Welcome to the weekly Asia Crypto Insights that touch on the latest news on digital assets developments and policy updates from across the Asia Pacific region.Click here for the weekly 2-min podcast .
Here are key events from last week:
SFC and HKMA issues joint circular on VA related activities for retail ETH Hong Kong kicks off with 2500 visitors and 60% from abroad Money Laundering Crypto Scandal unravels in Australia Thailand investors using mystical methods for crypto investments
SFC and HKMA issues joint circular on VA related activities for retail
The Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) issued a joint circular on intermediaries’ virtual asset-related activities.The circular focuses on retail investor protection measures and covers five sections: 1) distribution of virtual asset-related products, 2) provision of virtual asset dealing services, 3) asset management services for virtual assets, 4) virtual asset advisory services, and 5) implementation for intermediaries.It emphasizes that virtual asset-related products are likely to be considered complex, and intermediaries can only partner with SFC-licensed platforms for virtual asset dealing services.Intermediaries should also comply with anti-money laundering requirements and the Travel Rule for virtual asset transfers.
This will allow retail clients to withdraw and deposit virtual assets as well as fiat currencies through virtual asset trading platforms ( VATP ) and authorized banks.
Disclosures, suitability and knowledge tests, and restriction to only large cap and liquid virtual assets are requirements to service retail clients.
ETH Hong Kong kicks off with 2500 visitors and 60% from abroad
The first ever ETH Hong Kong , a large scale Ethereum community event kicked off in the city this past week.The event attracted more than 2500 visitors over a 3-day programme, including hackathons, developer workshops, meet-ups, and expert panels.In attendance were technologists, entrepreneurs, investors, and enthusiasts who are eager to delve into the latest advancements and trends in the Ethereum ecosystem.
Over 60% of all visitors were from abroad, an excellent barometer of the interests in Hong Kong’s emerging Web3 reputation .
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Money Laundering Crypto Scandal unravels in Australia
One of the largest money laundering scandals, involving over $230M Australian dollars, is being unraveled in the country.A 300-strong police operation spanning Melbourne, Sydney, Brisbane, Adelaide and Perth has arrested seven individuals thus far, after a 14-month investigation.Police said that the Changjiang Currency Exchange, a money transmitter, has been operating under the front of a legitimate currency exchange business, and has helped launder dirty funds and taint cryptocurrency from investment scams.This explains why the Australian Treasury is keen to unveil its proposal on crypto exchange regulation, as I covered last week.
Thailand investors using mystical methods for crypto investments
In an unconventional twist, as Bitcoin climbed toward 35000 dollars last week, some Thai investors are reportedly relying on astrology and tarot card readings combined with technical analysis to guide their cryptocurrency investments.While financial analysts often use data and charts for predictions, it appears that a segment of Thailand’s crypto community is exploring mystical methods to foresee digital asset trends.
One would wonder if this may become a thing!
That’s all for the week ending October 27th.Stay tuned for next week’s Asia Crypto Insights!
Sean Lee.
