Regulatory and Policy Dynamics

• Multiple departments in Beijing have issued risk warnings, urging caution regarding investment risks in the virtual currency market. They require that no virtual currency business sales or transactions be conducted, and that no related services be provided to investors.

• The Sichuan Ganzi Prefecture convened a meeting with Bitmain and 10 other companies to discuss the cleanup of Bitcoin mining sites. The authorities affirmed the use of surplus electricity by Bitcoin mining sites but required companies to comply with laws and regulations.

• The Bank of Korea will establish a special task force to study central bank digital currency ( CBDC ), in order to better understand crypto assets.

• The European Central Bank will launch the EUROchain distributed ledger project based on the R3 Corda platform, aimed at developing a CBDC payment system that protects privacy and reduces transaction costs.

• Germany will require digital asset custodians to apply for a license, and companies that currently custody cryptocurrencies must submit their applications by November 1 of next year.

• The Supreme People's Procuratorate detailed ten types of illegal activities related to blockchain, including theft, fraud involving digital currencies and digital assets, among other criminal behaviors.

Industry News

• Three exchanges have successively shut down, with at least 12 going out of business or being investigated in the past two months. Exchanges such as CoinTiger, Biger, and Bithumb Global have taken measures to exit the Chinese market.

• The Banking and Insurance Regulatory Commission encourages banking and insurance institutions to actively explore the application of technologies such as blockchain in foreign trade financial services.

• The Shenzhen Stock Exchange has compiled the Shenzhen Blockchain 50 Index, which rose by 1.15% on its first day. The index selects 50 blockchain-related stocks and is weighted by free-floating market capitalization.

• Tencent has issued an internal notice to establish a digital currency research project team and appoint relevant personnel to promote the company's payment strategy layout.

• The American heavyweight risk management organization COSO will release blockchain security guidelines next year to guide enterprises on internal control measures for the application of blockchain technology.

• The first national "Blockchain Technology Competency Test ( Level 1 )" has been launched, with 30 candidates participating in the test. The exam content includes knowledge of blockchain systems, network communication, security mechanisms, etc.

• The construction of the insurance risk control blockchain platform has officially started, with 14 insurance companies announcing their participation. The work on establishing technical standards for blockchain applications in the insurance industry has also begun.

Investment and Financing Progress

• Cryptocurrency brokerage BitOoda completes $7 million seed round funding.

• Venture capital fund Dragonfly invests in the public chain Nervos, with the specific amount undisclosed.

• Yunxiang has obtained tens of millions in A++ round financing, with multiple rounds of financing acquiring over 200 million in funding support.

• The founding team of Maskbook, Dimension.im, has received strategic investment from HashKey Capital.

• The foundation under China Ocean Industry Group invests in the blockchain streaming platform NewStar.

• FANS Chain has received strategic investment of tens of millions from the Malta GODFUND Foundation.

• Huobi Japan completed a strategic investment financing of 4.6 million USD.

• BigONE announces the completion of the acquisition of the domain and BaseFEX exchange.