Regulatory Dynamics

1. G7 Finance Ministers Strongly Support Digital Currency Regulation

The G7 finance ministers expressed strong support for the necessity of regulating digital currencies during a video conference. They discussed the development trends of crypto assets and other digital assets, as well as the measures taken by various countries to prevent their use in illegal activities.

2. Busan's proposal for a virtual asset financial center policy

The Busan Chamber of Commerce in South Korea has passed a policy proposal to establish a virtual asset financial special zone. The proposal is being advanced in three phases: the first phase establishes a blockchain financial ecosystem, the second phase sets up regulatory agencies, and the third phase constructs virtual asset financial infrastructure. Previously, there were reports that South Korean exchanges began reviewing crypto-related companies, with at least six companies under scrutiny.

3. France introduces new KYC regulations for cryptocurrency companies

The French Ministry of Finance announced the implementation of comprehensive KYC requirements for cryptocurrency companies operating in the country. All virtual asset service providers must immediately begin verifying customer identities, validating "beneficial owners," and banning anonymous crypto accounts. The Ministry stated that it is preparing new regulatory provisions to accelerate the digital identification of crypto transactions.

4. Singapore invests 8.9 million USD to support blockchain research

The Singapore government has invested 12 million SGD (, approximately 8.9 million USD ), to support blockchain research. The project will attract nearly 75 companies, including multinational corporations, large local enterprises, and ICT companies.

Industry News

1. DBS Bank Launches Digital Currency Trading Platform

Singapore's largest commercial bank, DBS Bank, officially launched its digital trading platform, DBS Digital Exchange, which will begin trading next week. The platform is aimed at institutions and qualified investors, offering fiat-to-digital asset conversions, spot trading, and custody services. 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 a $550 million convertible note issuance, expecting net proceeds of approximately $537.2 million, which will be used to purchase Bitcoin. The notes are set to mature on December 5, 2025. Some analysts have downgraded the company's stock rating due to its "excessive" focus on Bitcoin.

3. Fidelity launches Bitcoin collateral loan service

Fidelity Digital Assets will partner with BlockFi to offer USD loans backed by Bitcoin to hedge funds, miners, and over-the-counter trading platforms. Customers must first register on the BlockFi platform, which will provide protection for 60% of the loan amount. Fidelity believes that as the market grows, cryptocurrency-backed loans will become more widespread.

4. Dutch Bank Experiments with Crypto Asset Custody

Dutch bank ING is experimenting with a cryptocurrency custody and post-trade infrastructure called Pyctor. The project involves technologies such as multi-party computation and hardware security modules, aiming to enhance the security of digital asset custody and eliminate single points of failure.

5. JPMorgan completes blockchain repurchase transaction

JPMorgan announced the completion of a blockchain-based real-time intraday repurchase transaction. The transaction was conducted using an internally developed blockchain application between its brokerage and banking entities. Both the collateral and cash portions of the transaction were settled via blockchain, with the cash portion using JPM Coin.

6. Ethereum stablecoin issuance 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 66.88%, 16.38%, and 5.72%, respectively. Ethereum stablecoins are typically pegged to fiat currency prices and are backed by third-party audits or algorithms to ensure price stability.

7. Foxconn suffers ransomware attack

Foxconn's production facility in Mexico was attacked by DoppelPaymer ransomware. The hackers demanded a ransom of 1804.0955 bitcoins, equivalent to about 34.68 million dollars. Foxconn stated that the affected plant is restoring its network and that the overall impact on operations is minimal.