Daily Digest - 16 December 2022

Headlines

▌HKEx cryptocurrency futures ETF has completed fundraising of US$73.6 million

Despite the current slump in the crypto market, CSOP’s cryptocurrency futures ETF, which is about to be listed on the Hong Kong Stock Exchange, still raised as much as $73.6 million before listing, including CSOP Bitcoin Futures ETFs raised $53.9 million. According to Yi Wang, head of quantitative investment at CSOP Asset Management, its two crypto futures ETFs show that Hong Kong remains open to the development of virtual assets. Jinse Finance previously reported that the Hong Kong Stock Exchange will list the CSOP cryptocurrency futures ETF at a trading price of HK$780 per lot this Friday.

Policy

▌France is considering implementing a comprehensive licensing system for cryptocurrency companies in October next year on the grounds of FTX bankruptcy

Hervé Maurey, a member of the Finance Committee of the French Senate, proposed an amendment on Tuesday that would require any provider wishing to engage in digital asset services to undergo mandatory registration in France by October 2023 at the latest. The amendment stated that FTX's recent bankruptcy highlights the inherent risks of any investment in encrypted assets. France's current two-level mechanism is divided into mandatory registration and optional certification, allowing cryptocurrency companies to operate in the country without a full license until 2026. country operations. The amendment passed the Senate this week and will go to the French parliament next year.

Cryptocurrency

▌Source: QCP Capital has at least $97 million trapped in FTX

Singapore-based crypto trading firm QCP Capital has at least $97 million trapped in FTX, according to sources. To recoup some of its cash, QCP is trying to sell its claims to distressed buyers. QCP said last month it had exposure to FTX, but did not disclose the size of the exposure. A spokesman for the company said at the time that it had enough equity to absorb the writedown on its position. The impairment does not affect customers or counterparties. Withdrawals remain open and transactions continue as usual. The business remains profitable. QCP Capital operates a crypto derivatives trading platform, and also engages in proprietary trading and provides market-making services. The company said it has processed nearly $38 billion worth of transactions so far this year.

▌Former U.S. President Trump issued NFT to support ETH and credit card payments

On December 16th, former US President Trump announced the launch of his collection series NFT Donald Trump Digital Trading Card on social media. The official website shows that the number of Trump NFTs is limited, and the single price is 99 US dollars. Every purchase of an NFT will automatically participate in the lottery. The prizes include attending Trump dinners, playing golf with Trump and other activities. At the same time, the official website shows that purchasing 45 NFTs will directly get tickets to the dinner. This series of NFTs can support credit card and ETH purchases, and requires KYC and email addresses. The rarity of NFTs varies, ranging from 1-10.

▌Microsoft Updates Its Policy Terms, No Online Cryptocurrency Mining Without Approval

Microsoft has updated the terms of its policy to clarify that cryptocurrency mining is not allowed on its online services without prior approval. The update, which went into effect on December 1, is available to all users, including Microsoft's paying customers.