Web3 chatting app Beoble launches beta version with 50,000 users

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.

Nomura Holdings, Japan's largest brokerage and investment banking company, along with its digital asset arm, Laser Digital, has unveiled a survey indicating a significant shift towards cryptocurrency investment among Japanese investment managers.  54% of investment managers favor cryptoThe survey, conducted in April with over 500 respondents, reveals that 54% of investment managers plan to invest in crypto assets within the next three years, aiming to stabilize their portfolios and mitigate risks through diversification and hedging against inflation. According to the survey, approximately 25% of respondents hold a positive impression of cryptocurrencies, particularly Bitcoin and Ether. Meanwhile, 62% view crypto assets as a viable diversification opportunity. Around half of those that responded indicated an interest in crypto exchange-traded funds (ETFs) while 31% are considering direct investment. This trend follows the Japanese cabinet's February approval of a proposal to include crypto in the list of assets that local investment limited partnerships can acquire or hold. Nomura anticipates a revision to the Limited Partnerships Act later this year to accommodate this change.Photo by Jezael Melgoza on UnsplashNew product development to drive demandThe survey also highlights the primary drivers for future investments in crypto assets. These include the development of a variety of financial products such as exchange-traded funds, investment trusts, staking, lending and other innovative offerings. These developments align with Japanese Prime Minister Fumio Kishida's "new capitalism" economic policy. Within that policy, Kishida outlined that fostering Web3 innovation is a key priority in a keynote address at the WebX conference in Tokyo in 2023. Metaplanet bond issuanceIn a related move, Tokyo-based investment and consulting firm Metaplanet plans to issue 1 billion yen ($6.26 million) worth of bonds to finance its Bitcoin acquisitions. The firm announced on June 24 that its board had approved the bond issuance, with the Bitcoin intended for long-term holding. A separate notice detailed that the bonds would offer an annual rate of 0.5%. Metaplanet appears to be following a business strategy first pioneered by MicroStrategy in the United States. The American business intelligence firm, now focused on Bitcoin development, holds the record for a public company with the most Bitcoin, possessing 226,331 BTC worth $15 billion. It provides an alternative means through which corporations can gain exposure to Bitcoin investment. Metaplanet is likely to fulfill a similar role within the Japanese market, meeting that developing investment need identified among Japanese investment managers in Nomura’s survey. While the Nomura survey findings are largely positive, there were a number of concerns expressed by investment managers also in relation to crypto. Among them were concerns about counterparty risk, regulatory requirements and high asset volatility. However, the report suggests that there is a path through which these concerns can be minimized. The report states: “These hurdles could soon be lowered, as Japan’s digital asset laws and regulations are rapidly being developed, enabling increased engagement from institutional investors in the future.” In December, the Japanese government approved a tax regime revision to exempt corporations from paying tax on unrealized crypto gains if they hold the assets long-term.

Tether, the company behind USDT, the popular dollar-backed stablecoin, is seeking to establish a presence in South Korea through remote hiring, according to a report from Maeil Business Newspaper citing industry sources.Photo by DrawKit Illustrations on UnsplashRather than opening a physical office, Tether is looking for a remote employee who will focus on increasing USDT adoption in Korea, exploring business opportunities, building partnerships and navigating the local regulatory landscape. The expansion comes as stablecoins gain significant traction in South Korea. Data provided to lawmaker Min Byeong-dug from the country's five largest cryptocurrency exchanges via the Financial Supervisory Service (FSS) shows that dollar-pegged stablecoins accounted for 47% of crypto assets withdrawn from these platforms between January and March. Central bank pushes for regulationMeanwhile, South Korean officials are increasingly focused on regulating the stablecoin sector. Bank of Korea (BOK) Governor Rhee Chang-yong recently called for the swift implementation of stablecoin oversight, warning that they could bypass the country’s financial rules. During a press conference in Italy, Rhee argued that stablecoins pegged to either the Korean won or the U.S. dollar effectively function as alternative currencies and should be examined under existing money transfer laws. Rhee has emphasized that authorities must first determine whether won-backed digital tokens should be permitted at all. Last October, during a national audit, he expressed concerns about stablecoins' dependence on fiat currencies and advocated for implementing a central bank digital currency (CBDC) instead. These concerns were echoed by Ko Kyeong-cheol, head of BOK's electronic finance team, who recently highlighted at a financial law conference that stablecoins could profoundly impact the central bank's ability to carry out monetary policy, maintain financial stability and oversee payment settlements. Ko emphasized that if South Korea were to permit won-pegged stablecoins, the BOK should be involved early in the approval process to minimize potential risks to its policy objectives. On the regulatory front, Financial Services Commission (FSC) Chairman Kim Byoung-hwan has indicated that discussions on developing a stablecoin regulatory framework are likely to begin in June as part of a broader initiative. Presidential candidates weigh in on stablecoin futureThe issue has also entered the political arena ahead of South Korea's June 3 presidential election. Lee Jae-myung, the Democratic Party of Korea's presidential candidate, has advocated for a market featuring won-based stablecoins. Lee argues that quickly adopting stablecoins would help South Korea keep pace with global trends and prevent capital outflows. His platform includes introducing spot crypto ETFs and reducing digital asset trading fees.  Another candidate, Hong Joon-pyo of the People Power Party, also previously announced plans to explore the issuance of a won-pegged stablecoin before being eliminated in the party's primary election.