Russia’s Finance Ministry pays wages in digital rubles for first time
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Vanguard Group establishes its first head of digital assets position
According to Mars Finance, on July 8th, Vanguard Group, the world's second-largest asset management company (managing approximately $12 trillion in assets), created its first Head of Digital Assets position, responsible for developing the company's long-term crypto and blockchain strategy. This role will assess areas such as tokenization, stablecoins, digital wallets, custody, and blockchain settlement, and determine whether Vanguard should build its own capabilities, partner with external entities, or postpone entry into certain markets. The position requires developing multi-year roadmaps and designing governance and risk frameworks. Vanguard stated that this hiring does not indicate an upcoming launch of crypto products and currently has no plans to issue its own crypto investment vehicles.
German finance ministry proposes 25% crypto tax starting 2028: report
The German Ministry of Finance is reportedly seeking to impose a 25% tax on cryptocurrencies, departing from current laws that make crypto gains tax-free after one year of holding.
South Korea's Ministry of Finance held an emergency meeting, warning of excessive concentration in the semiconductor sector.
According to Odaily Odaily, South Korea's Ministry of Finance announced that Finance Minister Koo Yun-cheol held an emergency meeting with the Governor of the Bank of Korea and heads of financial regulatory agencies to address the recent sharp fluctuations in the South Korean stock market. The South Korean government stated that it will closely monitor various risk factors that could exacerbate market uncertainty and prevent further market volatility. Recently, the South Korean stock market has experienced increased volatility due to factors such as profit-taking by foreign investors and institutions, adjustments in expectations for the AI sector, and portfolio rebalancing. The KOSPI index triggered its sixth circuit breaker this year this week. In a statement, the South Korean government said, "The excessive concentration in the semiconductor industry has become a core factor amplifying financial market volatility, and the transmission effect of fluctuations in the chip sector on the overall market is constantly increasing." (Jinshi)
South Korea's Ministry of Finance: Will closely monitor stock market volatility risks
According to Mars Finance, citing Gate data, South Korea's Ministry of Finance stated on Wednesday that Finance Minister Koo Yoon-cheol, following a meeting with the central bank governor and heads of financial regulatory agencies, agreed to closely monitor risk factors that could exacerbate stock market volatility. The Ministry of Finance stated that increased stock market volatility stemmed from profit-taking by foreign investors and institutions, portfolio rebalancing, and changes in expectations for the global AI sector. In early trading today, the South Korean KOSPI index fell as much as 4%, hitting its lowest level since May 20th, before rebounding, driven by a rally in chip stocks. The Ministry of Finance pointed out that increased concentration in the semiconductor industry has become a factor exacerbating financial market volatility.
Asset management giant Vanguard is hiring its first head of digital assets to evaluate strategies including tokenization and stablecoins.
PANews reported on July 8th that, according to Bitcoin Magazine, Vanguard, the world's second-largest asset manager (with approximately $12 trillion in assets under management), has created its first-ever Head of Digital Assets position, responsible for developing the company's long-term crypto and blockchain strategy. This role will evaluate areas such as tokenization, stablecoins, digital wallets, custody, and blockchain settlement, and determine whether Vanguard should build its own capabilities, partner with external entities, or postpone entry into certain markets. The position will involve developing multi-year roadmaps and designing governance and risk frameworks. Vanguard stated that this hiring does not indicate an upcoming launch of crypto products and that it currently has no plans to issue its own crypto investment vehicles.
Russia's State Duma approved the final version of the cryptocurrency regulation bill, removing the mandatory requirement to declare wallet addresses.
According to Mars Finance, the Russian State Duma Financial Market Committee has approved the final version of the government's cryptocurrency regulatory bill, which will be submitted for a second reading. Committee Chairman Anatoly Aksakov revealed that the second reading version makes several key adjustments: the requirement to mandatorily declare cryptocurrency wallet addresses has been removed, replaced by only requiring the declaration of balances and transaction records to protect residents from the risk of sensitive information leaks; new amendments allow the legal purchase of securities in the securities market and Russian digital financial assets using cryptocurrencies. In the future, it may allow legitimate Russian brokers and asset managers to trade on foreign crypto exchage, but additional requirements such as jurisdictional "friendliness" must be met. For non-professional investors, the annual limit through a single intermediary is 300,000 rubles, and only for "the most liquid cryptocurrencies." The bill also introduces a two-day freeze on large transfers abroad and to third parties. Aksakov did not specify whether the proposal to ban Russians from using non-custodial cryptocurrency wallets is retained.