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July 20th - According to the Shanghai Municipal Bureau of Statistics and the Shanghai Survey Office of the National Bureau of Statistics, based on the unified accounting results for regional GDP, Shanghais GDP reached 2,788.663 billion yuan in the first half of the year, a year-on-year increase of 5.6% at constant prices. By industry, the added value of the primary industry was 3.576 billion yuan, a year-on-year increase of 0.9%; the added value of the secondary industry was 569.666 billion yuan, an increase of 4.7%; and the added value of the tertiary industry was 2,215.421 billion yuan, an increase of 5.9%.The main liquefied petroleum gas (LPG) contract surged by 401.00 yuan during the day, currently trading at 5636.00 yuan/ton, an increase of 7.66%.July 20th - Guangxi has launched post-disaster rural housing reconstruction work. Following the work plan of "scientific planning, categorized implementation, strict quality control, and policy support," reconstruction will be carried out in stages and phases. Three reconstruction methods will be selected: repair and reinforcement, reconstruction on the original site, and new construction at a different site. Policies such as repair subsidies, reconstruction subsidies, and temporary resettlement guarantees will be implemented in a standardized manner. The reconstruction of affected housing is expected to be basically completed before the Spring Festival of 2027, restoring normal production and living order for urban and rural residents as soon as possible.On July 20th, the 2026 World Artificial Intelligence Conferences series of sub-forums—the Artificial Intelligence Rule of Law Forum—was held. Focusing on the theme of "Legal Responses to the Development of Intelligent Agents," participating guests engaged in in-depth discussions. The forum also released a white paper entitled "Ten Legal Principles for the Healthy Development of Intelligent Agent Services." The white paper establishes a three-dimensional governance logic: First, it covers the entire process of intelligent agent research and development, training, operation, iteration, and exit, establishing a closed-loop risk control mechanism for the characteristics of autonomous decision-making and cross-domain interaction; second, through rules such as service identification, layered informed consent, minimum permissions, and trusted output, it comprehensively protects users digital rights, with a focus on protecting digitally vulnerable groups such as the elderly and minors; third, it clarifies industry rights and responsibilities, promotes the interconnection of intelligent agents, strictly adheres to the bottom line of "human beings ultimately bear responsibility," and prevents companies from evading responsibility under the guise of intelligent autonomy.U.S. Secretary of State Marco Rubio: The United States remains open to resolving the Iranian issue through diplomatic means.

California’s DFPI Investigating Multiple Crypto Lending Companies

Jul 14, 2022 14:28

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The California Department of Financial Protection and Innovation (DFPI), which regulates the activities of state-licensed financial institutions such as banks and premium finance businesses, has announced that it is investigating whether businesses that suspended customer withdrawals and transfers broke any laws.


More specifically, the government is looking at a number of cryptocurrency businesses with U.S. headquarters after some reputable lenders permanently stopped allowing transfers and withdrawals between user accounts.

Accounts for crypto assets that pay interest

In particular, the Department of Financial Protection and Innovation is concentrating on "multiple companies" that provide customers with interest-bearing crypto asset accounts, also known as crypto-interest accounts, as well as service providers who "may not have adequately disclosed risks customers face when they deposit crypto-assets onto [lenders'] platforms."


To ascertain if they are breaking any laws that fall within the purview of the Department is the main goal of the inquiry.


The DFPI previously emphasized that providers of crypto-interest accounts are not subject to the same regulations and safeguards as banks and credit unions, which is particularly concerning in light of some platforms' restrictions on customers' ability to withdraw money from and transfer funds among their accounts.


Because of this, the agency has advised customers to proceed with "great care" before answering any inquiries about investments or financial services.


Also pointing to two cease and desist orders it recently sent to BlockFi and Voyager Digital to suspend their sales in California, DFPI has shown how certain crypto-interest account providers have been promoting unregistered securities.

securing customer property

Following Voyager Digital, the second well-known cryptocurrency business to file for Chapter 11 bankruptcy in recent weeks, DFPI made its statement. The Toronto-based company calculates that it has between $1 and $10 billion in assets, over 100,000 creditors, and liabilities of the same amount.


According to Voyager Digital, the action is a part of a "Plan of Reorganization" that intends to provide customers access to their accounts once again. Customers will have the option of receiving cryptocurrency, money recovered from Three Arrows Capital, common shares in the newly reorganized business, and Voyager tokens.


Due to worries about liquidity, Celsius (CEL) has stopped withdrawals and transfers since June 12. There are rumors that the management of the firm has been discussing Chapter 11 bankruptcy with attorneys.


As it faces with the potential of bankruptcy, the business is presently seeking restructuring guidance from the advising firm Alvarez & Marsal.


Additionally, the turbulent market circumstances last week caused the Singapore-based cryptocurrency platform Vauld to stop operations. The business instantly halted all trading, deposits, and withdrawals, and said that, up until further notice, it would only accept client deposits for its collateralized loans product.


Currently, numerous platforms have had client money frozen for many weeks while the future of their depositors' assets is still unknown.