Korean crypto exchange Upbit launches BTC-ETH Duo Index

In a statement published to Vietnam.vn on Oct. 23, a website run by the Office of Foreign Information Service under Vietnam’s Ministry of Information and Communications, Vietnam revealed its official National Blockchain Strategy. Key objectives In announcing its National Blockchain Strategy, the Vietnamese government articulated several key objectives that it feels will lead to Vietnam eventually taking a leadership role in blockchain development within the region.  These key objectives include an emphasis on research relative to the further roll-out of blockchain innovation. The Vietnamese authorities intend to promote blockchain research, innovation and international cooperation. Another specific action area has been identified as perfecting the legal environment with respect to blockchain development.  The development of infrastructure has been cited as a key objective, with the Ministry proposing that this should incorporate the formation of a blockchain industrial ecosystem. Additionally, the statement highlighted the need to focus on developing human resources in respect of blockchain, while also pointing to an overall need to promote blockchain development generally and the application of the technology. A number of branches of the Vietnamese government have been tasked with achieving these key objectives, including the Government Cipher Committee, the Ministry of Education and Training, the Ministry of Science and Technology, as well as the Ministry of Information and Communications.Photo by Hugo Heimendinger on PexelsPositive reaction The plan has been broadly welcomed by Vietnam-based crypto stakeholders. Jenny Nguyen, Chief Operating Officer (COO) of Ho Chi Minh City-based crypto venture fund Kyros Ventures, suggested the development was bullish. She wrote: “This is the most bullish policy on blockchain from the Vietnam Government in history, which not only acknowledges the importance of blockchain, but also defines clear expectations for the development of this technology sector in the years to come.“ Nguyen also pointed out that regulations on digital assets are currently being discussed within Vietnam’s National Assembly, with legislators working towards a 2025 completion date. On the basis of these two developments, she believes that “the future for blockchain and crypto in Vietnam is looking brighter and brighter day by day.” KardiaChain, a hybrid blockchain infrastructure provider to governments in Vietnam and other Southeast Asian countries, outlined on social media that it had been a key contributor in shaping the strategy. The project believes that the strategy “will enable us as builders more opportunities to impact the country's blockchain development, and further accomplish our mission of mass adoption that we set out on day one.” Laura Nguyen, head of Vietnam at Ava Labs, said that the strategy was forward-thinking and that consequently Vietnam is “primed to become a blockchain powerhouse, pushing the boundaries of technological innovation and fostering global collaboration.” As part of the strategy, the Vietnamese government plans to bring about the development of 20 blockchain brands for platforms, products and services. Additionally, the strategy aims to put in place three testing centers located in major Vietnamese urban centers as part of an effort to create a national blockchain network. 

Hong Kong's spot Bitcoin exchange-traded funds (ETFs) encountered their second day of net outflows since their launch on April 30. According to data published by crypto trading data platform SoSo Value, in excess of 90 BTC exited the Hong Kong ETFs on May 9. The data indicated that China Asset Management's spot Bitcoin ETF observed an outflow of 80.16 BTC, while the Bosera HashKey Bitcoin ETF recorded a lesser outflow of 10 BTC. Meanwhile, Hong Kong’s third spot Bitcoin ETF offered by Harvest Global registered zero flows.Photo by Dmytro Demidko on UnsplashThese daily net outflows follow a trend of net inflows that had developed in the preceding days, with the three ETFs collectively witnessing net inflows of 101.6 BTC on Wednesday and 99.99 BTC on Tuesday. As of Thursday, the three ETFs, managed by ChinaAMC, Harvest Global and Bosera with HashKey, held approximately 4,260 Bitcoin, with total net assets reaching $261.45 million, marking an increase from $247.7 million on the first day of trading. The total trading volume for the three ETFs amounted to $2.06 million on Thursday, a decline from $2.67 million the day prior and a significant drop from the $9.74 million recorded on April 30, according to SosoValue data. This recent outflow represents the second day of net outflows from these products since their launch on April 30.   The initial day of outflows occurred on May 6, with 75.36 BTC flowing out of the products. This marked the first setback for Hong Kong's Bitcoin ETFs following their launch on April 30.  The outflows on that occasion primarily stemmed from the China Asset Management Bitcoin ETF, while other Hong Kong-based products saw no flows. Potential Stock Connect additionMany commentators had expected these Hong Kong-based products to see inflows from mainland China. While that hasn’t materialized yet, Harvest Global CEO Han Tongli said that he doesn’t rule out the addition of its Bitcoin and Ether ETF products to Stock Connect.  Shanghai Hong Kong Stock Connect is a cross border investment channel that would open access to these products to investors that ordinarily invest in and trade products and equities listed within the Shanghai Stock Exchange (SSEC). Tongli made the suggestion to the South China Morning Post (SCMP)  while attending the Bitcoin Asia conference. He suggested that such an addition is a possibility if all goes smoothly over the course of the next two years. U.S. product outflowsIn the U.S., spot Bitcoin ETFs also saw net outflows on Thursday, amounting to $11.29 million. Farside data indicates that the Grayscale Bitcoin Trust (GBTC) witnessed a substantial $43.4 million redemption, marking its largest single-day outflow since May 2, totaling $17.5 billion in outflows overall. BlackRock’s IBIT has now accumulated $15.4 billion in total inflows. Additionally, other top-performing ETFs — Bitwise (BITB), Fidelity (FBTC) and ARK (ARKB) — also experienced inflows. In total, U.S. ETFs have witnessed $11.7 billion in cumulative net inflows.

Blockchain Solutions Provider Block Odyssey Launches NFT Ticket Service, “MakeDrop”Korean blockchain solutions startup Block Odyssey said Monday it is launching an NFT-based ticket issuance service dubbed “MakeDrop” in an effort to revolutionize ticketing and event services in the era of Web3.Photo by Andrey Metelev on UnsplashLimitations of traditional digital ticketsUntil now, major ticket reservation platforms have made it challenging for event organizers to streamline the ticketing process for events such as corporate or campus gatherings, concerts, festivals, and more.Event organizers have thus had to manually send notifications via text messages and emails, print paper tickets, and directly manage overall ticket sales and distributions. The absence of tools to identify ticket holders from attendees also makes it difficult to accurately determine participation and contribution ratios.Blockchain meets ticketingBut with the rapid advancement of digitized ticket issuance, NFT tickets have been gaining traction as a transparent and secure solution to such challenges. These tickets are verified and stored on a blockchain, setting them apart from traditional forms of digital tickets such as barcodes.About MakeDropBlock Odyssey’s MakeDrop is an open service that allows anyone to easily create, issue, and manage one-of-a-kind NFT tickets with individual ownership rights and transaction history. If secondary ticket transactions occur, all ownership changes can be verified on the blockchain, making it possible to block attempts at fraudulent or repetitive secondary trading.The service is particularly convenient for users, as they can automatically generate a wallet address for storing their NFTs by logging in to social media accounts without having to install a separate cryptocurrency wallet.As for event organizers, they can swiftly issue mobile tickets without using third-party ticket reservation platforms. Ticket invitations are sent to recipients via KakaoTalk, South Korea’s most popular messaging app, making the service more accessible as well. Those who have not received an invitation can still apply for participation if the event is public. Upon acceptance by the organizer, they will receive an approval notification through KakaoTalk, Block Odyssey explained.Participants can then present the NFT ticket’s QR code on the day of an event, and organizers can conduct real-time validation using the QR check feature provided by MakeDrop.Notably, while traditional ticket reservation platforms often do not share ticket holder information with event organizers, MakeDrop allows independent information management for all events. This allows organizers to identify low-engagement or idle members and offer more benefits to loyal participants.As part of its website launch promotion, MakeDrop is currently holding an event to distribute 100,000 free NFT tickets. The company also plans to release a mobile app in the future after incorporating user feedback and enhancing functionalities.