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<ul>
 <li>The price of Bitcoin rose to $38,000 for the first time since May 2022 but failed to sustain this level.</li>
 <li>On November 19, the office of Taiwan Legislative Yuan member Jiang Yongchang proposed the “Virtual Asset Bureau Organization Act” to the Financial Supervisory Commission.</li>
 <li>On November 24, the Hong Kong Securities and Futures Commission added the Hong Kong Digital Asset Organization (HKDAO) to the list of suspicious virtual asset trading platforms.</li>
</ul>
<p><strong>What transpired in the crypto ecosystem, critical in Asia, in the past week? Let’s take a look at the latest developments in the crypto ecosystem in Asia!</strong></p>
<h2 id="strong-crypto-developments-in-asia-november-20-24-strong"><strong>Crypto Developments in Asia: November 20-24</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-131663" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Asia.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="Asia" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Asia.webp?w=1920&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Asia.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Asia.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Asia.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Asia.webp?resize=1536%2C864&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Asia.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Asia.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Asia.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Asia.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>Bitcoin and the cryptocurrency world experienced a turbulent and eventful week. The price of Bitcoin rose to $38,000 for the first time since May 2022 but failed to sustain this level. Currently, the BTC price is trading at $37,400. Now, let’s explore what happened in the crypto ecosystem in Asia:</p>
<h3 id="strong-singapore-to-ban-margin-trading-from-2024-to-reduce-crypto-speculation-among-individual-investors-strong"><strong>Singapore to Ban Margin Trading from 2024 to Reduce Crypto Speculation Among Individual Investors</strong></h3>
<p>On November 23, the Monetary Authority of Singapore (MAS) suggested ways for Digital Payment Token (DPT) service providers to limit crypto speculation among retail customers: not offering any crypto trading incentives, not facilitating financing, margin, or leveraged transactions, rejecting local credit card payments for DPT services, and imposing restrictions on the valuation of crypto assets in determining customer net assets. These measures will be phased in gradually starting from mid-2024.</p>
<h3 id="strong-taiwan-financial-supervisory-commission-to-establish-new-virtual-asset-bureau-strong"><strong>Taiwan Financial Supervisory Commission to Establish New Virtual Asset Bureau</strong></h3>
<p>On November 19, the office of Taiwan Legislative Yuan member Jiang Yongchang proposed the “Virtual Asset Bureau Organization Act” aiming to establish the Virtual Asset Bureau within the Financial Supervisory Commission by amending the Financial Supervisory Commission Organization Act. This bureau will oversee the operations of virtual asset service providers, addressing matters related to customer protection, financial audits, internal audits, and internal controls.</p>
<h3 id="strong-weekly-summary-of-hong-kong-strong"><strong>Weekly Summary of Hong Kong</strong></h3>
<p><strong>Hong Kong Securities and Futures Commission Adds Hong Kong Digital Asset Institute to the List of Suspected Virtual Asset Trading Platforms:</strong> On November 24, the Hong Kong Securities and Futures Commission added the Hong Kong Digital Asset Organization (HKDAO) to the list of suspected virtual asset trading platforms. The company had mistakenly claimed to have obtained a license from the Hong Kong Securities and Futures Commission. Additionally, earlier this month, the Hong Kong Securities and Futures Commission added BitCuped and HOUNAX to this list.</p>
<p><strong>Hong Kong Police Expose HOUNAX Fraud: 131 Victims in Hong Kong, Totaling HKD 110 Million:</strong> As reported by Radio Television Hong Kong on November 25, the Hong Kong Police Force uncovered a fraud case where scammers, impersonating investment experts, conducted fraudulent activities through the HOUNAX virtual asset trading platform. So far, there have been 131 reported victims, with the total amount exceeding HKD 110 million. The HOUNAX website primarily uses traditional Chinese characters and pre-defined +852 area codes, suggesting it could target Hong Kong residents. The Hong Kong Securities and Futures Commission had previously classified it as an unlicensed company and a suspicious website.</p>
<h3 id="strong-philippines-treasury-office-sells-tokenized-bonds-worth-php-15-billion-on-monday-strong"><strong>Philippines Treasury Office Sells Tokenized Bonds Worth PHP 15 Billion on Monday</strong></h3>
<p>According to an official statement on November 20, the Philippines Treasury Office successfully issued bonds worth 15 billion pesos (approximately $270 million) with a maturity date in November 2024. These bonds were directed towards institutional investors, with a nominal annual interest rate of 6.5%. The total bid amount reached 31.426 billion pesos, more than three times the initial issuance amount of 10 billion pesos. These bonds were issued in tokenized form on a blockchain-based distributed ledger owned by the Philippines Treasury. However, government officials stated that these tokenized bonds, the first ever issued by the Philippines, are non-negotiable.</p>
<h3 id="strong-mumbai-airport-receives-bomb-threat-due-to-bitcoin-extortion-strong"><strong>Mumbai Airport Receives Bomb Threat Due to Bitcoin Extortion</strong></h3>
<p>On November 24, according to a report, an Indian counter-terrorism unit arrested a suspect who threatened to bomb Mumbai International Airport. The threat was made via email, with the individual demanding $1 million within 48 hours. The Mumbai Sahar Police tracked the IP address of the threatening email, and an investigation team is currently working to identify the perpetrator.</p>
<h3 id="strong-osaka-digital-exchange-to-start-japan-s-first-digital-securities-trading-on-december-25-strong"><strong>Osaka Digital Exchange to Start Japan’s First Digital Securities Trading on December 25</strong></h3>
<p>According to reports on November 20, Osaka Digital Exchange plans to start Japan’s first digital securities trading on December 25. The first tokenized securities to be traded are issued by Ichigo Inc., a Tokyo-based real estate investment company. According to documents submitted to authorities on Monday, Tokyo-based Ichigo will offer approximately 3 billion Japanese yen (approximately $20.1 million) worth of real estate-backed securities. It is noteworthy that Osaka Digital Exchange received an investment from CBOE earlier this month.</p>
<h3 id="strong-janus-henderson-to-launch-asia-s-first-tokenized-fund-strong"><strong>Janus Henderson to Launch Asia’s First Tokenized Fund</strong></h3>
<p>On November 23, JPMorgan Asset Management International and Meta Lab HK collaborated to tokenize one of JPMorgan Asset Management International’s fund products and completed the necessary applications with local securities regulatory authorities. They claim that this is officially the first tokenized fixed-income fund launched by a Chinese financial institution in Asia. The fund will be offered only to professional investors and will focus on high-grade U.S. bonds. The issuance will be carried out by JPMorgan Asset Management International Asset Management’s Hong Kong subsidiary, serving as the fund manager, while Meta Lab HK will provide the tokenization solution.</p>
<h3 id="strong-hong-kong-securities-and-futures-commission-granted-approval-to-victory-securities-to-offer-virtual-asset-trading-and-advisory-services-to-retail-investors-strong"><strong>Hong Kong Securities and Futures Commission Granted Approval to Victory Securities to Offer Virtual Asset Trading and Advisory Services to Retail Investors</strong></h3>
<p>On November 24, Victory Securities, a company listed on the Hong Kong Stock Exchange, announced that it became the first licensed entity to receive approval from the Hong Kong Securities and Futures Commission to offer virtual asset trading and advisory services to retail investors. Previously, Victory Securities had introduced a compliant virtual asset trading application in the Hong Kong financial market, initially targeting professional investors in its early stages.</p>
<h3 id="strong-montenegrin-court-approves-extradition-of-terra-founder-do-kwon-to-south-korea-or-the-us-strong"><strong>Montenegrin Court Approves Extradition of Terra Founder Do Kwon to South Korea or the US</strong></h3>
<p>Montenegro Court Approves Extradition of Terra Founder Do Kwon to South Korea or the U.S. On November 24, according to the official website of Montenegro’s judiciary authority, the Podgorica court in Montenegro approved the extradition of Terra’s founder Do Kwon to South Korea or the United States. Do Kwon was apprehended at Podgorica Airport in March with fake documents. The final decision on this matter will be made by the Minister of Justice of Montenegro.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/what-happened-in-the-bitcoin-and-cryptocurrency-ecosystem-in-asia-from-november-20-to-24/">What Happened in the Bitcoin and Cryptocurrency Ecosystem in Asia from November 20 to 24?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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What Happened in the Bitcoin and Cryptocurrency Ecosystem in Asia from November 20 to 24?

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