The EU is considering including cryptocurrencies in the 12 trillion euro investment market, and its impact may far exceed that of US ETFs

The European Securities and Markets Authority (ESMA) is consulting the industry and experts on whether crypto assets should be included in investment products. This move is expected to open up a wider market for cryptocurrencies, far exceeding the market size of spot Bitcoin ETFs. The plan aims to expand the scope of application of UCITS (EU collective investment schemes in transferable securities), and the UCITS market size is as high as 12 trillion euros. If this move is implemented, it will be a key step in the mainstreaming of crypto assets in Europe. The consultation deadline of ESMA is August 7, and whether it will be approved remains to be seen. Andrea Pantaleo, a lawyer at DLA Piper, said that the impact of this move will far exceed that of US ETFs, because many fund departments may invest part of their liquidity in crypto assets.

Market expects Hong Kong to promote virtual asset trading

According to Pang Baolin, a licensed person of the Hong Kong Securities and Futures Commission, Hong Kong is not only an international financial center, but also one of the national financial centers. It has always attached great importance to and tried its best to support the local financial system, hoping to assist the financial and economic development of the mainland at the same time, and digitalization is one of the important links. The market expects Hong Kong to promote interoperability such as virtual asset transactions and physical tokenization (STO). It is reported that the Hong Kong Monetary Authority has studied the inter-bank delivery and settlement of tokenized deposits through the sandbox, conducted payment tests for the future digitalization of Hong Kong dollars and stablecoins, and made full preparations for innovative financial market infrastructure and future digitalization.

Taiwan's administrative agency passed four new anti-fraud laws to bring currency traders under control

On May 9, the Taiwan region's administrative agency passed four new anti-fraud laws today, bringing currency traders under control. In the future, businesses or personnel providing virtual asset services and third-party payment services must complete money laundering prevention and service capacity registration or login, otherwise they will be sentenced to a maximum of 2 years in prison or a fine of up to NT$5 million. Businesses or personnel providing virtual asset services and third-party payment services outside Taiwan who do not register their company or branch in accordance with the Company Act and complete money laundering prevention and service capacity registration or login are also not allowed to provide virtual asset services and third-party payment services in Taiwan.

The transaction volume of 6 Hong Kong virtual asset ETFs today was HK$19.1291 million

Hong Kong stock market data shows that as of the close, the transaction volume of the six Hong Kong virtual asset ETFs today was HK$19.1291 million, down 27.31% from yesterday. Among them: the transaction volume of China Asset Bitcoin ETF (http://3042.HK) was HK$4.030 million, and the transaction volume of China Asset Ethereum ETF (http://3046.HK) was HK$816,700; the transaction volume of Harvest Bitcoin ETF (http://3439.HK) was HK$9.1 million, and the transaction volume of Harvest Ethereum ETF (http://3179.HK) was HK$2.54 million; the transaction volume of Bosera HashKey Bitcoin ETF (http://3008.HK) was HK$2.46 million, and the transaction volume of Bosera HashKey Ethereum ETF (http://3009.HK) was HK$182,400.

Vitalik: Introducing multi-dimensional execution Gas will bring certain complexity at the EVM level

Ethereum co-founder Vitalik Buterin published his latest blog, "Multi-dimensional Gas Pricing". It mentioned that Gas incorporates multiple types of "efforts", mainly including: raw computing (such as ADD, MULTIPLY), reading and writing Ethereum storage (such as SSTORE, SLOAD, ETH transfer), data bandwidth, and the cost of ZK-SNARK proofs for generating blocks. EIP-4844 introduced multi-dimensional pricing in Ethereum for the first time, adding a dedicated Blob data area and setting independent prices and limits for it. This improvement reduced the cost of Rollup by 100 times, increased transaction volume by more than 3 times, and only slightly increased the theoretical maximum block size. In addition, Vitalik also proposed two solutions to achieve multi-dimensional Gas pricing: 1. The simpler one is to set a resource cap for each transaction, that is, the Gas of each transaction is priced based on the larger value of the consumed data and computing resources, as suggested by EIP-7623. 2. The ideal but more complex solution is to establish a dynamic adjustment mechanism similar to EIP-1559 for each resource. Vitalik emphasized that the introduction of multi-dimensional execution Gas will bring certain complexity at the EVM level, but in order to safely improve the scalability of Ethereum L1, this trade-off is worth it. The community also needs to further explore more elegant designs in terms of the economy and development friendliness of the solution.

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