Guosheng Blockchain: The European Union intends to legislate on encrypted assets, and the regulation of stablecoins and digital assets in the United States tends to be more active

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Jishi Communication (ID: SJJ_Telecom)

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Risk warning: Uncertainty in regulatory policies, blockchain infrastructure development is not up to expectations.

The European Commission adopted a new digital financial package, proposing legislation on encrypted assets for the first time, and Germany will accelerate financial reforms in the euro zone to regulate encrypted assets. According to Reuters, German Finance Minister Olaf Scholz on Thursday pledged to speed up financial reforms in the euro zone to regulate cryptocurrency assets and deepen capital markets, which he said could help accelerate the economic recovery from the new crown epidemic. According to Cointelegraph, on September 24, the European Commission officially adopted a new digital finance package, including digital finance and retail payment strategies, as well as legislative proposals on encrypted assets. The European Commission said the new package is the first time the agency has proposed new legislation on crypto assets. The European Union is paying particular attention to stablecoins as part of new legislative proposals. Specifically, the proposal aims to introduce stricter requirements for stablecoin issuers in terms of capital, investor rights, and regulation. Among them, if the stable issuance exceeds 5 million euros (5.8 million US dollars), the EU requires the stable issuer to complete the authorization of the national competent authority. In addition, the agency also hopes that issuers of encrypted assets will issue white papers and impose mandatory requirements for information disclosure. Small and medium-sized enterprises offering crypto assets totaling no more than 1 million euros ($1.1 million) within a 12-month period will be exempt from publishing the white paper.

Last week's market review: Chainext CSI 100 fell 1.28%, and the foundational strengthening performance was the best in the sub-sectors. From the perspective of subdivided sectors, social entertainment, business finance, basic enhancement, and pure currency are better than the average level of Chainext CSI 100, which are 5.07%, 1.63%, 5.77%, and -1.18%; payment transactions, Internet of Things & traceability, and basic Chain, storage & computing, and AI performed worse than the Chainext CSI 100 average, at -1.41%, -11.59%, -2.85%, -6.17%, and -3.14%.

Risk warning: Uncertainty in regulatory policies, blockchain infrastructure development is not up to expectations.

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1. The European Union intends to legislate on encrypted assets, and the regulation of stablecoins and digital asset securities in the United States tends to be more active

The U.S. has accelerated regulation on stablecoins and digital asset securities; the latest guidelines from the U.S. Office of the Comptroller of the Currency: U.S. banks can hold reserves for stablecoin issuers, and the U.S. SEC has issued a letter of no action regarding digital asset securities. According to The Block, the latest guidance issued by the U.S. Office of the Comptroller of the Currency (OCC) shows that U.S. federally chartered banks and federal savings associations can hold reserves for stablecoin issuers. Acting OCC Administrator Brian Brooks said in a statement that the guidance provides banks within the federal banking system with greater regulatory certainty, enabling them to serve customers in a safe and secure manner. According to The Block, the U.S. Securities and Exchange Commission (SEC) opened the way for other ways to use ATS (Alternative Trading System) to facilitate the trading of digital asset securities in a letter dated September 25. The no-action letter was drafted by the SEC's Markets and Trading Division and addressed to Kris Dailey, FINRA's vice president for risk oversight and operations oversight. According to the no-action letter, several broker-dealers who wanted to operate ATSs that trade digital asset securities asserted that ATSs facilitate trades but that their steps increase operational and settlement risk, and they turned to pressure the SEC, Ask if it can be done another way. Ultimately, the SEC stated that in such cases, as long as "the broker-dealer operator maintains at least $250,000 in net capital," the agreement between the broker-dealer and its clients should clearly state that the broker-dealer operator does not warrants or disclaims responsibility for the settlement of these transactions and has endeavored to determine that such securities are properly registered or exempt and that all applicable securities laws are complied with. Generally speaking, a non-action letter is issued by a government agency to a regulated institution, which means that legal or other regulatory actions are not recommended to the regulated institution, and the business compliance of the institution applying for the non-action letter is unclear. The above measures show that the United States has become more active in the regulation of stablecoins and digital asset securities.

2. News related to governments of various countries: Venezuela promulgates laws governing all bitcoin mining activities

EU: The European Commission's new digital finance package proposes legislation on crypto assets for the first time. The European Commission officially adopted a new digital finance package, including digital finance, retail payment strategies and legislative proposals on encrypted assets. This is the first time that the Bureau has proposed new legislation on encrypted assets, imposing stricter requirements on stablecoin issuers in terms of capital, investor rights and supervision. If the stable issuance exceeds 5 million euros (5.8 million US dollars), the European Community requires the issuer to complete the authorization of the national authority. The proposal puts forward mandatory requirements for information disclosure. Encrypted asset issuers need to publish white papers, and small and medium-sized enterprises with a total issuance of no more than 1 million euros (1.1 million US dollars) within 12 months are exempted from publishing.

Venezuela: Venezuela enacted laws governing all bitcoin mining activities. Venezuela has issued a decree stipulating that Bitcoin mining activities in Venezuela must be controlled by the state, and that all Bitcoin miners need to join a national mining pool and regulate all aspects of their activities. ASIC manufacturing, mining farm construction, equipment importation and capital distribution will all be regulated by the National Supervision and Administration of Crypto-Assets and Related Activities (SUNACRIP). Additionally, Venezuela has established the Register of Miners (RIM), which will process licenses online.

China: Several guidelines propose to steadily promote the integrated innovation and integrated application of blockchain technology. On the 21st, the General Office of the State Council issued the "Opinions on Accelerating the Development of New Types of Consumption with New Businesses and New Models", pointing out that it is necessary to accelerate the application of blockchain in digital scenarios such as commodity traceability, cross-border remittances, and electronic bills, and promote more enterprises to "go online". Cloud platform". On the 23rd, the National Development and Reform Commission and other four ministries and commissions issued the "Guiding Opinions on Expanding Investment in Strategic Emerging Industries to Cultivate New Growth Points and Growth Pole", pointing out that it is necessary to accelerate the quality and efficiency improvement of the new generation of information technology industry and focus on the creation of industrial cluster application scenarios. On the 26th, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Opinions on Accelerating the Deep Integration of Media Development", pointing out that it is necessary to drive integration development with advanced technology, make good use of technological achievements such as blockchain, and promote independent innovation of key core technologies.

3. Industry chain-related trends: BTC mining revenue decreased by 10.9% month-on-month

Last week, BTC added 2.17 million transactions, a month-on-month decrease of 4.0%; ETH added 7.5 million transactions, a month-on-month decrease of 6.1%.

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Regulatory policy uncertainty. At present, the blockchain is in the early stage of development, and there are certain uncertainties in the supervision of blockchain technology, project financing and tokens in various countries around the world, so there are uncertainties in the development of industry company projects.

4. Last week’s market review: Chainext CSI 100 fell by 1.28%, and the foundation enhancement performance was the best in the sub-sectors