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China’s Central Bank Highlights Cryptocurrency Regulation in Financial Stability Report In its recently released 2024 Financial Stability report, the People's Bank of China (PBOC) underscored the importance of regulating crypto activities amidst ongoing global efforts. The report, published on Friday, included a section specifically addressing the regulatory landscape for cryptocurrencies and detailed Hong Kong's burgeoning crypto licensing regime. The PBOC noted that 51 jurisdictions worldwide have imposed bans or restrictions on cryptocurrency assets. This includes mainland China, where a blanket ban on all crypto trading and mining was implemented in September 2021. In contrast, Hong Kong has adopted a different approach, actively welcoming crypto firms. As of June 2023, the region has officially launched a licensing regime for crypto trading platforms, permitting licensed exchanges to provide retail trading services. The report also highlighted that major financial institutions, including HSBC and Standard Chartered Bank, are now required to monitor crypto transactions as part of their standard customer supervision protocols. This move signifies a shift in regulatory practices within Hong Kong, which aims to integrate cryptocurrencies into the existing financial framework. Additionally, the PBOC is committed to enhancing an international regulatory framework for crypto assets, as suggested by the Financial Stability Board. While the central bank acknowledged that the connections between crypto activities and systemically important financial institutions may be limited, it warned that crypto could pose risks in certain economies, particularly as their use in payment systems and retail investments expands.
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Pi Network extended the KYC deadline to January 31, 2025, with 14 million users verified (out of the requested 15 million target). Despite the delays and confusion regarding the launch of open mainnet, the project’s app surpassed 100 million downloads. Pi Network has built a particularly solid community base in Asia, with South Korea, China, Vietnam, Singapore, India, Japan, and more turning into strongholds.
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🚨BIG BREAKINGS:USDT Delisting News: What You Need to Know 👇👇 USDT Getting Delisted on EU Exchanges – Should You Worry? Recently, there’s been news about Tether (USDT) getting delisted from some European exchanges, I was ignoring the news as it wasn't really a big concern but many of you are asking if this is a serious issue. Let me make it simple and clear: It’s not a concern.
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Pakistan moves to recognise digital currency The State Bank of Pakistan (SBP) has proposed a significant framework to recognise digital assets, including cryptocurrency, as legal currency in Pakistan. If approved, the plan would allow the SBP to issue its digital currency, potentially paving the way for a central bank digital currency (CBDC) within the country. This shift would mark a major departure from the SBP’s previous cautionary stance on virtual currencies.
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