Asia's weekly TOP10 crypto news (Mar 4 to Mar 10)

Mar 10, 2024

1. South Korea’s Weekly Summary

1.1 South Korea’s Financial Supervisory Service: Bitcoin Spot ETF to be Discussed Publicly This Year link

The chairman of the Financial Supervisory Service in South Korea, Lee Bok-hyun, has stated that discussions on a Bitcoin spot ETF will take place within this year, expected to coincide with discussions on the establishment of regulations related to virtual assets. Lee highlighted the current lack of regulatory mechanisms to prevent activities such as price manipulation, siphoning, and hacking related to virtual assets. He emphasized the necessity of implementing appropriate mechanisms before opening the market for Bitcoin spot ETFs, emphasizing the need for protective measures.

1.2 South Korea’s Personal Information Commission Plans to Investigate Worldcoin’s Data Collection Practices link

The announcement from the South Korean Personal Information Protection Commission indicates that a Worldcoin affiliated company is currently collecting facial and iris recognition information at 10 locations in South Korea. The commission plans to conduct an investigation based on the Personal Information Protection Act into the overall situation regarding the collection, processing, and transfer of sensitive information abroad. If any unlawful activities are found, appropriate measures will be taken in accordance with relevant laws and regulations.

2. Hong Kong’s Weekly Summary

2.1 Hong Kong’s Securities and Futures Commission Adds BitForex and Its Website to the List of Suspicious Virtual Asset Trading Platforms link

The Securities and Futures Commission of Hong Kong has included BitForex and its website in the list of suspicious virtual asset trading platforms. The public should be cautious of virtual asset trading platforms operating under the name BitForex, as they are suspected of engaging in virtual asset fraud. BitForex has neither been licensed nor applied for a license from the Securities and Futures Commission. The platform’s website has been closed, and users are unable to access their accounts or withdraw assets. The Hong Kong Police Force has acted upon the request of the Securities and Futures Commission by taking measures to block access to the relevant website links and remove related social media pages.

2.2 Johnny Ng Kit-chong Submits New Proposal for Constructing Web3 Financing Platform link

National Committee member Johnny Ng Kit-chong has submitted a proposal to the National Committee of the Chinese People’s Political Consultative Conference titled “Establishment of an International Web3 Financing Platform for Small and Medium-sized Enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area.” The proposal advocates for leveraging Web3 technology to establish an international financing platform for innovation in the Greater Bay Area. This initiative aims to capitalize on Hong Kong’s traditional financial strengths while leveraging its unique position as a global hub for digital technology. Through the “blockchain+” model, the proposal suggests raising funds for significant projects in essential sectors via compliant digital asset trading platforms in Hong Kong.

3. Taiwan’s Financial Supervisory Commission Plans to Propose Special Legislation for Virtual Currency in September this Year link

Chairman Huang Tianmu of the Taiwan Financial Supervisory Commission (FSC) has announced plans to propose a special law for virtual currencies in September of this year. To address issues related to fraud involving virtual currencies, strict administrative penalties will be imposed on individual and overseas currency traders. There will be further legislation specifically targeting virtual assets to ensure the stability and security of the financial markets. Additionally, the results of research regarding the possibility of investing in overseas Bitcoin ETFs will be announced in April.

4. People’s Procuratorate Discusses Zhao Dong Case: Cross-border Transfer of Virtual Currency Funds Constitutes Multiple Offenses link

A recent article in the “People’s Prosecution” magazine, under the auspices of the Supreme People’s Procuratorate, revisited the Zhao Dong case and underscored that using virtual currency as a medium for cross-border fund transfers may constitute money laundering, as well as other charges such as concealing and disguising proceeds of crime and benefiting from criminal proceeds. Offenders found guilty of illegal business operations will face heavier penalties according to relevant regulations. Key evidence, such as virtual currency wallet addresses, can be extracted from virtual currency trading procedures, exchanges, and blockchain explorers. It is important to guide public security organs to supplement investigations and, if necessary, conduct independent investigations to enhance the evidence system and lawfully pursue overlooked crimes and criminals.

5. Tether Signs Memorandum of Understanding with the Republic of Uzbekistan link

On March 7th, Tether announced the signing of a memorandum of understanding with the National Project Office of the Republic of Uzbekistan. Tether will focus on supporting the development of Uzbekistan’s legal framework and regulatory policies for crypto assets, thereby facilitating the development and implementation of digital currencies in Uzbekistan.

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6. BTC and ETH Trading Pairs on Upbit Exhibit Noticeable “Kimchi Premium” Again link

On March 5th, Bitcoin once again reached its previous high, and on Upbit, the BTC/KRW and ETH/KRW trading pairs exhibited a noticeable “Kimchi premium” (the price difference between the Korean market and other global exchanges). On that day, BTC/KRW was approximately 96.35 million Korean Won, equivalent to about $72,000 USD, with a premium of 6%; ETH/KRW was approximately 5.28 million Korean Won, equivalent to about $3,956 USD, with a premium of 7%.

7. Investors in South Korea’s Terra Hope Do Kwon Will Be Extradited to the United States Rather Than South Korea link

The investor community of Terra in South Korea released a statement on Friday expressing their hope for Do Kwon to be extradited to the United States rather than South Korea, as Kwon may not face the deserved punishment. Even if he is convicted in the first instance in South Korea, there is a high likelihood of a significant reduction in the penalty on appeal, potentially resulting in his release without appropriate consequences. Earlier reports indicated that the High Court of Montenegro decided to extradite Do Kwon to South Korea, while U.S. prosecutors will continue to seek extradition.

8. Bitdeer Releases Fourth Quarter 2023 Financial Report link

Bitdeer released its unaudited financial report for the fourth quarter of 2023, revealing a production of 1299 bitcoins and total revenue of $114.8 million. Among this, revenue from self-mining amounted to approximately $46.9 million, cloud computing power revenue reached $16.3 million, general hosting revenue was $25.2 million, and member hosting revenue stood at $23.4 million. Adjusted EBITDA fell between $32.1 million and $38.1 million. As of December 31, 2023, cash and cash equivalents totaled approximately $144.7 million.

9. Boyaa Interactive: Seeks Board Authorization to Continue Purchasing Cryptocurrencies up to $100 Million link

The Hong Kong-listed company Boyaa Interactive issued a statement announcing that its board seeks shareholder approval at the shareholders’ meeting to further authorize the purchase of potential cryptocurrencies. The authorization allows the board to continue purchasing cryptocurrencies up to a total value of $100 million. As of March 8th, the company has acquired a total of 1,110 bitcoins at an average price of $41,790, 14,855 ethers at an average price of $2,777, and 8 million USDT.

10. Consensus Conference to be Held in Hong Kong in February 2025 link

Blockchain media CoinDesk has announced that it will host Consensus Hong Kong at the Hong Kong Convention and Exhibition Center in February 2025. This marks the first time in recent years that the Consensus conference will be held outside the United States, with the pre-pandemic Consensus conference also taking place in Singapore. Following its acquisition by Bullish, CoinDesk has undergone significant restructuring, including the departure of nearly all major management personnel.

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