Hong Kong issues dual-track policy for AI adoption in finance  

US President Donald Trump will host a gala dinner for top holders of his Official Trump (TRUMP) memecoin on May 22 despite bipartisan criticism and renewed calls for impeachment.In a May 5 Truth Social post, Trump announced that he will hold a gala dinner with major TRUMP holders on May 22. The announcement follows multiple US lawmakers expressing concern over the initiative.In late April, Massachusetts Senator Elizabeth Warren called on government officials to address questions related to Trump’s memecoin and his media company. Controversies grew after Trump announced a dinner and White House tour for some holders of his TRUMP memecoin.“President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures,” a letter co-signed by California Democratic Senator Adam Schiff read.A call for impeachment over a memecoinAlso in late April, Senator Jon Ossoff expressed support for impeaching Trump during an April 25 town hall, citing the president’s plan to host a private dinner for top TRUMP memecoin holders. He said:“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense.”Pro-crypto Senator Cynthia Lummis and at least one other Republican in Congress were reportedly also critical of Trump for offering the top holders of his memecoin a dinner and White House tour. Lummis reportedly said that the idea of the US president offering exclusive access to himself and the White House for people willing to pay for it “gives [her] pause.”In a May 4 post on X, Warren claimed the Trump family’s stablecoin surged in market value due to a “shady crypto deal with the United Arab Emirates,” which involved settling the investment using USD1. She argued this raised serious national security concerns and warned against the Senate passing crypto-friendly legislation.Warren expressed concerns around foreign involvement in the US president’s finances. She also suggested that the Senate should refrain from approving pro-crypto bills:“The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption.“Related: America’s crypto renaissance is already failing; but we can fix itSource: Elizabeth WarrenWarren’s post included a clip from a recent interview during which Trump gave conflicting answers to whether he has profited from the crypto memecoin he launched in January, just days before he reentered the White House. During the clip, the president claims not to have “even looked” to check whether he profited off his endeavours.Related: Elizabeth Warren joins call for probe of Trump over crypto tokensThe United Arab Emirates dealWarren was likely referring to the recent deal that saw Abu Dhabi-based investment firm MGX use USD1 to settle a $2 billion investment in Binance, the world’s largest cryptocurrency exchange. According to CoinMarketCap data, the stablecoin’s market cap shot up from under $137 million on May 1 to nearly $2.13 billion on May 2.USD1’s Market Capitalization. Source: CoinMarketCapEric Trump announced the deal during a panel discussion at Token2049 in Dubai. Trump, the son of the president, serves as executive vice president of the Trump Organization. He said during the event:“The US is seeing that the financial world has to progress. It’s a joke. Why do banks run nine to five, Monday to Friday, with an hour and a half of lunch break? It doesn’t make sense.”Much like the memecoin, the USD1 stablecoin also attracted its fair share of criticism. In early April, some US lawmakers went as far as to allege that Trump wanted to replace the US dollar with USD1.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Binance co-founder Changpeng “CZ” Zhao has proposed Bitcoin and BNB as the first digital assets to form Kyrgyzstan’s national crypto reserves.On May 5, Zhao shared on X that he advised Kyrgyzstan to start with Bitcoin (BTC) and BNB (BNB) when building its national crypto reserve. In 2024, Forbes claimed that Zhao holds about 94 million BNB tokens, about 64% of BNB’s circulating supply. At the time of writing, these tokens are worth about $55 billion. The proposal follows Zhao’s earlier announcement that he had begun advising Kyrgyzstan’s National Investment Agency (NIA) on blockchain and crypto-related matters. On April 3, Zhao confirmed he’s been officially and unofficially advising governments on crypto frameworks and blockchain solutions. The former Binance CEO said that he finds the work extremely meaningful. Source: Changpeng ZhaoBinance to launch crypto payments in KyrgyzstanA month after CZ announced his role in advising Kyrgyzstan, Binance announced a partnership with the country to launch a crypto payments service. On May 4, Binance signed a memorandum of understanding (MOU) with the NIA to introduce Binance Pay to the country, enabling crypto transactions. The partnership also aims to boost crypto education in the country, with Binance Academy set to work with government agencies to develop blockchain-focused educational programs. Binance also said that the exchange had been advising multiple governments and jurisdictions on crypto-related policy. On April 17, Binance CEO Richard Teng said in a Financial Times interview that the exchange had been advising countries on crypto reserves. Kyrgyzstan has been making moves to become a digital asset-friendly jurisdiction. On April 17, Kyrgyzstan President Sadyr Zhaparov signed a law authorizing a central bank digital currency pilot project while giving the national currency’s digital form a legal tender status. Related: Pakistan appoints Changpeng Zhao as crypto adviser as adoption heats upKyrgyzstan reportedly plans a gold-backed stablecoinThe country also reportedly plans to launch a gold-backed stablecoin. The gold-backed stablecoin will be pegged to the United States dollar and called the Gold Dollar (USDKG). This will be backed by $500 million in gold provided by the country’s Ministry of Finance. Cointelegraph reached out to the country’s Ministry of Finance to confirm the reports but did not get a response before publication. Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

OpenAI CEO Sam Altman’s digital identity project, World, formerly known as Worldcoin, faces challenges in Indonesia after local regulators temporarily suspended its registration certificates.The Indonesian Ministry of Communications and Digital (Komdigi) has halted the Electronic System Operator Certificate Registration (TDPSE) for World and World ID over suspicious activity and alleged registration violations, the ministry announced on May 4.After the suspension, Komdigi plans to summon World’s local subsidiaries, PT Terang Bulan Abadi and PT Sandina Abadi Nusantara, to provide clarification on the alleged violations, it stated.According to a preliminary investigation, World’s PT Terang Bulan Abadi was allegedly operating without TDPSE, while PT Sandina Abadi Nusantara — the subsidiary World was using for providing its services — is allegedly involved in legal misrepresentation.Indonesian law requires registration by all digital service providersIn the statement, Komdigi emphasized that all digital service providers in Indonesia must receive electronic registration in accordance with local laws.Additionally, using another entity’s registration is considered a major breach of Indonesian digital operations law, the authority noted.“Worldcoin services are recorded using TDPSE in the name of another legal entity, namely PT Sandina Abadi Nusantara,” Alexander Sabar, the Komdigi’s director general for digital supervision, said in the announcement, adding:“Noncompliance with registration obligations and the use of the identity of another legal entity to carry out digital services is a serious violation.”Community action requiredAccording to Sabar, World’s temporary suspension in Indonesia is a measure taken to prevent potential risks to the community.He mentioned that the digital ministry is committed to overseeing the digital ecosystem fairly and strictly to ensure the security of the national digital space.Alexander Sabar is the head of Indonesia’s newly established Digital Space Monitoring Directorate General. Source: KomdigiSabar said proper supervision would require active participation from the community. “We invite the public to help maintain a safe and trusted digital space for all citizens,” he said. “Komdigi also appeals to the public to remain vigilant against unauthorized digital services, and to immediately report suspected violations through the official public complaint channel.”The community response has been divided over the action by Komdigi.“Good job Indonesia — at least somebody is standing up to that scam,” one Reddit user wrote.Related: From digital identity to outer space: Projects push crypto use casesOthers fired back, hinting at potential benefits stemming from World’s offering in Indonesia for the general public.“If giving up your iris biometrics means you can feed your loved ones for a few weeks, that might be a trade worth making. In the end, it all depends on what matters most to you,” another Redditor said.World’s latest news from Indonesia follows World’s debut in the United States in May 2025, with the platform rolling out its digital identity tech in six cities initially.A number of global regulators were pushing back on World’s operations since its launch in July 2023, with governments like Germany, Kenya and Brazil expressing concerns over potential risks to the security of biometric data passed by users.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight