ChainCatcher News, a report released by the American agency "Regulatory Research Center" in 2020 shows that between 2000 and 2010, the growth rate of federal government regulatory spending and staffing in the United States was faster than in the previous two decades (overall spending increased by 66.5%, and staffing grew by 54.0%).According to the budget estimates for fiscal year 2021, regulatory spending in 2020 was 22.8% higher than the level in 2010, with an average annual growth rate of 2.1% over the decade. From 2010 to 2020, staffing increased by 5.8%, with an average annual growth of 0.6%.Elon Musk shared an image from the report on X, stating: "There are too many regulators, just like in a sports game where the number of referees exceeds the number of players on the field!" Previously, Musk was appointed as an advisor to the Trump administration, leading the "Office of Government Efficiency" (金十).

ChainCatcher news, Hong Kong Securities and Futures Commission CEO Ashley Alder stated in a recent interview that 11 platforms are being treated as applicants for licenses and have undergone the first phase of on-site inspections. They have been asked to make corrections, with the goal of making new progress by the end of the year, including issuing licenses in batches. Applicants who do not meet the requirements will lose their eligibility for licensing, while those who do meet the requirements will be conditionally granted licenses.Regarding cryptocurrency over-the-counter (OTC) services, Alder pointed out that the Hong Kong Securities and Futures Commission has solicited industry opinions on a new licensing system for cryptocurrency OTC services and cryptocurrency custody services. It will also promote the development of regulatory systems for virtual asset trading platforms, support the tokenization of traditional products, utilize blockchain and Web 3 foundational technologies, and facilitate the establishment of a responsible and secure fintech ecosystem. The completion of the entire framework is expected to be at least by next year.

ChainCatcher news, according to Cointelegraph, South Africa is rapidly becoming the digital asset hub of Africa. Ben Caselin, Chief Marketing Officer of the Johannesburg-based cryptocurrency exchange VALR, stated that South Africa is becoming the gateway to the African market due to its strong rule of law and independent judicial system.In April of this year, the South African Financial Sector Conduct Authority (FSCA) granted VALR a license as a Crypto Asset Service Provider (CASP). According to Statista, the revenue of South Africa's cryptocurrency market is expected to reach $332.9 million by 2028, with a compound annual growth rate of 7.86%. Caselin believes that South Africa's regulatory framework is one of the best in the world, even better than those of Hong Kong, Singapore, and the United States.

ChainCatcher news, according to CoinDesk, under Hong Kong's new regulatory framework, cryptocurrency exchanges may need to pay up to $20 million in licensing fees. This new licensing system for virtual asset trading platforms came into effect in June this year, requiring exchanges operating in Hong Kong to apply for new approvals within a year or exit the market.Currently, the trading platforms OSL and HashKey, which previously opted into a voluntary licensing system, have been approved under the new regulatory framework to serve retail investors. However, three informed sources revealed that obtaining the new license could cost between $12 million and $20 million. These costs include operational expenses incurred before obtaining the license, as well as necessary vendor fees required for the application itself, including consultants, lawyers, and insurance providers.

According to ChainCatcher news, as reported by Coinpost, the National Tax Agency of Japan has issued a notification regarding the legal interpretation of partial amendments to corporate tax rules. The notification explains that self-issued crypto assets by enterprises can be excluded from market value valuation under certain conditions, making it easier for cryptocurrency-related companies to operate in Japan. This revision has been incorporated into the ruling party's tax reform charter for the fiscal year 5 of Reiwa.According to previous legal provisions, if a company holds virtual currency, its unrealized gains will be taxed at the end of the period. This regulation has long been criticized for "burdening companies and hindering innovation in virtual currencies and blockchain." Due to this law, some companies have chosen to operate overseas. (Source link)

ChainCatcher news, federal policy expert Dorothy DeWitt recently stated at an event, "It takes a long time to make rules." She cited the Dodd-Frank Act, which was released in 2010, with its final rules not being passed by the CFTC until 2021. She said, "It's really hard to get consensus among those who are uninterested, have limited understanding, and are intimidated by very complex issues."It is reported that Dorothy DeWitt was the chief financial legal advisor to the Senate and also served as the director of the CFTC regulatory division. (source link)