Regulatory Dynamics

1. The European Commission seeks opinions on cryptocurrency taxation.

The European Commission is seeking public feedback on the reporting standards for cryptocurrency asset taxation. The OECD plans to introduce a common reporting standard for cryptocurrency assets in 2021, which will be similar to the existing anti-tax evasion CRS. This proposal was released in November, and the public can submit feedback by December 21. The new rules are expected to be officially launched in the third quarter of 2021.

2. Kazakhstan Research on Introducing Central Bank Digital Currency

The Central Bank of Kazakhstan is researching the launch of a central bank digital currency ( CBDC ). According to a survey, 80% of central banks worldwide have conducted research or pilot projects on digital currencies. The Kazakh central bank is collaborating with international organizations to study regulatory methods and is participating in the observation of several CBDC projects. The Kazakh central bank plans to announce a report on the introduction of digital currency in the second half of 2021.

3. Nigeria establishes a cryptocurrency regulatory framework

The Nigerian Ministry of Finance is working with the securities regulatory agency to establish a new regulatory framework for blockchain and cryptocurrencies. This move aims to provide a regulatory environment for digital assets and may accelerate the adoption of cryptocurrencies in the country. The regulatory objective is to set standards that encourage ethical norms and establish a fair and effective market.

4. Suzhou will test digital RMB red envelopes

Following Shenzhen, Suzhou will launch a digital RMB red envelope test on December 12. Currently, many merchants in Suzhou's Xiangcheng District have installed NFC QR codes, and testers have experienced digital RMB payments, including "offline" and "tap" features. Chengdu is also conducting internal testing using a whitelist invitation system.

5. The Queen of England expresses interest in blockchain

Queen Elizabeth II of the United Kingdom recently expressed interest in blockchain technology. In her reply, she mentioned being interested in the "British Blockchain Association Magazine," as it is the first open-access blockchain research journal that is both print and online.

Industry News

1. PlusToken Case Asset Handling

The verdict document of the second trial of the PlusToken Ponzi scheme has been released, revealing that approximately $4.2 billion in cryptocurrency was seized, including nearly 200,000 Bitcoins and 830,000 Ether. The verdict shows that the confiscated digital currencies have been legally processed, and the proceeds and earnings will be turned over to the national treasury. According to reports, most of the assets were sold between the end of 2019 and mid-2020, and about 15,000 Bitcoins may still be unprocessed.

2. Ethereum 2.0 launch conditions met

The Ethereum 2.0 staking contract has reached the minimum requirement of 524,288 ETH needed to launch the genesis block. This means that Ethereum 2.0 is scheduled to launch on December 1st as planned. The staking progress is rapid, completing 80% in just 2 days, showing a new trend of combining staking with DeFi.

3. Facebook Libra Project Update

According to informed sources, Facebook plans to issue the cryptocurrency Libra in a limited form as early as January 2021. Initially, it may only issue a single stablecoin pegged to the US dollar, with versions pegged to other fiat currencies to be launched subsequently. The specific issuance time depends on the approval of Swiss financial regulators, which could be earlier than the previously expected May 2021.

4. Cancellation of CCB Digital Bond Program

The digital bond Longbond SR Notes USD, originally planned to be issued by the China Construction Bank Labuan Branch based on Ethereum, has been canceled. The underwriting platform Fusang Exchange stated that it has suspended the listing process and has begun to refund investors' funds.

5. Progress of Cryptocurrency Regulation in South Korea