Asia's weekly TOP10 crypto news (Oct 30 to Nov 5)
Author：0xMingyue
Editor：Colin Wu
1. Singapore MAS Announces Collaboration with Regulatory Authorities in Japan, Switzerland, and the UK to Advance Digital Asset Legislation link
On October 30th, the Monetary Authority of Singapore (MAS) announced its collaboration with the Japan Financial Services Agency, the Swiss Financial Market Supervisory Authority, and the UK Financial Conduct Authority to advance discussions on legal, regulatory, and accounting treatment related to digital assets. This collaboration aims to identify potential risks and gaps in existing policies and legislation concerning tokenization solutions, explore the development of common standards for digital asset networks and market best practices across jurisdictions, promote high standards of interoperability to support cross-border digital asset developments, and facilitate industry pilots for digital assets through regulatory sandboxes.
2. WalletConnect Protocol Restricts Usage for Russian Users link
On November 1st, WalletConnect issued a tweet stating that due to recent legal regulations and guidelines from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the availability of the WalletConnect protocol has been restricted in Russia since October 30th. Certain regions in Ukraine were temporarily affected, but services have since been restored. WalletConnect is an open-source web3 standard used to connect blockchain wallets to dApps.
3. The Mainland of China’s Weekly Summary
3.1 PBOC Digital Currency Research Institute Director Mu Changchun Announces Development of a Blockchain Specifically for Currency Bridges link
According to the Securities Daily, on November 2nd, during the Hong Kong FinTech Week, Mu Changchun, the Director of the Digital Currency Research Institute of the People’s Bank of China, stated that they have established a technical system for the Currency Bridge Platform. At its core is a blockchain specifically developed for the Currency Bridge called the mBridge Ledger (or mBL). This blockchain serves as the central component of the Currency Bridge technology architecture and supports atomic payments, cross-border settlement operations, wallet management, and privacy protection controls.
3.2 Chongqing Tongliang Concludes Virtual Currency Money Laundering Case Involving Over 2.25 Billion CNY link
On November 2nd, according to Chongqing Tongliang Court’s public account, Tongliang Court in Chongqing concluded a case on October 24th involving the transfer of funds to overseas by aiding criminals, with an involved amount of over 2.25 billion CNY. A total of 21 people were sentenced. The defendants received funds from upstream criminals, which were proceeds from crimes such as online fraud and online gambling, and converted them into USDT using methods such as offline Bitcoin wallets. They then sold these funds on virtual currency trading platforms. Under the pretense of withdrawing engineering fees and labor wages, they organized gang members to go to bank counters in various provinces and cities, including Chongqing, Sichuan, and Shanghai, to withdraw cash and deliver the cash to designated recipients specified by the upper echelon. Each cash delivery ranged from tens of millions to tens of millions of yuan. As of the time of the case, Jiang and others had cumulatively transferred more than 2.25 billion CNY in this manner for overseas individuals, with a total profit of more than 22.62 million CNY.
4. Hong Kong’s weekly summary
4.1 Hong Kong Plans to Expand Regulation of Virtual Asset Trading link
On November 3rd, according to Sing Tao Daily, Eddy Chan Ho-man, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), stated during Fintech Week that the HKMA will consult with the banking industry on guidelines for banks providing virtual asset custody services to ensure the full protection of customer assets. The government intends to expand the regulatory scope of virtual asset trading to cover trading activities conducted outside virtual asset trading platforms. Regarding the regulation of stablecoin issuers, the Treasury Bureau and the HKMA will jointly issue consultation papers to invite industry stakeholders and the public to provide feedback. During a recent visit to Europe, it was observed that many local companies were highly interested in Hong Kong’s Web3 development and expressed intentions to consider expanding their business in Hong Kong to access the mainland Chinese market. He emphasized that Hong Kong’s regulatory framework is clear and well-defined, and businesses need clear, stable, and predictable regulatory direction for their operations. Companies understand that Hong Kong’s approach will not suddenly change, providing a stable environment for business development.
4.2 Hong Kong SFC Issues Circular on Intermediaries Engaging in Activities Related to Tokenized Securities link
On November 2nd, the Hong Kong Securities and Futures Commission (SFC) issued a circular titled “Circular on Intermediaries Engaging in Activities Relating to Tokenized Securities.” Licensed operators of virtual asset trading platforms have been experimenting with and incorporating tokenization into their business operations. The SFC supports intermediaries in taking measures to tokenize traditional securities. This circular primarily provides guidance to intermediaries on addressing and managing the new risks arising from the use of this new tokenization technology, ensuring that the tokenized market can develop in a sound, responsible, and sustainable manner.
4.3 HSBC Announces Successful Testing of Tokenized Deposits in Collaboration with Ant Group, a First in Hong Kong link
On November 2nd, HSBC, the largest banking group in Hong Kong, announced the successful testing of the use of tokenized deposits in internal payment transactions within the group. This marks a first in Hong Kong and aims to enhance treasury fund transfers by reducing turnaround times, improving cost efficiency, and increasing visibility. During the testing process, HSBC connected to a blockchain platform developed by Ant Group.
5. Taiwan’s Richest Individual, Chairman of Fubon Group, Expresses Strong Belief in the Future of Cryptocurrency link
On November 2nd, according to CNA, the chairman of Fubon Group, Taiwan’s richest man, Tsai Ming-chung, expressed strong belief in the future of cryptocurrency. He stated that the era of cryptocurrencies will undoubtedly come. He also mentioned that the green economy will not only involve traditional investment and financing but will likely include financial products derived from carbon credits in the future. It’s even highly probable that these products will be based on blockchain technology rather than traditional currency transactions.
6. Thailand’s Largest Annual Blockchain Event, Thailand Blockchain Week, Set to Commence on November 11th link
Thailand’s largest annual blockchain event, Thailand Blockchain Week, is set to kick off on November 11th, under the theme “Building in Bear, Rising in Bull.” This marks the sixth edition of Thailand Blockchain Week, and the event will take place at Samyan Mitrtown Hall in the heart of Bangkok.
7. National Bank of Georgia Announces Ripple as a Technical Partner for Its Digital Lari (GEL) Pilot Project link
On November 3rd, the National Bank of Georgia announced that Ripple has become its official technical partner for the digital lari (GEL) pilot project. The two parties will collaborate on project execution and the gradual rollout plan. It is reported that this pilot project will pave the way for transformative advances in the application of blockchain technology in both the public and private sectors. Ripple is currently involved in five pilot projects with governments and central banks in different countries.
8. Turkey Prepares New Legislation Covering Cryptocurrencies link
According to Reuters, Turkish Finance Minister Mehmet Simsek stated on Tuesday that the country is preparing new legislation that covers crypto assets to convince international anti-money laundering and anti-terrorism financing watchdogs to remove it from the “gray list” of countries that have not taken sufficient action to prevent money laundering and terrorist financing. The Financial Action Task Force (FATF), established by the G7, included Turkey in the gray list in 2021.
9. Abu Dhabi Announces Innovative Introduction of DLT Foundation System link
On November 3rd, Abu Dhabi, United Arab Emirates, announced the introduction of an innovative Distributed Ledger Technology (DLT) Foundation regime. The official release of the “2023 Distributed Ledger Technology (DLT) Foundation Regulations” establishes a formal regulatory framework for decentralized autonomous organizations (DAOs) and other digital ledger entities. The new framework allows DAOs to operate legally and issue tokens to their members, providing clear regulation for companies in the digital asset industry. The statement also mentioned that, in addition to establishing global standards, this framework will fundamentally transform the blockchain industry by improving efficiency and transparency.
10. Animoca Brands Plans to Secure a $50 Million Investment from Saudi NEOM Investment Fund link
On October 30th, Animoca Brands announced a strategic partnership with the NEOM Investment Fund of Saudi Arabia and signed convertible note financing terms. The NEOM Investment Fund plans to invest $50 million in Animoca Brands, with $25 million to be issued in convertible notes at a maximum conversion price of AUD 4.50 per share, and the remaining $25 million to be invested in purchasing the company’s stock on the secondary market.
NEOM is driven and funded by the Public Investment Fund of Saudi Arabia, the sovereign wealth fund, and is led by Saudi Crown Prince Mohammed bin Salman. The fund has committed to providing $500 billion and collaborates with local and international investors to make significant investments in the future of Saudi Arabia.
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