“It could be something to remember him by, as they were close.”
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Turkey and India advanced crypto policies on May 16 that could create a framework for businesses and investors operating in each country.
Reuters reported that the Securities and Exchange Board of India (SEBI) wants multiple regulators to oversee crypto trading in the country.
In its recommendation, SEBI said it could monitor crypto securities, oversee initial coin offerings (ICOs), and issue licenses for equity market-related products.
Other agencies could regulate insurance and pension-related virtual assets, while the Reserve Bank of India (RBI) would regulate fiat-backed cryptos.
SEBI’s request is at odds with RBI’s position. The bank believes that private digital currencies are a macroeconomic risk. It expressed concerns about tax evasion, the need for voluntary compliance in P2P activities, and reduced profits from central bank money creation.
SEBI and RBI outlined their position in documents submitted to a government panel for consideration, which Reuters said could “firm up its report as early as June.”
Turkey’s draft law
Reuters also reported that Turkey’s ruling party presented a draft law that aims to have crypto companies meet licensing and registration obligations.
If the proposed regulations succeed, crypto exchanges and other companies must obtain licenses from Turkey’s Capital Markets Board.
The draft law outlines requirements and liabilities regarding platform management, offerable services, and operational standards. It aims to regulate certain activities, including crypto purchases, sales, and transfers among individuals in Turkey and crypto storage.
The law would also grant the Capital Markets Board authority to advance secondary regulation and create regulatory procedures for companies and their transactions.
Strict crypto stances
India and Turkey both have strict crypto policies.
In 2021, Turkey banned the use of crypto in payments, listing a lack of regulatory controls, use in illegal activities, theft, and irreversible transactions among its concerns.
In 2018, India’s Reserve Bank banned financial institutions from engaging with companies that work with crypto. Though the rule was later overturned, broader financial regulations apply, and the Reserve Bank continues to urge against legalization.
India has also taken other actions against crypto, including issuing compliance notices to foreign crypto exchanges and imposing IP bans on the exchanges.
Accordingly, each of the latest developments advances regulations that could accommodate crypto activities in countries known for their harsh policies.
Teddy Fusaro, president of Bitwise, one of the crypto index fund managers, has praised the business model of Tether, the company behind the largest stablecoin in the crypto market. Fusaro emphasized that Tether obtained net income numbers close to the ones of traditional institutions such as Goldman Sachs and Morgan Stanley in 2023, with a […]
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BV Bank, a Brazilian bank leader in vehicle loans, is running a pilot that uses tokenization to manage vehicle financing and sales operations. The first phase of the tests involves automating consumer-to-consumer vehicle sales processes, including the delivery of tokenized money in exchange for the ownership of the vehicle. Brazilian BV Bank Pilots Tokenization Model […]
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China needs a new economic plan that focuses on domestic services and private consumption.
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SushiSwap’s head chef, Jared Grey, said the ongoing controversy surrounding the protocol’s proposed transition to a Labs model is primarily driven by “former contributors who like to propagate endless FUD and misinformation.”
The controversial proposal
On March 26, a proposal titled Evolving Sushi—Burū no Shinka was submitted to allow Sushi to adopt a Labs model to restructure its current organization, enhance operational efficiency, and accelerate protocol development.
The proposal pointed out that the protocol’s current governance procedures needed more flexibility to increase its development pace. Consequently, it proposed Sushi Labs as an autonomous administrative, technical, and operational company, or group of companies, tasked with product development and management within the Sushi ecosystem.
However, the proposal has generated heated remarks from some in the community due to several proposed changes, including making the Sushi Labs more powerful and limiting the DAO’s powers to decentralized on-chain governance, such as voting on token allocations.
Additionally, the proposal will allocate 25 million Sushi tokens and other funds to the Labs while making it the sole beneficiary of future airdrops.
This move has been heavily scrutinized, mainly because the amount in the treasury differs from what the proposal states. The treasury wallet appears to contain 168 ETH, 13 million SUSHI, and 88,900 USDC. However, the proposal mentioned 1,228 ETH, 33.55 WBTC, and 1.574 million DAI, which are not in the treasury address.
Interestingly, Naïm Boubziz, a former contributor to SushiSwap, alleged that the Sushi Labs team might be manipulating the voting by adding liquidity to vote for themselves and removing the liquidity. He said:
“SushiSwap’s latest move is THE real hostile take over. They’ve introduced a new snapshot, sidelining the DAO and seizing the entire treasury without consulting the community.”
These dramas have led some community members to label the proposal “End of DAO.” Grey replied, stating,
“Labeling it as the “End of DAO” seems melodramatic when many view it as a needed upgrade, reducing the friction and inefficiencies plaguing Sushi’s less organized DAO model compared to its contemporaries and the need to deploy a more decentralized structure. Still, you’re entitled to your opinion, and sharing is encouraged.”
SushiSwap team response
In his response, Grey said that successfully implementing the Burū No Shinka will lead to a new era of streamlined governance for the Sushi DAO.
According to him, the DAO will no longer require a head chef figurehead, and his role will transition to leading Sushi Labs’ product development. He added:
“Sushi Labs’ goal is to foster the advent of a multi-product-and-token ecosystem, unlocking new opportunities for utility, governance, and value creation, which will remain under the control of the governance council structure, with increased on-chain and decentralized controls. We view this as a win-win for Sushi DAO.”
Grey also debunked claims that the team was manipulating the votes, revealing that a whale purchased a substantial amount of the SUSHI token to disrupt every effort of progress by the Sushi team.
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Google is reportedly considering the introduction of paid “premium” features powered by generative AI to its search engine, The Financial Times reported on April 2.
Sources close to the matter told the newspaper that Google is exploring the possibility of incorporating AI-enhanced search capabilities into its existing suite of premium subscription services.
The suite already includes access to Google’s latest AI innovations, such as the Gemini AI assistant integrated within Gmail and Google Docs.
While the technological infrastructure for these premium features is under development, Google’s executive team has yet to make a final decision on the launch and its specifics.
Shifting away from ad revenue
Despite the proposed changes, Google’s traditional search functionalities are expected to remain freely accessible, with advertisements continuing to accompany search results — even for subscribers.
The potential shift to a paid model will be a significant departure for Google, which has historically provided consumer services free of charge, relying solely on advertising revenues.
According to the report, the company is not considering an ad-free search experience but is committed to developing new premium capabilities and services to enhance its subscription offerings.
The tech giant highlighted its ongoing efforts to reinvent search to meet evolving user needs through generative AI, indicating substantial query growth in major markets without confirming any specific plans for the future.
Google’s search and related advertising ventures generated $175 billion during 2023, accounting for over half of its total revenue. This poses a strategic dilemma for the company: adopting cutting-edge AI innovations without jeopardizing its most lucrative revenue source.
Experimental SGE services
The strategic consideration comes at a time when Google’s advertising business faces potential disruption from advanced AI technologies, nearly a year and a half following the launch of OpenAI’s ChatGPT.
In response, Google launched an experimental AI-powered search service in May 2023, aiming to offer more detailed answers while maintaining the provision of links and advertisements. However, it has been slow to adopt features from its “Search Generative Experience” (SGE) into the main search engine.
The use of generative AI in search results requires significantly more computing resources, making these advanced features more costly for Google to provide. Currently, access to SGE is limited to a select group of users, including some subscribers to the Google One service.
SGE provides various features, including the ability to ask more complex questions, receive topic snapshots, and follow up on results, plus creative tools. The service introduced AI image generation in October 2023, providing functionality similar to a Midjourney and other apps.
Regardless of how Google’s AI-powered services develop, the company will inevitably compete with OpenAI’s ChatGPT and Microsoft’s Bing AI, both of which have established revenue models combining free and premium access to content.
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As bitcoin hovers around the $67,000 mark on March 18, 2024, there’s still widespread speculation about the potential for its price to climb even higher. The analyst Plan B continues to shed light on his well-known stock-to-flow (S2F) model, which suggests that “exponential growth” is expected to “continue.” Plan B: ‘S2F = Exponential Growth’ The […]
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Tesla’s stock closed at a 10-month low last week and has been the S&P 500’s worst performer this year.
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Core Blockchain development company ARAX and bond issuer Longevity Capital Company (LCC) have partnered to introduce a blockchain-based solution for the life insurance settlement investment sector.
Aiming to redefine the life settlement bond market, ARAX and LCC have unveiled a collaboration that has led to the creation of a tokenized fractional life settlement bond platform, aiming to enhance transparency and democratize access to what has traditionally been an investment avenue for large institutional investors.
Life settlements are financial arrangements where the owner of a life insurance policy sells it to a specialized buyer (often a company or investor) for a lump sum payment. This provides the seller with immediate cash, while the buyer assumes responsibility for future premiums and receives the death benefit when the insured person passes away.
The two companies will form VERAT, an equally owned platform designed to revolutionize the life settlement industry. It aims to provide solutions for banks, insurance companies, investment fund managers, and individuals seeking investment opportunities in life settlement bonds. It will use Core blockchain to turn life settlement bonds into smaller, tradeable tokens, making them more accessible to investors. The platform uses advanced analytics to provide up-to-the-minute valuations of life settlement assets, leading to better investment decisions.
VERAT will reportedly offer a fully transparent and compliant platform, integrating features like digital identity verification (CorePass) and regulatory technology (Core RegTech) to guarantee that users abide by rules and regulations.
CorePass will streamline digital identity verification, simplifying compliance with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations. Moreover, the Ping Exchange will efficiently trade tokenized bonds, while Core Digital Asset Management & Digital Attribute Platforms will enhance asset tracking and analytics.
According to a statement shared with CryptoSlate, the VERAT platform is its promise of democratized access to life settlement bond investments. By utilizing tokenization, the platform lowers investment thresholds, allowing individual and smaller-scale investors to participate in an asset class that was previously out of reach. This shift increases market liquidity and fosters a more inclusive investment landscape.
The VERAT initiative presents significant advantages for the life settlement industry. Tokenization lowers investment barriers and enhances liquidity by making it possible to purchase fractions of bonds. Real-time valuations empower data-driven decision-making, while streamlined compliance procedures and reduced overhead costs add further appeal for investors.
As ARAX and LCC continue to develop the platform, they stand poised to disrupt the life settlement investment landscape. By harnessing the potential of blockchain technology, VERAT seeks to establish a more transparent, accessible, and efficient financial ecosystem for all types of investors.
Disclaimer: Core Decentralized Technologies advertises on CryptoSlate coins pages.
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