The report covers the top 10 cryptocurrency news in Asia from November 27 to December 3. It includes updates on Hong Kong’s consideration of an Initial Coin Offering (ICO) mechanism, partnerships to provide Bitcoin (BTC) and Ethereum (ETH) trading services to retail clients, and the Philippines Securities and Exchange Commission’s warning against Binance. It also discusses China’s central bank digital currency cooperation with the UAE, South Korea’s establishment of a Virtual Asset Regulatory Bureau, and Japan’s NTT Docomo’s launch of a Web3 wallet.
Hong Kong’s ICO Mechanism Consideration
- Proposed ICO Mechanism: The President of the Hong Kong Securities and Futures Practitioners Association has suggested the introduction of an Initial Coin Offering (ICO) mechanism. This proposal is part of the opinions on the fiscal budget for the year 2024–25, which the Hong Kong government is set to unveil on February 28, 2024.
Partnerships for BTC and ETH Trading Services
- Expansion of BTC and ETH Trading Services: BC Technology Group Limited has expanded its collaboration with Victory Securities to provide Bitcoin (BTC) and Ethereum (ETH) trading services to retail clients in Hong Kong. Victory Securities is the first licensed corporation in Hong Kong approved by the Securities and Futures Commission (SFC) to provide virtual asset trading and advisory services to retail investors.
Philippines SEC’s Warning Against Binance
- Binance’s Unauthorized Activities: The Philippines Securities and Exchange Commission (SEC) has warned that Binance does not have the authority to sell or offer securities to the public in the Philippines. The SEC stated that Binance has been actively conducting promotional activities on various social media platforms to attract and induce Filipinos to participate in investment and trading activities.
China’s CBDC Cooperation with UAE
- CBDC Cooperation: The People’s Bank of China and the Central Bank of the United Arab Emirates have signed a memorandum of understanding on enhancing central bank digital currency cooperation. The collaboration aims to strengthen technical collaboration in the development of central bank digital currencies and facilitate the provision of liquidity to financial markets with local currencies.
South Korea’s Virtual Asset Regulatory Bureau
- Establishment of Virtual Asset Regulatory Bureau: The Financial Supervisory Service of South Korea has announced the establishment of a “Virtual Asset Regulatory Bureau” and a “Virtual Asset Investigation Bureau” to address the growth of the virtual asset market. The Virtual Asset Regulatory Bureau will be responsible for supervising and inspecting virtual asset operators, market monitoring, and improving regulations.
- Monitor the Development of ICO Mechanism in Hong Kong: The proposed introduction of an ICO mechanism in Hong Kong could potentially open up new opportunities for blockchain startups and investors. Stakeholders should keep an eye on the development of this proposal and its potential implications.
- Assess the Impact of Expanded BTC and ETH Trading Services: The expansion of BTC and ETH trading services to retail clients in Hong Kong could potentially increase the adoption of cryptocurrencies in the region. Investors and businesses should assess the impact of this development on the cryptocurrency market.
- Understand the Regulatory Environment in the Philippines: The warning issued by the Philippines SEC against Binance highlights the importance of understanding the regulatory environment in different jurisdictions. Cryptocurrency businesses and investors should ensure they are compliant with local regulations.