Daily Report ｜Bybit has submitted an application for a virtual asset trading platform license to the Hong Kong Securities and Futures Commission; India has announced a temporary budget and continues to impose heavy taxes on cryptocurrencies

Organizer: Luan Peng, ChainCatcher

"What Important Events Happened in the Last 24 Hours"

1. Bybit has submitted an application for a virtual asset trading platform license to the Hong Kong Securities and Futures Commission
According to ChainCatcher, Bybit has applied for a Hong Kong virtual asset trading platform license on January 31, as shown on the Hong Kong Securities and Futures Commission's website. The English name of the trading platform is Spark Fintech Limited.

Currently, 14 companies have submitted applications for virtual asset trading platform licenses to the Hong Kong Securities and Futures Commission. (Source link)

2. Binance Web3 Wallet Launches Inscription Market

According to ChainCatcher, Binance announced the launch of the Binance Inscription Market, which is integrated into the self-custodial wallet built into the Binance App—the Binance Web3 Wallet—providing users with a user-friendly platform for trading and minting a range of inscription tokens. The Binance Inscription Market offers features such as trading or inscribing tokens, one-click token transfers, and seamless transactions.

The Binance Inscription Market integrates the API of UniSat (a pioneer in the ordinal and inscription space), bringing users deep liquidity from UniSat and over 60,000 BRC-20 tokens, while maintaining the simplicity, convenience, and security of the Binance Web3 Wallet.

Binance's Chief Technology Officer Rohit Wad stated, "We hope to provide a one-stop portal for users to explore and try inscription tokens and enjoy their benefits through the Binance Inscription Market, thus supporting industry development. We hope the simplified process can make the overall user experience easier and more enjoyable." (Source link)
3. India Announces Interim Budget, Continues Heavy Taxation on Cryptocurrency

According to ChainCatcher, as reported by CoinDesk, Indian Finance Minister Nirmala Sitharaman announced the budget in Parliament on Thursday. Expectations for changes to the harsh taxation on cryptocurrency transactions (including a 30% tax on profits and a 1% TDS on all transactions) are low. Due to the upcoming elections in India in the next two months, expectations for the financial sector from this budget are low. Sitharaman announced that there would be no changes to direct and indirect taxes.

It is reported that in election years, the Ministry of Finance typically does not submit a complete budget but rather an interim budget to fund its expenditures in the short term. A comprehensive budget is usually expected to be submitted in July after the election results are announced. Polls indicate that Indian Prime Minister Modi and his ruling Bharatiya Janata Party are likely to return to power. (Source link)

4. Ark Invest Report: The Optimal Allocation of Bitcoin in 2023 Portfolio is 19.4%
According to ChainCatcher, Ark Invest stated in its "Big Ideas 2024" report that based on the volatility and return of traditional asset classes, research shows that to maximize risk-adjusted returns, the optimal allocation of Bitcoin in the 2023 portfolio is 19.4%, compared to just 0.5% in 2015, with an average optimal allocation of 4.8% from 2016 to 2022. Additionally, the report states that if 1% of the $250 trillion global investable assets were allocated to Bitcoin, its price potential could reach $120,000; with a 4.8% allocation, the price potential could reach $550,000; and with a 19.4% allocation, the price potential could reach $2.3 million.

Regarding smart contracts, the report states that smart contracts can facilitate the creation, ownership, and management of on-chain assets at a fraction of the cost of traditional finance. If financial assets migrate to blockchain infrastructure at a speed similar to internet adoption, and the rates associated with decentralized financial services are one-third of those of traditional financial services, smart contracts could generate over $450 billion in annual fees, creating over $5 trillion in market value, with compound annual growth rates of 78% and 32% by 2030, respectively. (Source link)

"What Interesting Articles are Worth Reading in the Last 24 Hours"

1. “Data Interpretation of Jupiter Airdrop: Individual Address Gains Over $130,000”

On January 31 at 10 AM (Eastern Time), the claim for the Jupiter airdrop began. The snapshot for this airdrop was taken on November 2, 2023, and 955,000 wallets that interacted directly with Jupiter were eligible for the first JUP airdrop.

As of February 1, the number of claimed addresses for the JUP airdrop reached 430,000, with nearly half of the users (250,000 claimed) receiving 200 JUP, worth $127. The highest single address could claim 204,450 JUP, valued at approximately $130,000. Based on a unit price of $0.62 at the time of writing, the total peak amount for this round of JUP airdrop reached $870 million, making it the largest airdrop at the beginning of 2024. Through this airdrop, the circulating market cap of JUP has reached $837 million, ranking 77th in total market cap (Coinmarketcap ranking).

2. “Gas Hero Common Heroes NFT Overview and Data Analysis”

The Gas Hero Common Heroes NFT series is part of the Gas Hero universe, designed for players who enjoy enhancing their gaming experience through digital collectibles. This series includes a range of hero NFTs, each with 48 different codes, categorized into five different rarity levels. Players have the opportunity to purchase these NFTs directly and add them to their Gas Hero wallets. Once added, these heroes can be locked in the game, allowing players to deploy them as combat units for gaming adventures. The series aims to provide players with a simple and enjoyable way to enrich gameplay and strategy through the command of multiple heroes.

3. “ChainCatcher Column Recommendation | January 2024 Quality Creators and Hot Articles Monthly List”

ChainCatcher selects the "Top 5 Hot" and "Top 5 Newcomers" creators each month based on the comprehensive influence, article quality, and readership of column creators, and recommends the highest-read articles from these outstanding creators to readers.

The January 2024 quality creators monthly list has now been announced: