Cointime

Cointime

Download App
iOS & Android
Home / Policy

Asian Regulators Update Crypto Regulations

Regulators in Asia have made updates to cryptocurrency regulations. Japan will enforce stricter Anti-Money Laundering measures, including the “Travel Rule,” starting from June 1.

South Korea has implemented new laws requiring officials to report their holdings of cryptocurrencies, and the Hong Kong Securities and Futures Commission will soon allow licensed platforms to serve retail investors.

Beijing’s municipal government has also unveiled a white paper to foster innovation and advance the Web3 industry. Meanwhile, the International Organization of Securities Commissions is working to help policymakers regulate cryptocurrency more effectively, and Norges Bank, the central bank of Norway, is considering its own approach to crypto asset regulation.

Hong Kong
Comments

All Comments

Recommended for you

  • Binance executives' bail application postponed again, still in custody

    The bail hearing for Binance executive Tigran Gambaryan has been postponed again by a Nigerian court, and he remains detained at the Kuje Correctional Center. The hearing is now scheduled for April 22, with the EFCC requesting time to respond to new arguments from the defense. Gambaryan's lawyer criticized the prosecution for failing to respond promptly. Binance has been accused of concealing the source of its income, while Gambaryan is accused of money laundering. In addition, he has also filed a lawsuit against the government for violating his human rights.

  • SEC accuses Justin Sun of frequent trips to the U.S. to sell tokens

    The US SEC has amended its lawsuit against Tron founder Sun Yuchen, stating that his frequent travel to multiple locations in the US allows the court to have corresponding jurisdiction. The SEC accuses Sun Yuchen and his company of selling unregistered securities through Tron and BitTorrent (BTT) tokens and engaging in manipulative money laundering transactions. The SEC claims that Sun Yuchen spent more than 380 days in the US from 2017 to 2019, with travel destinations including New York, Boston, and San Francisco. Sun Yuchen argues that the token sales were conducted entirely overseas, avoiding the US market, and therefore the SEC has no jurisdiction over him and the Tron Foundation, which is headquartered in Singapore. (Cointelegraph)

  • Hong Kong Treasury Secretary: Will submit a draft bill on stablecoin and virtual asset over-the-counter trading services to the Legislative Council

    According to a report by Caixin, Hong Kong Financial Secretary Paul Chan Mo-po introduced the expenditure budget and work focus for the fiscal year 2024-25, stating that a variety of central bank digital currency cross-border networks (mBridge) are expected to be launched this year, with the first phase of services focusing on settling cross-border transactions for enterprises using various central bank digital currencies. In addition, the "digital renminbi" will also expand its pilot scope in Hong Kong, further improving cross-border payment efficiency and user experience. In terms of virtual assets, the government is promoting a series of measures to strengthen regulation and promote the stable and responsible development of the virtual asset market in Hong Kong. Specifically, the Hong Kong Monetary Authority launched a stablecoin sandbox in March this year, allowing institutions interested in issuing stablecoins to conduct testing within a controlled range. The government has also consulted the public on the regulation of fiat-backed stablecoin issuers and virtual asset over-the-counter trading services, and is considering the feedback received. Depending on the progress of preparatory work, the draft legislation will be submitted to the Legislative Council as soon as possible.

  • Three men and women arrested for laundering more than 1.8 billion yuan from virtual currency trading platforms and bank accounts

    Hong Kong Customs broke up a money laundering syndicate and arrested three local suspects who are suspected of using virtual currency trading platforms and multiple local bank accounts opened by companies to process over 1.8 billion yuan of funds with unknown sources. Customs officials targeted the three suspects based on intelligence and launched a wealth investigation, discovering that the three individuals conducted over 1,000 suspicious transactions between June 2021 and July 2022 through the opening of multiple local companies and bank accounts, including the transfer of funds from virtual currency trading platforms, involving more than 1.8 billion yuan.

  • Hong Kong Bitcoin, Ethereum spot or futures ETF related products are temporarily not open to mainland investors

    According to Beijing Business Daily, products related to Bitcoin, Ethereum spot ETFs, or Bitcoin and Ethereum futures ETFs are not currently open to mainland investors. Southern Dongying stated that as more market participants enter, the demand for Bitcoin futures ETFs in Hong Kong, China is expected to further increase, and the scale and trading volume will further increase. The reduction in Bitcoin supply will further increase the Bitcoin price, drive market positive sentiment, and further increase demand for Bitcoin futures ETFs. Southern Dongying also mentioned that its subsidiary funds are not directly or indirectly sold to legal persons or natural persons in mainland China, nor are they sold for their interests. In addition, legal persons or natural persons in mainland China may not directly or indirectly purchase Southern Dongying's Bitcoin futures ETF or Southern Dongying's Ethereum futures ETF without obtaining all necessary government approvals in advance.

  • New Stablecoin Bill Introduced in US Senate to Regulate Dollar-Pegged Digital Assets

    Senators Cynthia Lummis and Kirsten Gillibrand have proposed a new bill that aims to establish definitions for dollar-pegged digital assets and their issuers. The bill mandates that payment stablecoin issuers meet reserve and operational requirements, including creating subsidiaries specifically for issuing stablecoins. Additionally, stablecoin issuers must deal in dollar-backed tokens and ensure their tokens are fully backed by reserve assets. The proposed legislation seeks to define how stablecoins will operate in the US and would prohibit algorithmic stablecoins. There are ongoing discussions about attaching stablecoin legislation to a must-pass bill reauthorizing the Federal Aviation Administration, and Senator Sherrod Brown has indicated that specific safeguards must be included for the legislation to move forward.

  • HKMA issues distributed ledger technology guidance to banks

    Hong Kong Monetary Authority has issued guidelines to local banks on the use of distributed ledger technology (DLT) and support for the development of Hong Kong's virtual asset ecosystem, in order to support banks in using DLT in a risk-controlled manner. Through clarifying the main regulatory considerations of the Authority, it aims to further promote the wider application of DLT in the industry, including establishing appropriate governance, ensuring the design suitability of DLT application projects, and continuous maintenance and supervision of DLT projects. In order to accommodate the diverse development of technology and the market, the Authority will continue to maintain close communication with the industry and support the orderly development of Hong Kong's virtual asset ecosystem in a risk-controlled manner.

  • The Hong Kong Legislative Council plans to review the relevant stable currency consultation and sandbox legislation at the end of this year or next year

    Hong Kong legislator Wu Jiezhuang revealed that Hong Kong will release stablecoin consultation and sandbox (computer security mechanism), which will allow the industry to innovate digital asset projects in the sandbox environment. Relevant legislation will be reviewed in the Legislative Council at the end of this year or next year, which will help the entire digital asset industry ecosystem. Hong Kong has been improving the digital asset (virtual asset) market on different legal levels. Last year, there were regulations on virtual currency trading platforms and issuance systems.

  • Hong Kong launches Project Ensemble, wholesale CBDC and tokenized deposit scheme

    The Hong Kong Monetary Authority (HKMA) announced on March 7 the launch of Project Ensemble, which focuses on studying the tokenization of private bank deposits using wholesale central bank digital currency (WCBDC). The institution clarified that the project will study the potential benefits to the financial system of tokenizing deposits using WCBDC, including optimizing interbank settlements. Nevertheless, the WCBDC, which is the core of the system, will also be part of the sandbox aimed at testing its application for other purposes, such as settling tokenized real-world assets (RWA).

  • The Hong Kong Monetary Authority announces the launch of a new wholesale-level central bank digital currency project

    The Hong Kong Monetary Authority (HKMA) has announced the launch of a new wholesale-level central bank digital currency (wCBDC) project called Ensemble to support the development of Hong Kong's tokenized market. The focus of the Ensemble project is the HKMA's sandbox for wCBDC, which will be launched this year. The sandbox will further study and test tokenization use cases, including the settlement of tokenized real-world assets (such as green bonds, voluntary emission reductions, airplanes, electric vehicle charging stations, electronic bills of lading, and treasury management). It is more likely to develop into new financial market infrastructure, serving as a bridge between tokenized real-world assets and tokenized currencies in transactions.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company