Asia's weekly TOP10 crypto news (Apr 24 to Apr 30)

Author：Lily

Editor：Colin Wu

1. Hong Kong’s weekly summary

1.1 Hong Kong SFC to issue crypto exchange license guidelines in May link

Hong Kong’s Securities and Futures Commission will release guidelines on the licensing regime for virtual-asset exchanges in May, its Chief Executive Officer Julia Leung said at an event.

1.2 HK Monetary Authority issues guidelines on cryptocurrency customer due diligence link

On April 27, the Hong Kong Monetary Authority issued a circular to banks to clarify the industry’s doubts about cryptocurrency customer due diligence, share cases and good practices for the reference; will hold a meeting with banks and crypto institutions on the “difficulty of opening an bank account”; it is expected that regulated virtual asset service providers will successfully open bank accounts through reasonable procedures.

1.3 Hong Kong has ‘around 10’ fund managers gone crypto, but more are expected link

Only 10 fund managers across Hong Kong have upgraded their licenses to manage crypto since the Securities and Futures Commission (SFC) issued guidance in 2019, according to Michael Wong, partner at law firm Dechert. Wong expressed the licensing application with the SFC is now a lot smoother and shorter than in the past. Wong also noted that the SFC is now allowing managers to invest in a larger universe of digital assets and establish more complex products focused on Web3.

1.4 Hong Kong Monetary Authority released the 2022 annual report link

The Hong Kong Monetary Authority emphasizes that the first targets of regulation in 2023 will be those stablecoins that are advertised as being linked to the value of one or more legal currencies, and will begin to formulate more detailed regulatory requirements in 2023.

1.5 Hong Kong Web3 conference hosted by Wanxiang reaches 50,000 final attendance link

According to the data, the Hong Kong Web3 conference hosted by Wanxiang in April was initially expected to have 10,000 visitors, and the final number reached 50,000 (including one person entering and leaving multiple times), and the number of participants is expected to be around 20,000; the geographic sources of the Attendees are listed in descending order, namely Hong Kong, mainland China, the United States, Singapore, and Taiwan.

1.6 Bitget: Hong Kong users need to transfer to BitgetXhk link

Bitget Exchange announced that due to Hong Kong’s regulatory policy that will be launched on June 1, it will no longer provide services for Hong Kong users starting this month. Offshore exchanges have begun to restrict Hong Kong users one after another. Hong Kong users of Bitget need to transfer to BitgetXhk, and will no longer provide derivatives and wealth management services and only have spot and p2p service.

2. HashKey’s weekly summary

2.1 HashKey: Has NOT officially engaged with any venues for the listing of HSK link

On April 26, HashKey released an official statement: Since HashKey Group announced the launch of HashKeyEcoPoints (HSK), we have been made aware of certain exchanges listing HSK. HashKey Group has NOT officially engaged with any venues for the listing of HSK.

2.2 Hashkey Pro is open to Professional Investors (PIs) worldwide link

Hashkey Pro, which has obtained the second compliant exchange license in Hong Kong, is open to professional investor registration, opening BTC ETH USDC and fiat trading pairs; it is preparing to open to retail investors and provide more trading pairs with the regulatory authorities.

3. Upbit launches EGLD’s Korean won and BTC transactions link

On April 27, South Korea’s largest exchange, Upbit, announced the launch of EGLD’s Korean won and BTC transactions, and deposits will be opened within 3 hours after the announcement. Listing on Upbit often leads to a sharp increase in altcoins, users should be aware of the risks.

4. Suspects of kidnapping and murder case in Seoul have been handed over for trial link

On April 29, suspects in a kidnapping and murder case that occurred in Gangnam District, Seoul in March last year have been handed over for trial one after another. The suspects first met by purchasing 100 million won of an altcoin on the recommendation of the victim Choi, and then accepted another suspect Lee’s offer of “kidnapping Choi, stealing cryptocurrency, and killing him.”

5. Terraform Labs’ weekly summary

5.1 Do Kwon to get Montenegro court hearing May 11 on passport forgery charges link

Former Terraform Labs CEO Do Kwon will appear in a court hearing in Montenegro on May 11 on charges of alleged forgery of documents. It was previously reported that Do Kwon used forged Costa Rican travel documents in an attempt to travel to Dubai in March. The Court of Montenegro announced the indictment on April 20 and requested an extension of the detention period.

5.2 Seoul Southern District Court rejected the claim that Luna Coin is a security link

On April 24, according to Korean media ilyo, South Korea’s Seoul Southern District Court rejected the prosecution’s claim that Luna Coin is a security. In most of the previous trials of South Korean courts, cryptocurrencies were not considered securities and could not be regarded as financial investment products regulated by the Capital Market Act.

5.3 Terraform Labs co-founder Daniel Shin and other defendants were transferred to trial link

On April 25, the Korean prosecutor’s office transferred Terraform Labs co-founder Daniel Shin and other defendants to trial, and filed non-detention prosecution against 8 Terra project-related managers and ordinary staff including Daniel Shin on charges of violating the Capital Market Act, fraud and unfair trading. The prosecution believes that the platform business of Terraform Labs, which is based on the stablecoin blockchain, is impossible to achieve from the beginning.

5.4 Do Kwon and TFL still hold billions of won in their Sygnum bank accounts link

Do Kwon and TFL have billions of won left in their Sygnum bank accounts, South Korean prosecutors said. The US SEC said it transferred 10,000 bitcoins to Swiss bank Sygnum. South Korean prosecutors said some of the transferred BTC had been converted into cash and stored in Sygnum accounts, and some of it was used to pay legal fees. Sygnum is the world’s first virtual asset bank established in Switzerland in 2017.

6. SEBC to launch a new service Binance JAPAN after June 23 link

On April 28, according to Coinpost, Binance’s Japanese crypto exchange Sakura Exchange BitCoin (SEBC) announced plans to launch a new service Binance JAPAN after June 23. Binance acquired a 100% stake in SEBC in November last year to officially enter the Japanese market and is subject to the supervision of the Japan Financial Services Agency (JFSA).

7. Russia to set up a special committee on the use of crypto in international settlements link

According to uralpolitru, Russia will set up a special committee responsible for issuing licenses to operators for international settlements using cryptocurrencies. The committee is made up of experts from various ministries, the central bank and law enforcement.

8. AntChain announces the open source cross-chain protocol AntChain Bridge link

On April 26, AntChain under Alibaba, one of China’s largest Internet companies, announced the open source cross-chain protocol AntChain Bridge, and initiated the establishment of the Web3 open alliance chain, which is compatible with the access of ecological protocols such as Ethereum.

9. Taotian established on April 23 with a focus on blockchain, AI, etc. link

Taotian Co., Ltd., wholly-owned by Taobao (China) Software Co., Ltd., was established on April 23. Zhu Jian serves as the legal representative, and the registered capital is 100 million RMB. The business scope includes technology services, digital technology services, blockchain-related software and services, technology consulting services for AI public service platforms, technology intermediary services, industrial Internet data services, cloud-based business outsourcing services, data processing services, etc.

10. SDRC: Continue to rectify virtual currency “mining” activities in Shanghai link

On April 24, the Shanghai Development and Reform Commission issued the “Key Work Arrangements for Shanghai’s Carbon Peak and Carbon Neutrality and Energy Saving and Emission Reduction in 2023”, which proposed to carry out a mid-term evaluation of the “14th Five-Year Plan” for the development of Shanghai’s resource conservation and circular economy, strengthen energy-saving and carbon-reduction law enforcement inspections, firmly curb the blind development of high-energy-consuming, high-emission, and low-level projects, and continue to clean up and rectify virtual currency “mining” activities.