Web3 Daily | Hong Kong Securities and Futures Commission to implement regulations on virtual asset trading from June 1; OKEx launches Oridinals market.
Selected News:
1. Hong Kong Securities and Futures Commission: The regulation on virtual asset trading will be implemented from June 1st. Retail investors may be able to buy and sell virtual assets on licensed trading platforms as early as the second half of this year.
2、V God: Upload the game made in 2011 to IPFS;
3、Sei Foundation's official website has an Airdrop button, and may announce the details of the airdrop;
4、FTX's current CEO, John Ray III, has confirmed the relaunch plan for FTX 2.0;
5、Investigative journalist: Decentralized cryptocurrency trading platform WOO X is heavily in debt and unable to pay.
6、OKX Web3 wallet officially launched on Oridinals market;
Funding Information
Web3 game publisher BoomLand announced the completion of a $1 million Pre-Seed round of financing, with participation from Polygon, Game7, Magic Eden, Hyperithm, and some private investors. BoomLand has previously completed a soft launch and first NFT sale, and its first blockchain game, "Hunters On-Chain," is scheduled to be released later this month.
Project Updates
Sei Foundation website shows Airdrop button, may announce airdrop details
The Sei Foundation's official website has now added an Airdrop button, indicating that the airdrop details may be announced soon. The public chain project Sei announced on social media in October last year that 1% of the total supply of Sei Tokens would be distributed to incentivize the test network and reward early members of the community who use the network. In addition, Jayendra Jog, co-founder of Sei Labs, also stated in February of this year that the Sei Network mainnet is expected to be launched in the coming months and an airdrop will be conducted.
Binance US will list Blur (BLUR)
Binance US announced that it will soon launch Blur (BLUR) and will be listed on BLUR/USD and BLUR/USDT trading pairs at 5:00 PDT on May 24th. Deposits are currently open.
Investigative journalist: Decentralized cryptocurrency exchange WOO X is heavily insolvent
Investigative journalist Chris Brunet has released an investigative article on the decentralized cryptocurrency trading platform WOO X, questioning the platform's financial health and suspecting that it has misappropriated user assets for investment, resulting in insolvency.
The article points out that WOO X has a hedge fund called Kronos Research that is highly similar to Alameda. Although the user terms state that WOO X will not use user deposits for speculation, Chris Brunet later discovered that according to the asset-liability ratio, WOO X's assets can currently only cover about 80% of deposits, and 45% of the assets are composed of Token WOO. According to third-party data from Nansen, WOO X's treasury is actually 76% composed of WOO, significantly higher than the data it actively disclosed, resulting in the actual value of reserve assets being far less than user deposits.
V God: Uploads game made in 2011 to IPFS
Ethereum co-founder Vitalik Buterin posted on social media, "I chose a game that I made in the pre-crypto era (2011) and uploaded it to IPFS. I hope everyone enjoys playing it and can successfully complete the tutorial."
FTX current CEO John Ray III confirms FTX 2.0 restart plan
FTX User Alliance cited court documents stating that FTX's current CEO, John J. Ray III, has confirmed the FTX 2.0 plan, which includes reviewing and completing materials for the relaunch of the 2.0 version trading platform, as well as evaluating the bidding list for 2.0.
OKX Web3 Wallet Officially Launched on Oridinals Market
According to official news from OKX, the OKX Web3 wallet has officially launched the BRC20/Oridinals market. It is the first multi-chain wallet that supports Oridinals transactions and the first wallet that allows BRC20 Token trading on mobile devices.
The OKX Web3 wallet currently supports the viewing and transfer of Ordinals NFT, Token parsing transactions, and BTC cross-chain transactions. It also provides convenient features such as abandoned inscription transaction prompts and phishing risk prompts for BRC20. More features such as NFT trading, Lightning Network, and BRC20 Staking will be supported soon. Previously, OKX released industry standards such as BRC20 dual verification, parsing, and the first BRC20 browser.
Binance will support the network upgrade of Fetch.ai (FET) and Terra Classic (LUNC)
Binance is expected to suspend the recharge and withdrawal services of FET Token on May 23 at 20:00 to support the network upgrade of Fetch.ai (FET) at Fetch.ai block height 11,235,813 (expected at 21:00 on May 23). Binance is expected to suspend the recharge and withdrawal services of LUNC and USTC Tokens on the Terra Classic (LUNC) network via Terra Classic on May 24 at 05:30 to support the network upgrade of Terra Classic (LUNC) at Terra Classic block height 12,902,400 (expected at 06:00 on May 24).
During the network upgrade period, FET, LUNC, and USTC trading will not be affected. After the network upgrade is completed and the network is stable, the recharge and withdrawal services of FET, LUNC, and USTC Tokens will be reopened.
Hong Kong trading platform BitgetX has gone live and is open for registration.
The virtual asset trading platform BitgetX announced that its website has been launched and registration and trading services are now available. The platform provides services for users in Hong Kong and currently supports Traditional Chinese and English. The platform has launched spot trading services for more than 200+ currencies.
According to reports, BitgetX is planning to apply for a virtual asset service provider (VASP) license from the Hong Kong Securities and Futures Commission in accordance with the "Guidelines for Virtual Asset Trading Platform Operators" that will take effect on June 1, 2021, and the "Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022" passed on December 7, 2022, to provide compliant virtual asset trading services for Hong Kong users.
OmniBOLT announced a technical collaboration with Unisat and conducted in-depth technical discussions on how to expand Bitcoin Layer2, support BRC-20 Lightning Network payments, Ordinals protocol, and wallet integration. Both OmniBOLT and Unisat hope to break through the performance bottleneck of current Bitcoin main chain transactions and provide users with more efficient and cost-effective products.
According to Decrypt, Michael Saylor, co-founder and CEO of MicroStrategy, said in an interview that "if BRC-20 tokens are considered alternative tokens for issuing unregistered securities, many people will oppose it because it is unethical and illegal. You can't blame the community for opposing this. However, if they are issued and regulated in an ethical and legal manner, there is no problem, and it all comes down to use cases and perceptions." Saylor gave an example, saying "if all stocks and ETFs traded on NASDAQ were tokenized with BRC-20, individuals could personally hold their stocks instead of locking them in a centralized custodian. If presented in this way, Bitcoin enthusiasts would love it."
However, Saylor opposes the censorship of ordinal transactions on the Bitcoin network, stating that "it is best to let the free market play its role. People should invest in what they believe in and be free to criticize what they think is foolish, but they should not censor it."
一站式空投交互社交平台 VDAO 开启预约，预约人数已超过万人
Translation:Web3 SocialFi product VDAO has launched its Waitlist reservation. Users can participate by filling out a Google form on the VDAO website. It is reported that users who make a reservation on the Waitlist will become the first batch of product testers after the VDAO internal testing phase, and will receive special benefits including points and OAT. The reservation will end on May 31st.
VDAO is a community-driven one-stop airdrop interactive social platform, with over 10,000 users participating in the reservation. The project will upgrade Cryptopedia and gradually disclose its core mechanism and unique features in the near future. It is expected to open for user testing shortly after the reservation period ends.
The South Korean cryptocurrency exchange Upbit has announced that the member exchanges of the Korean digital asset exchange consulting firm DAXA (Upbit, Bithumb, Coinone, Korbit, and Gopax) have lifted their investment warnings on KAVA and WAVES. The stablecoins USDX and USDN, which are related to the two cryptocurrencies, were previously unable to maintain their pegs, but the issue has been resolved and KAVA and WAVES deposit services will be resumed.
Polygon tweeted that the optimization of Polygon zkEVM is expected to reduce costs by about 20% in the next few weeks, without any compression involved. Transaction fees on Polygon zkEVM include the cost of data availability and publishing proofs to Ethereum. In addition to publishing the state data of each transaction processed by Polygon zkEVM, the fees also include the cost of running servers that generate proofs. Data availability accounts for about 80% of transaction fees on the network.
Web3 wallet Zerion has announced that its app has been temporarily removed from the App Store. The team is working hard to resolve the issue and will provide real-time updates on the progress. In addition, iOS users can merge Genesis NFTs through the web application.
Bitget has officially launched blockchain courses on Bitget Academy. These courses are part of the Bitget Blockchain4Youth program, aimed at cultivating more talents for the development of the blockchain ecosystem. The blockchain courses at Bitget Academy are divided into three parts: Introduction to Blockchain, Future of Blockchain, and Applications of Blockchain.
Individuals who complete all courses and pass the exam will receive the Blockchain4Youth certificate issued by Bitget Academy. As part of its corporate social responsibility (CSR), Bitget will also hold a series of campus lectures at top universities in Taiwan, Vietnam, and Thailand. In the future, Bitget plans to offer scholarships to young blockchain enthusiasts to provide financial assistance. Recently, Bitget held a lecture at National Taiwan University on "How to Invest with Cognition," which received positive feedback from students.
疑似朝鲜黑客使用针对 macOS 的恶意软件「RustBucket」窃取系统信息
Translation:According to foreign media reports, Jamf's security researchers released a report on Bluenoroff's RustBucket in April this year, discovering a malicious software "RustBucket" targeting macOS operating systems written in Rust and Objective-C. It consists of a macOS installer that installs a backdoor but functional PDF reader. Then, the fake PDF reader needs to open a specific PDF file as a key to trigger malicious activity, which will collect and send information about the invaded system. The malware is suspected to be related to the North Korean hacker group Bluenoroff.
DATA
According to CoinGecko data, the total trading volume of the global cryptocurrency market on May 22 was 29.159 billion US dollars, which increased by 32.5% compared to May 21's 22.006 billion US dollars.
The Block's DEX to CEX ratio (tracking the trading volume of decentralized exchanges relative to centralized exchanges) has exceeded 20% for the first time, setting a new historical high. Cryptocurrency influencer @BasedKarbon pointed out that the meme coin frenzy has led to a shift in people's preference for DEX. "During the meme coin frenzy, limited market participants returned to DEX trading," he stated in direct communication with The Block.
Bitcoin Volatility Index rose slightly to 53.38 yesterday, with a daily increase of 0.95%.
The BitVol index, which measures the 30-day expected implied volatility derived from tradable Bitcoin options prices, jointly launched by financial index company T3 Index and Bitcoin options trading platform LedgerX, rose slightly to 53.38 yesterday, up 0.95% from May 22nd (52.88).
BlockBeats Note: The implied volatility is the volatility implied by the actual option price, which is calculated using the B-S option pricing formula by inputting the actual option price and other parameters except for volatility. The actual price of an option is formed by the competition of many option traders. Therefore, the implied volatility represents the market participants' views and expectations of the future market, and is considered to be the closest to the true volatility at that time.
Regulation
The Hong Kong Securities and Futures Commission website shows that the consultation period for proposed regulatory measures for virtual asset trading platform operators applying for licenses from the Securities and Futures Commission ended on March 31, 2023. Respondents generally supported the proposed regulatory measures for licensed virtual asset trading platforms. The revised proposed regulatory measures will take effect on June 1, 2023.
According to the website of Hong Kong Radio Television, temporary head of the intermediary department of the Hong Kong Securities and Futures Commission, Cai Zhonghui, stated that there is currently no platform available for retail investors to buy and sell virtual assets. It is expected that after the guidelines take effect, retail investors will be able to buy and sell on licensed trading platforms in the second half of this year at the earliest.
Cai Zhonghui emphasized that if local virtual asset platforms are not already in operation before the regulations take effect, or if overseas platforms do not have a license after the guidelines are implemented, they cannot conduct virtual asset trading business in Hong Kong or promote it in Hong Kong. Otherwise, they will be held criminally responsible. Existing platforms can apply for a license within 9 months after the guidelines take effect.
He also pointed out that licensed platforms must ensure that their customers are not trading through "climbing the wall" and ensure that the IP address is not from an area where virtual assets cannot be bought or sold, emphasizing the need to comply with relevant regional regulations.
The Hong Kong Securities and Futures Commission (SFC) announced that it will publish the "Guideline for Virtual Asset Trading Platform Operators", "Guideline on Anti-Money Laundering and Counter-Terrorist Financing for Licensed Corporations and SFC-Registered Virtual Asset Service Providers", "Guideline on Anti-Money Laundering and Counter-Terrorist Financing Controls for Licensed Corporations and SFC-Registered Virtual Asset Service Providers with Associated Entities", and "SFC Disciplinary and Fines Guidelines" in the Gazette on May 25, 2023.
In addition, the SFC reminds that although the relevant regulations will come into effect on June 1, 2023, the SFC has not yet approved any virtual asset trading platform to provide services to retail investors, and most of the existing virtual asset trading platforms accessible to the public are not regulated by the SFC.
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