Does Hong Kong have issues with USDT and USDC? — Exec weighs in
As Hong Kong looks into creating Hong Kong dollar and US dollar stablecoins, a local industry executive addresses possible implications for UDST and USDC.
As Hong Kong looks into creating Hong Kong dollar and US dollar stablecoins, a local industry executive addresses possible implications for UDST and USDC.
As stakeholder consultations proceed, the feedback gathered will be instrumental in shaping a robust and effective AI policy.
UAE lawyer Irina Heaver said the ruling shows the growing acceptance of crypto in employment contracts, recognizing the evolving nature of Web3 financial transactions.
The Bank of Ghana introduces draft guidelines to regulate digital assets, focusing on exchanges and consumer protection measures.
A tax on the energy used by crypto miners could cut emissions by 100 million tons a year, equal to Belgium’s emissions, say two IMF executives.
According to Odaily, the latest unemployment claims data is set to be released at 8:30 PM Beijing time on Thursday. Economists forecast that initial claims will reach 235,000, a slight increase from last week's 233,000. Last week, the unexpected drop in initial claims provided some relief to those concerned about further deterioration in the US labor market. Moody's Chief Economist Mark Zandi believes that while the Federal Reserve's focus on inflation remains, the risks to the labor market are higher than those posed by inflation. If this trend continues, further deterioration in the labor market could prompt the Federal Reserve to begin cutting interest rates sooner.
According to BlockBeats, Hong Kong is rapidly advancing the establishment of a regulatory framework for stablecoin issuers. Recently, the city released a public consultation summary on stablecoin regulation. The report highlights that the next phase of development for Web3.0 in Hong Kong and globally focuses on bridging the gap between the virtual and real worlds, enabling seamless asset and fund transfers between the two systems. Real-World Assets (RWA) are seen as a crucial innovation to overcome technical barriers and accelerate the integration of virtual and real economies. In the foreseeable future, the majority of RWA transactions in Hong Kong are expected to be conducted using compliant Hong Kong dollar stablecoins, facilitating connections and interoperability with traditional finance. Without a compliant Hong Kong dollar stablecoin, the convenience and security of Hong Kong's RWA practices would face significant challenges. Therefore, the introduction of a stablecoin regulatory framework may lay the foundation for innovative development within Hong Kong's RWA ecosystem. As the RWA ecosystem thrives, the role and value of the Hong Kong dollar stablecoin as a bridge for Hong Kong's Web3.0 external connections will become increasingly prominent.
According to PANews, Switzerland is contemplating the inclusion of cryptocurrency tax data in its international information exchange agreements. The Swiss Federal Council initiated a consultation process on Wednesday for a new bill aimed at facilitating the sharing of crypto asset information with 111 jurisdictions. These jurisdictions are currently part of the automatic information exchange framework. The sharing will be contingent on their compliance with the OECD's crypto asset reporting framework.Switzerland has long been a leader in cryptocurrency adoption. Regions like Lugano have pioneered the acceptance of cryptocurrencies such as Tether (USDT) and Bitcoin for tax payments. The country's political framework allows the Federal Tax Administration to classify Bitcoin as a payment method, thereby exempting it from Value Added Tax (VAT).The Swiss Federal Council aims to determine the start date for the automatic exchange of crypto-related information with partner states. The consultation period for this legislative proposal will conclude on November 15, 2024.
According to Odaily, Bank of America has increased its holdings in IBIT and FBTC as per its second-quarter 13-F filing submitted to the SEC. As of June 30, the bank holds $2.8 million worth of IBIT, marking a 31% increase. Additionally, it holds $1.5 million worth of FBTC, reflecting a 21% increase.
Depending on the November presidential election outcome, Fred Thiel said he would consider “looking outside the US” for Bitcoin mining firm MARA’s operations.