ChainCatcher news, at a press conference, the International Monetary Fund (IMF) once again urged El Salvador to scale back its Bitcoin policy and comprehensively reform the regulatory framework surrounding digital assets.IMF Communications Director Julie Kozack did not specify the exact details behind the proposed regulatory adjustments, but provided the following statement: "What we are suggesting is to narrow the scope of the Bitcoin law, strengthen the regulatory framework and oversight of the Bitcoin ecosystem, and limit public sector exposure to Bitcoin."

ChainCatcher news, according to Cointelegraph, South Africa is rapidly becoming the digital asset hub of Africa. Ben Caselin, Chief Marketing Officer of the Johannesburg-based cryptocurrency exchange VALR, stated that South Africa is becoming the gateway to the African market due to its strong rule of law and independent judicial system.In April of this year, the South African Financial Sector Conduct Authority (FSCA) granted VALR a license as a Crypto Asset Service Provider (CASP). According to Statista, the revenue of South Africa's cryptocurrency market is expected to reach $332.9 million by 2028, with a compound annual growth rate of 7.86%. Caselin believes that South Africa's regulatory framework is one of the best in the world, even better than those of Hong Kong, Singapore, and the United States.

ChainCatcher news, the Nigerian Securities and Exchange Commission (SEC) will take action against individuals and cryptocurrency exchanges that do not comply with the regulatory framework.SEC Director General Emomotimi Agama announced this move on Sunday, promising to protect investors' interests. Two weeks ago, the SEC temporarily approved two digital asset exchanges, Busha and Quidax, to operate under an accelerated regulatory incubation program. The SEC warned that many unapproved crypto trading platforms are operating, and any entity unwilling to be regulated will face enforcement actions.

ChainCatcher news, according to Crowdfund Insider, BitGo announced that it has become the custodian under the regulatory framework for crypto assets of the SIX Exchange.It is reported that BitGo Europe will provide regulated custody solutions.

ChainCatcher news, according to Cointelegraph, the Qatar Financial Centre (QFC) has recently released a comprehensive framework regarding the regulation and creation of digital assets.In line with the strategy of the Qatar Central Bank, the regulatory bodies of QFC—the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA)—have announced a framework that lays the foundation for digital assets within the QFC.These rules include tokenization processes, legal recognition of property rights for tokens and underlying assets, custodial arrangements, transfer, and exchange. Additionally, the framework also contains provisions for the legal recognition of smart contracts.Similar to the free economic zones in the United Arab Emirates, the QFC operates independently from mainland Qatar, with its own legal, regulatory, tax, and business framework to distinguish it from other regions of Qatar.

ChainCatcher news, according to Cointelegraph, the Abu Dhabi financial regulator plans to regulate fiat-referenced tokens (FRT), and the regulator has invited the public to provide feedback on the proposed regulatory framework. The Financial Services Regulatory Authority (FSRA) stated that the proposal defines FRT as a digital asset whose transfer and storage are electronically achieved through the use of distributed ledger technology.The Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA) indicated that FRT issuers will be subject to operational restrictions and requirements. The FSRA proposed that the market value of reserve assets should be at least equal to the face value of all circulating FRT at the end of each business day. FRT should also be valued at the daily market price. The regulator further suggested that institutions issuing two or more FRTs should operate and maintain independent reserve asset pools for each FRT and manage each reserve asset pool separately.The FSRA has set October 3, 2024, as the deadline for submitting comments on the proposal. After receiving feedback, the FSRA will consider whether modifications to the proposed regulatory framework for FRT are necessary.

ChainCatcher news, according to Cointelegraph, the Bank of Ghana (BoG) has proposed new regulatory measures for digital assets after conducting a comprehensive internal review of Bitcoin, USDT, and other cryptocurrencies.On August 16, the Central Bank of Ghana released a draft guideline for digital assets and sought feedback from the public and industry stakeholders on the upcoming cryptocurrency regulations.According to the Bank of Ghana, data collected over the past three years indicates a significant increase in demand for cryptocurrencies in Ghana. Therefore, Ghana intends to implement laws addressing risks such as money laundering, terrorist financing, and fraud, as well as measures to protect consumer rights.The Central Bank of Ghana has proposed a cryptocurrency regulatory framework consisting of eight pillars, primarily aimed at strengthening registration and reporting requirements for cryptocurrency trading platforms or virtual asset service providers (VASPs). The central bank is currently soliciting suggestions from industry professionals, experts, and the public, with a deadline of August 31.

ChainCatcher news, Hong Kong's DAB Legislative Council member Chan Chung-nee stated that he suggests the government improve the compliance and regulatory framework in the Web3 cryptocurrency sector to protect investors' rights and promote market fairness and transparency. By utilizing technologies such as big data and artificial intelligence for risk monitoring and early warning in the Web3 market, and establishing a Web3 industry committee to formulate industry norms and standards, as well as enhancing training for practitioners. "Regulation must be done well to prevent fraud, but we do not want the industry to be overly regulated; a balance must be achieved."

ChainCatcher news, according to Cointelegraph, regarding today's news that Vice President Harris's campaign team is seeking to re-establish contact with Bitcoin and crypto teams, advisors to the Harris campaign clarified that the initiative to reconnect with the cryptocurrency industry is primarily not aimed at obtaining election donations, but rather to build a positive relationship with the crypto industry and pave the way for a reasonable regulatory framework. It is reported that the relevant framework will support the growth and stability of the digital asset class, benefiting the broader financial ecosystem.

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 Ming Pao, the Hong Kong Financial Services and the Treasury Bureau and the Monetary Authority published a consultation summary yesterday on the legislative proposal for the regulation of fiat-backed stablecoin issuers in Hong Kong. The vast majority of respondents agreed that there is a need to introduce a regulatory framework for fiat-backed stablecoin issuers to appropriately manage potential monetary and financial stability risks, and to provide transparency and suitable regulations.The Financial Services and the Treasury Bureau and the Monetary Authority will finalize the legislative proposal based on the opinions and suggestions of the respondents and will submit the bill to the Legislative Council as soon as possible; the Monetary Authority is also processing "sandbox" applications from stablecoin issuers and will announce the list of participants in the short term. According to the consultation, most respondents support the requirement for the total value of reserve assets for fiat-backed stablecoins to be maintained at full reserve at all times. Some respondents raised potential difficulties in real-time reconciliation and the need to periodically replenish reserve assets to ensure that the market value of the reserve assets is at least equal to the face value of the circulating fiat-backed stablecoins.In addition, the consultation document suggests that the minimum paid-up capital for issuers should be at least 2% of the total amount of circulating fiat-backed stablecoins, or HKD 25 million, whichever is higher. Some respondents believe that it is difficult to maintain sufficient capital based on the circulation of fiat-backed stablecoins. The authorities will change the minimum paid-up capital requirement to HKD 25 million or 1% of the circulation of their stablecoins, whichever is higher, while the Financial Commissioner retains the flexibility and power to impose additional capital requirements when necessary.

ChainCatcher news, the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority jointly published a consultation summary on the legislative proposal for the regulation of fiat-backed stablecoin issuers in Hong Kong.It was mentioned that, considering the stablecoin sector is still in its infancy, a significant portion of respondents agreed to establish new legislation for the implementation of a regulatory regime for fiat-backed stablecoin issuers, as well as the proposal to exclude fiat-backed stablecoin issuance from the regulatory framework for relevant securities and stored value payment instruments. The Hong Kong Monetary Authority will continue to collaborate with other regulatory bodies to build a consistent regulatory framework for virtual assets in Hong Kong, avoiding regulatory arbitrage. Most respondents support the requirement that the total value of reserve assets for fiat-backed stablecoins must always be maintained at full reserve, recognizing this as a core element supporting the stability mechanism of stablecoins.

ChainCatcher news, the Hong Kong Financial Services and the Treasury Bureau stated that following the implementation of the licensing system for virtual asset service providers in June last year, the Treasury Bureau and the Monetary Authority consulted the public at the end of last year regarding the proposed regulatory regime for Hong Kong stablecoin issuers, and will soon publish a consultation summary to prepare a bill for the Legislative Council's review.The Treasury Bureau pointed out that it hopes to establish a regulatory system for fiat-backed stablecoin issuers that is appropriate and in line with international regulatory recommendations, which can provide sufficient protection for fiat-backed stablecoin users and address the potential risks that fiat-backed stablecoins pose to monetary and financial stability, allowing Hong Kong's virtual asset ecosystem to develop sustainably and responsibly.Given the important role of fiat-backed stablecoins in the Web3 and virtual asset ecosystem, and the increasingly close connection between the traditional financial system and the virtual asset market, the government needs to establish a regulatory framework for fiat-backed stablecoin issuers. The main requirements include: reserve management and stabilization mechanisms, including requiring issuers to ensure that fiat-backed stablecoins are fully backed by high-quality and highly liquid reserve assets; redemption requirements; as well as governance, knowledge, and experience regulatory requirements.At the same time, to protect fiat-backed stablecoin users, it is recommended that only the following entities can sell fiat-backed stablecoins in Hong Kong or actively promote related services to the public in Hong Kong: licensed fiat-backed stablecoin issuers; recognized institutions (i.e., banks); licensed corporations; and licensed virtual asset trading platforms. For existing stablecoin issuers, the proposed regulatory system will also have corresponding transitional arrangements.