Regulatory Dynamics

1. G7 finance ministers strongly support strengthening regulation of digital currencies.

The G7 finance ministers stated in a video conference that they strongly support strengthening regulations on digital currencies. The meeting discussed the development trends of crypto assets and other digital assets, as well as the measures taken by various countries to prevent them from being used for illegal purposes.

2. Busan, South Korea is advancing the construction of a virtual asset financial center.

The Busan Chamber of Commerce has approved a policy proposal to establish a guiding organization for a virtual asset financial special zone. The plan is implemented in three phases: first, to establish a blockchain financial business ecosystem; second, to set up a regulatory body; and finally, to build virtual asset financial infrastructure. Previously, there were reports that South Korean exchanges began reviewing crypto-related companies.

3. France Issues New KYC Regulations for Cryptocurrency Companies

The French Ministry of Finance has announced comprehensive KYC requirements for cryptocurrency companies operating in France. All virtual asset service providers must immediately begin verifying customer identities, prohibiting anonymous crypto accounts. The Ministry stated that this move aims to combat the use of cryptocurrency by terrorists and indicated that new regulatory provisions are being developed.

4. Singapore invests $8.9 million to support blockchain research

The Singapore government has initiated an $8.9 million project to strengthen the country's blockchain ecosystem. The plan will attract nearly 75 companies to participate, including multinational corporations, local large enterprises, and ICT companies.

Industry News

1. DBS Bank launches a digital currency trading platform

Singapore's largest commercial bank, DBS Bank, has officially launched the digital trading platform DBS Digital Exchange. The platform will offer exchanges, spot trading, and custody services between 4 fiat currencies and 4 digital assets, and is not currently open to retail investors. The Singapore Exchange will hold a 10% stake in the platform.

2. MicroStrategy issues convertible bonds to purchase Bitcoin

MicroStrategy officially announced the details of its convertible note plan, which will issue $550 million in convertible bonds to purchase Bitcoin. The bonds will be issued privately to qualified institutions, with expected net proceeds of approximately $537.2 million. Previously, it was reported that a large bank downgraded the company's stock rating due to its excessive focus on Bitcoin.

3. Fidelity partners with BlockFi to launch Bitcoin collateral loans

Fidelity's cryptocurrency subsidiary will partner with BlockFi to launch dollar loans backed by Bitcoin. Potential clients include hedge funds, miners, and over-the-counter trading platforms. BlockFi will provide protection for 60% of the loan amount to reduce risk.

4. ING Bank Netherlands tests crypto asset custody project

The head of the ING blockchain announced the progress of initial experiments with crypto assets. Its Pyctor project is the custody and post-trade infrastructure for cryptocurrencies, which has been included in the UK regulatory sandbox. The project utilizes technologies such as multiparty computation and hardware security modules to enhance the security of custodial digital assets.

5. JPMorgan completes blockchain-based repurchase transaction

JPMorgan announced the completion of a blockchain-based real-time intraday repurchase transaction. The transaction utilized a blockchain application developed in-house, conducted between its brokerage and banking entities. The cash portion of the repurchase transaction was settled using JPM Coin.

6. The total issuance of Ethereum stablecoins hits a new high.

The total issuance of Ethereum stablecoins has reached 18.6 billion USD, setting a new historical high. Among them, USDT, USDC, and DAI account for the largest proportions, at 66.88%, 16.38%, and 5.72% respectively. Ethereum stablecoins are usually pegged to the price of fiat currencies, with price stability ensured by third-party audits or algorithms.

7. Foxconn Suffers Ransomware Attack

Electronic manufacturer Foxconn was hit by a ransomware attack at a manufacturing facility in Mexico. Hackers are demanding a ransom of about $34.68 million in Bitcoin. Foxconn responded by stating that the affected plant is restoring its network and that the overall impact on operations is minimal.