1. Victory Securities plans to launch virtual asset structured products and stablecoin yield products in Hong Kong by the end of the year.
Hong Kong virtual asset broker Victory Securities plans to launch virtual asset structured products to qualified professional investors by the end of this year and provide designated products and services to clients holding stablecoins through its integrated accounts to earn additional income. Victory Securities stated it has obtained regulatory approval from the Hong Kong Securities and Futures Commission to promote and distribute cash-settled virtual asset structured products to qualified professional investors, becoming the first licensed broker in Hong Kong to receive such approval.
2. Taiwan's Financial Supervisory Commission will strengthen the review of cryptocurrency listings on exchanges in the new regulations to be introduced in January 2025.
According to The Block, Taiwan's Financial Supervisory Commission (FSC) plans to implement new regulations in January 2025, requiring cryptocurrency service providers to complete anti-money laundering (AML) compliance registration. Huang Xihe, head of the FSC's securities department, stated at the FinTechOn conference in Taipei that the new regulations will strengthen the review of listing and delisting cryptocurrency assets, covering key areas such as fiat custody, information security, customer complaints, record keeping, and information disclosure.
Additionally, the new regulations will require trading platforms to establish clear listing and delisting procedures, prevent unfair trading, and monitor abnormal trading activities. Cryptocurrency custodians will need to hold customer assets in custody or isolate them from the platform's own assets, and commission accounting firms to audit customer assets annually. The FSC also plans to submit a special legal proposal regarding crypto assets in June 2025 to further strengthen regulation.
3. The Monetary Authority of Singapore will advance the financial services tokenization plan.
The Monetary Authority of Singapore (MAS) will advance a tokenization plan in the financial services sector. Specific plans include establishing business networks to deepen the liquidity of tokenized assets; developing a market infrastructure ecosystem; promoting an industry framework for the implementation of tokenized assets; enabling tokenized assets to utilize common settlement facilities; and deepening the liquidity of tokenized assets through the formation of business networks.
4. Circle co-founder: Intends to hire more employees and establish business in Hong Kong. According to (Hong Kong Commercial Daily), Jeremy Allaire, co-founder and CEO of stablecoin issuer Circle, stated that Hong Kong is an important market for USDC, and the company intends to hire more employees and establish business in Hong Kong. They are currently awaiting the introduction of new stablecoin regulations in Hong Kong before considering applying for a license. 5. Andre Cronje: Coinbase has repeatedly requested listing fees and is willing to disclose evidence. Sonic Labs co-founder Andre Cronje responded to Coinbase CEO Brian Armstrong's comment that Coinbase does not charge listing fees, stating, 'Binance did not charge listing fees, but Coinbase has repeatedly requested fees, quoting $300 million, $50 million, $30 million, with the most recent quote being $60 million. I have not signed a confidentiality agreement, so I am very willing to provide relevant evidence (the requests came from multiple employees/departments at Coinbase over the years via email, Telegram, and Slack). Coinbase may argue that this is not a listing fee but an Earn Fee, but it still translates into the listing cost for the project.' 6. CoinShares: Last week, net inflows for digital asset investment products reached $2.2 billion.
According to CoinShares' latest weekly report, last week net inflows for digital asset investment products reached $2.2 billion, bringing the total inflows for the year to a record $29.2 billion. Among these, Bitcoin saw net inflows of $2.156 billion, while Ethereum saw net inflows of $9.5 million.
Regionally, the US saw net inflows of $2.229 billion, while Germany saw net inflows of $5.1 million. Canada, Sweden, and Switzerland saw net outflows of $24.4 million, $20.3 million, and $13.8 million, respectively.
7. OSL Group acquires Japanese compliant cryptocurrency exchange CoinBest.
Hong Kong-listed OSL Group Limited (863.HK) announced that its wholly-owned subsidiary has signed a share purchase agreement to acquire 81.38% of CoinBest K.K., a licensed cryptocurrency trading service provider in Japan. The acquisition will be carried out through OSL Group Limited's wholly-owned subsidiary OSL Investment (Japan) Limited.
8. Pakistan proposes to amend the SBP Act to legalize digital currency in the country.
According to The Express Tribune, the federal government of Pakistan has proposed amendments to the State Bank of Pakistan (SBP) Act, allowing dual nationals to serve as the central bank governor and deputy governor, and legalizing the use of digital currency in Pakistan. If approved by the federal cabinet and parliament, cryptocurrencies like Bitcoin may become legal tender.
The proposed amendment introduces the concept of digital currency for the first time in the SBP Act. The amendment will allow the central bank to issue digital currency and manage the country's currency in 'physical or digital or both forms,' and also includes granting the SBP the power to conduct CBDC operations. Sources indicate that until now, the SBP has consistently rejected proposals for digital currency, having previously issued public consultations warning the public to be cautious of virtual currencies like Bitcoin and Litecoin, clarifying that these tokens are not considered legal tender in Pakistan.
9. Spain's BBVA will launch a tokenization fund in the country's regulatory sandbox.
According to Bitcoin.com, Spain's second-largest bank, BBVA, will launch a tokenization fund as part of a regulatory sandbox implemented by Spain's securities regulator, CNMV. This sandbox allows participants to innovate and experiment with new technologies under the supervision of regulators. Each project must be submitted and approved according to the assessments and requirements established by the CNMV.
BBVA's short-term fixed-income token fund will register its operations on a private blockchain developed by the software developer Allfunds, which creates decentralized solutions for third parties. BBVA Asset Management will act as the manager and marketer of the fund, leveraging Allfund's network, smart contracts, and nodes specifically created for this test case.
Additionally, the bank reported that due to its experimental nature, only bank employees will participate in the fund, allowing the institution to assess the performance of this blockchain-based tool without posing risks to ordinary customers.
10. Standard Chartered's crypto custody company Zodia is seeking $50 million in financing.
According to Techub News, Standard Chartered's cryptocurrency custody company Zodia Custody is negotiating a new round of financing. CEO Julian Sawyer stated that the company is seeking $50 million from investors to drive its plans to expand into new regions and broaden its product range. Sawyer added that while Zodia currently has support from several wholesale financial companies, it is now looking to attract more diverse types of investors, including payment and tokenization companies.
11. Deutsche Telekom and Metzler Bank are launching a pilot project to mine Bitcoin using surplus energy. Europe's largest telecom operator, Deutsche Telekom's subsidiary MMS, is collaborating with Metzler Bank to initiate a pilot project aimed at operating Bitcoin mining infrastructure using surplus energy. This pilot project aims to provide effective on-site data and insights for planning subsequent projects.
12. Bitcoin mining company MARA mined a total of 717 Bitcoins in October, with a 2% increase month-on-month.
According to Techub News, Bitcoin mining company MARA (formerly Marathon Digital) released its October Bitcoin production and operations update. The company mined a total of 717 Bitcoins in October, a 2% increase from 705 Bitcoins in September, with an active hash rate increase of 14% to 40.2 EH/s. As of October 31, the company held a total of 27,562 Bitcoins, including 4,499 restricted Bitcoins.
