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A Deep Dive, Regarding Crypto Regulations. In China, In 2024... 🇨🇳 🇨🇳 China was once the capital of Bitcoin trading and mining. With time though, the country’s leadership struggled for several years to find ways to regulate crypto and keep it from devaluing and replacing its fiat currency. China’s government banned non-government approved crypto's in September 2021. Also has a strict stance on crypto as it's government believes it will destabilize its currency, as China looks to expand its economy. It's weighed creating its own CBDC and is participating in crypto regulatory efforts. #CryptoRegulationsIn2024... 📃 📌 In Dec 2013, the PBoC and 4 other authorities jointly released the Circular on the Prevention of Risks from Bitcoin. Making it compulsory for all financial institutions to refrain from conducting Bitcoin based businesses. 📌 In Sep 2017, the PBoC and other authorities issued the Announcement on Preventing ICO Risks. Meaning crypto will not possess legal status, as official currencies and cannot be used as currency in the market. Prohibiting all ICO activities and exchange services for token financing and trading platforms. 📌 In Sep 2021, the PBoC and 9 other central authorities released the Circular on Further Preventing and Resolving the Risks of Speculation in Virtual Currency Trading. A key regulatory document, working on China’s approach to managing crypto risks. 📌 In Sep 2021, the National Development and Reform Commission issued the Circular on Regulating Virtual Currency Mining activities. 📌 The PBoC intensified its examination of crypto, in its recent Financial Stability Report for 2023. Highlighting the growth of crypto and the importance of consistent global regulatory oversight. Calling for uniform regulation, emphasising “same business, same risks, same supervision.” #FutureProspectsAndChallenges... 🛣 China made it clear in 2017, it does not support crypto, arguing its is more harmful than useful. That crypto empowers non-state players in the financial system and increases risks. However, China may also soon ease out on crypto. In Jan 2024, Shanghai Municipal Tax Service, wrote an article explaining levies imposed on crypto transactions in China. Which spurred rumours that China was preparing to work on a crypto ban! #Conclusion... 📎 China has attained an impressive level of financial inclusion in a short period of time, by using government approved digital financial tech. The digital renminbi represents another move by China, to assert control over a fast-digitizing financial and monetary system. The significant investment China has made in the Digital Yuan, it's unlikely to welcome decentralized counterparts. Also, under the one country, two systems model, Hong Kong’s financial system is very different from the mainland’s. It's more aligned with the broader global financial system. There's no expectation, mainland and Hong Kong financial systems will converge! #yesCHINAisWARMINGtoCRYPTO... ♨️ ♨️

A Deep Dive, Regarding Crypto Regulations. In China, In 2024... 🇨🇳 🇨🇳 China was once the capital of Bitcoin trading and mining. With time though, the country’s leadership struggled for several years to find ways to regulate crypto and keep it from devaluing and replacing its fiat currency. China’s government banned non-government approved crypto's in September 2021. Also has a strict stance on crypto as it's government believes it will destabilize its currency, as China looks to expand its economy. It's weighed creating its own CBDC and is participating in crypto regulatory efforts. #CryptoRegulationsIn2024... 📃 📌 In Dec 2013, the PBoC and 4 other authorities jointly released the Circular on the Prevention of Risks from Bitcoin. Making it compulsory for all financial institutions to refrain from conducting Bitcoin based businesses. 📌 In Sep 2017, the PBoC and other authorities issued the Announcement on Preventing ICO Risks. Meaning crypto will not possess legal status, as official currencies and cannot be used as currency in the market. Prohibiting all ICO activities and exchange services for token financing and trading platforms. 📌 In Sep 2021, the PBoC and 9 other central authorities released the Circular on Further Preventing and Resolving the Risks of Speculation in Virtual Currency Trading. A key regulatory document, working on China’s approach to managing crypto risks. 📌 In Sep 2021, the National Development and Reform Commission issued the Circular on Regulating Virtual Currency Mining activities. 📌 The PBoC intensified its examination of crypto, in its recent Financial Stability Report for 2023. Highlighting the growth of crypto and the importance of consistent global regulatory oversight. Calling for uniform regulation, emphasising “same business, same risks, same supervision.” #FutureProspectsAndChallenges... 🛣 China made it clear in 2017, it does not support crypto, arguing its is more harmful than useful. That crypto empowers non-state players in the financial system and increases risks. However, China may also soon ease out on crypto. In Jan 2024, Shanghai Municipal Tax Service, wrote an article explaining levies imposed on crypto transactions in China. Which spurred rumours that China was preparing to work on a crypto ban! #Conclusion... 📎 China has attained an impressive level of financial inclusion in a short period of time, by using government approved digital financial tech. The digital renminbi represents another move by China, to assert control over a fast-digitizing financial and monetary system. The significant investment China has made in the Digital Yuan, it's unlikely to welcome decentralized counterparts. Also, under the one country, two systems model, Hong Kong’s financial system is very different from the mainland’s. It's more aligned with the broader global financial system. There's no expectation, mainland and Hong Kong financial systems will converge! #yesCHINAisWARMINGtoCRYPTO... ♨️ ♨️

The China People’s Court (CPC), Has In Another, Turn Of Events. Stated That, Crypto & Digital Assets, Are Now Officially Legally Protected... 🚨🚨 ... ⚖️ Well, there you have it ladies and gentleman, straight from the hourse's mouth. Yes, the CPC, has just differentiated between the nation's crypto regulations and the legal status of digital assets. Amid China’s stringent stance on crypto operations, the CPC has issued a comprehensive report, that clarifies the legal status of virtual currencies in China. According to a local news site, ODaily: “Virtual currency is not classified as an illegal item...therefore, under the current legal policy framework, virtual currencies held by relevant entities in our country are still legal property and accordingly fully protected by law.” Additionally to this, “identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case,” the report further investigates the recognition and treatment of digital assets within China’s legal parameters. Yes, the Chinese government remains cautious toward digital currencies, especially those of foreign origin, the court however suggests an alternative interpretation. Confirming virtual assets, held by individuals, are recognized as legal property and thus protected legally. Instead of relying on traditional approaches, the report advocates for a unified strategy, drawing upon both criminal and civil law. This method, is more in line with the protections given to personal property rights. The PBoC reinforced this stance with recent measures. Including, outlawing the exchange of virtual currencies and their conversion to fiat, banning the issuance of digital tokens or associated derivatives. Introducing rules against broadcasting crypto specific information, and amplifying surveillance on crypto mining activities using real time electricity usage as a key metric. Arguably and to a large extent, rightfully so too, such regulations have precipitated significant shifts in the digital currency markets. Causing prominent cryptocurrencies, including both Bitcoin and Ethereum, to register significant declines. Yet, in Hong Kong, China has unanimously approved a comprehensive digital asset plan, that effectively makes the city state a fully fledged global crypto hub. Given its unique position under the “One Country, Two Systems” principle, Hong Kong enjoys a degree of autonomy, that potentially enables it to foster a more open digital asset environment, even as the mainland maintains its restrictive stance. Remphasising, “as long as one doesn’t violate the bottom-line, to not threaten financial stability in China, Hong Kong is free to explore its own pursuit under the inclusive and integrated ‘One Country, Two Systems.’” #YESthisisBULLISHAF... 🇨🇳 🇭🇰 🇨🇳

The China People’s Court (CPC), Has In Another, Turn Of Events. Stated That, Crypto & Digital Assets, Are Now Officially Legally Protected... 🚨🚨 ... ⚖️ Well, there you have it ladies and gentleman, straight from the hourse's mouth. Yes, the CPC, has just differentiated between the nation's crypto regulations and the legal status of digital assets. Amid China’s stringent stance on crypto operations, the CPC has issued a comprehensive report, that clarifies the legal status of virtual currencies in China. According to a local news site, ODaily: “Virtual currency is not classified as an illegal item...therefore, under the current legal policy framework, virtual currencies held by relevant entities in our country are still legal property and accordingly fully protected by law.” Additionally to this, “identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case,” the report further investigates the recognition and treatment of digital assets within China’s legal parameters. Yes, the Chinese government remains cautious toward digital currencies, especially those of foreign origin, the court however suggests an alternative interpretation. Confirming virtual assets, held by individuals, are recognized as legal property and thus protected legally. Instead of relying on traditional approaches, the report advocates for a unified strategy, drawing upon both criminal and civil law. This method, is more in line with the protections given to personal property rights. The PBoC reinforced this stance with recent measures. Including, outlawing the exchange of virtual currencies and their conversion to fiat, banning the issuance of digital tokens or associated derivatives. Introducing rules against broadcasting crypto specific information, and amplifying surveillance on crypto mining activities using real time electricity usage as a key metric. Arguably and to a large extent, rightfully so too, such regulations have precipitated significant shifts in the digital currency markets. Causing prominent cryptocurrencies, including both Bitcoin and Ethereum, to register significant declines. Yet, in Hong Kong, China has unanimously approved a comprehensive digital asset plan, that effectively makes the city state a fully fledged global crypto hub. Given its unique position under the “One Country, Two Systems” principle, Hong Kong enjoys a degree of autonomy, that potentially enables it to foster a more open digital asset environment, even as the mainland maintains its restrictive stance. Remphasising, “as long as one doesn’t violate the bottom-line, to not threaten financial stability in China, Hong Kong is free to explore its own pursuit under the inclusive and integrated ‘One Country, Two Systems.’” #YESthisisBULLISHAF... 🇨🇳 🇭🇰 🇨🇳

TOP CRYPTO UPDATES FROM THE WEEK The demand for clarity in crypto regulation continues in a week filled with Bills, suits and Challenges House Committee Approves Bill to Restrict FED’s U.S. CBDC Plans The House Financial Services Committee has approved a bill aimed at halting progress toward creating a U.S. Central Bank Digital Currency (CBDC). This move has sparked debates in Congress, with discussions centering on concerns about stifling innovation and the potential impact on U.S. competitiveness in the global financial landscape. Binance Challenges SEC: Seeks Dismissal Binance, the leading cryptocurrency exchange, and its CEO Changpeng "CZ" Zhao have formally approached the US court, seeking to dismiss the lawsuit brought forth by the SEC. In their comprehensive 60-page petition, they assert the regulatory body has overstepped its authority. Lawyers for Binance emphasize that the SEC has been misinterpreting securities laws in their bid to oversee the crypto sector. Federal Reserve pauses interest rate hikes as inflation and economy slow down The federal reserve has paused interest rates hike today after a series of hikes to curb inflation over the year. The Fed concluded on Wednesday that the situation had improved enough for it to take a wait-and-see approach. Senator Elizabeth Warren's Crypto Bill Gains Support Among US Lawmakers Nine U.S. lawmakers have expressed their support for the Digital Asset Anti-Money Laundering Act, which was recently reintroduced in Congress by Senators Elizabeth Warren, Roger Marshall, Joe Manchin, and Lindsey Graham. This bill has raised concerns among experts who view it as a direct attack on the privacy and personal freedom of cryptocurrency users. Citigroup Launches Digital Token Service Citigroup, the American Multinational investment bank has launched a new token service.The service offers a solution that converts customer deposits into digital tokens, allowing for instant fund transfer around the world. Citi plans to use their private Blockchain to achieve the new service, and will require customers to set up a new wallet. Thailand Taxes Overseas Crypto Income In a significant move, Thailand's Revenue Department has revealed its plan to tax all overseas earnings, including from crypto, for anyone residing in Thailand for more than 180 days. Starting on January 1, 2024, this policy particularly aims at residents engaged in foreign stock market transactions, cryptocurrency trades, and those with offshore accounts. This marks a notable shift, as previously, only remitted income within the year of earning faced taxation. Elon Musk’s SpaceX Sue the US Government Elon Musk's SpaceX has sued the US government, stating that the DOJ's accusation of refusing to hire refugees and asylees violates the constitution. The lawsuit also questioned the appointment of judges who hear cases involving employment bias against immigrants. #crypto #tech #hiring #skills #writing #content

U-Turn in China may have a big effect for BTC and other crypto. There was no other way to go, because China will go blockchain based latest with the BRICS coin. thanks for sharing Zahid Ali

Divided Front: SEBI open to Crypto Regulation, RBI pushes for Ban India's approach to cryptocurrency regulation appears to be at a crossroads. New documents reveal a contrasting stance between the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) on how to handle digital assets. --SEBI Takes a Progressive Approach : SEBI, the market watchdog, has proposed a multi-pronged regulatory framework for cryptocurrencies. This proposal advocates for oversight by different regulators depending on the type of crypto asset. For instance, SEBI suggests it could oversee cryptocurrencies functioning as securities and Initial Coin Offerings (ICOs). This aligns with regulations in countries like the US. Additionally, SEBI recommends regulating crypto-based financial products like equity-linked assets. --RBI Maintains Cautious Stance The RBI, on the other hand, remains wary of cryptocurrencies. They highlight potential risks like tax evasion and challenges in enforcing financial regulations due to the decentralized nature of crypto transactions. The RBI also expresses concern about the impact on "seigniorage income," the profit earned from printing money. This stance reflects their preference for a complete ban, including a continued ban on stablecoins (cryptocurrencies pegged to fiat currencies for stability). India's Crypto Journey: From Ban to Regulation? India's relationship with cryptocurrencies has been complex. The RBI's 2018 ban on banks dealing with crypto entities was overturned by the Supreme Court. Despite a proposed ban in 2021, the government seems to be leaning towards regulation. This is further evidenced by the crypto tax introduced in 2022 and the recent mandate for crypto exchanges to register locally. --Global Landscape and Next Steps With 31 countries already having regulations for crypto trading, India faces pressure to define its stance. The government-appointed panel is expected to finalize its report by June, potentially paving the way for a comprehensive regulatory framework. Whether it follows SEBI's proposed multi-regulator model or leans towards the RBI's cautious approach remains to be seen. Ram Rastogi 🇮🇳 Surendra Lunia Bharat Web3 Association CoinDesk

Just watched a video of Elizabeth Warren discussing crypto, and though I'm not American, it's a bit alarming. As a European, I understand that the US often sets the tone for regulators globally, so getting the facts right is crucial. Warren's Concern: "Cryptocurrencies are a haven for illicit finance." This statement really caught my attention. Yes, #crypto has been used for illicit activities, but so has every currency in history. Remember the Danske Bank scandal? That was a traditional bank laundering over $230 billion. The data from Chainalysis in 2020 suggests that illicit activities in crypto were less than 1%. The narrative that crypto is primarily a tool for illegal finance doesn't hold up against the broader picture of financial crime. On Regulation: "The crypto market operates in a regulatory vacuum." This is often a misconception. The crypto industry is not without oversight. With the FATF's Travel Rule, crypto exchanges are beginning to align with the stringent regulations that traditional financial institutions follow. The EU's upcoming Markets in Crypto-Assets (#MiCA) regulation is another example of the industry moving away from this so-called "vacuum." Regulations are evolving, but claiming an absolute lack of them isn't accurate. Traditional vs. Crypto: "Traditional finance systems are not as susceptible to being used by bad actors as cryptocurrencies." This comparison strikes me as overlooking significant issues within traditional finance. The FinCEN files revealed that major banks processed transactions worth over $2 trillion linked to money laundering and other suspect activities. The blockchain technology underlying cryptocurrencies offers a level of transparency and traceability that traditional banking systems struggle to match. Concerns About Validators: Warren expressed worries over crypto validators facilitating illicit transactions without facing repercussions. Validators in blockchain networks are crucial for maintaining the network's integrity, similar to how internet service providers facilitate online communications without endorsing the content transmitted. Validators face significant penalties for misconduct, including the loss of their staked assets in many blockchain protocols. Mischaracterizing their role misses the broader understanding of how decentralized networks operate. Hearing Senator Warren's comments as a European, it's concerning how the narrative could influence global regulatory approaches. While her worries reflect legitimate issues that need addressing, the portrayal of cryptocurrencies lacks a balanced perspective that recognizes their potential for innovation, transparency, and financial inclusion. It's essential for regulators worldwide to engage with the crypto industry constructively, ensuring that policies foster innovation while mitigating risks.

Mixed messages on Crypto and it's future!! Virtual assets are certainly a polorising topic with those who things it's the future and those who see it nothing more than a very expensive and risky trend. There have been two announcements from esteemed authorities on the topic. I've decided to lead with the more positive position. International Monetary Fund (IMF) says banning crypto ‘may not be effective’. Representatives from the IMF have said that instead of banning cryptocurrencies, which was on the table just a few months ago, nations should focus on the digital payment needs that have pushed citizens to adopt crypto. The IMF noted how four Latin American countries—Brazil, Argentina, Colombia, and Ecuador—were among the top 20 nations for crypto asset adoption in 2022, although Argentina banned payment platforms from offering crypto to customers in May. People in these countries look to crypto for protection against macroeconomic conditions, cheaper and faster payments, and circumventing capital controls. Maybe not a glowing endorsement but a step forward. Now for the European Central Bank (ECB) opinion which feels in part to align to the UK Treasury Select Committee view that Crypto should be treated as gambling in relation to legislation. An ECB executive board member stated that digital assets might find themselves relegated to mere instruments of gambling among investors, lacking the attributes necessary to be considered a robust store of value. The highly volatile nature of crypto assets, according to the ECB official, makes them more suitable for speculative activities akin to gambling. He emphasised the need for global lawmakers to treat cryptocurrencies as such and implement proper regulatory safeguards. Concern was also raised about the limitations of cryptocurrencies, stating that they have failed to evolve into an innovative and resilient form of finance. Instead the ECB official stated they have become a source of negative externalities and market failures. Without the implementation of appropriate regulatory measures, the crypto ecosystem is poised to experience further disruptions. There was also caution against policymakers endorsing an industry that has yet to demonstrate societal benefits. It was noted that some crypto entities are seeking integration into the traditional financial system to gain legitimacy and ride on its coattails. The security, scalability, and decentralisation of crypto transactions, suggesting that these attributes are not achievable. The immutability of blockchains as a potential downside, as transactions conducted on these networks often cannot be reversed was also flagged. Now include the Hong Kong authorities position where they are pushing banks to embrace exchanges.. . Confused? #crypto #cryptocurrency #ecb #imf #scams