1. South Korea’s Financial Supervisory Service Investigates: Five Major Cryptocurrency Exchanges Have Delisted 34.9% (517 Types) of Tokens Over Seven Years link

According to data submitted by the Financial Supervisory Service of South Korea to the National Assembly, from January 2018 to August 2024, the five major cryptocurrency exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, Gopax) listed a total of 1,482 cryptocurrency assets, of which 34.9% (517 assets) have been delisted. These delisted assets had an average listing duration of 748 days, but over 54% were removed within two years. Additionally, 20.7% of the assets were delisted in less than a year, with the shortest lifespan being 77 days for DigixDAO, which was delisted in January 2018. Notably, in contrast to the volatility of the cryptocurrency market, there have been no forced delistings of stocks on the South Korean stock exchange in the past seven years.

2. Japanese Democratic Party Leader Commits to Reducing Cryptocurrency Taxes Upon Election link

Yuichiro Tamaki, leader of the Democratic Party of Japan, has proposed a cryptocurrency tax plan that aims to reduce the tax on crypto gains to 20% if he is elected. Tamaki tweeted, “If you believe that cryptocurrency assets should be taxed separately at a rate of 20% rather than treated as miscellaneous income, please vote for the Democratic Party.” However, this plan may be far from realization, as the Democratic Party currently holds only 7 of the 465 seats in the House of Representatives of Japan. Under Tamaki’s proposal, converting one cryptocurrency asset to another would not trigger any tax events.

3. Vietnamese Government Releases “National Strategy for Blockchain Technology Application and Development (2025–2030)” link

On October 22, 2024, the Vietnamese government released the “National Strategy for Blockchain Technology Application and Development (2025–2030),” designating blockchain as one of the crucial technological trends of the Fourth Industrial Revolution. The strategy aims to position Vietnam as a regional leader in blockchain technology research, application, and innovation by 2030. According to this plan, the government intends to establish 20 blockchain brands with regional influence and set up at least three blockchain testing centers in major cities. The strategy also emphasizes five key action plans to enhance the legal environment, develop infrastructure, and cultivate blockchain talent, striving to promote the widespread application of blockchain technology in areas such as financial inclusion and identity verification.

4. India Weighs Potential Cryptocurrency Ban While Exploring CBDC link

According to Cryptonews, a report released on Tuesday indicates that India is weighing a potential ban on cryptocurrencies such as Bitcoin and Ethereum while exploring the adoption of Central Bank Digital Currency (CBDC). This shift in stance arises from the government’s concerns about the risks posed by private cryptocurrencies, with officials assessing the benefits of CBDCs, which they believe can provide similar advantages with reduced risks. A senior official commented that CBDCs can achieve everything that cryptocurrencies can, but without the associated risks. Notably, India’s regulatory history concerning cryptocurrencies has been marked by a series of policy reversals, reflecting an inconsistent relationship with digital currencies.

5. Russia Collaborates with Domestic Crypto Miner BitRiver to Establish Mining Data Centers in BRICS Nations link

The Russian government and the country’s cryptocurrency miner BitRiver announced plans to establish mining data centers within the BRICS nations. This initiative involves the Russian Direct Investment Fund (RDIF) and was unveiled on October 18 during the BRICS Business Forum in Moscow. BitRiver CEO Igor Runets stated that the focus will be on developing infrastructure based on cryptocurrency mining to enhance global computing capacity in support of artificial intelligence projects. Currently, BitRiver operates 21 data centers in Russia and is in the process of constructing 10 additional centers.

6. Indonesian Regulators Extend Registration Period for Physical Crypto Asset Traders Until the Last Week of November link

Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has announced an extension of the deadline for cryptocurrency exchanges to obtain the Physical Crypto Asset Trading Business (PFAK) license, pushing the deadline to the last week of November 2024. This extension provides potential applicants with additional time to fulfill all regulatory obligations. Exchanges registered as CPFAK will have the opportunity to apply for the PFAK license after becoming members of a futures exchange and a cryptocurrency futures clearinghouse. CPFAKs that have not yet secured membership must complete this process.

7. UAE’s Ras Al Khaimah Introduces DAO Regulatory Framework for Free Trade Zone link

The Ras Al Khaimah (RAK) region of the United Arab Emirates (UAE) has announced the launch of a regulatory framework for Decentralized Autonomous Organizations (DAOs) called the “DAO Association System” (DARe), which will be implemented within the RAK Digital Assets Oasis free trade zone. The framework offers two models: one for emerging projects with fewer than 100 members and another for mature DAOs with funding exceeding $1 million. Luc Froehlich, Chief Business Officer of RAK DAO, stated that this framework will enable DAOs to interact with the off-chain world, such as opening bank accounts and owning both on-chain and off-chain assets.

8. Heilongjiang Court Renders Judgment in USDT Reselling Case, Defendants Sentenced to One Year and Eight Months link

Court investigations revealed that in April 2024, the defendant Wang, through his friend Li, learned about the potential profits from trading USDT. Starting on April 15, Wang began using Li’s account on the “U Dock” app to resell USDT in a grab order mode. He utilized a total of 14 bank cards registered under his name and others to receive transaction payments, of which 6 cards were involved in receiving fraudulent funds, amounting to a total of 564,000 RMB. Wang illegally profited approximately 60,000 RMB from these transactions. In the early stages of the case, three bank cards used by Wang and his accomplice Zhang were frozen by law enforcement due to suspected telecommunications fraud. However, Wang continued trading USDT on the “U Dock” app and registered his own account. He was sentenced to one year and eight months in prison for concealing and hiding the proceeds of crime and was fined 15,000 RMB.

9. Qian Zhimin Pleads Not Guilty to Money Laundering Bitcoin Charges in London Court link

Qian Zhimin pleaded not guilty to charges of money laundering involving Bitcoin at a London court. Earlier, he was convicted by a UK court for his role in the laundering of 60,000 Bitcoins and was also identified as the mastermind behind the Tianjin Lantian Grey illegal fundraising case, which involved 43 billion RMB. Qian has been sentenced to over six years in prison for money laundering.

10. Cai Wensheng: Optimistic About Hong Kong’s Successful Web3 Experience, Which May Even Be Conveyed to Mainland in the Future link

Prominent angel investor Cai Wensheng stated in an interview with MetaEra that in 2019, he invested only 10% of his funds in cryptocurrency assets. Currently, the value of cryptocurrency and traditional assets each accounts for 50% of his portfolio. He expressed optimism about Hong Kong’s successful experience, suggesting it may eventually be communicated to mainland China. Recently, he noted that a former vice minister of finance had proposed that China should reconsider the development of cryptocurrencies. Although this does not represent an official stance, he believes it signifies a trend, indicating that mainland China is rethinking its approach to Web3 and cryptocurrencies. This process will not happen overnight, but he is confident that China will embrace Web3 in the coming years and may even reopen digital currency trading.

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