ZA Bank has received approval from the Securities and Futures Commission of Hong Kong to launch trading services such as US stocks and ETFs
On November 23, Hong Kong virtual bank ZA Bank announced that it has been approved by the Securities and Futures Commission (SFC) of Hong Kong to lift the conditions applicable to regulated activities for Type 1 (securities trading) when it was originally licensed.<br>This means that ZA Bank will not be limited to operating the business of "Collective Investment Scheme (CIS)", and plans to launch trading services such as US stocks, exchange-traded funds (ETFs) and American Depositary Receipts (ADRs) to the public after completing service testing in a timely manner.<br>
Republican Presidential Candidate Vivek Ramaswamy Unveils Crypto Policy Framework with Three Freedoms of Crypto
Republican presidential candidate Vivek Ramaswamy has presented a crypto policy framework called "The Three Freedoms of Crypto" at the North American Blockchain Summit. The framework aims to protect developers of smart contract code from being held liable for the actions of users. Ramaswamy has promised to direct government prosecutors to go after bad actors, not the code they use or the developers who write it. He has also pledged to provide regulatory clarity that gives new cryptocurrencies "safe harbor" exemptions from securities laws and prevent federal agencies from creating rules that limit the use of self-hosted wallets. Ramaswamy is currently polling between 0% and 8% of the Republican vote in New Hampshire.
Türkiye plans to submit new encryption bill to leave FATF "grey list"
According to Turkish Finance Minister, Mohamed Simsek, Turkey plans to submit a bill related to cryptocurrency to the parliament as soon as possible in order to get off the Financial Action Task Force's (FATF) "gray list". <br>
Taiwan formally proposes virtual asset management bill
On October 27th, a proposal for regulating cryptocurrency assets passed its first reading in Taiwan's legislative council (Legislative Yuan) based on official records. One of the co-sponsors of the proposal, Taiwanese legislator Yung-Chang Chiang, stated that "after the first reading of the bill, discussions on the regulatory framework for the virtual asset industry have entered the next stage. We hope that the Financial Supervisory Commission will also submit their version of the bill to the legislative body so that all sectors of society can further reach a consensus during the process."
Despite the Financial Supervisory Commission (FSC) of Taiwan releasing guidelines for the cryptocurrency field last month, which allows the industry to develop self-regulatory rules through potential industry associations, the legislator stated that these measures lack legal enforceability. If the special cryptocurrency law is passed and enacted, all cryptocurrency platforms operating in Taiwan will be required to apply for a license.
Romania’s Minister of Digitalization: Intends to attract capital to enter Romania
Bogdan-Gruia Ivan, the Minister of Research, Innovation and Digitization of Romania, plans to support the cryptocurrency community and builders by attracting capital into Romania, providing tax exemptions for crypto companies, and implementing new legal frameworks to provide clarity and security. The Minister considers himself a "true believer" in blockchain, artificial intelligence, and their ability to drive national innovation.
The Divide over Stablecoin Regulation: State vs. Federal Oversight
Leo Schwartz delivers insider insights on policy and regulation in Proof of State, the Wednesday edition of Fortune Crypto. Last week's showdown at the House Financial Services Committee resulted in the passing of two bills, one focused on crypto-market-structure oversight and the other on stablecoins, with a modicum of bipartisan support. While the passing of the market structure legislation is a significant step forward in advancing the conversation, the stablecoin bill received less support and is seen as a failure. The divide around crypto regulation is now being formed around questions of state versus federal oversight, rather than along partisan lines.
Google has announced new policies regarding blockchain-based content on its platform, Google Play
Google has announced new policies regarding blockchain-based content on its platform, Google Play. The policy requires developers to clearly declare if their app or game involves blockchain technology and prohibits the promotion of potential earnings from playing or trading activities. It also bans the use of loot boxes or any randomized purchases and states that NFTs should be used within the game to enhance user experience, rather than being wagered for real-world prizes.
Reddit and Mythical Games Helped Google Update Its NFT Policy
Google has updated its policy on tokenized digital assets, allowing blockchain-based assets to be traded within applications and games on Google Play. The aim is to offer users a more creative and immersive in-app experience and boost user loyalty through NFT rewards.
NatWest Bank Imposes Crypto Withdrawal Limits
June 18 (Cointime) - NatWest, a major UK bank, has introduced a new policy requiring customers to give notice for cash withdrawals exceeding £2000, including those from cryptocurrency platforms.
IMF Recommends Longer Period of Interest Rate Hikes and Tighter Fiscal Policy to Address US Inflation and Debt
The IMF has suggested that the US Federal Reserve should continue to raise interest rates for a longer period in order to control inflation, and has also urged the Biden Administration to tighten fiscal policy to reduce federal debt. The Fed is expected to increase rates by 25 basis points in June, and officials believe that the FOMC must continue to raise federal funds rates to over 6%. As the US Treasury Department plans to issue $600-$700 billion in Treasury bills after the debt ceiling deal, the stock and crypto markets are expected to enter a correction phase.
