ChainCatcher news, according to News.bitcoin, the Seychelles National Assembly has approved a draft bill aimed at regulating virtual asset service providers (VASP). The bill requires VASPs seeking a license to establish a substantive business in Seychelles, such as having a resident director and an office staffed with capable employees. The law aims to balance innovation with anti-money laundering efforts, in compliance with the recommendations of the Financial Action Task Force (FATF).

ChainCatcher news, according to a report by Caihua News, Hong Kong's Financial Secretary, Paul Chan, introduced the expenditure budget and work priorities for the 2024 to 2025 fiscal year, stating that the multi-central bank digital currency cross-border network (mBridge) is expected to launch its first phase of services this year, initially using multiple central bank digital currencies for cross-border transactions for enterprises.In addition, the "Digital Renminbi" will also expand its pilot scope in Hong Kong to further enhance the efficiency of cross-border payments and user experience. In terms of virtual assets, a series of initiatives are being promoted to strengthen regulation to facilitate the robust and responsible development of Hong Kong's virtual asset market.Specifically, the Monetary Authority launched a stablecoin sandbox in March this year, allowing institutions intending to issue stablecoins to conduct testing within a controlled environment. It has also conducted public consultations on the regulation of fiat stablecoin issuers and virtual asset over-the-counter trading services, and is considering the opinions and suggestions received. Depending on the progress of preparatory work, a bill will be submitted to the Legislative Council as soon as possible.

According to ChainCatcher news and a report by Zhitong Finance, the Secretary for Financial Services and the Treasury, Christopher Hui, responded in writing to lawmakers, stating that the Securities and Futures Commission (SFC) strengthened information dissemination in September last year, releasing multiple pieces of information regarding virtual asset trading platforms, including a list of suspicious virtual asset trading platforms, to provide the public with clear, transparent, and timely information. As of February 14 this year, a total of 14 trading platforms are listed on that list.In the past three years (2021 to 2023), the overall number of crimes involving virtual assets was 1,397, 2,336, and 3,415, with amounts involved being 824 million, 1.704 billion, and 4.398 billion respectively. As for the number of arrests and prosecutions, the police will now only consolidate relevant figures based on individual circumstances for specific cases. For example, in the JPEX case, as of yesterday (the 20th), the police have arrested 70 people, and no one has been prosecuted yet.In addition, as of February 2 this year, the SFC and the police have exchanged intelligence on over 100 virtual asset trading platforms or virtual asset-related activities. The SFC and the police will decide whether to establish a special investigation based on a basket of factors, including whether there is a connection to Hong Kong, whether it involves violations of relevant laws, the number of people involved, and the amounts involved. To further improve the regulatory framework, the Financial Services and the Treasury Bureau launched a public consultation on February 8 this year regarding the legislative proposal for a licensing system for virtual asset over-the-counter trading service providers, with the consultation period ending on April 12. Additionally, the Financial Services and the Treasury Bureau and the Monetary Authority jointly conducted a public consultation in December last year on the regulation of stablecoin issuers, with the consultation period ending on February 29 this year. Depending on the consultation results and the progress of preparatory work, the government will submit a bill regarding the aforementioned licensing system to the Legislative Council as soon as possible.

ChainCatcher news, according to CoinDesk, Argentina's newly elected president Javier Milei has proposed a bill that allows Argentinians to declare their domestic and foreign cryptocurrency assets to benefit from favorable tax rates and legalize these assets in the country, regardless of their origin or holding location. The asset regularization plan is part of a proposed broad economic and political reform.