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Cointime June 8th News Express

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    1. BlackRock IBIT saw a total net inflow of $705 million this week
  • Hong Kong Legislative Council Member: The issuance and trading system of tokenized bond-related products can be shared with the mainland

    Hong Kong Legislative Council member Chan Chun-ying stated that the new productivity of Hong Kong's financial industry is currently mainly developed around digital and green themes. Regarding virtual assets, Hong Kong regulatory agencies should establish relevant trading platforms, stablecoin issuances, testing and operational mechanisms, capture digital development trends, and share relevant regulatory experience with the mainland. At the same time, Hong Kong's tokenized bond development is leading the world, and relevant product issuances, trading systems can be shared with the mainland or guide more mainland companies to issue, together meeting international market demand.
  • WazirX team plans to launch a bounty program to help freeze or recover stolen assets and advance law enforcement proceedings

    Nischal, a member of the WazirX team, stated in a post on X that the team is actively working on the next steps, including:
  • Vitalik: Blockchain can be used as a "truth machine", but other tools are still needed to assist in further truth discovery

    On July 20th, Vitalik Buterin replied to a social media user's inquiry about "what is a globally universal blockchain" by stating that blockchain is a "truth machine" and, in a specific sense, it provides a consensus that is close to the truth about when a message was sent, but it will not tell you if landing on the moon is true. This greatly reduces the attack surface of blockchain, but it does mean that we need other tools to actually execute (or assist) in discovering the latter truth.
  • OtherSide announced that it will launch Project Dragon on July 27, and holders of BAYC and MAYC can participate

    OtherSide, the metaverse platform under Yuga Labs, announced the launch of "Project Dragon" on July 27th at noon Eastern Time. Holders of NFT series such as Meebits, Voyagers, Kodas, BAYC, MAYC, BAKC, Grailed, Moonbirds, Kodamara, and HV can participate. In addition, OtherSide is preparing for the next batch of Odyssey activities, and details will be announced later.
  • Fidelity and other five spot Ethereum ETFs will be listed on Cboe exchange on July 23

    Cboe announced that five Ethereum ETFs will be listed on the exchange on July 23, including the Fidelity Ethereum Fund, Franklin Ethereum ETF, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and 21Shares Core Ethereum ETF.
  • Wu Jiezhuang: I hope Hong Kong will improve the development and regulatory framework of Web3 and virtual assets as soon as possible

    Hong Kong Legislative Council member Wu Jiezhuang announced on X that the Deputy Director of Financial and Treasury Bureau, Chen Haolian, released a briefing and explained the latest situation of "proposed regulatory system for stablecoin issuers": the government believes that stablecoins play an important role in the Web3 and virtual asset ecosystem, and the connection between the traditional financial system and the virtual asset market is becoming closer. Therefore, it is necessary to establish a regulatory system for fiat-backed stablecoin issuers, based on risk and flexible supervision. In addition to the existing regulatory system for virtual asset trading platforms, the establishment of a licensing system for fiat-backed stablecoin issuers will strengthen Hong Kong's virtual asset regulatory framework, be consistent with international standards, and effectively mitigate the risks that fiat-backed stablecoin activities pose to financial stability.
  • Trump accepts Republican presidential nomination

    On the last day of the Republican National Convention on the evening of July 18th local time, former US President Trump officially announced his acceptance of the Republican presidential nomination.
  • Xia Bing, Deputy Director of the National Data Bureau: We will actively explore the innovative application of new technologies such as privacy computing and blockchain

    Xia Bing, Deputy Director and Member of the Party Group of the National Bureau of Statistics, stated on the 19th at the 2024 China Unicom Partner Conference that the National Bureau of Statistics will actively explore the innovative application of new technologies such as privacy computing and blockchain in the field of data circulation. In addition, it will further strengthen the construction of the data standardization system, and relying on the work platform of the National Standardization Technical Committee for Information Technology, it will promote the landing of a batch of key standards recognized by social critical industries as soon as possible. (YiCai)
  • KPMG: The introduction of a regulatory system for stablecoin issuers is expected to promote the innovative development of stablecoins in practical applications in Hong Kong

    Hong Kong Treasury Department and the Securities and Futures Commission recently released a summary of the regulatory system for stablecoin issuers. KPMG believes that the main concern for stablecoin users is the lack of trust in the reserve assets that support stablecoins, which also limits the widespread use of stablecoins. The summary of the consultation recommends that legal currency assets be used as reserve assets for stablecoins and be supervised by regulatory agencies. This will help alleviate user concerns and promote the wider use of stablecoins. The introduction of a regulatory system for stablecoin issuers can not only enhance the confidence of issuers and users, but also promote the innovation and development of stablecoins in Hong Kong's actual application, and help Hong Kong play a core role in the future development of financial infrastructure. Paul McSheaffrey, a senior partner in the banking industry of KPMG China Hong Kong, said that the content of the consultation summary is of great significance for consolidating Hong Kong's position as a virtual asset hub. Stablecoins have become an increasingly popular payment tool and are expected to become an important part of financial infrastructure in the future.