Asia's weekly TOP10 crypto news (Apr 3 to Apr 9)

Author：Lily

Editor：Colin Wu

1. Hong Kong’s weekly summary

1.1 Bybit is working to build its core Asian operations in Hong Kong link

On April 3, Bybit, one of the largest cryptocurrency derivatives exchanges headquartered in Dubai, said it is working to establish its core Asian business in Hong Kong and plans to house part of its research and development and marketing team in Hong Kong. Bybit also plans to apply for a license in Hong Kong under the proposed rules that come into effect in June.

1.2 Pacific Waterdrip Digital Asset Fund I & II to be launched link

On April 3, China’s third largest state-owned insurance institution Pacific Insurance Investment Management Hong Kong Branch and Waterdrop Capital launched a compliant blockchain venture capital fund and POS token income enhancement fund in Hong Kong.

1.3 Hong Kong’s Financial Secretary published an article on Web3 link

On April 9, Hong Kong’s Financial Secretary published an article stating that Hong Kong will adopt a strategy of “proper regulation” and “promotion of development” for Web3. He also said that the world is competing on who can create the largest space for Web3 innovation under the premise of controllable risks. He said that although some exchanges closed down in the past period of time, this is the best time to promote the development of Web3. Similar to the development of the Internet, it is better for the industry if the bubble recedes.

2. Chinese video-sharing website Bilibili launches a blockchain asset management app link

On April 3, the Chinese video-sharing website Bilibili launched a blockchain asset management app on its platform. The app has functions such as managing chain addresses, viewing/searching blockchain assets, and allowing users to manage their assets in one place. It also serves as an entry point to the ecosystem. Currently, the app cannot process blockchain information other than Bilibili’s own blockchain.

3. Chinese NFT platform WhaleEx to launch its first variable digital collection link

On April 5, WhaleEx, a Chinese digital collections platform under Ant Group, announced that it is pushing for product updates and iterations. It will launch its first variable digital collection and cooperate with an international super sports brand. In addition, the Ant Group Intelligent Government and Corporate Business Unit (AIGC) may become a strategic exploration direction for WhaleEx.

4. South Korea’s weekly summary

4.1 Korean prosecutors seize assets worth $205 million in connection to Terraform Labs co-founder and employees’ illegal gains link

On April 3, the Korean prosecutors seized and froze the assets of eight individuals, including Daniel Shin, co-founder of Terraform Labs, and early employees, to recover their illegal gains. The total value of the assets seized is approximately KRW 270 billion (about USD 205 million), including three properties worth KRW 154.1 billion, KRW 79.1 billion, and KRW 40.9 billion, respectively.

4.2 Do Kwon had denied U.S. jurisdiction while on the run link

On April 4, Do Kwon had denied U.S. jurisdiction while on the run. It may be out of consideration to reduce the severity of future punishment. The penalties for different crimes in the United States can be added up, and the maximum sentence of Do can reach more than 100 years, while the maximum sentence in South Korea is only about 40 years.

4.3 Amount involved in Terra’s crimes totaled more than $300 million link

On April 7, it was reported that the total amount involved in Terra’s crimes was US$314 million, and Do Kwon’s involvement is US$69 million; Do Kwon may exchange a large part of his property for Bitcoin and transfer it to exchanges; South Korea prosecutors have asked Binance to stop Do Kwon Kwon withdraws cryptocurrencies, according to KBS report.

4.4 South Korean company SK Planet to launch subnet in partnership with Ava Labs link

SK Planet, one of South Korea’s information and communications technology platforms, will be launching an Avalanche Subnet, UPTN, which will act as a Web3 portal for SK Planet’s users. The UPTN Subnet will serve as a foundation for digital collectibles, Web3 wallets, decentralized communities, and much more.

5. OPNX’s weekly summary

5.1 OPNX exchange founded by two founders of Three Arrows Capital is now live link

On April 4, OPNX, an exchange platform, has launched with 13 spot trading pairs and 12 futures trading pairs. However, the debt trading pairs that were previously the main focus of the platform are currently not listed on its official website. In addition, users who hold the platform token FLEX can receive up to a 50% discount on trading fees.

5.2 OPNX has posted minimal trading volume since it went live link

Across all spot and derivatives markets on the exchange, trades have been executed worth a total of $13.64 on Apr 5, 2023. OPNX CEO Leslie Lamb said that the lack of liquidity is because there are no internal market makers for the exchange and its not giving preference to external market makers. The exchange was co-founded by Davies and Zhu, alongside executives of troubled exchange CoinFLEX.

5.3 OPNX exchange announces its Market Maker Program link

On Apirl 8, OPNX exchange announces its Market Maker Program. The OPNX Market Maker Program has 2 major components: $5K Monthly Stipend for up to 200 VIP MMs; $50K — $500K per month pro rata by maker volume.

6. Singapore plans new guidance for banks to vet crypto clients link

Singapore central bank and police have been helping banks to fine-tune their vetting approach when opening accounts for service providers in all types of digital assets. The project has been ongoing for about six months, and an industry report outlining best practices in areas like due diligence and risk management may be published in the next two months.

7. Japan’s weekly summary

7.1 Japan’s FSAgency warns Bybit, MEXC, Bitget, and Bitforex link

On April 3, Japan’s Financial Services Agency (FSA) said foreign crypto exchanges Bybit, BitForex, MEXC Global and Bitget are operating in the country without proper registration in a warning letter published on Friday.

7.2 Japan approves Web3 white paper to promote industry growth in the country link

On April 6, Japan’s ruling Liberal Democratic Party’s Web3 project team has published a white paper laying out recommendations for boosting the crypto industry in the country, which is part of Prime Minister Fumio Kishida’s strategy of promoting technology, a project called “Cool Japan.” The white paper notes that Japan should demonstrate leadership at the Group of Seven summit this year, where crypto will be discussed. It also proposes further changes to tax regulation and advises setting up a DAO law.

8. Saudi Arabia discloses ties to Andreessen Horowitz, dozens of other venture funds link

On April 4, Sanabil, the venture capital arm of the Public Investment Fund (PIF) of Saudi Arabia, with an asset under management of $620 billion, revealed investments in nearly 40 US-based venture capital firms. Among them were funds related to Web3 and blockchain, including A16z and Polychain Capital. The details of specific investments for each fund have not yet been disclosed in the filing.

9. Binance founder’s adopted home Dubai tightens crypto scrutiny link

Dubai is requesting additional information from applicants like Binance. Officials at Dubai’s Virtual Assets Regulatory Authority have in recent weeks asked Binance to provide more information on its ownership structure, governance and auditing procedures, said the people, who requested anonymity to discuss private deliberations. VARA is requesting similar information from all international companies seeking permits.

10. Thai PM contender pledges airdrop to citizens if election wins link

Thailand’s key opposition Pheu Thai Party says it will hand out 10,000 baht (about $293 USD) in a blockchain-based digital currency to everyone aged 16 and over if it forms a government after the May 14 general election. The policy aims to stimulate local consumption through blockchain. Government can see where the money is used. It cannot be used outside the area where the ID card is located, nor can it be used for gambling or debt repayment.