**Hot Week for Hong Kong Exchanges**
– Hong Kong’s Hashkey Exchange announced an insurance coverage for client assets stored in its hot and cold wallets, covering 50% of digital assets in cold wallets and 100% in hot wallets. This is part of the exchange’s efforts to enhance its infrastructure and provide comprehensive protection to customers.
– The exchange also plans to submit four major altcoins for listing approval to the Hong Kong Securities & Futures Commission, following its license approval in August. The exchange has seen significant growth since then, with over 120,000 customers and a trading volume exceeding $10 billion.
– Another licensed exchange, OSL, owned by BC Technology Group, has received a $91 million strategic investment from BGX crypto group, reflecting the potential of the digital asset market.
**The Block Receives Investment**
– Crypto media publication The Block has received a $60 million investment for 80% of its equity from Singaporean venture capital firm Foresight Ventures but will continue to operate as a separate company.
– The investment is aimed at providing The Block with more capital to develop new products and expand its footprint into Asia and the Middle East.
**No Civil Protection for Crypto in China**
– A Chinese court has voided a crypto investment contract, ruling that cryptocurrencies are not protected by law in civil disputes, based on the country’s crypto ban. This is the third court decision of its kind this year.
– The ruling follows other precedents set by Chinese civil courts earlier this year. However, the government has clarified that certain criminal acts pertaining to virtual currencies, such as theft of nonfungible tokens, are prosecutable under the penal code.
**Philippines to Issue Tokenized Bonds**
– The Philippines’ Bureau of Treasury is seeking to raise $180 million from its domestic capital market through the issuance of tokenized bonds, to be offered to institutional investors starting next week. The bonds will be issued in the form of digital tokens and maintained in the BTr’s Distributed Ledger Technology (DLT) Registry.
– What is the significance of Hashkey Exchange’s insurance coverage?
– The insurance coverage for client assets stored in its hot and cold wallets is significant as it provides protection for digital assets, addressing the security concerns of their customers and enhancing the exchange’s infrastructure.
– What is the impact of the court ruling on crypto in China?
– The court ruling in China highlights the lack of civil protection for crypto investments and transactions, emphasizing the need for legal clarity in the crypto space within the country.
– How does the issuance of tokenized bonds in the Philippines affect the market?
– The issuance of tokenized bonds in the Philippines demonstrates the government’s interest in digitalization and the use of Distributed Ledger Technology in the bond market, potentially paving the way for wider adoption of DLT in the financial sector.