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The launch of the first batch of compliant stablecoin licenses in Hong Kong has been postponed, and the Monetary Authority responded that it is making every effort to advance the process

The first batch of issuer licenses in Hong Kong was originally scheduled to be issued in March 2026, but it has not materialized as planned. A spokesperson for the Hong Kong Monetary Authority (HKMA) responded that the HKMA is fully committed to advancing the licensing process and will make announcements to the public at the appropriate time.Regarding who will obtain the first batch of stablecoin licenses in Hong Kong, the market has previously focused on two major Hong Kong dollar issuing banks, HSBC and Standard Chartered. HSBC has not publicly disclosed whether it has submitted an application for a stablecoin license. However, as early as mid-January this year, there were rumors in the market that HSBC had a good chance of obtaining the first batch of licenses. Currently, there is no clear official disclosure on why the issuance of stablecoin licenses has been delayed beyond the anticipated timeline.Individuals close to the stablecoin license applications revealed that the HKMA has been in close contact with the first batch of potential compliant licensees, and there are still proposed amendments regarding the issuance matters. In addition, the second batch of compliant stablecoin licenses in Hong Kong is also in the application process. Reliable sources indicate that Futu Securities and OSL Group are strong contenders for the second batch of licenses.

Brazil passes new law: Confiscated cryptocurrency assets will be used for public safety expenditures, increasing efforts to combat crime

Brazilian President Lula has signed Law No. 15,358, which explicitly incorporates seized cryptocurrency assets during law enforcement into the public safety funding system for expenditures such as police equipment, intelligence operations, and personnel training.The law allows for the temporary use of relevant cryptocurrency assets prior to final conviction with court approval. The new regulations also significantly expand the powers of judicial authorities, allowing them to freeze, block, or confiscate cryptocurrency assets during the investigation phase, including restricting access to exchange accounts, digital wallets, and related platforms. Once convicted, the individuals involved will be permanently deprived of the ability to use the formal financial system and cryptocurrency systems. Additionally, the law categorizes the use of encrypted communication tools or privacy technologies to conceal criminal activities as an aggravating circumstance, promotes cross-border asset recovery and intelligence sharing, and establishes a national database to integrate the financial structures of criminal organizations. Analysts believe that this initiative marks Brazil's shift of cryptocurrency assets from potential reserve tools to law enforcement resources, strengthening the crackdown on organized crime (such as PCC and Comando Vermelho) while advancing the judicial system's regulatory and disposal capabilities regarding digital assets.

The Financial Supervisory Service of South Korea, the Customs Service, and credit card companies join forces to combat cryptocurrency exchange and illegal overseas withdrawals

According to New Daily, the Financial Supervisory Service (FSS) of South Korea, the Customs Service, the Credit Finance Association, and nine credit card companies in the country signed the "Public-Private Cooperation Agreement to Block Transnational Criminal Funding" on the same day. The plan aims to cut off the funding chain for telephone fraud and virtual asset crimes at the source by analyzing overseas credit card usage details and entry and exit records.In the past, due to information gaps between agencies, the Customs Service had entry and exit data but could not monitor abnormal overseas consumption in real-time, while credit card companies had payment data but did not have access to cardholders' customs clearance dynamics. Under the new mechanism, the Customs Service will provide credit card companies with information on high-risk transaction trends, while the Financial Supervisory Service will establish guidelines authorizing credit card companies to take effective measures such as interrupting transactions when abnormalities are detected.Lee Chan-jin, the head of the Financial Supervisory Service of South Korea, stated that this move signifies that South Korea has established a normalized monitoring system to block the outflow of criminal proceeds at the source. The system will focus on precisely targeting currency exchange behaviors that involve cash withdrawals at overseas ATMs using overseas credit cards and laundering through cryptocurrencies.
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