Asia's weekly TOP10 crypto news (Sep 9 to Sep 15)
1. Russia’s Bitcoin Production Reaches 54,000 BTC in 2023 link In a significant address at the eighth Eastern Economic Forum, Russian President Vladimir Putin officially confirmed that Russia has become one of the global leaders in Bitcoin mining. According to data from Sergey Bezdelov, Chairman of the Industrial Mining Association, Russia’s Bitcoin production reached 54,000 coins in 2023, contributing over $550 million in taxes to the nation. Putin emphasized in his speech, “Russia is currently one of the world’s leaders in mining, thanks to the surplus energy capacity in the Siberian region.” 2. Singapore’s Crypto News This Week 2.1 Singapore Bans the Use of Cryptocurrencies in Gambling to Mitigate Money Laundering Risks link On September 10, Singapore’s Parliament passed an amendment to the Casino Control Act, further enhancing the effectiveness of the country’s casino regulatory framework and strengthening protections for vulnerable groups. This revision includes a prohibition on the use of cryptocurrency within casinos, primarily aimed at preventing money laundering and related criminal activities. Under the revised legislation, the Singapore Gambling Regulatory Authority (GRA) will be granted greater authority to oversee various forms of gambling activities within casinos, including betting and lotteries. While the new law permits Singapore’s two casinos to operate cashless gambling, it explicitly forbids the use of cryptocurrencies. 2.2 Singapore Police Investigate Worldcoin Account Transactions, Five Arrested for Alleged Violations of Payment Services Act link In a written response to Parliament, Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong revealed that Singaporean police are investigating seven individuals suspected of providing Worldcoin account and token trading services. The investigation concerns potential violations of the 2019 Payment Services Act, and the police have arrested five individuals. Preliminary inquiries indicate that three men are suspected of recruiting people to create Worldcoin accounts on behalf of multiple entities, subsequently controlling these accounts and tokens in exchange for cash. These assets were then transferred to a fourth man and a woman, who are believed to be involved in purchasing and managing the transfer of these assets. During the operation, the police seized over 200 mobile phones as evidence. Wong emphasized that while the Monetary Authority of Singapore does not consider Worldcoin itself as a payment service under the Payment Services Act, trading its accounts and tokens might constitute a payment service. 3. India Tops the Global Cryptocurrency Grassroots Adoption Index link Chainalysis’ 2024 Cryptocurrency Geography Report reveals that the Central and South Asia, and Oceania (CSAO) region recorded over $750 billion in cryptocurrency inflows from July 2023 to June 2024, making it the third-largest cryptocurrency market region globally, accounting for 16.6% of total global inflows. India stands out particularly in this region, ranking first in the global cryptocurrency grassroots adoption index. Despite a stringent regulatory environment, including a 30% capital gains tax on cryptocurrencies and a 1% transaction tax, India’s market development has not been hindered. Additionally, Singapore’s payment market is rapidly emerging, especially with companies like Grab starting to accept cryptocurrency payments, which is driving retail investor participation. 4. UAE Securities and Commodities Authority (SCA) Signs Cooperation Agreement with Dubai Virtual Assets Regulatory Authority (VARA) link The UAE Securities and Commodities Authority (SCA) has signed a cooperation agreement with the Dubai Virtual Assets Regulatory Authority (VARA) to establish rules and procedures for the licensing and supervision of virtual asset service providers (VASPs). This agreement will ensure the compliant operation of VASPs in Dubai and other parts of the UAE, and strengthen regulatory measures against money laundering and illicit financial flows. Helal Al Marri, Chairman of VARA, stated that the agreement lays a crucial foundation for Dubai to become a global hub for the innovation economy, supporting the sustainable development of the global industry. 5. Chinese Police Crack Down on Underground Money Laundering Syndicate Using Cryptocurrency, Involving Over 800 Million RMB link Recently, during the investigation of a case involving embezzlement, police discovered that the suspects had concentrated a large amount of embezzled funds into an account held by a foreign Chinese national within a short period. Beijing Municipal Public Security Bureau’s Economic Crime Investigation Division and Dongcheng District Public Security Bureau collaborated across multiple provinces and cities, dismantling an underground money laundering syndicate that used cryptocurrency transactions. The investigation revealed that the primary suspect, Lv, who obtained foreign nationality years ago and lived abroad, discovered that cryptocurrency transactions could transfer RMB from within China to foreign countries and convert it into foreign currency. Lv, along with Chen and others, used cryptocurrency trading platforms to assist domestic individuals intending to transfer funds by purchasing large amounts of cryptocurrency, thus moving the funds abroad. The total amount involved in the case is approximately 800 million yuan. Crypto Assets TAX Report — Professional,Effortless,Crypto-native. Sponsored by FinTax. 6. Taiwanese Police Bust Cryptocurrency Fraud Case, Amounting to 100 Million TWD link In September 2023, a man named Zhan reported to the police that he had been deceived by an online scammer who lured him into joining an investment group on a social platform. He was instructed to make cash payments to purchase cryptocurrency, which he then had to transfer to a wallet address provided by the investment platform’s customer service. When Zhan attempted to withdraw the cash, he was informed that he needed to pay an additional 10% of the profits as a “tax” before he could access his funds. It was only after being defrauded of 3.4 million New Taiwan Dollars that Zhan realized he had been scammed and reported the incident to the authorities. After nearly a year of investigation, the police successfully apprehended nine suspects, two of whom have been detained by the prosecution. 7. Montenegro’s Supreme Court Expected to Rule on Do Kwon This Month link Montenegro’s Supreme Court is expected to issue a ruling on Do Kwon this month. Acting Chief Justice Vesna Vučković stated that the court will decide on the “request for legal protection” submitted by the Supreme State Prosecutor. The prosecutor argues that there were multiple legal violations in the final judgments of the High Court and the Appeals Court regarding the extradition of cryptocurrency founder Do Kwon. If it is determined in the near future that the final judgments of the High Court and Appeals Court contained violations favorable to the defendant, it would not reflect well on the judicial system. 8. Tokyo Electric Power Company Plans to Use Surplus Green Energy for Bitcoin Mining link Tokyo Electric Power’s wholly-owned subsidiary, Agile Energy X, is exploring the use of renewable energy for Bitcoin mining, installing mining rigs near solar power plants. Agile Energy’s simulations indicate that if renewable energy accounts for 50% of Japan’s electricity supply, approximately 240,000 gigawatt-hours of power would be wasted annually due to curtailment. By utilizing 10% of this surplus electricity for Bitcoin mining, it could generate approximately 360 billion yen ($2.5 billion) in BTC each year. 9. Japanese Listed Company Metaplanet Plans to Increase Bitcoin Holdings by 299 Million JPY link The Japanese listed company Metaplanet announced that its management will exercise the 11th round of stock options. This exercise will raise 299.7 million yen (approximately $2.05 million), all of which will be used to purchase Bitcoin. The company confirmed receipt of the full amount for the exercise price on the same day. Notifications to shareholders will begin on September 18, with common stock issuance to general investors to follow. The exercise involves 540,000 warrants, with details of the exercisers, quantities, and amounts undisclosed. 10. Li Lin’s Family Office Establishes Quantitative Fund Avenir Crypto link On September 12, Avenir Capital, the family office of Huobi founder Li Lin, established a new cryptocurrency quantitative fund, Avenir Crypto, with an initial fund size of $500 million. According to LinkedIn, Avenir Capital is a family office focused on asset management and wealth growth. Founded in 2023 and headquartered in Hong Kong, Avenir Capital provides diversified investment solutions to clients worldwide. The firm invests in global equity markets and the Web3.0 space, maintaining competitive returns. As a trusted asset manager, Avenir Capital adheres strictly to regulatory requirements and has obtained compliance licenses in major jurisdictions. Earlier, Justin Sun acquired a majority stake in Huobi from Li Lin for over $1 billion. Follow us Wu Blockchain is free today. But if you enjoyed this post, you can tell Wu Blockchain that their writing is valuable by pledging a future subscription. You won't be charged unless they enable payments. |
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