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On March 16th, the Ministry of Natural Resources and the National Forestry and Grassland Administration jointly issued a notice proposing to further improve the guarantee of natural resource elements. Among them, the new logic for land supply set by the Ministry of Natural Resources has been misinterpreted by many as "no more land will be approved for real estate projects." Firstly, this misunderstanding stems from a lack of understanding of the technical term "newly added construction land." It specifically refers to land converted from agricultural land and unused land into construction land, a strictly controlled and scarce indicator. Given its limited availability, prioritizing it for livelihood projects and major industrial projects is reasonable. The land for real estate development that we usually talk about mostly comes from existing construction land, such as urban renewal, redevelopment of inefficient land, urban village renovation, and state-owned construction land already reserved by the government. Secondly, there is no need to worry about a land supply shortage. After previous preparations, local governments have sufficient reserves of state-owned construction land to fully meet normal development needs. The pace of land supply through bidding and auction will not change and is not directly related to the trends in the new and second-hand housing markets.March 16 - The US dollar broke through the key psychological level of 60 against the Philippine peso on Monday, hitting a new intraday record high. A report from a FX strategist at OCBC Global Research stated that Asian currencies are typically sensitive to factors such as oil price fluctuations, global risk sentiment, and a weaker US dollar. Rising oil prices are creating trade headwinds for several regional economies, further increasing pressure on Asian currencies, including the Philippine peso.Samsung Electronics shares rose 2.7%.SK Hynix led the gains among South Korean chip stocks, rising 6.5% in late trading.The yield on Japans 40-year government bond rose 5.0 basis points to 3.785%.

UK Government: Cryptoassets Could Be Seized to Stop Crime

Cameron Murphy

Apr 28, 2022 09:42


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The British government suggested on Thursday that crypto assets might be confiscated to help battle economic crime, but the plan fell short of the drastic change demanded by legislators, who want an unified crime-fighting agency.


Scams involving banking and the internet have increased dramatically in the United Kingdom, especially after the COVID-19 outbreak.


In response to a parliamentary investigation into economic crime, the administration said that it would introduce laws to allow cryptoassets to be confiscated and recovered more rapidly as soon as legislative time permits.


"In particular, (we propose) the development of a civil forfeiture authority to limit the danger presented by people who cannot be punished but use their wealth to continue crime," the government told the Treasury Select Committee in parliament.


The panel proposed creating a single organization to combat economic crime to replace a "bewildering" multitude of institutions, but the administration insisted that its multi-agency system was the best.


"It allows us to discriminate between various sorts of criminality," the government stated, adding that public-sector fraud required a different reaction than schemes perpetrated by individuals or corporations.


In a statement, TSC Chair Mel Stride stated, "This might be a big squandered opportunity."


The government has already endorsed a suggestion that requires internet platforms like as Google and Facebook to take aggressive steps to combat fraudulent financial product advertising, but the law will take time to adopt and execute.


"Now is the time for online platforms to step up and take down these fake ads," Stride added.


Google has already pledged to only accept financial advertisements from organizations that are authorized by the Financial Conduct Authority, and Facebook owner Meta is expected to follow suit later this year.


The investigation advised that internet platforms be required to assist clients who have been scammed, a measure that the government is considering.


"We're working together with technology firms, law enforcement, and civil society partners to investigate all options for assisting victims of online fraud and mitigating the damage they've suffered," the government stated.

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