November 1 was an action-packed day in the crypto-verse. Tokens like Shiba Inu and Dogecoin glided up on their charts, thanks to Elon Musk’s Halloween tweet.
Read More – Shiba Inu, DOGE react to Elon’s Halloween Tweet: What’s ahead?
Apart from that, a host of crypto and digital currency developments on the regulatory and policy fronts took place in the Asian markets today. Here are the most notable ones:
Digital Yuan to offer controllable anonymity
Talking at the Hong Kong Fintech Week, Chinese central bank governor—Yi Gang—detailed the progress of the nation’s national digital currency. The minister said that the digital yuan was being positioned as an alternative to cash in China. He added that “privacy protection is one of the top of the issue on our agenda.”
With respect to why a balance between privacy protection and combating illicit activities was needed, he said,
“It is also important to keep in mind that anonymity and full disclosure are not as simple as black and white. There are many subtleties in between. Therefore, we must strike a delicate balance between protecting privacy and combating illicit activities.“
South Korea to tighten fraud protection screws
The collapse of the Terra ecosystem triggered regulators around the world to take measures with respect to investor protection. The Financial Services Commission and the National Assembly are reportedly working to pass a bill related to virtual assets focusing on the said protection agenda within the year.
Per a local media report,
“The key is to create a legal basis for the financial authorities to monitor and punish unfair trade practices such as undisclosed information use, market price manipulation, and fraudulent fraud while supervising virtual asset exchanges.“
India to prioritize crypto regulation
India has remained considerably hostile towards crypto over the past few years. However now, it seems like the government in this Asian nation is keen to regulate the space. Crypto regulation will reportedly be one of the eight priorities during the country’s year-long G20 Presidency that commences next month.
Addressing the same in her keynote talk at an annual event organized by ICRIER on the approaching G20 Conference, she said,
“We have to see how crypto assets can be regulated with all countries on board because no single country can succeed individually, being in a silo and trying to regulate the crypto assets… So, we need to have the members of G20 come on board to see what best needs to be done.”