Internet Security

China enhancing relations with Asean

DURING the 22nd Asean-China Joint Cooperation Committee meeting held in March 2021, both Asean and China agreed to enhance their strategic partnership.Recently, there has been a stark increase in Chinese engagement with Asean, given Southeast Asia’s economic and strategic significance.In the past year, the Chinese foreign minister has paid a visit to every Southeast Asian…

DURING the 22nd Asean-China Joint Cooperation Committee meeting held in March 2021, both Asean and China agreed to enhance their strategic partnership.Recently, there has been a stark increase in Chinese engagement with Asean, given Southeast Asia’s economic and strategic significance.In the past year, the Chinese foreign minister has paid a visit to every Southeast Asian country except Vietnam.Constant high-level interactions with Asean have spoken volumes about China’s respect, trust and appreciation for its Southeast Asian partners.In June 2021, the Special Asean-China Foreign Ministers’ Meeting included discussions on how to combat the coronavirus pandemic together. Currently, China has shipped medical supplies and 100 million vaccines to most Asean nations.As part of China’s vaccine diplomacy, China has donated 29% of its total vaccine donations to Asean nations. Irrefutably, China has played a great role in boosting vaccination rates in Southeast Asia.The Special Asean-China Foreign Ministers’ Meeting also marks the 30th anniversary of Dialogue Relations, and highlights the enduring and long-lasting ties between China and Southeast Asia.At the meeting, Chinese Foreign Minister Wang Yi reiterated that China will always go through difficult times such as the 2003 SARS outbreak and the current pandemic together with its friends from Asean, while caring and trusting one another.Wang also emphasised that Asean-China relations can be raised to a strategic partnership.Xu Liping, a director at the Chinese Academy of Social Sciences adds that both Asean and China can further cooperate in the next few decades, in areas such as digitalisation, environment, and supply chains. It is also worth noting that as part of China’s Belt and Road Initiative, China is developing infrastructure across Southeast Asia.Indonesia has successfully signed a memorandum of understanding with China to work closely on developing technology and ensuring internet security.As part of China’s Digital Silk Road initiative, Huawei is currently advancing digital infrastructure in Indonesia, while collaborating with the Southeast Asian state’s Agency for the Assessment and Application of Technology.Huawei will help to develop 5G networks, artificial intelligence and cloud computing in Indonesia, in line with the Indonesian government’s aim of creating an innovative and digitalised economy by 2035.The Chinese firm will also train approximately 100,000 Indonesian government officials on digital literacy.This year is earmarked as the Asean-China Year of Sustainable Development Cooperation. Both parties look to improve bilateral cooperation in advancing renewable and clean energy, reducing pollution, and to alleviate the negative effects of climate change.Thailand is currently assigned as the Asean Coordinator on Sustainable Development Cooperation.During the 27th Asean-China Senior Officials’ Consultation in May 2021, Thailand’s permanent secretary for foreign affairs reiterated that the Asean-China cooperation on sustainability initiatives and environmental protection is of paramount importance.China can work with the Asean bloc via the Asean Centre for Sustainable Development Studies and Dialogue to protect the environment and mitigate climate change.In 2020, both Asean and China are each other’s biggest trading partner. Li Kuiwen, Chinese Customs spokesman mentioned in January 2021 that trade volumes between Asean and China have reached approximately US$730 billion.Recently, the Ministry of Commerce of China pledged to enhance China-Vietnam economic cooperation, trade, and investment.Even during the pandemic, bilateral trade between the two economic partners has increased expeditiously, contributing to the economic development of both nations.China has been supporting Vietnam by importing high volumes of Vietnamese aquatic and agricultural goods.Since 2013, China has been Singapore’s biggest trading partner. The two Asian partners have always enjoyed close economic ties.Singapore-China bilateral trade reached approximately SG$136.2 billion in 2020, which has contributed towards the Southeast Asian state’s economic development.Singapore is a key strategic partner for China, being located at a strategic location, and has close ties to many of China’s trade partners.China looks forward to enhancing trade relations with Singapore, with expectations that there will be further high-tech industrial cooperation between the two parties, and that Singapore’s exports of mineral fuels, chemical and metal goods to China will increase in 2021.In support of the Asean-China Strategic Partnership Vision 2030, and the Asean Smart City Network, China has cooperated closely with its Southeast Asian partners on high-quality smart city projects.China has invested in smart city infrastructure ventures in Southeast Asia such as Malaysia’s Forest City Johor Baru, Myanmar’s New Yangon City Development, Philippines’s New Clark City, and Thailand’s Eastern Economic Corridor. While building these infrastructure, China has leveraged on digitalisation such as the Internet of Things, artificial intelligence, and automation.There are also Belt and Road transport infrastructure projects such as the Laos-China Railway and the Thailand-China high-speed railway.The Thailand-China railway project will connect Thailand’s Bangkok and Ayutthaya with China’s Kunming City, as part of China’s Belt and Road Initiative.This transport project will improve connectivity from the Thai capital to northeast Thailand, driving economic growth and creating business opportunities.Singapore’s Deputy Prime Minister Heng Swee Keat mentioned recently at the FutureChina Global Forum that in order to ensure stability in Southeast Asia, it is of paramount importance to handle differences and conflicts well.Both Asean and China have always believed in mutual respect, peace and prosperity, and that both parties can shape a better future together for their citizens.The two parties look forward to deepen cooperation, while embracing multilateralism, inclusiveness, and solidarity. Unequivocally, there will be more high-profile bilateral meetings, public health cooperation to combat the Covid-19 pandemic together, as well as economic, infrastructure, sustainability, and digital partnerships.During times of uncertainty, it has become even more imperative for Asean and China to work closely together, and to ensure peace and prosperity for its people.Comment: letters@thesundaily.com
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Internet Security

Massive Crypto Breach Unveiled: Latest Insights Emerge

In what appears to be the most significant crypto breach of the year, fresh revelations have emerged shedding light on the extensive infiltration into the digital realm. PeckShield, a reputable blockchain security firm, has disclosed a substantial breach impacting FixedFloat, a prominent platform facilitating cryptocurrency and fiat exchanges…

In what appears to be the most significant crypto breach of the year, fresh revelations have emerged shedding light on the extensive infiltration into the digital realm. PeckShield, a reputable blockchain security firm, has disclosed a substantial breach impacting FixedFloat, a prominent platform facilitating cryptocurrency and fiat exchanges…
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Internet Security

Protests in Delhi a security challenge

Sit-ins and protests in and around the national capital are emerging as a big security challenge for the establishment. According to Delhi Police’s 2022 report, cops handled 6,277 law and order situations relating to protests, demonstrations, meetings and processions, with latest curbs being enforced due to the ongoing farmers’ protest around Delhi-NCR.A former Delhi police

Sit-ins and protests in and around the national capital are emerging as a big security challenge for the establishment. According to Delhi Police’s 2022 report, cops handled 6,277 law and order situations relating to protests, demonstrations, meetings and processions, with latest curbs being enforced due to the ongoing farmers’ protest around Delhi-NCR.A former Delhi police commissioner told ET: “Crowd management has become complex these days mainly due to social media…
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Internet Security

3 Protocols Expanding Bitcoin Network Into NFT, DeFi, and Tooling

Binance’s report identifies three protocols, bitSmiley, Liquidium, and Portal, that could expand Bitcoin’s reach into DeFi, NFTs and tooling sectors, potentially enhancing scalability and security. The post 3 Protocols Expanding Bitcoin Network Into NFT, DeFi, and Tooling appeared first on BeInCrypto…

Binance’s report identifies three protocols, bitSmiley, Liquidium, and Portal, that could expand Bitcoin’s reach into DeFi, NFTs and tooling sectors, potentially enhancing scalability and security.
The post 3 Protocols Expanding Bitcoin Network Into NFT, DeFi, and Tooling appeared first on BeInCrypto…
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Internet Security

Congress seeks clarification from Yellen on crypto oversight plans, criticizes Howey Test

Share this article URL Copied Members of the US Congress have posed a list of questions in a recent letter to Treasury Secretary Janet Yellen in response to her call for enhanced oversight of crypto. Notably, they highlighted the limitations of the Howey Test in protecting consumers in the crypto market. The letter, signed by

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Members of the US Congress have posed a list of questions in a recent letter to Treasury Secretary Janet Yellen in response to her call for enhanced oversight of crypto. Notably, they highlighted the limitations of the Howey Test in protecting consumers in the crypto market.

The letter, signed by House Financial Services Committee Chair Patrick McHenry, House Agriculture Committee Chair Glenn Thompson, Rep. French Hill, and Rep. Dusty Johnson, seeks Yellen’s detailed explanation of how the regulatory framework should be shaped concerning digital assets, following her call earlier today.

Congress has requested clarification on the Securities and Exchange Commission’s (SEC) role. Notably, they have raised concerns about the effectiveness of the Howey Test, which is used to determine the classification of a transaction as an investment contract and, thus, a security. Congress is questioning whether the Howey Test is sufficient for providing adequate consumer protection.

The legislators have argued that the SEC’s retrospective application of the test does little to protect investors, stating:

“Chair Gensler has declared that “the vast majority of crypto tokens likely meet the investment contract test.” However, the final investment contract analysis is backwards looking, made by a court after the transaction in question has been completed. How does this reactive legal authority provide adequate protection for customers, in the absence of comprehensive legislation?”

Congress has also highlighted that the current regulatory framework does not cover a significant portion of the crypto-asset ecosystem, including Bitcoin and Ether. They have asked the Financial Stability Oversight Council (FSOC) whether these cryptocurrencies are considered securities. Led by Yellen, the FSOC brings together key financial regulators to monitor potential risks and safeguard the financial system.

Furthermore, Congressmen have expressed concern about regulatory gaps in spot markets for digital assets that are not considered securities. They are questioning if the Commodity Futures Trading Commission should expand its jurisdiction to include these spot markets, given its existing authority over certain aspects of non-security digital asset transactions. Congress expects to receive answers from Yellen by February 20.

Yellen has been actively advocating for stricter regulations after FTX’s collapse. In a testimony before the House Financial Services Committee on Tuesday, she warned of the risks associated with crypto platforms and stablecoins, urging Congress to enact stricter regulations for the crypto industry.

Share this article

Share this article

Members of the US Congress have posed a list of questions in a recent letter to Treasury Secretary Janet Yellen in response to her call for enhanced oversight of crypto. Notably, they highlighted the limitations of the Howey Test in protecting consumers in the crypto market.

The letter, signed by House Financial Services Committee Chair Patrick McHenry, House Agriculture Committee Chair Glenn Thompson, Rep. French Hill, and Rep. Dusty Johnson, seeks Yellen’s detailed explanation of how the regulatory framework should be shaped concerning digital assets, following her call earlier today.

Congress has requested clarification on the Securities and Exchange Commission’s (SEC) role. Notably, they have raised concerns about the effectiveness of the Howey Test, which is used to determine the classification of a transaction as an investment contract and, thus, a security. Congress is questioning whether the Howey Test is sufficient for providing adequate consumer protection.

The legislators have argued that the SEC’s retrospective application of the test does little to protect investors, stating:

“Chair Gensler has declared that “the vast majority of crypto tokens likely meet the investment contract test.” However, the final investment contract analysis is backwards looking, made by a court after the transaction in question has been completed. How does this reactive legal authority provide adequate protection for customers, in the absence of comprehensive legislation?”

Congress has also highlighted that the current regulatory framework does not cover a significant portion of the crypto-asset ecosystem, including Bitcoin and Ether. They have asked the Financial Stability Oversight Council (FSOC) whether these cryptocurrencies are considered securities. Led by Yellen, the FSOC brings together key financial regulators to monitor potential risks and safeguard the financial system.

Furthermore, Congressmen have expressed concern about regulatory gaps in spot markets for digital assets that are not considered securities. They are questioning if the Commodity Futures Trading Commission should expand its jurisdiction to include these spot markets, given its existing authority over certain aspects of non-security digital asset transactions. Congress expects to receive answers from Yellen by February 20.

Yellen has been actively advocating for stricter regulations after FTX’s collapse. In a testimony before the House Financial Services Committee on Tuesday, she warned of the risks associated with crypto platforms and stablecoins, urging Congress to enact stricter regulations for the crypto industry.

Share this article

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