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Hong Kong stocks opened higher, with the Hang Seng Index up 1.59% and the Tech Index up 1.9%. Innovent Biologics (01801.HK) opened more than 4.5% higher, while Baidu (09888.HK), China Life (02628.HK), and JD Health (06618.HK) opened more than 3% higher.On Monday, February 9th, the Hong Kong Hang Seng Index opened 422.54 points higher, or 1.59%, at 26,982.49; the Hang Seng Tech Index opened 101.43 points higher, or 1.9%, at 5,447.63; the H-share Index opened 139.19 points higher, or 1.54%, at 9,170.57; and the Red Chip Index opened 38.85 points higher, or 0.89%, at 4,399.55.The yield on Japans five-year government bonds rose 3 basis points to 1.715%.The yield on Japans two-year government bonds rose 1.5 basis points to 1.29%.On February 9th, Nan Hua Futures reported that a research report indicated the fundamentals for a platinum-palladium bull market remain intact in the medium to long term. It is expected that the Federal Reserve will maintain its loose monetary policy stance in the first half of 2026, and increased central bank gold purchases, safe-haven demand, and investment demand will continue to push precious metal prices higher. While the nomination of Walsh, a supply-side economist, as Fed Chair has raised concerns about a potential breakdown in the support logic for precious metals (as Fed balance sheet reduction boosts dollar credibility), the US lacks the conditions for producing another "Volcker" before a disruptive breakthrough in AI technology. Furthermore, there is a conflict between "Trumps urgent need to lower medium- and long-term interest rates under midterm election pressure" and "balance sheet reduction pushing up term premiums and driving up long-term interest rates." Although the Fed expanded its balance sheet at the end of December last year, resulting in marginal improvement in liquidity, narrow reserves remain low, and dollar liquidity is tighter than it has been since the pandemic. Under these multiple pressures, Walshs nomination has limited impact, and a trend of liquidity expansion is highly probable. Given the high volatility in platinum and palladium, position control is crucial. Due to the discontinuity between domestic and international trading sessions, the opening price of platinum and palladium often references the overnight trading session in other countries. Investors should pay attention to international market prices and be wary of opening gaps. (This content and opinion are for reference only and do not constitute any investment advice.)

European Central Bank Lays Foundation for Crypto Licensing Requirements

Jimmy Khan

Aug 18, 2022 14:26

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In a recent statement, the European Central Bank (ECB), which is responsible for carrying out monetary policy and preserving price stability, outlined the required actions that must be made in order to harmonize crypto license requirements throughout Europe.


More precisely, in light of pan-EU licensing regulations that are expected to take effect by 2023, the central bank has established the groundwork for the standards it would take into account when regulating digital assets.

Bringing License Requirements into Harmony

The European Central Bank has indicated that it would take into account crypto businesses' business models, as well as their internal controls and evaluations, in a statement that particularly addresses instructions on the licensing of digital assets.


The ECB is taking these actions because, in the wake of the Markets in Crypto-Assets (MiCA) legislation's passing and the Basel Committee on Banking Supervision's publication of recommendations for banks' exposure to cryptocurrency, national frameworks regulating crypto assets "diverge fairly substantially."


The ECB has said that it would use the criteria from the Capital Requirements Directive, which has been in operation since 2013, to evaluate license requests for crypto-related activities and services in order to achieve standardisation.


In order to get the information required to evaluate possible risks, the European Central Bank will also depend on national anti-money laundering (AML) agencies and Financial Intelligence Units.

Widespread Regulatory Framework

The latest statement from the ECB comes as international authorities work to harmonize regulations for crypto service providers throughout the European Union.


In reality, lawmakers from the EU and European Parliament recently reached a historic agreement on laws that would govern crypto assets and service providers throughout the 27 members of the union.


By forcing cryptocurrency issuers to maintain bank-style reserves for stablecoins, MiCA is the first significant regulatory framework for the cryptocurrency sector. Its goal is to safeguard customers.


Stablecoin issuers are required to amass a sufficiently liquid reserve with a 1/1 ratio in order to ensure an appropriate minimum liquidity under MiCA regulation, which will go into force by the end of 2023.


The bill comprises a legislative package that establishes conditions for cryptocurrency issuers to publish a white paper in order to register with authorities, as well as a limit on the daily transaction volume of stablecoins at 200 million euros. The European Banking Authority will also be responsible for monitoring stablecoins (EBA).


MiCA, which was first proposed by the European Commission in September 2020, is anticipated to harmonize the regulatory framework throughout the EU, preserve financial stability, and address environmental issues by requiring businesses to declare their energy use.

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