1. Hong Kong’s Weekly News

1.1 Hong Kong Considers Tax Incentives for Crypto Investments link

Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, announced at Hong Kong Fintech Week that virtual assets are being included in a new proposed tax incentive policy. This initiative aims to provide tax benefits for a range of asset types, including virtual assets, real estate, emissions derivatives, insurance-linked securities, interests in non-corporate private entities, and private credit investments. Hui noted that the tax incentives will primarily target institutional investors, although he did not elaborate on the specific details or requirements of the policy.

1.2 HKEX to Launch Virtual Asset Index Series link

On November 15, the Hong Kong Stock Exchange (HKEX) will launch the HKEX Virtual Asset Index Series, providing a reliable benchmark price for the virtual asset category. This index series will offer transparent and dependable benchmark pricing for Bitcoin and Ethereum within the Asian time zone, aiming to establish a unified reference price for virtual assets and address price discrepancies across global exchanges. It will be the first virtual asset index series developed in Hong Kong to comply with the European Union’s Benchmark Regulation (BMR), managed and calculated in collaboration with UK-registered benchmark administrator and virtual asset data and index provider, CCData.

2. Japan’s First Meme-Based Crypto Asset PEPE Listed on BitPoint link

BitPoint Japan has announced the launch of cryptocurrency PEPE trading, marking the first listing of a meme-based crypto asset on a Japanese exchange. The token will be available for use in spot trading, lending, and recurring investment services on the platform. PEPE, created in 2023, is themed around the internet meme “PEPE the Frog.”

3. Number of South Korean Crypto Investors Rises 21% in H1 2024, Daily Trading Volume Up 67% link

According to the Korea Daily, a recent report by the Korean Financial Services Commission reveals that the number of cryptocurrency investors in South Korea reached 7.78 million in the first half of 2024, marking a 21% increase compared to the second half of 2023. During the same period, the average daily trading volume surged by 67%, from 3.6 trillion KRW to 6 trillion KRW. The report also shows that the total market value of cryptocurrencies in South Korea grew by 27% to 55.3 trillion KRW, while profits across 21 local crypto exchanges rose by 106% year-over-year to 590 billion KRW. Notably, men aged 30 to 40 make up the primary investment demographic, comprising 68% of total investors, with 67% holding positions valued below 500,000 KRW.

4. Russia to Restrict Crypto Mining in Regions with Limited Power Supply link

Russian Deputy Energy Minister Yevgeny Grabchak has announced that cryptocurrency mining will be restricted in regions experiencing energy shortages, including areas in the Far East, Southwestern Siberia, and the South, with shortages expected to persist until 2030. On October 28, Russian police arrested a cryptocurrency miner in the Novosibirsk region for alleged electricity fraud, through which he illegally profited approximately $120,000. Previously, a digital asset regulation law signed by President Putin, set to take effect on November 1, will grant the government authority to restrict or ban mining in specific regions to alleviate grid strain and tighten oversight of cryptocurrency activities.

5. Zhejiang Court Rules Crypto Mining Equipment Contracts Invalid, Orders Refund to Buyer link

The Jingde Court in Zhejiang recently concluded a case involving a contract dispute over the sale of cryptocurrency mining machines. In April 2021, the plaintiff, Hang, purchased a mining platform and 64 hard drives from the defendant, Chen, for a total price of 429,000 yuan. Although Hang paid the full amount, Chen failed to deliver the equipment as agreed, refunding only 180,000 yuan. Citing the National Development and Reform Commission’s September 2021 Notice on Rectifying Virtual Currency “Mining” Activities and the joint Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation issued by the People’s Bank of China and other authorities, the court determined that virtual currency-related business activities constitute illegal financial activities. The court ruled the mining equipment sale contract invalid on grounds of violating public order and good customs and ordered the defendant to return the remaining 249,000 yuan.

6. Thai Police Allegedly Extort Chinese National, Demand USDT Payment link

Recently, Thai police uncovered a case involving extortion of a Chinese citizen by individuals posing as law enforcement officers, leading to the arrest of 12 suspects. In mid-October, six uniformed Thai police officers broke into Mr. Sai’s residence in Samut Prakan Province, falsely claiming to be conducting a court-authorized search. During the raid, they accused Mr. Sai of being involved in a forged passport case and demanded 300 million baht, or 10 million USD in USDT, to “settle” the matter privately. Following an investigation, Thai authorities confirmed the involvement of 12 individuals in total, including nine police officers, one civilian, and two interpreters.

7. CZ Ranks 16th on Hurun Rich List with $135 Billion Fortune link

According to the official WeChat account of Hurun Report, the Hurun Research Institute has released the “2024 Hengchang Shaofang Hurun Rich List,” where former Binance CEO Zhao Changpeng ranks 16th with a fortune of 135 billion yuan. The report mentions that despite being detained in California over the past year and paying over $7 billion in fines, Zhao’s wealth has increased by 90 billion yuan from last year (placing him second on the list of the wealthiest individuals with the highest growth), reaching 135 billion yuan. This rise is attributed primarily to the increase in global cryptocurrency trading volume, as the price of Bitcoin has surged 130% year-on-year to $65,000.

8. Lan Jianzhong Discloses Details of Li Lin’s Family Office link

According to Lan Jianzhong, CEO of Avenir Crypto, a family office under the Li Lin family, Avenir Crypto has become the largest institutional holder of two major Bitcoin ETFs in Asia. The firm has engaged in discussions with over 100 selected outstanding teams and looks forward to welcoming more exceptional quantitative teams to join the Avenir Crypto alliance. Avenir Group encompasses four subsidiary brands: Avenir Crypto, Avenir Capital, Avenir Innovation, and Avenir Foundation. The organization not only focuses on cryptocurrency trading but also operates as a diversified family office with a broad array of multi-asset classes and multi-strategy investments.

9. Wife of Three Arrows Capital Co-Founder Sells Singapore Mansion for $38 Million link

Evelyn Tao, the wife of Zhu Su, co-founder of the bankrupt cryptocurrency hedge fund Three Arrows Capital, successfully sold her luxury home in Singapore for 51 million SGD (approximately 38.5 million USD), despite the court imposing freezes on some of the couple’s assets. The property, located near the Singapore Botanic Gardens, spans 1,446 square meters. Tao purchased it in 2020 for 28.5 million SGD and subsequently redeveloped it. The transaction was signed in July of this year and officially completed last month.

10. PBOC Deputy Governor Lu Lei’s 2021 Work: “Satoshi Nakamoto Deserves High Respect” link

In the preface of his 2021 work “Monetary Theory,” People’s Bank of China Vice Governor Lu Lei highlights two highly respected figures in the field of monetary economics: Robert Mundell and Satoshi Nakamoto, the founder of Bitcoin. Mundell consistently advocated for the view that exchange is a redundant transaction cost, witnessing the practical application of his theory of a single currency area in the Eurozone, yet he has not achieved the utopia of dollarization. Meanwhile, Nakamoto has watched helplessly as the Bitcoin he created transformed into an extraordinarily costly digital asset. Currently, the energy expended annually to mine the final two million bitcoins is sufficient to power over a hundred million people for more than a year.

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