Author：0xMingyue

Editor：Colin Wu

1. SBI to Launch ¥100 Billion Yen Fund for Investment in Web3 and Emerging Companies link

On November 9th, according to CoinPost citing Nikkei News, the Japanese financial giant SBI Holdings plans to operate a fund that will invest in startups in the fields of Web3, AI, Metaverse, and more. It is expected that each investment will range from several hundred million to several billion yen, and the total number of invested companies will be between 150 to 200, with the fund’s total amount expected to reach 100 billion yen (approximately 663 million USD). Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, Nippon Life Insurance, and Daiwa Securities Group have already decided to invest over 50 billion yen in this fund.

2. Moscow Court Fines Coinbase 1 Million Rubles for Failure to Localize Data in Russia link

On November 12th, according to Russian media Vedomosti, a Moscow court has imposed a fine on the cryptocurrency exchange Coinbase for its refusal to localize data of Russian users within Russia. The penalty amounts to 1 million rubles (approximately 11,000 USD). This action comes in response to the demands of the Russian communications regulatory authority, Roskomnadzor, which required all foreign services to localize the databases of Russian users in Russia by July 1st. Previously, fines related to data localization refusal were imposed on companies such as Spotify, Apple, WhatsApp, Airbnb, Google, and others.

3. Kazakhstan Blocks Coinbase Website in the Country link

On November 7th, the Ministry of Culture and Information in Kazakhstan officially confirmed the blockage of the Coinbase website in the country. The Ministry of Digital Development of the country has accused Coinbase of violating the Digital Assets Law. The Digital Assets Law, enacted in February 2023, prohibits the issuance and trading of digital currencies and cryptocurrency-related activities without national permission. In principle, operational approval is granted by the authorities of the Astana International Financial Center (AIFC), the economic zone in Kazakhstan.

4. Hong Kong’s weekly summary

4.1 Hong Kong’s Securities and Futures Commission Releases Circular on Approved Investment Products with Tokenization link

On November 6th, the Hong Kong Securities and Futures Commission (SFC) issued a circular regarding authorized investment products with tokenization arrangements. The SFC believes that it is appropriate to allow primary trading of SFC-authorized investment products with tokenization arrangements, as long as the underlying products meet all applicable product authorization requirements and have additional safeguards to address new risks associated with tokenization.

Secondary trading of SFC-authorized investment products with tokenization features should be approached with greater caution. Product providers should not use publicly available permissionless blockchain networks without additional and appropriate controls. For new investment products with tokenization features that plan to seek SFC authorization, consultation with the SFC should be conducted in advance.

4.2 Cryptocurrency Bank SEBA Secures Cryptocurrency-Related Services License in Hong Kong link

On November 8th, SEBA Bank, the Swiss cryptocurrency bank, announced that its Hong Kong subsidiary has been granted an official license by the Hong Kong Securities and Futures Commission (SFC) to operate cryptocurrency-related services. This license allows SEBA Hong Kong to trade and distribute all securities, including over-the-counter derivatives and structured products based on virtual assets.

4.3 UBS Group to Allow Hong Kong Clients to Trade Three Cryptocurrency ETFs Authorized by the Hong Kong SFC link

On November 10th, according to Bloomberg, UBS Group will allow its Hong Kong clients to trade in some cryptocurrency exchange-traded funds (ETFs). Informed sources indicate that as of Friday, affluent clients will be able to purchase three cryptocurrency ETFs authorized by the Hong Kong Securities and Futures Commission on UBS’s Hong Kong platform. These ETFs include the Samsung Bitcoin Futures Active Fund, the CSOP Bitcoin Futures Fund, and the CSOP Ether Futures ETF.

5. The Mainland of China’s Weekly Summary

5.1 People’s Court Report: Normative Evaluation of Stolen Digital Collectibles with Dual Attributes link

On November 9th, an article in the People’s Court Daily titled “Normative Evaluation of the Dual Attributes of Stealing Digital Collections” discusses the dual nature of digital collections, which have both the technical characteristics of non-fungible tokens and the legal status of virtual property on the internet. When evaluating the act of stealing digital collections, it is essential to consider this dual nature comprehensively. Therefore, the perpetrator can be charged with both the crime of illegally obtaining data from a computer information system and the crime of theft, constituting imagined concurrent offenses. From a statutory penalty perspective, the punishment is determined based on the crime of theft.

5.2 US Legislators Propose New Bill to Ban Federal Officials from Doing Business with Chinese Blockchain Companies link

On Wednesday, U.S. legislators introduced a bill that prohibits federal government officials from conducting business with Chinese blockchain companies. The bill explicitly bans U.S. government officials from engaging in transactions with iFinex, the parent company of Tether. The bill also prohibits transactions with The Spartan Network, The Conflux Network, and Red Date Technology Co., which is responsible for China’s national blockchain project.

6. Thai Venture Capital Firm KX Announces Collaboration with HashKey to Support Web3 Ecosystem Development in Hong Kong and Southeast Asia link

On November 11th, according to Tech in Asia, Kasikorn X (KX), the venture capital arm of Thailand’s Kasikornbank, announced a strategic partnership with HashKey Capital. This collaboration involves an investment by KX in HashKey Capital, aimed at supporting the development of the Web3 ecosystem in Southeast Asia and Hong Kong. KX plans to invest $100 million in Web3 projects in the fields of fintech, artificial intelligence, and deep technology, while HashKey Capital has raised $500 million for its third fund.

7. Cathay Comprehensive Securities Approved by Taiwan FSC to Conduct STO Business link

On November 9th, according to Taiwan’s Commercial Times, Cathay Securities has received approval from the Financial Supervisory Commission (FSC) to operate Security Token Offering (STO) services. It becomes the first securities firm in Taiwan to obtain such approval. Cathay Securities plans to launch its initial “Sunshine Green Beneficiary Debt STO,” with a fundraising target of NTD 30 million, and the issuance is scheduled for December 12th. The trading of these STOs will be conducted on Cathay Securities’ self-built STO trading platform.

8. Binance Compliance Team Collaborates with Taiwan’s High Prosecutors Office for a Full-Day “2023 Investigation Seminar on Virtual Currency Crimes” link

On November 9th, Binance’s compliance team collaborated with the Taiwan High Prosecutors Office for a full-day “2023 Investigation Seminar on Virtual Currency Crimes,” inviting over 50 law enforcement officers to participate. Binance plans to expand its cooperation with various levels of prosecution agencies and expects to conduct a series of cryptocurrency asset education and training courses with more than 10 prosecution agencies across Taiwan. This initiative aims to provide Taiwanese law enforcement officers with professional knowledge and enhance their capacity to combat cryptocurrency-related crimes.

9. Laos Government Decides to Reduce Unpaid Fees for Two Crypto Companies by 50% link

On November 9th, according to the Lao People’s Army News, the Lao government had previously authorized 15 companies to pilot digital asset businesses involving cryptocurrency mining and trading. However, two of these companies failed to make any progress and owed fees totaling $20 million. Considering the fluctuations in the total market value of cryptocurrencies, the government decided to reduce the unpaid fees by 50%. In the future, if companies are found to have made no progress or failed to fulfill their agreements with the government, their operations may be suspended, fined, or even have their licenses revoked.

10. US Department of Justice to Extradite Serbian Citizen Kristijan Krstic Suspected of Involvement in Cryptocurrency Scams to the US link

On November 10th, the U.S. Department of Justice announced the extradition of Serbian citizen Kristijan Krstic from Georgia to the United States. He is accused of participating in cryptocurrency and binary options scheme frauds that defrauded global investors of over $70 million. The defendant is alleged to have helped create and market more than 20 fraudulent cryptocurrency and binary options investment platforms. If convicted, he could face a maximum sentence of 20 years in prison for each count.

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