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Hanwha Aerospace Selected as Preferred Bidder for Land 400 Phase 3 by Australian Army

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SEOUL, South Korea, July 27, 2023 /PRNewswire/ — Hanwha Aerospace announced today that its subsidiary, Hanwha Defense Australia(HDA), has been selected as the preferred bidder for the Land 400 Phase 3 Infantry Fighting Vehicle (IFV) program with the Redback IFV.

This program includes 129 vehicles across two variants and will be delivered under an accelerated schedule, in alignment with the Australian Army’s Defence Strategic Review.

This selection marks the first time that a South Korean defense company has been chosen as a preferred bidder for a program by an army of an AUKUS member, based on technical expertise and the ability to fulfil to the Australian Army’s evolving requirements.

“The selection of the Redback for the Australian Army is an exciting milestone, not just for soldiers, who will have an IFV specifically designed and built for them, but also for the strengthening ties between Australia and the Republic of Korea,” said Son Jae-il, CEO and President of Hanwha Aerospace. “Hanwha’s selection as the preferred bidder for the Land 400 Phase 3 has significant implications for Korea-Australia defense and economic cooperation.”

The Redback IFV is Hanwha Aerospace’s first successful export model that was designed, developed, and tested for a foreign government partner.

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“We are excited for the next phase of this program that will see HDA and Australian industry deliver a world class IFV to the Australian Army,” said Richard Cho, Managing Director of HDA. “I would like to thank our industry partners who supported us through the Risk Mitigation Activity during the challenging times that COVID presented to us and since then as we prepared our winning response to the Commonwealth.”

About Hanwha Aerospace  

A subsidiary of Hanwha Group, a Fortune Global 500 company, Hanwha Aerospace is the largest aerospace and defence company in South Korea. With the reputation of South Korea’s only aircraft engine maker and a global provider of advanced military and commercial aircraft engines, Hanwha Aerospace is spearheading the country’s space projects such as KSLV-II.

Hanwha Aerospace has merged its subsidiary Hanwha Defense, the maker of world-renown K9 Self-Propelled Howitzer and Redback Infantry Fighting Vehicle, to expand its footprint in the global defense market. The company has also acquired the defense business division of Hanwha Corporation to develop and provide ammunition, precision-guided missiles, and other cutting-edge weapons systems. 

Photo – https://mma.prnewswire.com/media/2163670/Image_1.jpg

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View original content:https://www.prnewswire.co.uk/news-releases/hanwha-aerospace-selected-as-preferred-bidder-for-land-400-phase-3-by-australian-army-301887149.html

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Brazil to Tighten Regulation on Foreign Crypto Exchanges

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Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

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Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

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The post Brazil to Tighten Regulation on Foreign Crypto Exchanges appeared first on HIPTHER Alerts.

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Financial Institution NAB Embraces Crypto Custody Solution

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National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

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Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

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Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

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Brazil Tax Department to Scrutinize Foreign Crypto Exchange Operations

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Brazil to Enhance Scrutiny on Foreign Crypto Exchanges

Brazil’s Receita Federal is set to intensify oversight of foreign digital asset exchanges operating within the country, aiming to strengthen regulation and transparency in this rapidly growing sector. The national tax authority plans to collect operational data from platforms such as Binance, Coinbase, and Kraken, despite the absence of a comprehensive regulatory framework for cryptocurrencies in Brazil.

Tightened Oversight on Foreign Crypto Exchanges
As digital asset popularity surges in Brazil, the government is taking steps to understand and regulate the activities of international cryptocurrency exchanges. A mandate, expected to be issued this week, will require these platforms to disclose their operational methodologies and customer service practices within the region. The focus of Brazilian tax authorities is to ensure compliance with local tax laws and anti-money laundering regulations.

Surge in Digital Asset Usage
The decision comes amidst a significant increase in digital asset usage in Brazil, with reported crypto holdings by Brazilians reaching 133.6 billion reais ($24.6 billion) from January to July 2023—a 36.6% increase from the previous year. This heightened scrutiny is vital as the government pushes for greater transparency while still developing a concrete regulatory framework, expected to be proposed by the end of 2024.

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Receita Federal to Audit International Crypto Platforms
Andrea Chaves, Deputy Secretary of Inspection at the Receita Federal, emphasized the importance of this initiative. The government aims to ensure that these exchanges comply with tax obligations and do not engage in illegal activities. Additionally, they seek to confirm that services offered to Brazilian customers are fully legal, addressing concerns that some platforms might bypass local regulations, leading to unreported revenue and facilitating illicit financial flows.

Wagner Lima, a risk management coordinator at the Revenue Service, highlighted the need to examine partnerships between foreign exchanges and local service providers. This scrutiny ensures adherence to a 2019 regulation mandating information sharing, crucial for maintaining the integrity of Brazil’s financial systems.

Upcoming Ordinance Requirements
The forthcoming ordinance will require exchanges to provide detailed information about their operations, excluding customer-specific data and transactional details to comply with current Brazilian laws. The 51.2% increase in declared holdings through foreign exchanges from the previous year underscores the growing importance of these platforms in the local market.

Source: coingape.com

The post Brazil Tax Department to Scrutinize Foreign Crypto Exchange Operations appeared first on HIPTHER Alerts.

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