Asia's weekly TOP10 crypto news (May 8 to May 14)
Colin Wu . 2023-05-14 . Data
Author:Lily

Editor:Colin Wu

1. South Korea’s weekly summary

1.1 Kaiko: Bitcoin Kimchi Premium declines since 2021 link

According to Kaiko, Bitcoin Kimchi Premium — the difference between the price of Bitcoin in the Korean market and on other global exchanges — has decreased over the past two years, dropping from 20% in April 2021 to an average of 2–3% in 2023. This trend comes as Bitcoin trading volumes on Korean exchanges have steadily declined.

1.2 South Korean court freezes Do Kwon’s assets in pre-trial proceedings link

A judge of the southern Seoul district court in South Korea recently accepted a prosecutor’s request for pre-trial seizure of assets of Do Kwon, co-founder of Terra. Pre-trial seizure of assets refers to freezing the criminal suspect’s criminal proceeds or property until guilt is determined. The court determined that Do Kwon’s criminal proceeds were KRW 233.3 billion (approximately USD 176 million). Earlier in March, Do Kwon was arrested and jailed in Montenegro for forging a passport, and subsequently, both the US and South Korea requested his extradition.

1.3 Terraform’s Kwon pleads not guilty to fake passport charges link

On May 11, Do Kwon pleaded not guilty to the charge of using forged travel documents in a Montenegro court, with the next hearing scheduled for June 16. Do Kwon was arrested by Montenegrin police on March 23 when he used forged Costa Rican travel documents on a flight to Dubai. Using forged documents is punishable by up to five years in prison under Montenegrin law.

1.4 Terra co-founder Do Kwon granted bail by Montenegrin court link

On May 12, according to local Montenegrin media Pobjeda, the court accepted Do Kwon and Hon Chand Jun’s bail of $436,000 each and ordered their temporary release after paying the amount. Do Kwon explained his financial situation to the court, saying that he owns property worth millions, and the specific amount will be paid by his wife.

2. Philippine police rescue 1,090 human trafficking victims forced to work for crypto scams link

Philippine police rescued more than 1,090 human trafficking victims who were forced to work up to 18 hours a day for cryptocurrency scams in a May 4 operation. The victims, mainly from across Asia, including Vietnam (389), China (307), the Philippines (171), Indonesia (143), were lured by social media posts promising high-paying jobs.

Twelve suspected ringleaders will be charged with human trafficking. They included seven Chinese nationals, four Indonesians and one Malaysian. The scam targets unsuspecting individuals in the US, Europe, and Canada.

3. Mainland China’s weekly summary

3.1 Blockchain startup Everledger enters administration link

On May 8, Everledger, an Australian blockchain technology company led by Tencent, filed for bankruptcy and liquidation due to lack of investor funds. The company’s employees received layoff notices on March 31. Everledger uses blockchain technology to track luxury items such as diamonds, precious metals, high-end fashion, art and wine.

3.2 Giant Investment invests $1 million in crypto VC Defiance Capital’s shares link

On May 10, Chinese listed game company Giant Investment announced to invest $1 million in the shares of crypto VC Defiance Capital located in Singapore managed by Arthur; it shows that the initial fundraising scale is $20m, and the follow-up will remain open until the total scale reaches $100m. Defiance was previously a subsidiary of 3AC and should have been independent by now.

3.3 China’s CPI rises by 0.1% YOY in April, while PPI falls by 3.6% YOY link

According to the National Bureau of Statistics of China on May 11, affected by the high base and insufficient demand in the same period in 2022, the CPI rose by 0.1% YOY in April, a new low since March 2021; the PPI fell by 3.6% YOY, the lowest since June 2020.

4. Hong Kong’s weekly summary

4.1 Hong Kong says its crypto regulations will shun any ‘light touch’ approach link

“Our regulation (of crypto) will be tight,” Hong Kong Monetary Authority Chief Executive Eddie Yue said in an interview at the Bloomberg Wealth Asia Summit on Tuesday. “We will let them create the ecosystem here and that actually brings a lot of excitement. But that doesn’t mean light-touch regulation.” He said that further guidance for banks on servicing crypto clients is in the works, and the Securities and Futures Commission will soon announce the results of its deliberations on the scope of retail-investor participation. He said that Hong Kong’s crypto guardrails were very tight in the last few years, they have now been lowered to a “reasonable and sustainable level”, but they won’t allow the recurrence of any FTX-type event in the city.

4.2 HK government provides transitional arrangements for crypto trading platforms link

On May 10, the Hong Kong government will provide transition arrangements for virtual asset trading platforms that are already operating in Hong Kong to apply for licenses or orderly closure. Eligible trading platforms can continue to operate in Hong Kong from June 1, 2023 to May 31, 2024, and will be subject to the licensing regime for virtual asset service providers from June 1, 2024. Companies planning to provide virtual asset services in Hong Kong after June 1, 2023, must apply for and obtain a license from the SFC in advance.

4.3 Animoca Brands provides interim financial update and guidance on further updates link

On May 11, Hong Kong NFT and Gamefi giant Animoca Brands released an update on its financial status as of April 30, 2023, with a cash and stablecoin balance of $194m and total assets of $3.46b, a decrease of $720m compared to the $4.18b reported in November 2022.

5. Turkey’s weekly summary

5.1 OKX to expand global presence with Turkey office link

On May 8, OKX announced that it plans to open an office in Turkey in the coming months. Due to years of high inflation, Turkey has a high adoption rate of cryptocurrencies and is also a major source of traffic for Binance.

5.2 Kemal Kılıçdaroğlu, Turkish presidential candidate, supports crypto and Web3 link

According to rossaprimavera, the 2023 Turkish presidential candidate, Kemal Kılıçdaroğlu, is a supporter of cryptocurrencies and Web3. He said he would lift the ban on PayPal and expand the Web3 platform. He also criticized the Turkish central bank’s decision to ban the cryptocurrencies as payment.

6. 16-member gang tried for cryptocurrency robbery in Vietnam link

On May 10, the court in Ho Chi Minh City, Vietnam, tried a 16-member gang suspected of planning a car accident to rob cryptocurrency, and the gang also included two local policemen. The organizer listened to the victim lose money after investing 1,000 bitcoins in shitcoin, then he kidnapped the victim and his family and robbed about $1.5 million worth of cryptocurrencies.

7. Su Zhu obtains Singapore restraining order against Arthur Hayes over ‘harassment’ link

Su Zhu, a co-founder of Three Arrows Capital (3AC), has obtained a restraining order against Arthur Hayes, a co-founder of the BitMEX trading platform, from a Singapore court. The order dated May 5 prohibits Hayes from using “threatening, abusive or insulting words” and “making any threatening, abusive or insulting communication, that would cause the Applicant harassment, alarm or distress.” Hayes has been tweeting at Su Zhu to return some $6 million he says he’s owed.

8. Abu Dhabi royal’s firm shorts US stocks on global recession fears link

An investment firm controlled by a top Abu Dhabi royal has built a short position worth billions of dollars in US stocks and is is investing more in commodities and crypto. Abu Dhabi is the capital of the United Arab Emirates. Bloomberg reported.

9. Japanese company Toku raises $20M in funding round link

Japanese company Toku has raised $20 million in funding, with investment from Filecoin Foundation, Blockchain Capital, Gitcoin, Gnosis, PleasrDAO, among others. Toku specializes in solutions for tax compliance, decentralized employment, token grants, and wages in the crypto ecosystem.

10. Iran delays using cryptocurrency to settle import and export business link

According to Iranian local media, the proposal to use cryptocurrencies to settle accounts for Iran’s import and export sector has delayed the implementation process due to the establishment of a legal system and mechanism (this plan is to be used in the fall of 2022), but the mechanism will be put into use soon after being reviewed by the Ministry of Economy, the security of foreign trade using cryptocurrencies will be the responsibility of the Central Bank.

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