Hong Kong Crypto Frenzy, DeFi Token Surges 550%, NBA NFTs in China - Asia Express
Our weekly East Asian news roundup features the most important developments in the industry.
Hong Kong is on the riseOn February 20, the Hong Kong Securities and Futures Commission (SFC) launched a consultation on its proposed regulatory requirements for digital asset trading platforms. Hong Kong Investor Services.
In addition, the SFC said it would seek comments on whether licensed platform operators should be allowed to provide services to retail investors and what measures should be implemented to ensure suitability and inclusion of tokens when establishing business relationships with customers.
Currently, retail trading of cryptocurrencies is prohibited in Hong Kong. News that the Special Administrative Region of China was dipping its toes back into crypto immediately sparked bullish reactions from ordinary users and executives alike. Brian Armstrong, CEO of cryptocurrency exchange Coinbase,:
"America stands to lose its status as a financial center in the long term, without clear crypto regulation and a hostile environment from regulators. Congress should move quickly to pass clear legislation. Crypto is open to everyone in the world and others are in the lead. EU, UK and now Hong Kong."
To be fair, he wrote that in response to a tweet suggesting retail would be allowed from June 1, which is not the case, but the sentiment remains. Meanwhile, Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, said in a tweet:
“My working atm thesis is that the next bull run is going to start in the East. always had only two options: adopt him or be left behind. He can't be stopped. That we know."
Soon after, cryptocurrency exchanges Gate.io and Huobi Global for Hong Kong crypto exchange licenses. Both said they would comply with applicable regulations in order to be able to offer services to customers in Hong Kong. Crypto users and stakeholders have until March 31 to participate in the SFC consultation.
FTX Japan customers withdraw $49 millionOn February 21, FTX Japan, the Japanese subsidiary of struggling cryptocurrency exchange FTX, made withdrawals for its clients after assets were frozen for about three months in bankruptcy proceedings international.
Customer funds, which were managed separately in accordance with Japanese laws and regulations, were worth 5.6 billion Japanese yen ($41.58 million) in digital currencies and 1 billion yen ($7.43 million ) in fiat currencies as of February 20. .
The company also said its own net assets were approximately 10 billion yen ($74.3 million) as of September 2022, which rose to 17.8 billion yen ($132.2 million). dollars) as of the last update on November 21.
Since withdrawals reopened, more than 6.6 billion yen ($49 million) in crypto and fiat have left the exchange. To withdraw, users had to verify their account balance and transfer their assets to Liquid Japan, another cryptocurrency exchange previously acquired by FTX.
According to FTX Japan's chart, 3,453 individual and 94 corporate accounts were eligible to withdraw their balances. There were 1,947 fiat withdrawals and 5,697 crypto withdrawals in total. A total of 7,026 accounts were transferred from FTX Japan to Liquid Japan. They were lucky, because due to bankruptcy proceedings, the vast majority of FTX customers, including US FTX users, are still .
On February 21, the Chinese branch of the National Basketball Association entered into a partnership with Alibaba-owned Ant Financial. Among many things, the two entities will conduct comprehensive cooperation regarding NBA video content, program delivery, joint membership, and miniseries creation.
In addition, NBA China and Ant Financial wish to pursue the joint development of non-fungible tokens and launch "multi...
Our weekly East Asian news roundup features the most important developments in the industry.
Hong Kong is on the riseOn February 20, the Hong Kong Securities and Futures Commission (SFC) launched a consultation on its proposed regulatory requirements for digital asset trading platforms. Hong Kong Investor Services.
In addition, the SFC said it would seek comments on whether licensed platform operators should be allowed to provide services to retail investors and what measures should be implemented to ensure suitability and inclusion of tokens when establishing business relationships with customers.
Currently, retail trading of cryptocurrencies is prohibited in Hong Kong. News that the Special Administrative Region of China was dipping its toes back into crypto immediately sparked bullish reactions from ordinary users and executives alike. Brian Armstrong, CEO of cryptocurrency exchange Coinbase,:
"America stands to lose its status as a financial center in the long term, without clear crypto regulation and a hostile environment from regulators. Congress should move quickly to pass clear legislation. Crypto is open to everyone in the world and others are in the lead. EU, UK and now Hong Kong."
To be fair, he wrote that in response to a tweet suggesting retail would be allowed from June 1, which is not the case, but the sentiment remains. Meanwhile, Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, said in a tweet:
“My working atm thesis is that the next bull run is going to start in the East. always had only two options: adopt him or be left behind. He can't be stopped. That we know."
Soon after, cryptocurrency exchanges Gate.io and Huobi Global for Hong Kong crypto exchange licenses. Both said they would comply with applicable regulations in order to be able to offer services to customers in Hong Kong. Crypto users and stakeholders have until March 31 to participate in the SFC consultation.
FTX Japan customers withdraw $49 millionOn February 21, FTX Japan, the Japanese subsidiary of struggling cryptocurrency exchange FTX, made withdrawals for its clients after assets were frozen for about three months in bankruptcy proceedings international.
Customer funds, which were managed separately in accordance with Japanese laws and regulations, were worth 5.6 billion Japanese yen ($41.58 million) in digital currencies and 1 billion yen ($7.43 million ) in fiat currencies as of February 20. .
The company also said its own net assets were approximately 10 billion yen ($74.3 million) as of September 2022, which rose to 17.8 billion yen ($132.2 million). dollars) as of the last update on November 21.
Since withdrawals reopened, more than 6.6 billion yen ($49 million) in crypto and fiat have left the exchange. To withdraw, users had to verify their account balance and transfer their assets to Liquid Japan, another cryptocurrency exchange previously acquired by FTX.
According to FTX Japan's chart, 3,453 individual and 94 corporate accounts were eligible to withdraw their balances. There were 1,947 fiat withdrawals and 5,697 crypto withdrawals in total. A total of 7,026 accounts were transferred from FTX Japan to Liquid Japan. They were lucky, because due to bankruptcy proceedings, the vast majority of FTX customers, including US FTX users, are still .
On February 21, the Chinese branch of the National Basketball Association entered into a partnership with Alibaba-owned Ant Financial. Among many things, the two entities will conduct comprehensive cooperation regarding NBA video content, program delivery, joint membership, and miniseries creation.
In addition, NBA China and Ant Financial wish to pursue the joint development of non-fungible tokens and launch "multi...
What's Your Reaction?
![Three of ID's top PR executives quit ad firm Powerhouse [EXCLUSIVE]](https://variety.com/wp-content/uploads/2023/02/ID-PR-Logo.jpg?#){kind=logo}
