● EU Crypto-Asset Market Law MiCA officially published in the EU Official Gazette
The EU Crypto-Asset Market Law MiCA was officially published in the Official Journal of the European Union (OJEU).
As previously reported, the European Union officially signed its landmark Markets in Crypto-Assets (MiCA) regulation in early June. The law was signed by European Parliament President Roberta Metsola and Swedish Minister of Rural Affairs Peter Kullgren, along with a separate anti-money laundering law requiring crypto providers to verify the identity of their customers when transferring funds.
MiCA will come into force in a few weeks after being published in the EU Official Journal in June. Its provisions: providing licenses to cryptocurrency exchanges and wallet providers to operate within the 27-nation bloc and requiring stablecoin issuers to hold appropriate reserves will take effect in 12 to 18 months. (Planet Daily)
● CZ: With the official release of the EU Crypto-Asset Market Law MiCA, Binance will be ready
Binance founder and CEO Changpeng Zhao (CZ) tweeted, “With the official release of the EU Crypto-Asset Markets Directive MiCA in the EU, it means that crypto companies now have a clear timetable to implement and comply with MiCA requirements. Stablecoin rules will apply from June 30, 2024, and exchange rules will apply from December 30, 2024. We are already preparing and will be ready. European compliant companies will face exciting opportunities.”
As previously reported, the EU Crypto Asset Market Law MiCA was officially published in the EU Official Journal. MiCA will take effect a few weeks after being published in the EU Official Journal in June. Its provisions: providing cryptocurrency exchanges and wallet providers with licenses to operate within the 27-country group and requiring stablecoin issuers to hold appropriate reserves will take effect in 12 to 18 months.
● The U.S. House of Representatives Financial Services Committee released a new draft of the stablecoin regulation proposal
The Republican chairman of the House Financial Services Committee has released a new draft of the main legislative proposal for regulating stablecoins in the United States, which will be further discussed at a committee hearing on June 13. It gives the Federal Reserve some additional powers over previous Republican bills, including the power to intervene in state-regulated issuers in emergencies. States can also transfer their regulatory responsibilities to federal regulators. If the bill is introduced and passed by both houses of Congress, it will establish the first stablecoin regulations in the United States. The new draft also deleted the earlier section that called for a study of the merits of a digital dollar. (CoinDesk)
● US Senator: SEC’s recent actions may be aimed at paving the way for the issuance of CBDC
Bill Hagerty, a U.S. senator from Tennessee, said that the real motivation behind the recent SEC lawsuit against two major exchanges is to eliminate possible competitors to central bank digital currencies (CBDCs). The Biden administration wants to stifle market innovation and pave the way for CBDCs, which will facilitate the federal government and help them gain unprecedented insight into people's lives. It makes no sense to allow a company (Coinbase) to go public and then prevent it from trying to register. (Bitcoin.com)
● Hong Kong Monetary Authority: It is necessary to start paving the way for a possible retail CBDC in the future
The Hong Kong Monetary Authority (HKMA) released a report stating that according to a study by HKMA and the results received from "two rounds of market consultation", HKMA is convinced that it is "necessary to at least begin paving the way for a possible retail CBDC in the future". Although e-HKD does not seem to play an imminent role in the current retail payment market, HKMA believes that the potential use cases of e-HKD will emerge quickly in the rapid development of the digital economy, putting HKMA in a favorable position to respond to the needs of emerging markets. (BlockBeats)
● Hong Kong Financial Secretary Paul Chan Mo-po: Hong Kong plans to introduce a suitable regulatory system to promote the continued development of Web3 and virtual assets in Hong Kong
Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region Government, said in a speech at the 2023 Caixin Summer Summit that although some virtual asset service providers do not operate in accordance with the rules, such as the illegal mixing of the operator's own funds and the customer's funds, and the operator operates the platform himself and also acts as a banker. But the basic technology of Web3 is blockchain, whether you like it or not, blockchain will continue to develop in the future.
Chan Mo-po said that blockchain can build an open, secure and low-cost platform, and Hong Kong plans to introduce a suitable regulatory system to promote Hong Kong to continue to develop Web3 and virtual assets responsibly. (Planet Daily)
● UK FCA new rules will prohibit marketing using free NFTs and cryptocurrency airdrops
Matthew Long, director of payments and digital assets at the UK Financial Conduct Authority (FCA), said that after the UK's cryptocurrency financial promotion rules come into effect on October 8, it will be banned to promote investment in digital assets by giving away free NFTs or cryptocurrencies through airdrops.
Matthew Long said that when free NFTs and airdrops are used to invest in crypto products, it may lead consumers to buy cryptocurrencies that they realize "may have problems later." However, cryptocurrency airdrops and NFTs themselves will not be banned, only promotions involving airdrops.
In addition, Matthew Long also said that the FCA is focusing on six key areas, including dealing with fraud and cross-border risks mentioned in the recent report released by the international securities regulator IOSCO to address investor protection and market integrity issues. (CoinDesk)
● Vitalik: Ethereum needs to face three technological changes and reshape the relationship between users and addresses
Ethereum co-founder Vitalik Buterin said in his latest article "Three Transformations" that the three major technical transformations that Ethereum needs to go through are: transition to L2 expansion, where everyone turns to Rollup; transition to wallet security, where everyone uses smart contract wallets; transition to privacy, ensuring that privacy-protected fund transfers are feasible. Without L2 expansion, Ethereum's high transaction costs will hinder large-scale adoption, leading to centralized solutions; without wallet security, users will be reluctant to store funds and non-financial assets, leading to a shift to centralized trading platforms; without privacy, the public availability of all transactions will undermine user privacy and push users to centralized solutions that provide data protection. The three technical transformations will redefine the relationship between users and addresses. Users will have multiple addresses in L2 and face challenges in maintaining address consistency.