Vietnam pilots digital asset exchange Japan intends to classify cryptocurrencies as assets

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering weekly key news, mining information, project trends, technological progress and other industry trends. This article is one of the news weekly news magazines, which will take you to take a look at the major events in the blockchain industry this week.

Headlines

▌Vietnam plans to pilot digital asset exchanges in March

Vietnam's Deputy Minister of Finance Nguyen Duc Chi announced plans to pilot the digital asset exchange in March. The state-licensed “Trading Hall” is designed to protect the rights of participants while embracing the crypto revolution. The Ministry of Finance and the State Bank are developing a digital currency regulatory framework, and Prime Minister Fan Mingzheng is pushing for the release of the framework this month. The move is part of a broader goal of driving economic growth to at least 8% by 2025, and Vietnam is stepping up support for companies to issue virtual assets and mobilize financial resources.

▌Japan plans to classify cryptocurrencies as new assets rather than securities regulation

"In Japan, cryptocurrencies may not be considered as securities, but are regulated under the new framework of the Financial Instruments and Transactions Act as a new asset class. If the bill is passed, it will be a victory for the cryptocurrency industry. The Japanese government has been in talks with Japanese industry leaders, which is a positive result of the cooperation between the two sides."

▌David Sacks: U.S. government 's cryptocurrency holdings to be audited

Cryptocurrency Tsar David Sacks said the U.S. government's cryptocurrency holdings will be audited "to find out what digital assets we actually own."

▌CZ: YZi Labs may consider investing in a project that uses BNB/BSC as the main payment option to develop a good MVP

CZ posted an article in Binance Plaza to share his thoughts on the tokenization project of KOL time. CZ said YZiLabs may invest in a project that uses BNB/BSC as the primary payment option to develop a good MVP. This should take a few days/week of coding and security review. If the platform is secure enough, I will be the first user.

▌US SEC Crypto Working Group Releases Group Members and List of the First Industry Roundtable

According to Fox Business reporter Eleanor Terrett, the US SEC Crypto Working Group released the panel members and list of the first industry roundtable. The theme of the conference is "How We Go to Today and How We Go Out - Defining a Security State". A team of 12 lawyers and scholars will participate in the discussion at the Securities and Exchange Commission headquarters in Washington, DC from 1 to 5 p.m. local time on Friday, March 21, local time. The conference will be hosted by Troy Parades, founder of Paredes Strategies LLC, and Brookwood managing partner Collins Belton, Delphi Ventures executive Sarah Brennan, etc. will be present.

policy

▌U.S. Senate votes to repeal the IRS 's DeFi broker rules

The U.S. Senate, with strong support from numerous Democrats, successfully passed a resolution aimed at repealing the Biden administration’s cryptocurrency tax rules, which may be the biggest obstacle to eliminating the new IRS broker rule, which was originally planned to cover decentralized finance. The Senate voted 70 to 27 to pass a resolution authorized under the Congressional Review Act, aiming to completely repeal the extension of the IRS broker rules. However, the House still needs to pass an identical resolution before U.S. President Trump can sign it into law. Once completed, not only will the rule be completely abolished, but the IRS will also be banned from implementing similar policies in the future. The House Financial Services Committee has passed an identical resolution and recommended approval in the House of Representatives' voting, which is still awaiting a vote. The White House said earlier today that the president may sign the resolution quickly.

▌Vietnam plans to launch a legal framework for digital assets by the end of March

Vietnam plans to launch a legal framework for digital assets by the end of March as part of a broader effort to boost economic growth. According to local media reports, the move comes after Prime Minister Fan Mingzheng signed Directive No. 05, which sets a national growth target of 8% or higher by 2025. The Ministry of Finance (MOF) and the National Bank of Vietnam (SBV) have been designated to complete and submit proposals for regulating cryptocurrencies by the end of this month. The proposed legal framework is expected to provide greater clarity for crypto businesses, allowing them to obtain funds and operate in a secure regulatory environment. Currently, crypto trading in Vietnam is in a legal gray area, as the country has not officially recognized the asset class. Nevertheless, crypto trading is still widespread, with many businesses opting to register in overseas regions such as Singapore and the United States to circumvent local regulations.

▌Salvador ’s $1.4 billion IMF loan agreement contains Bitcoin regulatory conditions

El Salvador’s $1.4 billion IMF loan agreement includes Bitcoin monitoring conditions, and the new International Monetary Fund (IMF) loan terms reveal key measures El Salvador must take to be related to Bitcoin: end public participation in Chivo and stop using public funds by July 2025. Liquid Fidebitcoin Trust and publish audited financial data Establish a Bitcoin management framework for government-held BTC to disclose all hot and cold wallet addresses and BTC holdings to the IMF regularly reviews to ensure compliance by 2025

▌U.S. SEC ends investigation into Yuga Labs

Yuga Labs' X account posted, "The SEC has officially concluded its more than three-year investigation into Yuga Labs. This is a major victory for the NFT industry and all creators who are driving ecological development, further confirming that NFT is not a securities."

▌Trump signs executive order to build strategic Bitcoin reserves

David Sacks, director of AI and cryptocurrency at White House, said on social media, "Just a few minutes ago, President Trump signed an executive order to establish a strategic Bitcoin reserve. The reserve will capitalize Bitcoin owned by the federal government, which is part of a criminal or civil asset forfeiture process. This means it won't cost taxpayers a penny. The U.S. government is estimated to own about 200,000 bitcoins; however, a full audit has never been conducted. The executive order requires a comprehensive accounting of the federal government's digital asset holdings. The U.S. will not sell any bitcoins deposited in the reserves. It will be retained as a means of value storage. In addition, the executive order has established a U.S. digital assets reserve that includes digital assets other than Bitcoin confiscated in criminal or civil litigation. The government will not acquire other assets for reserve assets other than assets acquired through the forfeiture process. The purpose of the reserve is to manage government digital assets under the leadership of the Treasury Department."

Blockchain application

▌CZ releases Trust Wallet upgrade update: upgrade Bitcoin Swap, support CA search, etc.

Binance co-founder CZ posted a statement on the X platform to disclose the Trust Wallet upgrade and update, mainly including: support for XRP Ledger and Snoic blockchain, upgrade to Bitcoin Swap, ETH hardware wallet, and CA search. In addition, CZ also disclosed that the current Trust Wallet downloads have reached 197 million times.

▌ Infrared completed US$16 million Series A financing, led by Framework Ventures

Berachain Proof of Chain Liquidity (PoL) pledge agreement Infrared announced the completion of a US$16 million Series A financing led by Framework Ventures, and its total financing amount has reached US$18.75 million so far.

▌Privacy and security computing network Nillion will launch its main network in March

Privacy and Security Computing Network Nillion announced that its mainnet will be launched in March.

▌Privacy blockchain Seismic completed a US$7 million financing, led by a16z Crypto

Seismic, a16z Crypto and Polychain, led the investment, and 1kx, NGC, and dao5 participated. The specific valuation information has not been disclosed yet. The new funds will be used to build a private smart contract platform.

▌ Worldcoin announces the launch of World Chat, chat and remittance app

According to official sources, Worldcoin announced the launch of a new way to connect and remit money with proven humans on the World Network, World Chat. This new feature, as Mini Apps, is accessible through the World App wallet and will provide special features for World Network digital passport holders. This digital passport allows users to exchange an account that verifies "proof of personality" through iris scans.

Cryptocurrency

Coinbase Director: U.S. strategic Bitcoin reserve executive order will reduce Bitcoin selling pressure by $18 billion

Coinbase director Conor Grogan posted on social media, saying, "According to my estimates, the U.S. government holds 198,109 bitcoins. This executive order will reduce the selling pressure of about $18 billion." Earlier news, White House AI and cryptocurrency director David Sacks posted on social media, saying, "Just a few minutes ago, President Trump signed an executive order to establish a strategic bitcoin reserve. The reserve will be capitalized by the federal government-owned Bitcoins, which were confiscated in criminal or civil asset confiscation procedures."

▌Crypto market maker Flowdesk completes $102 million in financing

France-based crypto trading company Flowdesk has completed a $102 million financing, of which approximately 90% are equity financing and 10% (about $10.2 million) are debt financing. Guilhem Chaumont, co-founder and global CEO of Flowdesk, said the round will support the company's expansion plans, including the launch of a dedicated crypto credit desk and opening an office in the UAE. European investment institution HV Capital led the investment in the equity sector, with French private equity firms Eurazeo, Cathay Innovation and ISAI VC participating. Debt financing comes from funds and accounts managed by BlackRock. As part of the investment, HV Capital received a board seat on Flowdesk.

▌ CZ: The current market is dominated by "US crypto assets"

Binance founder CZ said that the market is currently clearly dominated by "U.S. crypto assets" and recognized its progress in promoting the development of the industry. He stressed that any adoption of cryptocurrency is a positive signal, and the industry benefits as a whole, and said Binance will continue to build.

▌View : Kanye West has enough influence to promote the mainstreaming of cryptocurrencies and demonstrates a sincere interest in learning

Crypto KOL Ansem posted on the X platform: "I think Kanye West is one of the few people in the world who have enough influence to substantially influence the way cryptocurrencies go mainstream. There are many unique and novel ways to integrate cryptocurrencies into his existing network." Ansem revealed the details of discussing cryptocurrencies with Kanye. "To be honest, Kanye showed a sincere interest in learning cryptocurrencies and how they work, and 99% of outsiders would not even care about the level of asking questions." Regarding why Kanye is interested in cryptocurrencies, Ansem said in response to user comments: "He has indeed personally experienced the ban on different social and financial applications, which is impossible for services built on cryptocurrencies infrastructure." Previous news, well-known rapper Kanye West It stated that it is learning about Bitcoin from the crypto KOL Ansem.

▌ David Sacks: The reason why ADA, SOL, and XRP are mentioned in crypto reserves is because they rank in the top five in market value.

According to market news, David Sacks, director of AI and cryptocurrency at the White House, said that the reason ADA, SOL, and XRP are mentioned in crypto reserves is because these cryptocurrencies rank in the top five in market value.

Important economic trends

▌U.S. Treasury Secretary Becent: We are committed to promoting the strengthening of the US dollar

US Treasury Secretary Becent: We are committed to promoting the strengthening of the US dollar, and we oppose currency manipulation. Trump's policy will eventually lead to the strength of the dollar.

▌The number of ADP employment in the United States increased by 77,000 in February

The number of ADP employment in the United States increased by 77,000 in February, with an estimated increase of 140,000, compared with the previous value of 183,000.

▌Federal Director Waller: Don't think it's necessary to cut interest rates in March

Federal Reserve Director Waller said that not all relevant taxes will be passed on to consumers; the Fed's current policy is still restrictive, and the Fed can cut interest rates for positive and negative reasons, and still believe that the good prospect of interest rate cuts still exists. Waller said he did not think it was necessary to cut interest rates in March, and the Fed may cut interest rates after March; the median expectation of two rate cuts in 2025 remains reasonable.

▌Traders increase the bets of the Fed's interest rate cut, and the market is now fully priced to cut interest rates three times in 2025

Traders have increased their bets on the Fed's interest rate cut, and the market is now fully priced to cut interest rates three times in 2025.

▌U.S. Treasury Secretary Bescent: We are determined to lower interest rates

U.S. Treasury Secretary Bescent Bescent said in an interview with Fox on Tuesday that the Trump administration is "decided to lower interest rates." When talking about tariffs and stock markets, Becente mentioned that the U.S. government is concerned about the medium term. He stressed, "Wall Street does a good job and Wall Street can continue to perform well...We will rebalance the economy." He also said the United States is undergoing a "transition" on tariffs in Canada and Mexico.