Hong Kong Steps Up Crypto Exchange Approvals

Hong Kong Steps Up Crypto Exchange Approvals

Hong Kong's Securities and Futures Commission (SFC) is accelerating its efforts to approve more cryptocurrency exchange licenses before the end of the year. According to CEO Julia Leung, 11 applicants have undergone on-site reviews.

HKVAX recently joined HashKey and OSL as the third approved exchange in Hong Kong. This development comes amid growing criticism of the city's strict regulatory framework, which some argue has hindered its ambitions to become a global crypto hub.

Several international firms have withdrawn their applications for crypto exchange licenses in light of the stringent requirements. Meanwhile, lawmakers continue to debate the appropriate regulatory approach for the cryptocurrency industry.

The SFC is also exploring the possibility of licensing crypto over-the-counter (OTC) trading platforms and custody services. These initiatives demonstrate the regulator's commitment to fostering a more dynamic and competitive crypto ecosystem in Hong Kong.

US Targets Lazarus Group Crypto Theft: Millions in Stolen Funds Traced

The US government is taking action to recover $2.67 million in cryptocurrency stolen by North Korea's notorious hacking group, Lazarus Group. The funds are linked to hacks targeting cryptocurrency exchange Deribit and online casino platform Stake.com.

Authorities tracked the stolen assets through a complex laundering scheme involving cryptocurrency mixers like Tornado Cash, Sinbad, and Yonmix. These services are designed to obfuscate the origin and destination of digital currency transactions.

Lazarus Group's laundering tactics involved converting the stolen assets to popular cryptocurrencies like USDT (Tether) and Bitcoin. They then utilized cross-chain bridges to move the funds across different blockchains and further obscure their trail.

While law enforcement managed to freeze some of the stolen funds, the majority appears to have been successfully laundered. This highlights the ongoing challenges in combating cryptocurrency theft, despite advancements in tracing capabilities.

The Lazarus Group remains a persistent threat in the crypto space. Their continued activity underscores the need for robust security measures and international cooperation to disrupt their cybercriminal operations.

Metaplanet, a Japanese company, has significantly expanded its Bitcoin holdings, purchasing 108,786 Bitcoin for 1 billion yen. This latest acquisition brings the company's total Bitcoin stash to 639,503 Bitcoin, valued at 59.65 billion yen.

The average price paid for the recently acquired Bitcoin was 9,192,359 yen per coin. This follows a previous purchase of 107.91 Bitcoin on October 1.

Metaplanet's strategy of accumulating Bitcoin over time aligns with the long-term investment approach adopted by companies like MicroStrategy and El Salvador. By holding Bitcoin, Metaplanet aims to benefit from potential future price appreciation.

This significant investment in Bitcoin further highlights the growing institutional interest in cryptocurrency as a viable asset class.

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