Asia's weekly TOP10 crypto news (Mar 5 to Mar 12)
Colin Wu . 2023-03-12 . Data

Editor:Colin Wu

1. Thailand offers tax breaks for companies issuing investment tokens link

On March 7, Thailand’s cabinet agreed to waive corporate income tax and value-added tax for companies that issue digital tokens for investment. Last year, the government relaxed tax rules in crypto trading to promote industry development.

2. Mainland China’s weekly summary

2.1 Proposal to grant legal status to digital RMB to be submitted at Two Sessions link

On March 5, during this year’s Two Sessions, Fu Xiguo, the President of the Shenyang branch of the People’s Bank of China, plans to propose amending the Law of the People’s Republic of China on the People’s Bank of China. The proposal aims to grant digital renminbi the same legal status as physical renminbi, and establish detailed regulations for its issuance, circulation, and supervision to prevent virtual currency risks and clarify legal responsibilities.

2.2 Newly established administration expected to include supervision on cryptocurrencies link

On March 7, Chinese government announced the establishment of the new State Administration of Financial Supervision, which will be responsible for the supervision of the financial industry other than securities, which is expected to include supervision and crackdown on cryptocurrencies.

2.3 Chinese lawmakers propose regulation of digital collections link

On March 9, National People’s Congress (NPC) deputy Feng Qiya proposed that multiple departments should jointly establish a regulatory framework for digital collections, legally classify them, and implement inclusive and prudent supervision at all stages; and to establish an access mechanism. National Committee of the CPPCC member Sun Changlong also suggested exploring NFT digital commodity trading markets with blockchain technology as the core.

2.4 NPC representative calls for legislation to protect virtual assets in China link

On March 9, National Committee of CPPCC member Pi Jianlong has proposed that the NPC should include the “Network Virtual Property Protection Law” in its legislative plan and initiate relevant legislation processes. He has also recommended establishing protection mechanisms for domestic virtual property buyers.

2.5 VP of Supreme People’s Procuratorate discusses virtual currency crimes link

On March 10, the Deputy Procurator-General of the Supreme People’s Procuratorate, Sun Qian, stated in an interview that the emergence of concepts such as blockchain and metaverse are not directly related to finance, but rather based on technological innovation. Financial crimes utilizing new technologies are often just a tool or cover-up. Illegal activities involving virtual currency mainly fall into two categories: using it as a channel for illegal funds transfer or using it as a bait for speculation or fraud. The focus will be on studying the former in order to respond to social concerns. Additionally, the financialization of digital collections may involve illegal activities such as illegal fundraising, pyramid schemes, and gambling, which will be strictly punished.

3. Binance to launch joint anti-scam campaign started in Hong Kong link

On March 5, Binance partners with law enforcement agencies to launch joint anti-scam campaign. Binance started in Hong Kong, where they worked with the local police force to build a targeted alert and crime prevention message that included helpful tips, examples of the most common scams, and relevant resources and contacts. In the first four weeks since its launch, approximately 20.4% of users had either reconsidered the withdrawal or reviewed whether the transaction carried the risk of scam.

4. Du Jun: New Huo Tech is working to build its first decentralised wallet link

On March 7, Du Jun, CEO of the Hong Kong-listed digital assets platform New Huo Tech, says that with the Type 4 (advising on securities) and Type 9 (asset management) compliance licences the company has obtained in Hong Kong, it can buy only a limited range of financial derivatives for clients. He says New Huo Tech is working to build its first decentralised wallet, which is expected to be rolled out soon. He foresees regulatory compliance and DeFi as two breaking points of the cryptocurrency industry.

5. Mysten Labs has announced a partnership agreement with Alibaba Cloud link

On March 7, the Sui development team, Mysten Labs, has announced a partnership agreement with Alibaba Cloud to develop a sustainable Web3 ecosystem. Prior to this, in February, Mysten Labs had partnered with Tencent Cloud to develop the Sui ecosystem through collaboration in the areas of GameFi, payments, and cloud services.

6. Tencent’s NFT platform Huanhe to shut on June 30 link

On March 9, Tencent’s digital collections platform, Huanhe, has announced its closure. The app will be taken down at 24:00 on June 30, and users who own collections will no longer be able to access, download, display, or share their purchased digital collections through the app. Refunds will also not be possible.

7. Singapore police have begun probing Do Kwon’s Terraform Labs link

The Singapore police began investigating Do Kwon and the company he founded, Terraform Labs, and have confirmed that Do Kwon is not in Singapore. The US SEC last month accused Kwon and Terraform Labs of fraud. BBG

8. South Korea’s weekly summary

8.1 Bithumb to add 10 new coins to the BTC market link

On March 7, South Korea’s second largest exchange, Bithumb, said that 10 new coins will be added to the BTC market, including Superwork (GRND), Obcity (ORB), ClaySwap (KSP), ClayDice (DICE), Talken (TALK), Enterbutton (ENTC), Fellaz (FLZ), Publish (NEWS), ROA, BERRY, most of which are local projects in South Korea.

8.2 Upbit to open spot trading of KRW/MASK, BTC/ACS link

On March 8, South Korea’s largest exchange, Upbit, announced that it will open spot trading of KRW/MASK (Mask Network) BTC/ACS (Access Protocol).

8.3 GOPAX has submitted a report on the change of virtual asset business link

On March 8, the GOPAX Exchange has submitted a report on the change of virtual asset business to the South Korean authorities. If the report is accepted, Binance will become the first global cryptocurrency exchange to enter the Korean compliance market.

9. The bankrupt Japanese cryptocurrency exchange Mt. Gox extends claim deadline link

According to the MtGox statement on March 9, the deadline for claim application registration was changed from March 10, 2023 to April 6; the repayment deadline was postponed from September 30, 2023 to October 31. Mt.Gox currently has approximately 142,000 BTC, 143,000 BCH and 69 billion yen remaining to be paid.

10. FTX reaches $45M deal to sell interest in Sequoia to Abu Dhabi’s investment arm link

FTX’s investment arm, Alameda Research, has struck a $45 million cash deal to sell its interest in Sequoia Capital to the Abu Dhabi sovereign wealth fund. The agreement requires approval from a Delaware bankruptcy court as the failed exchange seeks to raise funds for creditors.

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