition to be a "cryptocurrency-friendly" platform.
Earlier, X had integrated features like Bitcoin tipping and NFT profile picture support. With this license, users might soon be able to send, receive, and store crypto directly on X, further mainstreaming cryptocurrency use. German Regulator Denies Crypto Custody License to Binance
The German financial regulator, BaFin, has reportedly denied a crypto custody license to Binance. The decision was reported by Finance Forward, citing sources familiar with the matter. It remains unclear whether the denial was a formal decision or part of ongoing discussions between Binance and BaFin. Deutsche Bank Pursues Digital Asset Custody Services
Deutsche Bank, one of Germany’s largest financial institutions managing $1.3 trillion in assets, is making significant move in the realm of digital assets. The bank has recently applied for a regulatory license to provide custody services for a range of digital assets, including cryptocurrencies. 
Singapore’s Crypto Business Law
With the new legislation that was approved by the parliament of Singapore, cryptocurrency and digital asset providers that operate their business overseas (yet are based in the city-state) will now be obliged to attain a license. Up until now, such companies did not face anti-money laundering regulations. 1 - 16 of 16 results