Binance launches Sharia-compliant staking product

The Hong Kong Securities and Futures Commission (SFC) has unveiled a new roadmap for digital asset regulation titled “ASPIRe.” The authorities in the Chinese autonomous territory have been working towards crypto hub status in recent years. This latest ASPIRe roadmap initiative has been formulated in an effort to future-proof Hong Kong’s status as a location that has been optimized for crypto businesses to form and develop. The ASPIRe roadmap was announced by the SFC on Feb. 19 with comprehensive details on the plan published to the regulator’s website. Photo by Skull Kat on UnsplashFive pillarsA-S-P-I-Re details five pillars that the regulator is focusing on in order to address challenges to strengthen Hong Kong’s crypto hub status going forward. The “A” pillar refers to “access,” with a focus on fostering an ecosystem that’s aligned with a regulatory regime that enables global participation. The regulator wants to attract “qualified participants,” while enhancing investor choice and integrating Hong Kong’s digital assets sector with global liquidity. The “S” pillar stands for “safeguards” with the objective of adopting risk-proportionate oversight, promoting regulatory clarity and aligning compliance requirements such that a balance is struck between core regulatory objectives and providing flexibility for the adoption of new technology. “Products” forms another pillar, with a focus on expanding the range of digital asset products and services offered by regulated service providers in Hong Kong. “Infrastructure” is another aspect that the plan homes in on. The focus in this regard is on modernizing reporting, surveillance and cross-agency collaboration through infrastructure building and the use of new technology.  The final pillar, “relationships” (Re), focuses on the empowerment of both investors and the industry in general through education, engagement and transparency. Influencing modern financeThe Hong Kong regulator is putting forward this plan with the understanding that the global virtual asset market was valued at $3 trillion in 2024. It suggests that the sector “has significantly influenced modern finance.” At Consensus Hong Kong 2025 this week, a crypto conference held in the Chinese autonomous territory, SFC CEO Julia Leung suggested that this plan will put Hong Kong in a strong position to secure its role as a crypto industry hub going forward. Hong Kong Financial Secretary Paul Chan Mo-po also delivered a keynote speech at the conference. He said that Hong Kong would “remain a stable, open and vibrant market for digital assets,” adding that Hong Kong is “investing heavily in the related infrastructure and talent development.” Mo-po went on to assert that Hong Kong’s Cyberport Web3 network and the Hong Kong Science and Technology Park are “vibrant hubs for Web3 innovation and fintech.” He also claimed that industry partnerships and the city’s universities are bringing through blockchain expertise.  The Financial Secretary understands the importance of appropriate regulation. He stated: “The key to success lies in maintaining an open, fair, balanced and forward-looking regulatory approach that is conducive to the sustainable and responsible development of financial innovation, including Web3.”

Japanese Banking Giant Joins Tech Firms to Build Cross-Chain Stablecoin InfrastructureA major Japanese banking group has initiated a collaboration with technology companies to develop cross-chain infrastructure, according to a press release. The purpose of establishing a cross-chain system is to facilitate the trading of stablecoins across various public blockchains.Photo by Takashi Miyazaki on UnsplashThree companies team upIn this collaborative partnership, the Mitsubishi UFJ Financial Group (MUFG), the key developer of the stablecoin issuance management platform Progmat Coin, will join forces with Datachain, a cross-chain technology firm, and TOKI FZCO, which has global plans for providing cross-chain bridges. Together, they will work towards constructing infrastructure that enables cross-chain transactions involving stablecoins on different blockchain networks.Japan’s new regulatory boostWith the implementation of the revised Payment Services Act in Japan this year, companies completing the license registration process will gain the ability to issue and distribute various stablecoins on Progmat Coin. Furthermore, it is expected that stablecoins will be issued across different blockchains, including Ethereum.TOKI is currently in the process of developing a cross-chain bridge with the aim of introducing it this year. The cross-chain bridge developed by TOKI leverages blockchain intercommunication technologies such as the Inter-Blockchain Communication Protocol (IBC) or Datachain’s Light Client Proxy (LCP). These technologies ensure a high level of security and scalability for cross-chain transactions. Additionally, TOKI’s bridge boasts a highly efficient liquidity mechanism.The three companies strive to cooperate on this infrastructure project with an aim to launch it in the second quarter of next year.Government supportA couple of days ago, the Tokyo Metropolitan Government took a proactive step to support security token businesses based in Tokyo by offering subsidies. Given that both MUFG and Datachain are Tokyo-based companies, it appears that the Japanese government’s initiatives are beginning to yield positive results.

U.S. authorities seize crypto tied to Asian ‘pig butchering’ scamThe United States government has taken control of digital currency valued at approximately half a million dollars from an account linked to a Chinese individual implicated in a Reuters investigation into a crypto-investment fraud originating from Southeast Asia.Photo by Growtika on Unsplash‘Pig butchering’According to Reuters, U.S. officials have disclosed that the seized assets are connected to a crypto-investment scam known as “pig butchering,” where fraudsters manipulate unsuspecting individuals they encounter online, convincing them to invest in fraudulent crypto schemes.The unsuspecting scam victim (the pig) is conned by scammers into handing over money with the promise of an outsized return. Once funds have been handed over, the vast majority of victims are unable to recover their money.According to a document filed by U.S. authorities in federal court in Massachusetts, the U.S. Secret Service confiscated the crypto in June from an account registered to Wang Yicheng. At the time of the seizure, the digital currency was valued at around $500,000. The funds were traced back to a victim in Massachusetts who had initially fallen prey to the scam.In a recent Reuters article, Wang was identified as a businessman who cultivated relationships with members of Thailand’s law enforcement and political elite while serving as the vice president of a Chinese trade group based in Bangkok. The report outlined that a crypto account in Wang’s name had received over $90 million in recent years, with at least $9.1 million linked to a crypto wallet associated with pig-butchering scams, as reported by U.S. blockchain analysis firm TRM Labs.Multi-million dollar scamsOne case highlighted in the report involved a California man who was scammed out of approximately $2.7 million, funds that were channeled into the account in Wang’s name. Another example cited in the U.S. court filing detailed a resident of Cambridge, Massachusetts, who was allegedly defrauded of about $478,000 worth of crypto, which ended up in two crypto accounts, one of which belonged to Wang.The U.S. court filing, part of a civil forfeiture action, seeks court approval to take possession of assets linked to the alleged crime. While no criminal charges have been filed, Acting U.S. Attorney Joshua Levy emphasized the use of civil forfeitures to recover funds stolen through crypto fraud schemes, highlighting law enforcement’s adaptability in the face of cryptocurrency transactions’ seemingly elusive nature.Crypto scammers sanctionedIn a related development, authorities in the United Kingdom reported on Friday that individuals operating pig butchering crypto scams in Myanmar, Cambodia and Laos had been sanctioned, in a move coordinated with their counterparts in the U.S. and Canada, alongside the United Nations Human Rights Organization.Many of these cases are understood to involve human trafficking, where individuals are illegally detained and forced to work on pig butchering crypto scams.