China Central Television broadcasts crypto episode; Crypto bill being drafted in South Korea; Ledger Recover discontinued: Switching to open source code.
The Chinese state broadcaster, China Central Television (CCTV), aired an episode on the adoption of cryptocurrencies in Hong Kong. In the published section, it was stated that Hong Kong regulators are making final preparations for the trading of virtual assets in the Special Administrative Region and applications from virtual asset platforms will be accepted.
Hong Kong Securities and Futures Commission (SCF) official Zhonghui Cai emphasized that regulation of digital asset providers faces challenges such as cybersecurity, assurance of customers’ assets, and potential conflicts of interest between platforms and customers.
CCTV is the largest broadcaster in China, with over 1 billion viewers. Interestingly, in the 98-second crypto section, it was noteworthy that no negative information about the industry was included. This is in stark contrast to the anti-crypto stance of authorities in mainland China. Still, cryptocurrency ownership is allowed in the country.
Many industry leaders, including Binance CEO Changpeng Zhao, praised the coverage of an episode on cryptocurrencies in Chinese state media. “This is a big event. The voices of the Chinese-speaking communities are loud. Historically, we’ve seen news like this cause a bull rally,” said CZ.
Crypto bill being drafted in South Korea
The leader of South Korea’s ruling party stated that a bill would require lawmakers and senior government officials to declare cryptocurrencies. This bill will take effect in two months.
People Power Party MP Yun Jae-ok said that the introduction of new cryptocurrency disclosure rules cannot be expected until December. Yun stated that the bill needs to be amended for faster implementation.
Yun Jae-ok also stated that the bill needs more changes and should have a new clause to bring forward the implementation date before it is voted on.
Yun Jae-ok said that:
“Considering the current high public interest, it is inappropriate for the law to come into effect six months after its announcement, especially for lawmakers.”
The new bill is scheduled to be submitted to the Parliament for voting on May 26.
Under current rules, South Korean government officials are required to declare 1 million Korean won ($760) worth of stocks, bonds, jewelry, gifted memberships, and other assets. Currently, no such disclosure is required for cryptocurrencies and digital assets.
South Korean authorities stepped up regulation over cryptocurrencies and related digital assets after Do Kwon’s Terra ecosystem collapsed in May last year.
The most recent move by lawmakers has been to introduce a sweeping new bill proposed in April that aims to introduce tougher penalties for crypto-related crimes. This bill provides for increased fines and prison sentences ranging from one year to life imprisonment.
Ledger Recover discontinued: Switching to open source code
Hardware wallet Ledger is delaying the launch of Ledger Recover after a week of intense criticism.
Ledger’s CEO Pascal Gauthier, who has been bombarded with criticism for the new feature he introduced, made a speech in the Twitter chat rooms the other day. Gauthier stated that he evaluated the events of the last few weeks as an experience and learned lessons.
We miscommunicated at the launch of this product. It was not our intention to surprise people. Therefore, we understand the community’s guidance and apologize for the miscommunication.
In response to the concerns, Gauthier announced that the company will accelerate its plans to open source more of its codebase. The CEO stated that it will start with the basic components of the operating system and Ledger Recover. However, Gauthier assured him that the feature will not be released until this work is complete.
Ledger’s chief technology officer, Charles Guillemet, stated that they will publish a white paper on the Recovery Protocol to allay customers’ concerns. Guillemet also stated that informative blogs will also be included, as well as the white paper. In summary, the chief technology officer said that they will take a more transparent approach from now on.