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Futures News on October 14, according to the National Grain and Oil Information Center, the oil mills were operating at a limited rate during the National Day holiday, and the soybean crushing volume decreased. Monitoring shows that as of the week of October 11, the domestic soybean crushing volume was 1.54 million tons, compared with 1.51 million tons in the previous week, a month-on-month decrease of 700,000 tons, an increase of 610,000 tons over the same period last year, and an increase of 140,000 tons over the average of the same period in the past three years. After the holiday, the oil mills resumed work and production actively, and the operating rate rebounded significantly. It is estimated that the soybean crushing volume of domestic oil mills this week will be about 2.15 million tons.On October 14, Luo Wen, director of the State Administration for Market Regulation, said at a press conference held by the State Council Information Office on the 14th that the burden on enterprises has been effectively reduced. We must increase our efforts to reduce institutional transaction costs, vigorously promote the reform of "efficiently completing one thing", and promote the transformation of business affairs from "multiple places, multiple windows, multiple times" to "one place, one window, one time". We must work hard to reduce the burden on enterprises, focus on key charging entities and key industries, organize special inspections and key spot checks on illegal charges involving enterprises, speed up the refund of illegal charges, and let enterprises benefit as soon as possible. We must continue to work hard to improve the long-term supervision mechanism for charges involving enterprises, promote the revision of the regulations to ensure the payment of funds for small and medium-sized enterprises, and effectively safeguard the legitimate rights and interests of enterprises.On October 14th, Cong Lin, deputy director of the State Financial Supervision and Administration, stated at a press conference held by the State Information Office on the 14th that as of the end of August 2024, the balance of RMB loans was 25.202 trillion yuan, a year-on-year increase of 8.5%.On October 14, Luo Wen, director of the State Administration for Market Regulation, said at a press conference held by the State Council Information Office on the 14th that (APP) large-scale equipment renewal and old-for-new consumer goods can effectively stimulate investment, promote consumption, and provide enterprises with a broad market development space. Since the beginning of this year, the General Administration has arranged 130 standard formulation and revision tasks around the "two new" actions. At present, we have completed 74 of them. Next, we will further implement the standard improvement action, accelerate the development of standards, focus on upgrading energy consumption and emission technical standards, improve product quality and safety standards, and increase the supply of recycling and reuse standards, and effectively use standards to promote equipment renewal and old-for-new consumer goods.Futures news on October 14, according to the World Copper Capital Recycled Copper Trading Service Center, at 10:30 on October 14, 2024, the contract price of recycled brass billet 2410 of the Shanghai Commodity Exchange was 49,710 yuan/ton, an increase of 190 yuan/ton, an increase of 0.38%.

Brazil crypto law back on agenda as FTX collapse sends shockwaves

Cory Russell

Nov 18, 2022 16:21

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This is because unregulated digital currencies are now much more of a problem as a result of FTX's demise.


Following the fall of FTX, formerly the darling of the industry, Brazilian crypto enthusiasts are pleading with lawmakers to approve a bill intended to strengthen oversight of the sector. This is because unregulated digital currencies are now much more of a problem as a result of FTX's demise.


The regulation had been "sort of inactive" during the election season, according to Roberto Dagnoni, a key executive at SoftBank-backed exchange Mercado Bitcoin, but it now needed to be a priority.


If the FTX debacle has a silver lining, it is that the law is now given priority, he told Reuters on Tuesday. Some players have been exempt from the current restrictions, thus they are free to act whatever they like. Much would change if this bill passed.


The bill, which was approved by the senate earlier this year and is now awaiting action by the lower chamber, would require all locally active cryptocurrency providers to have a physical presence in the nation and require the disclosure of any suspicions of money laundering and other criminal activity. For violations, the text lists fines and possibly jail.


According to research from 2022 Chainalysis, Brazil is one of the top 10 most active markets worldwide for cryptocurrencies.


The previous leader of the nation's blockchain association, Fernando Furlan, expressed hope that the FTX scandal would be "a push enough" to approve the law.


Furlan continued, saying that while though the law's stricter reporting requirements may make it more difficult for smaller organizations and so-called "dot com" crypto exchanges to function, this was a worthwhile trade-off.


It's a terrific regulation, he continued, "if it benefits Brazilian investors."


The measure might be passed faster than originally anticipated.


Lower House Speaker Arthur Lira was quoted by the newspaper Folha de So Paulo as indicating last week that the house was prepared to vote on the measure before the year ended.


In a public panel, the head of Brazil's securities regulator said that "it is vital that we start having laws" for cryptocurrencies and that the legislation "is very close."


However, given the 2023 financial concerns that have gained precedence since Luiz Inacio Lula da Silva's electoral victory, some important players doubt the bill would be passed so swiftly.


FTX declared bankruptcy last week and is being investigated by American authorities amid claims that $10 billion in customer assets were transferred from the cryptocurrency exchange to FTX founder Sam Bankman-trading Fried's firm Alameda Research. Lira did not immediately respond to a request for comment.


In Latin America, FTX did not have a major presence.


Mercado Bitcoin, which is mostly operating in Brazil and Portugal, has no exposure to FTX, according to Dagnoni, who also noted that the company has created its own custody solution to store customer assets.


In spite of widespread withdrawals, he continued, his exchange had even had "net positive" volume flows.


He stated, "I think people are distinguishing between the asset and poor management.