jakiro
Source: Beosin
1. Midea SEC releases the validity notice of the ETF S-1 application of the Ethereum Ethereum Ethereum
On July 23, according to the official SEC information, it has officially approved the S-1 application of multiple ETF issuers, and Ethereum spot ETF was officially approved for listing.According to the contents of the notice, the SEC has notified at least two of the eight companies in the first batch of Ethereum Eto ETFs in the United States, and their products can start trading on Tuesday.Products of Berlaide, VANECK and other six companies will start trading on three different exchanges on Tuesday morning: Chicago Options Exchange (CBOE), Nasdaq Exchange and New York Stock Exchange. These exchanges are all exchanges.Confirm that they are ready to start the transaction.
Another important impact approved by Ethereum spot ETF is reflected in the change of US regulators’ attitudes towards encryption policies.The curtain of the US election is opened, and the Democratic and Republican parties are worthy of attention to the tendency of the encryption industry.
Earlier, Nancy Pelosi, the former Speaker of the House of Representatives, was considering that the Republican Party supported the Republican Act FIT21 when voting this week.In addition, there is another SAB121 on the Cryptocurrency Accounting Guideline Act SAB121 will also be resolved in the near future.
After the Ethereum spot ETF passed, the mainstream view of the market believes that this has a positive impact on the regulatory environment of cryptocurrencies.Earlier, Galaxy Digital’s research director Alex Thorn said that SEC’s regulatory attitude towards Ethereum will try to find a balance point between the following two, that is, “ETH” itself is not a securities, but “pledged ETH” (or is far -fetched, even more far -fetched.Said, “ETH as a service”) is a securities.
This is very similar to the demands in the FIT21 Act, that is, it is clear which digital assets are supervised by the Commodity Futures Trading Commission (CFTC) and which digital assets are supervised by the Securities Exchange Commission (SEC).This is important because there is a key difference between the definition of “commodity” and “securities”, which will affect their regulatory methods.In short, ETH, as an encrypted asset category with smart contracts, has a profound impact on the spot ETF on the encryption industry.
2. The EU MICA Act is supervised on stable currency
With the implementation of the EU MICA (encrypted asset supervision market), it will become an important milestone in the EU and even other regions in 2024.This pioneering regulatory framework is regarded as the world’s most comprehensive regulatory framework, which will completely change the structure of the crypto industry. The main implementation date is June 30 on June 30 and December 30, CASP.
As mentioned earlier, MICA (1) has submitted strict requirements on reserves that support stable coins; (2) requiring details of information related to the mortgage/operation/risk management process;The authorization of the department can provide stable coins in the European Union.
Exchanges to carry out business in the European Union may return unsatisfactory stable coins.Whether it is local or global stable currency issuance, it is either complied with regulations or eventually disappear from the EU market in the short term to the middle period.The currency is proven.Over time, the European Union will be a zero tolerance market for “Internet Funny Money” to be loose.
According to Patrick Hansen, head of Circle EU policy, Mica’s follow -up impact includes:
Although there are certain restrictions or excessive regulatory protectionism in the law, Mica represents an opportunity to develop a unique European crypto asset market. It is expected that the EU’s encryption market will localize, institutionalize, professionalize, and may integrate (all ecological chains);
In the short term to the middle period, local and global stable currency issuance either abides by regulations, or eventually disappear from the EU market. The recent announcement of the exchange is proof;
It is expected that the stable coins of the euro -denomination will grow and face local competition; foreign countries that are not regulated by foreign countries will face significant restrictions in the European Union, which makes it extremely difficult to operate in an reverse recruitment method, or even impossible;
A large part of the implementation of MICA still needs to be completed and needs to be observed in the follow -up; Mica undoubtedly provides a huge opportunity for the EU, but it requires industry, regulators, policy makers, and the joint efforts of nearly 450 million consumers to give full play to thempotential;
The longer the two major jurisdictions of the United States and the United Kingdom, the longer the regulatory vacuum duration of cryptocurrencies, the greater the impact of the MICA standard on the global.
Circle announced that USDC and Eurc can now be used under the new EU Stable Coin Act; Circle is the first global stable coin issuer that meets the MICA standard.From July 1st, Circle will issue USDC and Eurc to European customers.
3. The Hong Kong HKMA launched the ENSEMBLE project sandbox
In August 2024, the financial market in Hong Kong ushered in an important moment -the Hong Kong HKMA and the Hong Kong Securities Regulatory Commission officially launched the Ensemble tokens.This innovative regulatory environment provides a test platform for the tokenization of financial resources, which is expected to completely change the traditional financial system.Industry giants, including HSBC Bank (HSBC) and Global Shipping Business Network (GSBN), have begun to perform conceptual verification (POC) test. Hashkey Group also plans to join the project.This sandbox plan in Hong Kong is not only a test, but also likely to become the standard for the global financial market in the future.
The Financial Management Bureau said that the construction of a sandbox has been completed, which aims to use experimental token currencies to promote the settlement of banking industry and centralize token asset transactions.The participating banks of the Ensemble project architecture working group have connected its token deposit platform to the sandbox, and prepared for the experiments to carry out cross -bank payment simultaneously and silver settlement in the future.
What is Hong Kong ENSEMBLE sandbox
ENSEMBLE Sand Box is a platform created by the Hong Kong HKMA, which aims to allow financial institutions and technology companies to viimize the experimental assets in the controlled environment.Vigatization refers to the transformation of physical assets or rights into a digital form represented by the tokens on the blockchain.This process can not only increase liquidity and transparency, but also reduce transaction costs and improve market efficiency.
This move is part of Hong Kong’s strategy of global financial innovation leaders.Liang Fengyi, CEO of the Hong Kong Securities and Futures Affairs Supervision Committee (SFC), said that the project aims to make the financial system “facing the future” and emphasize the importance of experiments in the regulatory environment to ensure that new technologies can be safe and sustainable.Implement.
Liang Fengyi also said that the sandbox launched on the same day confirmed that innovation and supervision combined can open up a new path for Hong Kong’s financial markets.As the two major builders in the financial market in Hong Kong, the CSRC and the HKMA have the same vision, and are committed to leading Hong Kong’s financial system through innovative market infrastructure to the future.
Main participant
The start of the Ensemble sandbox has attracted the attention of major financial and technical institutions.HSBC, as one of the world’s largest banks, is one of the earliest participants.Its participation reflects the increasing interest in traditional banks for blockchain technology and tokens. These technologies are deemed to be a tool for improving operating efficiency and providing customers with new products and services.
Another key participant is the Global Shipping Business Network (GSBN), which is an alliance composed of major shipping companies and logistics operators.GSBN regards sandboxes as an opportunity to explore how to optimize shipping and global trade operations, reduce transaction time and increase supply chain transparency.
Finally, as a leader in the field of digital assets, Hashkey Group has announced plans to join the sandbox.Their participation emphasized the importance of cooperation between the traditional department and the cryptocurrency department to build a powerful and inclusive financial ecosystem.
The target of the ensemble sandbox
The design goals of Ensemble Sand Box are clear: Test the feasibility, identification and relief of relevant risks of tokenization, and develop a large -scale regulatory framework.Organizations like HSBC and GSBN are involved to ensure that the developed solutions have scalability and can be integrated into the global market.
One of the most interesting aspects of the sandbox is that it can experiment in a real but regulatory environment.This method allows any technical, regulatory or market issues before implementing solutions worldwide.In addition, the sandbox also provides a unique opportunity to cooperate with the company in Hong Kong to create flexible regulations that can quickly adapt to technological changes.
4. Hong Kong Stable Coin Consultation Summary and Published
According to the consultation summary jointly launched by the Hong Kong Financial Administration (HKMA) and the Hong Kong Financial Affairs and Treasury Bureau, the current stable coin issuer will be supervised by HKMA.Although the consultation summary has been completed, there is no clear legislation and supervision guidelines at this stage, and no specific suggestions have been given in terms of stable currency anti -money laundering.
Stable currency definition
The definition of stablecoins does not include the following categories:
○ Deposit (including deposits in tokenization or digital form)
○ Some securities or futures contracts (mainly recognizing collective investment plans and recognition of structural products)
○ Any stored value or tool that stored in the storage value payment tool is based on gold
○ The legal currency of the digital form issued by the Central Bank or issued on behalf of them
○ Digital form value of certain limited uses
A distributed ledger or stable currency issued by decentralized operations or similar technologies, among which the distributed ledger finger operated by decentralized mode does not have the power to unilaterally control or substantially change its ledger function or operation, such asTerrausd (USS), DAI (DAI), SUSD (Synthetix USD).
Fiat currency stable currency
Supervision believes that it is necessary to include all fiat currency stable currency into the proposed regulatory system, because referring to a single currency and the fiat currency stable currencies of a variety of currencies and traditional finance
The system is related, and both may constitute risks of financial stability.Because fiat currency stable currency may develop into a generally acceptable payment method, it has a higher and urgent risk of currency and financial stability.
Response of relevant standards and conditions for stable coins issuer
○ No one (including the issuer, agent, and intermediary) is illegal to promote the promotion of non -licensed fiat currency stable coins.
○ The issuer must set up an independent account at the custodian approved by the licensed bank or the HKMA to manage reserve assets.
○ The issuer needs to separate the assets of the reserve assets and the issuer’s own assets, and formulate an effective trust arrangement to provide the legal rights and priority of request for reserve assets for fiat currency stable currency users.
○ The issuer must prove that its reserve asset investment policy and liquidity management policy are commemorative with their business scale and complexity to ensure that they can fulfill the redemption requirements during normal conditions and during pressure.
○ The issuer must fulfill its requirements within a working day after receiving the redemption requirements.
○ The issuer must have a sound risk management procedure and internal management and control procedures to ensure and manage reserve assets.
○ The issuer must regularly disclose the total amount of circulation stable currency, the market value and composition of reserve assets.
○ The issuer shall not pay interest to currency users.
○ The issuer must register and establish a company in Hong Kong, and the executives must be resident in Hong Kong and implement effectively controlling its stablecoin.
○ The minimum payment of the issuer’s payment is HK $ 25 million or one percent of its stable currency circulation is prevailing.
○ The issuer needs to publish a stable currency white paper. French currency stable currency white paper needs to contain the general information of the issuer, the relevant risks of using the fiat currency stabilizer, the technology, issuance, distribution and redemption mechanism and procedures, potential fiat currency stable currency usersThe rights and interests of redemption, the applicable conditions and costs of redemption.
○ The issuer must conduct a risk assessment at least once a year.The regulatory authorities will clearly stipulate on the qualifications and audit scope of relevant auditors in the future.
5. Singapore’s risk coefficient of anti -money laundering/anti -terrorist financing regulations for update
On July 1, Singapore regulatory agencies released a updated version of the country’s State Risk Evaluation (NRA) and the national strategy of combating terrorist financing.
The purpose of this is to prevent terrorist organizations and groups from using Singapore as an economic openness of international finance, commerce and transportation hubs to provide funds for terrorism.
According to the latest update, the risk level of cryptocurrency trading platforms or digital payment tokens (DPT) service providers has been increased from low to medium high.Cross -border online payment is still in a high risk because they are determined to be potential new channels for terrorist financing activities.
The latest challenge facing the encrypted platform occurred in a report that the digital payment token was marked as a high risk a few weeks later.According to Singapore’s latest money laundering country risk assessment (MLNRA), DPT service providers represent serious risks and loopholes in the background of anti -money laundering (AML).
MLNRA’s main discovery in the field of anti -money laundering.Data source: MAS
The Singapore Financial Authority has been actively participating in the supervision of the digital asset market.A few months ago, the Singapore regulatory agency expanded the scope of payment of payment services to the digital token service providers and incorporated digital assets into the user protection law.Recently, news about the encryption platform came out.
The law allows the Singapore Financial Authority to implement stricter requirements for DPT service providers in anti -money laundering and anti -terrorist financing, user protection and financial stability.
It also helps DPT with hosting services and encryption transfer services in the country.
Singapore is regarded as a country that supports cryptocurrencies, and the use rate of cryptocurrencies is very high.Although the global cryptocurrency ownership rate is about 4.2%, Singapore’s adoption rate is as high as 11.2%.According to Singaporean regulations, digital currencies are called digital payment tokens.
6. Turkish cryptocurrency supervision policy “Amendment to the Capital Market Law”
Since 2021, Türkiye has been included in the gray list of FATF due to money laundering risks.In order to get rid of this unfavorable situation and clarify the taxation policy of cryptocurrencies, Türkiye has begun to increase supervision of the field.Today, Turkey has successfully removed from the ash list, and the new regulatory framework has also been introduced, laying the foundation for the standardized development of the cryptocurrency market.
On July 2, 2024, the Turkish Capital Market Committee (CMB) officially announced the “Amendment to the Capital Market Law” No. 7518, incorporating the regulations of the encrypted asset service provider (CASPS) into the legislative scope.This marks that Turkish cryptocurrency supervision has entered a new stage. All cryptococcling asset service providers must obtain CMB permits and comply with the standards set by TUBITAK.In addition, activities related to banks also need to be approved by the Banking Supervision and Supervision Agency (BDDK).These regulations not only strengthen supervision, but also provide guarantee for the healthy development of the encryption asset industry.
According to the new regulations, the establishment of an encrypted asset platform needs to meet the following conditions:
1. The platform shall be established as a shares, and the minimum payment capital shall be 50 million Turkish lira.
2. All shares should be issued in cash and registered in the case.
3. The founders and managers must comply with the provisions of the capital market law and other relevant laws, and have sufficient economic strength, honesty and trust.
4. The business scope of the encrypted asset platform should be clear, covering activities such as purchase, sales, first distribution, distribution, liquidation, transfer, and hosting.
The new regulations require that the encrypted asset service provider currently operating in Turkey must be submitted to the CMB for documents within one month, and the company that fails to submit the application must make a liquidation decision within one month.The platform for temporary operation must submit the platform operation permit application before November 8, 2024, otherwise it will face a clear retirement.
During the transition period, a total of 76 exchanges obtained temporary permission to continue operations and needed to comply with the requirements of the new regulations.At the same time, eight exchanges that have failed to meet the conditions were required to be cleared.
New regulations have set up severe punishment measures for individuals and institutions that have not been authorized to engage in crypto asset services.The individual and legal person who violates the regulations will face 3 to 5 years of imprisonment and impose a fine of 5,000 to 10,000 days.The embezzlement of commissioned funds or assets will lead to a more severe punishment, which can be sentenced to up to 14 years of imprisonment and a huge fine.
For criminals involving fraud to cover up the embezzlement, they will face a imprisonment of 14 to 20 years and impose a fine of up to 20,000 days.In addition, individuals who illegally use the resource of an encrypted asset service provider with the withdrawal permit will also face a maximum 22 -year imprisonment and a fine of 20,000 days.
