Stablecoin

Bank AI

Million

JPEX

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 Author：0xMingyue 
 Editor：Colin Wu 
 1. Hong Kong’s Weekly Summary 
 1.1 Hong Kong’s Securities and Futures Commission Releases List of Virtual Asset Trading Platforms link 
 On September 29th, the Hong Kong Securities and Futures Commission (SFC) website released multiple lists pertaining to virtual asset trading platforms. These lists encompass the licensed virtual asset trading platform roster (currently consisting of OSL and HashKey only), the roster of virtual asset trading platform applicants (including BGE, HKbitEX, HKVAX, VDX), a list of applicants whose license applications have been returned, rejected, or withdrawn, a list of defunct virtual asset trading platforms, and a list of virtual asset trading platforms deemed eligible for licensing. 
 1.2 JPEX Scandal May Become One of the Largest Financial Frauds in Hong Kong’s History, Primarily Affecting Young People, Professionals, and Students link 
 On September 25th, according to the South China Morning Post, JPEX is alleged to have been involved in investments exceeding 1.3 billion Hong Kong dollars (166 million US dollars), with over 2,000 victims implicated. Industry insiders and analysts point out that the potential collapse of JPEX could become the largest financial fraud case in Hong Kong’s history. This has raised concerns among local retail investors and posed short-term challenges to virtual asset companies hoping for government support in industry development. However, Lai of Daiwa Bank stated that retail interest and confidence in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies will likely recover over time, especially during bull markets. Before that, the Hong Kong government needs to educate the public about its new regulatory framework and investor protection measures. 
 On the same day, as reported by Sing Tao Daily, Legislative Council member Wu Chuang-kit, who is assisting the victims, revealed that the majority of victims he has interacted with so far are young professionals, including university students. They believed in Key Opinion Leader (KOL) endorsements, participated in over-the-counter (OTC) investment training offered by off-exchange trading venues, and bought <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies with cash through OTC transactions without receipts. Additionally, these OTC trading venues operate without legal regulation, highlighting the need to address regulatory gaps. Furthermore, it was emphasized that KOLs played a role in misleading investors, and regulatory measures need to be taken to address their promotional methods. Next month, the committee will discuss regulatory measures for virtual asset platforms and invite senior officials from the Securities and Futures Commission to participate. 
 2. South Korea’s Weekly Summary 
 2.1 South Korean National Assembly Proposes Amendment to Specific Financial Information Act to Strengthen Regulation of Virtual Asset Service Providers link 
 On September 24th, as reported by Decenter, the South Korean National Assembly has proposed amendments to the Specific Financial Information Act to enhance the regulation of Virtual Asset Service Providers (VASPs). The amendments require the examination of the criminal records of major shareholders during the VASP registration approval process. Major shareholders who have been convicted must either relinquish their ownership or their status as virtual asset operators. Existing VASPs are required to report information about major shareholders to relevant authorities within three months and update their registration information every three years. 
 2.2 City of Goyang in South Korea Initiates Seizure of Virtual Assets for High Local Tax Debtors link 
 On September 26th, as reported by News1, the city of Goyang in South Korea’s Gyeonggi Province is set to seize and recover virtual assets from individuals with high local tax arrears. This policy is based on the revised “Act on Reporting and Using Specified Financial Transaction Information” from last year. Currently, Goyang City has requested the three major domestic virtual asset exchanges in South Korea (Bithumb, Upbit, Korbit) to withhold the virtual assets of 10,391 local taxpayers with high tax arrears, and plans to seize and recover assets from these delinquent taxpayers once the data is confirmed. 
 3. Shanghai Science and Technology Commission Issues Notice on ‘Shanghai Blockchain Key Technology Research Initiative’ link 
 On September 27th, the Shanghai Municipal Commission of Science and Technology issued a notice regarding the “Shanghai Blockchain Key Technology Research and Development Special Action Plan (2023–2025)”. The objective, by 2025, is to accelerate innovation breakthroughs in areas such as blockchain system security, cryptographic algorithms, blockchain-specific processors, smart contracts, cross-chain technology, new storage solutions, privacy computing, and regulation. This aims to establish a new generation of open and permissioned blockchain technology system and standard specifications that can support the development of Web3.0 innovative applications, ensuring manageability, controllability, and openness. 
 4. Taiwan’s Financial Supervisory Commission Publishes ‘Guidelines for Regulating Virtual Asset Platforms and Trading Business (VASP)’ link 
 On September 26th, the Financial Supervisory Commission of Taiwan officially released the “Guidelines for the Regulation of Virtual Asset Service Providers (VASPs)”. The guidelines, relatively lenient in nature, include requirements for asset issuers to have whitepapers and disclose whether their mechanisms have adverse effects on climate and the environment. Service providers must appoint accountants to produce annual reports, refrain from acting as market makers themselves, and instead engage independent market makers. They are also temporarily prohibited from engaging in derivative products, STO, and stablecoin businesses, as well as actively soliciting customers from overseas companies, among other provisions. 
 5. Japan Virtual Currency Business Association Submits Preliminary Draft on IEO System Reform Direction link 
 On September 26th, the Japan Cryptocurrency Business Association submitted a preliminary draft of the IEO system reform direction. This includes setting liquidity targets at the time of listing, establishing rules for price stability measures during listing, and formalizing restrictions on issuers and underwriting exchange companies. Ultimately, this aims to position IEO as a new financing tool, creating an environment that makes it easier for Japanese companies to engage in Web3.0 businesses related to ICO/IEO. 
 6. Russian Crypto Celebrity Valeria Fedyakina Arrested for Alleged $72 Million Fraud link 
 On September 26th, as reported by Russia Today, Russian cryptocurrency personality Valeria Fedyakina, also known among cryptocurrency investors as “Bitmama,” was arrested in Moscow on suspicion of defrauding clients of nearly 7 billion rubles (72 million USD). Fedyakina is alleged to have received cash from her clients in Russia, promising to withdraw the funds in another country and provide additional bonuses for these withdrawals instead of charging a commission. She primarily worked with affluent clients, with daily turnover reportedly reaching several million USD. If Bitmama is convicted of fraud, she could face up to ten years of imprisonment. 
 7. China Mobile’s Migu Video to Release First NFT ‘Meelier’ on Opensea in Blind Box Format link 
 On October 1st, according to the official Weibo account, Meelier, the Web 3 product under China Mobile’s Migu, launched its first NFT and opened a whitelist presale. It was announced that the official global sale will commence on October 12th. This NFT <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> characters from the popular mobile game “Panda Cafe” and has been developed using a combination of “new scenes, new technology, and a new narrative.” Meelier will be sold in the form of blind boxes on Opensea, with a limited global supply of 2,000 units, offering various gameplay elements and user benefits. 
 8. Mitsubishi UFJ Trust and Banking Corporation Announces Collaboration with Binance Japan and Progmat to Launch a New Stablecoin link 
 On September 25th, according to Coinpost, Mitsubishi UFJ Trust and Banking Corporation announced its intention to embark on a collaborative endeavor with Binance Japan and Progmat. Their joint venture is aimed at the potential introduction of novel stablecoins, not solely denominated in Japanese Yen (JPY) but also in various foreign currencies, such as the United States Dollar (USD). Binance has articulated that, in adherence to Japanese regulations, the issuance of stablecoins is predominantly restricted to banks, money transfer companies, and trust corporations, thereby imposing formidable barriers to the issuance of one’s own stablecoin. However, this collaborative effort with Mitsubishi UFJ Trust and Banking Corporation promises to surmount such hurdles. Mitsubishi UFJ Financial Group stands as Japan’s preeminent financial institution. 
 Simultaneously, as per reports from Bloomberg, Binance is actively exploring the prospective launch of stablecoins denominated in US Dollars, Euros, and Japanese Yen in the coming year. Takeshi Chino, the General Manager of Mitsubishi UFJ Financial Group’s Trust Banking Division, articulated during an interview that Binance Japan aspires to unveil these three variants of tokens in 2024, with the potential for even more to follow. Japan legalized the issuance of stablecoins by licensed entities in June of this year. The issuance plan necessitates Binance obtaining approval as an electronic settlement method trading business provider in Japan. 
 9. Su Zhu, Founder of Three Arrows Capital, Arrested in Singapore link 
 On September 29th, in the afternoon, Su Zhu was apprehended at Changi Airport in Singapore as he attempted to depart. Teneo, the liquidators for Three Arrows Capital, reported that the Singaporean court issued a detention order against him. Documents reveal that Mr. Zhu has been sentenced to a four-month imprisonment term pursuant to the detention order issued by the Singaporean court. Kyle, another co-founder of 3AC, has also received a similar detention order, effectively compelling his cooperation with the liquidators’ investigation. According to Wassie Lawyer, a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency attorney, further inquiry into Su Zhu’s arrest revealed that it stemmed from contempt of court — specifically, his refusal to collaborate with the liquidators and provide the requested information. This is somewhat surprising, as such extended sentences for contempt of court are relatively rare and typically result in fines. Commentary suggests that multiple summonses may have contributed to the cumulative four-month duration, possibly encompassing various issues. 
 10. Crypto Thief Who Stole Funds and Fled to Thailand Apprehended and Returned to China Within 48 Hours link 
 On September 30th, as per Jack 孔, one of the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency ventures he had invested in fell victim to an insider theft. Thanks to the diligent efforts of Chinese law enforcement and international organizations, the criminal suspect who had fled to Thailand was apprehended and promptly extradited to China within 48 hours, accompanied by the recovery of stolen assets. This undertaking was facilitated with the assistance of BitMart, SlowMist, Binance, Tether, and imToken. 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/asia-s-weekly-top10-crypto-news-sep-25-to-oct-1-tbt64740.html">https://thebittimes.com/asia-s-weekly-top10-crypto-news-sep-25-to-oct-1-tbt64740.html</a>

Asia's weekly TOP10 crypto news (Sep 25 to Oct 1)

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