Research Summary
The report provides an overview of the top 10 cryptocurrency news in Asia for the week of March 4 to March 10. It covers regulatory developments, legal cases, and business activities in South Korea, Hong Kong, Taiwan, and Uzbekistan. The report also highlights the performance of specific cryptocurrencies and the activities of various crypto-related companies.
Key Takeaways
Regulatory Developments in South Korea and Hong Kong
- South Korea’s Bitcoin Spot ETF: The Financial Supervisory Service in South Korea plans to discuss a Bitcoin spot ETF within this year. The chairman emphasized the need for regulatory mechanisms to prevent price manipulation, siphoning, and hacking related to virtual assets.
- Investigation into Worldcoin’s Data Collection Practices: The South Korean Personal Information Protection Commission plans to investigate Worldcoin’s data collection practices, which involve collecting facial and iris recognition information.
- Hong Kong’s Suspicious Virtual Asset Trading Platforms: The Securities and Futures Commission of Hong Kong has added BitForex and its website to the list of suspicious virtual asset trading platforms. BitForex is suspected of engaging in virtual asset fraud.
Business Activities and Legal Cases
- Proposal for Web3 Financing Platform: Johnny Ng Kit-chong has proposed the establishment of an international Web3 financing platform for small and medium-sized enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area.
- Zhao Dong Case: The People’s Procuratorate has discussed the Zhao Dong case, emphasizing that using virtual currency for cross-border fund transfers may constitute money laundering and other offenses.
- Tether’s Memorandum of Understanding with Uzbekistan: Tether has signed a memorandum of understanding with the National Project Office of the Republic of Uzbekistan to support the development of the country’s legal framework and regulatory policies for crypto assets.
Cryptocurrency Performance and Company Financials
- “Kimchi Premium” on Upbit: The BTC/KRW and ETH/KRW trading pairs on Upbit exhibited a noticeable “Kimchi premium” on March 5th, with BTC/KRW equivalent to about $72,000 USD and ETH/KRW equivalent to about $3,956 USD.
- Bitdeer’s Fourth Quarter 2023 Financial Report: Bitdeer reported a production of 1299 bitcoins and total revenue of $114.8 million for the fourth quarter of 2023.
- Boyaa Interactive’s Cryptocurrency Purchases: Boyaa Interactive seeks board authorization to continue purchasing cryptocurrencies up to a total value of $100 million.
Actionable Insights
- Regulatory Developments: Monitor the regulatory developments in South Korea and Hong Kong, as they could impact the operations of cryptocurrency businesses in these regions.
- Legal Cases: Keep an eye on the legal cases involving cryptocurrency, such as the Zhao Dong case, as they could set precedents for future cases.
- Business Activities: Track the business activities of cryptocurrency companies, such as Tether’s partnership with Uzbekistan and Bitdeer’s financial performance, to understand the industry trends.
- Cryptocurrency Performance: Analyze the performance of specific cryptocurrencies, such as Bitcoin and Ethereum, to inform investment decisions.
