ChainCatcher news, according to Cointelegraph, the UAE free trade zone RAK Digital Assets Oasis (RAK DAO) plans to introduce a legal framework for decentralized autonomous organizations (DAOs).Law firm NeosLegal and RAK DAO stated that the new system will be introduced and discussed on October 25. NeosLegal partner Irina Heaver mentioned that the framework is expected to clarify how DAOs can remain legally compliant, and she believes this will have a significant impact on decentralized governance in the UAE and the broader Web3 ecosystem.

ChainCatcher news, the People's Court Daily published an article titled "The Judicial Disposal of Virtual Currency Must Be Standardized," which points out that the standardization of judicial disposal of virtual currency is crucial for maintaining financial stability and promoting healthy market development. According to statistics from SAFEIS Security Research Institute, in 2023, the total number of cases involving virtual currency crimes in China was 428, a decrease of 88.9% compared to 2022, but the amount involved surged to 430.719 billion yuan, approximately 12.36 times that of 2022.The article emphasizes that the current disposal of virtual currency faces multiple challenges, including ownership identification, value assessment, and legal monetization. To address these issues, it is recommended to promptly issue comprehensive judicial disposal guidelines for virtual currency, clarifying its legal status, compliance requirements, asset disposal procedures, and legal responsibilities.At the same time, the article calls for strengthening international cooperation to jointly address the global challenges posed by virtual currency, laying a legal foundation for the development of the digital economy and digital finance.

ChainCatcher news, according to VnExpress, an official from the Ministry of Justice of Vietnam stated that cryptocurrency is not banned in Vietnam, but it is necessary to establish a legal framework to ensure its normal development and mitigate risks. The government has instructed the State Bank of Vietnam to study cryptocurrencies and virtual assets to prevent their use in money laundering, and has tasked the Ministry of Finance with developing a legal framework for it by May 2025.

ChainCatcher news, according to CNBC, U.S. Securities and Exchange Commission Chairman Gary Gensler stated during Washington D.C. Fintech Week that if the new leadership of FTX has a clear understanding of the law, it is feasible to "restart" FTX, operated by the former president of the New York Stock Exchange, "within the legal framework."Earlier reports indicated that a company run by former New York Stock Exchange President Tom Farley is one of three companies bidding for FTX's remaining assets. The winning bidder could restart the trading platform after it plans to exit bankruptcy proceedings next year.

ChainCatcher news, according to The Block, U.S. prosecutors reiterated on Wednesday that the existing legal framework is sufficient to charge Sam Bankman-Fried with fraud-related offenses. In documents submitted on Wednesday, the U.S. Department of Justice dismissed SBF's claim of a "lack of evidence for cryptocurrency regulation," stating that the law the defendant is accused of violating is the prohibition against misappropriating customer assets. The lack of regulation is irrelevant to whether victims entrusted their money to the defendant for safekeeping, and any evidence or arguments regarding the lack of regulation would only confuse the jury.Additionally, the U.S. Department of Justice responded that it does not oppose SBF providing acceptable evidence regarding charitable activities, as long as the evidence is for proper purposes, including not for purposes of bias or character.

ChainCatcher news, Atomic Wallet updated the progress of the June 3 attack on social media, stating that less than 0.1% of Atomic application users were affected, and no new reports have been received since then.Atomic Wallet stated that, at least in the latest version of the application, no potential issues have been confirmed that could lead to a large-scale leak. The application has been verified by external auditors, and the security infrastructure has been updated. The team will continue to work with crypto investigators, authorities, and trading platforms to track and freeze suspicious deposits. The next step will be to establish a legal framework to recover funds and distribute them to affected users. (Source link)

ChainCatcher news, according to Jin10 reports, market news: The EU envoy has approved the new cryptocurrency legal framework "Markets in Crypto-Assets" (MiCA). (Jin10)

ChainCatcher news, the State Duma of Russia has approved the first reading of a draft law to establish a regulatory framework for the issuance of the Central Bank of Russia's digital currency (CBDC). Additionally, it has approved the first reading of a bill to amend the Russian Civil Code to define the digital ruble as "non-cash currency," and has established rules regarding wallet protocols and the inheritance of digital currencies. These two bills primarily address the regulatory gaps brought about by the digitization of currency.Both bills will now undergo review and will be finalized for a second reading based on feedback from lawmakers, which will take place in the coming months. According to the relevant draft laws, the Central Bank of Russia is established as the sole issuer of the digital ruble and is granted additional powers to ensure proper regulation. The digital ruble issued by the Central Bank of Russia will be regarded as the official representation of the country's currency, and all foreign digital currencies issued by the central bank will also be considered official national currency. This legislation establishes a foundational framework for the digital ruble, which includes the creation of a platform for issuing CBDC and the development of wallets for storing it, as well as defining the procedures for accessing the platform and the rules for participants. (source link)

Chain Catcher News, the European Central Bank (ECB) recently released the "Progress Made in the Investigation Phase of the Digital Euro." Regarding the design of the transfer mechanism used to verify transactions, the ECB stated that the euro system will further explore solutions for the digital euro, where transactions will take place online and be verified by third parties. The Council also approved the continued exploration of peer-to-peer verification solutions for offline payments.The ECB also indicated that several measures need to be taken before the introduction of the digital euro. In the first quarter of 2023, the European Commission will propose a legal framework for establishing the digital euro. The next design steps must make decisions on settlement models, distribution models, the role of intermediaries, and funding arrangements. The Council will decide in the fall of 2023 whether to enter the implementation phase to develop and test the technical solutions and business arrangements for the digital euro. (Source link)

According to ChainCatcher news and a report by Decrypt, the carbon trading market protocol KlimaDAO has engaged in multiple conversations with staff from U.S. Senators Sens. Cynthia Lummis and Kirstin Gillibrand's offices, aiming to clarify the scope of the crypto industry, outline how digital assets should be taxed, and how they should be regulated by different government agencies, including defining terms like DAO that lawmakers have yet to determine.It is reported that in June, Kirsten Gillibrand and Cynthia Lummis introduced a crypto regulation bill that favors the U.S. Commodity Futures Trading Commission (CFTC) as the regulatory body and alleviates tax concerns for users purchasing goods with cryptocurrencies. (decrypt)

Chain Catcher news, Georgia has approved the latest regulatory legal framework for the financial sector regarding cryptocurrency, which regulates the field of digital business and cryptocurrency transactions. In addition, the country's Deputy Prime Minister has submitted a package of bills to Parliament, planned to be passed in the autumn session, which stipulates the granting of legal status to those involved in digital asset transactions, as well as the definition of their obligations and rights, in order to exclude the use of cryptocurrency for money laundering or terrorist financing. (Source link)