Take a look at the most noteworthy industry events and important project progress in the coming week.
This week (September 25th – October 1st), Taiwan’s Financial Supervisory Authority will announce 10 guiding principles for the supervision of virtual currencies. FTX debtors are required to submit proof of customer claims. The following is a preview of the week's major Web3 events that cannot be missed:
The Taiwan Financial Supervisory Commission is expected to announce 10 guiding principles for virtual currency supervision by the end of September.
The Ethereum test network Holesky will restart on September 28.
Arbitrum will restart the Odyssey event.
FTX debtors are required to submit proof of customer claim.
The global Al & Web3 investment summit "The EDGE" will be held in Hong Kong.
important events
Important events worth paying attention to this week include the formulation and impact of global virtual asset policies and important developments in the FTX incident.
The Taiwan Financial Supervisory Commission is expected to announce 10 guiding principles for the supervision of virtual currencies by the end of September. The proposed 10 guiding principles include strengthening information disclosure, requiring operators to set review standards for listing and delisting, separate custody of platform and customer assets, and specifying that personal currency dealers should also implement money laundering Prevention, etc. One of the key restrictions is that foreign cryptocurrency companies are strictly prohibited from illegally soliciting business. Foreign VASPs are not allowed to solicit business in Taiwan or from domestic residents without registering in accordance with the Company Law and declaring to the Financial Supervisory Commission that they comply with anti-money laundering regulations.
The Financial Supervisory Commission said that it does not rule out setting up special laws for virtual currencies in the future. Before there is a special law, the Financial Supervisory Commission will manage virtual asset operators in accordance with the "Money Laundering Prevention Act". If the operators do not make a compliance statement on money laundering prevention, , the Financial Supervisory Authority will require the other party to improve, otherwise it will be punished under the Money Laundering Prevention Act, with fines starting from 500,000 yuan and up to 10 million yuan. According to data disclosed by the Taiwan Financial Supervisory Commission on September 10, 52 virtual currency platform operators have planned to join the Taiwan market, 25 of which (two are Taiwan branches of foreign companies) have completed legal compliance statements on money laundering prevention, and another 27 companies are in the process of replacing parts.
In addition, this week, several major crypto exchage such as Coinbase and Bitstamp may shut down services in some regions due to policy reasons:
Coinbase plans to stop providing services to Indian users after September 25 and advises users to withdraw all funds in their accounts;
Bitstamp will stop providing staking services for US users on September 25;
Binance ’s fiat currency partner Paysafe will no longer provide euro deposit and withdrawal services to Binance users starting from September 25, 2023;
Bybit will suspend its operations in the UK from October 1st.
Financial payments giant PayPal will also temporarily stop cryptocurrency purchase services in the UK from October 1, 2023. This requirement is due to the introduction of new rules by the UK Financial Conduct Authority (FCA), which requires cryptocurrency companies to purchase cryptocurrencies when customers purchase cryptocurrencies. Additional steps are implemented before currency. The UK's cryptocurrency financial promotion rules will take effect on October 8. The regulations have stricter regulations on cryptocurrency service companies. Many UK crypto-related companies will adjust their crypto-related services before this date to meet the requirements. regulatory requirements.
In addition to regulatory policies, what needs to be noted this week is that FTX debtors need to submit customer claim certificates before 16:00 on September 29, Eastern Time (4:00 on September 30, Beijing time). According to an investigation report released by the FTX debtor, FTX owes customers approximately US$8.7 billion, and FTX’s assets are approximately US$7 billion, including FTX’s 38 properties in the Bahamas, nearly US$2.6 billion in cash, and US$3.4 billion in cryptocurrency. Previously, the court used FTX to sell, pledge and hedge its cryptocurrency holdings, returning funds to creditors in the form of fiat currency instead of Bitcoin and Ethereum. Including approximately $1.2 billion in SOL tokens, $560 million in Bitcoin, and $192 million in ETH.
The Ethereum test network Holesky will restart on September 28, after the Holesky network failed to restart on September 15. Nethermind has also launched the Ethereum Nethermind client v1.20.4 to support Holesky startup. The purpose of the Holesky testnet is to replace the soon-to-be-deprecated Goerli testnet in early 2024.
In addition, the restart of Holesky may also affect the activation time of Dencun on the mainnet. Tim Beiko said that if Dencun is not released on the public testnet before Devconnect in November, its mainnet activation will probably not take place this year. Previously, Tim Beiko suggested launching Dencun on these testnets in the order of Holesky, Goerli, and Sepolia. However, since Holesky failed to launch on September 15, Jayanthi proposed to launch Dencun on Goerli first, and then on Holesky. Because Goerli is a testnet that is about to be deprecated, this means that developers are free to try to modify the Dencun specification.
Arbitrum will restart the Odyssey event at Arbitrum One on September 26. Arbitrum launched the Odyssey event at Arbitrum Nitro a year ago, but at the beginning of the second week, due to the number of users completing transactions on the chain and the smart contracts they interacted with The complexity caused chain congestion and Arbitrum suspended the activity. This Odyssey event will be launched in partnership with Web3 community event platform Galxe and will last for 7 weeks. Arbitrum says there will be no airdrops or rewards of any kind for the reboot, and custom badges can be earned by completing missions and exploring 13 projects on Arbitrum One.
The first season public beta of Yuga Labs' 2D strategy game Legends of the Mara (LoTM) will be launched on September 26. During the first season, users can hatch Mara. Koda holders can start collecting shards and hunting early. Beta loot will be minted at the end of each season, which can be used for LotM's expanded game items. Previously, Otherside revealed that some non-Yuga Labs ecologicalNFT series will be invited to join its game Legends of the Mara (LoTM).
Upcoming Events
The event carnival month is coming to an end, and the noteworthy Web3 activities in the last week of September are mainly concentrated in Hong Kong.
The Global Al & Web3 Investment Summit " The EDGE " will be held in Hong Kong from September 25th to 27th. The event will include startup demo days and seminars on topics such as AI and Web3, AIGC, security and compliance, Cinema 3.0 and Metaverse. Keynote speeches and discussions, guest speakers include Hape CEO Ander Tsui, Hong Kong Legislative Council Member Wu Jiezhuang, Shefa Capital Managing Partner and Oobit Technologies Chairman Moshe Schlisser, etc.
Among them, DEMO DAY will be held in Hong Kong at 14:00 on September 27, which will provide opportunities to showcase innovative and entrepreneurial projects. Dozens of investment institutions from China, the Middle East, Israel, Europe and the United States have confirmed their attendance, including GEM , Meihua Venture Capital, Deding Innovation, Zihui Venture Capital, and investment institutions in the Web3 field such as Amber Group, HashKey, etc.
In addition, AWS will hold an offline event with the theme of " AWS Web3 Day " at the Cordis Hotel in Hong Kong from 9:15-16:30 on September 26, and the ICP Asia Alliance will also hold an offline event on September 28 from 17:00 to 23:00. 00 held in Hong Kong.
Token unlock
According to Token Unlocks data, from September 25th to October 1st, ACA, GAL, YGG, AGIX, EUL, OP, and 1INCH tokens will be unlocked at one time, and OP tokens worth more than 30 million US dollars will be unlocked in September. It will be unlocked at 12:00 on the 30th, accounting for 3.03% of the circulating supply.
