licensing

According to Asda Finance, the Financial Secretary of Hong Kong, Paul Chan, stated that the authorities' licensing strategy is "small steps, quick progress," and will initially issue a small number of licenses. There needs to be practical application scenarios, and only after summarizing experiences post-launch will a second batch be issued.Stablecoins and digital assets are financial innovations that require encouragement for breakthroughs, but at the same time, safety must be ensured, and mechanisms must be in place to prevent money laundering, thus appropriate regulations are necessary. The benefits of stablecoins include decentralization and high efficiency, but they are merely a payment tool, not an investment tool.

Web3 asset data platform RootData today released the third edition of the "Cryptocurrency Exchange Transparency Rankings (Stock Category)." This edition has undergone significant upgrades in its algorithm, incorporating market makers and traffic weight into the trading volume activity scoring system for the first time. Through a tiered coefficient calculation, it further eliminates discrepancies, enhancing the authenticity and reference value of the rankings.The biggest change in this edition is the official entry of OKX. Since supporting stock trading on February 25, OKX has performed strongly in this data backtest, ranking second on the list, thanks to its compliance licenses from multiple regions, including Singapore's MAS and the U.S. FinCEN.In a market environment where overall user activity is shrinking, Gate has become one of the few exchanges to achieve counter-trend growth in traffic this week. Its visits increased from 3.4M to 4.1M, coupled with a stable reserve of over 110 stock assets, further consolidating its leading position in the niche market.Additionally, while OrangeX maintained its sixth position, its traffic plummeted by over 60% (from 2.4M to 1M), facing severe pressure from existing user loss; XT.com, on the other hand, has seen its score decline for three consecutive weeks due to a lack of compliance licenses, with a trend of increasing marginalization becoming more evident.RootData adheres to the principle of "transparency first," providing investors with more effective data references through a dual evaluation system of "transparency + liquidity." In the future, RootData will continue to optimize data interfaces, assisting more platforms in addressing information disclosure shortcomings, and providing investors with more credible reference dimensions.

The Governor of the Central Bank of Russia, Elvira Nabiullina, stated that banks and brokerage firms are expected to be allowed to obtain cryptocurrency exchange operating licenses directly based on existing banking licenses through a "notification process," without the need to reapply for a complete new license.The regulatory framework categorizes digital currencies and stablecoins as tradable assets but prohibits their use for domestic payments; the initial participation limit for banks in crypto assets is set at 1% of their capital. The relevant bill is expected to be submitted to the State Duma, and the regulatory framework will officially come into effect on July 1, 2026.

According to Decrypt, the California Department of Financial Protection and Innovation (DFPI) has released an implementation update for the Digital Financial Assets Law (DFAL), which clearly requires all individuals or companies providing cryptocurrency-related services to California residents to hold a DFAL license, submit a license application, or meet exemption criteria by July 1, 2026, or face enforcement actions.The DFAL was signed into effect by California Governor Gavin Newsom in October 2023, establishing a statewide licensing and regulatory framework for cryptocurrency assets, covering various digital asset services and cryptocurrency ATM terminals. This system is widely compared to New York's BitLicense introduced in 2015.According to the schedule, DFAL license applications will open on March 9, 2026, through the Nationwide Multistate Licensing System (NMLS). Regulators recommend that businesses review the checklist in advance and participate in the industry training on March 23.California accounts for about a quarter of all blockchain companies in the United States. Joe Ciccolo, Executive Director of the California Blockchain Advocacy Coalition (CBAC), stated that since California is the fourth-largest economy in the world, its regulatory path may drive companies to unify compliance standards nationwide. "Clear and predictable rules help attract serious operators and institutional capital," but he also warned that if enforcement is too aggressive or disconnected from industry realities, some companies may choose to exit the California market or move overseas.

The cryptocurrency payment company Alchemy Pay has announced that it has obtained a Money Transmission License (MTL) in the state of Nebraska, allowing it to conduct related payment business in compliance with local regulations. With this addition to its compliance map, the number of MTL licenses held by Alchemy Pay in the United States has increased to 14, and compliance applications are still being advanced in other states.In the past month, Alchemy Pay has successively obtained Money Transmission Licenses (MTL) in four states: Kansas, West Virginia, South Dakota, and Nebraska.

The Hong Kong securities industry group has expressed objections to the city's proposed regulatory framework for digital asset management, warning that the related reforms could hinder traditional asset management institutions from venturing into the cryptocurrency space.In a submission to regulators on Tuesday, the Hong Kong Securities and Futures Professionals Association opposed a proposed regulatory adjustment that would eliminate the existing "minimum exemption threshold" for Type 9 asset managers. According to a report by local law firm JunHe, under the current framework, institutions holding a Type 9 license (which covers discretionary portfolio and asset management services) are only required to notify regulators without applying for additional license upgrades if they allocate less than 10% of their total fund assets to crypto assets.The Hong Kong Securities and Futures Professionals Association pointed out that the proposed reform would remove this threshold, meaning that even a 1% exposure to Bitcoin would require obtaining a full virtual asset management license. The industry group stated that this "all or nothing" regulatory approach lacks proportionality and believes that it will still incur significant compliance costs even with limited risk exposure, potentially deterring traditional management institutions from attempting to engage with the crypto asset category.This industry backlash targets a regulatory framework that has already entered the fast lane. In December last year, Hong Kong authorities released a consultation summary report on related reform proposals following a public consultation that began in June. The Financial Services and the Treasury Bureau and the Securities and Futures Commission have initiated further consultations on introducing a supplementary licensing system for crypto asset trading, advisory, and management services.

According to Cointelegraph, cryptocurrency payment infrastructure provider Crossmint has obtained a license for the Markets in Crypto-Assets Regulation (MiCA) issued by the Spanish Securities Market Commission (CNMV), becoming a compliant Crypto Asset Service Provider (CASP). This license allows Crossmint to provide stablecoin infrastructure services across all 27 EU member states.This license covers three core CASP activities: fiat and cryptocurrency two-way exchanges, custodial services for crypto assets, and cross-wallet and cross-blockchain transfer services. Crossmint co-founder Rodri Fernández Touza stated that as the MiCA transition period will end in July, many remittance companies, payment platforms, and emerging banks are now requiring partnerships with licensed MiCA holders, and non-compliant providers may face the risk of being forced out of the market.

According to the official announcement, the globally leading pioneer in the cryptocurrency industry, Gate Group, has announced that its entity Gate Technology FZE (referred to as "Gate Dubai") has officially launched operations. Gate Dubai holds a Virtual Asset Service Provider (VASP) license under the regulation and supervision of the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to provide cryptocurrency spot trading services to institutional investors, qualified investors, and retail users. This launch is seen as an important advancement in Gate Group's global compliance strategy, further consolidating its compliance layout in the Middle East and North Africa (MENA) region and enhancing its ability to connect regional and global markets.It is reported that Gate Dubai will offer spot trading services covering mainstream cryptocurrency assets and support spot matching of local currencies and cryptocurrency assets to enhance asset allocation and trading convenience. At the same time, the platform has activated an independent localized site and is advancing the construction of a local team and customer support system, planning to participate in the development of the local digital asset ecosystem through industry collaboration and educational activities. According to official information from Gate Group, its related entities have obtained or completed relevant regulatory registrations, license applications, authorizations, or approvals in jurisdictions such as Malta, the Bahamas, Japan, Australia, and Dubai, continuously promoting a globalization path centered on compliance.

The Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Securities and Futures Commission jointly announced that, in addition to regulating "virtual asset trading" and "virtual asset custody" under the original regulatory framework of the Anti-Money Laundering Ordinance (AMLO), they are also preparing to introduce two additional types of licenses. The new licenses will regulate "providing advice on virtual assets" and "virtual asset management," with a public consultation period of one month starting today.According to the public consultation suggestions, the newly established licenses for "providing advice on virtual assets" and "virtual asset management" effectively separate the regulation of these two activities from the originally intended "virtual asset trading" license.

Datavault AI Inc. (NASDAQ: DVLT) today announced the acquisition of two key U.S. patents, significantly enhancing its intellectual property portfolio in the field of blockchain content management and monetization.These patents cover a system for monetizing digital content through token management via blockchain, as well as a comprehensive content licensing platform utilizing blockchain ledgers and secure identifiers. Combined with the company's existing Sumerian® crypto anchors, DataScore, and AI agent technologies, Datavault AI can tokenize intellectual property, creative content, and data assets into secure real-world assets.

ChainCatcher news, according to DL News, financial technology giant Revolut is set to launch its cryptocurrency services across the EU after obtaining the EU's Markets in Crypto-Assets (MiCA) license.Revolut announced on Wednesday that it has received the MiCA license from the Cyprus Securities and Exchange Commission. This license allows Revolut to promote its cryptocurrency services in 30 countries within the European Economic Area. Revolut's MiCA license also signals the upcoming launch of "Crypto 2." The company stated that this new service will offer users access to over 280 cryptocurrencies, zero-fee staking services, and stablecoin exchanges to USD at no spread.

ChainCatcher news, according to The Wall Street Journal, the National Hockey League (NHL) has reached a licensing agreement with the crypto prediction market platform Polymarket.

ChainCatcher news, the Hong Kong Office for Key Enterprises has announced that 18 companies, including the Polkadot Community Foundation, have settled in Hong Kong, bringing the total number of key enterprises to 102. Polkadot co-founder Vincent stated that he started educational work in Hong Kong three years ago. With low tax rates and a rich talent pool, along with the Hong Kong government's recent regulations on stablecoin licensing, he is optimistic about Hong Kong's prospects in promoting Web3.

ChainCatcher news, Hong Kong Legislative Council member and member of the Stablecoin Regulation Drafting Committee, Huang Junshuo, stated that regulatory authorities should complete the licensing of stablecoin issuers as soon as possible after improving the review process, and publish the list of licensed issuers, allowing the public to use and invest safely under legal protection. He emphasized that the actual application scenarios of stablecoins are still in the exploratory stage and should not become tools for speculation.Recently, there have also been related speculation and fraud cases, calling on the authorities to strengthen public education and promotion of digital assets, to raise investor awareness and avoid being deceived.

ChainCatcher news, according to the official safety alert released by the Hong Kong Monetary Authority, beware of fraudulent licensed stablecoin scams. The Hong Kong "Stablecoin Ordinance" has officially come into effect, and the regulatory system for stablecoin issuers has also begun to be implemented. The regulatory framework is still in its early stages, and the regulatory approach will adopt a "strict first, steady later" policy.With the implementation of the regulatory system, market participants should exercise caution when communicating with the public to avoid making statements that may lead to misunderstandings or create unrealistic expectations. According to the "Stablecoin Ordinance," falsely claiming to be a licensee or applicant is illegal.As of today, the Monetary Authority has not issued any stablecoin issuer licenses, and the public should be wary of any stablecoins or stablecoin issuers claiming to be "regulated" or "licensed" in Hong Kong. After licenses are issued, the Monetary Authority will upload the list of licensed stablecoin issuers to its official website.

ChainCatcher news, according to Jinshi Data reports, the Hong Kong Monetary Authority has issued and implemented a regulatory framework for stablecoin issuers. Any institution intending to apply for a license to conduct regulated stablecoin activities should express its intention to the licensing team. This move facilitates preliminary, informal discussions, allowing the licensing team to gain a deeper understanding of the institution's background and business model, as well as ensuring that they fully understand the licensing process and the minimum criteria required by the Financial Commissioner.Such discussions can prevent applications from being submitted prematurely and can also shorten the time required to process subsequent applications. If the Financial Commissioner grants a license based on the decision regarding the license application, it authorizes the institution to conduct any regulated stablecoin activities involved in the application, and the license may be subject to any conditions deemed appropriate by the Financial Commissioner. The Financial Commissioner shall not grant a license unless they are satisfied that the applicable minimum criteria for the licensee will be met if the relevant license is granted.

ChainCatcher news, Hong Kong Monetary Authority President Yu Weiwen published an article discussing stablecoins again. He mentioned that after the "Stablecoin Regulation" is passed, we will immediately implement the regulatory and anti-money laundering guidelines and seek market opinions. Currently, we are making appropriate adjustments to the guidelines based on feedback, aiming to announce them by the end of July.We expect that the final draft will not have significant changes compared to the consultation draft. Given the common international regulatory concerns, stricter requirements will be established in terms of anti-money laundering to minimize the risk of stablecoins being used as tools for money laundering, ensuring the orderly and healthy development of Hong Kong's stablecoin market. We have also noticed recent rumors in the market regarding the application process. We will publish a summary of the "Stablecoin Issuer Licensing System" next week, which will outline the arrangements for the Monetary Authority to accept and process license applications.

ChainCatcher news, according to The Wall Street Journal, Google has agreed to pay approximately $2.4 billion to acquire the technology license from AI programming startup Windsurf and hire its CEO and some employees. This deal was reached after negotiations for the acquisition of Windsurf by OpenAI stalled.