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From Asia with crypto: This week’s top 10 news

TL;DR

  • Hong Kong’s SFC Issues: JPEX platform faces regulatory challenges in Hong Kong for unlicensed operations, leading to a freeze on its substantial assets.
  • South Korea’s Crypto Evolution: Shareholders of major exchanges face qualification reviews amid increased legislative scrutiny, with over 70% of overseas assets declared being in cryptocurrency.
  • Singapore’s Regulatory Push: MAS steps up its oversight on digital assets to curb misconduct, while a major money-laundering case involving several banks surfaces.

Asia – the pulsating heart of the crypto world, teeming with innovation, intrigue, and at times, deception. While the continent brims with stories, here’s a sharp look at the top ten that caught my attention this week, as we navigate the complicated terrain of cryptocurrencies in the East.

Hong Kong: Scandals and Invitations

Hong Kong’s cryptocurrency scene recently took a beating. JPEX, a platform that had its name splashed on the Hong Kong Securities and Futures Commission’s (SFC) list of suspicious operations, remained defiant.

Despite the city’s watchdog’s stern gaze, they amped up their game, roping in Key Opinion Leaders and dishing out promises of high returns. Spoiler alert: it didn’t end well for them. The Hong Kong police have since intervened, freezing assets worth a staggering HKD 59 million.

If that wasn’t scandalous enough, three Legislative Council Members are pushing to spotlight the JPEX debacle even further. Their intention? To grill the SFC in a meeting about this mess and, perhaps, to prevent more gullible investors from getting burnt.

Amidst this turmoil, there’s a lighter moment. Yat Siu, Chairman of Animoca Brands, seems to be playing the perfect host, inviting Ethereum’s co-founder, Vitalik Buterin, for a tour of Hong Kong. A welcome distraction, or a strategic move? Only time will tell.

South Korea: Regulation, Revelation, and Innovation

South Korea, not to be outdone, has its own cocktail of news. The nation’s Financial Intelligence Unit, under the banner of the Financial Services Commission, is on the move. Their target? Big shot shareholders of cryptocurrency exchanges, aiming to clamp down on potential foul play.

The South Korean National Tax Service made waves with its jaw-dropping revelation: cryptocurrencies formed a whopping 70% of overseas asset declarations. While the clock ticks down to 2025, when these crypto gains will be taxed, one can’t help but wonder how this massive crypto ecosystem will evolve.

But it’s Busan City that’s stealing the spotlight with its ambitious plan for a digital asset exchange. This “fourth-generation blockchain exchange” promises a unique edge.

They aren’t stopping there. A hefty 100 billion Korean won is being set aside for a Blockchain Innovation Fund, showcasing Busan’s intent to dominate the crypto scene.

A Quick Dip into Japan, Thailand, and Singapore

The Bank of Japan continues its tug-of-war with the economy, firmly clutching its monetary easing policy. Meanwhile, Thailand, seemingly inspired by the rest of the world, plans to tax its crypto traders on their overseas earnings.

Singapore, always a player to watch, has the Monetary Authority of Singapore stepping up. They’re arming themselves, ready to pounce on any misconduct in the digital asset ecosystem over the next couple of years.

Meanwhile, Singaporean banks are tightening their belts, scrutinizing Chinese clients holding specific passports, all thanks to a massive money-laundering scandal linked to the “Fujian Clan.”

Ant Group’s decision to pull out of VC A&T Capital, its former crypto subsidiary, throws up more questions than answers. Then there’s GMO Media, partnering with gaming blockchain Oasys for “GESOTEN Verse,” potentially marking another significant step for blockchain in gaming.

The marriage of AI and Cryptocurrency took center stage with Ming Zeng’s assertion at the Global Blockchain Summit. The blend of Cryptocurrency’s revolutionary stance and AGI’s productivity potential, he argued, would dictate the digital economy’s future direction.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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