Our weekly roundup of East Asia news includes the most important developments in the industry. He thinks

Our weekly roundup of East Asia news includes the most important developments in the industry.

Hong Kong regulators consider adding staking to discover EtherETFs

Hong Kong regulators are considering allowing cryptocurrency ETF issuers in the East Asian city to access ether shares held there. Reportedly, discussions about greenlighting ETH staking are currently underway and there is no clear deadline for a decision to be made. If approved, staking on the Ethereum network will allow issuers to earn a return of up to 3.6% per year by validating transactions.

But since their launch on April 30, the Hong Kong Ethereum ETFs have seen little success. Three funds held a cumulative amount of $44.9 million, with net outflows of $2.2 million. On some days, ETFs saw no inflows. In terms of fees, spot crypto ETFs charge up to 1% per year, compared to less than 0.30% for their US counterparts.

Worldcoin reprimanded in Hong Kong

OpenAI CEO Sam Altman’s flagship cryptocurrency project Worldcoin has been sanctioned in Hong Kong for alleged privacy violations.

According to local reports citing the Office of the Personal Data Protection Commissioner, authorities have asked Worldcoin to stop collecting local residents’ data from the company’s iris scanners.

Investigators claimed that before their biometric data was analyzed, participants were not properly informed about the collection of their private data, which would be “retained for up to 10 years to train the AI ​​model in the process of identity verification”.

In response, Worldcoin said the company “does not seek to know, share, or profit from any person’s identity or personal information, only to verify that they are human and unique.”

More than 10 million users worldwide have signed up for Worldcoin since its launch in June 2023. Users who scan their iris can get a WLD token as an incentive.

Women lead the world’s largest cryptocurrency exchanges

Binance co-founder Yi He and Bitget CEO Gracy Chen, both former Chinese TV hosts, currently run the world’s largest cryptocurrency exchanges, facilitating $36.5 billion and $4 billion, respectively. dollars of spot trading volumes.

Gracie Chen, former managing director of Bitget, announced her promotion to CEO on Tuesday: “I am so grateful to be on this journey with each of you. Let’s roll up our sleeves, dream big and make magic happen!

Chen described how, at the age of 18, she won a scholarship to study applied mathematics in Singapore and became a television presenter for a Chinese finance and technology program after graduating, discovering Bitcoin ( BTC) when it cost $300 each thanks to the people she interviewed. in 2015 :

“I started reading the Bitcoin whitepaper and was immediately blown away. As a mathematician, I loved its mathematical beauty. I was enthusiastic about the democratic nature of the system. I was most attracted to how he created a new decentralized ledger that complements the traditional centralized financial sector.

She is now the head of the Bitget exchange, managing a total workforce of over 1,500 employees. Meanwhile, Binance’s Yi He (Bridesmaid Chen) has a similar story, beginning his humble crypto journey in 2013 when Bitcoin was still trading at $1,100.

You met Star Xu, founder of OKCoin (now known as OKX exchange) who was looking for a well-known influencer to promote the brand. After making a small fortune in the Chinese stock bull market from 2006 to 2008, Yi He became interested in the cryptocurrency sector and accepted an offer to become vice president of OKcoin.

It was around this time that Yi He introduced his friend (and future husband) Changpeng “CZ” Zhao and became the CTO. After a brief fallout with OKcoin, Yi He and CZ teamed up to found the Binance exchange in 2017. CZ is no longer involved in Binance’s decision-making or operations due to legal issues, and Yi He and the Current CEO, Richard Teng, has since often shared their predictions about the future of the cryptocurrency industry.

Boyaa Interactive’s crypto bet pays off

On May 16, Asia Express reported that Hong Kong gaming company Boyaa Interactive forecast its first-quarter profits to increase twelvefold. The company has invested $100 million of its corporate funds in cryptocurrencies and plans to inject another $100 million. Official results were released and showed that the company recorded a profit of $48.67 million from its digital assets in the first quarter, more than three times the company’s gaming revenue during the same period.

The fortunes of cryptocurrencies appear to have prompted the company to also look into Web3 games, writing:

“In particular, the operating model of Web3 game products has been widely developed in terms of product improvement and process diversification to create high-quality chess and card game products.”

Over the past year, shares of the company, listed on the Hong Kong Stock Exchange, have gained more than 325%, reflecting gains in cryptocurrencies, with shares trading at $0.28 each at press time.

Another Hong Kong company joins FOMO cryptocurrency

Inkeverse Group Limited, a Hong Kong entertainment streaming group, will follow in Boyaa Interactive’s footsteps and invest up to $100 million of the company’s funds in cryptocurrencies. “The Board of Directors believes in the potential of cryptocurrencies and the impact of crypto investments on the Group’s Web3.0 business development strategy and asset allocation strategy,” its team wrote.

The company’s initial allocation plan includes $60 million in Bitcoin, $20 million in Ether, and $20 million in USD. In support of its decision, Inkeverse praised both the “enormous growth potential” of Bitcoin and the “development of layer two solutions” of Ethereum, and said that “investing in multiple cryptocurrencies reduces the risks associated with the volatility of a single cryptocurrency.” Buy cryptocurrencies on the open market through regulated platforms like HashKey and OSL Exchange.

OSL Exchange Joins MSCI Hong Kong Index

Local cryptocurrency exchange OSL joined the MSCI Hong Kong Market Cap-Weighted Index, which consists of 30 components, since May 22. It is the first cryptocurrency company in Hong Kong to do so.

“As the business grows and the company receives increasing interest from investors, we expect it to be included in more stock indexes,” commented Patrick Pan, President and CEO the management of OSL. The MSCI Hong Kong Index is used by the iShares MSCI Hong Kong ETF of the same name to track the performance of underlying companies.

The company, formerly known as BC Technology Group, this year changed its name to that of its cryptocurrency exchange subsidiary to better reflect its digital assets business. Over the past year, shares have risen over 170% and become the first pair of licensed cryptocurrency exchanges in Hong Kong alongside HashKey Exchange.

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Quan Sun

Ziyuan Sun is a journalist at Cointelegraph who focuses on technology-related news. He has many years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.