Morning Post - November 1

headlines

▌Hong Kong sets new rules for cryptocurrency futures ETF issuers

Hong Kong formulates new rules for cryptocurrency futures ETF issuers. Any product needs to meet the requirements for managing unit trusts, mutual funds, and unlisted structured products. ETF issuers need to demonstrate at least three years of track record and compliance with regulatory records. People will need to prove that the digital asset ETF has sufficient liquidity, the net risk of derivatives cannot exceed 100% of the total net asset value of the ETF, and the issuer needs to carry out investor education before launching.

policy

▌U.S. Department of Justice Revisits Tether Bank Fraud Investigation

According to Bloomberg, citing people familiar with the matter, the federal prosecutor in Manhattan is taking over Tether's bank fraud investigation and will investigate whether the executives behind the stablecoin Tether committed a crime. Tether said it has had an "open dialogue" with law enforcement. Last year, federal prosecutors in Washington warned top Tether officials that they could be charged for allegedly defrauding the banks they used to move the cash. But after months of legal wrangling, the case was moved within the department, according to people familiar with the matter.

▌Singapore Reminds Its Crypto Firms of Financial Sanctions Against Russia

All approved cryptocurrency exchanges in Singapore have been reminded to comply with financial restrictions imposed on Russia by the Monetary Authority of Singapore (MAS). Earlier investigations revealed that pro-Russia groups had raised millions of dollars in cryptocurrency donations in support of the ongoing conflict in Ukraine, exposing Russia to tougher international financial sanctions.The Monetary Authority of Singapore (MAS) is also understood to have taken measures against Russian banks and other companies with operations in Russia around the time of the EU's first round of sanctions.

Blockchain application

▌The Monetary Authority of Singapore (MAS) has completed the first phase of the CBDC project

The Monetary Authority of Singapore (MAS) has completed the first phase of its central bank digital currency (CBDC) project.This phase explores potential use cases for a digital Singapore dollar and the infrastructure required to implement it. "The MAS' vision is to build an innovative and responsible digital asset ecosystem in Singapore," the report said. The country has been working with the cryptocurrency industry and issuing licenses to major companies such as Coinbase and Blockchain.com, and continues to explore a retail CBDC.

cryptocurrency

▌V God: Should not excessively pursue large institutional capital

Ethereum co-founder Vitalik Buterin (V God) expressed his views on the regulatory debate around cryptocurrencies on Sunday. V God said that I don't think large institutional capital should be pursued excessively. In fact, I am glad that many ETFs have been delayed. . The ecosystem needs more time to mature before we get more attention. Basically, especially at this time, regulation that lets the crypto space grow freely internally but makes it harder for crypto projects to enter the mainstream is far worse than regulation that intrudes on how crypto works internally.Also, I'd like to see the rules written in such a way that the requirements are met by zero-knowledge proofs as much as possible. ZKPs offer many new opportunities to meet reg policy goals while preserving privacy, and we should take advantage of this.

▌Meta has withdrawn from the ranks of the world's top 20 companies

As Mark Zuckerberg's personal assets have shrunk by US$100 billion, Meta has also suffered a huge blow. According to Bloomberg, the company's valuation has plummeted by US$677 billion in 2022, and it has now withdrawn from the ranks of the world's top 20 companies. The sixth-largest company in the US by market capitalization in early 2022, with a market capitalization of $1 trillion, has now fallen to $258 billion, ranking 26th behind Chevron, Eli Lilly, Procter & Gamble, Tencent and others. In addition,Morgan Stanley, Cowen and KeyBanc Capital Markets have all previously downgraded their ratings on Meta stock.

▌GameStop officially launched the NFT market

GameStop's NFT marketplace is live on Immutable X, a platform built using Immutable X's second layer scaling protocol that will offer digital assets from major web3 games. GameStop's marketplace will offer assets from Immutable X games such as Gods Unchained, Guild of Guardians, and Illuvium, as well as other web3 games.