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China Merchants Yonglong Bank reviews mainland investors' zero balance non-active investment accounts, which have not submitted declarations or face suspension and closure

On August 21, China Merchants Yonglong Bank issued a notice to customers, stating that it is cooperating with the latest risk management and account compliance guidelines from the Hong Kong Monetary Authority and the Securities and Futures Commission to conduct a comprehensive optimization and review of investment accounts for mainland investors. Upon verification, all investment accounts held by relevant customers (including wealth management, securities, and/or paper gold passbook accounts) as of May 22, 2026, have no asset balance, and there have been no investment transaction records in the past 12 months, which have been classified as "zero balance non-active investment accounts."To maintain normal account operations, the bank requires customers to submit the "Non-Active Investment Account Declaration" as soon as possible. Customers can complete the submission through the pop-up in the personal account section of the China Merchants Yonglong Bank mobile app; joint account holders or those who have not registered for the mobile app can call the customer service hotline for guidance, and each joint account holder must submit separately. The main content of the declaration includes confirming the accuracy of personal information, the legality of the source of funds, that the account has not been closed or suspended due to suspicious documents, and timely notification of any changes in information.The bank reminds that if customers fail to complete the submission in a timely manner, new investment transactions (including buying stocks, subscribing to wealth management products, etc.) will be suspended accordingly; if the submission continues to be delayed, it is expected that starting from November 2026, relevant "non-active investment accounts" may be closed. Once an account is suspended or closed, no new securities or wealth management product investment transactions can be conducted.

HSBC requires some existing investment clients in the mainland to submit a source of funds declaration; failure to submit in a timely manner may result in service termination

According to the Daily Economic News, following the requirement to confirm that the source of funds for new account openings comes from legal overseas channels, some banks in Hong Kong have begun to initiate a source of funds declaration process for certain existing mainland investment clients. HSBC Hong Kong has recently started notifying some existing mainland investment clients, requiring them to submit the "Declaration for Opening/Maintaining Accounts" through the HSBC Hong Kong App by September 12 and to update their contact information.The declaration includes confirming that the funds for investment activities come from legal sources outside mainland China, and that the bank may disclose personal information at the request of law enforcement or regulatory agencies. The notice also mentioned that if the declaration is not submitted by August 20, investment-related services may be suspended; if it is still not submitted by September 12, investment-related services may be terminated.An HSBC spokesperson responded that they will follow relevant regulatory requirements when managing investment client relationships, thus inviting relevant mainland Chinese investors to provide self-declarations and confirm that the information provided in their "Know Your Customer" and "Customer Due Diligence" processes is current and valid, which helps to continuously provide uninterrupted services to clients. HSBC emphasized that this latest declaration requirement applies only to investment service clients.

Nigeria issues guidelines for virtual asset taxation, requiring the declaration of income from mining, staking, and airdrops

According to The Nation Online, the Nigerian Tax Authority has released the "Virtual Asset Taxation Guidelines," officially incorporating cryptocurrencies, stablecoins, NFTs, and other blockchain digital assets into the country's tax system. The guidelines were published on July 31 and provide the first detailed framework for taxing the income from assets such as cryptocurrencies, stablecoins, governance tokens, and NFTs.The guidelines stipulate that income generated from the disposal, exchange, or transfer of virtual assets must be taxed according to Nigerian tax law, and income from blockchain activities such as mining, staking, validating, airdrops, and token rewards is also subject to taxation. Virtual assets must be valued at the market price of exchange platforms recognized by the tax authority. Individuals and businesses must maintain complete transaction records, and virtual asset service providers must register for taxation and report large or suspicious transactions. The SEC continues to regulate securities-type virtual assets, while the tax authority is responsible for tax management. The guidelines do not set a separate tax rate for cryptocurrencies but apply existing tax law provisions. The guidelines follow President Bola Tinubu's executive order on establishing a coordinated regulatory framework for virtual assets.

Ethereum Foundation: The Account Abstraction Team collaborates with Vitalik to release the "Trustless Declaration" and puts it on-chain

The Ethereum Foundation posted on the X platform, stating that the account abstraction team, along with Vitalik Buterin, has released the "Trustless Manifesto" and placed it on-chain. The original intention of Ethereum was not to enhance financial efficiency, but to enable people to collaborate without the need for trusted intermediaries. This manifesto clearly articulates a series of related values, including trustless neutrality, self-custody, verifiability, and a resistance to "convenient" centralized models.The manifesto is fully stored on-chain in the form of a smart contract and provides a single operation: pledge(). This contract has no owner, no administrator, and the text is immutable, with all operations relying on the Ethereum network. When the pledge() operation is called, the system will record the caller's address and the timestamp of the first pledge, and emit a public Pledged(address, timestamp) event. This operation only consumes gas fees and does not provide any form of incentives such as airdrops, points, or early access. If relevant parties make a pledge, it indicates their concern for the importance of user self-authorized operations, their desire for their protocols not to rely on private servers and opaque relayers, and their willingness to bear the actual costs to maintain Ethereum's trustless characteristics.
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