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pru

Chen Maobo: It is expected that a stablecoin license will be issued later this year, taking a proactive and prudent approach to the development of digital assets

According to the Hong Kong Economic Journal, Hong Kong's Financial Secretary Paul Chan continued to participate in the activities of the World Economic Forum Annual Meeting in Davos, Switzerland yesterday (Davos time January 20), attending a special address session by Vice Premier He Lifeng at the World Economic Forum Annual Meeting in the morning.Paul Chan stated that finance and technology can promote each other. Taking digital assets as an example, this financial innovation not only enhances the transparency, efficiency, inclusiveness, and risk management of financial services but also more effectively directs capital to the real economy. In addition, finance is a key force in supporting and empowering technological development.Paul Chan pointed out that Hong Kong, as an international financial center, adopts a proactive and prudent attitude towards the development of digital assets and promotes responsible and sustainable market development based on the principle of "same activity, same risk, same regulation." Since 2023, Hong Kong has issued licenses to 11 virtual asset trading platforms and is expected to issue stablecoin licenses later this year. Furthermore, the SAR government has also set an example by promoting the development of tokenization, including issuing three batches of tokenized green bonds totaling approximately $2.1 billion and launching a regulatory sandbox to encourage application innovation.

Li Chenggang: China and the United States have reached a preliminary consensus on the prudent resolution of several important economic and trade issues

ChainCatcher news, according to Jinshi reports, on October 25 to 26 local time, the Chinese and American sides held economic and trade consultations in Kuala Lumpur. After the consultations, Li Chenggang, the international trade negotiation representative and vice minister of the Ministry of Commerce of China, stated to Chinese and foreign media reporters that both sides reached a preliminary consensus on properly addressing several important economic and trade issues of mutual concern, and the next step will be to carry out their respective domestic approval procedures."In the past month or so, there have been some fluctuations and disturbances in China-U.S. economic and trade relations, which have attracted global attention," Li Chenggang said. Since the China-U.S. Geneva economic and trade talks in May this year, the Chinese side has strictly followed the consensus reached during multiple phone calls between the leaders of the two countries, earnestly and seriously implementing the consensus arrangements reached in the economic and trade consultations, and carefully nurturing the hard-won, relatively stable China-U.S. economic and trade cooperation relationship. "These fluctuations and disturbances are not what the Chinese side wishes to see.""The U.S. side's stance is firm, and the Chinese side's commitment to safeguarding its interests is resolute," Li Chenggang said. During this consultation, the economic and trade teams of China and the U.S. maintained mutual respect and engaged in equal dialogue. In the future, both sides will further strengthen communication and exchanges, making positive efforts for a more stable and healthier development of China-U.S. economic and trade relations.

Binance prudently postpones the CESS launch plan, while the project team simultaneously strengthens ecological construction

ChainCatcher news, according to official sources, Binance has announced a temporary delay for the CESS Network's launch on Binance Alpha, originally scheduled for June 26. It is reported that the Binance team is further confirming some technical and compliance details of the CESS project to ensure optimal user experience and compliance standards after the launch.CESS stated that this adjustment in pace is not due to any issues with the project itself, but rather a prudent decision made by both parties out of a strong sense of responsibility towards the ecosystem and users. The CESS team also emphasized that they will continue to fully cooperate with Binance in the subsequent processes to ensure stable operation and market confidence after the project goes live.During this period, CESS also plans to launch a series of ecological construction actions, including enhancing communication transparency with the global community, promoting DePIN node deployment, expanding partnerships for more application scenarios, and soon launching a new round of community incentives and node reward mechanisms.As a representative project in the Web3 infrastructure sector, CESS is committed to building a data value network with high performance, privacy protection, and compliance capabilities. Industry insiders believe that although this pace optimization is a short-term adjustment, it may lay an important foundation for the long-term value release of CESS in the future.

Zhao Changpeng: Proposing to suspend withdrawals is a prudent move, Bybit CEO makes the best decision based on the situation

ChainCatcher message, Binance founder Zhao Changpeng expressed detailed views on the recent hacking incident, "We have observed a pattern where hackers are able to steal large amounts of cryptocurrency from multi-signature 'cold storage' solutions. Exchanges like Bybit, Phemex, and WazirX have all encountered similar situations. In the recent Bybit case, hackers were able to make the front-end user interface display legitimate transactions, while the actual signatures pointed to another transaction. For other cases, based on limited information, it seems that similar methods were employed.What is even more concerning is that the affected exchanges used different multi-signature solution providers. The hacker organization Lazarus Group has demonstrated extremely advanced and widespread infiltration capabilities. It is still unclear whether the hackers successfully infiltrated multiple signing devices, the server side, or both were compromised.Some have questioned my previous suggestion to pause withdrawals as a standard security precaution (a tweet I posted while on the shuttle bus to the airport). My intention was to share a practical approach based on experience and observation, but there is no absolute right or wrong in this practice. My guiding principle has always been to lean towards the safer side. After any security incident, all operations should be paused to ensure we fully understand what happened, how the hackers infiltrated the system, which devices were compromised, and only after triple-checking for safety should we resume operations.Of course, pausing withdrawals may trigger more panic. In 2019, after a significant hacking incident of $40 million, we paused withdrawals for a week. When we resumed withdrawals (and deposits), the deposit volume actually exceeded the withdrawal volume. This does not mean that this method is better; each situation is different and requires judgment. I tweeted to share potentially effective practices, intending to express support in a timely manner. I believe Ben made the best decision based on the information available.Ben maintained transparent communication and a calm demeanor while handling this challenging situation. This stands in stark contrast to other CEOs lacking transparency, such as those from WazirX, FTX, etc.The cases mentioned here are all different. FTX is a case of fraud, and as for WazirX, I will refrain from commenting due to ongoing litigation.Most importantly, we should never take security for granted. It is essential to understand security knowledge so that you can choose the right tools for your needs. To this end, I will share an article I wrote a few years ago. Although some parts may be outdated, the basic concepts still apply. Stay safe (SAFU)!"

Cyprus suspends applications from crypto asset service providers before transitioning to the MiCA regulation within the EU

ChainCatcher news, according to Cointelegraph, the EU will transition from national laws regarding Crypto Asset Service Providers (CASP) to the Markets in Crypto-Assets Regulation (MiCA) by December 30. The Cyprus Securities and Exchange Commission (CySEC) is providing a model for this transition by freezing CASP applications and warning market participants of the upcoming changes.Starting from October 17 (the date of the announcement), CySEC will no longer accept CASP applications submitted under Cyprus national law. CASPs that successfully registered under national law before the December 30 deadline will be able to operate in that jurisdiction until July 1, 2026, unless authorized or denied authorization under Article 63 of MiCA before then. Once the MiCA regulations come into effect, CASPs will be subject to the Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) of the European Commission.These standards have not yet been published, but CySEC advises relevant parties to refer to the draft Technical Standards published by the European Securities and Markets Authority (ESMA) during this period. On October 30, CySEC will stop accepting notifications of intent from EEA entities to provide services in Cyprus under Cyprus national rules; entities that submit notifications before this date will be able to operate under the same conditions as local entities until July 1, 2026.
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