Today's news tips:
Monetary Authority of Singapore announces plans to support commercialization of asset tokenization
Data: Bitcoin spot ETFs saw net inflows of $2.22 billion last week
Solana monthly active addresses hit a new high, exceeding 123 million in October
Regulatory News
Monetary Authority of Singapore announces plans to support commercialization of asset tokenization
The Monetary Authority of Singapore (MAS) today announced a series of plans to promote the commercialization of tokenized financial services assets, covering market liquidity, infrastructure, industry framework and settlement convenience.
1. Deepening the liquidity of tokenized assets: Through Project Guardian, MAS has convened more than 40 financial institutions to conduct market trials of tokenized assets, covering six currencies and a variety of financial products. The Guardian Wholesale Network, composed of Citibank, HSBC, Schroders, Standard Chartered Bank and United Overseas Bank, will promote the commercialization of tokenized assets.
2. Market infrastructure ecosystem: MAS launched the Global Layer One (GL1) project in 2023 to support seamless cross-border transactions. Banks such as BNY, Citibank, and JPMorgan Chase are leading the development of infrastructure standards to ensure compliance and interoperability of cross-border circulation of tokenized assets. New members such as Euroclear and HSBC have joined, and a working group has been established to focus on digital asset compliance.
3. Industry Implementation Frameworks: Two industry frameworks were released, including the Guardian Fixed Income Framework (GFIF) and the Guardian Fund Framework (GFF), providing standardized implementation guidelines for debt capital markets and tokenized funds.
4. Common Settlement Facility: MAS has launched a wholesale CBDC test network (SGD Testnet) denominated in Singapore dollars (S$), supporting financial institutions of Project Guardian and Orchid to use S$ CBDC for payment and securities settlement. The first batch of participating institutions include DBS, OCBC, Standard Chartered and UOB.
MAS Vice President Liang Xingqiang said that MAS encourages financial institutions and policymakers to jointly develop industry standards to promote the commercialization and industry-wide promotion of tokenized capital market products.
According to The Block, Taiwan's Financial Supervisory Commission (FSC) plans to introduce new regulations in January 2025 requiring crypto service providers to complete anti-money laundering (AML) compliance registration. Huang Xihe, head of the FSC's securities company department, said at the FinTechOn conference in Taipei that the new regulations will strengthen the listing and delisting review of crypto assets, involving key areas such as fiat currency custody, information security, customer complaints, record keeping and information disclosure.
In addition, the new regulations will require trading platforms to establish clear listing and delisting procedures, prevent unfair trading, and monitor abnormal trading activities. Crypto custodians must entrust customer assets or isolate them from the platform's own assets, and entrust accounting firms to audit customer assets every year. The FSC also plans to submit a special legal proposal for crypto assets in June 2025 to further strengthen supervision.
According to China News Service, the draft revision of the Anti-Money Laundering Law was submitted to the Standing Committee of the 14th National People's Congress for three deliberations on the 4th. The third draft of the draft further clarifies the conditions for financial institutions to take money laundering risk management measures to avoid affecting the normal financial activities of customers. The third draft of the draft clarifies that if it is found that the transactions conducted by customers are inconsistent with the customer identity, risk status, etc. held by financial institutions, further verification of the customer and the relevant information of the transaction shall be conducted; if there is a high risk of money laundering, money laundering risk management measures such as restricting the transaction method, amount or frequency, restricting the type of business, refusing to handle business, and terminating the business relationship may be adopted when necessary. At the same time, the third draft of the draft improves the objection handling mechanism for money laundering risk management measures, and adds provisions that financial institutions should handle objections to basic and necessary financial services for customers in a timely manner. In addition, the third draft of the draft stipulates the legal responsibilities of units and individuals for failing to take special anti-money laundering preventive measures in accordance with regulations, and stipulates corresponding legal responsibilities for specific non-financial institutions and related practitioners.
Metaverse
Alibaba's Metaverse unit "Metaverse" laid off dozens of employees
According to the South China Morning Post, Alibaba Group recently laid off dozens of employees from its Metaverse division, Metaverse, involving operations teams in Shanghai and Hangzhou. People familiar with the matter said that this move was to optimize the business structure and improve organizational efficiency. Although the Metaverse division had previously received billions of RMB in investment and had hundreds of employees, Alibaba is adjusting its resource allocation to cope with the cooling trend in the Metaverse field. In the future, Metaverse will continue to focus on the development of Metaverse applications and tools and provide relevant services to customers.
Beijing Artificial Intelligence Industry Investment Fund and others invested in Zhipu AI
Tianyancha App shows that recently, Beijing Zhipu Huazhang Technology Co., Ltd., an affiliated company of Zhipu AI, has undergone industrial and commercial changes, adding Beijing Artificial Intelligence Industry Investment Fund (Limited Partnership), Shenzhen China Merchants Digital Innovation Private Equity Investment Fund Partnership (Limited Partnership), Hubei Changjiang CITIC Mobile Communications Technology Industry Investment Fund Partnership (Limited Partnership) and others as shareholders. At the same time, the registered capital increased from approximately RMB 27.91 million to approximately RMB 31.07 million.
Project News
Regarding the question of whether Coinbase charges for listing coins , Sonic Labs co-founder Andre Cronje responded again that he did not sign a non-disclosure agreement (NDA), so he was willing to disclose the "fee" requests sent by the Coinbase team through email, Telegram and Slack over the years. He pointed out that although Coinbase may call it an "earning fee" rather than a direct "listing fee", it actually still forms a listing cost.
Previously, Coinbase officials questioned whether Cronje might have contacted fake Coinbase employees, but Cronje said he had evidence and was willing to let the public judge for themselves.
Michael Bouhanna, Vice President and Head of Digital Art at Sotheby's, said in a post that rumors about the meme token BAN he created have been flooding the Internet recently, leading to a lot of misunderstandings and false information. Bouhanna clarified that the BAN token was a project he personally initiated on the Pump.Fun platform out of interest, and it had nothing to do with his position at Sotheby's, and Sotheby's was not involved. The project was initially released anonymously, and the rapid growth driven by the community was not anticipated, nor was it promoted or encouraged to be purchased.
Bouhanna pointed out that the idea of BAN came from his understanding of "Comedian" artwork, and the token made a satirical comment on the meme-driven crypto market. In addition, he emphasized that the recent rumors that he made $1 million from the project were completely untrue, the relevant wallets were not his, and most of the gains were unrealized value.
He Yi, co-founder of Binance, posted on the X platform that if a project does not pass the screening process, no matter how much money or percentage of coins it has, it will not be listed on Binance.
The projects that have been listed on Binance are clearly introduced in the token allocation column. Please analyze the percentages yourself to see if there is a so-called 20%, 15% or something like that.
The airdrop rules of Binance’s Launchpool and other listed coins are transparent and clear, but it does not mean that any project willing to give airdrops can be listed on Binance.
FUD will never disappear, but it makes us stronger. Gossip can easily gain traffic, and business competition is always full of dark sides; when you understand the rules of how the world works, you will no longer be easily swayed by rumors, and you will have the ability to think independently.
People like AC who have the courage to speak the truth amid the noise are the ones that the community truly respects.
Sun Yuchen posted on the X platform that Binance’s listing fee for its project is zero, while Coinbase requires payment of 500 million TRX (about 80 million US dollars) and requires 250 million US dollars of Bitcoin to be deposited in Coinbase Custody to improve the platform performance.
Later in the day, Zhao Changpeng commented on the “listing fee” controversy: We should focus on the project itself, and Bitcoin has never paid any listing fees .
According to CoinDesk, CoinDesk analyst James Van Straten said: "MicroStrategy's shareholders are a unique group. Usually, the dilution of shareholders' equity is considered a bad thing, but MicroStrategy's shareholders seem to be very happy that their equity is diluted because these shareholders know that MicroStrategy is buying Bitcoin. This strategy is equivalent to increasing the value of its shares, which means that shareholder value also increases."
Craig Wright says he can’t appear in December COPA lawsuit due to autism and Christmas plans
According to Protos, Craig Wright, known as Australian Satoshi, argued that due to his severe autism and Christmas schedule, he was unable to attend the December court meeting after he was accused of contempt of court in a legal application filed by the Crypto Open Patent Alliance (COPA).
Bird and Bird, the law firm representing the Crypto Open Patent Alliance, claims that Craig Wright violated his injunction after removing online notices and filing lawsuits against Jack Dorsey’s Square Up and BTC Core.
In addition, the Crypto Open Patent Alliance seeks to suspend Wright's lawsuit and suspend related court proceedings until the contempt of court lawsuit is resolved. Jonathan Hough, an attorney for the Crypto Open Patent Alliance, said, "Wright is trying to evade the consequences of his actions. He may want to avoid the police or avoid being detained."
Tether CEO Paolo Ardoino clarified on Twitter that Tether currently has no plans to launch an official blockchain. He said that one of the main reasons for not launching the Tether Chain is to maintain neutrality, and for Tether, working with other companies and communities is more important than achieving centralization. He also pointed out that there are currently multiple independent second-layer solutions exploring ways to use USDT as a support for transaction fees.
Coinbase Insiders Plan to Sell Over $900 Million in Stock
According to Barron's, Coinbase's global executives and directors recently passed a trading plan to sell more than $900 million worth of cryptocurrency trading platform shares. Among them, three Coinbase executives and two directors will sell up to 5 million shares. Based on Friday's closing price of $182.88, these shares are worth a total of $909 million. Company insiders adopt such plans to avoid being accused of bias due to their possession of non-public information. When specific conditions such as price, trading volume, and time are met, the plan automatically executes the transaction. Coinbase disclosed the adoption of these trading plans in a filing with the Securities and Exchange Commission on October 30. The plan is expected to start on November 18 and end no later than November 14, 2025. The company did not allow Coinbase co-founder Brian Armstrong or other executives to comment, but pointed to CFO Alesia Haas' comments on insider stock sales during the fourth quarter earnings call on February 15. "All of our insiders... have a long-term belief in Coinbase," Haas said. "It is important to note that these sales only account for a small portion of insiders' total holdings in Coinbase."
Binance Futures will launch PONKE 1-75x USDT perpetual contracts
According to the official announcement, Binance Futures will launch the PONKEUSDT perpetual contract at 20:30 on November 4, 2024 (Eastern Time Zone 8), with a maximum leverage of 75 times.
Important data
According to Lookonchain monitoring, a smart whale recently sold 265,070 SOLs, cashing out a profit of about $43.96 million. The whale purchased 500,862 SOLs at a low price of $23.6 between August 7 and October 23, 2023. The investment amount was about $11.81 million at the time, and the current market value is $81.14 million. Currently, the whale holds 132,089 JitoSOLs (market value of $24.72 million) and 126,631 SOLs (market value of $20.58 million), with a cumulative profit of about $87 million on SOL.
Data: Bitcoin spot ETFs saw net inflows of $2.22 billion last week
According to SoSoValue data, last week (October 28 to November 1, US Eastern Time), Bitcoin spot ETFs had a net inflow of $2.22 billion. Among them, BlackRock's Bitcoin ETF IBIT had a net inflow of $2.15 billion in a single week, becoming the Bitcoin spot ETF with the largest inflow, and IBIT's total historical net inflow reached $26.14 billion. The second was Fidelity's Bitcoin ETF FBTC, with a net inflow of $89.66 million in a single week, and a total historical net inflow of $10.47 billion.
In contrast, Grayscale Bitcoin Trust ETF GBTC had a net outflow of $53.96 million during the same period, and GBTC's cumulative net outflow has reached $20.16 billion. As of press time, the total net asset value of Bitcoin spot ETFs is $69.637 billion, accounting for 5.08% of the total market value of Bitcoin, and the cumulative historical net inflow has reached $24.155 billion.
CoinShares: Digital asset investment products saw net inflows of $2.2 billion last week
According to the latest weekly data from CoinShares, digital asset investment products saw inflows of $2.2 billion last week, bringing year-to-date inflows to a record $29.2 billion. This inflow, combined with recent price gains, has brought total assets under management (AuM) above $100 billion for the second time in history, matching the $102 billion level seen in early June 2024. Trading volume increased 67% month-on-month to $19.2 billion, accounting for 35% of total Bitcoin trading volume on trusted exchanges. Regionally, the United States saw inflows of $2.2 billion, while Germany also saw inflows of $5.1 million. Excitement over the prospect of a Republican victory may be the reason for these inflows, as was the case in the first few days of last week, with a small amount of outflows seen on Friday as the polls shifted, highlighting how sensitive Bitcoin is to the US election at the moment. Bitcoin was almost the only beneficiary, with inflows of $2.2 billion last week, although the recent price rally also prompted inflows of $8.9 million into short Bitcoin. Ethereum saw tepid inflows, totaling $9.5 million, in stark contrast to the bullish momentum of Bitcoin or Solana, which saw another $5.7 million in inflows last week. A range of altcoins saw smaller inflows, most notably Polkadot ($670,000) and Arbitrum ($200,000).
Solana monthly active addresses hit a new high, exceeding 123 million in October
Last month, Solana hit a record high of more than 123 million monthly active addresses, The Block reported. Data shows that the number of unique addresses signing transactions on Solana has increased by more than 42% from September's figures. In January of this year, the network had less than 12.7 million active addresses. Analysts say Solana's recent surge in activity is driven by the growing popularity of memecoin transactions on the network, supported by platforms such as memecoin generation application Pump.fun and decentralized exchange Raydium, both of which have experienced strong activity in the past month. In addition, a16z's "State of Cryptocurrency" report in October showed that Solana had more than 100 million monthly active addresses, while Ethereum and other EVM chains had only about 57 million, indicating higher user engagement on Solana.
According to Token Unlocks data, NEON, BANANA, ADA and other tokens will be unlocked in large amounts next week, including:
Neon (NEON) will unlock approximately 53.91 million tokens at 8:00 am Beijing time on November 7, accounting for 44.92% of the current circulation, with a value of approximately US$21.2 million;
Banana Gun (BANANA) will unlock approximately 250,000 tokens at 8:00 am Beijing time on November 8, accounting for 7.21% of the current circulation, with a value of approximately US$11.7 million;
Cardano (ADA) will unlock approximately 18.53 million tokens at 8:00 a.m. Beijing time on November 6, accounting for 0.05% of the current circulation, worth approximately $6.2 million.
Bitget Token (BGB) will unlock approximately 5.38 million tokens at 8:00 am Beijing time on November 10, accounting for 0.38% of the current circulation and worth approximately US$6 million;
Ethena (ENA) will unlock approximately 12.86 million tokens at 5:00 pm Beijing time on November 6, accounting for 0.45% of the current circulation, with a value of approximately US$4.5 million;
GoGoPool (GGP) will unlock approximately 840,000 tokens at 8:00 a.m. Beijing time on November 7, accounting for 11.79% of the current circulation, with a value of approximately US$3.7 million;
Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3:00 a.m. Beijing time on November 6, accounting for 0.69% of the current circulation, with a value of approximately US$3.1 million;
Staika (STIK) will unlock about 1.57 million tokens at 8:00 am Beijing time on November 4, accounting for 0.01% of the current circulation, with a value of about US$2.8 million;
Hashflow (HFT) will unlock approximately 13.62 million tokens at 8:00 am Beijing time on November 7, accounting for 2.92% of the current circulation, with a value of approximately US$1.6 million;
Cetus Protocol (CETUS) will unlock approximately 8.3 million tokens at 8:00 a.m. Beijing time on November 6, accounting for 2.61% of the current circulation, with a value of approximately US$1.5 million;
Delysium (AGI) will unlock approximately 8.57 million tokens at 8:00 am Beijing time on November 5, accounting for 0.71% of the current circulation, with a value of approximately US$1.4 million;
Heroes of Mavia (MAVIA) will unlock approximately 1.15 million tokens at 8:00 a.m. Beijing time on November 6, accounting for 3.64% of the current circulation and worth approximately US$1.3 million.
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