Asia’s weekly TOP10 crypto news (Nov 27 to Dec 3)

WuBlockchain
6 min readDec 3, 2023

Author:0xMingyue

Editor:Colin Wu

1. Hong Kong’s Weekly Summary

1.1 Hong Kong Securities and Futures Professionals Association President: Proposes Considering the Introduction of ICO Mechanism link

On November 30th, the President of the Hong Kong Securities and Futures Practitioners Association issued “Opinions on the Fiscal Budget for the Year 2024–25,” suggesting the consideration of introducing an initial coin offering (ICO) mechanism. The Hong Kong government is set to unveil a new fiscal budget on February 28, 2024. Financial Secretary Paul Chan has conducted consultations with professionals in the financial services sector to seek opinions from various sectors.

1.2 OSL Partners with Victory Securities to Provide BTC and ETH Trading Services to Retail Clients in Hong Kong link

On December 1st, BC Technology Group Limited announced the expansion of its collaboration with Victory Securities to the Hong Kong retail market. Victory Securities is the first licensed corporation in Hong Kong approved by the Securities and Futures Commission (SFC) to provide virtual asset trading and advisory services to retail investors. The previous collaboration between the two was focused on professional investors, and with Victory Securities obtaining approval from the SFC, Hong Kong retail clients can now engage in digital asset trading, including BTC and ETH, through the OSL platform.

1.3 OSL Collaborates with Interactive Brokers to Offer Digital Asset Trading for Retail Users in Hong Kong link

On November 28th, the Board of Directors of BC Technology Group Limited announced a significant expansion of services in collaboration with Interactive Brokers Securities Hong Kong Limited (Interactive Brokers). With the support of OSL’s platform, retail users of Interactive Brokers in Hong Kong can now seamlessly engage in real-time digital asset trading. Previously, Interactive Brokers Hong Kong had obtained a license for virtual asset trading for retail clients in Hong Kong.

2. South Korea’s Weekly Summary

2.1 Korea Exchange Applies for Innovative Financial Service to Launch Pilot Market for New Securities Listings link

On December 2nd, the Korea Exchange (KRX) has applied to open a pilot market for new securities listings through the Financial Innovation Services (Financial Regulatory Sandbox). The application aims to open an innovative financial service for trading tokenized securities, introducing securities issuance in the form of tokens. It emphasizes that this is not Security Token Offerings (STO) but rather the establishment of a pilot market for new securities listings. The goal is to open the market in the first half of next year.

2.2 Financial Supervisory Service of Korea Announces Establishment of “Virtual Asset Regulatory Bureau” and “Virtual Asset Investigation Bureau” link

On November 29th, according to News1, the Financial Supervisory Service of South Korea announced the establishment of a “Virtual Asset Regulatory Bureau” and a “Virtual Asset Investigation Bureau” to address the growth of the virtual asset market, particularly in preparation for the implementation of the “Virtual Asset User Protection Act” scheduled for July next year. The Virtual Asset Regulatory Bureau will be responsible for supervising and inspecting virtual asset operators, market monitoring, and improving regulations, with plans to establish a regulatory framework related to virtual assets. The Virtual Asset Investigation Bureau is a department focused on combating market-disrupting activities through investigations into unfair trading practices.

3. Philippine SEC: Binance Unauthorized to Sell or Offer Securities to the Public in the Philippines link

On November 29th, the Philippines SEC stated that Binance has been actively conducting promotional activities on various social media platforms to attract and induce Filipinos to participate in investment and trading activities. Binance does not have the authority to sell or offer securities to the public in the Philippines. Individuals acting as domestic salesmen, brokers, promoters may face criminal liability.

4. The Mainland of China’s Weekly Summary

4.1 China and the UAE Sign Memorandum on Central Bank Digital Currency link

On December 2nd, the People’s Bank of China and the Central Bank of the United Arab Emirates renewed a currency swap agreement in Hong Kong, valued at 35 billion RMB/18 billion dirhams (4.9 billion USD). The two parties also signed a memorandum of understanding on enhancing central bank digital currency cooperation, aiming to strengthen technical collaboration in the development of central bank digital currencies. This collaboration seeks to facilitate the provision of liquidity to financial markets with local currencies and settle cross-border financial and trade transactions in a “more effective and efficient manner.”

4.2 Ministry of Public Security Holds Press Conference, Reports on Some Virtual Currency Fraud Cases link

On November 30th, the Chinese Ministry of Public Security held a press conference to report on the crackdown on cybercriminal activities. Since the beginning of 2022, national public security agencies have successfully solved 2,430 cases related to cybercrime and apprehended 7,092 criminal suspects. One notable case involved the Sichuan police uncovering a scam where a hacker group exploited the pretext of disaster relief to issue a virtual currency for fraudulent purposes. The investigation revealed that the hackers used the guise of earthquake relief to promote the “Sichuan Refueling Coin,” deceiving netizens into purchasing it. Subsequently, they exploited a hidden backdoor to massively issue more coins and cash out, involving a sum of 12 million yuan. The Ministry of Public Security stated, “New situations, such as exploiting blockchain smart contract vulnerabilities to issue ‘virtual currencies’ and misappropriate others’ property on a large scale, are emerging endlessly.” With the acceleration of digital transformation, the substantial “treasure trove” of virtual assets online attracts hackers who employ technical means to directly steal funds from companies and individuals’ online banks and virtual assets, seeking to make illicit gains.

5. Japanese Mobile Communications Company NTT Docomo Subsidiary Launches Web3 Wallet Scramberry link

On November 28th, NTT Docomo, a Japanese mobile communication company, introduced the Web3 wallet Scramberry through its Web3 subsidiary, NTT Digital. The beta version is set to launch in November, with version 1.0.0 scheduled for release in February next year. Earlier, in November 2022, NTT Docomo announced an investment of up to 4 billion USD for the development of next-generation internet technology, Web3. They also disclosed plans to establish a Web3 company, commencing operations from the 2023 fiscal year.

6. OKX Plans to Cultivate Web3 Community in India, Collaborates with Polygon and Supports Developers link

On December 2nd, OKX announced its plans to engage in three initiatives in India. Firstly, the platform aims to nurture the Web3 community in India, providing funding ranging from $25,000 to $75,000 for promising Web3 projects. Secondly, OKX intends to explore the best ways to collaborate with the Polygon network. Lastly, the exchange plans to collaborate with developer and student groups in India, allocating $1 million over the next 12 months for developer grants and promotions.

7. Bitget Announces Suspension of New User Registrations from Mainland China Starting Immediately link

On December 1st, Bitget announced that it is currently in negotiations regarding a significant investment matter. This strategic decision is expected to bring more opportunities and growth. In light of this important development, new user registrations from mainland China will be temporarily suspended starting from today.

8. Copper Launches New Tokenized Securities Trading Platform, Copper Securities, in the United Arab Emirates link

On November 29th, cryptocurrency custody company Copper launched its new tokenized securities trading platform, Copper Securities, in the United Arab Emirates. The new platform will integrate with Copper’s custody partners, offering financial instruments from over 90 global markets. It provides institutional investors access to tokenized securities, allowing traders to utilize blockchain technology and smart contracts to manage traditional instruments like stocks.

9. Dunamu, Operator of Upbit, Reports Q3 Operating Profit of Approximately $79 Million, a 39.6% YoY Decrease link

On November 28th, according to Decenter, the third-quarter consolidated operating profit of Dunamu, the parent company of South Korea’s largest cryptocurrency exchange Upbit, was 101.8 billion Korean won (approximately $79 million), a year-on-year decrease of 39.6%. The third-quarter operating revenue (sales) for this year was 193 billion Korean won (approximately $148 million), a year-on-year decrease of 29%, with a net income of 29.5 billion Korean won (approximately $23 million), representing a year-on-year decline of 81.6%.

10. Zhu Su Tweets Again After 2 Months, Suspected to Have Been Released from Detention link

On December 1st, Zhu Su, who was reportedly arrested and imprisoned on September 29th, seemingly tweeted again, suggesting a possible release. OX experienced a short-term surge of over 30%. Prior to this, Arkham marked the address suzhu.eth as Zhu Su’s on November 29th, signaling trading activity after a two-month hiatus. Zhu Su was arrested at Singapore Changi Airport on September 29th and faced a reported four-month imprisonment, according to a statement cited by Bloomberg.

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WuBlockchain

Colin Wu, Chinese journalist, won 2013 China News Award