Hackers spirit away over $300M in Bitcoin from DMM Bitcoin

Asian Countries Dominate Chainalysis’ 2023 Global Crypto Adoption IndexBlockchain analytics firm Chainalysis has just unveiled an excerpt of its “2023 Global Crypto Adoption Index,” revealing that Asian nations are top of the class in terms of the pace of crypto adoption.The report extract published to the Chainalysis website brings into focus the remarkable strides made by a number of Asian countries, emerging as the front-runners in driving grassroots cryptocurrency adoption.The index showcases the dominance of regions like Central and South Asia, along with the broader Oceania regions. Astonishingly, six of the top 10 countries on the index hail from this part of the world.Photo by Louis Hansel on UnsplashIndia takes top spotIndia, in particular, shines as the torchbearer of cryptocurrency adoption in the region, securing its position as the largest cryptocurrency market. It not only leads the way in grassroots adoption but has also ascended to become the second-largest crypto market globally in terms of raw estimated transaction volume, eclipsing even some major global economies.It’s interesting that India should find itself in this position when you consider that a number of measures have been taken that could have been expected to dampen adoption. The Indian authorities introduced a 30% tax on capital gains earned through the sale of digital assets, as well as a 1% tax on Tax Deducted at Source (TDS) for all crypto transactions.Last month, Indian crypto exchange CoinDCX specifically cited these tax burdens, combined with the recent bear market, as being contributing factors in its decision to cut its workforce by 12%. Another excerpt of the Chainalysis report explicitly refers to these measures and their potential to retard cryptocurrency use.Adoption despite bear marketDespite a temporary downturn in worldwide grassroots cryptocurrency adoption, Chainalysis’ research finds that these developing Asian nations, have not only weathered the storm brought about by the recent bear market but have thrived, with their total grassroots adoption surpassing the levels of Q3 2020, just before the most recent bull market.Other countries featuring in the top ten include Vietnam (third), the Philippines (sixth), Indonesia (seventh), Pakistan (eighth), and Thailand (tenth). China, Turkey, Bangladesh, and Japan then feature within the top twenty.This data holds promise for the cryptocurrency landscape in the Asian region. Many of these nations are lower middle-income (LMI) countries that typically exhibit burgeoning industries and populations, collectively representing more than 40% of the global population. Chainalysis suggests that if these countries shape the future, cryptocurrencies are poised to play an indispensable role in shaping the global financial ecosystem.Institutional adoptionThe excerpt from the report also hints at the burgeoning trend of institutional adoption in high-income countries, even in the face of a lingering bear market. This suggests a potential dual-directional adoption scenario, where cryptocurrencies cater to the needs of users from both affluent and developing nations, bringing together a diverse spectrum of economic backgrounds.The report takes an optimistic outlook, stating:“Grassroots crypto adoption isn’t about which countries have the highest raw transaction volumes. . . . Instead, we want to highlight the countries where average, everyday people are embracing crypto the most.”“If LMI countries are the future, then the data indicates that crypto is going to be a big part of that future.”

Busan to Host Blockchain Week in Busan 2023 Next MonthThe South Korean port city of Busan is set to host this year’s Blockchain Week in Busan (BWB) from November 9 to 10 (local time) at the Signiel Busan Hotel. Touting the theme “Target 2026 Blockchain Busan,” local and overseas experts in the field of blockchain and Web3 will come together to discuss the prospects and potential of Busan to become an urban blockchain hub by 2026. The event will be co-hosted by local newspapers Busan Ilbo and Maeil Business Newspaper and jointly organized by entrepreneurship base camp Nonce, contents commerce network JJ Global, and Busan-based media company Bonmedia.Photo by Minku Kang on UnsplashPreparing for the future of blockchain development and financial innovationThe first day of the event will kick off with an opening speech by the city’s mayor Park Heong-joon as well as presentations on Busan’s trajectory for nurturing blockchain development. In addition, Kim Sang-min, the leader of Busan’s initiative to establish its own digital asset exchange, will present the three-year vision for the Target 2026 goal. Various Web3 companies will also gather for the inauguration of the Busan Blockchain Alliance.“BWB 2023 will give us the chance to envision how blockchain technology can change Busan and to visualize how the field will transform in ten years’ time,” Kim commented.A subsequent panel discussion will feature Rory Knight, the Chairman of Oxford Metrica, and Dimitrios Psarrakis, a financial economist who contributed to the EU’s Markets in Crypto-Assets Regulation (MiCA), who will speak on the Korean government’s digital asset regulations.Several professionals including Patrick Yoon, CEO of Crypto.com’s Korea branch, and Kim Ji-yun , CEO of blockchain software firm DSRV, are set to talk about various concepts under the umbrella of bridging blockchain and finance. This includes blockchain-based payment systems, digital IDs, and central bank digital currencies.In particular, loan officers from major investors like the Korea Development Bank, Korea Investment Venture Corporation, and BNK Financial Group will also be in attendance, giving Web3 companies an opportunity to introduce their business models and pitch their ideas for the architectural development of Busan’s urban blockchain infrastructure.Global investment insights and regulatory prospectsInvestment managers from overseas venture capital firms will be at the center of the second day’s events, covering a panel discussion about the global Web3 investment ecosystem and Busan’s integration into it. Caroline Pham, a Commissioner of the US Commodity Futures Trading Commission, is also set to speak with Jin Kang, Head of Legal at blockchain venture capital firm Hashed, on suggestions on crypto regulations for innovation.Meanwhile, Korean representatives of global mainnet projects plan to discuss the role of business directors in the Korean cryptocurrency market.“In pursuit of the vision that we will present at this year’s BWB, Busan is fully dedicated to becoming a global blockchain hub and a leading first mover in the industry by merging finance and blockchain technology,” said Mayor Park.

Venture Smart Financial Holdings Ltd. (VSFG), a Hong Kong-based financial services firm, is strategically positioning itself to enter the growing cryptocurrency exchange-traded fund (ETF) market, with its latest reveal being an interest in launching a spot ETH ETF in Q2.Photo by Michael Förtsch on UnsplashIn a recent interview with The Block, VSFG Chairman Lawrence Chu revealed the company's plans to apply for a spot ether ETF in Hong Kong. Executing on that plan is contingent upon the successful launch and approval of its spot bitcoin ETF. Q1 launch for bitcoin ETFLast month, the firm disclosed that it is gearing up for a spot bitcoin ETF launch within the first quarter of this year. VSFG was the first to reveal such an intention within the ETF space in Hong Kong. However, competition is already starting to bubble, as subsequently, Chinese asset manager Harvest Fund announced that it has gone one better and actually filed an application for a spot bitcoin ETF product in the Chinese autonomous territory. Chu shared insights into the firm's current status, mentioning that VSFG is in the final phase of preparing its application for a spot bitcoin ETF to be submitted to the Hong Kong Securities and Futures Commission. He emphasized the rigorous regulatory discussions that precede such submissions in Hong Kong, characterizing the imminent application as being in the advanced stages, stating, “Submission [for application] is almost like when you're 95% there.” Chu acknowledged the importance of ongoing conversations with regulators, expressing readiness by stating, “but that really depends on the conversation we have with the regulator. We will be ready.” Competitive spotlight on ETF feesHighlighting the evolving landscape in Hong Kong, Chu noted that nearly 10 fund companies are exploring the launch of potential spot crypto ETFs in the city. That call echoes similar comments made recently by Livio Weng, CEO of digital assets firm HashKey. The prospect of a potential fee war among asset managers was also discussed, drawing parallels with developments observed in the U.S. bitcoin ETF market. That seems likely, given that downward pressure on spot bitcoin ETF fees in the United States has also spread to Europe where Invesco and WisdomTree have cut fees by 60% on similar products. Global ether ETPsWhile commentators such as Standard Chartered Bank speculate on the likely approval of spot ether ETF products in the U.S. by May and VSFG indicates a potential Q2 launch in Hong Kong, there are already a number of similar products out in the wild around the world. According to data compiled by crypto data aggregator platform CoinGecko, the top 10 ether funds account for $5.5 billion in value. Among them is the XBT Provider ether exchange-traded product (ETP), the world’s first Ethereum-based security made available on a regulated exchange, namely Nasdaq Stockholm in Sweden, by crypto ETP specialist CoinShares. While the race is on in Hong Kong to launch crypto ETFs, on an international basis, competition is heating up as various global fintech hubs look to kindle what is likely to make up a significant part of the ETF sector pie in the years to come.