Hong Kong government plans to launch a virtual asset custody licensing regime next year
According to East Net, the Hong Kong government intends to improve the regulation of virtual asset transactions. Chen Haoyan, Under Secretary for Financial Services and the Treasury, said that the government plans to complete the second round of public consultation on the regulation of over-the-counter (OTC) virtual asset transactions next year, and will also propose a licensing regime for virtual asset custody service providers for consultation next year, to ensure that the safekeeping of digital assets meets international standards. He emphasized that the government has a clear understanding of the concept of virtual assets, believing that "only by providing a transparent, definite and predictable regulatory environment can financial innovation be effectively encouraged". Before the end of this year, the government will submit a bill to the Legislative Council to establish a licensing regime for issuers of fiat-backed stablecoins, in order to build a safe framework for this emerging market. He pointed out that many financial institutions choose to set up their regional headquarters or largest regional operations in Hong Kong, which means that Web 3 companies in Hong Kong can conveniently access a large number of potential customers, investors and business partners, making Hong Kong an ideal place for their entrepreneurship and expansion.
Russia implements control measures on BTC mining business
According to Crypto Briefing, the Russian government has issued a new law regulating digital currency transactions, aimed at controlling BTC and cryptocurrency mining activities. The bill will come into effect on November 1st, authorizing the Russian government to ban digital currency mining in designated regions or territories. The bill also outlines the conditions for implementing such bans. The report states that under the new regulations, the government can regulate the activities of mining infrastructure operators, shifting from previous obligations to now formal rights. The law also expands the entities that can access digital currency identification addresses. Previously, this was limited to the Federal Financial Monitoring Service, but now all federal executive authorities, including investigative and enforcement agencies, have this power. The new law allows individuals to mine without registration within certain electricity consumption limits, while companies must register to mine legally. The Federal Tax Service will be responsible for managing the miners' registry, which was previously managed by the Ministry of Digital Development. For companies that repeatedly violate the rules within a year, the Federal Tax Service can remove them from the miners' registry, prohibiting them from providing services to unregistered or deregistered entities.
Market news: Tether CEO says the company owns 82,454 BTC
According to a post on X platform by Bitcoin Magazine, Tether CEO Paolo Ardoino disclosed that the company owns 82,454 BTC, worth about $55.5 billion.
According to Decrypt, crypto artist Beeple (Mike Winkelmann) recently stated in an interview: "Currently, Non-Fungible Token speculators have left, only a core group of people 'understanding the technology' remain as enthusiasts. Looking back, I feel it was crazy, because Non-Fungible Tokens were hated for much longer than they were loved. We lost a lot of users, but those people were never there for the art, I could see it right away. Speculators have moved on, but people are still passionate about this thing." It is reported that Beeple's Non-Fungible Token work "Everydays: The First 5,000 Days" was sold for $69.3 million in 2021, setting a record. Since then, the enthusiasm around Non-Fungible Tokens has dropped significantly, with trading volume plummeting by more than 90%.
Cathie Wood: The increasing uncertainty in the global economy has strengthened our confidence in BTC
In an interview with Bloomberg, Ark Invest CEO Cathie Wood, when asked "whether she is still confident in the target of BTC reaching $1 million", said: "Yes, the greater the uncertainty and volatility in the global economy, the stronger our confidence in BTC. One of the reasons is that we have just experienced an inflation panic, which we believe was mainly caused by supply chain issues, and BTC is a hedge against inflation."
Data: Base's daily stablecoin transfer volume surpassed all other chains for the first time
According to a tweet by crypto KOL Peter Schroeder, on October 26th, Base's daily stablecoin transfer volume surpassed all other chains for the first time. On that day, Base processed over $18.1 billion in stablecoin transactions (99.9% USDC), accounting for more than 30% of the total stablecoin trading volume that day.
According to DL News, FTX has agreed to drop its litigation against the 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 the BIT token, to Bybit's investment arm Mirana Corp. for $53 million. Previously, FTX had accused Bybit-affiliated accounts of transferring $327 million in assets just before its collapse, preventing other users from withdrawing. Earlier this month, FTX's approved compensation plan is expected to distribute at least $12.6 billion to affected users. The compensation plan will be launched within 60 days of the effective date, the specific date of which has not yet been determined.
Tether CEO Paolo Ardoino posted on X platform that yesterday at the Lugano Plan ₿ event, he previewed Tether's Local AI development kit, which focuses on privacy and is supported by peer-to-peer technology, allowing code to run anywhere from a $40 phone to a flagship smartphone, from laptops to mainframes with many H100s, from smart fridges to car infotainment systems. Tether's AI SDK is highly modular, supporting any model (Marian, Llama, etc.) and loading/storing weights and fine-tuning data in a P2P data structure. It will be open-sourced after "field testing".
Token Unlocks data shows that TIA, SUI, and OP tokens will see major unlocks this week, among which: - TIA will see an unlock of about $941 million. - SUI will see an unlock of about $200 million. - OP will see an unlock of about $100 million.
- 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 circulating supply, valued at approximately $941 million;
- Sui (SUI) will unlock approximately 64.19 million tokens at 8:00 AM Beijing time on November 1, accounting for 2.32% of the current circulating supply, valued at approximately $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 circulating supply, valued at approximately $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 circulating supply, valued at approximately $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 circulating supply, valued at approximately $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 circulating supply, valued at approximately $13.4 million;
- Cardano (ADA) will unlock approximately 18.53 million tokens at 8:00 AM Beijing time on November 1, accounting for 0.05% of the current circulating supply, valued at 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 circulating supply, valued at approximately $8.1 million;
- Delysium (AGI) will unlock approximately 34.38 million tokens at 8:00 AM Beijing time on November 1, accounting for 2.85% of the current circulating supply, valued at approximately $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 circulating supply, valued at approximately $4.5 million;
- SingularityNET (AGIX) will unlock approximately 8.07 million tokens at 8:00 AM Beijing time on October 28, accounting for 2.11% of the current circulating supply, valued at approximately $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 circulating supply, valued at approximately $4.3 million;
- Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3:00 AM Beijing time on October 30, accounting for 0.69% of the current circulating supply, valued at approximately $3.8 million;
- Velo (VELO) will unlock approximately 182 million tokens at 8:00 AM Beijing time on October 29, accounting for 2.47% of the current circulating supply, valued at approximately $2.3 million;
- Crown by Third Time Games (CROWN) will unlock approximately 4.63 million tokens at 8:00 AM Beijing time on November 1, accounting for 2.18% of the current circulating supply, valued at approximately $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 circulating supply, valued at approximately $1.2 million.
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