1. HongKong’s Crypto News This Week

1.1 Hong Kong Customs Cracks Down on Crypto Money Laundering Syndicate link

Between 2020 and 2022, the group laundered large sums of overseas funds through multiple shell companies via cryptocurrency transactions. These funds, linked to international criminal activities, were transferred through over 30 accounts at seven different banks, with the largest single transfer amounting to HKD 23 million. The criminal organization then split the funds and transferred them to 180 third-party accounts. They recruited a local man for a monthly payment of HKD 70,000 to process HKD 300 million in illicit funds via cryptocurrency. Customs authorities have frozen approximately HKD 2.2 million in related accounts and seized evidence including phones, computers, bank cards, and documents.

1.2 Johnny Ng: HKSAR Government and Banks Should Relax Restrictions on Banking Services for Crypto and Web3 Companies link

Hong Kong Legislative Council member Johnny Ng urged the SAR government and banks to ease restrictions on banking services for cryptocurrency and Web3 companies, highlighting the ongoing challenges these businesses face in opening local accounts. He emphasized that virtual banks should diversify their services, complement traditional banks, and enhance their ability to manage virtual assets, aligning with the SAR government’s Web3 development goals.

2. Tongchuan City Police Uncover Money Laundering Scheme, Freeze Crypto Accounts and Issue Claim Notice link

The Tongchuan City Public Security Bureau New District Branch issued a notice regarding the investigation of the Tian Moumou fraud case, revealing that suspects, including Chen Mou, had been engaged in assisting cybercriminal activities for an extended period. The defrauded funds of Tian Moumou were transferred in the form of USDT to the TokenPocket wallets of Chen Mou and five others. The police have frozen these accounts according to the law and have returned a portion of the funds to the victims. Additionally, there are unclaimed USDT funds, for which a claim notice has been issued. According to Arkham data, one of the disclosed accounts, TM1zzN…tfwx9R, is an OKX hot wallet address.

3. Thailand SEC Launches Digital Asset Regulatory Sandbox link

The Thailand Securities and Exchange Commission has launched a digital asset regulatory sandbox designed to foster the experimentation and development of new digital asset services. The sandbox is open to participants interested in testing their digital asset-related services. The six eligible services for participation include digital asset exchanges, digital asset brokers, digital asset dealers, digital asset fund managers, digital asset advisors, and digital asset custodial wallet providers.

4. Kazakhstan’s AML Agency Blocks $75.4 Million in Illegal Crypto Transactions link

Kazakhstan’s anti-money laundering agency announced that it has blocked a total of $75.4 million in illegal cryptocurrency transactions and confirmed 18 criminal cases related to illicit crypto trading and mining. In 2024, Kazakh courts issued six verdicts in such cases, confiscating assets valued at $2.51 million. Additionally, the country has implemented strict regulations on cryptocurrency exchanges and mining activities, with unlicensed crypto exchanges and mining equipment that haven’t completed the licensing process facing legal consequences.

5. Singapore A&A Group CTO Sentenced to 5 Years link

According to Lianhe Zaobao, A&A Group falsely claimed to have acquired a cryptocurrency mining company in Yunnan, China, defrauding over 700 investors in Singapore of 6.7 million Singapore dollars. Wang Xinghong, the CTO from China, was sentenced to five years in prison. One of the accomplices, a man named Yang Bin, served as the chairman of A&A Group. Yang Bin has a remarkable history, having operated an agricultural enterprise in Eurasia and was appointed by the North Korean government as the Governor of the Sinuiju Special Administrative Region. He was later arrested in China on multiple charges and was granted parole on September 26, 2016.

Crypto Assets TAX Report — Professional,Effortless,Crypto-native. Sponsored by FinTax.

6. Japanese Public Company Metaplanet Secures ¥1 Billion Loan to Increase BTC Holdings link

Japanese publicly listed company Metaplanet Inc. announced that it has secured a loan of 1 billion yen at an interest rate of 0.1%. The funds will be used to purchase additional BTC. On July 22, Metaplanet increased its holdings by 20.381 BTC, bringing its total BTC holdings to 245.992 BTC.

7. Binance Challenges $86 Million Tax Penalty in India link

Binance has challenged a tax penalty notice of nearly $86 million issued by the Indian tax authorities. An individual directly involved in the matter revealed that the Indian Directorate General of GST Intelligence (DGGI) sent the notice to Binance last week, requesting an explanation regarding the fees collected from Indian customers between July 2017 and March 2024. The DGGI, an agency under the Indian Ministry of Finance, is responsible for gathering and disseminating intelligence on indirect tax evasion. Binance has yet to respond to the notice.

In response to the notice from the DGGI, Binance stated that it has always been committed to complying with applicable regulations and is fully cooperating with Indian authorities to resolve any issues. Binance emphasized its dedication to maintaining the highest standards of compliance and transparency in the industry. The company is currently reviewing the details and working closely with Indian tax authorities.

8. India’s CoinDCX Establishes $6 Million Investor Protection Fund link

Sumit Gupta, the co-founder of Indian cryptocurrency exchange CoinDCX, announced that the company has established an Investor Protection Fund. This fund aims to “compensate users for losses incurred in extremely rare cases such as security breaches.” The initial fund will hold nearly $6 million, sourced entirely from the company’s profits. This decision follows last month’s $230 million hack of WazirX. After the hack, Gupta was among the first to criticize WazirX’s proposed customer fund management plan.

9. Gate.io Founder & CEO Han Lin: Crypto’s Development in Seven Different Sectors link

Han Lin, the founder and CEO of Gate.io, spoke at the 2024 Asia Blockchain Summit, discussing the development of cryptocurrency across seven different areas: the introduction of blockchain and cryptocurrencies, tokens, exchanges/trading platforms, trading volume, market capitalization, chains, and users. He highlighted that trading volume has been decreasing for cryptocurrencies outside of the top ten, as most of the trading activity is concentrated on mainstream tokens. Han Lin cautioned against investing in smaller tokens, warning of potential liquidity issues when trying to sell them.

10. Turkey Reveals 47 Crypto Companies Applying for Operating Licenses, Including Bitfinex and Binance link

Turkey has announced a list of 47 cryptocurrency companies applying for licenses to operate. Notable exchanges on the list include Bitfinex, Binance TR, and OKX TR. However, major exchanges such as Coinbase, Bybit, KuCoin, MEXC, and Gate.io have not yet appeared on the list of applicants.

Follow us
Twitter: https://twitter.com/WuBlockchain
Telegram: https://t.me/wublockchainenglish