ChainCatcher news, according to a report by the Hong Kong Economic Times, the Deputy Secretary for Financial Services and the Treasury, Chen Haolian, stated in a speech at the Asian Financial Forum that the authorities are proactive participants in promoting the development of virtual assets and the third-generation internet ecosystem, and plan to amend regulations to bring the trading activities of virtual asset over-the-counter exchanges under regulatory oversight. Chen Haolian pointed out that the government will ensure that the regulatory framework manages and mitigates the actual and potential risks of virtual assets while providing a transparent and predictable regulatory environment for industry development. Web3, built on a solid foundation of blockchain technology, is a rapidly developing field; Hong Kong has always emphasized the resilience of financial markets, and the same applies to virtual assets.He mentioned that there are over 20 economies and more than 170 entities related to the third-generation internet established in Hong Kong; the licensing system for virtual asset trading platform operators was implemented last June, and two virtual asset trading platform operators have already been licensed, while the Securities and Futures Commission is also reviewing applications submitted by over 10 platform operators. The consultation on the proposed regulatory framework for stablecoins released last December has engaged the public, and the Monetary Authority will launch a sandbox arrangement to facilitate exchanges of views between regulatory bodies and the industry.

ChainCatcher news, according to The Block, the draft "Virtual Asset Management Regulations" has passed its first reading in the Legislative Yuan of Taiwan.Legislator Yung-Chang Chiang, who jointly proposed the special bill, stated: "After the first reading of the bill, discussions regarding the regulatory framework for the virtual asset industry have entered the next stage. We hope that the Financial Supervisory Commission can also submit its own draft bill to the legislative body, allowing various sectors of society to further build consensus in this process."He noted that although Taiwan's "Financial Supervisory Commission" released guidelines last month for the cryptocurrency industry to establish self-regulatory rules through a potential industry association, such measures lack legal enforceability.If the "Virtual Asset Management Regulations" draft is passed, it will require all cryptocurrency platforms operating in Taiwan to apply for a license. There is currently no timetable for the second reading.

ChainCatcher news, according to the Hong Kong Economic Journal, the unlicensed cryptocurrency trading platform JPEX has been warned by the Hong Kong Securities and Futures Commission since September 13 and referred to the police for handling. The police have received over 2,300 reports, involving amounts exceeding HKD 1.4 billion.In response, the CEO of the Hong Kong Securities and Futures Commission, Ashley Alder, announced that a new list of virtual asset trading platforms will be added for investors to monitor whether the platforms have made false statements. Currently, there are only four platforms on the list, and it is emphasized that these platforms remain unregulated until they are officially licensed, to avoid giving investors a false sense of security.The head of the FinTech Group, Wong Lok-yan, stated that the list is to inform investors whether trading platforms have made false representations in their licensing applications. It is also emphasized that all trading platforms on the list are only in the process of applying for licenses and have not yet been granted licenses. If investors wish to trade, they should refer to the list of licensed trading platforms provided by the Securities and Futures Commission.

ChainCatcher news, according to BlockTempo, Taiwan legislator Jiang Yongchang held a press conference yesterday, announcing that he will propose the first special law on virtual assets in Taiwan during this legislative session.The drafted bill includes 12 items, including:Virtual asset industry as a licensed industry, subject to tiered management;Virtual asset operators must join a guild and comply with the guild's self-regulatory norms;Virtual asset operators may issue virtual assets themselves or on behalf of others;Virtual asset operators may operate products, services, and financial products derived from virtual assets;Virtual asset operators must establish review procedures for listing and delisting virtual assets and trading rules;Regulations on the separation of virtual asset operators' and clients' assets;Regulations on contracts and advertising marketing between virtual asset operators and clients;Cybersecurity standards for virtual asset operators;Regulations on anti-money laundering and internal control systems for virtual asset operators;Virtual asset operators must comply with financial supervision by competent authorities and cooperate with inspections by competent authorities;Establish a virtual asset fund to ensure the protection of client rights;Prohibition of improper trading practices in virtual assets.

ChainCatcher news, the UK's Financial Conduct Authority (FCA) requires UK virtual asset service providers (VASP) to comply with the FATF travel rule starting September 1, collecting, verifying, and sharing information related to domestic and cross-jurisdictional transactions.The FCA also requires UK cryptocurrency companies to regularly review the implementation of the travel rule in other jurisdictions and adjust their business processes as appropriate. When sending cryptocurrency to jurisdictions without travel rules, if the necessary information cannot be obtained, crypto asset businesses must still collect and verify information in accordance with anti-money laundering regulations (MLR) and should store that information before conducting the crypto asset transfer.The travel rule aims to enhance the transparency of crypto asset transfers, advancing global anti-money laundering (AML) and counter-terrorism financing (CTF) efforts by helping crypto asset businesses detect suspicious transactions and conduct effective sanctions screening.

ChainCatcher news, according to Newsway, the South Korean Financial Services Commission plans to launch a virtual asset bureau (tentative name) in August. Currently, the Financial Commission is in the final discussions with the Ministry of the Interior and Safety regarding the establishment of the new virtual asset bureau. If government approval is obtained, relevant departments will be established through procedures such as the promulgation of a modification bill for the job system, and subsequent personnel arrangements will be completed.The Financial Commission is currently promoting a plan to establish the virtual asset bureau based on the framework of the Virtual Asset Inspection Division under the Financial Intelligence Unit (FIU).It is reported that the Virtual Asset Inspection Division is a temporary institution established according to the revised Specific Financial Information Act (Special Financial Transactions Act) in 2021, and its operational period (until September 2023) is also approaching. (Source link)

ChainCatcher news, the Financial Services Commission of South Korea has released a draft revision of the "Code of Conduct for Public Officials," which requires employees involved in virtual asset responsibilities to refrain from using undisclosed information for investment purposes while performing their duties, and mandates internal employees to report detailed information regarding their holdings of virtual assets.Additionally, it clarifies that the reporting subjects include current public officials engaged in responsibilities related to virtual assets and employees who have engaged in such responsibilities within the last six months. These responsibilities include formulating and implementing policies or regulations related to virtual assets, investigating and reviewing criminal cases related to virtual assets, managing and supervising cryptocurrency exchanges, and supporting and managing the development of virtual asset technologies. A new declaration form has also been established for reporting the types of virtual assets held, acquisition dates, quantities, amounts, and other relevant information. (Source link)

ChainCatcher news, the Hong Kong Monetary Authority (HKMA) issued a press release stating that the Central Bank of the United Arab Emirates (UAE Central Bank) and the HKMA held a bilateral meeting in Abu Dhabi on May 29 (Abu Dhabi time) to strengthen cooperation in the financial services sector between the two regions. During the meeting, the UAE Central Bank and the HKMA discussed several cooperation plans and agreed to enhance collaboration in three main areas: financial infrastructure, interconnection of financial markets, and regulation and development of virtual assets. In addition, both parties facilitated discussions and knowledge sharing on cooperation plans for fintech development through their respective innovation hubs.The UAE Central Bank and the HKMA will jointly establish a working group to advance the agreed cooperation matters with the support of relevant stakeholders in the banking sectors of both regions. Banks attending the seminar included First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, HSBC, and Standard Chartered operating in the UAE, as well as Bank of China, Citigroup, HSBC, and Standard Chartered operating in Hong Kong. (Source link)