Published on juli 13, 2024, 12:49 am
Image source: Fox News
```json [ { "TLDR": "Developments on cryptocurrency-based ETFs in East Asia with Singapore holding back, Hong Kong introducing Asia's first spot Bitcoin and Ether ETFs. Singapore issuing digital payment token licenses. Philippines facing a hack leading to $6 million theft in XRP. South Korea importer caught evading taxes with cryptocurrency mining equipment. Hong Kong SFC identifying businesses involved in crypto fraud. Japan anticipates growth in daily active cryptocurrency traders favoring established tokens." } ] ```
This week’s news from East Asia brings attention to the developments around cryptocurrency-based exchange-traded funds (ETFs). While certain nations have given the green light to these ETFs, Singapore, a significant financial center in Asia, seems to be holding back. Singapore Exchange (SGX) CEO Loh Boon Chye, speaking at a Reuters conference on July 9, mentioned that SGX is presently refraining from allowing crypto listings due to concerns about the readiness of the ecosystem in Singapore.
Being a financial rival to Hong Kong, both cities are striving to create favorable business environments through regulations and tax incentives. Hong Kong has taken a step further by introducing Asia’s first spot Bitcoin and Ether ETFs shortly after similar products launched in the United States.
In contrast, Singapore has been issuing more permits than its competitor with 24 digital payment token licenses granted as of today. These licenses empower businesses to offer crypto services like trading and custody within the region.
Shifting focus to the Philippines, criminal charges have been filed against two former consultants of Coins.ph for allegedly orchestrating a hack that led to the theft of $6 million in XRP. Despite being licensed by the central bank of Philippines, Coins.ph faced security breaches due to unauthorized access by Vladimir Evgenevich Avdeev and Sergey Yaschuck.
In South Korea, an importer was caught attempting tax evasion by disguising state-of-the-art cryptocurrency mining equipment as outdated models. This deceptive act aimed at avoiding customs duties amounting to approximately $144,000.
The Hong Kong Securities and Futures Commission (SFC) has identified several businesses engaging in crypto fraud activities. Withdrawal issues and accusations of money laundering forced clients to pay substantial fees for account reactivation.
As Japan anticipates an increase in daily active cryptocurrency traders leading towards blockchain technology integration into society’s framework, Bitget Research predicts rapid growth in cryptocurrency adoption amongst Japanese users specifically preferring established tokens like Dogecoin and Shiba Inu over newer memecoins.
This series of events underscores the evolving landscape of cryptocurrency regulation and enforcement measures across different regions in East Asia while shedding light on market trends and user preferences that influence investment decisions within the industry.
Original article posted by Fox News
