Asia's weekly TOP10 crypto news (Oct 7 to Oct 13)
1. Lan Foan: Plans to Significantly Increase Debt Ceiling to Aid in Local Debt Resolution link
On October 12, Chinese Minister of Finance, Lan Foan, announced during a press conference at the State Council Information Office that the government plans to significantly raise debt limits in a one-time adjustment to restructure local governments’ hidden debts, enhancing efforts to mitigate their financial risks. These policies, pending the completion of legal procedures, represent the most extensive debt relief measures introduced in recent years. The initiative will greatly ease the financial burdens on local governments, freeing up more resources to support economic development.
In addition to accelerating the implementation of existing policies, the Ministry of Finance will introduce a package of targeted incremental measures aimed at stabilizing growth, expanding domestic demand, and mitigating risks in the near future. Special government bonds will be issued to bolster the capital of large state-owned commercial banks.
2. CEO of Hong Kong SFC: 11 Virtual Asset Trading Platforms Have Applied for Licenses, Expect Phased Issuance by Year-End link
Julia Leung, CEO of the Hong Kong Securities and Futures Commission (SFC), stated in a recent interview that the agency is committed to leading the transformation of financial markets by advancing the regulatory framework for virtual asset trading platforms. This includes supporting the tokenization of traditional products and leveraging blockchain and Web3 foundational technologies, with plans to complete the relevant framework by next year. Leung revealed that 11 platforms have already applied for licenses and are currently undergoing the first phase of review, with anticipated progress before the end of the year, including potential phased issuance of licenses. Additionally, regarding over-the-counter (OTC) cryptocurrency services, Leung noted that the SFC has solicited industry feedback on the new licensing regime for both OTC services and cryptocurrency custody services.
3. South Korea’s Crypto News This Week
3.1 Korean FSC to Reconsider Lifting Ban on Local Spot Cryptocurrency ETFs link
The Korean Financial Services Commission (FSC) is set to reconsider lifting the ban on local spot cryptocurrency ETFs and is also contemplating allowing institutional accounts to open on crypto exchanges. According to local media, this decision is being driven by the newly established cryptocurrency committee within the FSC, indicating a shift in the regulator’s stance toward digital assets entering the traditional financial market. Since 2018, institutional investors in Korea have been effectively barred from creating crypto trading accounts due to the FSC’s strict guidelines. Lawmakers in Korea have been advocating for changes to this policy, with both the ruling and opposition parties pledging during this year’s election campaigns to approve the listing of local spot Bitcoin ETFs.
3.2 South Korea’s Marriage Law Allows for Division of Cryptocurrency in Divorce Proceedings link
The Korean legal community recently reaffirmed that, according to Article 839–2 of the Korean Civil Code, assets accumulated during a marriage, including cryptocurrency and Bitcoin, can be subject to division in divorce proceedings. As early as 2018, the Korean Supreme Court ruled that cryptocurrencies, due to their economic value, are considered intangible assets and can thus be divided as marital property. Moreover, in divorce cases, if one spouse is aware of the other’s cryptocurrency exchange accounts, they can request a “fact-finding investigation” from the court to determine the amount of cryptocurrency held by their spouse.
4. Thailand SEC Proposes New Rules Allowing Mutual and Private Funds to Invest in Digital Assets link
The Thailand Securities and Exchange Commission (SEC) has proposed new regulations allowing mutual funds and private equity funds to invest in digital assets, aligning with international developments and addressing the growing interest of institutional investors. A draft proposal released on Wednesday seeks public feedback on revised standards for funds investing in digital assets. The SEC suggests permitting securities firms and asset management companies to offer services to large investors interested in crypto-related products, such as ETFs, creating more opportunities for portfolio diversification under expert management.
5. UN Agency: Southeast Asia Urged to Criminalize Unauthorized VASPs to Combat Cyber Fraud link
The United Nations Office on Drugs and Crime (UNODC) has released a report urging Southeast Asian countries to classify the unauthorized operation of money service businesses or virtual asset service providers (VASPs) as a criminal offense. The report highlights that certain VASPs, including those linked to known criminals, are facilitating transactions for fraudulent organizations and high-risk gambling websites. It recommends enhancing regulatory oversight of organized crime involved in casinos, gambling intermediaries, and online fraud, as well as improving training for authorities on money laundering methods related to online gambling operations and complex technologies, particularly cryptocurrencies.
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6. Dubai Regulator Orders Seven Unlicensed Crypto Exchanges to Cease Operations link
The Dubai Virtual Assets Regulatory Authority (VARA) has taken enforcement action against seven unlicensed cryptocurrency exchanges that violated marketing regulations. VARA issued cease-and-desist orders to these unnamed unlicensed entities and imposed fines ranging from $13,600 to $27,000, with the exact amount determined by the severity of the violations.
7. Former Chief Investigator Sentenced to 16 Years in Russia for Accepting Hacker’s Bitcoin Bribes link
A Russian court has sentenced former chief investigator Marat Tambiyev to 16 years in prison after he was arrested for accepting a bribe of 1,032 bitcoins, valued at $65 million, from a group of hackers. Tambiyev was charged last year while working for the Russian Investigative Committee, having accepted the bribe from two members of the Infraud hacking group he was investigating. As part of the arrangement, Tambiyev agreed not to confiscate the illegally obtained bitcoins. He subsequently received half of the illicit assets on April 7, 2022.
8. Japanese Public Company Metaplanet Acquires Another 108.99 BTC link
Japanese listed company Metaplanet has announced the additional purchase of 108.99 bitcoins for 1 billion yen, with an average price of 9,174,396 yen (approximately $61,726) per bitcoin. As of October 11, Metaplanet holds a total of approximately 748.502 bitcoins, with a total investment amounting to 6.965 billion yen (around $46.86 million), resulting in an average purchase price of 9,304,655 yen (about $62,593) per bitcoin.
9. “Vitalik: The Story of Ethereum” Premieres in Hong Kong, Attended by HashKey Group Chairman Dr. Xiao Feng link
The documentary “Vitalik: The Story of Ethereum” premiered offline in Hong Kong on October 10. Xiao Feng, chairman and CEO of HashKey Group, attended the screening alongside community members. Before the showing, he reminisced about his experiences collaborating with Vitalik in Shanghai from 2015 to 2017 to foster the Ethereum community in China. Xiao stated, “The goal of Ethereum is to enable everyone to freely participate, contribute, and share the value of blockchain technology while ensuring privacy and security. Over the years, this young man, who loves wearing T-shirts and programming, has remained true to his original intentions. The Ethereum network he has helped build — capable of large-scale collaboration among strangers — will become a significant force in driving global social and economic development. I hope young people can gain insights from this documentary.”
10. Exclusive: SZU Alumnus Exposes Zhang Yufeng’s Donation Fraud Scandal link
Zhang Yufeng has been dubbed the “Little Ma Huateng” by the media, with several reputable outlets reporting that he donated 50 million yuan to Shenzhen University just a year after graduating. However, it was later revealed that much of his resume was fabricated; in reality, he did not make the donation, did not graduate normally, was in debt to online lenders, and even forged an identity as an FTX employee.
What’s more shocking is that after gaining the trust of alumni through his fraudulent donation, Zhang Yufeng has been soliciting money from acquaintances over the past year under the guise of investing in “projects.” When repayment deadlines came due, he failed to return the funds on time, leading multiple victims to report him to the authorities. To prevent further deception, Huang Yifeng, a senior at Shenzhen University and an acquaintance of Zhang’s, decided to publicly expose him as a “professional con artist.”
Huang Yifeng stated that Zhang claimed to have various cryptocurrency investment opportunities that could double returns within months. After friends invested, Zhang began defaulting on repayments, offering numerous absurd excuses, such as being hospitalized in Hong Kong. Following reports to the police by several victims, Zhang’s parents, who run a printing factory in Dongguan, helped repay part of the debt. Zhang was also warned about his rental at Shenzhen Bay №1 due to overdue payments and has even defaulted on an online loan of 6,000 yuan.
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