{"id":19892,"date":"2023-07-10T23:06:16","date_gmt":"2023-07-10T23:06:16","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/china-expands-cbdcs-tentacles-malaysia-is-hks-new-crypto-rival-asia-express\/"},"modified":"2023-07-10T23:06:21","modified_gmt":"2023-07-10T23:06:21","slug":"china-expands-cbdcs-tentacles-malaysia-is-hks-new-crypto-rival-asia-express","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/china-expands-cbdcs-tentacles-malaysia-is-hks-new-crypto-rival-asia-express\/","title":{"rendered":"China expands CBDC\u2019s tentacles, Malaysia is HK\u2019s new crypto rival: Asia Express"},"content":{"rendered":"<div>\n<h2 id=\"h-chinese-president-shills-cbdcs\">Chinese president shills CBDCs<\/h2>\n<p>On July 4, Xinhua News Agency, China\u2019s state broadcaster, published a transcript of President Xi Jinping\u2019s address to the Shanghai Cooperation Organisation Summit (SCO). The SCO is one of the world\u2019s largest regional organizations for political, economic and security cooperation, and was established by China and Russia in 2001.<\/p>\n<p>During the speech, President Xi welcomed Iran as a full organisation member, and praised the move for Belarus to join. He also talked up the importance of central bank digital currencies (CBDCs):<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThe Chinese side proposes to expand the share of local currency settlements of SCO countries, expand sovereign digital currency cooperation, and promote the establishment of SCO development banks.\u201d<\/p>\n<\/blockquote>\n<p>In January, the People\u2019s Bank of China reported that there were 13.61 billion digital yuan (e-CNY) CBDCs in circulation, representing around 0.13% of the monetary supply. Since then, the CBDC\u2019s use has expanded to the country\u2019s Belt and Road Initiative, various consumer airdrops, and as a means of payment for everyday transportation. However, experts have warned that despite the constant promotion, the currency has struggled to gain traction.\u00a0<\/p>\n<section class=\"adv-banner adbutler-ad adbutler-ad__desktop\">\n<div class=\"container\"><!-- 1456x180 [img] --><br \/>\n<noscript><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/07\/;ID=169476;size=728x90;setID=601214;referrer=https:\/\/cointelegraph.com\/magazine\/china-expands-cbdcs-tentacles-malaysia-is-hks-new-crypto-rival-asia-express\/;type=img.png\"\/><\/noscript><\/div>\n<\/section>\n<section class=\"adv-banner adbutler-ad adbutler-ad__mobile\">\n<div class=\"container\"><!-- 600x500 [img] --><br \/>\n<img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/07\/;ID=169476;size=300x250;setID=601213;referrer=https:\/\/cointelegraph.com\/magazine\/china-expands-cbdcs-tentacles-malaysia-is-hks-new-crypto-rival-asia-express\/;type=img.png\"\/><noscript><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/07\/;ID=169476;size=300x250;setID=601213;referrer=https:\/\/cointelegraph.com\/magazine\/china-expands-cbdcs-tentacles-malaysia-is-hks-new-crypto-rival-asia-express\/;type=img.png\"\/><\/noscript><\/div>\n<\/section>\n<p>On July 10, local news outlet East Money reported that a SIM card linked to the e-CNY CBDC will soon be available to Chinese consumers. Because the e-CNY CBDC digital wallet is embedded in the SIM card itself, individuals can pay for their phone bills via a point-of-sale machine even if their phone has no power.\u00a0<\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" alt=\"\" class=\"wp-image-21900\" width=\"768\" height=\"402\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-220247-1024x536.png\"\/><noscript><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-220247-1024x536.png\" alt=\"\" class=\"wp-image-21900\" width=\"768\" height=\"402\"  \/><\/noscript><figcaption class=\"wp-element-caption\">Chinese president Xi Jinping during the Shanghai Cooperation Summit (CCTV)<\/figcaption><\/figure>\n<h2 id=\"h-hong-kong-crypto-licensing-costs-surge-to-hk-100m\">Hong Kong crypto licensing costs surge to HK$100M<\/h2>\n<p>According to a July 5 report by Tencent News, the combined labor, material, and technical cost associated with obtaining a Hong Kong crypto exchange license has surged to 100 million Hong Kong dollars ($12.77 million) since its inception on June 1.<\/p>\n<p>However, even if the infrastructure is in place, insiders noted that the license application could still be denied or that the business opportunity will disappear once the license is approved. Tencent News wrote:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cTeams that left Hong Kong settled down in Malaysia last month. They can rent a large-floor work space at a monthly rent of 60,000 RMB ($8,296) in the local city center, and there are very cheap IT technicians in the local area. These emigrated teams believe that compared to Hong Kong, it is even more advantageous to do crypto projects in Southeast Asia.<\/p>\n<\/blockquote>\n<p>All crypto exchanges in Hong Kong must obtain a regulatory license or cease operations in the administrative region by mid-next year. Since the announcement, exchanges such as Huobi, OKX, BitgetX, Hashkey Pro, and Gate.io have all applied for licensing in Hong Kong.\u00a0<\/p>\n<div class=\"article-suggest\">\n<p>Read also<\/p>\n<div class=\"article-suggest__items\">\n<div class=\"article-suggest__item\">\n<p>                            <span>Features<\/span><\/p>\n<p>Crypto innovators of color restricted by the rules aimed to protect them<\/p>\n<\/p><\/div>\n<div class=\"article-suggest__item\">\n<p>                            <span>Features<\/span><\/p>\n<p>Crazy outcomes when current laws applied to NFTs and the metaverse<\/p>\n<\/p><\/div>\n<\/div>\n<\/div>\n<h2 id=\"h-chinese-cross-chain-protocol-hacked-yet-again\">Chinese cross-chain protocol hacked yet again\u00a0<\/h2>\n<p>On Jul. 7, the developers of Chinese cross-chain bridge protocol Multichain <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/MultichainOrg\/status\/1677180114227056641\" target=\"_blank\">shared<\/a> a worrying message, stating: \u201cThe Multichain service stopped currently, and all bridge transactions will be stuck on the source chains. There is no confirmed resume time. Please don\u2019t use the Multichain bridging service now.\u201d The same day, blockchain security firm PeckShield <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1677231320353886208\" target=\"_blank\">warned<\/a> that over $126 million in funds had been drained from Multichain.<\/p>\n<p>Circle promptly froze $63 million USD Coin (USDC) in suspected stolen funds, while Tether (USDT) froze $2.5 million in USDT. Changpeng Zhao, CEO of cryptocurrency exchange Binance, said that the hack did not affect its users as the firm had withdrawn all funds a while back.<\/p>\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" width=\"505\" height=\"493\" alt=\"CZ Twitter\" class=\"wp-image-21924\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/07\/cz1.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"505\" height=\"493\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/07\/cz1.jpg\" alt=\"CZ Twitter\" class=\"wp-image-21924\"  \/><\/noscript><\/figure>\n<p>It appears that malicious actors <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/realijazawan\/status\/1677330496831860737\" target=\"_blank\">breached<\/a> the protocol\u2019s private keys and subsequently moved protocol assets elsewhere, although it took until July 10 for the funds to make another <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/lookonchain\/status\/1678243138580926464\" target=\"_blank\">move<\/a>, with a wallet address identified as \u201cFake_Phishing183873 \u201d receiving a stunning 10.2 million USDT and 67.76 wrapped Bitcoin (wBTC) from the Multichain address. Immediately after the hack, the price of Multichain tokens dropped by 20% from its highs and now trades at $2.62 apiece.<\/p>\n<p>Multichain was previously hacked for $7.9 million in July 2021, due to another private key exploit. Interestingly, Zhao Jun, CEO of Multichain, has been missing for nearly two months after rumors surfaced that he had been arrested by Chinese police back in May. Around the same time, users reported that the on-chain transactions had abnormally long transaction times following a recent backend node upgrade. The protocol currently has a total value locked of $1.26 billion.<\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"Multichain was one of the largest cross-chain protocols before the onset of the 2022 crypto bear market. \" class=\"wp-image-21899\" width=\"721\" height=\"351\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-220025-1024x498.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-220025-1024x498.png\" alt=\"Multichain was one of the largest cross-chain protocols before the onset of the 2022 crypto bear market. \" class=\"wp-image-21899\" width=\"721\" height=\"351\"  \/><\/noscript><figcaption class=\"wp-element-caption\">Multichain was one of the largest cross-chain protocols before the onset of the 2022 crypto bear market. (DeFi Llama)<\/figcaption><\/figure>\n<h2 id=\"h-singapore-tightens-grip-on-crypto-activities\">Singapore tightens grip on crypto activities<\/h2>\n<p>The Monetary Authority of Singapore (MAS) will require Digital Payment Token (DPT) providers to place clients\u2019 assets in a statutory trust by the end of the year. In addition, DPTs will be prohibited from issuing crypto lending and staking services to retail investors. The MAS wrote:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThese measures are introduced following an October 2022 public consultation on regulatory measures to enhance investor protection and market integrity in DPT services. The consultation received significant interest from a wide range of respondents, with broad support.\u201d<\/p>\n<\/blockquote>\n<p>Crypto lending and staking services will still be allowed for institutional and accredited investors. Despite the new regulations, the MAS warned that \u201cwhile the segregation and custody requirements will minimize the risk of loss of customers\u2019 assets, consumers may still face significant delays in recovering their assets in the event of insolvency of the service providers.\u201d The regulator is seeking public feedback on the proposed rule changes until Aug. 3.\u00a0<\/p>\n<h2 id=\"h-thai-crypto-exchange-raises-17-1-million\">Thai crypto exchange raises $17.1 million<\/h2>\n<p>According to a recent filing, Thai cryptocurrency exchange Bitkub has sold 9.22% of its equity, amounting to 600 million Baht ($17.1 million), to Thai conglomerate Asphere Innovations PLC. During the transaction, it was disclosed that Bitkub held 31.9 billion Baht ($910 million) in assets and customer deposits, as well as 31.4 billion Baht ($890 million) in liabilities. The company recorded a total gross profit of 314.87 million Baht ($8.97 million) in the first quarter of 2023.\u00a0<\/p>\n<p>Bitkub is Thailand\u2019s largest cryptocurrency exchange, with nearly 90% in market share in 2021. Thai-based Siam Commercial Bank had previously signed an agreement to acquire 51% of the company that year for 17.85 billion Baht ($510 million). However, the bank canceled the deal in August 2022. Bitkub\u2019s total assets decreased by 64% from Dec. 31, 2021, to Dec. 31, 2022.<\/p>\n<h2 id=\"h-japanese-video-game-conglomerate-moves-into-blockchain-gaming\">Japanese video game conglomerate moves into blockchain gaming<\/h2>\n<p>On July 10, South Korean nonfungible tokens firm Line Next revealed it had signed a memorandum of understanding with Japanese video game giant Sega to remake one of Sega\u2019s classic games on its Web3 gaming platform Game Dosi. <\/p>\n<p>Launched in May, Game Dosi currently has six titles, including its in-house game \u201cProject GD.\u201d Through the platform, players can buy and sell NFT heroes and challenge other players.<\/p>\n<p>Founded in 1960, Sega is one of the largest video game conglomerates in Japan with nearly $2 billion in annual video game sales. Its most iconic franchise is <em>Sonic the Hedgehog<\/em>, which also serves as the company\u2019s mascot.\u00a0<\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-21898\" width=\"533\" height=\"533\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/07\/F0QZQ1xaEAAy1D_-1024x1024.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/07\/F0QZQ1xaEAAy1D_-1024x1024.jpg\" alt=\"\" class=\"wp-image-21898\" width=\"533\" height=\"533\"  \/><\/noscript><figcaption class=\"wp-element-caption\">A Game Dosi NFT image (Twitter)<\/figcaption><\/figure>\n<div class=\"subscribe subscribe--inner\">\n<div class=\"container\">\n<div class=\"subscribe__inner\">\n<div class=\"subscribe__content\">\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<\/div>\n<div class=\"subscribe__img\">\n    <img decoding=\"async\" alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/06\/1686874358_918_reading-copy.png\"\/><noscript><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/06\/1686874358_918_reading-copy.png\" alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\"\/><\/noscript>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"author category_page\">\n<div class=\"author__img\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" alt=\"\" height=\"300\" width=\"300\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/06\/portrait_about_us_zhiyuan_sun_720.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/06\/portrait_about_us_zhiyuan_sun_720.jpg\" alt=\"\" height=\"300\" width=\"300\"\/><\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"author__content\">\n<h2 class=\"author__name\">Zhiyuan Sun<\/h2>\n<p>Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<section class=\"news\">\n<\/section>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese president shills CBDCs On July 4, Xinhua News Agency, China\u2019s state broadcaster, published a transcript of President Xi Jinping\u2019s address to the Shanghai Cooperation Organisation Summit (SCO). The SCO is one of the world\u2019s largest regional organizations for political, economic and security cooperation, and was established by China and Russia in 2001. During the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-19892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China expands CBDC\u2019s tentacles, Malaysia is HK\u2019s new crypto rival: Asia Express | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/china-expands-cbdcs-tentacles-malaysia-is-hks-new-crypto-rival-asia-express\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China expands CBDC\u2019s tentacles, Malaysia is HK\u2019s new crypto rival: Asia Express | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Chinese president shills CBDCs On July 4, Xinhua News Agency, China\u2019s state broadcaster, published a transcript of President Xi Jinping\u2019s address to the Shanghai Cooperation Organisation Summit (SCO). 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