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Our weekly roundup of news from East Asia summarizes the industry’s most important developments.
Hong Kong goes strong
On February 20, Hong Kong’s Securities and Futures Commission (SFC) began consultations on draft regulatory requirements for digital asset trading platforms.
The SFC is required by June to obtain licenses for all cryptocurrency exchanges operating in Hong Kong or for solicitation services from Hong Kong investors.
In addition, the SFC will determine whether licensed platform operators should be permitted to offer services to retail investors and to ensure adequacy and inclusion of tokens when establishing business relationships with customers. He said he would seek feedback on what action should be taken.
Currently, retail trading of cryptocurrencies is prohibited in Hong Kong. The announcement that China’s Special Administrative Region is stepping into cryptocurrencies immediately sparked a bullish reaction from everyday users and operators.Brian Armstrong, Chief Executive Officer of cryptocurrency exchange Coinbase (CEO) I have written:
“America risks losing its status as a financial hub long term due to the lack of clear regulation of cryptocurrencies and a hostile environment from regulators. We need to act, crypto is open to everyone in the world and others are leading the way: the EU, the UK and now Hong Kong.”
To be fair, he responded to a tweet suggesting retail trading would be allowed from June 1, saying no, but sentiment remains. Writer Cameron Winklevoss tweeted:
“My working thesis is that the next bull market will start in the East. A reminder that cryptocurrencies are a global asset class and the West, in fact the United States, has always had only two options. It will, it can’t be stopped, what we know.”
Shortly thereafter, cryptocurrency exchanges Gate.io and Huobi Global said they will application For crypto exchange licenses in Hong Kong. Both exchanges said they will comply with relevant regulations to be able to serve customers in Hong Kong. Crypto users and stakeholders have until March 31st to participate in SFC consultations.
FTX Japan customers withdraw $49 million
On February 21, FTX Japan, the Japanese subsidiary of the troubled virtual currency exchange FTX, resumed Client withdrawals after assets have been frozen for approximately three months as part of cross-border insolvency proceedings.
Customer funds that were separately managed in accordance with Japanese laws and regulations are worth ¥5.6 billion ($41.58 million) in digital currency and ¥1 billion ($7.43 million) in fiat currency as of February 20. became clear.
The company also reported that its net worth was around ¥10 billion ($74.3 million) in September 2022, increasing to ¥17.8 billion ($132.2 million) as of the last update on November 21. Did.
More than ¥6.6 billion ($49 million) in cryptocurrencies and fiat currencies have left the exchange since it resumed withdrawals. To withdraw, the user had to check the account balance and previously he had to transfer the assets to Liquid Japan, another cryptocurrency exchange acquired by FTX.
According to FTX Japan’s tally, 3,453 individual and 94 corporate accounts were eligible to withdraw their balances. There were 1,947 fiat withdrawals and 5,697 total cryptocurrency withdrawals. A total of 7,026 accounts were transferred from FTX Japan to Liquid Japan. They were lucky because the majority of his FTX clients, including FTX US users, are still unable to withdraw their assets due to bankruptcy proceedings.
NBA China wants to mint more NFTs
Feb. 21, China branch of the National Basketball Association announced Partnership with Ant Financial, owned by Alibaba. The two companies plan to conduct comprehensive cooperation among many items, including NBA video content, programming broadcasts, co-subscriptions, and mini-series production.
Additionally, NBA China and Ant Financial would like to further jointly develop non-fungible tokens and launch a “multimedia NFT drop to fans”. Since last year, NBA China has created a series of Chinese New Year basketball-themed NFTs using the latter’s Ant Chain.
Tencent Cloud’s Big Leap to Web3
Tencent Cloud, the cloud business brand of Chinese internet giant Tencent, announced On February 22nd, we announced that we would provide technical support to developers to support the development of the Web3 ecosystem and accelerate its digitization.
First, Tencent Cloud announced a new product called “Metaverse-in-a-Box”. It serves as a one-stop his solution that integrates infrastructure, products, software development kits, and low-code solutions used, says the internet giant. Mainly used in games and media entertainment.
Additionally, the company signed memoranda of cooperation with Ankr, Avalanche, Scroll and Sui to further these goals. For Ankr, this means joint deployment of a set of blockchain API services for remote procedure call nodes on Tencent Cloud. As for Avalanche, we will work with Tencent Cloud to provide efficient and fast node setup for developers. Finally, Tencent Cloud helps developers build practical projects on his Scroll and cloud his game development tools on Sui. Tommy Li, Vice President of Tencent Cloud, said:
“Tencent Cloud Metaverse-in-a-Box meets the needs of customers and developers in different scenarios, getting better real-time interactive experiences, large-scale communication, more secure access services, and virtualization. and help you quickly build virtualized online and video metaverse scene applications.
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DeFi token rises 550% after pretending to be Huawei
30 second video Posted On February 21st, Huawei introduced the Chinese telecom conglomerate Defactor, a DeFi protocol. In a video, co-founder Alejandro Gutierrez says the project will create a bridge between traditional finance and his DeFi, exploring the tokenization of real-world assets and working with startups, large corporations, and more. said that it is to build partnerships with
In the eyes of cryptocurrency investors, Gutierrez’s remarks were anything but ordinary.Defactor (FACTR) tokens shortly after the video was published RecordedIt has a profit of over 550% within 3 days and is trading at $0.14 per contract at the time of issue. Defactor is now part of the Huawei International Scale-Up Program in Ireland.