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The launch of the first batch of compliant stablecoin licenses in Hong Kong has been postponed, and the Monetary Authority responded that it is making every effort to advance the process

The first batch of issuer licenses in Hong Kong was originally scheduled to be issued in March 2026, but it has not materialized as planned. A spokesperson for the Hong Kong Monetary Authority (HKMA) responded that the HKMA is fully committed to advancing the licensing process and will make announcements to the public at the appropriate time.Regarding who will obtain the first batch of stablecoin licenses in Hong Kong, the market has previously focused on two major Hong Kong dollar issuing banks, HSBC and Standard Chartered. HSBC has not publicly disclosed whether it has submitted an application for a stablecoin license. However, as early as mid-January this year, there were rumors in the market that HSBC had a good chance of obtaining the first batch of licenses. Currently, there is no clear official disclosure on why the issuance of stablecoin licenses has been delayed beyond the anticipated timeline.Individuals close to the stablecoin license applications revealed that the HKMA has been in close contact with the first batch of potential compliant licensees, and there are still proposed amendments regarding the issuance matters. In addition, the second batch of compliant stablecoin licenses in Hong Kong is also in the application process. Reliable sources indicate that Futu Securities and OSL Group are strong contenders for the second batch of licenses.

Brazil passes new law: Confiscated cryptocurrency assets will be used for public safety expenditures, increasing efforts to combat crime

Brazilian President Lula has signed Law No. 15,358, which explicitly incorporates seized cryptocurrency assets during law enforcement into the public safety funding system for expenditures such as police equipment, intelligence operations, and personnel training.The law allows for the temporary use of relevant cryptocurrency assets prior to final conviction with court approval. The new regulations also significantly expand the powers of judicial authorities, allowing them to freeze, block, or confiscate cryptocurrency assets during the investigation phase, including restricting access to exchange accounts, digital wallets, and related platforms. Once convicted, the individuals involved will be permanently deprived of the ability to use the formal financial system and cryptocurrency systems. Additionally, the law categorizes the use of encrypted communication tools or privacy technologies to conceal criminal activities as an aggravating circumstance, promotes cross-border asset recovery and intelligence sharing, and establishes a national database to integrate the financial structures of criminal organizations. Analysts believe that this initiative marks Brazil's shift of cryptocurrency assets from potential reserve tools to law enforcement resources, strengthening the crackdown on organized crime (such as PCC and Comando Vermelho) while advancing the judicial system's regulatory and disposal capabilities regarding digital assets.

Supreme People's Procuratorate: Strengthen anti-money laundering efforts, focusing on punishing crimes such as money laundering through underground banks and virtual currencies

According to Xinhua News Agency, at the national procurators' meeting held in Beijing, the Supreme People's Procuratorate made arrangements to fully utilize the power of the rule of law to serve high-quality development and other aspects. The Supreme Procuratorate requires that procuratorial organs must legally safeguard economic and financial security, severely punish serious economic crimes, and promote the creation of a law-based business environment.The Supreme Procuratorate demands strict punishment for crimes such as smuggling and exporting strategic minerals to safeguard national strategic interests; in conjunction with the Financial Regulatory Administration and others, legally govern the illegal intermediary chaos in the financial sector, severely punish illegal fundraising, financial fraud, and other crimes, and comprehensively combat the financial "black and gray industries," ensuring the stable operation of finance and protecting the property safety of the people; increase efforts in anti-money laundering work, focusing on punishing crimes that utilize underground banks and virtual currency for money laundering. The Supreme Procuratorate proposed to deepen the rule of law construction in the capital market in conjunction with the China Securities Regulatory Commission, improve the mechanism for stationed securities procuratorial work, and strictly punish securities crimes such as financial fraud and market manipulation to maintain the safety of the capital market.
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