ChainCatcher news, the Australian financial regulator is seeking feedback on updates to its digital asset guidelines. These changes aim to clarify how the Corporations Act 2001 applies to digital assets and provide guidance for entities offering related financial services.The Australian Securities and Investments Commission (ASIC) listed 13 practical examples in a document to illustrate how the current definition of financial products applies to digital assets and related products.The updated guidelines will detail how businesses can obtain an Australian Financial Services (AFS) license to deal with digital assets classified as financial products. It will also outline the criteria used by the Australian Securities and Investments Commission to assess license applications, emphasizing the need to comply with financial services laws.

ChainCatcher news, New York Department of Financial Services (NYDFS) Superintendent Adrienne Harris stated that she welcomes federal cryptocurrency legislation, but that states should retain regulatory responsibilities.Adrienne Harris said, "We may be more eager than anyone to work with our federal partners and see the introduction of federal legislation and regulation. I believe that the passage of legislation and the establishment of regulation are very important, but states should still retain their regulatory roles."Adrienne Harris expressed an "optimistic" attitude that the House and Senate may soon push related legislation, noting that NYDFS has engaged in dialogue with lawmakers from both chambers and both parties over the past few years.Additionally, Harris stated that NYDFS has one of the largest cryptocurrency departments in the world, with 60 full-time employees focused on the cryptocurrency industry.

ChainCatcher news, according to Cointelegraph, Hong Kong Legislative Council member Kenneth Lau said that Hong Kong is prepared to strengthen its digital asset regulation within the next 18 months, marking an important step towards Hong Kong's mission to become a global fintech hub.Kenneth Lau stated that the digital asset industry has made significant progress in recent years, but Hong Kong is still in a very early stage. Hong Kong should establish a comprehensive trading system and introduce legislation related to stablecoins as soon as possible.In addition, Kenneth Lau revealed that sandbox testing has begun, and the government plans to enhance the regulation and enforcement of laws related to digital asset financial products within one to one and a half years. The next phase will encourage project teams to explore more innovative financial products in Hong Kong.

ChainCatcher news, the Biden administration released the 2025 budget proposal on March 11, which includes provisions for a series of regulatory measures for digital assets.It is expected that the proposed rules for digital assets by 2025 will generate nearly $10 billion in additional tax revenue. Among these, it is anticipated that applying anti-money laundering rules to digital assets alone could raise over $1 billion in taxes in the 2025 fiscal year; incorporating digital assets into fair market valuation rules (which require taxation based on the current market value of securities rather than the purchase price) is expected to generate an additional $8 billion in revenue that same year. Additionally, the proposal also imposes a consumption tax on cryptocurrency mining operations.

ChainCatcher news, according to Bloomberg, the Australian Treasury released a consultation paper on "Regulation of Digital Asset Platforms" on Monday. The document states that digital asset platforms holding more than 5 million AUD (approximately 3.2 million USD) or individuals holding platforms with more than 1,500 AUD must obtain a license issued by the Australian Securities and Investments Commission (ASIC).The consultation paper proposes that cryptocurrency exchanges be regulated under existing financial services laws rather than creating new cryptocurrency-specific rules. The obligations of crypto companies stem from existing financial services laws, including submitting financial records, monitoring market misconduct, and meeting solvency and cash reserve requirements. Additionally, crypto companies will also need to assume more obligations in areas such as trading, staking, and token creation.The Australian government will consult on the proposal before December 1, with legislative drafts expected to be introduced next year, after which exchanges will have 12 months to ensure compliance.

ChainCatcher News, House Republicans have introduced a new digital asset regulatory bill, the "21st Century Financial Innovation and Technology Act," with sponsors including House Agriculture Committee Chairman Glenn Thompson, Representatives Tom Emmer, and Warren Davidson. This bill is one of several introduced in recent years aimed at establishing comprehensive rules for digital assets, first drafted in early June, and seeks to create a regulatory pathway for cryptocurrency exchanges to register with the U.S. Securities and Exchange Commission (SEC).Representative Dusty Johnson stated, "The crypto industry hopes that our collaborative bill gives both the Commodity Futures Trading Commission (CFTC) and the SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty for digital asset developers as they continue to innovate." On page 10, the revised bill excludes a range of traditional securities from the definition of "digital assets," such as stocks, bonds, transferable shares, and any profit-sharing agreements or participation certificates.

ChainCatcher News, U.S. House Financial Services Committee Chairman Patrick McHenry and House Agriculture Committee Chairman Glenn "GT" Thompson have released a legislative discussion draft aimed at providing a statutory regulatory framework for digital asset regulation, offering clarity, filling regulatory gaps, fostering innovation, while ensuring adequate consumer protection.Additionally, the draft aims to narrow the existing power gap between the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC), and strengthen the United States' leadership in financial and technological innovation. (Source link)

ChainCatcher News: A joint hearing on digital asset regulation hosted by the U.S. House Committee on Agriculture and the House Committee on Financial Services will take place on May 10 at 09:30 ET (May 10 at 20:30 Beijing time). The theme of the meeting is "The Future of Digital Assets: Assessing the Regulatory Gaps in the Digital Asset Market." This hearing will establish new, purpose-driven cryptocurrency rules.The list of participants includes Andrew Durgee, head of Republic Crypto; Marco Santori, Chief Legal Officer of the cryptocurrency exchange Kraken; Daniel Schoenberger, Chief Legal Officer of the Web3 Foundation; Timothy Massad, Senior Fellow at Harvard Kennedy School; and Michael Blaugrund, Chief Operating Officer of the New York Stock Exchange. (Source link)