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 1. Hong Kong Regulatory News This Week
 1.1 Hong Kong Police Arrest Three Men for USDT Exchange Scam Involving Joss Paper link
 Recently, the Hong Kong police arrested three local men, aged between 31 and 34, in connection with a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency fraud case. On April 12th, a 35-year-old man was defrauded while attempting to resell approximately HKD 1 million worth of Tether (USDT) in a shop in Tsim Sha Tsui. The suspects deceived the victim by displaying 3,000 pieces of Joss paper, each with a face value of HKD 500, luring him to transfer the USDT to a designated <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency wallet. They then made various excuses to avoid paying cash and fled the scene.
 1.2 Caixin: Hong Kong Cryptocurrency ETFs Align with National Strategy link
 Han Tongli, CEO of Harvest Management (Hong Kong), remarked that Hong Kong, as a Special Administrative Region, can be seen as a “sandbox” leading the nation in financial innovation with early trials. If <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency spot ETFs are proven to operate smoothly with controllable risks, and considering the genuine demand from investors, it is not out of the question that they may be opened to mainland Chinese investors in the future. Zhao Jiangong, founder of NVT, stated that subsidiaries of Chinese financial institutions in Hong Kong generally need to follow vertical management from their headquarters, which are overseen by mainland regulatory authorities. From this perspective, it is both in line with Hong Kong’s role and national strategy for Chinese institutions to explore blockchain applications in Hong Kong and align with international financial markets.
 2. The Mainland of China’s Weekly News
 2.1 Tianjin Public Security Bureau Advances Fugitive and Asset Recovery Efforts in Blue Sky Case link
 The Hedong Branch of Tianjin Public Security Bureau issued a statement saying that since the investigation into the case of Tianjin Lantian Gerui Electronics Technology Co., Ltd. for alleged illegal public deposit-taking, they have issued a red notice through Interpol for the main suspect, Qian Zhimin, and have launched a global manhunt. They are also continuously collaborating with law enforcement agencies in the UK and other countries through international law enforcement cooperation channels for the pursuit and recovery of assets. Currently, all efforts to track down and recover assets are actively progressing. According to Caixin, Qian Zhimin, the main perpetrator in the case involving the laundering of 60,000 bitcoins in the UK and the 43 billion RMB illegal fundraising case of Tianjin Lantian Gerui, has recently been apprehended in the UK.
 2.2 Kunming Public Security Bureau Cracks Down on Alleged Virtual Currency MLM Scheme link
 Since 2022, Li Moumou and others have established a community on a certain public blockchain on the internet, using the lure of “staking virtual currencies to earn static mining rewards” and “developing downlines to stake virtual currencies for substantial dynamic referral rewards.” They claimed that players at each level could receive management bonuses ranging from 2% to 30% for directly referred downlines. The group distributed promotional materials on social media platforms such as WeChat and QQ, attracting a large number of participants, with the involved funds amounting to 280 million RMB. By April 2023, the organization had developed over ten thousand members, forming a 15-tier criminal structure. So far, 15 suspects have been apprehended, 8 have been approved for arrest, and 11 have been transferred for prosecution review.
 2.3 Jilin Arrests Six for Using Virtual Currency for RMB-KRW Exchange link
 The Panshi City Public Security Bureau in Jilin Province successfully cracked down on a case involving an illegal underground money exchange operation using virtual currencies, with the amount involved totaling approximately 21.4 billion RMB. Six suspects, who operated the crime between China and South Korea, have been captured. Police explained that the individuals involved in the case exploited the anonymity, decentralization, and borderless nature of virtual currencies to illegally conduct RMB to Korean Won exchange transactions. Investigators determined that the criminal gang used domestic accounts to receive and transfer funds, engaged in over-the-counter trading of virtual currencies, settled transactions in Korean Won, and unlawfully conducted foreign exchange services, facilitating RMB to Korean Won exchanges for Korean proxy shoppers, cross-border e-commerce, import-export companies, and other groups.
 3. Binance Assists Taiwan Authorities in Major Virtual Asset Case Involving Nearly 200 Million TWD link
 Recently, Binance’s Financial Crime Compliance (FCC) unit, in collaboration with Taiwan’s Ministry of Justice Investigation Bureau, successfully cracked down on a major case involving money laundering with virtual assets, totaling nearly 200 million New Taiwan Dollars (approximately 6.2 million USD). Binance provided crucial intelligence and assistance during the investigation. Additionally, Binance has launched a series of law enforcement training programs in Taiwan, collaborating with over ten different agencies and involving more than a thousand law enforcement personnel.
 4. Russian Expert Committee Proposes Hefty Fines for Residential Crypto Miners link
 An expert committee appointed by the Russian government has proposed imposing substantial fines on suspects operating <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency miners in residential buildings to curb power outages in certain regions of the country. According to the report, these fines would be calculated based on commercial electricity rates typically applied to industrial enterprises. Authorities are also considering amendments to the Code of Administrative Offenses to hold those abusing electricity accountable.
 5. Laos Faces Power Shortages Due to Crypto Mining and Unstable Rainfall link
 Somboun Sangxayarath, advisor to Laos’ state-owned electricity company (EDL), has stated that due to <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency mining and unstable rainfall, Laos is experiencing increased electricity demand, leading to shortages. Sangxayarath mentioned that the policy implemented in 2021 to establish data centers has spurred the growth of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency mining operations, which now account for over one-third of Laos’ electricity demand. Decreased rainfall has also reduced hydroelectric output, exacerbating power outages. Last year, Laos announced it would not supply electricity to <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency projects that have not commenced operations.
 6. Philippine Central Bank Approves Coins.ph to Pilot Stablecoin in Key Remittance Markets link
 The Central Bank of the Philippines has announced the approval of Coins.ph to pilot the PHPC stablecoin, which is pegged to the Philippine peso. The announcement states that this initiative will operate under the supervision of the BSP regulatory sandbox framework and will be backed by cash and cash equivalents held by Coins.ph in Philippine bank accounts. Wei Zhou, CEO of Coins.ph, confirmed that the company has been authorized to commence public testing of the stablecoin in April and plans to launch it on their platform in early June.
 7. Japanese Public Company Metaplanet’s CEO Announces Continued Aggressive Bitcoin Purchases link
 Simon Gerovich, CEO of the Japanese listed company Metaplanet, has announced plans to continue significant purchases of Bitcoin. Since the announcement of their buying plans on April 8th, Metaplanet’s stock price has surged from 20 yen to 40 yen at one point. Gerovich emphasized the company’s focus solely on Bitcoin and expressed no interest in other digital assets, aiming for Metaplanet to become the “Japanese version of MicroStrategy.” Currently, Metaplanet has acquired approximately 1.2 billion yen (around 7.7 million USD) worth of Bitcoin. Metaplanet primarily engages in hotel development and operations in Japan, with additional involvement in IR consulting, Web3, and real estate development.
 8. Dunamu, Operator of South Korea’s Largest Crypto Exchange Upbit, Reports Q1 Consolidated Financial Results link
 Dunamu, the operator of South Korea’s largest <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency exchange Upbit, has announced its consolidated financial performance for the first quarter of this year. They reported operating revenue of 531.1 billion Korean Won, operating profit of 335.6 billion Korean Won, and net profit of 267.4 billion Korean Won (approximately 198 million USD). Compared to the previous quarter, operating revenue increased by 60%, operating profit by 39%, but net profit decreased by 23%.
 Additionally, Dunamu is actively preparing to comply with the Virtual Asset Service Provider Act, which will come into effect on July 19th this year, aimed at protecting users of virtual assets.
 9. Canaan Reports Q1 2024 Financial Results with Total Revenue of $35.09 Million link
 Canaan Technology has released its financial report for the first quarter of 2024, ending on March 31st. Total revenue amounted to 35.09 million USD, with product revenue at 23.44 million USD and mining revenue at 10.46 million USD. The company reported a net loss of 39.39 million USD, showing a decrease of 71.7% compared to the previous quarter. Jia Nan also noted that their holdings of Bitcoin have surpassed 1,000 coins for the first time, totaling 1,057 coins.
 Canaan Technology stated that they are on the verge of large-scale deliveries of the Avalon A14 series and will introduce the Avalon A1566 mining machine. Customer prepayments nearly doubled compared to the end of 2023, and these prepayments are expected to translate into revenue in the second and third quarters.
 10. Huobi HK Withdraws Virtual Asset Trading Platform License Application from Hong Kong Securities and Futures Commission for the Second Time link
 According to the official website of the Securities and Futures Commission (SFC) of Hong Kong, Huobi HK withdrew its application for a virtual asset trading platform license on May 14th. This follows their initial submission on February 20th, which was withdrawn on February 23rd, and a subsequent second submission on February 26th, which has now also been withdrawn.
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Asia’s weekly TOP10 crypto news (May 13 to May 19)

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