Asia's weekly TOP10 crypto news (Dec 12 to Dec 18)
1. Terra founder Do Kwon in Serbia, Korean MOJ cooperates with Serbian government in investigation link
Terra founder Do Kwon is currently based in Serbia, and the South Korean MOJ is asking the Serbian government to cooperate in the investigation. South Korea seeks Do Kwon’s arrest on charges of providing false information to investors.
2. HK SFC’s weekly summary
2.1 Hong Kong SFC drafts regulatory requirements for licensed virtual asset exchanges under new regime link
The Hong Kong Securities and Futures Commission stated that it is drafting regulatory requirements for licensed virtual asset exchanges under the new system and will launch public consultation. It stated that the FTX incident affects other tokens and the entire industry, highlighting the risks of retail investors using trading platforms that are not fully regulated, and the importance of whether the regulatory framework can protect investors.
2.2 Hong Kong SFC states that it is a crime for anyone to advertise to HK citizens to participate in collective investment link
The Hong Kong Securities and Futures Commission warned that there are currently a large number of cryptocurrency savings, earnings or staking services, most of which are unregulated. If there is a collective investment plan targeting Hong Kong citizens, it will be a crime.
3. CSOP’s weekly summary
3.1 CSOP officially launches virtual asset ETF on HKEx link
CSOP Asset Management has launched a Bitcoin and Ethereum futures ETF for retail investors in Hong Kong. Samsung Asset Management and Mirae Asset Global Investment also filed applications. The Hong Kong Stock Exchange will set its margin rate at 30% and 12% for other instruments.
3.2 HKEx cryptocurrency futures ETF raises up to $73.6 million link
CSOP Asset Management’s two exchange traded funds (ETF) that track U.S.-listed cryptocurrency futures have raised a combined $73.6 million ahead of their debut on the Hong Kong stock exchange on Friday, which are the only cryptocurrency assets approved by retail investors in Hong Kong.
4. MimicShhans, popular in the Chinese-speaking community, experiences a community crisis link
MimicShhans has recently had a community crisis. The 65 core community contributors, led by Adam, offered to support the community with $6,000 per month after a meeting, but were rejected by SHHAN for lack of a viable solution. Adam says SHHAN has refused further communication. The community has now launched a poll on Snapshot to set the MimicShhans royalty to 0, with 2.1k NFT holders supporting it. the MimicShhans NFT floor price has dropped 15% in the recent 7 days.
5. Huobi burned a total of 266,000 HTs in November link
Justin Sun’s exchange Huobi burned 266,000 HT (approximately 1.782 million USDT) in November, and the amount burned increased by 15.94% compared with October; indicating that Huobi’s revenue in November was approximately 8.9 million US dollars.
6. Busan plans to launch digital asset exchange services by the end of 2023 link
Busan plans to establish an exchange holding company in the first half of 2023 and a marketplace authority in the second half of the year, with the goal of starting services by the end of the year. The exchange will be responsible for issuing, listing, trading and managing digital assets. This comes after Busan signed cooperation agreements with exchanges such as Binance, OKX and FTX on the establishment of the Busan Digital Asset Exchange.
7. Japan’s ruling party agrees to ease corporate tax rules on virtual currencies link
Japan’s ruling political party approved a proposal to exempt companies from paying levies for paper gains on crypto coins that they hold after issuing them. Currently, profit from crypto holdings is subject to corporate tax of about 30% in Japan.
8. TEPCO partners with mining equipment manufacturer TRIPLE-1 to utilize excess power for mining link
Major Japanese utility Tokyo Electric Power (TEPCO) has teamed up with mining equipment manufacturer TRIPLE-1 to plan to use excess electricity on its grid for cryptocurrency mining.
9. Mainland China’s weekly summary
9.1 Shanghai Hongkou District People’s Court hears a 90 million yuan dispute over virtual currency link
Recently Shanghai Hongkou District People’s Court heard a dispute case about virtual currency, mainly involving Polkadot’s proxy investment, with the relevant amount up to about 90 million RMB. The defendant Xu, who was an employee of Fenbushi Capital at the time, argued that he acted in his position. Fenbushi Capital, on the other hand, alleged that Xu acted alone. After hearing the case, the Hongkou Court found that there was a suspicion of crime and ruled that the prosecution was dismissed and the relevant materials were transferred to the public security authorities or the procuratorial authorities.
9.2 Beijing 11 departments issued a notice to further strengthen the implementation of energy conservation link
The Beijing Municipal Development and Reform Commission and other 11 departments issued a notice on the issuance of Beijing’s Further Strengthening of Energy Conservation Implementation Plan (2023 version). The notice includes: the implementation of national requirements, continuous remediation of virtual currency “mining” activities, strengthening the monitoring and analysis of “mining” activities, classification and rectification, and resolutely cleaning up the city’s virtual currency “mining” activities in accordance with the law.
9.3 Dalian busts 21.4 billion yuan fraud case using virtual currency to launder money link
Dalian procuratorial authorities appeared in court to support the public prosecution of Wang’s case of alleged fund-raising fraud and money laundering. The case involves illegal fund-raising amounting to 21.4 billion yuan, in order to cover up and conceal part of the funds obtained from fund-raising fraud, his friends and relatives used “virtual currency” to carry out money laundering, while harboring and transferring stolen goods totaling more than ten million yuan.
10. Indonesia to enact sweeping changes to its financial sector regulation link
Indonesia is set to enact sweeping changes to its financial sector regulation as soon as this week. The proposed law seeks to expand the central bank mandate and cement its authority to buy government bonds during times of crisis. The bill also introduces digital rupiah as legal tender and recognizes cryptocurrency and digital assets as regulated financial securities.