Chinese Pull Crypto TV Video Following Binance CEO’s Comments

Almost 60K Korean Crypto-Holding Households Owe $389M in Unpaid Social Insurance PremiumsThe National Health Insurance Service (NHIS) in South Korea is intensifying its efforts to collect overdue premiums. Many high-income individuals who can afford to pay premiums for social insurance, including health insurance, have been neglecting their dues.Photo by Hush Naidoo Jade Photography on UnsplashVirtual assets for seizureAccording to the documents submitted on October 18 by the NHIS to lawmaker Jung Choun-sook, a member of the National Assembly’s Health and Welfare Committee, the NHIS is actively identifying a range of assets, including copyrights and virtual assets, that can be seized from these individuals. The NHIS aims to recover overdue premiums through stringent measures such as confiscation and government auctions. This move is designed to deter high-income earners from neglecting their obligations, ensuring fairness for those who consistently pay their premiums.Almost 60,000 crypto-holding householdsThis year, the NHIS discovered that 59,513 households, despite owning virtual assets, had outstanding social insurance premiums amounting to KRW 525 billion ($389 million). The NHIS has initiated collection efforts. In 2021, the insurance agency identified 5,336 households with virtual assets that had unpaid social insurance premiums totaling KRW 62.2 billion. Of this, the NHIS successfully collected KRW 6.92 billion, representing 11.13% of the total arrears.On this matter, lawmaker Jung highlighted that the government should strive to bolster the NHIS’s financial health. She underscored the importance of identifying concealed income sources or assets, like cryptocurrency holdings, of premium defaulters to ensure the collection of their overdue premiums.

Legislator Invites Coinbase to Set Up Shop in Hong KongHong Kong continues to position itself as a favorable destination for the cryptocurrency industry, with the latest evidence of that coming in the form of an invitation to US-headquartered crypto exchange Coinbase to set up a base in the autonomous Chinese territory from one of its legislators.In a bold move showcasing its progressive stance on cryptocurrencies, Johnny Ng, a member of Hong Kong’s Legislative Council, has extended an invitation to Coinbase and other crypto exchanges to establish their operations in the region. Ng took to Twitter on Saturday to express his support and offer assistance to “all global virtual asset trading operators,” emphasizing the potential for stock listing opportunities.This invitation came at the end of a week which saw major industry players like Binance and Coinbase face legal action from the United States Securities and Exchange Commission (SEC).Photo by Ben Cheung on PexelsContrasting approachesHong Kong stands in stark contrast to the cautious approach adopted by many Western countries when it comes to cryptocurrencies. In January 2023, Paul Chan, Hong Kong’s Financial Secretary, reaffirmed the government’s commitment to building a robust ecosystem for crypto and fintech. Since then, Hong Kong has been actively developing regulations and implementing compliance measures to foster the growth of the cryptocurrency industry.Recently, the Hong Kong Monetary Authority (HKMA) announced its intention to lay the foundation for a retail central bank digital currency (CBDC). This initiative, revealed on June 9, aims to explore the benefits of CBDCs as a means of everyday payment transactions and to facilitate customer access to cryptocurrency exchanges.Crypto hub ambitionsNg’s invitation to Coinbase exemplifies Hong Kong’s ambition to become a leading digital hub for the crypto industry. Several crypto exchanges, including OKX and Huobi, have already applied for virtual asset service provider licenses in the region, demonstrating their confidence in Hong Kong’s favorable regulatory environment.Hong Kong’s crypto-friendly approach has also attracted interest from prominent international technology companies. In January, Samsung, the South Korean tech giant, announced plans to launch a Bitcoin futures active exchange-traded fund on the Hong Kong Stock Exchange.Furthermore, reports emerged in mid-February suggesting that Chinese government officials have granted strategic approval to Hong Kong’s pro-crypto initiatives. This recognition from Chinese authorities further underscores the significance of Hong Kong’s efforts in the crypto space and their potential impact on the broader digital currency landscape.Coinbase going globalLong before the arrival of last week’s lawsuit against Coinbase, the company had indicated that it was broadening its horizons. Some weeks back, SEC Chair Gary Gensler appeared on Capitol Hill in Washington, D.C., and Coinbase Founder and CEO Brian Armstrong chose that moment to outline that the company would look to operate overseas if the regulatory environment didn’t change in the US.In the intervening weeks, Coinbase has extended its product offering in Singapore, indicating its interest in establishing a base in Abu Dhabi while obtaining crypto licensing in Bermuda.With its proactive regulation, dedication to fostering industry growth, and growing interest from global players, Hong Kong is poised to become a prominent player in the cryptocurrency world. Despite the ongoing scrutiny faced by Coinbase and other exchanges in the United States, Hong Kong presents an attractive alternative for these companies to expand their operations and tap into the region’s thriving crypto ecosystem.

Nexo DWTC, the Dubai arm of the well-known crypto lender, has obtained initial licensing approval from Dubai’s Virtual Assets Regulatory Authority (VARA), marking a significant milestone in the company’s growth and development.Photo by Carlos Alberto Gómez Iñiguez on UnsplashLending, borrowing and broker-dealer activitiesThe approval grants Nexo the authorization to engage in virtual asset lending and borrowing, management and investment relative to digital assets, together with broker-dealer activities within the region. Commenting on the development, Nexo Managing Partner, CFO and Co-Founder Kalin Metodiev, stated:”Nexo is enthusiastic about the pursuit of new market strategies aligned with the transformative guidance of Dubai's Virtual Asset Regulatory Authority." The United Arab Emirates (UAE) has played a pivotal role in promoting the region as a nucleus for global innovation and governance. Dubai's early adoption of blockchain strategies in 2016 and the establishment of VARA in 2022 underscore its commitment to emerging as a global epicenter for digital asset innovation. This initiative mirrors the city's longstanding influence in the traditional finance sector. Seven million worldwide usersFor Nexo, which caters to over 7 million users worldwide, the Dubai market represents a substantial opportunity for regional expansion and the delivery of premium services. Nexo is cementing its position as a leading digital assets institution. However, it hasn’t always been easy for the company. Amidst the broader cryptocurrency downturn post the 2021 market peak, Nexo faced significant challenges. In 2022 prominent crypto lenders faced bankruptcy, drawing heightened scrutiny towards Nexo given its involvement in similar business activities. This prompted speculations about the platform's sustainability. Additionally, Nexo grappled with regulatory pressures, notably agreeing to a $45 million settlement with the U.S. Securities and Exchange Commission (SEC) for failure to register the offer and sale of its Earn Interest Product (EIP). It also faced money laundering charges in its home base of Bulgaria. These charges were later dropped. Subsequently, the company pursued $3 billion in damages from the Bulgarian state, refuting allegations that brought disrepute to the company following an investigation that found no evidence against it. Reflective of a more positive outlook more recently, Nexo Co-Founder Antoni Trenchev took to CNBC on March 1, offering his prediction that Bitcoin is on target for a $100,000 unit price in the not-too-distant future. VARA, established in March 2022 following the enactment of Law No.4 of 2022, assumes the responsibility of regulating, supervising and overseeing virtual assets and virtual asset activities across all zones in the Emirate of Dubai, excluding the Dubai International Financial Centre. VARA's pivotal role in crafting an advanced legal framework is geared towards safeguarding investors, setting international standards for virtual asset industry governance and bolstering the vision of a borderless economy. Nexo's attainment of initial approval from VARA signifies a major breakthrough in its expansion efforts, underscoring its commitment to compliance and innovation in the digital asset space. This achievement positions the company as one of the few crypto lenders making inroads into the influential Dubai market.