Cryptocurrency Live News & Updates : VeChain Integrates Wanchain for Cross-Chain Connectivity
VeChainThor has partnered with Wanchain to establish a cross-chain bridge, enabling connections to over 40 blockchains and enhancing liquidity for its native tokens. In a significant development, VeChainThor has integrated Wanchain as a cross-chain bridge partner, allowing it to connect with over 40 blockchains, including major networks like Bitcoin and Ethereum. This move aims to enhance liquidity for VeChain's native tokens, VET, VTHO, and B3TR, and expand their adoption across decentralized finance platforms. Meanwhile, Bitcoin has reached a new all-time high, trading above 113,000 USDT, reflecting the growing interest in cryptocurrencies. On the institutional front, NRW.BANK has issued a €100 million blockchain bond on the Polygon network, marking a notable step towards the acceptance of digital securities in Europe. Additionally, the U.S. Treasury has repealed the cryptocurrency broker reporting rule, signaling a shift in the regulatory landscape for digital assets. The U.S. administration is also advocating for dollar-pegged stablecoins to bolster the dollar's global standing, amidst rising international resistance. These developments highlight the evolving dynamics in the cryptocurrency space, with significant implications for liquidity, regulatory frameworks, and institutional adoption. Show more
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The Hindu
24 minutes ago
- The Hindu
Why is Hong Kong regulating and licensing stablecoins?
The story so far: Hong Kong is taking a decisive step forward in regulating certain types of cryptocurrencies, as it prepares to enforce the Stablecoins Ordinance from August 1. The new regulations come amidst an explosion of interest in stablecoins and their promising applications in both personal finance and international business. While crypto users who support official regulation are excited, the authorities have advised caution. What is the new stablecoin licensing system in Hong Kong? The Hong Kong Monetary Authority announced that the Stablecoins Ordinance will come into effect on 1 August this year. This means it will be illegal for people to 'offer any unlicensed fiat-referenced stablecoin (FRS) to a retail investor, or actively market the issue of unlicensed FRS to the public of Hong Kong,' according to Eddie Yue, Chief Executive of the HKMA. Furthermore, companies that want to legally issue stablecoins to users in Hong Kong will have to obtain a licence from the Monetary Authority as well as meet set requirements when it comes to managing reserve assets and redemption, asset stabilisation, and processing user requests. In addition to this, they will have to comply with the applicable regulations that prevent money laundering and terrorist financing, thus making sure that their assets are properly disclosed and audited. The HKMA warned that the regulations are not a red carpet for interested parties to begin issuing stablecoins, and that in the beginning it would 'at most grant a handful of stablecoin issuer licences. In other words, a large number of applicants will be disappointed,' per Mr. Yue in an official statement. What are stablecoins? Stablecoins are a class of cryptocurrencies, with their values linked to assets. Unlike better known cryptocurrency coins such as Bitcoin (BTC) and Ether (ETH) or even tokens such as Shiba Inu (SHIB), whose values can wildly rise and fall due to investor sentiments and other factors, stablecoins are designed to maintain relatively steady prices. Hence, their name. This so-called stability is achieved through the process of 'pegging' the stablecoin to an asset such as fiat currency (like U.S. Dollars, EU Euros, Hong Kong Dollars, etc.), a commodity (like gold), other cryptocurrencies (such as Bitcoin), by regulating their value via computer algorithms, or by mixing multiple strategies. While the price of Bitcoin might rise or fall in the coming years, a USD-pegged stablecoin should ideally remain around $1. Stablecoins are different from CBDCs, or Central Bank Digital Currencies, which are digital currencies officially issued and controlled by a government's central bank. Meanwhile, stablecoins can be privately issued and can also be pegged to foreign currencies. Why do stablecoins require regulation? Stablecoins play an important role both within and outside the crypto ecosystem, even if they might not balloon in price like Bitcoin. Crypto investors often use stablecoins to facilitate easy trading on crypto exchanges. Others around the world have used stablecoins to maintain the value of their savings when their native currencies are depreciating, or to save money on cross-border transactions. Argentina, Turkey, and even Taliban-occupied Afghanistan are some places where stablecoins are not just for trading, but a way to make daily life possible. The numbers tell a compelling story as well. Tether (USDT), the fourth largest cryptocurrency by market capitalisation and the largest stablecoin, per CoinMarketCap, has a circulating supply of 163.75 billion USDT. Meanwhile, more than $250 billion worth of stablecoins are estimated to be in circulation worldwide. Naturally, more governments are concerned about whether the highly engineered use of stablecoins could one day affect the value of the original fiat currencies or commodities backing them up. Furthermore, what is the guarantee that every stablecoin pegged to the dollar, euro, pound, or peso is actually backed up by its issuer? Currently, it is largely up to stablecoin users to audit their issuers' reserves and make sure that their stablecoins are adequately backed. When a stablecoin issuer suddenly adds millions of dollars in assets, it naturally raises questions about where the money to back this is coming from, or whether it really exists. This is where regulation comes in. Do stablecoins exhibit volatility despite being pegged to currencies? Despite their name and their backing, stablecoins can also exhibit volatility. In response to both technical factors and world events, stablecoins sometimes come unpegged and their prices may rise or fall beyond the usual range, with sudden drops triggering panic amongst investors. For example, USDT, which is pegged to the U.S. Dollar, has in the past fallen to prices as low as around $0.92. Stablecoins have also collapsed entirely. In May 2022, Terra's cryptocurrency LUNA and its linked algorithmic stablecoin UST both lost most of their value in a matter of hours. Panicking investors who no longer trusted these assets quickly sold them off to minimise losses, and the prices fell close to zero. Billions of dollars were wiped from the crypto sector and the ensuing liquidity crunch triggered asset freezes across global crypto exchanges and fintech platforms. Have other countries started to regulate stablecoins? U.S. President Donald Trump in July signed the GENIUS Act that is designed to regulate stablecoins and protect the U.S. dollar, much to the joy of his pro-crypto supporters. Per the White House, the GENIUS Act requires 100% reserve backing with liquid assets like U.S. dollars or short-term Treasuries for stablecoins. Those issuing this asset will also have to make monthly, public disclosures of the composition of their reserves, apart from complying with marketing rules. Other countries that have started to regulate stablecoins include Japan and Singapore, per AFP, while multiple other jurisdictions have more generic regulations that cover stablecoins along with other cryptocurrencies. Though the Chinese government heavily restricts crypto-related activities in its jurisdiction, some of the country's tech giants hope that Hong Kong's upcoming regulatory regime will provide an outlet for their own stablecoin ventures.
Economic Times
2 hours ago
- Economic Times
Cryptocurrency Live News & Updates : Gate US Launches Amid Crypto Skepticism
02 Aug 2025 | 01:55:11 AM IST Gate US has commenced operations in a market where most Americans recognize cryptocurrency but few understand it, presenting a significant challenge for the exchange. Gate US has officially launched its spot trading services for U.S. customers, navigating a landscape where 95% of Americans are aware of cryptocurrency, yet only 35% claim to understand it. This skepticism poses a challenge for Gate Group as it aims to attract mainstream users. Meanwhile, DeFi Development Corp. has partnered with Solflare to enhance the adoption of on-chain financial products, leveraging Solflare's user base of over 4 million. In contrast, Pi Network's token has seen a drastic decline, dropping over 86% from its all-time high, primarily due to oversupply and limited exchange listings. Technical indicators suggest a potential short squeeze could occur if Pi is listed on major exchanges. Additionally, several altcoins, including Toncoin and TRON, are showing resilience despite Bitcoin's recent dip, with traders optimistic about upcoming price movements. AAVE, despite its price drop, is experiencing a surge in network activity and fees, indicating a strong underlying performance in the DeFi sector. The current market dynamics highlight both challenges and opportunities as exchanges and projects strive to engage a skeptical audience. Show more
Time of India
3 hours ago
- Time of India
Haryana cabinet approves new mining levy vat concession for aviation fuel service rules amendments and policy decisions
With pdf box attached in CCI Chandigarh: In a move likely to impact construction costs across North India, the Haryana govt has imposed a ₹80-for-each-tonne levy on all mineral-laden vehicles entering the state, regardless of their final destination. The decision, approved by the state cabinet chaired by chief minister Nayab Singh Saini on Friday, forms part of sweeping reforms aimed at tightening mineral transit regulation and boosting state revenues. The new inter-state transit pass (ISTP) fee replaces previous rates of ₹100 and ₹20 depending on destination and will be collected through a departmental portal. The funds will support a surveillance-driven system of AI-enabled checkposts and QR code tracking to curb illegal mining and improve transparency. In contrast, the cabinet slashed the VAT (value-added tax) on aviation turbine fuel from 20% to 1% at all airports across Haryana. The tax cut is designed to promote regional air connectivity under the Centre's UDAN scheme and to attract investment in aviation-related activities such as maintenance and air adventure tourism. The cabinet cleared a host of other decisions, including a new framework for service security of contractual govt employees. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Benefits of Trading Bitcoin CFDs IC Markets Learn More Undo The 2025 Rules will designate penalty and appellate authorities for Group B, C, and D equivalent posts, streamlining grievance redressal and disciplinary processes. Haryana also moved to amend the Haryana Minor Mineral Concession Rules, 2012, formalising the ISTP levy and setting the stage for further regulatory changes under the 2025 amendment. In a relief for shop allottees at Panchkula's Agro-mall, the cabinet approved a compensation plan that offers 7% annual interest for delays in possession or refunds for those surrendering plots. The move follows multiple court rulings and aims to resolve long-standing legal disputes. Additionally, the state introduced a new policy granting easement rights to private landowners bisected by public access paths called Revenue Rastas. This will allow landowners to install infrastructure such as ducts and pipelines by leasing the land, without disrupting public right-of-way. To modernise recruitment and service conditions, the govt amended the 1997 Service Rules of the Women and Child Development Department. Post names, qualifications, and pay scales have been updated. New posts — such as district programme officers and plant managers — have also been integrated into the official cadre. In a significant development, the cabinet approved amendments to the Haryana Sikh Gurdwaras (Management) Act, 2014, transferring key powers from committees to a newly created Judicial Commission. The changes are aimed at improving accountability, with the commission gaining authority over employee disputes, member misconduct, and asset protection. Appeals will lie with the Punjab and Haryana high court under standard limitation rules. The cabinet gave its nod to extending a ₹1,850-crore loan guarantee for the India International Horticulture Market in Ganaur under NABARD's NIDA (Nabard Infrastructure Development Assistance) scheme. Declared a "market of national importance", the terminal market is expected to handle 20 lakh tonnes of produce annually, boosting incomes for farmers across northern India. Senior former legislators will now receive an additional ₹10,000 monthly medical allowance, along with other extended benefits, as part of a cabinet resolution aimed at supporting aging public representatives. In compliance with a court directive, the cabinet granted a compassionate appointment to the son of a departed scheduled caste woman, Mukesh Devi, whose murder had led to an FIR (first-information report) under the SC/ST Act. The decision honours judicial directions and reinforces the state's commitment to social justice. MSID:: 123045781 413 |
