New law to ensure 40% of trains run during strikes, government announces

Published

1 year ago

November 6, 2023

admin

The government will introduce a new law to parliament on Tuesday, which they say will ensure 40% of trains still run on strike days.

The new minimum service level regulations will also make sure “certain priority routes can remain open” – though it is not yet clear which journeys will be covered.

Other rules will be introduced for border security staff and ambulance workers, in plans Prime Minister Rishi Sunak says will “stop unions de-railing Christmas for millions of people”.

Politics live: PM gives backing to ‘clamp down’ on ‘acts of criminality’ at Gaza protests

The details follow on from the government’s Strikes (Minimum Service Levels) Act that it passed in January, giving ministers the power to set minimum service levels across multiple sectors.

The legislation caused an uproar from unions, who have again slammed the government for its latest move, calling it “unworkable” and “undemocratic”.

The TUC’s general secretary, Paul Nowak, said: “These anti-strike laws won’t work. The crisis in our public services is of the government’s own making.

“Rather than engaging constructively with unions, they are attacking the right to strike. And they are punishing paramedics and rail staff for daring to stand up for decent pay and better services.”

Labour’s deputy leader, Angela Rayner, also claimed the government was “getting their excuses in early for Christmas”, adding: “Rishi Sunak is offering another sticking plaster to distract from the Conservatives’ track record of failure.

“We all want minimum standards of service and staffing but it’s Tory ministers who are consistently failing to provide them.”

But Mr Sunak said it was the “right long-term decision… to keep people safe and continue delivering the vital public services that hard-working people rely on”.

Under the new law, employers will be able to issue notices to people “who are reasonably required to work to ensure minimum service levels are met”, the government said.

It will also make unions “take reasonable steps and ensure their members who are identified with a work notice comply” – with the statutory guidance set out by the Department for Business and Trade following a consultation.

If unions fail to do this, they can be sued, with the maximum fine for unlawful strike action now sitting at £1m.

“We are doing everything in our power to stop unions de-railing Christmas for millions of people,” said Mr Sunak.

“This legislation will ensure more people will be able to travel to see their friends and family and get the emergency care they need.

“We cannot go on relying on short term fixes – including calling on our Armed Forces or civil servants – to mitigate the disruption caused by strike action.

“That’s why we’re taking the right long-term decision to bring in minimum service levels, in line with other countries, to keep people safe and continue delivering the vital public services that hard-working people rely on.”

The rules for border security will apply to both the Border Force and selected HM Passport Office staff, and state that services “should be provided at a level that means that they are no less effective than if a strike were not taking place”, as well as ensuring all ports and airports remain open on a strike.

For ambulance workers, the legislation will only impact England, and will “ensure that cases that are life-threatening, or where there is no reasonable clinical alternative to an ambulance response, are responded to”.

The three areas have been chosen following government consultations to establish what they think are the correct minimum service levels to introduce following a raft of strikes that have dominated the past year.

But the Department of Health and Social Care is still carrying out on “expanding the scope of minimum service levels to cover other urgent and emergency hospital-based services”, which could include nurses and doctors.

Unison – which represents ambulance workers, as well as other healthcare professionals – called the legislation a “pointless move [that] won’t solve a single problem in the NHS”.

The union’s head of health, Sara Gorton, added: “Measures are already in place to protect patients during action. Sacking ambulance workers on strike won’t get the millions awaiting hospital treatment any closer to the top of the list.

“It’s just a desperate attempt to deflect attention from the government’s appalling record on the NHS.

“The public wants ministers to cut waiting times, shorten delays and attract more staff to the NHS. Not make an already dire situation significantly worse.”

The Department for Education has already committed to introducing minimum service into schools and colleges, though at the moment it will be on a voluntary basis with agreement from unions.

However, ministers will launch their own consultation if an agreement can’t be reached.

The Department for Business and Trade is also launching a consultation on removing regulations that prevent agency workers being supplied to cover striking employees, with a promise to publish its findings “in due course”.

The TUC’s Mr Nowak said unions would continue to fight back against the “spiteful legislation”, adding: “We won’t stop until it is repealed.”

King’s Speech live: Watch our special programme on Sky News tomorrow, hosted by Sophy Ridge from 10.30am. You will also be able to follow it live on the app and website.

Politics

Pakistan appoints Changpeng Zhao as crypto adviser as adoption heats up

Published

2 hours ago

April 7, 2025

admin

Pakistan appoints Changpeng Zhao as crypto adviser as adoption heats up

Former Binance CEO Changpeng “CZ” Zhao has been appointed as an adviser to Pakistan’s Crypto Council, a newly formed regulatory body tasked with overseeing the country’s embrace of blockchain technology and digital assets.

The appointment was confirmed by Pakistan’s finance ministry and reported by Bloomberg on April 7. Zhao will advise the regulatory body on cryptocurrency regulation, infrastructure and adoption, Bloomberg reported.

Zhao is one of the most recognizable names in crypto, having served as CEO of Binance between 2017 and 2023. He resigned as CEO of the exchange in November 2023 after pleading guilty to charges related to violating US money laundering laws. He was later sentenced to four months in prison.

For Pakistan, Zhao is a high-profile appointment that could potentially help the country lure foreign investment in an industry that has taken on new strategic importance.

In March, the CEO of Pakistan’s Crypto Council, Bilal bin Saqib, told Bloomberg that the country plans to develop a clear regulatory framework for digital assets.

“Pakistan is done sitting on the sidelines,” Saqib said. “We want to attract international investment because Pakistan is a low-cost high-growth market with […] a Web3 native workforce ready to build.”

Crypto in Pakistan: Adoption and pain-points

Pakistan has long been considered a potential hub for crypto adoption due to its growing population, large diaspora and thriving black market for foreign exchange trades.

The value of cash sent to Pakistan through formal remittance channels surged at the end of last year amid a countrywide crackdown on black market dollar trades.

“This increase might be because remittances that had previously been sent using the black market are now being sent via official channels,” John Ashbourne, an economist at Fitch Solutions, told Bloomberg.

Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, largely due to strong retail adoption and transactions at centralized services.

Stablecoins have emerged as one of crypto’s most prominent use cases in regions with high demand for US dollars due to currency depreciation.

Although data on stablecoin usage in Pakistan is slim, a 2023 KuCoin survey revealed that 33% of local crypto investors use digital assets to hedge against the rupee’s devaluation.

A more recent survey conducted by Bitget found that 46% of respondents in South Asia — a region that includes India, Pakistan, Bangladesh and others — use digital assets for speed and accessibility of transactions.

Magazine: How crypto laws are changing across the world in 2025

Politics

Mantra unveils $108M fund to back real-world asset tokenization, DeFi

Published

7 hours ago

April 7, 2025

admin

Mantra unveils 8M fund to back real-world asset tokenization, DeFi

The Mantra blockchain network has launched a $108,888,888 ecosystem fund aimed at accelerating the growth of startups focused on real-world asset (RWA) tokenization and decentralized finance (DeFi), amid rising demand for stable, asset-backed digital products.

Mantra, a layer-1 (L1) blockchain built for tokenized RWAs, launched the Mantra Ecosystem Fund (MEF) to accelerate the growth and adoption of projects and startups building on its network, according to an April 7 announcement shared with Cointelegraph.

Mantra said it will deploy the capital over the next four years among “high-potential blockchain projects” worldwide, with investment opportunities sourced through Mantra’s network of partners. The fund’s backers include a wide range of institutional partners including Laser Digital, Shorooq, Brevan Howard Digital, Valor Capital, Three Point Capital and Amber Group.

Mantra CEO John Patrick Mullin said the fund will operate an “open-arms policy, welcoming projects at any developmental stage globally with a particular focus on RWA’s and DeFi.” Mullin told Cointelegraph:

“The MEF thesis is to invest in top-tier teams building RWA and DeFi applications, as well as complimentary infrastructure, that will both directly and indirectly support the broader ecosystem.”

Mantra aims to become the underlying infrastructure layer for tokenized asset issues worldwide, Mullin said.

Mantra unveils $108M fund to back real-world asset tokenization, DeFi — *Source:* *Mantra*

The launch of the fund comes a month after Mantra became the first DeFi platform to obtain a virtual asset service provider (VASP) license under Dubai’s Virtual Assets Regulatory Authority (VARA).

Investor demand grows for RWAs

The timing of the fund’s launch aligns with growing institutional interest in RWAs, which are seen by some as a hedge against crypto market volatility and broader economic uncertainty.

Global fears and uncertainty around US President Donald Trump’s tariffs have impacted investor sentiment across markets.

Despite a broader market slump triggered by US tariff-related concerns, the value of tokenized RWAs recently surged to a record high. According to data from RWA.xyz, total RWA market capitalization reached more than $19.6 billion as of early April, up from $17 billion in early February.

Industry watchers previously told Cointelegraph that Bitcoin’s lack of upside momentum may drive RWAs to a $50 billion all-time high before the end of 2025.

The world’s largest asset manager, BlackRock, has also signaled support for the RWA space.

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) saw an over three-fold increase in the three weeks leading up to March 26, from $615 million to $1.87 billion.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

Politics

Hong Kong introduces crypto staking rules, reaffirms Web3 commitment

Published

9 hours ago

April 7, 2025

admin

Hong Kong introduces crypto staking rules, reaffirms Web3 commitment

Hong Kong’s Securities and Futures Commission (SFC) has introduced new guidelines for crypto exchanges offering staking services.

In an April 7 announcement, the SFC announced new guidelines for crypto exchanges offering staking services and locally authorized funds exposed to digital assets involved in staking. The announcement follows recent remarks from Christina Choi, the SFC’s executive director of investment products, who said during a speech at the Hong Kong Web3 Festival:

“The SFC is committed to supporting Hong Kong’s Web3 journey.”

In its announcement, the regulator said it “recognizes the potential benefits of staking in enhancing the security of blockchain networks and allowing investors to earn yields.” Consequently, the latest guidance allows crypto exchanges to provide staking service offerings.

Chen Wu, co-founder and CEO of Hong Kong-based and SFC-licensed crypto exchange Ex.io, told Cointelegraph that the firm appreciates the regulator “allowing licensed platforms to offer staking services under clear and responsible guidelines.” She said:

“The SFC’s announcement signals that more doors are opening — not just for staking, but for a wider range of Web3 products to take shape under a regulated and trusted framework.”

“Hong Kong is positioning itself not just as a compliant market, but as a real hub for Web3 adoption, where users’ interests are protected without slowing down progress,” Wu added.

New rules for staking services

The new rules were communicated by the regulator in its latest circular sent to crypto exchanges under its jurisdiction. The SFC requires crypto exchanges to obtain written approval before offering staking services, retain control over staked virtual assets and not delegate custody to third parties.

Cryptocurrency exchanges engaged in staking must disclose all relevant risks and details concerning fees, minimum lock-up periods, unstaking processes, outage processes and custodial arrangements to their customers. Lastly, the providers must report on their staking activities to the SFC.

A similar circular was sent to SFC-regulated crypto fund operators, with the new rules being relevant to funds with more than 10% of their net asset value invested directly or indirectly in digital assets. Funds can only acquire virtual assets that are also directly available to the local public and rely on SFC-authorized platforms. Leveraged exposure is prohibited.

Funds can engage in staking if it is consistent with the fund’s objectives, while providing clear disclosure and robust controls. An investor notice and possibly shareholder approval may be required if staking implementation leads to material strategy or risk profile changes.

Hong Kong bets on Web3

During her recent speech, SFC’s Choi recognized that the Web3 space is still evolving and that “its full benefits will unfold in time, likely with twists and turns.” She cited the speculative industry of non-fungible tokens (NFTs) as a cautionary tale that justifies caution in the current regulatory approach:

“Therefore, rather than chasing every new spark, we believe in a pragmatic approach — strengthening the fundamentals and fostering a supportive ecosystem where Web3 can thrive in a sustainable manner.“

The official’s comments follow recent reports that cryptocurrency exchange Bybit announced the shutdown of its NFT marketplace as the market is running out of steam. The decision follows a similar decision by major NFT marketplace X2Y2 announced in late March.

The non-fungible token market is seeing a significant downturn. Daily NFT trading volume was over $18 million 364 days ago before Bybit’s announcements and stood at $5.34 million when the decision to shut down the platform was made public — a 70% fall.

When arguing why Web3 companies should choose Hong Kong as their headquarters, Choi pointed out that Hong Kong ranks third in the Global Financial Centres Index. Furthermore, local regulators have set clear guidelines for crypto industry firms, and Hong Kong provides easy access to Asian markets.

In her closing statements, Choi said, “We stand today at the crossroads where traditional finance and the digital economy are converging to drive promising outcomes for our financial markets.” She added:

“The zero-to-one breakthrough has been made, and its future success would very much depend on how we nurture this convergence, that is, how we go from one to 100.“

Her statements echo Hong Kong’s financial technology sector, which has seen 250% growth since 2022. The SFC recently introduced a new roadmap to position the city as a global cryptocurrency hub.

The “ASPIRe” roadmap hopes to future-proof the local virtual asset ecosystem. It involves 12 initiatives spread across five broad categories, which include providing market access, optimizing compliance and frameworks and improving blockchain efficiency.

Magazine: Korea to lift corporate crypto ban, beware crypto mining HDs: Asia Express