Ripple and the Republic of Palau Collaborate to Mint First PSC Stablecoin

Bybit Leans on Innovative Tech by Launching AI-Powered Trading AssistantDubai-headquartered cryptocurrency exchange Bybit has introduced TradeGPT, an AI-powered educational tool aimed at changing the way in which traders interact with the cryptocurrency market.A ToolsGPT follow-upThe move follows on from the firm’s launch of ToolsGPT in June, an AI-based tool that aids platform users to generate technical analysis and takes a ChatGPT-like approach in providing responses to user queries. Vivien Fang, Head of Financial Products at Bybit, explained: “Our analysts and tech team created ToolsGPT to provide the financial education and mentorship that is sorely needed in our hyper-financialized world. Essentially, we built the tool that we all wished we had when we began our careers in financial engineering and trading.”Photo by Wance Paleri on UnsplashAI mentor and guideFor Bybit users, TradeGPT offers a multitude of benefits, including real-time market analysis, multilingual support, and personalized guidance. It functions as a mentor and guide, empowering users to comprehend market trends, formulate strategies, and select the most suitable investment products to achieve their financial goals.This offering addresses the limitations of traditional AI systems and provides real-time market data. TradeGPT leverages Bybit’s extensive market data, trading analytics, and technical analysis tools, making it a resource for traders navigating the complexities of the cryptocurrency landscape.Following industry trendBybit’s TradeGPT follows in the footsteps of Singapore-based platform Crypto.com, which unveiled its AI-enabled platform, Amy, in May. Amy leverages the technology of OpenAI’s ChatGPT to deliver real-time information about specific tokens, projects, price listings, and historical events to Crypto.com platform users.At the time Kris Marszalek, CEO of Crypto.com, highlighted the platform’s significance, stating: “Amy is the latest example of our incredible momentum.” The company added that it followed a series of notable product launches, including CFTC-regulated options trading, on-chain staking solutions, and the GEN 3.0 Crypto.com Exchange.Binance, the world’s largest cryptocurrency exchange by trading volume, introduced Binance Sensei in April. The company has integrated the AI-powered learning tool into Binance Academy and offers users of all skill levels an interactive chat window for guidance.As an increasing number of cryptocurrency companies launch AI-enabled platforms, the synergy between AI and the industry becomes more apparent. AI’s data processing capabilities could address scalability issues and expedite transaction processing for cryptocurrencies.Conversely, cryptocurrencies could incentivize research and development in the field of AI. Tokenized economies may reward contributors to AI projects, fostering collaboration and innovation. Furthermore, cryptocurrency-enabled decentralized networks could provide secure and transparent platforms for exchanging AI-generated insights without the need for intermediaries.Digital assets are developing in real-time alongside other technologies. The introduction of Bybit’s TradeGPT, alongside Crypto.com’s Amy and Binance’s Sensei, offers a step forward in harnessing the power of AI to empower cryptocurrency traders. As these AI-driven tools continue to evolve and gain traction, they’re likely to reshape how individuals and institutions engage with the cryptocurrency market.

Taiwan Crypto Trader Strikes it Lucky in Tax Receipt LotteryA trader on Taiwan’s MaiCoin Max crypto exchange has struck it rich in an unexpected way, winning a grand prize of 10 million NTD (approximately $310,000) in the country’s monthly national tax receipt lottery.Photo by Nick Fewings on UnsplashFrom 6 cents to $300KWhat makes this story, which was reported by CoinDesk on Friday, even more surprising is that the trader had paid a mere 2 NTD (equivalent to $0.06) in fees on the exchange as they engaged in relatively small trades.The lucky individual, who chose to remain anonymous, didn’t earn this windfall through traditional trading profits or by accumulating tokens. Instead, their fortune came from Taiwan’s unique approach to tax compliance.For crypto exchanges like MaiCoin, every trade conducted on their platform technically counts as a taxable event. This means that active traders can amass numerous virtual “lottery tickets” each month through their trading activities and transaction fees.Uniform invoice lotteryTaiwan introduced its tax receipt lottery system, known as the uniform invoice lottery, back in the 1950s as an innovative method to encourage tax compliance among consumers. While tax authorities worldwide struggle to capture revenue from cryptocurrency holders, Taiwan’s approach allows them to indirectly benefit from the earnings generated on crypto exchanges.For every transaction made by an individual, whether that should occur on a crypto exchange or elsewhere, the individual is issued with a tax receipt. An electronic copy is also registered with Taiwan’s tax authority. Essentially, every receipt then becomes a lottery ticket as the tax authority then runs a draw on an ongoing basis where taxpayers can earn cash prizes.This particular win involving a Taiwanese crypto trader has drawn attention from the broader public. Paul Huang, a Research Fellow at the Taiwanese Public Opinion Foundation, took to X (formerly Twitter) on the subject, stating:”Who says retail users can’t profit from trading cryptos? Taiwan’s largest crypto exchange @MAX_exch announced some user made a tiny trade that paid $2 NTD ($0.06 USD) in fee on platform, the tax receipt ended up winning 10mil ($310k USD) in Taiwan govt’s invoice lottery!”The recent $310,000 jackpot represents the largest prize ever won by a crypto trader through this lottery. Nevertheless, Taiwan’s tax receipt lottery typically produces smaller windfalls, with the country collecting over $7 billion in sales tax revenue in 2021, and a significant proportion paid out in lottery winnings.Critics argue that this system may not be the most efficient way to boost tax compliance, but Taiwan maintains one of the world’s most effective tax regimes, consistently generating impressive revenue relative to its GDP. Additionally, stories of remarkable lottery jackpots serve as excellent public relations for the scheme.There’s little doubt that cryptocurrencies have brought about significant challenges for tax authorities worldwide. In this particular instance, Taiwan’s tax receipt lottery stands as a unique and intriguing approach to fostering compliance while occasionally making crypto traders unexpectedly wealthy.

Busan to Host Blockchain Week in Busan 2023 Next MonthThe South Korean port city of Busan is set to host this year’s Blockchain Week in Busan (BWB) from November 9 to 10 (local time) at the Signiel Busan Hotel. Touting the theme “Target 2026 Blockchain Busan,” local and overseas experts in the field of blockchain and Web3 will come together to discuss the prospects and potential of Busan to become an urban blockchain hub by 2026. The event will be co-hosted by local newspapers Busan Ilbo and Maeil Business Newspaper and jointly organized by entrepreneurship base camp Nonce, contents commerce network JJ Global, and Busan-based media company Bonmedia.Photo by Minku Kang on UnsplashPreparing for the future of blockchain development and financial innovationThe first day of the event will kick off with an opening speech by the city’s mayor Park Heong-joon as well as presentations on Busan’s trajectory for nurturing blockchain development. In addition, Kim Sang-min, the leader of Busan’s initiative to establish its own digital asset exchange, will present the three-year vision for the Target 2026 goal. Various Web3 companies will also gather for the inauguration of the Busan Blockchain Alliance.“BWB 2023 will give us the chance to envision how blockchain technology can change Busan and to visualize how the field will transform in ten years’ time,” Kim commented.A subsequent panel discussion will feature Rory Knight, the Chairman of Oxford Metrica, and Dimitrios Psarrakis, a financial economist who contributed to the EU’s Markets in Crypto-Assets Regulation (MiCA), who will speak on the Korean government’s digital asset regulations.Several professionals including Patrick Yoon, CEO of Crypto.com’s Korea branch, and Kim Ji-yun , CEO of blockchain software firm DSRV, are set to talk about various concepts under the umbrella of bridging blockchain and finance. This includes blockchain-based payment systems, digital IDs, and central bank digital currencies.In particular, loan officers from major investors like the Korea Development Bank, Korea Investment Venture Corporation, and BNK Financial Group will also be in attendance, giving Web3 companies an opportunity to introduce their business models and pitch their ideas for the architectural development of Busan’s urban blockchain infrastructure.Global investment insights and regulatory prospectsInvestment managers from overseas venture capital firms will be at the center of the second day’s events, covering a panel discussion about the global Web3 investment ecosystem and Busan’s integration into it. Caroline Pham, a Commissioner of the US Commodity Futures Trading Commission, is also set to speak with Jin Kang, Head of Legal at blockchain venture capital firm Hashed, on suggestions on crypto regulations for innovation.Meanwhile, Korean representatives of global mainnet projects plan to discuss the role of business directors in the Korean cryptocurrency market.“In pursuit of the vision that we will present at this year’s BWB, Busan is fully dedicated to becoming a global blockchain hub and a leading first mover in the industry by merging finance and blockchain technology,” said Mayor Park.