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Regulatory Dynamics: China’s Five-Year Plan First Mentions Digital Money, Global Encryption Regulation Tightens
Regulatory Dynamics
Recently, the full text of the "Suggestions of the Central Committee of the Communist Party of China on Formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through the Year 2035" was released. The document mentions the need to "steadily promote the research and development of digital currency," marking the first time digital currency has been included in the national five-year plan. The planning suggestions indicate that a modern central banking system should be established, the monetary supply control mechanism improved, the research and development of digital currency advanced, and the market-based interest rate formation and transmission mechanism refined.
The Financial Services and the Treasury Bureau of the Hong Kong Special Administrative Region Government has released a consultation document seeking public opinion on amending the "Anti-Money Laundering and Counter-Terrorist Financing Ordinance." The document proposes the establishment of a licensing system for virtual asset service providers, requiring institutions engaged in virtual asset trading platform operations in Hong Kong to apply for a license from the Securities and Futures Commission and meet the criteria for suitable persons. Licensed institutions must comply with relevant anti-money laundering and counter-terrorist financing regulations, as well as other regulatory requirements for investor protection. Engaging in regulated virtual asset activities without a license will constitute a criminal offense, punishable by up to 7 years in prison and a fine of up to 5 million.
The State Duma of Russia is discussing a new bill that may require Russian citizens to declare their "electronic" asset earnings and holdings on overseas platforms. According to the draft, citizens must report to the tax authorities if their annual trading volume on foreign digital platforms exceeds $7,730. This move could affect cryptocurrency trading. The bill also grants legislators and the federal tax department regulatory authority over crypto wallets and trading accounts.
The cryptocurrency exchange BLOX has become the first retail cryptocurrency platform to obtain an operating license since the Netherlands implemented the EU's 5th Anti-Money Laundering Directive (AMLD5). BLOX is the first consumer-facing cryptocurrency company registered with the Dutch central bank, allowing consumers to invest a minimum of 1 euro to purchase Bitcoin. This approval means that cryptocurrency remains accessible to the general public. In the Netherlands, all companies that allow users to buy, sell, trade, and hold cryptocurrency must register with the central bank.
The Financial Services Commission of South Korea is seeking to amend the law requiring domestic virtual asset service providers (VASP) to report customer names. The proposed "Bill on Reporting and Using Specific Financial Transaction Information" aims to prevent money laundering. The bill defines VASP as entities engaged in the purchase, sale, and trading of virtual assets, as well as providing custody, digital wallet, and brokerage services. After the revision, VASPs must use real-name accounts when conducting financial transactions with customers and must meet multiple regulatory requirements.
Venezuela has launched the state-owned cryptocurrency exchange VEX (Venezuelan Exchange). This exchange will support trading pairs of the Petro (PTR), Bitcoin (BTC), Litecoin (LTC), and DASH with the Bolívar. According to a statement from Venezuela's cryptocurrency regulatory body, Sunacrip, VEX will operate using "P2P technology" and can be accessed and connected through the government-issued cryptocurrency wallet application, PetroApp.