Blockchain New Deal introduces global cryptocurrency to accelerate compliance

On August 4, the General Office of the Beijing Municipal Party Committee and the General Office of the Beijing Municipal People’s Government issued the “Beijing Implementation Plan on Accelerating the Construction of a Benchmark City for the Global Digital Economy” (hereinafter referred to as the “Plan”). Chain, focusing on the high performance, security, privacy protection, scalability and other directions of the blockchain, accelerate technological breakthroughs in consensus mechanisms, distributed storage, cross-chain protocols, and smart contracts, and achieve breakthroughs in key technologies for large-scale blockchain algorithm performance , And by converging and activating ultra-large-scale data element assets, taking the lead in building data-native urban infrastructure, and intensively building an open and interconnected international data hub to create a world-leading new digital economy system.

Blockchain New Deal introduces global cryptocurrency to accelerate compliance

On August 4, the Fujian Provincial Development and Reform Commission issued the “Notice of the Fujian Provincial Department of Finance of the Fujian Provincial Development and Reform Commission on organizing the application of artificial intelligence, 5G, blockchain and other special funds for the development of the provincial digital economy in 2021” (hereinafter referred to as the “Notice” ), the “Notice” will set up special funds for the development of the digital economy, of which the direction of the blockchain will focus on supporting the demonstration applications of the blockchain and innovative products of the blockchain. It is planned to allocate funds of about 20 million yuan and support no more than 20 projects. Construction, including blockchain demonstration application projects can receive up to 3 million yuan in subsidies, and blockchain innovative products can receive up to 2 million yuan in subsidies.

ZB Research Institute believes that the blockchain-related policies in Beijing and Fujian show China’s attitude towards blockchain technology. From the perspective of Beijing’s vision of “creating a world-leading new digital economy system”, China is bound to be in the block. The chain industry has already planned to invest more support funds to maintain a “leading” position. In addition, in addition to Beijing and Fujian, Hainan, Guizhou, Yunnan and other provinces and cities have successively introduced or implemented blockchain technology subsidy policies to help blockchain continue to flourish in China!

In addition, China’s subsidy and subsidy policies for blockchain technology have also affected the formulation of relevant policies in other countries.

According to news on August 4, South Korean lawmakers are pushing for a plan to amend the “Law on the Reporting and Use of Specific Financial Transaction Information” (Special Law). The main purpose of the bill is to ensure that virtual currency exchanges meet certain requirements. The issuance of real-name accounts and the extension of the exchange’s reporting period to six months. Some analysts believe that South Korean congressmen’s promotion of the bill is intended to weaken the influence of the current special regulations law. According to news from South Korea, currently only 4 exchanges in South Korea support real-name accounts for Korean won transactions.

It was reported on August 4 that Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), was open to Bitcoin futures ETFs. It also hints at a possible way for Bitcoin exchange-traded funds to be approved-to protect the security of investors’ assets. ZB Research Institute believes that Gary Gensler’s hint may cause ETFs to pay more attention to transaction security issues.

On August 4, a new proposal for a digital conversion law drafted by a group of Spanish legislators will allow the payment of mortgage loans in Spain in cryptocurrency. The new draft submitted by the MPs of the Spanish People’s Party will standardize and legalize many emerging technologies in the country, including Bitcoin, blockchain and artificial intelligence (AI). The draft law also includes other incentives, such as tax relief for companies and organizations that use and create solutions based on these technologies. In addition, the draft law considers the prospect of homeowners using cryptocurrencies to pay for mortgages, encouraging the use of these assets as a means of transaction.

On August 4, the new Acting Administrator of the Office of the Comptroller of the Currency (OCC), Michael Hsu, testified before the Senate Banking Committee on Tuesday that he was reviewing the crypto custody license program. He told the U.S. Senate committee that some past encryption initiatives have not been “coordinated with all stakeholders.” However, he added that he supports granting licenses to fintech companies.

ZB Research Institute believes that the relevant attitudes of the US Securities and Exchange Commission and the Office of the Comptroller of Currency indicate that the relevant US financial departments are considering gradually liberalizing ETF applications, which will affect the overall progress of global cryptocurrency compliance. Analysts believe that, The relevant policies of China, the United States, Spain and other countries will accelerate the process of cryptocurrency compliance.

 

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