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Author：Crescent Editor：Colin Wu 1. Hong Kong’s weekly summary 1.1 HKVAX Approved as the Third Compliant Exchange in Hong Kong link On August 11th, the Hong Kong Virtual Asset Exchange (HKVAX) received a preliminary approval notice from the Hong Kong Securities and Futures Commission (SFC) to conduct regulated activities of Type 1 and Type 7. This makes it the third licensed virtual asset trading platform in Hong Kong, following OSL and HASHKEY. HKVAX aims to become an industry benchmark for new product categories such as Security Token Offerings (STOs) or Asset-Backed Tokens (ABTs). Co-founder Wei Liang Wu previously served as the Managing Director of the International Department at CITIC Futures. Co-founder Zhao Liang Huo was formerly responsible for Anti-Money Laundering Compliance at HSBC Hong Kong and the Asia-Pacific region. Prior to founding HKVAX in 2018, both Wu and Huo had engaged with the Hong Kong Securities and Futures Commission and decided to apply for a license by the ...

Bone ShibaSwap (BONE), the governance token for the ShibaSwap DEX and one of the Shiba Inu ecosystem tokens, has skyrocketed 25% over the past week. The impressive run has been supported by a noticeable surge in daily active addresses since July 28. BONE failed to capitalize on the altcoin rally within the broader market on July 13, triggered by the favorable ruling in the Ripple case. Despite a marked uptick registered by several altcoins, BONE saw a meager 5.42% increase.  Notably, the bears quickly erased the asset’s modest gains, leading to a 12% decline five days later. The bearish situation coincided with a significant drop in daily active addresses, as investors’ interest declined drastically amid exhaustion of an earlier rally. You might also like: BONE surges 21% with rising Shibarium utility BONE registers bullish momentum However, BONE embarked on a solo rally following the dip on July 18, registering intermittent gains on the heels of a renew...

Author：Lily Editor：Colin Wu 1. Hong Kong’s weekly summary 1.1 Hong Kong urged to innovate and make money by Xia Baolong link On April 16, Xia Baolong, the top leader in charge of Hong Kong in Beijing, said in Hong Kong that he hoped that Hong Kong would “hold exhibitions every day”, engage in innovation and technology, fight for the economy and make money. Hong Kong just hosted a biggest Web3 conference in recent years. 1.2 HK Bank of Communications unit works with crypto firms for account opening link The Hong Kong unit of China’s state-owned Bank of Communications is working with multiple crypto currency companies licensed in the city, and is in talks with other regulated firms about opening accounts for them, according to several crypto firms. 1.3 Hong Kong court declares crypto assets are property and can be held on trust link A Hong Kong court has for the first time declared that cryptocurrencies are property and capable of being held on trust. The confirmation that holdings of c...

Author：Lily Editor：Colin Wu 1. Toko crypto has been officially acquired by Binance link The Indonesian exchange Tokocrypto has been officially acquired by Binance, and about 58% of its employees have been laid off. They will focus on the exchange business in the future, and business activities outside the exchange will be suspended. 2. Hong Kong’s weekly summary 2.1 Economic Daily: Hong Kong takes key steps toward development of virtual assets link The Economic Daily published an article entitled “Prudent development of virtual assets takes key step”: The virtual assets ETF launched by CSOP is the first virtual assets ETF in the Asian market, marking a key step in the development of virtual assets in Hong Kong. This proactive stance has raised expectations for Hong Kong to consolidate and enhance its status as an international financial center. 2.2 The Office of the Chief Secretary for Administration of Hong Kong solemnly clarifies that it has never issued or authorized any releva...

Author：Lily Editor：Colin Wu 1. FTX’s weekly summary 1.1 Singapore government faces parliament grilling over FTX fallout link Prime Minister Lee Hsien Loong and Deputy Prime Minster Lawrence Wong face a raft of parliamentary questions this week over the losses incurred by retail investors and the due diligence undertaken by state-owned investor Temasek Holdings Pte, which wrote down its entire $275 million investment in FTX. 1.2 FTX’s Japan unit drafts plan to return client funds link FTX Japan has put together a draft plan for clients to withdraw funds, in what would be one of the rare cases of investors getting money back from the collapsed exchange. The proposal, which has yet to be finalized, centers on using a platform called Liquid to facilitate the return of assets starting in January, according to people familiar with the matter. 1.3 Suji Yan will form a DAO to defend the interests of Asian FTX users link Suji Yan, founder of Mask Network, tweeted that Asians represent a signi...