Hong Kong government plans to launch virtual asset custody licensing system next year
According to Oriental Daily, the Hong Kong government intends to improve the regulation of virtual asset transactions. The Deputy Secretary for Financial Services and the Treasury, Chan Ho-lim, said that the government plans to complete the second round of public consultation on the regulation of virtual asset over-the-counter (OTC) transactions next year, and will also propose a proposed licensing system for virtual asset custody service providers for consultation next year to ensure that the safe custody of digital assets meets international standards. He emphasized that the concept of virtual assets is clear, and believes that "only by providing a transparent, certain and predictable regulatory environment can financial innovation be effectively encouraged." Before the end of this year, a draft bill will be submitted to the Legislative Council to establish a licensing system for issuers of fiat stablecoins to build a security framework for this emerging market. He pointed out that many financial institutions choose to set up regional headquarters or the largest regional business in Hong Kong, which means that Web 3 companies in Hong Kong can easily access a large number of potential customers, investors and business partners, making Hong Kong an ideal place for their entrepreneurship and expansion.
Russia imposes controls on Bitcoin mining operations
The Russian government has enacted a new law regulating digital currency transactions, aimed at controlling Bitcoin and cryptocurrency mining activities, according to Crypto Briefing. The bill, which will take effect on November 1, authorizes the Russian government to ban digital currency mining in designated regions or territories. The bill also outlines the conditions for implementing such a ban. According to the report, under the new regulations, the government can regulate the activities of mining infrastructure operators, turning from a previous obligation to a formal right now. The law also expands the scope of entities that can access digital currency identification addresses. Previously limited to the Federal Financial Supervision Service, now all federal administrative agencies, including investigation and investigative agencies, have this power. The new law allows individuals to mine without registration within specific electricity consumption limits, while companies must register to mine legally. The Federal Tax Service will be responsible for supervising the miners' register, which was previously managed by the Ministry of Digital Development. For companies that repeatedly violate regulations within a year, the Federal Tax Service can remove these companies from the miners' register, prohibiting them from providing services to unregistered or deregistered entities.
Market News: Tether CEO says his company owns 82,454 BTC
According to Bitcoin Magazine’s post on the X platform, Tether CEO Paolo Ardoino revealed that the company owns 82,454 BTC, worth approximately $5.55 billion.
Crypto artist Beeple: NFT speculators have left, leaving only some core enthusiasts
According to Decrypt, crypto artist Beeple (Mike Winkelmann) said in an interview recently: "At present, NFT speculators have left, leaving only some core enthusiasts who 'understand the technology'. Looking back on that era, I find it crazy because NFTs have been hated for much longer than they have been loved. We lost a lot of users, but those people were never for art, I could see it at a glance. Speculators have moved on, but people are still passionate about this kind of thing." It is reported that Beeple's NFT work "Everydays: The First 5,000 Days" was sold for $69.3 million in 2021, setting a record. Since then, enthusiasm around NFTs has cooled significantly, and trading volume has plummeted by more than 90%.
Cathie Wood: Global economic uncertainty strengthens our confidence in Bitcoin
When asked in an interview with Bloomberg whether she was still confident that Bitcoin would reach its $1 million target, Cathie Wood, CEO of Ark Invest, said: “Yes, the greater the uncertainty and volatility in the global economy, the stronger our confidence in Bitcoin. One of the reasons is that we have just experienced an inflation panic, which we believe is mainly caused by supply chain problems, and Bitcoin is a hedge against inflation.”
Base’s daily stablecoin transfer volume exceeds all other chains for the first time
According to a tweet by crypto KOL Peter Schroeder, on October 26, Base's daily stablecoin transfer volume exceeded all other chains for the first time. On that day, Base processed more than $18.1 billion worth of stablecoin transactions (99.9% of which were USDC), accounting for more than 30% of all stablecoin transactions that day.
According to DL News, FTX has agreed to drop its lawsuit against cryptocurrency exchange Bybit and reached a $228 million settlement agreement, which will allow FTX to recover $175 million in digital assets from the Bybit exchange and sell other assets including BIT tokens to Bybit's investment arm Mirana Corp. for $53 million. Previously, FTX accused Bybit-related accounts of transferring $327 million in assets on the eve of its collapse, making it impossible for other users to withdraw cash. Earlier this month, FTX's approved compensation plan is expected to allocate at least $12.6 billion in funds to affected users. The compensation plan will be launched within 60 days of the effective date, and the specific date has not yet been determined.
Paolo Ardoino, CEO of Tether, posted on the X platform that a preview of Tether's Local AI development kit was shown yesterday at Lugano Plan ₿. The kit is privacy-focused and powered by peer-to-peer technology. Code can be written once and run anywhere, from $40 mobile phones to flagship smartphones, from laptops to mainframes with many H100s, from smart refrigerators to car entertainment systems. Terher's AI SDK is very modular, supports any model (Marian, Llama, etc.) and loads/stores weights and fine-tuning data in P2P data structures, and will be open source after "actual combat" testing.
Token Unlocks data shows that TIA, SUI, and OP tokens have seen large amounts of unlocking this week, including:
- Celestia (TIA) will unlock approximately 175.6 million tokens at 10:00 pm Beijing time on October 30, accounting for 79.75% of the current circulation, with a value of approximately US$941 million;
- Sui (SUI) will unlock about 64.19 million tokens at 8:00 am Beijing time on November 1, accounting for 2.32% of the current circulation, with a value of about US$116 million;
- Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 am Beijing time on October 31, accounting for 2.50% of the current circulation, with a value of approximately US$49.5 million;
- Immutable (IMX) will unlock approximately 32.47 million tokens at 8:00 am Beijing time on November 1, accounting for 1.98% of the current circulation, with a value of approximately US$43.19 million;
- ZetaChain (ZETA) will unlock approximately 53.89 million tokens at 8:00 am Beijing time on November 1, accounting for 11.72% of the current circulation and worth approximately US$36.6 million;
- Tribal Token (TRIBL) will unlock approximately 22.07 million tokens at 8:00 am Beijing time on October 31, accounting for 19.06% of the current circulation, with a value of approximately US$13.4 million;
- Cardano (ADA) will unlock approximately 18.53 million tokens at 8:00 a.m. Beijing time on November 1, accounting for 0.05% of the current circulation, worth approximately $6.2 million.
- DYDX (DYDX) will unlock approximately 8.33 million tokens at 8:00 am Beijing time on November 1, accounting for 1.29% of the current circulation and worth approximately US$8.1 million;
- Delysium (AGI) will unlock approximately 34.38 million tokens at 8:00 a.m. Beijing time on November 1, accounting for 2.85% of the current circulation, with a value of approximately US$5.5 million;
- Ethena (ENA) will unlock approximately 12.86 million tokens at 3:00 pm Beijing time on October 30, accounting for 0.47% of the current circulation, with a value of approximately US$4.5 million;
- SingularityNET (AGIX) will unlock approximately 8.07 million tokens at 8:00 a.m. Beijing time on October 28, accounting for 2.11% of the current circulation, with a value of approximately US$4.3 million;
- Artificial Superintelligence Alliance (FET) will unlock approximately 3.5 million tokens at 8:00 am Beijing time on October 28, accounting for 0.13% of the current circulation, with a value of approximately US$4.3 million;
- Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3:00 a.m. Beijing time on October 30, accounting for 0.69% of the current circulation, with a value of approximately US$3.8 million;
- Velo (VELO) will unlock approximately 182 million tokens at 8:00 a.m. Beijing time on October 29, accounting for 2.47% of the current circulation and worth approximately $2.3 million.
- Crown by Third Time Games (CROWN) will unlock approximately 4.63 million tokens at 8:00 a.m. Beijing time on November 1, accounting for 2.18% of the current circulation, with a value of approximately US$1.4 million;
- Manta Network (MANTA) will unlock approximately 1.87 million tokens at 7:59 am Beijing time on November 1, accounting for 0.49% of the current circulation and worth approximately US$1.2 million.
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