ChainCatcher news, according to CoinDesk, UK Economic Secretary Tulip Siddiq announced at the City & Financial Global Tokenization Summit in London on November 22, 2024, that the UK plans to launch a regulatory framework for the cryptocurrency industry in early 2025. The new framework will separate stablecoins from the existing payment system and establish specific regulations for staking services to prevent them from being classified as collective investment schemes.This move ends the uncertainty in the market regarding the direction of cryptocurrency regulation since the Labour government took office in July 2024. The previous Conservative government had already included cryptocurrencies in the scope of regulated activities under the Financial Services and Markets Bill.

ChainCatcher news, U.S. Vice President Harris is strengthening her outreach to Black male voters, promising to provide pathways for economic security. Meanwhile, polls show that Trump is gaining support among Black voters. On Monday, Harris proposed a new plan to provide loans to Black entrepreneurs and others facing barriers to financing. According to Harris's campaign outline to attract Black male voters, the plan will offer 1 million loans, with up to $20,000 potentially forgivable.Harris also pledged to support a regulatory framework for cryptocurrency, providing more investment certainty for 20% of Black Americans who own or have owned digital assets. She stated that she would work with Congress to legalize recreational marijuana and ensure that Black men can start businesses and find employment in the thriving cannabis industry.A poll conducted by Siena College and published by The New York Times on October 12 shows that about 15% of Black voters say they plan to vote for Trump in this election, an increase of 6 percentage points from 2020. Harris's support among Black voters is higher than President Biden's support before he withdrew from the race in July. Nevertheless, the narrow gap with Trump has Democrats worried that even losing a small portion of Black votes could be a fatal blow to Harris's campaign.

ChainCatcher news, according to The Block, South Korea's first cryptocurrency regulatory framework has now come into full effect, focusing on investor protection. The new law, the "Virtual Asset User Protection Act," was officially approved on July 18, 2024, and provides a one-year grace period to refine regulatory details.The legislation imposes stricter requirements on digital asset exchanges, with South Korean crypto exchanges now required to store at least 80% of user deposits in cold wallets, thereby isolating user deposits from the exchange's own funds. Exchanges must also entrust user cash deposits to local licensed banks for safekeeping and hold cryptocurrency reserves equivalent to the quantity and type of customer deposits. Additionally, South Korean crypto services are now required to purchase sufficient insurance or establish reserve funds to address hacking incidents or liquidity crises.In addition to measures to protect user funds, the law also requires exchanges to establish real-time monitoring systems to report potentially illegal abnormal trading activities. Companies that fail to comply with the new regulations may face penalties from the Financial Services Commission (FSC) of South Korea or have their services suspended.

ChainCatcher news, according to Bitcoin.com, the chairman of the Philippine Securities and Exchange Commission, Emilio B. Aquino, announced plans to introduce a cryptocurrency regulatory framework in the second half of 2024, aimed at protecting the interests of Filipinos engaged in cryptocurrency trading.

ChainCatcher news, U.S. Senate Banking Committee's top Republican Senator Tim Scott (R-S.C.) will unveil his priorities for a bipartisan regulatory framework for cryptocurrency on Thursday. Tim Scott is skeptical about cryptocurrency after "several high-profile failures" and "concerns over illicit financing." (source link)

ChainCatcher News, the official website of the White House recently released the "G20 Bali Leaders' Declaration," in which U.S. President Biden and G20 leaders stated, "It is essential to build public risk awareness, strengthen regulatory outcomes, and support a fair competitive environment while harnessing the benefits of innovation. We welcome the FSB's approach to establishing a comprehensive international framework for the regulation of crypto asset activities based on the principle of 'same activity, same risk, same regulation,' and we hope to ensure that the crypto asset ecosystem (including various stablecoins) is closely monitored to mitigate potential risks to financial stability." (Source link)

ChainCatcher news, according to CoinDesk Korea, in the wake of the bankruptcy of the cryptocurrency exchange FTX, South Korean regulators emphasize the need to establish a regulatory framework during the National Assembly meetings. South Korean government officials are currently drafting a comprehensive regulatory framework, the "Basic Act on Digital Assets," which is expected to be completed next year and will consist of 13 cryptocurrency legislative proposals currently submitted to the National Assembly.Kim So-young, Vice Chairman of the Financial Services Commission (FSC), stated that considering the urgency of protecting users, it is better to establish the minimum necessary regulatory standards and supplement them, rather than waiting for international standards. The FTX crisis highlights the need to establish regulatory mechanisms to prevent unfair trading and ensure that virtual asset service providers fulfill their obligations to protect user assets, prohibiting service providers from issuing tokens. (Source link)

ChainCatcher news, according to a report by CoinDesk citing informed sources, Dubai is actively recruiting cryptocurrency companies to establish operations locally. Although the relevant regulations are not yet clear, officials from the Dubai Virtual Assets Regulatory Authority (VARA) have assured local companies that a comprehensive regulatory framework for the country's crypto industry will be introduced by the end of this year. It is reported that VARA was established 7 months ago and has previously issued some guidelines regarding the marketing and advertising of virtual assets. (CoinDesk)

According to ChainCatcher news and reported by CNBC, the White House has released a cryptocurrency regulatory framework, including how the financial services industry should develop more convenient cross-border transactions and how to combat fraud in digital assets. The document indicates that President Biden will assess whether to call on Congress to amend the Bank Secrecy Act, anti-money laundering regulations, and laws prohibiting unlicensed entities from trading, to clarify their applicability to digital asset service providers, including digital asset trading platforms and NFT platforms. President Biden is also considering whether to push Congress to increase penalties for unlicensed trading and possibly amend certain federal regulations to allow the Department of Justice to prosecute digital asset crimes in any jurisdiction where victims of these crimes are found.Regarding the digital dollar, the framework points out that CBDCs can make payment systems more efficient, provide a foundation for further technological innovation, facilitate faster cross-border transactions, and have environmental sustainability. It urges the Federal Reserve to continue its ongoing research, experimentation, and evaluation of CBDCs. In terms of stablecoins, the framework believes that without appropriate regulatory oversight, stablecoins could be disruptive. To make stablecoins safer, the Treasury will work with financial institutions to enhance their ability to identify and remediate network vulnerabilities, as well as identify, track, and analyze emerging strategic risks related to the digital asset market, through information sharing and promoting broad datasets and analytical tools, and collaborating with other agencies. (Source link)