1: New York State Department of Financial Services issues new guidelines for crypto firms to improve customer service standards

According to Cryptoslate, the New York State Department of Financial Services (NYDFS) issued new guidelines on May 30 to strengthen customer service standards for virtual currency entities (VCEs). The guidelines will take effect on November 1. The New York State Department of Financial Services said that these comprehensive guidelines are intended to ensure that VCEs have a strong customer service mechanism that can handle customer issues in a timely and effective manner. VCEs should keep their customer service policies updated and comply with all relevant laws and regulations. The guidelines require VCEs to establish and maintain effective customer service procedures, including multiple channels for submitting requests and complaints, such as telephone and electronic text mechanisms. In addition, VCEs must regularly provide customers with updates and estimated resolution times, track request status, and publish accessible FAQs. If artificial intelligence (AI) tools are used in customer service, customers must be informed at the beginning of the interaction and given the option to escalate the problem to a human representative. VCEs must also provide quarterly data to NYDFS detailing the number of customer service requests and complaints received, the method of submission, and the subject matter handled. These reports must also include the average time to resolve each issue. Regulators will review these records to assess the effectiveness of the policies and procedures implemented through ongoing inspections and supervisory monitoring.

2: SEC requires Ethereum spot ETF issuers to submit the first round of S-1 draft forms by Friday

According to The Block, two people familiar with the matter revealed that the SEC requires issuers to submit a draft S-1 document by Friday. After that, the SEC will provide a first round of comments and eventually make further revisions. It may take several weeks for the S-1 form to take effect and begin trading.

3: Grayscale submits its Ethereum spot ETF S-3 amended registration statement

According to The Block, Grayscale filed an amended S-3 registration statement on Thursday, the day after BlackRock filed an amended S-1 statement, and more amended registration statements are expected to follow. Grayscale discussed its regulatory treatment of Ethereum in its latest filing.

A new key point about how much Ethereum is needed to create a stock portfolio was added in the updated document. The latest document reads: "As of May 28, 2024, the number of Ethereum required to create a 100-share stock portfolio is approximately 0.94552590 Ethereum, and after the revised trust agreement becomes effective, the number of Ethereum required to create a 10,000-share stock portfolio is 94.552590 Ethereum."

4: EOS's new token economics proposal has been passed, which will shut down EOS inflation and destroy 80% of the total future supply. Yves La Rose, CEO of the EOS Network Foundation (ENF), tweeted that the EOS network's new token economics proposal has been passed, which will shut down inflation and destroy 80% of EOS's future total supply. The code deployment will take effect on June 1. The total amount of EOS will be fixed at 2.1 billion in the future. 5: Hong Kong's Acting Financial Secretary: Will fully promote financial innovation in key areas including Web3-related DeFi, virtual assets, etc. According to Caixin.com, the Acting Financial Secretary of the Hong Kong Special Administrative Region Government, Michael Wong Wai-lun, delivered a keynote speech at the 2024 Caixin Summer Summit held today, saying that Hong Kong will continue to fully promote financial innovation, with key areas including DeFi (decentralized finance) related to financial technology, green finance, and Web3 (third-generation Internet), virtual assets, etc. The SAR government will ensure that financial risks are stabilized at a controllable level. On the other hand, continue to expand the interconnection between Hong Kong and mainland China's financial markets. 6: HashKey Exchange has obtained the AMLO license under the regulatory framework of Hong Kong’s virtual asset trading platform. HashKey Exchange has obtained the AMLO license (operating a virtual asset trading platform under the Anti-Money Laundering Ordinance). This license is an important license under the current regulatory framework of Hong Kong’s virtual asset trading platform. The acquisition of this license proves that members of the HashKey Group have obtained all the required licenses to provide virtual asset-related services in Hong Kong according to their respective business needs.

7. Bitcoin financial services company UNCHAINED partners with Austin University to set up a $5 million endowment fund to invest in Bitcoin

According to a tweet from BSCN Headlines, Bitcoin financial services company UNCHAINED has partnered with the University of Austin to establish a $5 million endowment fund that will be used to invest in Bitcoin.

8. Huaxia Bitcoin ETF scale exceeds HK$1 billion

China Asset Management (Hong Kong)'s official WeChat account posted that as of May 31, 2024, the total size of China Asset Management's Bitcoin ETF has exceeded HK$1 billion. Since its listing, it has maintained its leading position in scale and is the largest Bitcoin ETF in Asia.

9. Fosun Wealth has been preliminarily approved by the Hong Kong Securities and Futures Commission for its virtual asset trading service license

According to the Bus Daily, Fosun International Securities Co., Ltd., a subsidiary of Fosun Fortune International Holdings Co., Ltd., announced that it has obtained preliminary approval from the Hong Kong Securities and Futures Commission to provide a virtual asset trading service license.

10. Hong Kong Monetary Authority: Some criminals use the Digital Hong Kong Dollar Pilot Program to carry out fraudulent activities

The Hong Kong Monetary Authority (HKMA) said in a statement on its official WeChat account that it has noticed that some criminals have used projects related to the Hong Kong Monetary Authority (HKMA), such as the e-HKD pilot program and the Cross-Border Wealth Management Connect mechanism, to carry out fraudulent activities.
 
The HKMA solemnly reminds the general public that the public (whether Mainland or Hong Kong residents) need to be vigilant and guard against being deceived. The HKMA has received public inquiries claiming that a certain company has been selected for the Digital Hong Kong Dollar Pilot Program and will release digital Hong Kong dollars, equity and dividends to attract public investment. The HKMA has reported the incident to the Hong Kong police.
 
 
11. Japanese cryptocurrency exchange DMM Bitcoin was stolen $305 million worth of Bitcoin

According to Nikkei, DMM Bitcoin, a cryptocurrency asset (virtual currency) trading company under the DMM.com Group, has experienced an illegal outflow of approximately 48 billion yen (approximately $305.9 million) in Bitcoin. The company announced that it will do its utmost to protect the leaked Bitcoins of its customers with the support of the group companies.
 
This is the second largest hacker attack loss for a Japanese cryptocurrency exchange. In 2018, Coincheck was hacked and lost 58 billion yen.