Author：Lily

Editor：Colin Wu

1. HongKong’s weekly summary

1.1 HK Government releases Policy Statement on the Development of Virtual Assets in Hong Kong Link

The Hong Kong SAR Government issued a policy statement on the development of virtual assets in Hong Kong, including an open and inclusive approach to global innovators in the virtual asset business, mitigating actual and potential risks in accordance with international standards, so that virtual asset innovation can flourish in Hong Kong in a sustainable manner. Hong Kong welcomes the introduction of Exchange Traded Funds (ETFs) for virtual assets and is open to the legality of property rights and smart contracts for tokenized assets.

1.2 Hong Kong poised to become world’s crypto asset hub, say Cheng, SBF and others Link

At the “Hong Kong Fintech Week 2022”, New World Executive Vice Chairman and Chief Executive Officer, Mr. Cheng Chi-kong said that Hong Kong embraces three major opportunities and is expected to become a unique global virtual asset hub; FTX founder SBF said that the world’s cryptocurrency hub may be the Bahamas or Dubai, and the East’s cryptocurrency hub may be Singapore or Busan, but it is likely to eventually become Hong Kong.

2. Huobi’s weekly summary

2.1 After Huobi delisting stablecoin HUSD falls 72% from dollar peg Link

The once-popular HUSD stablecoin has fallen dramatically from its $1 peg, dropping to a low of 28 cents after crypto exchange Huobi announced it delisted the asset. Huobi said users can still exchange HUSD tokens for tether (USDT), the industry’s largest stablecoin by market cap.

2.2 Huobi to delist the GALA/USDT trading pair and convert GALA bought later to “pGALA” Link

Background：pNetwork said that due to the incorrect configuration of p.Network bridge, the original Token GALA on the BNB chain of GALA Games was issued, which caused the Token price to plummet. Meanwhile, Huobi failed to close the deposit in time. Resulting in a large number of additional Token deposit to huobi for selling. In addition, the community, given the timing and mint access, suspected the team of stealing.

News：Huobi decided to temporarily delist the Gala token due to the material and uncontrollable risks arising from the major accident with the Gala Token. GALA tokens purchased by users after the accident will be renamed PGALA, with the accident timestamp as the division point (contract address on BNB Chain: 0x7ddee176f665cd201f93eede625770e2fd911990). As a meme token, PGALA is not related to the original GALA token.

2.3 Huobi will re-list the GALA token Link

Huobi will re-list the GALA token while maintaining close contact with the GALA team. Following the publishing of this notice, there will be GALA and PGALA tokens, which are 2 separate assets, on Huobi Global. The division point is the timestamp of the accident.

2.4 Huobi releases announcement on PGALA tax burn mechanism Link

As the PGALA token has been recreated to replace Gala Token (former GALA), Huobi is taking the following measures:

1. Close the deposit service for PGALA;

2. Adopt the tax burn mechanism to charge a 1.2% two-way tax burn rate for PGALA spot trading. This PGALA tax burn rate does not affect any other tokens;

3. All the tax fees will be used to repurchase and burn PGALA. This tax burn mechanism is scheduled to take effect for PGALA at 16:00 UTC on November 4, 2022;

4. The PGALA tokens that were illegally minted on BNB Chain and deposited to Huobi are regarded as unjustified enrichment and will be used to repurchase and burn PGALA. The trading fees generated from GALA related trades during 00:00 to 24:00 (UTC+8) November 4, 2022, will all be used to repurchase and burn PGALA.

2.5 Justin Sun launches solution for attackers and real GALA holders in Huobi Link

Justin Sun, advisor of Huobi, said that Huobi will join hands with the project to pay out 100% of the real GALA holders in the platform, wipe out the attackers’ illegal accounts, and launch a $1 million bounty program to reward cross-platform arbitrageurs who actively return the profits they made; for the malicious attackers who refuse to return, Huobi will collect evidence and recover the assets.

2.6 Former Huobi CFO Zhang Li has officially left the company Link

The former Huobi CFO Zhang Li has officially left the company and said goodbye to Huobi in her Moments, “Goodbye Huobi Global. Today’s difficulties are for the future to laugh at”. Previously, Justin Sun’s team was taking over the company.

3. Mainland China’s weekly summary

3.1 Daqing, Heilongjiang to rectify the virtual currency “mining” activities Link

Recently, the city of Daqing, Heilongjiang Province, carried out remediation of virtual currency “mining” activities. The scope of remediation includes: 1) virtual currency “mining” enterprises and individuals disguised as data centers; 2) enterprises and individuals who provide sites for virtual currency “mining” activities; 3) enterprises and individuals who obtain electricity supply through illegal means and engage in virtual currency “mining” activities; 4) enterprises and individuals who conduct “mining” in various other hidden forms.

3.2 E-CNY promoter Fan Yifei receives disciplinary review and supervisory investigation Link

Fan Yifei, a member of the Party Committee and deputy governor of the People’s Bank of China, is suspected of serious disciplinary violations and is currently under disciplinary review and supervisory investigation by the State Supervision Commission of the Central Commission for Discipline Inspection. It should be the first senior official to be investigated after the 20th National Congress. It is worth noting that e-CNY(CBDC) should belong to his management area.

4. Singapore’s weekly summary

4.1 HashKey Capital obtains license from Singapore regulator Link

Singapore’s financial regulator granted HashKey Group’s investment arm a license to operate in the city state. HashKey Capital Singapore will offer fund management services in the country. “Once the CMS license is granted, HashKey Capital will be able to offer its services to institutional and accredited investors,” said Deng Chao, CEO of HashKey Capital Singapore, in a statement.

4.2 Singapore pilots tokenized fiat with smart contract capabilities Link

DBS is partnering with Open Government Products to launch a live pilot for the issuance of tokenized Singapore dollars. The goal of this effort is to allow retail shopfronts to benefit from instant settlements, payments and collections through customer usage of the vouchers. DBS will issue digital Singapore dollars, while Open Government Products will enable smart contract capabilities.

5. OKX announces acquisition of crypto asset license for Bahamas Link

OKX has announced that it has received a crypto asset license for the Bahamas and has established a new subsidiary, OKX Bahamas, with plans to hire up to 100 people over the next 12 months. The move comes after FTX moved its headquarters from Hong Kong to the Bahamas in 2021. Recently Sun Yuchen also said he would relocate the Firecoin headquarters to the island nation of Dominica in the Eastern Caribbean.

6. Binance says it will freeze the accounts of users located in Iran if they are found Link

Reuters published a report that about $7.8 billion was flowing between Coin and Nobitex, Iran’s largest cryptocurrency exchange. In response, Binance said it was discovered earlier in the week that Binance interacted with certain Iran-based nexuses. “Nexus” is a fancy term used in the sanctions world to say that users of these Iran-based crypto exchanges attempted to move crypto through Binance’s exchange. “As soon as we discovered this, we moved to freeze transfers, block accounts and follow the protocol set up by our compliance team. Even though we’re not a US company required to follow American law, as the industry leader, we work hard to keep sanctioned individuals off our platform. “

7. Japan Digital Agency has established its own DAO Link

At the 5th Web3.0 Research Conference on November 2, the Japan Digital Agency announced the establishment of its own DAO to investigate and analyze the problems and potential of DAOs by actually participating in them, and plans to study whether to grant DAOs legal personality. The DAO will collect Gas fees, allocate Token to members, and vote. In addition, the organization has also studied policies related to DID.

8. India’s crypto taxes may ‘kill the industry,’ Binance CEO CZ says Link

Binance Holding Ltd. Chief Executive Officer Zhao “CZ” Changpeng said India’s onerous taxes on cryptocurrency transactions will probably “kill the industry” there. Instead of introducing comprehensive regulations, India has opted for heavy taxes on capital gains and transactions to curtail the business. ZebPay CEO Avinash Shekhar said last month, adding that the 1% transaction tax “has to come down, otherwise things are not going to improve.”

9. Do Kwon’s weekly summary

9.1 South Korean prosecutors have evidence that Do Kwon was a key player in Terra’s collapse Link

South Korean prosecutors have obtained evidence that Do Kwon was a key player in Terra’s collapse, directing an employee to deliberately manipulate Terra’s price, and that Do Kwon’s previous claim that “Terra and Luna overcame the volatility of cryptocurrencies” was false propaganda.

9.2 Do Kwon responded to the South Korean prosecution’s allegations in a tweet Link

In response to the South Korean prosecution having obtained evidence, Do Kwon tweeted, “I will be holding a meeting to address this issue, police officers from around the world are welcome to attend and for those who have been spreading lies on the taxpayers’ dime, we will invite you as VIPs and will even pay for your airfare. “ At the same time he still said that the charges against him were politically motivated.

10. Stephen Chow may introduce his movie characters to the Metaverse Link

Stephen Chow, a well-known actor, posted a photo on his personal Instagram and asked, “Which character would people most like to see in the Metaverse?” In the future, Stephen Chow may introduce his movie characters to the Metaverse.

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