Golden Morning Post | EU Encrypted Assets Market Law (MiCA) Officially Released

Headline

▌ The EU Encrypted Asset Market Law (MiCA) was officially published in the Official Journal of the European Union

On June 9th, the EU Encrypted Asset Market Act (MiCA) was officially published in the Official Journal of the European Union (OJEU). As previously reported, the Encrypted Asset Market Regulations (MiCA) was approved by the European Council on May 27. MiCA requires crypto companies such as wallet providers and trading platforms to seek operating licenses, and requires stablecoin issuers to hold appropriate reserves.

▌UKFCAofficial: After cryptocurrency promotion rules take effect, free promotions will be banned NFT**, cryptocurrency airdrop**

Jinse Finance reported that Matthew Long, director of payments and digital assets at the UK Financial Conduct Authority (FCA), said that after the UK cryptocurrency financial promotion rules come into effect on October 8, it will be prohibited to promote the promotion of digital assets through airdrops of free NFT or cryptocurrencies. investment in assets. Matthew Long said that these free NFTs and airdrops, when used to invest in crypto products, may lead consumers to buy cryptocurrencies that they realize may have problems later. But cryptocurrency airdrops and NFTs themselves will not be banned, just promotional activities involving airdrops. In addition, Matthew Long also said that the FCA's focus is on six key areas, including dealing with fraud and cross-border risks mentioned in the recent report issued by the international securities regulator IOSCO to address investor protection and market integrity issues.

Quotes

As of press time, according to coinmarketcap data:

The latest transaction price of BTC is 26470.35 US dollars, with an intraday change of -0.29%;

The latest transaction price of ETH is 1836.90 US dollars, with an intraday change of -0.66%;

The latest transaction price of BNB is 260.56 US dollars, with an intraday change of -0.69%;

The latest transaction price of XRP is US$0.5374, with an intraday increase and decrease of +2.48%;

The latest transaction price of DOGE is US$0.06938, with an intraday increase and decrease of +2.09%;

The latest transaction price of ADA is US$0.2925, with an intraday change of -9.50%;

MATIC's recent transaction price was US$0.7256, with an intraday increase and decrease of -7.30%.

policy

▌USSEC Chairman: The vast majority of encrypted tokens meet the investment contract test, and most encrypted intermediaries must also comply with securities laws

On June 9th, Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), said in a speech released before the 2023 Global Exchange and Financial Technology Conference that there is no indication that investors and issuers in the encrypted securities market should not Protected by our securities laws. As I have said many times, the vast majority of crypto tokens meet the investment contract test. These tokens are promoted by the team through their website and Twitter account. These tokens did not come out of thin air. Issuers of crypto securities are required to register their offers and sales of investment contracts with the SEC or satisfy an exemption requirement. Gary Gensler further stated that since most encrypted tokens are subject to securities laws, most encrypted intermediaries must also comply with securities laws. If the intermediaries do not register, it is the investors who are hurt, and the US financial markets may also be affected. In other areas of the securities market, exchange, broker-dealer, and clearing functions are separated, which helps mitigate potential conflicts that could arise from mixing such services. Cryptocurrency intermediaries may need to separate lines of business, develop a rulebook to prevent fraud and manipulation, properly segregate client funds, mitigate conflicts, or change their clearing and custody methods.

▌U.S. House of Representatives Financial Services Committee Releases Draft Stablecoin Regulatory Proposal

According to news on June 9, the Financial Services Committee of the U.S. House of Representatives released a new draft of the main legislative proposal for stablecoin regulation, which will be further discussed at the committee hearing on June 13. The draft would require the Fed to set requirements for issuing stablecoins, but would still let state regulators oversee companies that issue those tokens. It would also give the Fed some additional powers, including the power to intervene with state-regulated issuers in emergencies. States could also hand over their regulatory responsibilities to federal regulators.

Blockchain Application

▌****Hong Kong Financial Secretary: The basic technology of Web3.0 is blockchain, and blockchain will continue to develop in the future

According to the news on June 9, Hong Kong Financial Secretary Chen Maobo said at the 2023 Caixin Summer Summit that although some virtual asset service providers do operate irregularly, for example, the operators’ own funds and customers’ funds are illegally mixed in At the same time, the operator operates the platform by himself and also acts as a banker. But the basic technology of web 3.0 is the blockchain, whether you like it or not, the blockchain will continue to develop in the future. Chen Maobo said that blockchain can establish an open, safe and low-cost platform, and Hong Kong plans to introduce an appropriate regulatory system to promote Hong Kong's continued responsible development of Internet 3.0 and virtual assets.

▌****Pakistan intends to launch a digital currency with functions comparable to Bitcoin

Jinse Finance reported that Pakistan intends to launch its own digital currency, whose functions are "comparable to Bitcoin", Shoukat Bizinjo, deputy director of the Digital Financial Services Department of the State Bank of Pakistan (SBP), revealed that the State Bank of Pakistan (SBP) is currently working with local business Leaders hold discussions to introduce digital currency in the country. According to the official, EMI has successfully launched e-money wallets for customers and businesses, along with other digital payment options such as prepaid cards and contactless payments. In addition, the SBP official also noted that there are currently 12 EMIs in various stages of obtaining licenses from the central bank.

Cryptocurrency

▌****Multiple CEX user deposit and withdrawal addresses were replaced by hacker addresses due to malicious plug-ins

On June 9th, according to X-explore, due to malicious browser plug-ins, the deposit and withdrawal addresses of many users on the centralized exchange platform (CEX) have been replaced by hacker addresses. Since June 2022, there have been hundreds of attacks against dozens of CEXs. X-explore advises users not to download and install unknown browser extensions/software/applications, double check the withdrawal and deposit addresses in emails.

▌Binance.US will suspend USD deposits, and its bank partners plan to suspend USD withdrawal channels on 13, June** **

On June 9th, Binance.US announced that it will suspend USD deposits, and its banking partners are preparing to suspend fiat currency USD withdrawal channels on June 13, 2023. Binance.US said it is taking proactive steps to transition to a cryptocurrency-only exchange over time. Binance.US will maintain a 1:1 reserve for all client assets. Any downtime in processing withdrawals may be the result of increased withdrawal volumes and weekend bank closures.

▌****Data: OrdinalsThe total amount of text inscriptions has exceeded 100010,000

Jinse Finance reported that according to the latest data from Dune Analytics, the total number of minted inscriptions of the Bitcoin NFT protocol Ordinals has exceeded 10 million, reaching 10,275,817 at the time of writing, which is currently the most minted type of Ordinals inscriptions. In addition, the current casting amount of png image inscriptions is 631,407 pieces, and the casting amount of webp image type inscriptions is 164,759 pieces, ranking second and third respectively.

▌SPACE ID**** will start the second airdrop at the end of 6

On June 9, SPACE ID, a Web3 domain name and identity platform, tweeted that SPACE ID Voyage Season 2 will end at 16:00 on June 16, Beijing time. The second round of airdrops will begin at the end of June, and details about distribution and claim will be released soon. Airdrops will be calculated based on points earned and associated bonus points throughout the second quarter. At the same time, regarding the ID token repurchase in the first quarter after TGE (March 23 to June 23), a draft proposal will be submitted for review at the DAO Governance Forum, and the ID token holders will vote to execute the repurchase.

Important economic developments

▌****The charging sector fell collectively due to the news of GM’s access to Tesla’s charging network. Analyst: The market may overreact

General Motors' move to connect to Tesla's supercharger network next year has sent shares of other electric vehicle charging station makers sharply lower; Tesla shares rose for an 11th day in a row, with GM's highest gain of 6.5% on Friday . Although this agreement has some impact on other electric vehicle charging companies, Wall Street analysts such as Morgan Stanley and Bank of America believe that the market may have overreacted.

Golden Encyclopedia

▌****Confirm

When a transaction is included in a block, we can say it has a confirmation. Every time the miners generate a block after this block, the number of confirmations for this transaction will be increased by one. When the number of confirmations reaches six or more, the transaction is generally considered safe and difficult to reverse.