digitalization

OKX CEO Star, while attending the Abu Dhabi Finance Week, stated that the internet generation is creating a brand new on-chain economy.In the coming decades, approximately 50% of global economic activity will operate on blockchain. This is not speculation, but rather a necessity for a generation that has grown up in a digital, mobile, and artificial intelligence environment, requiring financial infrastructure that matches their lifestyle.He believes this is a comprehensive upgrade of the economic system driven by the global digital population. Blockchain stands out because it breaks through the limitations of legacy systems from the internet era. It provides a trustless programmable storage infrastructure, enabling round-the-clock, instant global value flow, gradually enhancing transparency to reduce systemic risk, and building an open network rather than global financial islands. In every technological cycle, more open, transparent, and efficient systems will ultimately prevail, and the new generation will always be the first to embrace change.

BlackRock CEO Larry Fink revealed that some unnamed sovereign funds are buying Bitcoin, and they purchased more as the price of Bitcoin fell from its peak of $126,000.Larry Fink stated that these funds are making incremental purchases and increased their holdings when the price of Bitcoin dropped to the $80,000 range, aiming to establish long-term positions. He spoke alongside Coinbase CEO Brian Armstrong at the DealBook event, mentioning that the U.S. risks falling behind other countries if it does not accelerate its investments in digitalization and tokenization. Additionally, Larry Fink predicted that cryptocurrency-driven tokenization will see significant growth in the coming years.

ChainCatcher news, according to the Hong Kong Economic Journal, Hong Kong Financial Development Council Chairman Hong Pi-cheng stated that stablecoins should not be a target for speculation but should play a stabilizing role. On the eve of the implementation of the Hong Kong "Stablecoin Regulation" on August 1, dozens of companies have expressed their intention to apply for or participate in stablecoin business.Hong Pi-cheng pointed out that the digitization of asset markets is a long-term battle, and stablecoins are an important part of the digitization of Hong Kong's financial market. He believes that Hong Kong is in a leading position in the digital development of financial centers and expects that more different assets will be tokenized in the future, but this process will take time.He also emphasized that against the backdrop of an uncertain global trade outlook, Hong Kong should position itself as a financial center oriented towards the Global South, assisting enterprises and investors in diversifying supply chains and investment risks while maintaining its status as a capital market, wealth management, and RMB risk management center.

ChainCatcher news, according to Ledger Insights, the German Parliament (Bundestag) passed the Financial Market Digitalization Act (Finanzmarktdigitalisierungsgesetz of FinmadiG) this week. The parliament responded to industry demands to ensure legislation is in place before MiCAR fully comes into effect on December 30.FinmadiG not only pertains to cryptocurrencies and MiCAR but also affects other EU laws, such as DORA and the Funds Transfer Regulation. For MiCAR, it introduces the Cryptocurrency Market Regulation Act (KMAG), which replaces Germany's old cryptocurrency rules with MiCAR.Technically, MiCAR is a regulation, so local laws are not required. However, legislation must designate BaFin as the regulatory authority; otherwise, BaFin cannot issue licenses. This will allow EU companies with cryptocurrency licenses from other countries to operate in Germany, but German companies will not be able to operate in the EU.Additionally, MiCAR allows companies holding existing licenses to continue operating for up to 18 months, with the transition period determined by each jurisdiction. The new German legislation specifies one year.

ChainCatcher news, according to Decrypt, the Layer 1 blockchain Venom Foundation has announced a historic agreement with the Republic of the Philippines to digitize billions of forms using its advanced blockchain technology.By staking on Venom, the Philippine government has demonstrated unprecedented trust and confidence in blockchain as a national-level operational solution that is secure, scalable, and efficient. This move is expected to revolutionize the way governments and large institutions handle data, transactions, and record-keeping, setting new standards for transparency and efficiency.Utilizing Venom technology to digitize approximately 10 billion traceable forms, including but not limited to invoices or receipts, cash tickets, document stamp duties, and special bank receipts, and to individually identify, account for, and provide appropriate security for them. This initiative marks a new phase in the country's digitalization process.