Investment Learning

  • July 19, 2024

ZA Bank Offers Reserve Banking Services For Stablecoin Issuers In Hong Kong

According to Odaily, Hong Kong's virtual bank ZA Bank has announced the provision of exclusive reserve banking services for stablecoin issuers under the new stablecoin licensing regime. This framework mandates that stablecoin issuers must hold reserve assets in local banks to ensure market stability. ZA Bank has become the first digital bank to offer such services and is collaborating with Yuancoin to promote innovation and stability in digital assets. The bank is currently in discussions with ten other stablecoin companies and is actively supporting the policies of the Hong Kong Monetary Authority.

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  • July 19, 2024

Hong Kong To Propose Stablecoin Regulation By Year-End

According to Odaily, Hong Kong's Deputy Secretary for Financial Services and the Treasury, Joseph Chan Ho-lim, announced during a Legislative Council subcommittee meeting on Web3 and virtual asset development that the government is drafting the second version of regulations for stablecoin issuers. The aim is to submit the draft to the Legislative Council for review by the end of this year.

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  • July 18, 2024

Argentina Implements Tax Amnesty for Crypto Assets

According to Odaily, the Argentine government has signed a fiscal plan this week that includes a tax amnesty for individuals declaring assets worth $100,000, including registered crypto assets. Roberto Silva, Chairman of the National Securities Commission of Argentina, stated that this amnesty could alleviate pressure from the Financial Action Task Force (FATF). An analysis report from the International Monetary Fund (IMF) indicated that FATF has threatened to place Argentina on a grey list, which would increase monitoring of the country, potentially stifle foreign direct investment, raise international interest rates, and possibly lead to a decline in GDP.Silva mentioned that the registration of crypto assets is the first step towards regulation, hinting that these rules might follow those implemented in the United States. Experts believe this move could help Argentina regulate its cryptocurrency market. In May and June of this year, Argentina intensified its crackdown on crypto-related crimes. The prosecutor's office conducted 64 raids, resulting in the arrest of 20 domestic and 10 international criminals involved in smuggling, money laundering, and illegal gambling. Argentine leaders are scheduled to meet with FATF in Paris in October, where the task force will continue to assess Argentina's risks related to money laundering and terrorist financing.

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  • July 18, 2024

South Korea Implements Comprehensive Cryptocurrency Regulation

According to PANews, South Korea's first comprehensive cryptocurrency regulatory framework has come into full effect, focusing on investor protection. The new law, known as the Virtual Asset User Protection Act, was officially approved on July 18, 2024, and includes a one-year grace period to finalize regulatory details. This legislation imposes stricter requirements on digital asset exchanges, mandating that South Korean crypto exchanges store at least 80% of user deposits in cold wallets to separate user funds from the exchange's own assets. Additionally, exchanges must entrust user cash deposits to local licensed banks and maintain cryptocurrency reserves equivalent to the quantity and type of customer deposits. Furthermore, South Korean crypto services are now required to purchase adequate insurance or establish reserve funds to address potential hacking incidents or liquidity crises. Besides measures to protect user funds, the law also mandates exchanges to implement real-time monitoring systems to report suspicious transactions that may be illegal. Companies failing to comply with the new regulations may face penalties from the Financial Services Commission (FSC) or have their services suspended.

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