SBI and Saudi Aramco to explore digital asset business partnerships

On Monday, Hong Kong's spot Bitcoin exchange-traded funds (ETFs) marked their first cumulative daily Bitcoin outflows, with the sole occurrence arising from China Asset Management's (ChinaAMC) ETF. ChinaAMC's spot Bitcoin ETF witnessed an outflow of 75.36 Bitcoin, while the other two ETFs reported zero inflows. This development comes after these ETFs debuted on the Hong Kong Stock Exchange on April 30.Photo by Kanchanara on UnsplashInsights into daily trading dynamics and metricsOn their inaugural trading day, the three funds garnered an inflow of 3,910 BTC, as per data from SoSo Value. However, it's important to note that shares acquired through in-kind subscriptions of physical Bitcoin are not counted as U.S. dollar-based cash flows in SoSo Value's daily net inflow statistics. Instead, SoSo Value employs the Bitcoin-inflow metric, measuring the actual flow of Bitcoin into or out of all ETFs on a given trading day. As of Monday, the combined holdings of the three ETFs stood at approximately 4,150 Bitcoin, with total net assets reaching $266.8 million from $247.7 million on the debut day, according to SoSo Value data. Farside Investors' data corroborated similar findings, indicating an outflow of $4.9 million from ChinaAMC's spot Bitcoin ETF on Monday, while the other two ETFs saw no inflows. Trading volume and market activityDespite the outflows, the total trading volume for the three ETFs surged to $8.6 million on Monday, up from $8.01 million the previous Friday, according to SoSo Value data. Meanwhile, in contrast, spot Bitcoin ETFs in the United States witnessed a net inflow of $217.06 million on the same day, with Grayscale's GBTC fund registering its second consecutive daily net inflow.

Taiwan police uncover $320M crypto money laundering operationTaiwan police have recently exposed the largest cryptocurrency money laundering case in the nation’s history, involving 320 million USDT (approximately 10.5 billion New Taiwan dollars).Photo by DrawKit Illustrations on UnsplashCross-border laundering operationIt emerged on Tuesday that the Electronic Investigation Team of the Criminal Bureau initiated their probe after uncovering a fraudulent scheme related to a counterfeit Taishin Securities mobile software last year. This led them to a merchant with the surname Qiu, the alleged mastermind behind this operation who was suspected of laundering substantial sums through virtual currency.Qiu is believed to have maintained connections with overseas gambling and fraud groups, engaging in cross-border communication with illicit organizations in countries including Hong Kong, Malaysia and the Philippines.Their investigation revealed that Qiu had been conducting transactions involving 320 million Tether US dollar stablecoins since February of the previous year. In June, law enforcement apprehended Qiu during one of his visits to Taiwan, along with four alleged accomplices.High value goodsDuring the operation, authorities seized high-value assets from Qiu, including a Lamborghini Urus, a Lexus LM and three Audemars Piguet watches, with a combined market value exceeding TWD 13 million. The lavish lifestyle maintained by Qiu, evident from his luxury cars and high-end watches, serves as a stark reminder of the extensive underground economy driven by money laundering.Evidence from the operation suggested Qiu’s involvement in handling illicitly obtained Tether coins worth approximately TWD 70 million. Further investigations uncovered that Qiu regularly sold virtual currency and converted it into cash to effectively obscure the money’s origins, accomplishing the goal of laundering.In piecing the activities of the group together, police determined that victims were instructed to transfer their funds to fictitious accounts. In that way, the money found its way to crypto exchanges and individual crypto traders under the direction and control of the group.Qiu would also retain a 1% profit margin from the laundered amount. Several other individuals were implicated in this extensive operation, including a foreign affairs officer named Liao and two other individuals named Chen and Huang. Each of these individuals is presently under investigation, with varying levels of bail and restrictions imposed.The intricate web of transactions and the substantial amount laundered by Qiu have surpassed previous records held by the Electronic Investigation Team. As investigations continue, law enforcement is determined to uncover the full extent of this operation and trace the entirety of the money flow.Taiwan’s legislators are currently working on producing a regulatory framework for crypto in the country. The only regulatory aspect that is covered right now is oversight relative to anti-money laundering (AML) and know-your-customer (KYC) regulation. In 2018 Yang Chin-long, Taiwan’s central bank Governor, called for a need to regulate crypto on the basis of existing AML rules, with the authorities subsequently following through on that measure.In July 2022, the country’s Financial Supervisory Commission (FSC) penned a letter to the banking sector, banning the purchase of digital assets via credit cards.

SK Geo Centric Launches Korea’s First Blockchain-Based Plastic Recycling PlatformSK Geo Centric, a chemical affiliate of South Korea’s second largest conglomerate SK Group, has announced today the launch of the country’s first blockchain-based plastic recycling platform. This endeavor aims to ensure the safe and widespread use of recycled plastics by customers.Photo by mali maeder on PexelsAddressing environmental pollutionPlastic recycling has emerged as a promising solution to address environmental pollution. However, concerns have been raised about the source and safety of collected plastic waste. Recognizing the demand from customer manufacturers who utilize recycled plastic, SK Geo Centric developed the new platform to provide more comprehensive information than what is required by the International Sustainability and Carbon Certification (ISCC) PLUS, which the company previously obtained.The ISCC PLUS certification is a voluntary program designed for circular products, including chemicals and plastics, derived from using renewable energy sources. It is administered by ISCC, an independent multi-stakeholder initiative based in Germany. While adhering to the same certification standards as ISCC EU, ISCC PLUS allows for customization to meet the requirements of other markets.Blockchain techSK Geo Centric’s innovative platform utilizes blockchain technology to record and store every step of the plastic recycling process, ensuring transparency and traceability. Intermediate producers and end-users can access the complete history of recycled plastic by scanning the QR code on the product. Information such as the types, sources, and proportions of plastic waste used in a product, as well as the quality of materials, will be readily available.The history records will be stored in the form of non-fungible tokens (NFTs), providing proof of authenticity for the product. This information can be shared via email among the relevant parties. Manufacturers can now demonstrate to their customers the specific recycled materials used in their products.Market growth and efficient distributionSK Geo Centric believes that the systematic management of history records will enhance the credibility of the plastic recycling market, leading to its growth. Transparent records of high-quality and safe plastic waste will facilitate trading. Furthermore, real-time information on the recycled plastic market will enable efficient distribution within the industry.Recycling facilityIn addition to the platform, SK Geo Centric plans to establish the Advanced Recycle Cluster in Ulsan, a city in southern Korea, later this year. The presence of this plastic recycling facility is expected to expand the scale of the recycling market and attract more participants.Na Kyung-soo, CEO of SK Geo Centric, highlighted the importance of trust among market participants in fostering the development of the recycled plastic sector. The company is committed to improving its platform to earn the trust of its customers.