Crypto Chronicles: BitOK's Weekly Recap of Top Regulatory News

The Senate Committee on Economics Legislation recommended against passing the bill and suggested further research on the topic instead. In a dissenting report, Senators Bragg and Dean Smith proposed minor amendments to pass the bill but exclude nonfungible tokens (NFTs) from regulation and make other adjustments. They also urged a review of the tax treatment of digital assets and recommended implementing policy responses to address debanking issues in Australia. The bill aimed to regulate stablecoins, exchange licensing, and custody requirements but faced multiple delays in its evaluation.

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The exchange is engaged in discussions with banks and awaiting the issuance of the license to begin operations. Hong Kong introduced a licensing system for crypto exchanges in 2023, but only a few, like HashKey and OSL, have received approval to offer retail crypto trading services. These platforms are limited to trading Bitcoin and Ether, with a 30% cap on investor allocations. Other exchanges like Huobi and Gate.io have also applied but are awaiting regulatory approval. The Hong Kong Securities and Futures Commission has strict requirements for VASPs, including insurance and client protection measures, with exchanges required to hold 98% of assets in cold wallets. OKX is actively working on its application, although no specific date has been mentioned for its approval.

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Despite China's blanket ban on cryptocurrencies, the court's report asserts that virtual assets have economic attributes and should be classified as property, thus warranting legal protection. The report also recommends handling crimes involving virtual assets by unifying criminal and civil law to balance personal property rights and public interests. This marks a contrast between China's national policy on digital assets and the legal stance taken by some Chinese courts, which have previously acknowledged the legal protection of crypto holders and classified Bitcoin as virtual property. Despite its historically hostile stance, China has shown some signs of softening its approach to cryptocurrencies, particularly in the realm of Bitcoin mining.

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They're actively engaging with users to break the trust scammers build. Education is also vital, as many fall victim due to a lack of knowledge. These exchanges argue that the responsibility for crypto scams extends beyond the industry to banks, telecoms, and social media platforms. Scam-related losses involving cryptocurrency as a payment method have surged in Australia, reaching $150 million in 2022, up over 160% from the previous year.

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According to digital asset lawyer Jeremy McLaughlin, the SEC's aggressive stance had prompted some companies to exit the U.S. market. However, recent court decisions favoring crypto firms, where the SEC faced losses, offer hope for the industry's revival. Regarding Australia's crypto regulations, panelists at a conference in Melbourne criticized them as "lagging" behind Hong Kong and the EU. They expressed concerns about the uncertainty in local crypto regulations, making it challenging for businesses in the digital asset sector.

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