ChainCatcher news, Dr. Ye Zhi Heng, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, stated that virtual assets have now become a top agenda for every financial regulatory authority.Hong Kong currently has three licensed virtual asset trading platforms, and is processing applications from an additional 15 platforms. Investors can expect more licensed platforms to comply with the SFC's robust investor protection measures.

ChainCatcher news, according to Cryptonews, the Russian Federal Tax Service has confirmed that Russian companies are applying for cryptocurrency mining licenses, with 150 applications submitted so far. The head of the Federal Tax Service, Daniil Egorov, stated that these applications were all submitted after November 1. Registrants must provide the Federal Tax Service with the cryptocurrency assets they mine, cryptocurrency wallet addresses, and other data.Private miners with a monthly electricity consumption of no more than 6,000 kilowatt-hours (kWh) are exempt from registration.

ChainCatcher news, according to Cointelegraph, the cryptocurrency payment gateway Alchemy Pay announced that the company has obtained four new Money Transmission Licenses (MTL) in Minnesota, Oklahoma, Oregon, and Wyoming, bringing the total number of Alchemy Pay's state licenses in the U.S. to 8.The latest licenses follow the approval of another license in Arkansas in September 2023, and in Iowa, New Hampshire, and New Mexico in November 2023.

ChainCatcher news, according to a report by Hong Kong media Wen Wei Po, the Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, Ye Zhi Heng, stated that the Hong Kong Virtual Asset Trading Platform (VATP) has currently issued 3 licenses and is processing another 14 applications. The SFC is taking a relatively expedited approach to approve 11 applications that are "considered for licensing," with the expectation of issuing several more licenses by the end of the year.In addition, the Hong Kong Financial Services and the Treasury Bureau expects to regulate stablecoin products by the end of the year, while regulatory measures for issuers are planned for next year. The Monetary Authority will issue the third batch of tokenized green bonds, but there is currently no definite timetable.

ChainCatcher news, the current regulatory measures of the Hong Kong Securities and Futures Commission include risk-based on-site inspections and direct dialogues with the senior management and controllers of applicants. Based on this, the Hong Kong Securities and Futures Commission is implementing a rapid licensing approval process to handle applications from virtual asset trading platforms considered for licensing. The Hong Kong Securities and Futures Commission expects to issue the first batch of formal licenses to virtual asset trading platform applicants considered for licensing by the end of this year.

ChainCatcher news, according to Hong Kong media Xin Bao, the Financial Secretary of Hong Kong, Paul Chan, stated that since the publication of the digital asset policy declaration two years ago, there have been several developments in the short term, including the introduction of regulatory requirements for virtual asset trading platforms. So far, three operators have been licensed, and several more licenses are expected to be issued by the end of this year. The Hong Kong government plans to promote legislation on this matter.Paul Chan also mentioned that an important theme in the financial sector for the next two years is: blockchain and artificial intelligence (AI). While the government embraces new technologies, it also pays attention to the potential risks they bring, making balance and regulation very important. Since the beginning of this year, the largest fintech investments in Asia include three in mainland China and two in Hong Kong, indicating the attractiveness of the Hong Kong fintech market.

ChainCatcher news, the tokenized securities platform FCX has obtained a clearing and settlement license issued by the Reserve Bank of Australia, as well as a market license for operating an exchange issued by the securities regulator ASIC.At the same time, FCX has become the only trading venue in Australia, apart from the main securities exchange ASX, to hold trading and settlement licenses.

ChainCatcher news, the Deputy Minister of Finance of Thailand stated that there is no limit on the number of virtual bank licenses and hopes that the central bank can consider the issuance of virtual bank licenses more quickly within a six-month timeframe.

ChainCatcher news, Elon Musk's X (formerly Twitter) wholly-owned subsidiary X Payments has obtained a money transfer license in Oklahoma and has now accumulated money transfer licenses in 37 states across the United States.X Payments is seeking to obtain licenses in all 50 states and hopes to launch payment services across the U.S. later this year.

ChainCatcher news, the Director-General of the Nigerian Securities and Exchange Commission (SEC), Emomotimi Agama, stated that the regulatory body plans to issue the first licenses for digital services and tokenized assets this month.Agama said in an interview with Bloomberg Television: "As a cryptocurrency enthusiast and fintech advocate, I can tell you without a doubt that this will happen faster than you think. We must support the youth of this country so they can benefit from fintech. The market size is huge and still growing."Previous news, the Federal Inland Revenue Service (FIRS) of Nigeria plans to submit a bill to Parliament in September for taxing the cryptocurrency industry.

ChainCatcher news, according to Cointelegraph, the cryptocurrency landscape in Turkey is undergoing a significant shift as major companies like Coinbase and KuCoin join the competition for the country's operating licenses. Following an update to the regulatory framework by the Capital Markets Board of Turkey (CMB), the number of applications has surged. Initially, 47 crypto companies applied for licenses under the new regulatory framework, which has now expanded to 76, including new entrants like Coinbase, KuCoin, and Gate.io.Previously recognized entities such as Binance, Bitfinex, and OKX have also participated in the application process. Despite these advancements, the CMB clarified that being listed on the "operating companies list" does not equate to obtaining official authorization. Each company still needs to receive formal approval from the board, which depends on the issuance of secondary legislation. The list will be updated as companies address regulatory deficiencies or as the CMB concludes its investigations.Turkey's Minister of Finance and Treasury, Mehmet Simsek, stated in January that local cryptocurrency legislation is nearing completion, but the anticipated draft has yet to be submitted to parliament. This regulatory uncertainty has not deterred businesses from seeking licenses, reflecting the industry's optimism and the country's strategic importance in the global cryptocurrency market. This wave of applications emerged following the implementation of the Capital Markets Law Amendment, which took effect on July 2. The law aims to provide a regulatory framework for cryptocurrency service providers in Turkey.According to data from Chainalysis, Turkey is the fourth-largest cryptocurrency market in the world, with an estimated trading volume of $170 billion. This trading volume positions Turkey ahead of significant markets such as Russia, Canada, Vietnam, Thailand, and Germany.

ChainCatcher news, according to a report by Hong Kong 01, the President of the Hong Kong Monetary Authority, Yu Weiwen, stated that looking ahead, with the diversified development of virtual banks and traditional banks, the Monetary Authority believes that the current number of virtual bank licenses is appropriate, and there is no need to introduce more new virtual bank participants into the market at this stage.In terms of business and financial performance, virtual banks faced challenges in their early stages of operation, primarily due to the impact of the COVID-19 pandemic, and none of the eight virtual banks had achieved profitability by the end of 2023.However, over the past three years, virtual banks have recorded moderate business growth, and operational performance has continued to improve. From the fiscal year 2021 to 2023, their overall operating income increased sevenfold, and net losses narrowed by 15%.

ChainCatcher news, virtual asset management company Pando Finance has announced that its existing Type 1 (securities trading) and Type 4 (advising on securities) regulated businesses have been approved for upgrade by the Hong Kong Securities and Futures Commission.From now on, Pando can provide distribution and investment advisory services to funds with more than 10% investment in virtual assets.

ChainCatcher news, the Financial Sector Conduct Authority (FSCA) of South Africa has issued 63 licenses to Crypto Asset Service Providers (CASP). These approved licenses bring the total number of CASPs authorized to operate in South Africa to 138.According to the FSCA report, 383 applications have been received from entities seeking to provide crypto-related services. Of these, 5 applications were rejected for not meeting the applicable "fit and proper" requirements as stipulated by local financial services law. Additionally, 80 applications were voluntarily withdrawn by the applicants after engaging with the financial services regulator.

ChainCatcher news, according to Bitcoin.com, the Hawaii Department of Business and Consumer Affairs and the Hawaii Technology Development Corporation (HTDC) announced on Friday that the state's regulatory sandbox—Digital Currency Innovation Lab (DCIL) will end on June 30. DCIL is a two-year pilot program that allows participating digital currency companies to operate in Hawaii without a state money transmission license. The end of the program means that these companies will no longer need this license to conduct business in Hawaii, but they must still comply with federal licensing, registration requirements, and consumer protection and anti-money laundering regulations.It is reported that a total of 11 companies participated in this sandbox program, including Apex Crypto, Bitflyer USA, etc., which will transition between July 1 and December 30. Notably, Blockfi, which had previously filed for bankruptcy protection, is also among them.Prior to this, cryptocurrency companies in Hawaii had to obtain a money transmission license to operate. The end of the sandbox program marks a new adjustment in Hawaii's regulatory policy towards digital currency companies.

ChainCatcher news, according to Coin Edition, HKbitEX co-founder and chief strategy officer Lu Tingkuang believes that Hong Kong's cryptocurrency licensing system is more convenient than those in places like Singapore and the United States. According to Lu Tingkuang, the Hong Kong crypto asset license allows holders to provide trading services for cryptocurrencies and security tokens (STO).At the same time, this fintech expert emphasized that regulators in other countries only provide licenses for one asset class, rather than for two asset classes simultaneously. For example, he cited Coinbase, which is listed in the United States, whose license only permits trading in crypto assets.

ChainCatcher news, according to DogeDesigner, X's payment service X Payments has obtained money transmitter licenses in 31 states in the United States, including: Arizona, Arkansas, Wyoming, and others.

ChainCatcher news, according to Bloomberg, Musk's fully-owned subsidiary X Payments has obtained money transfer licenses in 28 states in the U.S. It is seeking to obtain licenses in all 50 states and hopes to launch payment services across the U.S. later this year.Documents show that X initially planned to roll out payment features internationally as early as the beginning of 2024, but these plans were delayed due to some regulatory pushback.

ChainCatcher news, according to Fortune magazine, Robinhood announced the acquisition of the cryptocurrency exchange Bitstamp for $200 million. This deal not only allows Robinhood to gain 4 to 5 million new cryptocurrency customers, but another important reason for Robinhood to execute this acquisition is to take over more than 50 licenses that Bitstamp holds in Europe and globally.

ChainCatcher news, the 12-month licensing transition period for virtual asset trading platforms has ended, with 11 platforms temporarily considered as licensed. The CEO of the Hong Kong Securities and Futures Commission, Ashley Alder, stated that further research will be conducted to determine whether all applications meet regulatory requirements. All institutions "considered as licensed" will receive notifications one by one for on-site inspections, and will be required to correct any non-compliance with regulations; otherwise, applicants will have to exit. It is hoped that the relevant institutions will prepare adequately, and if they meet the qualifications, they are expected to gradually obtain licenses before the end of the year.