ChainCatcher news, Executive Director Fu Rao of the Hong Kong International New Economy Research Institute wrote in the Ta Kung Pao article "Improving the Regulation of Virtual Assets for Healthy Industry Development," pointing out that the Supreme People's Court and the Supreme People's Procuratorate of China jointly issued an interpretation regarding several issues related to the application of laws in handling money laundering criminal cases, which explicitly lists virtual asset transactions as one of the methods of money laundering. This will have the following impacts on the virtual asset industry:Increased compliance costs for the industry. The introduction of regulations means that practitioners need to pay more attention to compliance issues and increase compliance investments to ensure that their businesses are legal and compliant. The market will undergo reshuffling, and some non-compliant U businesses and project parties may exit the market, further increasing industry concentration.Enhanced investor education. The introduction of regulations will prompt investors to pay more attention to the risks associated with virtual assets, improving their ability to identify risks.Gradual improvement of industry regulation. The release of this judicial interpretation will help regulatory authorities to conduct more effective oversight of the virtual asset industry, promoting healthy industry development.As Hong Kong vigorously develops its virtual asset economy, the mainland has responded by addressing serious crimes most easily triggered by virtual assets. In this context, both U businesses and ordinary investors should enhance their legal awareness, ensure compliance in transactions, and avoid falling into legal risks.

ChainCacther message: According to the effective regulations on digital mining activity permits in Kazakhstan, Canaan Technology has decided to temporarily shut down its mining power of approximately 2.0 Exahash/s since July 2023.To resume mining operations after obtaining approval, the company needs to acquire a Class II mining license from the mining machine owners. However, before the company can complete the license application, it must wait for one of its local partners to obtain a Class I license for mining infrastructure holders. Currently, this local partner has applied for the license, but its application is still pending.

ChainCatcher news, according to Forbes, the digital payment platform Checkout.com terminated its contract with Binance early on August 17 due to concerns over money laundering and compliance issues. Binance stated that it disagrees with Checkout's basis for terminating the contract and is considering legal action. According to sources, Checkout.com has processed approximately $300 million to $400 million in transactions for Binance in recent months."Checkout's exit has no impact on our services," said Binance spokesperson Dewi Mustajab. "We have made significant progress in establishing an industry-leading compliance program, and we hope to build more trust with regulators and partners."