1. Hong Kong High Court hears RioDeFi lawsuit, ruling that DAO controllers must disclose detailed financial statements

According to Sing Tao News, the Hong Kong High Court recently heard a lawsuit involving the misappropriation of DAO assets and ruled that the six defendants of RioDeFi must disclose detailed financial statements and supporting documents of blockchain and real-world asset tokenization (RWA) projects in response to allegations of asset misappropriation, with a claim amount of up to HK$6 billion. The court emphasized that DAO controllers must be responsible to token holders to ensure transparency and accountability of project funds.

Hong Kong Legislative Council member Wu Jiezhuang believes that this case will help promote the establishment of a more complete DAO legal framework to enhance the stability of the Web3 investment environment and attract more DAO projects to settle in Hong Kong. He suggested that the authorities study the establishment of an institution to improve the laws related to DAOs and enhance Hong Kong's Web3 influence.

2. OneConnect Financial Technology: Thanks to the one-time settlement income from the sale of virtual banking business, the net profit in the first half of the year was 139 million yuan

According to The Paper, OneConnect Financial Technology Co., Ltd., a Hong Kong-listed company, recently released its second quarter report and unaudited financial results for the first half of 2024. In the first half of this year, OneConnect's continuing operations (excluding virtual banking business) achieved revenue of 1.416 billion yuan, compared with 1.833 billion yuan in the same period last year; thanks to the one-time settlement income from the sale of virtual banking business in the second quarter, OneConnect's continuing operations and discontinued operations achieved profitability, with a net profit attributable to shareholders of 139 million yuan in the first half of the year, a year-on-year increase of 173%, and a net profit margin attributable to shareholders of 9.8%, a year-on-year increase of 20.2%.

3. Australian Securities and Investments Commission: Helped detect 615 cryptocurrency scams since July last year

The Australian Securities and Investments Commission (ASIC) released a report saying that since July last year, the agency has helped crack down on 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks and 615 cryptocurrency investment scams. ASIC estimates that these speculative scams have caused a total loss of about $1.3 billion, and reminds all consumers to be vigilant about social media hyperlinks that promote online transactions and cryptocurrency investments.

4. Gate Ventures and Abu Dhabi Blockchain Center launch $100 million Falcon Gate Ventures fund

Gate Ventures, the venture capital arm of Gate.io, announced the launch of the $100 million Falcon Gate Ventures fund with the Abu Dhabi Blockchain Center to promote innovation in the blockchain and Web3 fields. According to the official introduction, the fund will focus on high-potential projects in key regions such as the Middle East, Asia and the United States. In addition, the fund will work with international regulators to develop a regulatory system that balances innovation and security.

5. Nigeria’s Federal Revenue Authority plans to introduce new cryptocurrency tax laws in September

According to Cointelegraph, Zacch Adedeji, executive chairman of the Nigerian Federal Inland Revenue Service (FIRS), announced plans to introduce new tax laws for the cryptocurrency industry in September to ensure that the cryptocurrency industry serves the Nigerian economy while reducing potential risks.

6. Bitwise acquires cryptocurrency ETP issuer ETC Group

According to Bloomberg, Bitwise Asset Management has acquired cryptocurrency ETP issuer ETC Group. The terms of the transaction have not been disclosed.

ETC Group is a London-based cryptocurrency ETP issuer with over $1 billion in assets under management. This also marks Bitwise’s expansion into Europe and adds nine European-listed cryptocurrency ETPs to Bitwise’s broad suite of ETPs, hedge fund solutions and separately managed accounts.

7. Nigeria plans to submit a draft cryptocurrency tax law in September

According to CoinDesk, citing Punch Nigeria, the Nigerian Federal Inland Revenue Service (FIRS) plans to submit a draft cryptocurrency tax bill to parliament in September. Zacch Adedeji, executive chairman of the tax bureau, revealed the plan in a meeting with the National Assembly's Finance Committee. He said the bill aims to regulate cryptocurrencies through legislation to avoid damage to Nigeria's economic development. Adedeji pointed out that other parts of the world are also legislating to tax cryptocurrencies, so Nigeria must be prepared to ensure that the regulation of cryptocurrencies does not have a negative impact on the national economy. Last month, cryptocurrency exchange KuCoin announced that it would begin to collect value-added tax on transaction fees for Nigerian users. Some officials believe that cryptocurrency is one of the reasons for the depreciation of the Nigerian currency, the naira, against the US dollar. Central Bank Governor Olayemi Cardoso also accused cryptocurrency exchange Binance of allowing $26 billion in funds to flow out of the country unregulated last year, affecting tax revenues and leading to the arrest of Binance executive Tigran Gambaryan.

8. UAE state-owned bank RAKBANK cooperates with Bitpanda to launch a digital asset platform for local residents

According to Cointelegraph, the National Bank of Ras Al Khaimah (RAKBANK), a state-owned bank in the United Arab Emirates (UAE), has partnered with crypto infrastructure provider Bitpanda Technology Solutions to create a digital asset management platform for UAE residents. Dongjun Choi, Chief Customer Officer of RAKBANK Group, said: "We believe that digital assets are one of the ways for customers to manage their finances more efficiently and securely in the future." Although the partnership has been announced, the team also clarified that the platform still needs to obtain approval from the Central Bank of the United Arab Emirates (CBUAE). Choi also stated that "this collaboration aims to fill a gap in the market. A regulated banking platform is needed to handle digital assets, with the goal of providing customers with a wider range of digital asset opportunities."

9. Xinhuo Technology will acquire Avenir Asset Holding for US$30.4621 million and wholly own the cryptocurrency trading platform BitTrade

Hong Kong-listed company Xinhuo Technology will acquire all issued share capital of Avenir Asset Holding for approximately US$30.4621 million (approximately HK$238 million), and plans to pay by issuing up to nearly 110 million new shares. Avenir Asset Holding indirectly holds approximately 84.62% of BitTrade's share capital. After the transaction is completed, it will become a wholly-owned subsidiary of Xinhuo Technology, and BitTrade will become its indirect subsidiary. BitTrade is mainly engaged in cryptocurrency trading business.

10.CoinShares: Only $30 million flowed into digital asset investment products last week

CoinShares’ latest weekly report shows that digital asset investment products saw less inflows last week, totaling $30 million, and weekly trading volume of investment products fell to nearly 50% of the previous week, at $7.6 billion, as recent macroeconomic data showed a lower likelihood of a 50 basis point rate cut by the Federal Reserve in September.

From a regional perspective, inflows were mixed, with the United States, Canada and Brazil seeing $62 million, $9.2 million and $7.2 million respectively, while Switzerland and Hong Kong saw the most significant outflows, with $30 million and $14 million respectively. Dollar.

Bitcoin saw the most significant inflows, totaling $42 million, while short Bitcoin ETFs saw outflows for the second week in a row, totaling $1 million. Ethereum only saw an inflow of US$4.2 million last week; in addition, Solana saw a net outflow of US$39 million due to a sharp drop in Meme currency trading volume, setting a record for the highest single-week outflow.

11. Nigeria Securities and Exchange Commission issues first temporary operating license to local crypto exchange Quidax

According to Techub News, Cointelegraph reported that the Nigerian Securities and Exchange Commission (SEC) issued the first temporary operating license to the African cryptocurrency exchange Quidax.