Asia's weekly TOP10 crypto news (Oct 23 to Oct 29)

Oct 29, 2023

Author：0xMingyue

Editor：Colin Wu

1. Hong Kong’s weekly summary

1.1 Hong Kong’s Financial Secretary Aims to Transform the Region into an International Hub for Virtual Assets link

On October 26th, the Financial Secretary of Hong Kong, Paul Chan Mo-po, expressed his expectation to transform Hong Kong into an international hub for virtual assets, including preparations for the regulation of virtual assets and the development of a digital Hong Kong dollar. When asked about ensuring the safety of virtual assets for citizens, Chan mentioned that he would provide updates to financial regulatory authorities, the Legislative Council’s Financial Affairs Committee, and other relevant entities on the following Monday, October 30th. He explained that new regulatory measures for virtual asset exchanges were introduced in June of this year, focusing on reviewing and supervising the supply side. Furthermore, arrangements are being made for the demand side, including investor participation and education, to promote the development of the virtual asset market.

1.2 Latest Policy Address in Hong Kong Reveals New Initiatives to Attract Talent and Businesses link

On October 25th, the latest policy address by the Hong Kong government introduced further measures to attract talent and businesses to the city. Eligible individuals who invest HKD 30 million or more in stocks, funds, bonds, and similar assets can apply for entry into Hong Kong for investment purposes. Real estate investments are not included in this program. Additionally, there are plans to open up employment visa policies for Vietnamese talent, as well as talent from Laos and Nepal. Starting from November, the list of designated universities under the Quality Migrant Admission Scheme will expand to include eight more top mainland and overseas institutions, increasing the total number to 184.

2. Taiwan Formally Introduces Cryptocurrency Legislation, Passes Initial Reading in Parliament link

On October 27th, Taiwan officially introduced a cryptocurrency bill which has passed the first reading in the parliament. This special cryptocurrency law will require all cryptocurrency platforms operating in Taiwan to apply for licenses. Failure to do so could lead to regulatory authorities ordering them to cease their operations. The bill is yet to have a specific timetable for its second reading, but it may not take place before the end of January 2024. (Note by WuBlockchain: In Taiwan, bills are reviewed by the Legislative Yuan, discussed, and may be subject to modifications; once they pass the third reading, they are sent for administrative approval and publication for implementation.)

3. The Mainland of China’s Weekly Summary

3.1 People’s Court Publication Discusses the Criminal Determination of Virtual Currency Settlement and Payment Activities link

On October 26th, the People’s Court Daily published an article titled “Criminal Identification of Assistance in Settlement and Payment with Virtual Currency,” which outlines three scenarios for criminal identification: If an individual assists in concealing or disguising the proceeds of a crime by intentionally providing assistance in virtual currency settlement and payment before the completion of a fraud act and without conspiring with others, this constitutes a crime of concealing or disguising the proceeds of a crime. If the assistant has communicated with others and formed a shared intent regarding the fraud during the course of the fraud act, their actions should be identified as complicity in the crime of fraud. If the crime of fraud is not consummated or the property does not possess the three characteristics of crime proceeds (property nature, unlawfulness, and definiteness), but the helper is aware that someone else is committing fraud and provides virtual currency settlement and payment services, they should be recognized as accomplices to the crime of fraud.

3.2 Shanghai Hosts Coordinated Meeting on Blockchain Development Management and Establishes the First Shanghai Blockchain Expert Committee link

On October 27th, a coordination mechanism meeting for the overall management of blockchain development in Shanghai was held, focusing on deploying various aspects of blockchain industry development, technology, and ecological planning. During the meeting, the first Shanghai Blockchain Expert Committee was established. The committee members serve a two-year term, and the inaugural committee consists of seven experts. Mr. Yao Qian serves as one of the experts on the first committee. The Shanghai Municipal Committee for Cyberspace Affairs and the Shanghai Municipal Commission of Economy and Informatization presented the progress of the formulation of the “Shanghai Blockchain Development Management Plan (2023–2025)” and recent advancements in promoting blockchain industry development.

4. South Korea’s Weekly Summary

4.1 Turkish Government Plans to Implement Taxation on Digital Virtual Assets Next Year link

On October 26th, it was reported that the Turkish government is planning to introduce taxation for digital virtual assets next year. They intend to conduct research to define these assets within the Turkish legal framework and establish regulatory measures for crypto asset service providers. These plans were outlined in the 2024 Presidential Annual Plan document.

4.2 High-Level Regulatory Officials in Turkey Join the CoinTR Exchange link

On October 24th, the Turkish local cryptocurrency exchange CoinTR announced its new board members and appointments. ŞAKİR ERCAN, a former Deputy Minister of Finance and Financial Monitoring, was appointed as the Chairman of the Board. ERGÜN AKINCI, the current Chief Advisor to the Central Bank of Turkey, and MEHMET EMİN, a former Deputy General Manager of Vakfi Bank, were appointed as board members. ALİ EŞELİOĞLU, a former Deputy Director of the Central Bank’s Market Directorate, was appointed as the Chief Executive Officer.

5. Circle Collaborates with Taiwan’s Second-Largest Convenience Store Chain, FamilyMart, to Launch a Points-to-Cryptocurrency Conversion Service link

On October 26th, Circle announced a strategic partnership with the Taiwanese cryptocurrency exchange BitoGroup and Taiwan’s second-largest convenience store chain, FamilyMart. The three companies plan to launch a “points to cryptocurrency” service, allowing users to convert their FamilyMart loyalty points into cryptocurrencies like USDC through BitoGroup. According to the announcement, BitoGroup has 800,000 users, and FamilyMart has over 17 million members.

6. Justin Sun Reports a Q3 Earnings of $98 Million for His Group link

On October 26th, Justin Sun stated that the Group’s actual revenue for the third quarter was $202 million, with expenses of $104 million, resulting in a quarterly profit of $98 million, a 14% increase compared to the previous quarter. The cost control measures have continued to be effective. The forecast for the fourth quarter is a revenue of $190 million, expenses of $88 million, and a profit of $104 million. According to Wu Shuo’s analysis, the Sun Yuchen Group includes Tron, TRC20-USDT revenue, Huobi, Poloniex, and more. Earlier data showed that Huobi’s revenue for the third quarter was approximately $24.75 million.

7. Southern Eastern British Bitcoin Futures ETF Breaks into the Top Ten in Hong Kong’s ETF Sales Market link

On October 24th, as the price of Bitcoin surged to nearly $35,000, the CSOP BTC Futures ETF entered the top ten in the Hong Kong ETF sales market. It had a trading volume of 175.87 million Hong Kong dollars and saw a net inflow of approximately 138 million Hong Kong dollars, making it the largest trading volume and net inflow day since the ETF was listed. Previously, the daily trading volume was only between 1 to 2 million Hong Kong dollars. Local brokers actively engaged in two-way trading, and the investors were primarily regional institutions and high-net-worth individuals.

8. Elliptic: Hamas Receives Only $21,000 in Cryptocurrency Donations Since October 7th link

On October 26th, the crypto research firm Elliptic published an article stating that the data used to describe the scale of Hamas’ cryptocurrency fundraising had been exaggerated. Since October 7th, Hamas had received only $21,000 in new cryptocurrency donations, most of which had already been frozen. Elliptic mentioned that it had contacted The Wall Street Journal and U.S. Senator Elizabeth Warren regarding the false claims that Hamas had raised millions of dollars through cryptocurrencies.

9. Zhang Yufeng, Previously Linked to a Donation to Shenzhen University, Announces the Launch of a Knowledge Forum link

On October 22nd, an Inke account associated with Zhang Yufeng, which had not been updated for four months, announced the creation of a knowledge planet for a fee of 399 yuan. The purpose of this knowledge planet is to answer private messages related to investment and trading and create a pure trading environment. Zhang Yufeng had previously claimed to be the head of trading at FTX, but this claim was disputed by numerous former FTX employees. He also claimed to have donated 50 million RMB to Shenzhen University, but there is currently no evidence to confirm that the donation has been made, and Shenzhen University has not responded to this matter.

10. Binance Experiences a Surge in FDUSD Trading Volume Beyond TUSD Following the Introduction of Feeless Activities link

On October 24th, after Binance introduced a zero-fee promotion for FDUSD, FDUSD’s trading volume share among stablecoins on exchanges grew to 16%, while TUSD’s share dropped from 23% to 1%. Kaiko researcher @Clara_Medalie pointed out that Binance effectively boosted the trading volume of a particular stablecoin by offering zero fees, and once the zero-fee promotion ends, the trading volume tends to drop significantly. According to data from Coingecko, in the past 24 hours, the BTC/FDUSD trading volume on Binance reached $28.3 billion, second only to BTC/USDT ($37.9 billion), making it one of the top two BTC spot trading pairs globally.

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