As we navigate another eventful week in Asia’s crypto sphere, it’s clear that the industry is anything but dormant. From China’s intriguing stance on virtual currencies to major movements in Hong Kong’s trading platforms, let’s dissect the major events that have shaped the industry this week.
China: Walking a Tightrope
Let’s dive straight into the heart of China, where the waters of cryptocurrency remain murky. The People’s Court Daily recently featured an enlightening piece by Wang Zhongyi and Yang Conghui.
From the corridors of Siming District People’s Court in Xiamen, Fujian Province, they argue that virtual currencies are property, as recognized by the criminal law.
A bold statement, considering the nation’s history of skepticism around the topic. Essentially, if you’re not using these digital assets for unlawful purposes, your rights as a holder should stand strong.
And yet, the Wuchang District People’s Court in Wuhan had a different take. A contract for ‘mining’ Filecoin was declared null, citing a violation of sustainable development principles.
So, while China’s legal minds recognize crypto’s property nature, its practical application seems to be a battleground.
Hong Kong: Stepping Up the Game
Hong Kong isn’t to be left behind in the crypto race. HashKey Exchange, now licensed in Hong Kong, is about to amplify the trading experience by introducing Hong Kong Dollar trading pairs in the near future.
And while they’re at it, they’ve teamed up with ZA Bank, which becomes HashKey’s maiden settlement bank. But that’s not all.
Cryptocurrency Bank SEBA, though based in Switzerland, is now setting its sights on Hong Kong, securing preliminary approval from the Securities and Futures Commission.
Big moves, signaling Hong Kong’s strategic positioning in the Asian crypto space.
Switching gears to South Korea, there’s a palpable sense of caution in the air. The impending ‘Bank Real-Name Account Issuance Standards’ announcement might shake things up. Exchanges will soon have to establish reserves to protect users from unforeseen hacks or losses.
Though heavyweights like Upbit and Bithumb seem ready, one wonders if others will follow suit. Also making headlines, the CEO of Bithumb Holdings and actor Lee Young-ryeol’s husband dodged arrest warrants tied to a cryptocurrency listing bribery scandal.
And if that wasn’t enough, South Korea’s cryptocurrency lending firm, Delio, is in hot water with a 30-50% loss rate, leaving many questions about its future.
Japan & India: Charting Their Own Path
While Japan marches towards a digital society, India seems more cautious. The Japanese Financial Services Agency’s guidelines for 2023 showcase ambitions for a digitized future, supporting stablecoins and Web3 advancements.
Meanwhile, Binance Japan is bullish, aiming to triple its tradable cryptocurrencies. In contrast, India’s crypto terrain appears less definitive. Though OKX is gearing up to enter the Indian market, India’s regulatory landscape remains a puzzle, with no specific Web3 legislation in sight.
While Asia’s crypto progress is undeniable, it’s not without its share of dramas. Binance is contemplating a full exit from Russia. Laos, grappling with power shortages, is sidelining crypto miners. And Oman? They’re diving deep, investing a staggering $800 million in crypto mining.
There you have it – a week of twists, turns, and unyielding dynamism in Asia’s crypto realm. Until next week, keep those digital wallets close and your skepticism closer.
**This article was sourced from Colin Wu’s latest weekly wrap-up.
