The new deal of blockchain has been introduced, and the global cryptocurrency has accelerated compliance!

On August 4, the General Office of the Beijing Municipal Party Committee and the General Office of the Beijing Municipal People’s Government issued the “Beijing’s Implementation Plan on Accelerating the Construction of a Global Digital Economy Benchmark City.” It is pointed out that it is necessary to advance the layout of the blockchain, focusing on the high performance, security, privacy protection, and scalability of the blockchain. Accelerate technological breakthroughs in consensus mechanisms, distributed storage, cross-chain protocols, smart contracts, etc., achieve breakthroughs in key technology breakthroughs in large-scale blockchain algorithm performance, and activate ultra-large-scale data element assets through aggregation, and take the lead in building data-native urban infrastructure. Concentrate on the construction of an open and interconnected international data hub to create a world-leading new digital economy system.

On August 4th, the Fujian Provincial Development and Reform Commission issued the “Notice of the Fujian Provincial Department of Finance of the Fujian Provincial Development and Reform Commission on organizing the application of artificial intelligence, 5G, blockchain and other special funds for the development of provincial digital economy in 2021”. It is pointed out that special funds for the development of digital economy will be established, of which the direction of the blockchain will focus on supporting the demonstration applications of the blockchain and innovative products of the blockchain. It is planned to arrange funds of about 20 million yuan to support the construction of no more than 20 projects. Among them, blockchain demonstration application projects can receive up to 3 million yuan in subsidies, and blockchain innovative products can receive up to 2 million yuan in subsidies.

ZB Research Institute believes that the blockchain related policies in Beijing and Fujian show China’s attitude towards blockchain technology. From the perspective of Beijing’s vision of “building a new global leading digital economy system”, China is bound to plan to invest more supporting funds in the blockchain industry to maintain its “leading” position. In addition, in addition to Beijing and Fujian, Hainan, Guizhou, Yunnan and other provinces and cities have successively issued or implemented blockchain technology subsidy policies to help the blockchain continue to flourish in China!

In addition, China’s subsidy and subsidy policies for blockchain technology have also affected the formulation of relevant policies in other countries.

On August 4th, South Korean parliamentarians are promoting a plan to amend the “law on the reporting and use of specific financial transaction information” (special law). The main purpose of the law is to ensure the issuance of real name accounts when the virtual currency exchange meets some requirements, and extend the reporting period of the exchange to six months. Some analysts believe that the promotion of the bill by South Korean parliamentarians is intended to weaken the impact of the current special provisions law. According to South Korea, there are only four exchanges in South Korea that support real name accounts for Korean currency trading.

On August 4th, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), was open to Bitcoin futures ETF. It also suggests the possible way for Bitcoin ETF to obtain approval — to protect the asset security of investors. ZB Research Institute believes that Gary Gensler’s hint may lead ETF to pay more attention to transaction security.

On August 4th, a new proposal for a digital conversion law drafted by a group of Spanish legislators will allow mortgages to be paid in cryptocurrency in Spain. The new draft submitted by members of the Spanish people’s party will standardize and legalize many emerging technologies in China, including Bitcoin, blockchain and artificial intelligence (AI). The draft law also includes other incentives, such as tax breaks for companies and organizations that use and create solutions based on these technologies. In addition, the draft law considers the prospect of homeowners paying mortgages in cryptocurrency and encourages the use of these assets as a means of transaction.

On August 4, the new Acting Administrator of the Office of the Comptroller of the Currency (OCC), Michael Hsu, testified before the Senate Banking Committee on Tuesday that he was reviewing the crypto custody license program. He told the U.S. Senate committee that some past encryption initiatives have not been “coordinated with all stakeholders.” However, he added that he supports granting licenses to fintech companies.

ZB Research Institute believes that the relevant attitude of the U.S. Securities and Exchange Commission and the U.S. Office of the Comptroller of the currency indicates that relevant U.S. financial departments are considering gradually liberalizing ETF applications, which will then affect the overall progress of global cryptocurrency compliance. Analysts believe that the relevant policies of China, the United States, Spain and other countries will accelerate the process of cryptocurrency compliance.

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