ChainCatcher news, the virtual asset exchange Bithumb announced that its operating profit for the third quarter of 2024 was 7.4 billion won (5.26 million USD), turning around from an operating loss of 650 million won in the same period last year. Revenue was 68.9 billion won (49.01 million USD), an increase of 112.7% year-on-year. The net profit for the period was 3.1 billion won, reversing from a net loss of 10.6 billion won in the same period last year.A Bithumb representative stated: "With the overall increase in attention to virtual assets, investor sentiment has recovered, and the number of virtual asset trading users has also increased, leading to improved performance."

ChainCatcher news, HashKey Exchange continues to hold its position as the largest licensed virtual asset exchange in Hong Kong. As of October 16, according to the latest data from Coingecko, HashKey Exchange ranks among the top 8 global exchanges, making it the highest-ranked licensed virtual asset exchange in Hong Kong.HashKey Exchange's total trading volume has surpassed HKD 538 billion, with user assets exceeding HKD 5 billion, marking significant breakthroughs in multiple business areas for the company. Notably, with in-depth cooperation with several leading brokerages, HashKey Exchange's Omnibus brokerage services have seen substantial growth, with total trading volume reaching HKD 3.3 billion as of October 17, and a quarterly growth rate of 1272%. As a core brokerage service provider in Hong Kong, HashKey Exchange will continue to focus on providing convenient, secure, and efficient virtual asset deposit and withdrawal functions for brokerage investors in the future.Additionally, in celebration of its first anniversary, HashKey Exchange launched trading for Avalanche (AVAX) and Chainlink (LINK) to Hong Kong retail investors on August 28. This marks the first addition of new trading tokens in Hong Kong since the start of retail trading in August 2023, aside from Bitcoin and Ethereum. HashKey Exchange has submitted its third batch of trading token applications to regulators and plans to continue expanding the range of assets available for retail trading, offering diversified investment options to the market and investors.

ChainCatcher news, Hong Kong Virtual Asset Exchange (HKVAX) has become the third cryptocurrency exchange to obtain a license from the Securities and Futures Commission (SFC) of the Hong Kong Special Administrative Region, serving retail customers, and is also the third exchange in Hong Kong to obtain a full license.HKVAX has obtained a Type 1 (Securities Trading) and Type 7 (Providing Automated Trading Services) Virtual Asset Trading Platform (VATP) license, as well as anti-money laundering and counter-terrorism financing licenses to operate the virtual asset trading platform.

ChainCatcher news, Hong Kong listed company Easy Communication has released its 2024 interim report, which discloses that Easy Communication has purchased shares in Hong Kong Virtual Asset Exchange Limited ("VAX") for HKD 12.9 million, investing in VAX.VAX is a non-listed company that is currently applying to the Hong Kong Securities and Futures Commission for a Type 1 (dealing in securities) and Type 7 (providing automated trading services) regulated activity license under the Securities and Futures Ordinance to regulate virtual asset trading platforms in Hong Kong. As of June 30, 2024, Easy Communication Group holds 165,385 shares, with a book value of approximately HKD 1,543,000.

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, the Financial Supervisory Service (FSS) of South Korea urgently summoned five major virtual asset exchanges, including Upbit and Bithumb, to discuss the issue of deposit utilization rates.This move stems from the recent intensification of rate competition among exchanges, especially after Bithumb temporarily raised the annual interest rate to 4.0% and then retracted it. The FSS emphasized that utilization rates should be calculated reasonably and required exchanges to provide detailed reports on deposit operations and rate calculation methods.

ChainCatcher news, as the "Virtual Asset User Protection Act" came into effect in July, South Korean financial authorities announced a collaboration with virtual asset exchanges to develop "Continuous Abnormal Trading Monitoring Guidelines." The Financial Supervisory Service has established a unified trading data table standard that can detect abnormal trading, and each exchange has also set up computer systems. The main newly added trading information accumulation items include market information and trading order intermediary information.In addition, a reporting system has been established between the financial regulatory authority and the exchanges. The exchange plans to detect abnormal trading through a regular monitoring system and identify suspicious unfair trading by analyzing sales data, account opening information, order media information, and deposit and withdrawal information.

ChainCatcher news, the new CEO of the Hong Kong Stock Exchange Group, Charles Li, stated in an interview with the Shanghai Securities Journal that the competitors of the Hong Kong Stock Exchange come not only from other securities market exchanges but also from outside the industry, such as virtual asset exchanges. Customer demand is evolving, and technological innovation is rapid. The Hong Kong Stock Exchange must maintain a balance between daring to innovate and business stability, continuously expanding its resources for listed companies and enhancing market services.

ChainCatcher news, according to reports, the Hong Kong government stated that it will announce the details of the "Capital Investor Entry Scheme" by the end of the year.In this regard, Legislative Council member from the technology and innovation sector, Kenneth Fok, hopes that the authorities can clarify the scope of assets, such as listing Bitcoin traded on licensed virtual asset exchanges as financial products.

ChainCatcher news, according to Hong Kong media "Ming Pao," the Chief Financial Officer of Hong Kong licensed virtual asset exchange OSL, Hu Zhenbang, stated that the APP development work has been completed and various security tests are currently underway, with the expectation of launching in the app store within this month.However, Hu Zhenbang mentioned that they are unlikely to launch a platform token, but will focus on artificial intelligence applications. As the APP is gradually improved, more services will be launched in conjunction with market technology.

ChainCatcher news, according to Ming Pao News Network, after Hong Kong regulators established a regulatory framework for virtual assets, the industry has been eager to apply for virtual asset licenses. Legislative Council member Lee Wai-hung stated that due to the supply-demand imbalance in the market, the salaries of responsible officers (RO) for license type 7 (ATS, Automated Trading System) have risen significantly.According to him, the normal monthly salary level for current license holders typically ranges from 100,000 to 200,000 HKD, and there are also several individuals seeking employment. He suggested that to effectively alleviate the situation, it would be advisable to allow license holders of type 7 to co-manage with industry experts while enhancing training to meet the industry's manpower needs in the development of virtual assets.

ChainCatcher news, Hong Kong Legislative Council member and National Committee member Wu Jiezhuang tweeted that he welcomes global virtual asset exchanges, including Coinbase, to apply for compliant trading platforms in Hong Kong and discuss listing plans, and expressed his willingness to provide assistance. (Source link)

ChainCatcher news, according to the Chosun Ilbo, the Financial Intelligence Unit (FIU) under the Financial Services Commission of South Korea plans to conduct a comprehensive inspection of virtual asset operators this month, targeting about 20 virtual asset exchanges including FOBLGATE, GDAC, and Flybit.Industry insiders stated that this inspection will focus on whether the exchanges are involved in money laundering using virtual assets. (Source link)

ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) stated in an interview with Radio Hong Kong that the FTX bankruptcy protection application has impacted other virtual tokens and the entire industry ecosystem. With the Legislative Council passing the "Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill," the SFC is drafting regulatory provisions for licensed virtual asset exchanges under the new system and will conduct public consultations.In addition, the SFC reiterated that Hong Kong adopts comprehensive regulation due to the operations of these exchanges being similar to securities brokerage firms, including requiring exchanges to properly segregate client assets in a trust manner, regularly submit audited accounts and financial information, and avoid conflicts of interest.Previously, it was reported that the Hong Kong Legislative Council passed the amendment to the anti-money laundering and counter-terrorist financing system in the third reading, with the licensing system for virtual asset service providers set to take effect in June next year. (Radio Hong Kong)