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system

US SEC Commissioner suggests cautiously advancing the innovation exemption for tokenized securities and raises key issues such as information disclosure systems

Hester M. Peirce, a commissioner of the U.S. Securities and Exchange Commission, stated that a research initiative for a "regulatory exemption" for tokenized securities has been launched, allowing limited trading and technical experimentation for certain tokenized securities. This exemption plan will be more cautious than the "comprehensive exemption" proposed by the industry.She believes it is worth exploring whether different types of tokenization models for securities can be tested under the innovation exemption framework and whether issuer consent is needed for third parties to issue tokenized versions of their stocks, in order to promote technological innovation while avoiding regulatory arbitrage and maintaining core investor protection mechanisms.Hester M. Peirce also emphasized that regulators should not overly interfere with private capital allocation. The SEC is currently assessing several key issues, including: whether the existing information disclosure system is sufficient to cover the ownership structure of tokenized securities, the disclosure obligations of brokers and clearing agencies in the issuance of tokenized securities, the compatibility of atomic settlement with the current T+1 settlement rules, and the applicability of regulatory authority in the absence of intermediaries or under new intermediary structures.

Ethereum: Privacy in the ecosystem is experiencing a "renaissance," and today's Ethereum is the new cypherpunk

The official Ethereum team stated on the X platform that privacy within the Ethereum ecosystem is undergoing a transformation, and it could even be described as a renaissance. Ethereum originated from the cypherpunk movement, which has been part of the struggle for digital rights through open-source technology for decades, with the foundation of this struggle being the protection of privacy rights, meaning that users' online activities should not be repackaged and used for commercial purposes. Cypherpunk signifies a commitment to resisting censorship, open source, privacy, and security (abbreviated as CROPS).The new cypherpunk is a contemporary collaborative concept that upholds cultural values such as permissionless, privacy, decentralization, anti-censorship, trustlessness, and open source. It is oriented towards positive-sum games but rooted in a realistic political understanding of self-defense. Today's Ethereum embodies the new cypherpunk, modernizing traditional interpretations. This is cypherpunk with an Ethereum twist!The new cypherpunk is part of Eric Hughes' legacy, who is a paradigm of the deepest understanding of how to achieve privacy within the cypherpunk community. At the end of 2023, Vitalik called on the community to "revitalize Ethereum cypherpunk," and now may be the best time to become advocates for privacy within the Ethereum ecosystem.

The Korean National Tax Service has launched the construction of a virtual asset transaction tracking system to pave the way for taxation in 2027

The National Tax Service of Korea (NTS) announced on Thursday that it has begun constructing a tracking system for cryptocurrency investment gains, aimed at supporting the government's expansionary fiscal policy and the need to increase fiscal revenue.The system's construction comes just before the government's plan to tax profits from virtual assets starting in January next year. According to the announcement, the NTS has tendered for the "Comprehensive System for Virtual Asset Transaction Analysis," a project published on the electronic bidding platform by the Public Procurement Service, responsible for government and public institution procurement, with a budget of 3 billion won (approximately 202,000 USD). According to the plan, the winning bidder will be selected and contracted within this month, with system design starting in April, followed by multiple rounds of testing before entering a trial operation phase in November, and is expected to officially launch within the year.The NTS stated that the system will start collecting individual virtual asset transaction data from 2027, systematically managing and analyzing vast amounts of transaction information to more effectively detect tax evasion, including identifying hidden income of tax delinquents through tax audits.Notably, the NTS plans to incorporate artificial intelligence and machine learning technologies to analyze and track abnormal transaction types and patterns. Additionally, relevant virtual asset analysis data and lists of suspects will be shared with other government departments such as the Korea Customs Service, the Statistics Korea, and the Bank of Korea.According to Korean tax law, starting in January next year, the portion of annual income from virtual assets exceeding 2.5 million won will be subject to a comprehensive tax rate of 22% (including 20% income tax and 2% local income tax).

Metaplanet established two subsidiaries, one being an investment company focused on the Japanese Bitcoin ecosystem and the other being a subsidiary in the United States

Metaplanet announced the establishment of two subsidiaries: Metaplanet Ventures Inc. and its U.S. subsidiary Metaplanet Asset Management Inc.Metaplanet Ventures will focus on investing in the Japanese Bitcoin ecosystem. In the coming years, the company will invest 4 billion yen to support companies building Bitcoin financial infrastructure in Japan, covering areas such as lending, settlement, custody, stablecoins, derivatives, and compliance. The company will also launch an incubator program for Japanese entrepreneurs, as well as a grant program for open-source developers, educators, and researchers. Japan has established the world's most advanced regulatory framework for digital assets.Metaplanet Asset Management will be established in Miami, positioned as a digital credit and Bitcoin capital markets platform, connecting Asian and Western capital markets. The company plans to develop strategies for yield, equity, credit, and volatility. Specific products will be announced at the appropriate time.As the first investment of Metaplanet Ventures, the company intends to invest up to 400 million yen in JPYC Co., Ltd., Japan's first registered yen stablecoin. Bitcoin trading always involves both Bitcoin and currency. With the participation of institutional investors, the market continues to expand, and currency settlement will gradually transition to digital. JPYC is laying the groundwork for this transformation in Japan.
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