FameEX Morning Crypto News Recap | May 9, 2023

Chinese State-Backed AI Company Launches Chatbot Service to Compete with ChatGPT
Chinese tech company iFlytek unveiled its "Spark Model" AI system at a tech event in Hefei, claiming that it will surpass ChatGPT by the end of the year. The company demonstrated the system's capabilities at the event, and it has generated significant attention in the industry.

Liechtenstein Prime Minister Announces Upcoming Bitcoin Payment Option
Liechtenstein's Prime Minister Daniel Risch has announced plans to accept Bitcoin as a form of payment for state services. In an interview with German business newspaper Handelsblatt, Risch said that the country aims to offer citizens greater choice and convenience for transactions. Liechtenstein has previously positioned itself as a crypto-friendly nation, with blockchain technology being integrated into its regulatory framework.

Crypto ATM Operator Fined $3.9 Million by SEC for Selling Unregistered Tokens
The US Securities and Exchange Commission (SEC) has reached a settlement with a crypto ATM operator for selling unregistered tokens to expand its Bitcoin ATM network. The company allegedly raised approximately $3.65 million in cryptocurrency assets during an initial coin offering. The operator has agreed to pay $3.9 million in penalties and will also register the tokens as securities with the SEC.

US Presidential Candidates Compete for Support from the Cryptocurrency Community
US presidential candidates are looking to appeal to the growing number of voters who are invested in cryptocurrencies. As the popularity of digital assets continues to rise, politicians are recognizing the importance of catering to this demographic. With millions of Americans investing in crypto, the political landscape is changing to address this new wave of interest.

Bank of Canada Seeks Public Feedback on Digital Currency in Newly Launched Consultation
The Bank of Canada has launched a consultation seeking public feedback on what features it should include in a potential digital currency. The central bank has clarified that its proposed digital currency would be different from cryptocurrencies as it would be backed by the bank and would not fluctuate in value.

Estonia's Cryptocurrency Companies See Significant Drop in Business Amid Stricter Regulations
Estonia has seen an 80% drop in registered cryptocurrency firms due to the enforcement of the 2022 crypto law, which requires companies to maintain significant capital reserves and establish genuine connections to the country. The Financial Intelligence Unit, Estonia's money-laundering regulator, reported that around 200 licenses were voluntarily withdrawn by firms, and an equivalent number were denied by the authority.

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