Author：Crescent

Editor：Colin Wu

1. Bappebti to Launch Cryptocurrency Exchange in Indonesia link

On July 14th, according to Indonesian media reports, the Futures and Commodity Trading Regulatory Agency (Bappebti) is set to launch an Indonesian cryptocurrency exchange in July 2023. Didid Noordiatmoko, the head of Bappebti, stated that once the exchange is launched, all cryptocurrency trading will be regulated through the exchange, and processes such as KYC will be supervised. Previously, Bloomberg reported that Indonesia plans to transfer regulatory authority over such assets from the commodity agency to the Financial Services Authority after the launch of a national cryptocurrency exchange. Currently, there are 383 types of cryptocurrencies and 10 local currencies available for trading in Indonesia.

2. South Korea’s Weekly Summary

2.1 South Korea’s Prosecutors to Establish “Virtual Asset Joint Investigation Team” link

On July 11th, according to the Korean Economic Daily, the Korean prosecution is planning to establish a specialized “Virtual Asset Joint Investigation Team” by the end of July to investigate crimes related to virtual assets. This investigation team will be dedicated to investigating new types of virtual asset fraud and determining whether the currencies involved have securities characteristics.

2.2 South Korea to Develop Clear Accounting Guidelines for Virtual Assets link

On July 11th, according to News1, South Korea is planning to establish clear accounting treatment guidelines for virtual assets within the reasonable interpretation scope of International Financial Reporting Standards (IFRS). Under the new regulations, companies will only recognize income from the sale of virtual assets as company revenue after fulfilling their obligations to virtual asset holders completely. If virtual assets are illegally misappropriated, the issuer must provide full compensation. The accounting treatment regulatory guidelines are planned to be announced and implemented between October and November of this year.

2.3 South Korea Requires Companies to Disclose Cryptocurrency Information in Financial Statements link

On July 12th, according to Decrypt, the Financial Services Commission (FSC) of South Korea has decided to implement new cryptocurrency rules, expected to take effect in January 2024. Under the regulations, companies that hold or issue cryptocurrencies will be required to disclose detailed cryptocurrency information in their financial statements, including the quantity and characteristics of tokens, business models, and internal accounting policies regarding cryptocurrency sales and related profits. Additionally, companies that hold cryptocurrencies for investment purposes will also need to disclose information such as token classification, book value, and market value.

3. Three Suspects Arrested by Kyoto Prefectural Police for Allegedly Stealing $1.29 Million in Cryptocurrency link

On July 12th, according to Japanese media reports, the Kyoto Prefectural Police arrested three suspects on the 11th for allegedly imprisoning and assaulting an acquaintance male (32 years old) and stealing cryptocurrency assets worth over 180 million Japanese yen (1.29 million USD). They are accused of conspiring to assault and abduct the male while he was training at a sports facility in Nishi Ward, Osaka City, on June 7th of last year. They then held him captive at various accommodation facilities in Shiga Prefecture until the 30th of the same month.

4. Dubai Cryptocurrency Regulatory Agency Suspends BitOasis Exchange License link

On July 11th, according to Cointelegraph, the Dubai cryptocurrency regulatory authority has suspended the operational license of the cryptocurrency exchange BitOasis. The Virtual Asset Regulatory Authority (VARA) stated that BitOasis was granted a conditional license on April 12th, allowing it to operate under the condition that the company meets “key conditions within a 30–60 day timeframe.” The regulatory authority mentioned that these conditions have not been met, but did not provide specific details on which conditions were not fulfilled by BitOasis.

5. Hong Kong’s weekly summary

5.1 China Mobile Hong Kong Leads Establishment of Hong Kong Web3.0 Association link

On July 10th, according to Hong Kong Commercial Daily, China Mobile Hong Kong has announced the establishment of the Hong Kong Web3.0 Association. The association aims to collaborate with partners to develop Web3.0 blockchain standards and gradually enable individuals and businesses to have their virtual assets recorded on the blockchain and access transaction services. The goal is to become a leading industry standard for the new digital infrastructure in Hong Kong.

5.2 Securities and Investment Institute of Hong Kong Forms Virtual Asset Working Group to Develop CPT Program and Examinations link

On July 10th, the Hong Kong Securities and Investment Institute, responsible for organizing exams and granting professional qualifications, announced that the new licensing regime for Virtual Asset Trading Platforms (VATP) will come into effect on June 1, 2023. To ensure the relevance and effectiveness of our professional development offerings in the new regulatory environment, we are working closely with the Examination Committee and the Education and Development Committee. Additionally, a Virtual Asset Working Group has been established to help develop the corresponding Continuing Professional Training (CPT) programs and exams to support market practitioners under the new licensing regime. Detailed information about the upcoming exams and training programs will be announced soon.

5.3 Mox Bank, a Virtual Bank in Hong Kong, Suspected to Freeze Certain Cryptocurrency Trading Accounts link

On July 11th, according to the Hong Kong Economic Times, users of the virtual bank Mox Bank in Hong Kong have reported that their accounts have been repeatedly blocked within a short period of time. Some internet users have speculated in online discussions that this may be related to recent system updates by Mox Bank, as the system has become more sensitive to certain transactions and customers, particularly those involving the buying and selling of cryptocurrencies.

5.4 The Hong Kong Polytechnic University Introduces Master’s Program in Metaverse for the New Academic Year link

Hong Kong Polytechnic University, following the launch of its blockchain master’s program last year, is now introducing a master’s program in the metaverse for the upcoming academic year, with a total of 120 available seats. These two new courses will initially be offered at the master’s level only. The university has stated that if they prove popular and as the technology matures, there is a possibility of expanding the curriculum to include bachelor’s programs focusing on the metaverse and blockchain. Hong Kong Polytechnic University ranks first in the CoinDesk Blockchain University Rankings, although this ranking has also sparked some controversy.

5.5 Hong Kong Legislative Council Member Johnny Ng Kit-chong Proposes Introducing “Digital Citizenship” Identity link

On July 15th, Hong Kong Legislative Council memberJohnny Ng Kit-chong expressed his hope that the Hong Kong authorities would relax the time limit for the stay of talents from outside the region in order to attract them to settle in Hong Kong for long-term development. He also suggested the introduction of a “digital citizen” identity, stating, “They can come to Hong Kong to work, but not as physical entities. They can have a virtual identity as an electronic citizen, allowing them to establish companies, conduct business, and open bank accounts in Hong Kong. It also signals to the world that Hong Kong is very proactive in the field of technology and innovation. I hope Hong Kong can seize this opportunity as I understand that many people are interested.” Previously, countries such as Palau and Dominica have introduced similar blockchain and NFT-based digital identities.

6. Blue Harbor Interactive, Backed by Wang Feng, Acquires 44.2 Bitcoins in Recent Open Market Transactions link

On July 10th, Wang Feng’s Hong Kong-listed company, Bluehole Interactive, announced on July 7th and June 15th that it had purchased a total of 44.2 bitcoins in the open market for $590,000 and $650,000, respectively, at an average price of $28,054 per bitcoin. The announcement stated that they will expand their Web3 gaming platform and collaborate with Consensus Lab to explore the cryptocurrency investment market.

7. Alibaba Subsidiary Executive Zhang Dayong Joins HashKey Group as Chief Business Officer link

On July 12th, according to DeThings, Zhang Dayong, the head of payments at Lazada, the Southeast Asian e-commerce giant owned by Alibaba, has joined Hashkey Group as the Chief Business Officer. Zhang Dayong, who graduated from Tsinghua University with a major in software engineering, joined Alipay in 2008 and was responsible for its operations in Southeast Asia. Hashkey Group includes Hashkey Pro, the second licensed compliant cryptocurrency exchange in Hong Kong.

8. Christie’s Auction House Partners with Gucci to Unveil “Future Frequencies: Explorations in Art and Fashion” NFT Collection link

On July 14th, according to Coindesk, Christie’s is teaming up with luxury fashion brand Gucci to release a digital art non-fungible token (NFT) collection titled “Future Frequencies: Explorations in Generative Art and Fashion,” the collection features 21 NFTs created by artificial intelligence (AI) artist Claire Silver, generative artist Emily Xie, decentralized autonomous artist Botto and more. The auction, which will take place on the auction house’s digital art platform Christie’s 3.0, opens for bidding on July 18 and closes July 25.

9. Hubei Public Security Bureau Busts Criminal Network Exploiting Foreigners in Bitcoin Fraud Scheme link

On July 12th, according to Hubei Daily, on July 9th, the Public Security Bureau of Laohekou City, Hubei Province, dismantled a criminal gang involved in defrauding foreigners and seized illegal profits of over 1.7 million yuan. The members of the gang used a foreign chat application and Google Translate to deceive foreigners into their own fraudulent trading platform. They manipulated the backend operations to leave foreign buyers empty-handed after using USDT cryptocurrency to purchase Bitcoin, claiming that “Chinese people do not deceive Chinese people.”

10. Prominent Chinese Cryptocurrency Self-Media “狂人” Announces Halting of Updates link

On July 14th, the Chinese cryptocurrency self-media account “狂人” (Crazy Man), which had been operating daily since 2017, announced that it would cease updating its content. The “狂人” official WeChat account and Weibo account were once among the most popular self-media platforms in the Chinese cryptocurrency community.

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