Regulatory Dynamics

1. G7 finance ministers strongly support regulating digital currencies

The G7 finance ministers expressed strong support for the necessity of regulating digital currencies during a video conference. They discussed the development landscape of crypto assets and other digital assets, as well as the measures taken by various countries to prevent them from being used for malicious purposes and illegal activities.

2. Busan, South Korea promotes the construction of a virtual asset financial center

The Busan Chamber of Commerce has passed a policy proposal to establish a guiding institution for a virtual asset financial special zone. Busan plans to build itself into a virtual asset financial center based on blockchain. The proposal will be implemented in three phases: first, establishing a blockchain financial business ecosystem; second, setting up a regulatory agency; and finally, constructing virtual asset financial infrastructure.

3. France Issues New KYC Regulations for Cryptocurrency Companies

The French Ministry of Finance has announced comprehensive KYC requirements for cryptocurrency companies operating in France. All virtual asset service providers must immediately begin verifying customer identities, validating "beneficial owners," and prohibiting anonymous crypto accounts. The Ministry stated that it is preparing new regulatory provisions to expedite digital identity verification for crypto transactions.

4. Singapore invests $8.9 million to support blockchain research

The Singapore government has invested $8.9 million to launch the blockchain innovation program (SBIP), to strengthen the country's blockchain ecosystem. The program will attract nearly 75 companies to participate, including multinational corporations, large local enterprises, and ICT companies.

Industry News

1. A major bank in Singapore has launched a digital currency trading platform.

A large commercial bank in Singapore has officially announced the launch of a digital trading platform, which will begin trading next week, targeting institutions and qualified investors. The platform will provide exchanges between four fiat currencies and four digital assets, as well as spot trading and custody services. The Singapore Exchange will hold a 10% stake in the digital trading platform.

2. A certain company announced the issuance details of convertible notes.

A certain company officially announced the details of its previously proposed convertible bond plan, which will issue $550 million worth of convertible bonds to purchase Bitcoin. These bonds will be issued through a private placement to qualified institutions, with the issuance expected to be completed by December 11, and maturing on December 5, 2025. The net proceeds are approximately $537.2 million.

3. Well-known asset management companies collaborate with crypto platforms to launch Bitcoin collateralized loans

A well-known asset management company's cryptocurrency subsidiary will offer dollar loans backed by Bitcoin, with potential clients including hedge funds, miners, and over-the-counter trading platforms. The company will collaborate with a cryptocurrency lending platform to launch this new service, which will provide protection for 60% of the loan amount to reduce risk.

4. Dutch Bank Announces Progress on Crypto Asset Experiment

The head of blockchain at a Dutch bank announced progress on preliminary trials for crypto assets. The project involves multi-party computation and hardware module security technology, and has been included in the regulatory sandbox of the UK Financial Conduct Authority. The project's aim is to enhance the security of custodial digital assets and eliminate single points of failure.

5. Large banks complete real-time intraday repurchase transactions based on blockchain.

A large bank announced that it has completed a blockchain-based real-time intraday repurchase transaction. The transaction was successfully conducted between its broker-dealers and bank entities using the bank's internally developed blockchain application. Both the collateral and cash portions of the repurchase transaction were settled using blockchain, with the cash portion utilizing the bank's own digital currency.

6. Ethereum stablecoin total issuance hits a new high

Data shows that the total issuance of Ethereum stablecoins has reached 18.6 billion USD, setting a historical high. The top three Ethereum stablecoins by issuance are USDT, USDC, and DAI, accounting for 66.88%, 16.38%, and 5.72% respectively.

7. Electronic manufacturers targeted by ransomware attacks

A major electronics manufacturing giant was hit by a ransomware attack at a production facility in Mexico. The attackers stole unencrypted files before encrypting the devices. The hackers demanded a ransom of about 34.68 million dollars in Bitcoin. The company stated that it has completed system security updates, enhanced security levels, and the affected plant is restoring its network, with minimal impact on overall operations.