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Zhengyao said using yuan to buy crypto before exchanging it for foreign fiat currencies may be considered cross-border activity under the new rules. It will be difficult to circumvent the country’s forex rules through crypto under the new regulations.
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Liu Zhengyao, a lawyer at ZhiHeng law firm, said that the new rules will provide another basis for punishing crypto trading, and added that China’s regulatory stance toward crypto may continue to tighten.
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Chinese regulators also require banks to track the activities based on the identity of individuals and institutions involved, their sources of funds and the frequency of their trades.
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Under the rules, banks must monitor and report risky forex trading activities. This includes cross-border gambling, underground banks and illegal cross-border financial activities involving crypto assets.
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On Dec. 31, the South China Morning Post reported that mainland China’s new rules will make it more difficult for residents to buy digital assets.
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The Chinese foreign exchange regulator introduced foreign exchange rules requiring the country’s banks to monitor and flag risky trades involving crypto assets.
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The FCA said that users who deal with unauthorized projects like Retardio will not have access to the country’s Financial Ombudsman Service, which settles financial complaints, or the Financial Services Compensation Scheme, which protects consumers when firms go out of business.
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The financial watchdog said that the token project may be promoting financial services in the UK without the FCA’s permission. The regulator told consumers to only deal with FCA-approved companies to ensure they are protected in case of mishaps.
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One of the projects the FCA is wary about is a Solana-based memecoin project called Retardio. On Dec. 16, the FCA warned UK citizens to avoid dealing with the memecoin.
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Google did not post any other requirements for hardware wallets. However, the company reminded its advertisers that they expect them to comply with local laws of any area they want to target using Google’s advertising platform.
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The collapse of UST and the ensuing fallout led to a formal investigation of Terraform Labs and founder Do Kwon from US federal authorities culminating in charges and a steep settlement of $4.4 billion.
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This signaled that the algorithmic stablecoin did not have sufficient underlying reserves backing it — leading to a complete collapse of the price of UST as investors panic-sold UST holdings.
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Amid UST’s freefall, the market capitalization of the algorithmic stablecoin became significantly larger than the underlying LUNA reserves acting as collateral for UST.
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On May 10, 2022, TerraUSD crashed to $0.67, causing a cascade of liquidations among long-leveraged traders and creating more fear, uncertainty, and doubt among investors.
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The descent of the algorithmic stablecoin began on May 8, 2022, when a whale dumped approximately $285 million in UST. This caused UST to lose its 1:1 dollar peg and trade at a spot price of $0.98.
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TerraUSD, an algorithmic stablecoin that maintained its peg with the US dollar through software and digital asset collateral, collapsed in May 2022. At the time, TerraUSD was the third-largest stablecoin by market capitalization.
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TerraUSD’s collapse in May 2022 sent shockwaves through the crypto community and had a significant impact on stablecoin regulation, like the Lummis-Gillibrand Stablecoin Act of 2024, which prohibits algorithmic stablecoins.
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Tai Mo Shan, a subsidiary of Jump Crypto, agreed to settle with the United States Securities and Exchange Commission (SEC) for $123 million on Dec. 20 for misleading investors about the stability of the TerraUSD (UST) algorithmic stablecoin before its collapse.
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Cointelegraph reached out to Richard Schueler for comment but did not receive a response by the time of publication.
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The SEC claimed Heart had raised more than $1 billion through “the unregistered offer and sale of crypto asset securities,” According to the complaint, Heart touted the tokens “as a pathway to grandiose wealth for investors.”
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