Asia’s weekly TOP10 crypto news (Apr 10 to Apr 16)

Author：Lily

Editor：Colin Wu

1. Hong Kong’s weekly summary

1.1 Hong Kong’s ZA Bank offers crypto conversions, accounts in city’s push link

On April 12, according to Bloomberg, Hong Kong’s biggest virtual bank ZA bank said that it will act as a settlement bank for clients to allow withdrawals in Hong Kong, China and US currencies after they deposit crypto tokens with exchanges.

1.2 Paul Chan Mo-po: Innovation must be under proper regulatory framework link

On April 12, Hong Kong Financial Secretary Paul Chan Mo-po stated in his speech at the Web3 Carnival that the problem with virtual currencies, virtual assets, and trading platforms is not that they lack innovative power, but rather whether they are effectively managing risks within a proper regulatory framework; the development of Web3 must be promoted without compromising the stability of the financial system and investor protection.

1.3 CZ discusses the potential for blockchain payments in HK link

On April 12, CZ said in a video interview at the Hong Kong conference that he is very interested in blockchain payments in the next few years, because the current wallet is not easy to use, and the security is not ideal, and there are many aspects that can be improved. In addition, CZ said that the first version of regulations is often overly restrictive, and it will take a while to find an optimized balance.

1.4 PlatON founder Sun Lilin announced the launch of TOPOS in HK link

On April 13, in Hong Kong, PlatON founder Sun Lilin announced the launch of TOPOS, a Web3.0 secure payment and settlement system built on the PlatON platform. TOPOS is committed to building a multi-party consensus-based multilateral payment and settlement architecture by inviting developers, card-issuing institutions, acquiring institutions, wallets, and other third-party specialized service providers to participate in the global regulatory compliance framework.

1.5 New World Development and NewmanCapital to Hold Web3 Competition in HK link

On April 14, New World Development Group, founded by Cheng Yu-tung, announced a Web3 competition to be held in partnership with Newman Capital. Startups in the Web3 field can apply to participate in the 2023 New World Innovation Challenge. Cheng Yu-tung and New World Development Group, one of Hong Kong’s four major families, are among the traditional enterprises in Hong Kong most enthusiastic about the cryptocurrency field.

2. Douyin’s weekly summary

2.1 In the Douyin app, searching for “bitcoin” will show the price information link

On April 10, the Chinese version of tiktok “Douyin” with 600 million users has updated new functions. When users search for bitcoin, the current day, highest, lowest, today’s opening, and yesterday’s closing prices have appeared; and bitcoin is introduced as a virtual encrypted digital currency in the form of P2P. This move shows the enthusiasm of Chinese society and private enterprises for cryptocurrencies, but the Chinese government is still strictly prohibiting the crypto, except to allow Hong Kong to develop. It is already possible to display price information for almost all major cryptocurrencies. This behavior may be demanded by the Chinese government to stop.

2.2 Price information for tokens within Douyin can no longer be displayed link

On April 11, just one day later, the content of Bitcoin and other Tokens in Douyin can no longer be displayed. The current search result is “According to relevant national regulations, unofficial virtual currencies do not have the same legal status as legal tender. Please invest carefully.”

3. South Korea’s weekly summary

3.1 Korean exchange GDAC was hacked, with a loss of ~$13 million link

The South Korean exchange GDAC was hacked on Sunday, nearly $13 million in assets were hacked, including nearly 61 BTC, 350.5 ETH, 10 million WEMIX and 220,000 USDT, accounting for 23% of its total managed assets.

3.2 Former Coinone exchange two officials receive arrest warrant in South Korea link

On April 11, according to news1, South Korea’s Seoul Southern Court issued an arrest warrant for the former Coinone Exchange’s listing team leader Kim and listing broker Huang for suspicion of fleeing. Hwang is suspected of bribery.

3.3 The market share of South Korea’s exchanges’ altcoin market has reached 95% link

According to Kaiko, in last week, the trading volume of the four major exchanges in South Korea reached the highest level this year, and the altcoin market share rose to a multi-year high of 95%. On most non-Korean exchanges, BTC and ETH account for about 40% to 50%.

3.4 Members of the Korean DAXA to jointly delist OMG and SRM link

On April 12, Upbit announced that the members of the Korean Digital Asset Exchange Association (DAXA) will jointly delist OmiseGO (OMG) and Serum (SRM), indicating that OmiseGo and Serum are not functioning normally.

3.5 APE appeared on Upbit with a 20x premium link

On April 12, the APE-BTC trading pair on Upbit, South Korea’s largest exchange, rose sharply at around 17:15 UTC+8, reaching a maximum of 0.003 BTC (about $90). The reason for this may be related to Upbit’s suspension of ERC Token deposit and withdrawal due to Shanghai upgrade.

4. Japan’s weekly summary

4.1 New Governor of Bank of Japan proposes achieving 2% inflation target ASAP link

On April 10, the first new governor of the Bank of Japan in 10 years took office and held a press conference, saying that in view of the financial turmoil caused by the bankruptcies of the U.S. banks, the Japanese economic outlook is “highly uncertain” and proposed to “achieve as soon as possible” the 2% inflation target.

4.2 FTX Japan canceled its auction due to plans to restart link

On April 11, FTX Japan canceled its auction due to plans to restart. Earlier, FTX had planned to sell its LedgerX, FTX Japan, and FTX Europe businesses, with FTX Japan having cash and deposits of about $141 million.

4.3 Japanese Prime Minister to deliver a video message at the WebX conference in July link

Coinpost is hosting the WebX conference in July, and Japanese Prime Minister Fumio Kishida will deliver a video address, showing support for the development of Web3 in Japan.

4.4 Japanese National Tax Agency issued guidelines on NFT transactions link

On April 14, the Japanese National Tax Agency issued guidelines on NFT transactions. The tax administration will consider the total income from in-game tokens/NFTs and conduct an assessment at the end of the year. If the assets are not exchanged outside the game, they will not be taxed. If an NFT is sold to another party, income tax should be paid.

4.5 Amber Group considers selling Japan subsidiary and applying for crypto exchange license in Hong Kong link

On April 14, Singapore crypto lender Amber Group is weighing options for its Japan unit, including a possible sale, and plans to apply for a Hong Kong license following the city’s pivot toward creating a digital-asset hub. Japan is a “very high quality market, but regulations are strict,” Amber’s Managing Partner Annabelle Huang said, while the regulatory environment in Hong Kong is more favorable. Previously, exchanges such as Coinbase and Kraken have exited the Japanese market.

5. Do Kwon’s weekly summary

5.1 The Seoul prosecutor’s office has applied to freeze the funds of Do Kwon link

On April 11, the prosecutor’s office in Seoul’s southern district stated that it is waiting for a court order to freeze Do Kwon’s assets in the country, worth approximately 7.1 billion Korean won ($5.3 million). The prosecutor’s office also stated that they are investigating overseas criminal proceeds that have flowed into various cryptocurrency exchanges and Swiss bank accounts.

5.2 The Seoul prosecutor’s office has applied to freeze the funds of Do Kwon link

According to DL News, during the period when he was wanted by the authorities, Do Kwon lived in a three-story duplex apartment worth 2 million euros in a high-end community in Belgrade, owned by Han, just 6 minutes’ drive from the South Korean embassy. In early March, he and Han managed to travel to neighboring Montenegro, rented a private jet, and attempted to fly to crypto-friendly jurisdiction Dubai, but were arrested and held in a prison in Montenegro.

6. Bitmain’s weekly summary

6.1 Bitmain fined by tax authorities, crypto tax inspections intensified link

Bitmain, the world’s largest bitcoin mining machine company, was fined about $3.55 million by the Beijing tax bureau in April, mainly for unpaid personal income taxes. The Chinese government has stepped up tax inspections on the cryptocurrency industry since last year, especially targeting bitcoin miners and large traders.

6.2 Bitmain faces backlash over age-based bonus policy link

On April 12, according to jiwwei, Bitmain, the largest Bitcoin mining machine company, is introducing age-based performance standards. The older you are, the lower the bonus, which has caused some employees to leave and sue. Bitmain is using a large number of fresh graduates as management.

7. Shanghai Data Exchange issues commemorative NFTs on Ethereum network link

On April 12, the Shanghai Data Exchange under the Chinese government issued a commemorative NFT, with a total of 1,000 pieces, issued on the Ethereum network, using the Freemint mechanism, and has been fully Mint.

8. Su Zhu and Kyle Davies are no longer involved in OPNX’s daily operations link

On April 14, OPNX CEO Leslie Lamb stated in an interview that Su Zhu and Kyle Davies are no longer involved in OPNX’s daily operations. Lamb also explained that OPNX serves as both a bond trading and pricing channel. Users who are unable to access the platform due to regulatory restrictions can still participate in OTC bond transactions by utilizing OPNX’s bond pricing. The platform’s asset proof is provided by a third-party auditing company and there is no internal market-making team. Instead, OPNX invites individual market makers, which is why the initial trading volume may be low.

9. CoFund partners with Tokeny to tokenize Bali hotel on Polygon Network link

On April 12, the real estate token market CoFund on Ethereum announced a partnership with tokenization platform Tokeny to issue ERC3643 tokens on the Polygon network. The two will tokenize a $10 million hotel in Bali, Indonesia, and investors can invest as low as $1,000.

10. Russian FTX requires Russians who profit from cryptocurrency to pay taxes link

On April 15, the Federal Tax Service of the Russian Federation (FTS) began sending letters to Russian citizens requesting data on ownership of cryptocurrencies. Russians who have used cryptocurrencies for transactions between 2021 and 2022 have received the letters. They are required to pay taxes if they have made profits from cryptocurrencies.

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