ChainCatcher news, the Financial Services Commission of Korea requires virtual asset exchanges that have ceased operations to sign "virtual asset business insurance." Some closed exchanges, such as Gdac and Hanbitco, have already purchased insurance, while others, like Huobi Korea, are considering buying insurance.The insurance for virtual asset service providers is intended to help businesses cope with risks such as hacking attacks and system failures. Last month, with the implementation of the "Virtual Asset User Protection Act," purchasing insurance became a mandatory requirement.According to the "User Protection Act," continuing operations without accumulating reserves or without joining an insurance policy with a compensation limit of at least 5 billion won will result in fines and the inability to continue operations.

ChainCatcher news, according to Hong Kong media "Hong Kong Commercial Daily," Victory Securities Executive Director Chen Peiquan disclosed that since the company launched its virtual asset trading services, the average monthly turnover has reached 10 million USD, and its virtual asset business has become profitable. He believes that related clients will maintain a multiple growth rate next year.Chen Peiquan stated that currently, investors primarily invest in Bitcoin, accounting for about 80% of their overall virtual asset investments. Chen Peiquan also revealed that next year, Victory Securities will integrate its stock and virtual asset platforms to create a one-stop platform, making it easier for investors to buy and sell virtual assets. Next year, Bitcoin will experience its "halving" event, which occurs every four years, coupled with the possibility of the Federal Reserve starting a rate-cutting cycle, leading him to believe that virtual assets will see another bull market.

ChainCatcher news, the Financial Services Commission (FSC) of South Korea released the results of the virtual asset business survey for the first half of 2023, surveying 35 reporting companies (26 exchanges/traders and 9 wallets/custodians) to understand the current state of the domestic virtual asset market in South Korea. The total cryptocurrency market capitalization of the surveyed companies is 28.4 trillion won, a significant increase of 46% compared to the second half of 2022. The total operating profit is 227.3 billion won, a staggering increase of 82%, and the number of registered users is 9.5 million, a decrease of 19%.

ChainCatcher news, the Hong Kong-listed company Guofu Innovation announced that its wholly-owned subsidiary Fortune Genesis Holdings Limited intends to acquire 1,459.8151 shares of Summer Feeder Fund Limited (the target fund) from the company's chairman, executive director, and major shareholder Liu Zhiwei, with a purchase value of 1.6 million USD. The target fund is an exempt company registered in the Cayman Islands, established for investment purposes. The investment target entity of the target fund is SEBA Bank AG, which is a joint-stock company registered in Switzerland, primarily engaged in banking services related to cryptocurrencies.The announcement stated that the acquisition represents a good opportunity for the group to enter the virtual asset business, applying blockchain technology to provide banking solutions and financial services.In mid-August, Innovation disclosed that its wholly-owned subsidiary Fuqiang Securities has submitted an application to the Hong Kong Securities and Futures Commission for a license to engage in regulated activities under Type 1 (dealing in securities) related to virtual assets. Fuqiang Securities plans to provide virtual asset trading services under a comprehensive account arrangement and to offer virtual asset trading services by introducing qualified clients for direct trading on licensed virtual asset platforms. Subject to obtaining the necessary regulatory approvals, Fuqiang Securities will expand its business to engage in virtual asset-related services in line with the company's strategy to provide investors with more diversified services and to explore new sources of revenue.

ChainCatcher news, New Fire Technology released its 2022 annual report, in which the company's total revenue was HKD 9.453 billion, a year-on-year increase of 1447.8% or HKD 8.842 billion; the company's overall gross profit for the year was HKD 185 million; revenue from the virtual asset ecosystem business grew rapidly, reaching HKD 9.057 billion, accounting for 96% of the group's total revenue; revenue from the virtual asset over-the-counter trading business reached HKD 8.939 billion; cash and cash equivalents amounted to HKD 323 million.In addition, New Fire Technology plans to diversify its business in the near future by launching a new centralized and decentralized mixed-service platform, Sinohope. (Source link)