Paul Chan said that the issuers of stablecoins are regulated by the Hong Kong Monetary Authority (HKMA), and the main regulatory principles are similar to those of traditional financial assets. Relevant issuers must comply with regulations on reserve asset management and redemption, including properly segregating client assets. When stablecoin holders request redemption, it must be completed within one working day to meet user requirements.

Paul Chan added that because stablecoins have payment characteristics, when services or projects are carried out in the "Belt and Road" regions where local currency exchange rates fluctuate significantly or the financial system is underdeveloped, using local currency for payment poses certain risks. In such cases, the counterparty can use stablecoins for payment purposes.
Next news:Wu Shuo learned that according to @ai_9684xtpa monitoring, the address 0x927...51721 on BSC suffered a sandwich attack loss of 47 thousand USDT while brushing Alpha points with KOGE/USDT, possibly due to the MEV protection not being enabled. Only 0.009 KOGE was purchased, with a unit price as high as 5,181,958 USD.
Next news:According to ChainCatcher, as monitored by Ember, a whale redeemed 10,708 ETH (26.96 million USD) from Lido 10 minutes ago and then transferred the entire amount to OKX.
Next news:On June 6, the Japanese House of Councillors passed an amendment to the "Funds Settlement Act," establishing a new system for "crypto asset intermediary business." This allows companies to engage in matching services without registering as crypto asset exchange operators, aiming to lower market entry barriers and promote crypto financial innovation.

The amendment also introduces a "domestic custody order" clause, granting the government the authority to require platforms to keep a portion of users' assets within Japan when necessary, to prevent the risk of asset outflows similar to the FTX bankruptcy incident.

The new law is expected to come into effect within one year from the date of promulgation. (CoinPost)
Next news:Foresight News reports that according to @ai_9684xtpa monitoring, the "ETH ICO 1 million ETH whale" re-deposited 994.8 ETH to OKX six hours ago, valued at approximately 2.51 million USD, with a cost as low as 0.31 USD. Since May 26, the amount of ETH suspected to be sold by this address has increased to 8,854.29 ETH, with a total value of about 22.72 million USD, and an average deposit price of 2,566 USD.
Next news:Argentine President Javier Milei did not violate any regulations when promoting a cryptocurrency token named Libra in February this year. After an investigation by the government's anti-corruption office, it was determined that Milei's promotion on the social platform X was a personal action and did not involve the use of federal resources, thus not breaching federal civil service ethics laws. This anti-corruption office is part of a government department responsible for overseeing officials' conduct.
Next news:According to ChainCatcher, the dYdX official X platform revealed that over 52 million ethDYDX tokens have yet to be migrated to the native DYDX tokens on the dYdX chain. Previously, the dYdX community approved a proposal with approximately 91% votes in favor, planning to launch a final on-chain proposal on June 9, 2025 (tomorrow) to terminate the bridging support between Ethereum and the dYdX chain. The dYdX official reminds users that with the June 9 deadline approaching, it is recommended to migrate ethDYDX to native DYDX tokens as soon as possible to avoid potential issues.

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