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🏛️ Singapore embraces crypto-friendly regulations, while Mainland China tightens foreign exchange regulations
Singapore is poised to become the hub of cryptocurrencies in Asia, a prominent position driven by its friendly attitude towards Web3 and cryptocurrency regulations.
In 2024, the number of Web3 licenses issued by Singapore will nearly double compared with 2023. At the same time, Singapore has also shown an inclusive attitude towards cryptocurrency-related activities and exchanges. This positive support and inclusive attitude also provides broad development space for local exchanges and innovation in the crypto industry.
According to ApeX Protocol data, Singapore leads other Asian countries in terms of the number of blockchain technology patents, related job growth, and the number of cryptocurrency exchanges, ranking first in Asia. At the same time, Singapore's overall comprehensive score is 85.4, and its score is also in a leading position globally.
In sharp contrast, mainland China continues to tighten its cryptocurrency regulations. According to a report by the South China Morning Post on December 31, China’s foreign exchange regulator has introduced new foreign exchange rules aimed at monitoring and flagging risky transactions involving crypto assets. The implementation of new regulations will undoubtedly make it more difficult for Chinese residents to purchase cryptocurrency assets.
China has banned cryptocurrency trading since 2019, and over the past few years, the government seems to have no plans to relax regulations. Because mainland China still prohibits people from freely trading and exchanging cryptocurrency.
However, according to Bitbo’s Bitcoin Treasury Tracker, the number of Bitcoins currently held by the Chinese government still reaches 194,000, with a value of more than 18.7 billion US dollars, second only to the United States’ 207,000 Bitcoins.
In this regard, some analysts pointed out that this policy may be an attempt by the domestic government to curb the flow of funds overseas through cryptocurrency channels.
Looking to the future, we look forward to China making progress in the field of legal cryptocurrency trading and bringing new vitality to the global cryptocurrency market.
Leave your opinions in the comment area, and let’s discuss and witness the future development trend of cryptocurrency!
#新加坡 #加密法规 #区块链 #市场趋势
Singapore is poised to become the hub of cryptocurrencies in Asia, a prominent position driven by its friendly attitude towards Web3 and cryptocurrency regulations.
In 2024, the number of Web3 licenses issued by Singapore will nearly double compared with 2023. At the same time, Singapore has also shown an inclusive attitude towards cryptocurrency-related activities and exchanges. This positive support and inclusive attitude also provides broad development space for local exchanges and innovation in the crypto industry.
According to ApeX Protocol data, Singapore leads other Asian countries in terms of the number of blockchain technology patents, related job growth, and the number of cryptocurrency exchanges, ranking first in Asia. At the same time, Singapore's overall comprehensive score is 85.4, and its score is also in a leading position globally.
In sharp contrast, mainland China continues to tighten its cryptocurrency regulations. According to a report by the South China Morning Post on December 31, China’s foreign exchange regulator has introduced new foreign exchange rules aimed at monitoring and flagging risky transactions involving crypto assets. The implementation of new regulations will undoubtedly make it more difficult for Chinese residents to purchase cryptocurrency assets.
China has banned cryptocurrency trading since 2019, and over the past few years, the government seems to have no plans to relax regulations. Because mainland China still prohibits people from freely trading and exchanging cryptocurrency.
However, according to Bitbo’s Bitcoin Treasury Tracker, the number of Bitcoins currently held by the Chinese government still reaches 194,000, with a value of more than 18.7 billion US dollars, second only to the United States’ 207,000 Bitcoins.
In this regard, some analysts pointed out that this policy may be an attempt by the domestic government to curb the flow of funds overseas through cryptocurrency channels.
Looking to the future, we look forward to China making progress in the field of legal cryptocurrency trading and bringing new vitality to the global cryptocurrency market.
Leave your opinions in the comment area, and let’s discuss and witness the future development trend of cryptocurrency!
#新加坡 #加密法规 #区块链 #市场趋势
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Currently, the United States is lagging behind more progressive jurisdictions such as Asia and Europe in the field of cryptocurrency and blockchain. Fiona Murray, Asia Pacific Director of Ripple, believes that the United States lacks an open mindset, which has led to more and more companies to develop overseas. To stay ahead in the global competition, the United States needs to improve in the following areas:
The United States needs to increase its efforts to cultivate blockchain talents. Anthony Georgiades, an expert at Web3, pointed out that the United States currently lacks the ability to attract and retain blockchain developers, resulting in lagging infrastructure construction in the industry. He suggested that more talents can be cultivated by funding blockchain training programs and providing visa programs.
The US banking system needs to be more supportive of the crypto industry. Many companies have difficulty obtaining banking services in the United States, while Asian countries such as Singapore, South Korea and Japan are more open to the crypto industry.
User experience is key to the widespread application of blockchain technology. Making the technology easy to use will help the public better accept this innovation.
Central bank digital currency (CBDC) is also an area that the United States needs to pay attention to. Although Trump opposes the promotion of CBDC, Georgiades believes that if the United States does not invest more resources in this regard, it may be left behind in the global financial system.
The United States should also strengthen public-private cooperation to promote blockchain R&D and pilot projects. Singapore's success demonstrates the importance of government-industry cooperation.
The United States also needs to be more active in developing blockchain industry standards and regulatory frameworks. Europe's MiCA regulations provide a clear regulatory path for the crypto industry, which is also an example that the United States can follow. If the United States does not develop a similar framework, it may miss the opportunity to promote blockchain innovation. #美国大选比特币价格预测 #加密法案 #加密法规
The United States needs to increase its efforts to cultivate blockchain talents. Anthony Georgiades, an expert at Web3, pointed out that the United States currently lacks the ability to attract and retain blockchain developers, resulting in lagging infrastructure construction in the industry. He suggested that more talents can be cultivated by funding blockchain training programs and providing visa programs.
The US banking system needs to be more supportive of the crypto industry. Many companies have difficulty obtaining banking services in the United States, while Asian countries such as Singapore, South Korea and Japan are more open to the crypto industry.
User experience is key to the widespread application of blockchain technology. Making the technology easy to use will help the public better accept this innovation.
Central bank digital currency (CBDC) is also an area that the United States needs to pay attention to. Although Trump opposes the promotion of CBDC, Georgiades believes that if the United States does not invest more resources in this regard, it may be left behind in the global financial system.
The United States should also strengthen public-private cooperation to promote blockchain R&D and pilot projects. Singapore's success demonstrates the importance of government-industry cooperation.
The United States also needs to be more active in developing blockchain industry standards and regulatory frameworks. Europe's MiCA regulations provide a clear regulatory path for the crypto industry, which is also an example that the United States can follow. If the United States does not develop a similar framework, it may miss the opportunity to promote blockchain innovation. #美国大选比特币价格预测 #加密法案 #加密法规
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India’s cryptocurrency regulations delayed until 2025
India awaits global clarity on cryptocurrency and web3 regulations.
India has taken a cautious approach to cryptocurrency and Web3 legislation, with Indian parliament member Jayant Sinha saying the country is unlikely to introduce legislation for cryptocurrency or Web3 anytime soon, perhaps until mid-2025.
First, Sinha noted that use cases for cryptocurrencies and Web3 applications are growing locally. More time is needed to identify the most impactful applications for the Indian economy and financial system.
The Indian lawmaker said, "Regulators and policymakers have a responsibility not only on innovation, which we certainly want to encourage, but also on safety. We have to really find that balance and that balance will be there in the future Evolving over 12 to 18 months.”
India has taken a cautious approach to cryptocurrency and Web3 legislation, with Indian parliament member Jayant Sinha saying the country is unlikely to introduce legislation for cryptocurrency or Web3 anytime soon, perhaps until mid-2025.
First, Sinha noted that use cases for cryptocurrencies and Web3 applications are growing locally. More time is needed to identify the most impactful applications for the Indian economy and financial system.
The Indian lawmaker said, "Regulators and policymakers have a responsibility not only on innovation, which we certainly want to encourage, but also on safety. We have to really find that balance and that balance will be there in the future Evolving over 12 to 18 months.”
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Mixed controversy: Coinbase writes to US Treasury opposing crypto regulations
On January 22, Coinbase submitted a letter responding to the Notice of Proposed Rules (NPRM) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The letter challenges the notion that crypto mixing services are primarily used for illegal activities and money laundering.
The “minimum threshold” in the new regulations is missing
On Monday night, Coinbase’s Chief Legal Officer (CLO) Paul Grewal took to social media platform
As Grewal explained in a tweet, the exchange's stance on regulations is supportive, as long as they are "effective." However, the company disagrees with the need for “bulk data collection and reporting requirements for all transactions involving any crypto-mixing.”
The “minimum threshold” in the new regulations is missing
On Monday night, Coinbase’s Chief Legal Officer (CLO) Paul Grewal took to social media platform
As Grewal explained in a tweet, the exchange's stance on regulations is supportive, as long as they are "effective." However, the company disagrees with the need for “bulk data collection and reporting requirements for all transactions involving any crypto-mixing.”
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CFTC Chairman Urges Congress to Enact Cryptocurrency Regulations
Rostin Behnam also told Congress that under the current regulatory framework, Bitcoin and Ethereum can only be considered commodities.
CFTC Chairman Rostin Behnam said before Congress that legislation is urgently needed to provide regulatory clarity to the crypto industry to ensure investors are properly protected.
Behnam made the statement while testifying before the Senate Agriculture Committee on March 6 to discuss the CFTC’s fiscal year 2025 budget request.
“The idea that cryptocurrencies are going away is wrong,” Behnam said.
He added that more than 49% of CFTC lawsuits in the 12 months ending in October 2023 involved conduct related to digital assets, even though “no federal agency retains direct regulatory authority over the crypto industry.”
CFTC Chairman Rostin Behnam said before Congress that legislation is urgently needed to provide regulatory clarity to the crypto industry to ensure investors are properly protected.
Behnam made the statement while testifying before the Senate Agriculture Committee on March 6 to discuss the CFTC’s fiscal year 2025 budget request.
“The idea that cryptocurrencies are going away is wrong,” Behnam said.
He added that more than 49% of CFTC lawsuits in the 12 months ending in October 2023 involved conduct related to digital assets, even though “no federal agency retains direct regulatory authority over the crypto industry.”
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Hong Kong, Singapore attract growing cryptocurrency venture capital funding
In 2023, more than 11% of global blockchain and cryptocurrency venture capital funding went to businesses in Hong Kong and Singapore.
The survey results mark a significant rise from the 2021 allocation of just 2%.
PitchBook analysts said the change was attributed to several factors, including the collapse of Sam Bankman-Fried’s FTX cryptocurrency exchange and its subsequent domino effect of bankruptcies, which forced many U.S. crypto companies to reassess their strategies.
Regulatory uncertainty and the impact of major cryptocurrency firms such as Binance and Gemini’s clashes with authorities have forced many companies to reduce the size and scale of their U.S. operations, the report said.
The survey results mark a significant rise from the 2021 allocation of just 2%.
PitchBook analysts said the change was attributed to several factors, including the collapse of Sam Bankman-Fried’s FTX cryptocurrency exchange and its subsequent domino effect of bankruptcies, which forced many U.S. crypto companies to reassess their strategies.
Regulatory uncertainty and the impact of major cryptocurrency firms such as Binance and Gemini’s clashes with authorities have forced many companies to reduce the size and scale of their U.S. operations, the report said.