Asia's weekly TOP10 crypto news (Mar 25 to Mar 31)
Colin Wu . 2024-03-31 . Data

1. Hong Kong’s Weekly Summary

1.1 Hong Kong’s Largest Bank HSBC Launches Gold Tokenization Product for Hong Kong Retail Investors link

HSBC, Hong Kong’s largest bank, has announced the launch of a gold tokenization product for retail investors in Hong Kong. The HSBC Gold Token is minted on the bank’s Orion digital asset platform and can be accessed through HSBC’s online banking and mobile app in Hong Kong. HSBC claims to be the first bank to create blockchain-based real-world assets for the retail market. In November last year, HSBC collaborated with Swiss crypto custody expert Metaco to create the gold tokenization product.

1.2 HKbitEX Approved to Become the Fourth Compliant Exchange in Hong Kong link

TaiChi Capital has announced that HKbitEX has received provisional approval from the Hong Kong Virtual Asset Trading Platform (VATP) for licenses number one and seven. As the parent company of HKbitEX, Tai Chi Capital becomes the first digital financial group in Hong Kong’s new virtual asset trading platform licensing regime to hold a full license for virtual assets. Tai Chi Capital stated that HKbitEX will offer automated trading and over-the-counter trading services for virtual assets such as Bitcoin and Ethereum, as well as fiat currency deposit and withdrawal services. HKbitEX founder Gao Han previously served at the Hong Kong Stock Exchange and issued the first Hong Kong property STO. This means that HKbitEX will become the fourth licensed virtual asset trading platform in Hong Kong, following OSL, HASHKEY, and HKVAX.

2. Taiwan Approves Establishment of Cryptocurrency Industry Association link

Taiwan has approved the establishment of a local cryptocurrency industry association. The working group, currently comprised of 22 cryptocurrency companies, including major local exchanges like MaiCoin and BitoPro, is required to complete all preparations and formally establish the cryptocurrency industry association by the end of June. ACE Exchange has been removed from the group.

3. South Korean Investors Petition for Further Delay in Cryptocurrency Taxation link

A South Korean citizen has filed a petition on the official website of the country’s legislative body, the National Assembly, requesting the government to postpone the taxation of cryptocurrency profits. If the petition, submitted on March 21st, gathers 50,000 signatures by April 20th, local legislators will need to review the topic. The petition states, “There is concern that cryptocurrency investors will massively move to overseas exchanges if taxation of investors begins without sufficient preparation. Please postpone it for two years, thoroughly review the anticipated issues, and discuss the tax issue later.” South Korea’s cryptocurrency capital gains tax is currently scheduled to take effect in January 2025, with the initial start date of the tax being January 1, 2023. If postponed for another two years, the tax plan would be delayed to begin in 2027.

4. Philippine Securities and Exchange Commission to Continue Blocking Binance link

The Philippine Securities and Exchange Commission (SEC) will continue to block Binance, as its application submitted to the National Telecommunications Commission (NTC) has been approved, requesting the cancellation of local access to Binance’s main website and related platforms. SEC Chairman Emilio Aquino stated that Binance poses a threat to the security of investment funds in the Philippines, as it has been offering cryptocurrency savings and leveraged trading products in the country without necessary permits.

5. US and UK Investigating $20 Billion Cryptocurrency Transactions for Violating Russian Sanctions Act link

Bloomberg, citing sources familiar with the matter, reports that authorities in the United States and the United Kingdom are investigating transactions worth $20 billion USDT that may have been conducted through the sanctioned Russian exchange Garantex. Both countries aim to suppress efforts supporting Russia’s actions in the Ukraine conflict through this investigation. However, the sources also indicate that it is premature to anticipate conclusions or suspect any wrongdoing by the parent company of USDT. The United States and the United Kingdom had previously imposed sanctions on Garantex in April 2022, citing allegations of money laundering, terrorist financing, and ransomware attacks facilitated by the exchange.

6. Hong Kong-listed Company Inkeverse Plans to Allocate $100 Million Budget for Cryptocurrency Purchases link

The Hong Kong-listed company, Inkeverse (03700.HK), announced on March 26th that its board of directors has approved a budget of $100 million USD for purchasing cryptocurrencies on any regulated and licensed trading platforms over the next five years. The funds will be sourced from its existing cash reserves. As of the announcement, Universe Group has not yet purchased any cryptocurrencies.

7. Bitmain Announces Spring Campus Recruitment with Annual Salary up to 1.5 Million CNY link

Bitmain announced the launch of its 24th Spring Campus Recruitment, offering an annual salary of up to 1.5 million CNY. The recruitment spans three major directions: blockchain, new energy, and ULSI. The target candidates are graduates from the class of 2024 with master’s degrees or above, with the possibility of extending eligibility to graduates from the class of 2023 for doctoral candidates, especially welcoming applications from physics and mathematics Ph.D. holders. It is worth noting that due to the significant fluctuations in the cryptocurrency market, there may be periodic layoffs, so applicants need to be mentally prepared.

8. Bitdeer in Negotiations with Private Credit Companies to Raise $100 Million in Financing link

Bloomberg reported that according to sources, Bitdeer, a cryptocurrency mining company owned by Wu Jihan, is in talks with private credit firms to raise $100 million in financing to enhance its Bitcoin mining capabilities. The sources indicated that discussions are ongoing, and the details of the financing may change.

9. Binance Hong Kong Compliance Exchange License Application Withdrawn for Unknown Reasons link

The official website of the Securities and Futures Commission (SFC) of Hong Kong indicates that the virtual asset trading platform license application submitted by HKVAEX has been withdrawn. Earlier reports by the South China Morning Post stated that the applicant was Binance. According to the information available, the company applying to operate the virtual asset trading platform under the name “BX SERVICES LIMITED” submitted the application on January 4, 2024, and the withdrawal occurred on March 28, 2024. Reasons for the rejection, withdrawal, or refusal of license applications include but are not limited to incomplete applications and/or significant unresolved issues prompting the SFC to return the application, as well as instances where the application is refused or withdrawn.

10. CZ Becomes the 100th on the ‘2024 Hurun Global Rich List’ with a Wealth of ¥130 Billion link

On March 25th, the Hurun Research Institute released the “2024 Hurun Global Rich List”. As of January 15, 2024, the former CEO of Binance, Zhao Changpeng, has amassed a fortune of 130 billion RMB (18 billion USD), ranking 100th on the list. Brian Armstrong, the founder of Coinbase, and Chris Larsen, the founder of Ripple, saw their fortunes increase by 50%, reaching 46 billion RMB (6.4 billion USD) and 24.5 billion RMB (3.4 billion USD) respectively, ranking 475th and 1024th.

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