金融监管 · 1998

South Korea plans to launch a new securities market in mid-November, and the STO market is at a critical turning point

Comparatively, the Korea Exchange (KRX) plans to launch a new securities market on November 16. At that time, assets such as art, real estate, and music copyright will be traded like stocks through securities accounts. According to reports, the Korea Exchange is currently advancing the construction of relevant trading systems and preparations for market participants, and will conduct simulated trading for 6 weeks from October 6 to November 13. The official opening time may be adjusted according to the financial supervisory authority's approval process for listed products. After the market opens, investors can trade through securities company accounts, and the trading time is consistent with the stock market. Analysts believe that the securities token issuance (STO) industry in the Korean market is already at an important turning point. Although new securities listed and traded in November will be temporarily issued and registered using traditional electronic securities methods, subsequent tokenized securities based on blockchain distributed ledger issuance and management will gradually be implemented after the relevant laws are officially implemented in February 2027. (TheDailyEconomy)

2h ago

Millions of dollars are rushing into the market, but some are in a hurry to exit: Pharos's high-interest treasury causes a “view of time” collision

Article: Sanqing, Foresight NewsSharos Network joined forces with Vault infrastructure agreement R25 and credit asset management agency Axil to launch Axil Prime Credit Vault (APC), an institutional consumer credit RWA wealth management product issued by Pharos on July 15. The products were launched simultaneously with Binance Wallet, TopNod, OKX Wallet, Bitget Wallet, and KuCoin Wallet, with a total fundraising limit of 100 million USDC, with a target annualization of about 14.3%. As of the closing of the deposit window, a total of $45.39 million had been deposited. This year, there have been frequent security explosions in Web3 on-chain strategies. User funds are looking for new stable income sources, and project parties are also there. Binance Wallet is now offering an additional $300,000 PROS as an incentive to explore RWA Vault's market space, causing the Vault to generate a lot of discussion in the market. The launch time coincided with the redemption period of the Pharos TGE pre-deposit campaign. The previous treasury required the submission of a redemption application about half a month before the end of the lockdown period, stop accruing interest on July 20, and complete the redemption within 7 days. Users accustomed to DeFi T+0 looked back and found that they couldn't help but missed the redemption period and began to question the redemption time and asset safety. R25 and Axil then held an AMA at Binance Square. Well-known KOLs such as Haotian and Tianqing participated in discussions, detailing the differences between RWA assets and DeFi Vault, the role of fund managers (Curators), why consumer credit is worth allocating, and risk management methods from pre-investment to post-investment. In complex asset logic and mixed social media discussions, some users put in one million funds on the last day, while others sought early redemptions from the project party. On July 23, Pharos issued an announcement: Users who submitted applications on time in the previous issue have received all principal and interest, breaking the “financial security” concerns; funds that missed the window will automatically be carried forward to the next three-month cycle according to the treasury's preset rules, and interest will continue to be accrued at 14% USDC per annum. The controversy revealed more important issues than the redemption itself. Although the RWA TVL has exceeded $38 billion, non-institutional chain users are clearly dissatisfied when investing in RWA products. Institution-driven, stable, and high interest rates, but often require longer lockdown periods and complex understanding costs. From DeFi to RWA, is the market really ready? High yield, low threshold, and high liquidity. BlackRock's “impossible triangle” of RWA's BUIDL threshold is $5 million. It is only open to qualified buyers, yet it can be redeemed almost instantly through the stablecoin channel; the APC threshold is so low that ordinary users can buy it at will; instead, it must be locked for three months. Liquidity has never been determined by how high or low the threshold is, but rather how quickly the underlying assets can be realized. The bottom layer of BUIDL is US treasury bonds, and the world's deepest secondary market can take over at any time; the bottom layer of APC is hundreds of thousands of emerging market consumer loans, and few people are ready to buy large amounts of capital at any time. This has formed a triangle that RWA cannot bypass at this stage: high yield, low threshold, and high liquidity; the three can only take two. For example, Franklin Templeton's BENJI starts at $20 (low threshold) and supports daily redemption (high liquidity), and the annualization is only 3% to 5%; if you want double-digit returns, you have to accept non-standard assets and a lock-up period. This is the liquidity premium. A significant portion of the excess income is the consideration for abandoning liquidity. APC, on the other hand, is a combination of high returns and a low threshold, and the cost is liquidity. There is nothing wrong with this trade-off itself; it also explains the full source of this controversy. Retail investors have obtained assets that were originally only open to institutions, and they have also taken over the agency's time rules that focus on long-term matching. The period of use of institutional funds is scheduled before investment, and the lockdown period is a predictable cost; private equity credit and closed-end funds already have redemption restrictions. However, most ordinary users on the chain are not the same; most of the latter's first appeal is to go in and out. So the current “retail” RWA is mostly just distribution-side retailing, to be precise. Web3 wallets and low initial investment amounts have contributed to a low threshold, but the liquidity structure is still designed according to institutional logic. Having understood this triangle, the remaining questions became specific: why must the liquidity side be sacrificed, a high income of 14.3%...

1d agoForesight News#WEB3

The Hong Kong Securities Regulatory Commission welcomes the Financial Supervisory Authority's announcement to support mainland insurance institutions to invest in Hong Kong ETFs through the Shanghai-Shenzhen-Hong Kong Stock Connect

Comparatively, the Hong Kong Securities Regulatory Commission welcomed the announcement by the China Financial Supervisory Authority today that it will actively support mainland insurance funds to participate in financial market connectivity between the Mainland and Hong Kong, and support mainland insurance institutions to invest in Hong Kong Exchange-traded funds (ETFs) through the Shanghai-Shenzhen-Hong Kong Stock Connect. This policy will further enrich mainland insurance institutions' overseas asset allocation options through Hong Kong and reflect the General Financial Supervisory Authority's support for continuing to deepen financial connectivity between the Mainland and Hong Kong. Dr. Wong Tin Yew, Chairman of the Hong Kong Securities Regulatory Commission, said, “We sincerely thank the General Financial Supervisory Authority for its strong support for the development of Hong Kong's capital market and financial connectivity between the Mainland and Hong Kong over a long period of time. This new policy broadens the multiple channels for overseas asset allocation for mainland insurance funds, demonstrates the country's determination to deepen high-level financial openness, and also reflects the central government's support for continuing to deepen financial cooperation between the two places. We are convinced that the arrangement will further promote the collaborative development of the capital markets of the two places.” (Hong Kong Securities Regulatory Commission)

4d ago

South Korea plans to raise the single-stock leveraged ETF trading threshold in September: the minimum trading unit will be raised to 20 shares

Comparatively, the Korea Exchange has formulated an amendment to the “Implementation Rules of the Marketable Securities Market Business Regulations” to raise the minimum trading unit for single-stock leveraged ETFs from the current 1 share to 20 shares, and ETN from 1 security to 20 securities, and is currently seeking market opinions. According to reports, South Korea's financial supervisory authority originally planned to implement this measure in November, but considering that speculative transactions in single-stock leveraged products are heating up and need to cool down early, the exchange is pushing for implementation as soon as possible next month. In addition to increasing the number of trading units, South Korea's regulators will also strengthen investor protection measures. New individual investors are required to complete simulated trading for at least 5 trading days, 1 hour per day, and a cumulative total of 5 hours before participating in a single stock leveraged product transaction. (eDaily)

10d ago

Stripe's Bridge was approved to join the EU MiCA registration list in Luxembourg

Comparatively, Bridge Building, the Luxembourgish entity of Stripe's stablecoin infrastructure company Bridge, has joined the European Union's Crypto Asset Market Regulation (MiCA) registration list after receiving regulatory approval from Luxembourg. According to the latest update issued by the European Securities and Markets Authority (ESMA), Bridge's addition brought the number of MiCA authorized electronic currency token (EMT) issuers on the EU registration list to 42. The addition comes a few weeks after Bridge announced on July 2 that it has been authorized as a cryptographic asset service provider (CASP) under MiCA and an electronic money institution (EMI) license issued by the Luxembourg Financial Supervisory Commission. Bridge product lead Mai Leduc Blount said these approvals enable EU businesses to build stablecoins and payment products under a regulated framework.

15d ago

Former US CFTC Member: “Wall Street Journal” August 4 Editorial Fundamentally Misunderstood the Clarity Act

In comparison, according to CoinDesk, Summer Mersinger, CEO of the Blockchain Association and former member of the US Commodity Futures Trading Commission (CFTC), published an article in response to the “Wall Street Journal” editorial on August 4, accusing it of having fundamentally misinterpreted the Clarity Act. Mersinger said that the bill explicitly prohibits stablecoins from setting up holding rewards equivalent to interest on bank deposits, but allows reward mechanisms similar to credit card points based on user behavior. In terms of DeFi regulation, Section 10301 of the Act requires the SEC to introduce regulatory rules for “nominally decentralized and substantially controllable” agreements; Section 10201 includes digital commodity brokers in all reporting obligations under the Bank Secrecy Act and also allocates $3 billion for enforcement at the state level, not as the Wall Street Journal accuses of insufficient supervision of illegal finance. In response to concerns about the “shadow market” of tokenized securities, Mersinger emphasized that section 10505 of the Act makes it clear that securities are still subject to SEC supervision after blockchain settlement is completed. She believes that the Wall Street Journal essentially maintains the monopoly position of traditional financial institutions and conflicts with the free market principles that the newspaper has always promoted. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

16d agoburnking#Clarify the topic of the bill

Korean retail investors are turning to US high-leverage ETFs

Comparative news, according to the First Financial Report, after the South Korean government tightened investment regulations on single-share leveraged exchange-traded funds (ETFs), South Korean investors' funds are rapidly shifting to US leveraged ETFs. According to the Korea Exchange (KRX) Information Data System on the 5th, the scale of related transactions shrank drastically after the financial supervisory authorities implemented an increase in basic margin requirements and investment limit limits for single-share leveraged ETFs. The transaction amount of 16 single-share leveraged and reverse ETFs listed in Korea dropped by 89.8% from 13.0361 trillion won on July 15 before regulations were implemented to 1.3329 trillion won on August 4. However, Korean individual investors are unabated in their enthusiasm for leveraged ETFs and are switching to overseas leveraged ETFs such as the US. In the same period from July 15 to August 4, the US fund SOXL (Direxion Daily Semiconductor Bull 3X) ranked first in net purchases of overseas stocks, with a net purchase amount of US$2,4878.9 billion. Tesla's double leveraged ETF (TSLL) had a net purchase amount of $2143.6 million, ranking sixth. The Korean stock market triple-leveraged ETF (KORU) also received $130.95 million in capital inflows, ranking 11th.

16d ago

US and UK expand digital asset regulatory cooperation and plan to develop comparable stablecoin standards

Comparing news, the US Treasury Department issued a joint statement outlining discussions at the US-UK Financial Supervisory Working Group meeting held in London on July 8. Both regulators are expanding collaboration in the fields of digital assets, stablecoins, payment modernization, AI, financial stability, capital markets, and cross-border financial cooperation. Participants included the finance departments of the two countries, the Bank of England, the Federal Reserve, the United Kingdom Financial Conduct Authority, and various US financial regulators. The US side introduced the progress of implementation of the stablecoin GENIUS Act and the digital asset market structure, while the British side introduced the digital strategy for the wholesale financial market. Both sides support comparable regulatory standards for stablecoins, including cross-border use, comparable treatment of similar risks, and stablecoins used as currency supported by at least one-to-one high-quality liquid asset reserves. The US Federal Deposit Insurance Corporation has proposed standards for implementing the GENIUS Act, covering reserves, redemption, capital, liquidity, risk management, escrow and custody. The Bank of England has issued draft stablecoin rules that can reach a systemic scale in the UK economy, including a temporary issuance limit of £40 billion for each systemic stablecoin, and unrestricted use and reserve requirements for individuals and businesses. The Financial Supervisory Task Force is expected to meet again in early 2027.

16d ago

The US Department of Justice sues Few and Far founder for allegedly defrauding NFT investors' funds for personal pleasure

Comparing news, the US Department of Justice (DOJ) announced that Taj Tarsha, founder of the NFT marketplace project Few and Far, has been formally charged with securities fraud and telecom fraud. The prosecution alleges that it raised investment funds through misrepresentation and used part of the funds for personal use, including gambling and luxury spending. According to the lawsuit documents, after the 2023 company audit revealed abnormal use of funds, Tarsha allegedly provided misleading explanations to investors, claiming that the relevant expenses met the project development needs and continued to maintain the illusion of project operation. Subsequently, most of Few and Far's employees left, and project development basically came to a standstill. Additionally, Tarsha is also accused of receiving nearly $1 million in personal revenue from the company's capital through undisclosed bonuses and high-paying arrangements. Some of these bonuses were not disclosed to investors and the company's co-founders. Tarsha raised more than $10 million from at least 67 investors through the sale of approximately 95 million FAR token interests, the prosecution said. However, after receiving funding, it is suspected that it did not invest in project construction as promised, but instead used investor funds for online casinos, purchase speculative crypto assets, Miami apartment loans, interior decoration, and personal DJ activities. The US Department of Justice said that crypto startup project financing does not mean that traditional financial regulation can be circumvented, and investors are entitled to real information on the use of funds. Tarsha was previously arrested on June 6, 2026, and the case will be tried by the U.S. District Court for the Southern District of New York.

16d ago

The 30 million won threshold came into effect, and Korean retail investors began abandoning leveraged ETFs to buy original US stocks

Comparatively, after South Korea's financial regulators raised the investment threshold for single-stock leveraged products, South Korean retail investors (“Western Studies Ant”) began to adjust their overseas portfolios, reduce their holdings in highly leveraged products, and switch to directly buying original US stocks. According to data from the Korea Securities Depository on the 5th, after the minimum cash deposit for single-share leveraged products was raised to 30 million won from August 1, Tesla's 2-times leveraged product TSLL experienced a clear outflow of funds. South Korean investors still had a net purchase of TSLL of about US$14.58 million on the 3rd, but the purchase amount plummeted to US$1.56 million on the 4th, while sales rose to US$8.68 million, which turned into net sales of US$7.11 million on the same day. In contrast, enthusiasm for buying Tesla's original shares has increased markedly. South Korean investors accumulated a net purchase of Tesla shares of about US$42.3 million from the 3rd to the 4th, more than 5 times the net purchase of TSLL over the same period. Similar trends have also appeared in individual semiconductor stocks. Korean investors sold leveraged products from Micron (Micron) and SanDisk (SanDisk) and switched to buying underlying stocks. Among them, Mindray's 2x leveraged products changed from a net purchase of $10.81 million on the 3rd to a net sale of $15.98 million on the 4th; SanDisk's two double-leveraged products also changed from a net purchase of $17.74 million to a net sale of $33.74 million. In the same period, Mindray and SanDisk shares received net inflows of approximately $148 million and $145 million, respectively. The Korean Financial Supervisory Authority previously announced that starting July 31, the minimum margin requirement for domestic and foreign single stock leveraged products will be raised from 10 million won, including collateral securities, to 30 million won only in cash. Existing investors will also need to meet the new standards when making additional purchases. The new regulations allow investors to sell existing leveraged products, but if the cash deposit is insufficient, they will not be able to continue making additional purchases. Regulators said that the policy was implemented early to reduce market risk and avoid shifting capital to overseas single-share leveraged products such as Tesla and Nvidia after restricting only Korean leveraged products. South Korea's regulatory authorities believe that single-stock leveraged products have the risk of capital concentration and structural risks of accumulation of losses due to daily yield resets. The essential risks are the same regardless of where they are listed. However, some investors objected to this, believing that fluctuations in the Korean stock market should not affect overseas investment products, and pointed out that Korean investors need to bear an additional 30 million won cash threshold, which may weaken their competitive conditions with global investors. Currently, leveraged ETFs that track multiple stock indices, such as SOXL and KORU, are not subject to this restriction. Regulators believe that since their investment targets diversified indices, the degree of risk diversification is higher than that of single-stock leveraged products. (Daum) This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

17d agoburnking