Weekly Update: 05 Jan 2023
1) China to launch first National ‘Digital Asset’ Marketplace[Yahoo Finance]
– China is launching its first state-backed NFT marketplace. The platform will be run by three state-owned and private entities.
2) HK’sfinancial service firmsaskingaboutretail virtual-asset trading[South China Morning Post]
– Local brokers and fund managers have been asking about licensing requirements to trade virtual assets for retail clients under the new regulatory regime, Deloitte Hong Kong says.
3) Binance buys 41% stake in Korean exchange Gopax[Finance Feeds]
– Binance purchased 41% of the equity stake from Gopax’s largest shareholder. The deal was originally set to be announced last year and was postponed for further due diligence.
4) 70% of unregulated exchange transactions are wash trading: NBER study[Cointelegraph]
– A working paper recently published by the National Bureau of Economic Research studied 29 unregulated exchanges and concluded that more than 70% of the volumes are wash trades.
5) DeFi protocol Sushi to shutter lending product to focus on DEX[CoinDesk]
– Popular DeFi application Sushi will sunset two products as part of its broader plans toward making the protocol sustainable and profitable.
6) FTX Japan to allow customers to withdraw funds starting in February[CoinDesk]
– FTX Japan customers will be able to withdraw their funds as of mid-February, making them some of the first customers of the collapsed crypto exchange to get their money back.
7) Sam Bankman-Fried pleads ‘not guilty’ to fraud, conspiracy charges[CoinDesk]
– SBF, who stands accused on eight different counts including wire fraud and campaign finance violations, pleaded not guilty to all charges via his lawyer.
8) Singapore-headquartered AirCarbon Exchange raised US$15m convertible notes[Business Times]
– Blockchain-based carbon exchange AirCarbon Exchange has closed a US$ 15m convertible note series with Singapore-based decarbonization investor Trirec leading the deal.
9) UK enforces crypto tax break for foreigners using local brokers[Yahoo Finance]
– UK is enforcing a tax exemption for foreign investors purchasing crypto through local investment managers or brokers starting Sunday.
