Policy & Regulation
Jun 10, 2024
HSBC China Launches Digital Yuan Services For Corporate Clients
According to Odaily, HSBC Bank (China) Co., Ltd., also known as HSBC China, has recently announced the launch of digital yuan services for its corporate clients. This makes it one of the first foreign banks to offer digital yuan services to both corporate and retail customers. The move comes amid frequent developments in the digital yuan sector and the continuous expansion of pilot applications. HSBC's expansion of services to corporations indicates that foreign banks are actively using the digital yuan to enhance customer service capabilities and boost the development of the digital economy. Since the launch of personal digital yuan services in November 2023, HSBC China has been continuously laying out in the digital yuan field. Through close cooperation with the digital yuan operating institution, Bank of China, HSBC China has expanded its services to the corporate end. It has launched digital yuan public wallet-related services for its corporate clients, who can bind the digital yuan wallet to their bank accounts for management and automatically deposit the digital yuan into their bank accounts. As the first transaction after the opening of corporate digital yuan services, HSBC has made a trial in the education field. It assisted Nord Anglia Education Group, a bilingual education group, in opening digital yuan services for its six schools in Shanghai, Beijing, Guangzhou, Jiaxing, and Suzhou. It also helped them successfully complete the first digital yuan receipt, further expanding their receipt channels and empowering the construction of smart campuses.
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Jun 10, 2024
South Korea's Virtual Asset User Protection Law To Take Effect, Guidelines On NFTs Released
According to Odaily, South Korea's 'Virtual Asset User Protection Law' is set to take effect on July 19, and regulatory authorities have released guidelines on whether Non-Fungible Tokens (NFTs) are considered virtual assets. Previously, financial authorities announced through the 'Virtual Asset User Protection Law Enforcement Order' that NFTs are not considered virtual assets. This principle has been retained, but NFTs that have characteristics of virtual assets may be considered as such. Companies issuing NFTs must declare their business as a virtual asset business to the competent department. The Financial Services Commission announced the NFT guidelines containing this information on the 10th. After the implementation of the 'Virtual Asset User Protection Law', NFTs generally traded for the purpose of 'content collection' will be excluded from the scope of virtual assets. For ambiguous NFTs, the application of the law depends on the substance of the NFT, determined in the order of 'securities → virtual assets'. It is first determined whether the NFT is a security, and then its essence is determined to see if it belongs to virtual assets. Whether it belongs to virtual assets is judged according to the following criteria: 1) Large issuance or large-scale series, with high substitutability; 2) Can be divided, with significantly weakened uniqueness; 3) Direct or indirect payment method for specific goods or services; 4) Virtual asset exchanges can be conducted between unspecified persons, or payments can be made for other virtual asset-related goods or services.
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Jun 04, 2024
Binance Empowers INTERPOL with Advanced Cybercrime Investigation Training
Binance is doubling down on its commitment to enhancing security in the crypto space. Coming off the heels of the positive symbiosis during the earlier introductory session, Binance's Financial Crime Compliance (FCC) team successfully conducted an advanced training session for officers of the International Criminal Police Organization (INTERPOL) on May 29, 2024. The one-off training used practical case studies stemming from the FCC team's investigations, thereby showcasing specific methods employed in cryptocurrency crime analysis. This initiative is aimed at strengthening the understanding and efficiency of INTERPOL officers in handling cryptocurrency crimes and Web3 cyber policing. Horest Au Yeung, an INTERPOL representative, underscored the value of the collaboration, quoting, "The real-world case studies shared by Binance’s FCC team offered new perspectives on cryptocurrency investigations. This strategic partnership can intensify our capabilities and knowledge pool." Jarek Jakubcek, Binance's Head of Law Enforcement Training, expressed his satisfaction with the ongoing collaboration between Binance and INTERPOL. He highlighted the necessity and impact of collective action and mutual knowledge sharing in tackling cybersecurity threats in the crypto milieu. In his words, "Our collaboration with INTERPOL is not just about joining forces - it's inherently about stepping up to the challenge. We remain committed to working closely with global law enforcement agencies in the fight against criminal activity." In 2023 alone, the Binance FCC team held 120 workshops and training sessions for global cybercrime specialists and processed over 58,000 requests from law enforcement agencies. This collaboration with INTERPOL further signals Binance's commitment to combating cybercrime in the ever-evolving digital finance landscape.
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