| South Korea's three major financial groups refuse to issue real-name accounts to encrypted exchanges; Goldman Sachs will expand encrypted products

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2021-05-24 00:04

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Xinhuanet issued an article saying that strict supervision of the encryption market is the general trend.

headlines

Xinhuanet: Strict supervision is the general trend, and all parties must work together to put a "tightening curse" on virtual currency

The Xinhuanet commentary pointed out that compared with traditional investment tools, the virtual currency market is immature, highly volatile, highly speculative, highly speculative, and lacks clear trading regulatory rules, making it extremely risky. How to prevent virtual currency speculation and transaction risks has always been a concern of the regulatory authorities, and strict supervision is also the general trend.

South Korea's three major financial groups refuse to issue real-name accounts to cryptocurrency exchanges

Among the five major financial groups in South Korea, three groups have reached a consensus not to participate in the verification of encrypted exchanges, decided not to accept applications from encrypted exchanges, or set strict internal standards, and refused to issue real-name accounts to encrypted currency exchanges. The three are KB Financial Group Inc (KB Financial Group Inc), Hana Financial Group (Hana Financial Group), Woori Financial Group (Woori Financial Group).

Mathew McDermott, global head of digital assets at Goldman Sachs, said the firm will continue to expand its offerings in the cryptocurrency space to meet growing demand. McDermott said in the firm’s May 21 Global Macro Research newsletter that the growing cryptocurrency space, especially as it relates to “hot storage,” is only a short distance away from being very negative for the market. A major fraud. McDermott said that due to the uncertain “regulatory landscape,” the company is “only beginning to offer clients access to the cryptocurrency space.” The firm is "considering lending structures and structured notes for corporate clients in and around the crypto space," and will "provide wealth management clients with access to cryptocurrencies, specifically Bitcoin, through a fund or structured note-like product." currency".

digital currency

Huobi Global Responds to Rumors: The platform is operating normally, and the rumor makers will be held accountable
The relevant person in charge of Huobi Global replied that the operation of the platform is normal and the security of user assets is fully guaranteed. In response to the deliberate smearing by individuals and short-selling groups, Huobi Global has resorted to legal means to pursue the responsibilities of the rumor-mongers. Users are requested not to believe in rumors and spread rumors, and the official announcement shall prevail.

Curve Finance's cross-asset exchange volume hit a new high, exceeding $99 million in a single day

News Curve Finance tweeted that today is the largest cross-asset exchange (swap) day so far, and it is also the largest whale exchange day. The data shows that the total amount of cross-asset exchange on May 23 currently exceeds US$99.02 million, and the largest exchange amount is close to US$32.02 million.

Blockchain Service Network (BSN) will undergo quarterly iterative updates on July 31

The Blockchain Service Network (BSN) will carry out a quarterly version iterative update on July 31, mainly including: relevant functions of domestic portals and international portals. BSN basic network: Provide the application service management interface of open consortium chain, cross-chain and test network to the third-party BSN portal.

Malta Real Estate Firm Dreamflats to Accept Cardano for Rent Payments

Maltese real estate company Dreamflats has announced that it will accept Cardano (ADA) to pay rent for Zaha Hadid Architects’ Mercury Towers building. Dreamflats said it will disclose the revenue it receives through ADA payments to regulators such as the Malta Tourism Board. Additionally, taxes on cryptocurrency transactions will also be paid in fiat currency.

secondary title

Blockchain industry

HoDooi.com, a multi-chain NFT market, announced the completion of strategic financing of US$4.3 million, with participation from MorningStar Ventures, Mentha Partners, Hillrise Capital, ZBS Capital, AU21 Capital, Swissborg Ventures, Sora Ventures, DuckDAO, and Master Ventures. Additionally, HoDooi.com recently announced a partnership with Mentha Partners.

Investment and Financing

NFT market HoDooi.com completes strategic financing of US$4.3 million, MorningStar Ventures and others participate in the investment

global policy

Iran to Shut Down Licensed Crypto Mines During Peak Electricity Season

Due to the need to maintain a stable power supply for other users, Iran will shut down cryptocurrency mining farms during peak electricity consumption. The measure, aimed at addressing energy shortages, will target licensed mining farms, despite the government's acknowledgment that illegal crypto miners consume more energy.

The Korean Financial Services Commission held a policy evaluation seminar on May 20. At this meeting, a member of the Financial Development Review Committee, a policy advisory body of the Financial Commission, and the chairman of the Industry and Innovation Subcommittee said: "The losses of young investors related to cryptocurrencies are expanding, but we have not first regulated the market. A bit regrettable." The Financial Commission has previously maintained its position that cryptocurrencies do not fall under the jurisdiction of financial goods.

Character·Voice

Secretary of the Party Leadership Group of the Beijing Local Financial Supervision and Administration Bureau: The "China version of the regulatory sandbox" pilot is steadily advancing, and financial technology is widely used in digital currency and other fields

Huo Xuewen, secretary of the party group and director of the Beijing Municipal Local Financial Supervision Administration, and member of the Strategic Advisory Committee of Tsinghua University PBC School of Finance, said at the 2021 Tsinghua PBC Global Financial Forum on May 23 that the pilot of the "Chinese version of the regulatory sandbox" is steadily advancing, and financial technology is developing in the future. Financial infrastructure, digital currency, wealth management, new payment, supply chain finance, inclusive finance, green finance, financial supervision and other fields are widely used, laying the foundation for the basic formation of high-quality financial development in the future.

DBS Bank: Bitcoin may be a more effective store of value than the US dollar

Singapore’s largest bank, DBS, recently released a note to investors suggesting that Bitcoin is a more effective store of value asset than the U.S. dollar. DBS noted that the combination of bitcoin's decentralized nature and limited supply makes it a strong store of value option for investors. The team noted that bitcoin is more properly described as a cryptographic commodity due to its scarcity and is easily transferable.

Li Lihui: Global legal digital currency research and development upgrade, digital renminbi is expected to reshape banking competition

Li Lihui, the former president of the Bank of China, said at the "2021 West Bund Fintech Frontier Forum" held over the weekend, "The digital renminbi has been the biggest highlight in the fintech field in the past year. With the approach of pilot projects in various places, it is expected to continue to improve the consumer experience. In the future, it is expected to have a far-reaching impact in many fields, especially the field of commercial banks. At the same time, the recent skyrocketing and plummeting virtual currencies have also highlighted the importance of legal digital currencies. We should make the digital renminbi the best central bank digital currency in the world. On the one hand To ensure the large-scale and reliable application of digital renminbi in high-concurrency markets, on the other hand, speed up the construction of digital financial systems, and promptly formulate financial systems such as digital financial supervision, digital currency supervision, and legal digital currency issuance, and implement them in the framework of global digital financial systems and rules. During construction, take the initiative to participate and actively strive for the right to speak.”

Goldman Sachs: Platforms such as Ethereum may become a huge market for reliable information providers

Blockchain platforms like ethereum could become as big a market for reliable information providers as Amazon is for consumer goods today, according to Goldman Sachs.

Well-known investor Gary Vaynerchuk: The NFTs that people buy today will basically not be a good investment

Gary Vaynerchuk, an investor in well-known technology companies such as Uber, Facebook, Twitter, and Tumblr, said recently, "I really believe that 98%, 99% of the NFTs that people buy today will not end up being a good investment." The NFT market today is contrasted with internet stocks in the early 2000s.

New York University professor: Musk is attracting regulators' attention to cryptocurrencies, and the SEC is expected to act within 30 days

New York University professor Scott Galloway said in an interview with CNN that Tesla CEO Elon Musk is attracting more scrutiny and regulators into the cryptocurrency space. He expects the U.S. Securities and Exchange Commission (SEC) to respond to Musk's actions within the next 30 days. Additionally, Galloway expects to see the launch of Musk Coin or Tesla Coin soon.

Cardano founder: Volatility in the cryptocurrency space is expected