ChainCatcher news, the Dutch Authority for the Financial Markets (AFM) reminds investors to be aware of the risks of cryptocurrency "pump and dump" scams and announces that the Markets in Crypto-Assets Regulation (MiCA) will come into effect on December 30. MiCA explicitly prohibits market manipulation, and the AFM will be responsible for supervising and enforcing the new regulations in the Netherlands.The AFM states that MiCA aims to enhance transparency and market integrity in the crypto industry, although it cannot eliminate all risks. To this end, the AFM has recently investigated several "pump and dump" cases and plans to enforce strict measures after the implementation of MiCA.Additionally, industry experts warn that MiCA may lead to crypto companies relocating to the Middle East, increasing the centralization risks in the industry.

ChainCatcher news, Denis Beau, the First Deputy Governor of the Banque de France, recently revealed that the central bank's prudential supervisory authority, ACPR, is working with the industry to certify smart contracts. "In 2024, we will continue to work with stakeholders on an important proposal from the ACPR, which is to mandate certification of smart contracts before their use." Mr. Beau pointed out that France's early regulations on crypto assets significantly influenced the MiCA regulation.

ChainCatcher news, according to the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and National Supervisory Commission stationed at the China Securities Regulatory Commission and the Guangdong Provincial Commission for Discipline Inspection and Supervision: Yao Qian, the Director of the Technology Supervision Department and the Director of the Information Center of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review by the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and National Supervisory Commission stationed at the China Securities Regulatory Commission and an investigation by the Shantou Municipal Supervisory Committee of Guangdong Province.It is reported that Yao Qian previously served as the first director of the Digital Currency (CBDC) Research Department of the People's Bank of China and was named one of the most influential figures in the blockchain field by Coindesk in 2017. He has published multiple research articles related to blockchain technology, digital currency, and Web 3.0, and co-authored the book "Web 3.0: Changes and Challenges of the Next Generation Internet."

ChainCatcher news, according to The Block, Coinbase and Circle are opposing various aspects of the Basel Committee on Banking Supervision proposal, which introduces stricter standards for preferential regulatory treatment regarding banks' exposure to stablecoin risks.It is reported that the proposed requirements determine whether a stablecoin qualifies for the "Group 1b category," which grants preferential regulatory treatment. According to the consultation document, certain standards must be met, including low volatility and sufficient liquidity. The deadline for comments on the document is March 28.Coinbase stated regarding the above requirements: "The committee's choice indicates a desire to strictly limit banks' holdings and thus use of stablecoins." Circle expressed dissatisfaction with the committee's report mentioning that blockchain has "unique risks."

ChainCatcher news, according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) passed rules on February 6 requiring more market participants to register with it, join self-regulatory organizations, and comply with federal securities laws and regulations. The new rules may bring cryptocurrencies and decentralized finance (DeFi) under a broader regulatory scope. The new rules were proposed in 2022 and span 247 pages. They redefine the terms "dealer" and "government securities dealer" in the Securities Exchange Act, as well as the phrase "as part of a regular business" used in the Securities Exchange Act of 1934.These rules will apply to market participants that "play a significant role as liquidity providers in the market." Specifically, dealers under the new definitions may express "trading interest, that is, trading at the best available price or near the best available price on both sides of the market for the same security," or earn income "primarily by capturing the bid-ask spread, buying at the bid price and selling at the ask price, or by capturing any rewards provided by trading venues for providing liquidity." The SEC chairman stated in a statement, "These measures are common sense. Without exemptions or exceptions, if anyone's trading practices are consistent with those of an actual market maker, they must register with us as a dealer—this is in line with congressional intent."There is a threshold for the applicability of the new rules. Dealers must own or control $50 million to be subject to the rules. These rules will take effect 60 days after being published in the Federal Register.

ChainCatcher news, according to Cointelegraph, the Spanish fintech company MONEI has begun a pilot for the euro stablecoin EURM under the supervision of the Bank of Spain. According to an announcement published by MONEI on January 29 on its website, the regulatory sandbox pilot started in January and is overseen by the Bank of Spain.It is reported that the pilot will test the transaction capabilities of EURM: users will verify their identity, upload their wallets, deposit up to 10 euros into their accounts, and exchange it for 10 EURM. Each EURM is pegged to the euro at a 1:1 ratio and is held in banks in Spain, such as BBVA and Caixabank.

ChainCatcher news, according to CoinDesk, the Basel Committee on Banking Supervision (BCBS) has proposed enhanced regulatory standards for stablecoins.The consultation document released by BCBS outlines 11 standards for stablecoins, which are cryptocurrencies typically pegged to specific assets such as the US dollar, euro, or gold. To meet the so-called Group 1b considerations, the reserve assets of stablecoins must satisfy a series of criteria, including short-term maturity, high credit quality, and low volatility.Currently, stablecoins must be "redeemable at any time" to qualify for this favorable regulatory treatment, ensuring that "only stablecoins issued by regulated entities with strong redemption rights and governance are eligible." Stablecoins that do not meet the Basel Committee's criteria will be classified into Group 2 and subject to "newly heightened conservative capital treatment." The consultation will remain open until March 28.

According to ChainCatcher news, lawyer Liu Honglin stated that the local market supervision administration in Hainan, in conjunction with other departments, recently issued a notice requiring enterprises engaged in the NFT digital collectibles business within its jurisdiction to submit their business qualifications within a specified time frame, otherwise "the relevant responsibilities will be borne by the enterprises themselves."Relevant enterprises need to possess nine qualifications, including the license to establish a trading market. If they conduct business without the aforementioned qualifications and are suspected of illegal activities, administrative penalties will be imposed by the relevant industry authorities, and if a crime is constituted, criminal responsibility will be pursued in accordance with the law.

ChainCatcher message, the Basel Committee on Banking Supervision has released a report on the turmoil in the banking sector in 2023, agreeing to consult on climate and crypto asset disclosures, stating that banks must disclose the cryptocurrencies they hold and should issue potentially restrictive capital for unsecured cryptocurrencies such as Bitcoin or ETH that they hold.At the same time, it stated that an upcoming consultation document will propose "a series of disclosure requirements related to banks' exposure to crypto asset risks" to supplement the existing capital requirements for digital assets finalized in December.

ChainCatcher news, former CFTC Chairman Timothy Massad proposed creating a self-regulatory organization (SRO) to avoid the entire debate over "enforcement regulation" and "registration," which would be overseen by the SEC and CFTC, establishing a set of universal investor protection standards for cryptocurrency intermediaries and the digital assets traded on them.Massad added that he is not concerned about other jurisdictions outpacing the U.S., noting that implementing new laws such as the EU's Markets in Crypto-Assets (MiCA) framework will be more complex than people imagine. (Source link)

ChainCatcher news, according to Yonhap News Agency, South Korean officials stated that prosecutors raided the cryptocurrency exchanges Upbit and Bithumb on Monday as part of an investigation into independent lawmaker Kim Nam-kook's cryptocurrency scandal. Kim Nam-kook owns digital wallets on Upbit and Bithumb. It is reported that a group of investigators from the Southern District Prosecutors' Office in Seoul seized trading records and other materials from the two exchanges.Previously, Kim Nam-kook was revealed to own approximately 800,000 Wemix tokens in 2021, valued at about 6 billion won (approximately 4.5 million USD), which greatly contrasts with his frugal image, leading to criticism. There are suspicions regarding the source of these funds and whether he used insider information. Kim Nam-kook resigned from the main opposition Democratic Party on Sunday, and he also faces allegations of trading cryptocurrencies during two meetings of the National Assembly's Judicial Committee in May and November of last year. (source link)

ChainCatcher news, HKIEF Hong Kong Innovation Crypto Fund stated on social media that Hong Kong will establish a VASP (Virtual Asset Service Provider) licensing system, while implementing dual licensing supervision.Securities Token Exchange: The current system under the Securities and Futures Ordinance regulates securities token trading conducted by virtual asset trading platforms. Required licenses: Type 1 and Type 7.Non-Securities Token Exchange: Regulated under the Anti-Money Laundering Ordinance's Virtual Asset Service Provider system for non-securities token trading conducted by virtual asset trading platforms. Required licenses: VASP license + Trust license. Among them, stablecoins: USDT, USDC are classified as securities; BTC, ETH, etc., and OTC businesses are classified as non-securities.The virtual asset service provider licensing system is expected to take effect on June 1, 2023, and by May 31, 2024, Hong Kong needs to fully license virtual asset activities. (source link)

ChainCatcher news, the head of the State Administration for Market Regulation, Luo Wen, stated that it is necessary to strengthen digital construction and enhance smart regulatory capabilities and levels. Actively explore the application of new technologies such as big data, blockchain, and artificial intelligence in the regulatory enforcement of internet platforms, accelerate the construction of a national online transaction regulatory platform, strengthen network-wide monitoring, early warning, and risk prevention, focus on enhancing penetrating regulatory capabilities, achieve unified command, unified scheduling, rapid response, and timely handling, and improve the precision, timeliness, and effectiveness of regulation. Optimize service measures to better unleash the development momentum of the digital economy.We should take the creation of national network market regulation and service demonstration zones as a starting point, support and encourage local innovation in regulatory and service models, actively cultivate online business entities, promote the development of industrial clusters, and legally protect the legitimate rights and interests of all parties. At the same time, we need to further optimize the business environment and guide internet platform companies to develop in an open, innovative, and empowering direction. (source link)

ChainCatcher news, Michael S. Barr, former advisor to Ripple and current Vice Chair for Supervision at the Federal Reserve, has been appointed by the Federal Reserve Board as the head of oversight and regulatory review for the Silicon Valley Bank case. Michael S. Barr will be responsible for a thorough and comprehensive review of the oversight and regulatory approach to the failed bank, with the results to be publicly released by May 1. (source link)

ChainCatcher news, Federal Reserve Vice Chair for Supervision Michael Barr spoke at DC Fintech Week, stating that activities related to crypto assets need to be supervised, and ensuring that crypto service providers are subject to similar regulatory safeguards as other financial service providers.The Federal Reserve is working with colleagues from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to ensure that crypto asset-related activities that banks may engage in are well-regulated to protect customers and financial institutions. Additionally, stablecoins may pose risks to financial stability, and in this regard, the Federal Reserve is also collaborating with other regulatory agencies. (source link)

According to Chain Catcher news, as reported by News1, Congressman Yoon Sang-hyun stated at the National Assembly's inspection meeting that the functional structure of current cryptocurrency exchanges is abnormal, and that all tasks performed by the market surveillance committee or the securities settlement agency in the securities market trading system are monopolized by the exchanges, saying, "This is like the referee competing as a player." He also mentioned that "the Moon Jae-in government abolished all investor protection measures related to cryptocurrency trading," and called for an investigation into who led this action. (Source link)

According to Chain Catcher news, as reported by CoinDesk, the U.S. Defense Advanced Research Projects Agency (DARPA) has signed a contract with digital asset data and analytics provider Inca Digital to conduct research on the national security risks of cryptocurrencies.It is reported that Inca will develop a cryptocurrency ecosystem mapping tool to analyze crypto financial data and risks, with the aim of helping the U.S. government and the private sector understand how cryptocurrencies are associated with money laundering, terrorist financing, and evasion of sanctions, and to determine how cryptocurrencies impact the traditional financial system. (Source link)

Chain Catcher News: The Yunnan Provincial Market Supervision Administration recently released two local standards of Yunnan Province, namely the "Blockchain Cross-Border Trade Service Application Guide" and the "Blockchain Domain Name Resolution Service Application Guide," jointly completed by the Yunnan Academy of Science and Technology, Yunnan University of Finance and Economics, and the Yunnan Provincial Institute of Standardization. These standards will officially come into effect on November 12, 2022. These are the first local standards for blockchain released in Yunnan Province, filling the gap in local blockchain standards in the province.It is reported that the secretariat of the Yunnan Provincial Blockchain and Digital Technology Standardization Technical Committee is located at the Yunnan Academy of Science and Technology, which is mainly responsible for undertaking the standardization work of blockchain and digital technology in Yunnan Province, with the Yunnan Provincial Department of Science and Technology as the business guidance unit. So far, 2 standard system research projects have been completed; 1 national standard application has passed the preliminary review; the development of 8 local standards has been promoted; and the Yunnan Academy of Science and Technology has joined the National Standardization Committee's Big Data Working Group, Yunnan University of Finance and Economics has joined IEEE (Institute of Electrical and Electronics Engineers), and Yunnan Digital Economy Industry Investment Group Co., Ltd. and Kunming Digital Economy Industry Investment Co., Ltd. have been approved to join the National Standardization Committee's Digital Economy Standard Research Group as member units. (Source link)

Chain Catcher News, the Ministry of Public Security is currently researching and formulating the "Regulations on the Disposal of Fraudulent Funds." A relevant person in charge of the Criminal Investigation Bureau of the Ministry of Public Security introduced that with the rapid development of internet finance, fraudsters are using various methods such as third-party and fourth-party payments, score-running platforms, digital currencies, and trade hedging. In the next step, public security organs across the country will fully implement the Anti-Telecom Network Fraud Law and further strengthen various measures for prevention, control, and management. (China Police Network)