Weekly Preview | Hong Kong to Implement Virtual Asset Regulations Starting June 1; OP, 1inch Unlock Tokens Worth Millions of Dollars

Weekly Preview: Hong Kong to Implement Virtual Asset Regulations on June 1; OP and 1inch Unlock Tokens Worth Millions

Announcement Preview:

• The development team of DeFi asset management platform Set Protocol, Set Labs, will abandon Set Protocol V2 and TokenSets on May 31st
• The auction of the Sui Name Service (.sui domain name) of Sui ecological domain name service SuiNS will start at 10:00 on May 31st, Beijing time
• The Securities and Futures Commission of Hong Kong will implement the “Virtual Asset Trading Platform Guidelines” and “Anti-Money Laundering Guidelines” from June 1st
• BNB Chain plans to launch ZkBNB mainnet on June 1st
• The OP token worth $278 million will be unlocked on May 31st, accounting for 3.6% of the total supply; the 1inch token worth $100 million will be unlocked on June 2nd, accounting for 16.654% of the total supply

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May 29th

Exchange:

BitMEX will launch a virtual asset service exclusively for Hong Kong users on May 29th

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Cryptocurrency trading platform BitMEX will launch BitMEX Hong Kong as a transitional service for applying for a virtual asset service provider (VASP) in Hong Kong. From May 29, 2023, Hong Kong users will not be able to access the BitMEX website or API. All account balances will be transferred to BitMEX Hong Kong accounts, and users will need to access these services through the new BitMEX Hong Kong mobile app. In addition, the existing BitMEX trading platform will no longer accept any new Hong Kong users, and Hong Kong users will only be able to open accounts through the dedicated BitMEX Hong Kong mobile app.

Project Update:

Four chain games will be launched on the Sui blockchain from May 29th to June 4th

Mysten Labs, the developer of Sui, announced that 11 game partners will launch games on the Sui blockchain one after another from May 15th. Among them, Seascape: Mini Miners, Orange Comet: Degens & Dragons, Ghost Ivy: Haven’s ComBlockingss, BlueJay: Arcade Champion will be launched from May 29th to June 4th.

May 30th

Token Unlock:

Galxe (GAL) will unlock 586,666.67 tokens worth $820,000, accounting for 0.293% of the total supply at 20:00 on May 30th

May 31

Policy Regulation:

Zhengzhou proposes to introduce the meta-universe industry plan, and the solicitation of opinions will end on May 31

Zhengzhou Development and Reform Commission publicly solicits opinions from the society on the “Implementation Plan for the Development of Meta-Universe Industry in Zhengzhou (Draft for Soliciting Opinions)” and “Several Policies for the Development of Meta-Universe Industry in Zhengzhou (Draft for Soliciting Opinions).” The solicitation period is from May 24 to May 31, 2023. Among them, “Several Policies for the Development of Meta-Universe Industry in Zhengzhou (Draft for Soliciting Opinions)” proposes that Zhengzhou will establish a special fund for the development of the meta-universe industry with a total scale of 10 billion yuan, and jointly establish a special fund of 50 billion yuan with departments, provincial financial departments, and social investment institutions to support the development of the meta-universe industry in Zhengzhou. Encourage meta-universe companies to go public, and provide a one-time bonus of 20 million yuan for companies listed on the main board.

The National Futures Association (NFA) of the United States has formulated new rules for encrypted commodity trading, which will take effect on May 31

The National Futures Association (NFA) of the United States is developing standards for its members engaged in bulk commodity trading of digital assets. NFA stated in a statement that the new rules will take effect on May 31 and currently only apply to Bitcoin (BTC) and Ethereum (ETH) trading. If NFA members engage in fraud or similar improper behavior in their spot digital asset commodity activities, NFA can punish members or take other actions to protect the public. The new rules also require members to closely monitor their activities, and members participating in spot crypto commodity activities “must implement appropriate supervision policies and procedures for these activities.”

Exchange:

Crypto trading platform Tbit will stop operating on May 31, 2023

The cryptocurrency contract trading and investment platform Tbit announced that it will comprehensively transform the infrastructure construction direction of Web3.0 later, and has decided to clear Tbit’s trading users. The Tbit trading platform will stop operating on May 31, 2023, and the platform will complete the orderly clearing of trading business while ensuring the asset safety of global users. Users’ assets on Tbit will be fully redeemed and withdrawn. After the clearing is completed, the website service will be permanently closed. Tbit platform also declared that as early as December 24, 2021, Tbit had responded to the policy of the mainland China market and completed the clearing of the mainland China market, and issued an official announcement. This clearing is a clearing of the entire network and the entire region.

DCG to shut down TradeBlock institutional trading platform on May 31

Digital Currency Group (DCG) will shut down its institutional trading platform TradeBlock on May 31, which provides trade execution, pricing, and bulk brokerage services for institutional investors. DCG acquired TradeBlock in 2020 and the financial details of the transaction were not disclosed. According to a DCG spokesperson, the closure of TradeBlock is due to the macroeconomic conditions and the long crypto winter, as well as the challenging US regulatory environment for digital assets.

Recent developments:

Subversive Capital plans to shut down and liquidate its Metaverse ETF on May 31

Investment advisor Subversive Capital Advisor announced that its board of directors has decided to immediately shut down and liquidate its Metaverse exchange-traded fund (ETF), Subversive Metaverse ETF, after May 31, 2023. Subversive stated that the creation of the Metaverse ETF was primarily misguided by Meta’s focus, and the company has decided to change its investment direction given the rapid development of more promising technologies such as artificial intelligence.

Set Labs to sunset Set Protocol V2 and TokenSets on May 31

DeFi asset management platform Set Protocol’s development team Set Labs announced it will sunset Set Protocol V2 and TokenSets and will no longer maintain its user interface, taking certain measures to fully decentralize the protocol, expected to be implemented on May 31. Specifically, the team will relinquish multisignature ownership rights over Set Protocol V2 and will redeploy the existing TokenSets website to IPFS to facilitate users extracting or redeeming funds from the protocol. The Discord channel and social media platforms remain open, but will no longer be actively moderated by Set team members.

Sui Name Service (SuiNS) domain auction to begin on May 31

The auction for Sui Name Service (SuiNS) domain (.sui domain names) will begin at 10:00 (Beijing time) on May 31.

Neutron launches NTRN token launch event, liquidity mining to begin after liquidity auction ends on May 31

Cosmos ecosystem Neutron announced that the launch event for its NTRN token will run from May 24 to June 5, lasting approximately 12 days, with three different phases: 1. Airdrop: NTRN will be airdropped to Cosmos Hub stakers starting on May 24; 2. Liquidity auction: NTRN liquidity auction will take place from May 24 to May 31; 3. Lockdrop: Liquidity auction participants will have the option to participate in liquidity mining from May 31 to June 5. After the event, rewards from the airdrop and liquidity auction will begin to be released linearly over three months. Locked tokens will still be granted voting rights and liquidity mining rewards can be extracted immediately.

Governance Voting:

Uniswap Community Initiates “Temperature Check” Vote for Deploying V3 on Fantom, Voting Ends on May 31

The Uniswap community is conducting a “temperature check” vote for the proposal to deploy Uniswap V3 on Fantom, with 100% support at present, and the voting will end on May 31. The proposal aims to utilize the cross-chain interoperability protocol Axelar to deploy Uniswap on the Fantom chain, which will leverage the current market opportunity and enhance Uniswap’s position in the DeFi space. After the on-chain vote is completed, Axelar will be responsible for deploying the Uniswap V3 smart contract on Fantom, while Uniswap Labs will handle the front-end integration. This is estimated to take about 4-6 weeks of review time.

GnosisDAO Proposes New Proposal to Transfer at Least 50% of Its stETH Holdings to rETH, Voting Ends on May 31

The GnosisDAO community has proposed a new proposal to commit Gnosis DAO to gradually transfer at least 50% of its stETH holdings to rETH over time. This GIP aims to guide Gnosis Treasury Manager KarBlockingtkey to take action to reduce dependence on stETH and introduce additional rETH in its DeFi strategy to reduce the risk of the DAO and support decentralized Ethereum staking. The proposal will be voted on until 01:48 on May 30.

Token Unlocking:

$278 Million Worth of OP Tokens Will Be Unlocked on May 31, Accounting for 3.6% of the Total Supply

Among them, 81,604,379 OP tokens will be unlocked for core contributors, and 73,014,444 OP tokens will be unlocked for investors.

June 1st

Policy Regulation:

Hong Kong Securities and Futures Commission to Implement Virtual Asset Regulatory Requirements from June 1

The Hong Kong Securities and Futures Commission (SFC) previously issued a consultation conclusion on proposed regulatory requirements for virtual asset trading platform operators to be licensed by the SFC. In view of the widespread public support for the proposals, the SFC will implement the “Guideline on Virtual Asset Trading Platform” and the “Guideline on Anti-Money Laundering and Counter-Terrorist Financing” which will come into effect on June 1. The SFC has published the application forms for the relevant licenses under the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance for virtual asset trading platforms in the Gazette on May 25, 2023, and will start accepting applications on June 1, 2023.

Japan to implement stricter crypto anti-money laundering law from June 1

Japan will implement stricter anti-money laundering measures from June 1 to track cryptocurrency asset transactions and bring its legal framework in line with global standards, according to Kyodo News. The new measures include the so-called “travel rule” of the Financial Action Task Force (FATF). The rule requires financial institutions that handle the transfer of cryptographic assets to pass on customer information to the next institution, which should include the names and addresses of the sender and recipient. Target cryptographic assets include stablecoins or cryptocurrencies pegged to currencies such as the US dollar or commodities. Violators will face criminal penalties if they do not comply with the authorities’ correction orders. According to the report, Japan revised its relevant laws in December after the Financial Action Task Force (FATF) deemed Japan’s anti-money laundering measures insufficient.

Exchange:

Binance will remove 11 spot trading pairs including BTC/AUD and AUD/USDT on June 1

Binance announced that it will delist and stop trading for the following trading pairs on June 1, 2023 at 06:00 (UTC): ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, XRP/AUD. Users can still trade the aforementioned assets on other trading pairs available on Binance. It is worth noting that all the trading pairs being removed are related to the Australian dollar (AUD).

Project Update:

BNB Chain plans to launch ZkBNB mainnet on June 1

BNB Chain released its first quarter technical update, including the launch of the Greenfield testnet, reducing transaction fees, BSC validator self-stake update, MEV research, and Planck hard fork upgrade. At the same time, the article also pointed out that BNB Chain plans to launch the ZkBNB mainnet on June 1 and complete the BEP-206 proposal.

Voyager liquidation process to begin as early as May 19, customers may receive initial compensation before June 1

The Unsecured Creditors Committee (UCC) for Voyager said on Twitter, “We are working with Voyager to effectuate the liquidation plan as soon as possible (as early as May 19). Upon plan effectiveness, the Committee will be dissolved and the plan administrator will take over the liquidating debtor, and we are still working to try to provide preliminary compensation before June 1.”

Token Unlocking:

Hedera (HBAR) will unlock 1,273,353,491 tokens worth $66.73 million, accounting for 2.547% of the total supply at 8:00 am on June 1st.

Acala (ACA) will unlock 27,433,334 tokens worth $1.23 million, accounting for 2.743% of the total supply at 3:00 pm on June 1st.

June 2nd

Token Unlocking:

1inch (1INCH) will unlock 249,807,669.19 tokens worth $100 million, accounting for 16.654% of the total supply at 8:00 am on June 2nd.

Nym (NYM) will unlock 25,000,000 tokens worth $4.78 million, accounting for 2.5% of the total supply at 8:00 am on June 2nd.

June 3rd

The NFT project Pudgy Penguins has launched a toy product called Pudgy Toys, which will be released on June 3rd.

The NFT project Pudgy Penguins announced on Twitter that the toy product Pudgy Toys, which combines NFTs and blockchain technology with physical toys, and the NFT digital platform Pudgy Worlds have officially launched. Pudgy Toys are priced between $8.99 and $24.99 and are scheduled to be shipped on June 3rd. Buyers will receive a “birth certificate” to unlock a feature box on Pudgy World Season 1, as well as soul binding tokens and NFTs. It is reported that all minting processes will be conducted on the Polygon blockchain.

Token Unlocking:

Sui (SUI) will unlock 61,083,333.36 tokens worth $62.54 million, accounting for 0.611% of the total supply at 8:00 am on June 3rd.

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