Asia's weekly TOP10 crypto news (Apr 1 to Apr 7)

1. Hong Kong’s Weekly Summary

1.1 Hong Kong Chinese Financial Association Vice Chairman: Prospects for RWA Investment Opening to Retail Investors link

In an article published in the Sing Tao Daily, Vice Chairman of the Hong Kong Chinese Financial Association, Yang Zaiyong, stated that Guangfa Securities (Hong Kong) has successfully issued the first commercial paper tokenized securities applicable under Hong Kong law, marking a new milestone in the development of digital finance in Hong Kong. The Securities and Futures Commission of Hong Kong recently made it clear that securities token offering (STO) and Real World Asset (RWA) investment may be opened to retail investors. If the SFC has explicitly stated that RWA investment is likely to be open to retail investors, this undoubtedly can attract more capital inflow, providing a boost for RWA innovation.

1.2 Hong Kong Legislative Council Member: Independent Licensing for Virtual Asset Custody Services Remains Unsolved link

Hong Kong Legislative Council member, Qiu Tat-kan, expressed in a Sing Tao Daily article that the government could promote the application scenarios of Web3 within Hong Kong, attracting more tech teams to develop in the city, and actively explore the application and practice of blockchain technology. An outstanding issue yet to be resolved is whether virtual asset custody services need independent licensing. Once this remaining piece of the puzzle is addressed, the legislative foundation and regulatory framework for virtual assets will be largely complete. Hong Kong needs the market to combine blockchain technology and financial innovation, introducing various new products and services, leveraging technology to enhance Hong Kong’s competitiveness as an international financial and innovation center.

2. South Korea’s Weekly Summary

2.1 Upbit Cryptocurrency Exchange Volume Plunges 75% from March Peak link

On April 1st, the South Korean cryptocurrency exchange Upbit recorded a 24-hour trading volume of $3.79 billion, marking a 75% decrease from its peak of $15 billion on March 5th. According to a study by DeSpread Research in October, Upbit investors are primarily interested in maximizing profits through altcoins and tend to accept high risks associated with these coins. In comparison to Coinbase, Upbit has a smaller proportion of BTC and ETH trading pairs in its total trading volume, with Coinbase’s trading activity mainly concentrated on BTC and ETH.

2.2 Binance CEO Richard Teng Attempts Communication with Financial Authorities in South Korea link

Binance CEO Richard Teng recently visited South Korea. During this visit, he is reportedly seeking to engage in discussions with financial authorities, including meetings with officials from financial intelligence agencies, to address the stalled entry into the South Korean market. Binance entered the South Korean market by acquiring Gopax at the end of 2022.

2.3 Crypto.com Announces Entry into South Korean Market link

Crypto.com has announced its entry into the South Korean market, with Crypto.com CEO Eric Anziani stating that the Crypto.com App service will be launched on the 29th of this month. This service will allow users to engage in spot trading and will also support NFTs. Anziani further mentioned that the company will review all aspects required by regulatory bodies such as the Financial Services Commission and the Financial Supervisory Service, aiming to support Korean won transactions as soon as possible in accordance with the Virtual Asset User Protection Act, which will be implemented in July.

2.4 South Korea to Tighten Cryptocurrency Exchange Listings with Upcoming Guidelines link

According to news1, the South Korean financial authorities are set to unveil new guidelines aimed at imposing stricter regulations on tokens listed on centralized exchanges. Based on these guidelines, tokens issued by projects that have been subject to hacking attacks and have unresolved security issues may be prohibited from listing on local exchanges. Additionally, the report suggests that the country’s Financial Services Commission may compel foreign token projects to develop specific white papers tailored for the local market in order to list on domestic exchanges.

3. Singapore’s Weekly Summary

3.1 Monetary Authority of Singapore Releases New User Protection Rules for Digital Payment Token Companies link

The Monetary Authority of Singapore (MAS) has revised the Payment Services Act and its associated legislation to expand the central bank’s regulatory oversight over payment services. The statement highlights that MAS will impose requirements related to user protection and financial stability on providers of digital payment tokens (DPT) services. The amendments will empower MAS to impose requirements on providers of digital payment token (DPT) services related to anti-money laundering and countering the financing of terrorism, user protection, and financial stability, with the provisions taking effect in stages starting from April 4th.

3.2 First Defendant in Singapore’s Largest Money Laundering Case Sentenced to Only 13 Months in Prison link

According to The Straits Times, the defendant Su Wenqiang, involved in Singapore’s largest-ever money laundering case of S$3 billion, became the first defendant to plead guilty on Tuesday (April 2), receiving a mere 13-month prison sentence. Su Wenqiang faced a total of 11 charges, including eight counts under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. The case revealed that the defendant previously lived in Manila and worked for an individual named “A” in 2019, operating a remote gambling website and profiting from it.

4. China’s National Key R&D Program Launches Blockchain Key Special Project “Ultra-Large-Scale Blockchain Foundation Platform for the Belt and Road” link

The National Key Research and Development Program of China has launched a blockchain-focused initiative titled “Super-Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” Led by the Shanghai Research Institute of ShuTu Blockchain, the project involves participation from several organizations, including the China Academy of Information and Communications Technology. The project’s primary objective is to develop a blockchain infrastructure platform tailored for cross-border cooperation scenarios within the Belt and Road Initiative, supporting multi-country deployment and collaborative supervision among multiple entities. Based on this platform, various demonstration applications for cross-border cooperation will be initiated.

5. Southeast Asian Startups Raised $26 Billion in Funding in the Past Year, Including Blockchain and P2E Game Companies link

Tech In Asia has released a report on the Southeast Asian tech ecosystem, revealing that over the past 12 months, a total of $26 billion in funding has been raised across 895 funding rounds, supporting 796 startups in the region. Singapore-based startups led the way in terms of numbers. Among the startups in Southeast Asia that have secured public funding, there are notable blockchain or play-to-earn (P2E) gaming companies, including Voyage Finance, Ethlas, and KoinBasket from Singapore, as well as M3TA and Cadenverse from Vietnam.

6. Robot Algorithms Tracking ETF Flows Identified as Cause of Asian Session Volatility link

During the Asian trading session, Bitcoin investors may be navigating significant fluctuations caused by reactions to flow data on US ETFs holding the cryptocurrency, driven by automated trading protocols. Daily data on the demand levels for these spot Bitcoin ETFs is disseminated throughout the entire crypto market during the Asian hours following the close of US stock trading. Shiliang Tang, President of trading firm Arbelos Markets, suggests that from an algorithmic trading perspective, robots can essentially automatically capture this data and execute trades based on it.

7. Thai Cryptocurrency Exchange Bitkub Plans IPO in 2025 link

CEO Jirayut Srupsrisopa of Bitkub Capital Group Holdings, owner of Thailand’s largest cryptocurrency exchange platform, revealed in an interview on Monday that the company plans to conduct an IPO in 2025. Jirayut stated that Bitkub intends to list on the Thailand Stock Exchange and is currently in the process of hiring financial advisors for the listing.

8. Antdigital’s Web3 Brand ZAN Becomes Core Chain Validation Node link

ZAN, the Web3 brand under Antdigital, has become a validating node on the Core Chain. Brendon Sedo, an initial contributor to Core Chain, stated: “Node validation marks an important milestone in the collaboration between Core and ZAN. We look forward to further cooperation with ZAN to express our enthusiasm and determination to participate in the vibrant BTCfi landscape in the Asia-Pacific region.”

9. ZA Bank Launches Stablecoin Issuer Account link

ZA Bank announced that it will be the first to provide exclusive banking services to stablecoin issuers, ensuring the security of their fiat reserves. Di Yun Sin, the acting CEO of ZA Bank, mentioned that through the newly introduced exclusive client accounts, they will directly address the unique pain points faced by stablecoin issuers, fostering stable growth in the Web3 economy.

10. Binance Charity Announces Up to $1 Million BNB Airdrop to Users Affected by the Taiwan Earthquake link

Binance Charity has announced plans to airdrop up to $1 million worth of BNB to users in areas affected by the Taiwan earthquake. The hardest-hit area is Hualien County, where local users who have completed KYC or POA will receive $120 worth of BNB directly. The distribution of funds is expected to begin on April 8, 2024. Previously, Bitget also launched an aid program for Taiwan on April 3, providing $500,000 in relief funds to users affected by the strong earthquake. In Hualien, the epicenter area, each user will receive $100 USDT as part of the relief efforts.