X Platform to Launch Disclosure Requirements for Paid Promotions Including Kalshi and Polymarket Ads

People's Bank of China Governor Pan Gongsheng: Maintain high-pressure efforts to crack down on illegal financial activities such as virtual currency speculation

People's Bank of China Governor Pan Gongsheng stated at the National People's Congress that over the past year, China's financial risks have been effectively controlled, and the financial market has operated stably. In the future, efforts will continue to crack down on illegal financial activities, maintain financial stability, assess the impact of external shocks, and implement policy measures to manage risks.

Hong Kong Legislative Council Chairman Calls for Cautious Development of Stablecoins and Virtual Assets, Emphasizing the Need to Regulate AI Oversight

Hong Kong Legislative Council Chairman Regina Ip stated that she will support the development of the first five-year plan and proposed recommendations for financial and technological development. Hong Kong's National People's Congress delegate Chan Zhenying emphasized the need for cautious development of emerging financial products and regulation of AI usage to ensure financial security. Wu Jiezhuang mentioned that Hong Kong should leverage its advantages, consolidate its status as an international financial center, and promote technological innovation.

A certain CEX criticizes the new U.S. digital asset tax reporting regulations as too complicated, potentially increasing the burden on retail investors.

A Vice President of Tax at a certain CEX pointed out that the IRS's new regulation 1099-DA is overly complicated, requiring the reporting of small transactions such as stablecoin trades and Gas fees, which may lead to over-reporting and increase administrative burdens for cryptocurrency holders.

South Korea is preparing to open up for crypto investment businesses

The South Korean financial regulator is finalizing new guidelines allowing listed companies to invest directly in cryptocurrencies, aiming to clarify the legal framework for digital asset participation amid increased oversight. Major cryptocurrencies may benefit, but stablecoins face risks. This policy could attract institutional investment and enhance market transparency.

The U.S. Department of the Treasury recommends establishing a safe harbor mechanism for digital asset freezing, allowing for the temporary freezing of suspicious funds.

Gate News: On March 8, the U.S. Department of the Treasury submitted a report to Congress under the GENIUS Act, recommending that DeFi be explicitly required to undertake anti-money laundering and counter-terrorism financing (AML/CFT) obligations, and considering the establishment of a "hold law" mechanism for digital assets, allowing institutions to temporarily freeze assets during investigations of suspicious transactions without a court order. The report also revealed that the scale of crypto crimes continues to grow, with FBI records showing $9 billion in crypto scam losses in 2024.

U.S. CLARITY Act Sparks Controversy: White House Crypto Official and Banking Industry Clash Over Stablecoin Incentives

On March 8th, the discussion of the U.S. CLARITY Act sparked debates between the banking industry and White House officials. The president of the Texas Independent Bankers Association stated that a compromise would impact the local economy, while White House advisors warned that no compromise could lead to disastrous consequences.