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State Council: Strictly prohibit private equity funds from engaging in illegal activities such as borrowing, disguised debt, etc

The General Office of the State Council has released guiding opinions on strengthening regulation, preventing risks, and promoting the high-quality development of private equity investment funds. The opinions mention adhering to goal-oriented and problem-oriented approaches, addressing issues such as the need to improve the access mechanism for the private equity fund industry, inadequate regulation, incomplete systems, insufficient coordination and cooperation among ministries, central and local governments, the failure to implement the responsibilities of some government investment funds and state-owned enterprise investment fund contributors, and the use of some private equity funds as tools for illegal activities, new forms of corruption, and hidden corruption. A system and long-term mechanism for strengthening regulation and preventing risks will be established to promote the development of the industry in a standardized manner and enhance it during development.Uphold functional positioning, coordinate the overall layout, optimize increments, revitalize existing resources, support the excellent and limit the inferior, improve quality and efficiency, and strictly prohibit private equity funds from engaging in illegal activities such as lending and disguised debt. Adhere to classified regulation, implementing "one policy for one category" regulation based on different dimensions such as contributor entities and product types. Insist on regulating both legal and illegal entities, with strict regulation for legal institutions, resolute prohibition of illegal institutions, and severe crackdowns on illegal activities.Promote the revision of the Securities Investment Fund Law. Push for the issuance of judicial documents related to criminal cases involving private equity funds. Formulate regulations for the supervision of private equity fund managers, information disclosure, fundraising, and mandatory custody rules. Introduce standardized arrangements for private equity fund betting agreements. Fully establish a regulatory system for private equity funds that is primarily based on administrative regulation and supplemented by self-regulation.

Coinbase announced a strategic partnership with Kemet and made an equity investment to expand institutional trading channels

According to official news, Coinbase announced a partnership with the crypto derivatives OEMS (Order and Execution Management System) and PMS (Portfolio Management System) provider Kemet.Through this collaboration, Coinbase Exchange, Coinbase Derivatives Exchange, Coinbase International Exchange, and Deribit will be integrated into the Kemet platform, allowing institutional clients to access Coinbase's trading venues through a single interface, routing order executions between spot, futures, and options.As part of the partnership, Coinbase Ventures will make a strategic investment in Kemet to support long-term collaboration aimed at achieving the goal of supporting large-scale advanced trading. Kemet's platform supports advanced multi-leg options strategies, smart order routing, automated Delta hedging, and spread trading algorithms, all of which are capabilities required for institutional trading desks to execute complex derivatives strategies at scale.Coinbase stated that its goal is to become the most trusted and comprehensive trading platform, continuously expanding the types of assets customers can trade and the ways to execute complex derivatives strategies. Kemet, as an open multi-broker platform, enables institutions trading across multiple venues to seamlessly access and prioritize Coinbase markets.

SBI Holdings plans to acquire equity in the Japanese cryptocurrency exchange Bitbank, seeking to include it as a subsidiary

Japanese financial giant SBI Holdings has begun negotiations to acquire shares in the cryptocurrency exchange platform Bitbank, aiming to turn it into a consolidated subsidiary. SBI Chairman and President Yoshitaka Kitao stated that the company has submitted a letter of intent for the acquisition and has started discussions with Bitbank regarding capital and business cooperation. The specific timing and structure of the acquisition will be determined after due diligence and internal procedures are completed.Bitbank is one of Japan's major domestic cryptocurrency exchange platforms and has not experienced any hacking incidents since its establishment in 2014, with security as its core selling point. As cryptocurrency assets are gradually incorporated into Japan's Financial Instruments and Exchange Act, SBI believes that integrating Bitbank into the group will enhance its position in the Japanese cryptocurrency market. This move comes as SBI continues to consolidate its cryptocurrency exchange platform SBI VC Trade. Last month, SBI incorporated another exchange platform, Bitpoint Japan, into this department to streamline operations and improve profitability.Earlier this week, Bitbank also launched Japan's first credit card linked to cryptocurrency assets, allowing users to pay bills using assets like Bitcoin based on their exchange holdings, and offering a 0.5% cashback on cryptocurrency asset spending.

Securitize has partnered with Computershare to introduce tokenized equity for the $70 trillion stock market

According to CoinDesk, Securitize, a tokenization platform supported by BlackRock, announced a partnership with global stock transfer agent giant Computershare, allowing U.S. listed companies to issue on-chain tokenized equity (Issuer-Sponsored Tokens, ISTs) outside of the existing stock system.Under the plan, investors will have the option to hold shares through traditional securities accounts or directly hold corresponding on-chain equity assets through digital wallets. Computershare will continue to act as the transfer agent, responsible for managing shareholder registries, dividend distributions, and handling corporate actions such as stock splits.Reports indicate that the core of this structure is to avoid the common "wrapped shares" model found in the traditional crypto market. Unlike derivative tokens that only represent a claim to shares, ISTs will directly represent real equity ownership, rather than a mapping certificate of off-chain stocks.Carlos Domingo stated that ISTs are not derivatives built on existing stocks, but rather allow U.S. issuers to create real equity directly in token form.Data shows that Computershare currently serves over 25,000 companies and acts as the transfer agent for about 58% of S&P 500 companies. The market believes that this collaboration signifies that blockchain infrastructure is gradually entering the backend system of the core U.S. securities market, which may further promote the on-chain settlement, equity registration, and asset circulation of U.S. stocks.
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