ChainCatcher news, according to CoinDesk, the Dubai Virtual Assets Regulatory Authority (VARA) is one of the regulatory bodies for the cryptocurrency industry in the United Arab Emirates (UAE). The authority stated that it has fined seven "entities" for operating without the required licenses and violating marketing regulations.VARA did not disclose the names of these entities and stated that it is investigating them in collaboration with local authorities. The fines for each entity range from 50,000 dirhams (13,600 USD) to 100,000 dirhams. The statement said: "All relevant entities have been instructed to immediately cease all activities and stop any marketing or advertising of virtual asset services." VARA indicated that this move also serves as a public warning to everyone to avoid dealing with any unlicensed companies.

ChainCatcher news, according to Hong Kong 01 report, the CEO of the Hong Kong Securities and Futures Commission (SFC), Ashley Alder, stated in an interview that the development of a regulatory framework for virtual asset trading platforms is being advanced, supporting the tokenization of traditional products, and utilizing blockchain and Web3 foundational technologies, with the entire framework expected to be completed at least by next year.Regarding virtual asset trading platforms (VATP), Alder mentioned that the SFC has issued the third license to the Hong Kong Virtual Asset Exchange (HKVAX), with the other two licensed platforms being OSL Exchange and HashKey Exchange. Additionally, there are 11 platforms that are considered applicants for licensing; Alder indicated that the first phase of on-site inspections has been conducted, and requirements have been proposed for these applicants to rectify issues, with the goal of making new progress by the end of the year, including the issuance of licenses in batches.In terms of over-the-counter (OTC) services, Alder stated that the SFC has developed a new licensing regime for cryptocurrency OTC services and their custody services, and is seeking industry opinions.

ChainCatcher news, the Secretary for Financial Services and the Treasury, Christopher Hui, chaired the fourth meeting of the Financial Technology Project Execution Coordination Group. He stated that the Hong Kong government and financial regulatory bodies have been strongly supporting the development of financial technology, including improving financial infrastructure, building a more vibrant fintech ecosystem, nurturing fintech talent, and facilitating discussions among participants on various aspects of fintech, including how to further integrate virtual assets into mainstream financial markets and the application of artificial intelligence in Hong Kong's financial markets. Cyberport and the Financial Management Bureau reported on the green and sustainable fintech concept validation testing funding scheme, as well as the latest developments in the wholesale central bank digital currency project Ensemble.

ChainCatcher news, according to Bitcoin.com, after more than two years of discussion, Uruguay has enacted a cryptocurrency law. The law was proposed two years ago, recognizing cryptocurrency as a virtual asset in the country and establishing the Central Bank of Uruguay as the regulator and supervisor for companies seeking to provide cryptocurrency services. This law positions Uruguay at the forefront of Latin American countries that have incorporated cryptocurrency into their regulatory framework.The Central Bank of Uruguay will regulate Virtual Asset Service Providers (VASP) and must issue operating licenses for such organizations. The issuance of these licenses will consider "legitimacy, opportunity, and convenience." Similarly, the Financial Services Regulatory Authority (SSF) must identify exchanges, wallets, and even miners that fall under the VASP category.The law amends existing anti-money laundering and counter-terrorism financing regulations, bringing virtual assets under the control and supervision of existing enforcement agencies. Additionally, the law reforms securities regulations by introducing the concept of decentralized securities, which are "issued, stored, transferred, and traded electronically through distributed ledger technology."

ChainCatcher news, the Hong Kong Stock Exchange disclosed that the Hong Kong-listed company HKE Holdings Limited released its annual performance announcement for the year ending June 30, 2024, which revealed that HKE is establishing a comprehensive fintech service platform for multiple categories of assets (including but not limited to virtual assets, listed securities, listed bonds, and alternative assets). This platform is built on trust, user-centricity, and compliance, ensuring that global users can explore and monetize the potential within different asset classes, covering traditional financial markets, such as virtual assets and Web3 assets.HKE Holdings Limited stated that the Hong Kong government strongly supports the development of Hong Kong as an international financial center for virtual assets and is confident that the fintech platform business will continue to grow and provide value-added services to various participants within the ecosystem, such as virtual asset spot trading exchange-traded fund issuers, token issuers, and investors with investment needs who require advanced virtual asset custody solutions for virtual asset trading.

ChainCatcher news, the number of ultra-high-net-worth accounts in South Korea that have invested over 1 billion won (approximately 749,000 USD) has reached more than 3,400, with an average investment amount of 9.45 billion won (7.08 million USD) per account.According to data obtained by South Korean Democratic Party lawmaker Ahn Doo-Je from the Financial Supervisory Service, among the 7.7 million virtual asset accounts opened by the two major virtual asset exchanges, Upbit and Bithumb, accounts with assets exceeding 100 million won account for only 1%, but their investment scale represents 70% of the total amount.Among these high-value accounts that have invested over 1 billion won, the average investment amount reaches 9.45 billion won. These high-value investors account for only 0.04% of all accounts but hold 47% of the total investment amount in the virtual asset market, indicating that the cryptocurrency market is more concentrated than the stock market.Among these high-value accounts with over 1 billion won, investors in their 40s make up the largest proportion, while those in their 50s have the largest average holding size, averaging 14.8 billion won.

ChainCatcher message, regarding the public consultation for this year's "Policy Address" by the Chief Executive of Hong Kong, the Executive Director of the Hong Kong Securities and Futures Professionals Association, Tsang Yu-cheng, proposed several suggestions concerning the securities industry to the Chief Executive. Among them, he pointed out that with the rapid development of the virtual asset market, establishing a unified regulatory body to enhance the efficiency of virtual asset regulation is particularly important. A unified regulatory body can provide consistent regulatory standards and procedures, ensuring market stability and security, enhancing investor confidence, and promoting the healthy development of the virtual asset market. At the same time, strengthening training in the field of virtual assets is also an important measure for rationally managing virtual asset risks. By providing professional training and guidance, practitioners can gain a more comprehensive understanding of the operational mechanisms of the virtual asset market, formulate effective risk management measures, and ensure the stability of the financial system.

ChainCatcher News: The U.S. State Department stated that during the attendance of Special Envoy for North Korea, Seth Bailey, at the "Preventing North Korean Virtual Asset Money Laundering U.S.-Korea Joint Civilian Seminar," the theft of virtual currency is a relatively new source of income for North Korea. It is estimated that over 40% of the funding for North Korea's weapons of mass destruction (WMD) and ballistic missile development programs is raised through virtual currency channels.Bailey cited a report from blockchain research firm TRM Labs, which indicated that last year, about one-third of global virtual asset thefts were carried out by North Korean hackers, and this year's theft amount is expected to increase further.Bailey emphasized, "We are working closely with like-minded countries such as South Korea and Japan to develop government policies and procedures that will have a direct impact on North Korean behavior."

ChainCatcher message, the Hong Kong Securities and Futures Commission has issued a circular to licensed corporations, virtual asset service providers, and associated entities regarding the fight against money laundering/terrorist financing, which points out that the United Nations Security Council (UNSC) committee responsible for managing the sanctions regime against the Islamic State (ISIS) and Al-Qaeda removed an individual from its sanctions list on August 23, 2024 (New York time).Licensed corporations, licensed virtual asset service providers, and associated entities should update their screening databases regarding the aforementioned changes made by the UNSC sanctions committee to conduct sanctions screening on customers and payments.

ChainCatcher news, Bithumb won the second trial of the corporate tax lawsuit for 130 million KRW (approximately 97,000 USD). On August 20, the Seoul High Court overturned the first-instance judgment, ruling in favor of Bithumb. This case originated in 2019 when tax authorities imposed a corporate tax of 180 million KRW (approximately 134,000 USD) on Bithumb due to its change in the assessment method for virtual assets, which was later reduced to about 130 million KRW.The second-instance court found that there were no clear accounting regulations at the time, and Bithumb's choice of the "weighted average method" for assessing virtual assets was legitimate. Furthermore, the virtual assets held by Bithumb should not be considered inventory assets, and thus there was no need to report the change in assessment method.

ChainCatcher message, the Hong Kong Securities and Futures Commission (SFC) has issued a warning to the public on its official website to be cautious of a suspicious link. Investors can access the "ICE Global Professional Station" mobile application through this link. ICE Global Professional Station claims to be a digital asset trading platform and is suspected of impersonating a multinational financial services institution, Intercontinental Exchange, Inc., by using a similar name and branding.ICE Global Professional Station is suspected of engaging in fraudulent activities related to virtual assets. An investor reported difficulties in withdrawing funds after depositing money to invest in cryptocurrency products. The Hong Kong SFC stated that on August 21, 2024, the link to access the ICE Global Professional Station mobile application was added to the warning list of suspicious virtual asset trading platforms.

ChainCatcher message, since the implementation of the "Virtual Asset User Protection Act" on July 19, the number of cryptocurrencies listed on the four exchanges of Upbit, Bithumb, Coinone, and GoPax has dropped to 11 (including duplicates). The total number of cryptocurrencies listed on these exchanges this year is 188, averaging 24.5 per month, but this number has decreased by more than half.In addition, Coinone averages 7.8 cryptocurrencies listed per month, but has only listed 4 since the law took effect.

ChainCatcher news, Futu Securities Senior Vice President Zhu Zhen wrote an article titled "Talking about the Changes from Virtual Currency to Digital Assets," in which he pointed out that with the release and implementation of the Hong Kong government's virtual asset policy, the concept of Crypto is gradually becoming popular among retail investors, and the number of industry participants is also continuously increasing. In addition to payments, the applications of Crypto in "financing, investment, and value storage" have also attracted the attention and entry of institutional investors. The release of Ethereum (ETH) has brought more possibilities for the innovative application of blockchain technology. Ethereum not only promotes the development of smart contracts but also facilitates the birth and popularization of decentralized applications (DApps), decentralized finance (DeFi), non-fungible tokens (NFTs), and initial coin offerings (ICOs). These innovative technologies and applications not only add vitality beyond "currency" to the Crypto ecosystem but also provide more investment and usage scenarios.

ChainCatcher news, according to the "China Securities Journal," the company's subsidiary, ZR Securities, has received preliminary approval from the Hong Kong Securities and Futures Commission for the upgrade of its Type 1 license, allowing ZR Securities to accept professional investors for virtual asset trading on its platform.ZR Financial Group stated that this license upgrade means ZR Securities will be able to provide virtual asset trading services for professional investors in Hong Kong, and eligible investors can trade virtual assets on the ZR ZIRCON platform. Investors only need one platform to trade virtual assets such as Bitcoin and Ethereum, as well as a diverse range of financial products including stocks, options, futures, funds, and ETFs, achieving efficient centralized management of investments and a comprehensive assessment of the risk status of different assets.According to the information, ZR Securities is a licensed institution by the Hong Kong Securities and Futures Commission, authorized to conduct regulated activities under Types 1, 2, 4, 5, and 9.

ChainCatcher news, South Korea's Paju City has collected 100 million won (72,000 USD) in local taxes by seizing taxpayers' virtual assets. Seizing virtual assets is an active tax collection measure aimed at those who have the ability to pay but deliberately hide their virtual assets.According to the city, 64 individuals with overdue taxes exceeding 1 million won were checked to see if they had accounts at cryptocurrency exchanges, and it was found that these 64 individuals had assets worth 280 million won (approximately 200,000 USD) in their accounts. Their total outstanding amount reached 650 million won (approximately 460,000 USD). The city confiscated their virtual assets and collected 100 million won from the processing of these assets, planning to recover the remaining 180 million won through sales or collections.

ChainCatcher news, the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority jointly published a consultation summary on the legislative proposal for the regulation of fiat-backed stablecoin issuers in Hong Kong.It was mentioned that, considering the stablecoin sector is still in its infancy, a significant portion of respondents agreed to establish new legislation for the implementation of a regulatory regime for fiat-backed stablecoin issuers, as well as the proposal to exclude fiat-backed stablecoin issuance from the regulatory framework for relevant securities and stored value payment instruments. The Hong Kong Monetary Authority will continue to collaborate with other regulatory bodies to build a consistent regulatory framework for virtual assets in Hong Kong, avoiding regulatory arbitrage. Most respondents support the requirement that the total value of reserve assets for fiat-backed stablecoins must always be maintained at full reserve, recognizing this as a core element supporting the stability mechanism of stablecoins.

ChainCatcher news, according to News.bitcoin, based on data from the Financial Action Task Force (FATF), 97 out of 130 jurisdictions "partially or not at all" comply with anti-money laundering recommendations for the virtual asset sector. 88 jurisdictions (60%) have decided to allow virtual asset service providers (VASP), while 14% (20 jurisdictions) explicitly prohibit them. The FATF claims that stablecoins and privacy-enhanced cryptocurrencies are increasingly being used by terrorist organizations and "rogue states."

ChainCatcher news, according to News 1, a Woori Bank employee in South Korea has been arrested and prosecuted for embezzling 18 billion won (approximately 13 million USD), of which about 15 billion won (approximately 10.84 million USD) was spent on purchasing virtual assets.From July of last year to May of this year, the employee forged loan documents 35 times in the names of 17 clients, including individuals and businesses, applied for fraudulent loans, and then transferred the loan amounts into acquaintances' accounts, totaling approximately 17.77 billion won.The prosecution seized 180 million won from the employee's residence and froze virtual asset exchange deposits, bank deposits, and rental deposits totaling approximately 4.5 billion won through asset forfeiture and collection preservation.