Digital asset financial services firm HashKey Capital is set to launch a liquid digital assets fund regulated by the Hong Kong Securities and Futures Commission on September 1. The open-ended fund will focus solely on virtual assets and aims to raise at least $100m. The move comes after Hong Kong emerged as a global crypto hub following the creation of a digital asset regulatory structure. The new fund will open less than nine months after the close of the HashKey FinTech Investment Fund III, which raised $500m from institutional investors.

During his visit to the three ASEAN countries (Singapore, Indonesia and Malaysia), Xu Zhengyu, director of the Hong Kong Treasury Bureau, said that since the publication of the "Policy Declaration on the Development of Virtual Assets in Hong Kong" in October last year, more than 90 mainland and overseas companies related to virtual assets Expressed intention to settle in Hong Kong.

Korean media News1 reported that 11 members of South Korea have voluntarily declared their possession of virtual assets and transaction details to the National Assembly Ethics Review Advisory Committee, including the Minister of Unification. After analyzing the cumulative number and total amount of transactions of virtual assets, transaction items, and their standing committees, the Advisory Committee believes that at least half of the 11 members of Congress may have conflicts of interest, including Representative Kim Nam-guk.

South Korean encrypted financial company Delio announced that it will suspend some services and stop paying interest on virtual assets. During the July 18 seizure, all assets owned by the client and the company were confiscated by prosecutors, Delio said.

In July 2022, a hacker exploited a smart contract bug to steal $9 million in virtual assets from a decentralized Solana-based crypto exchange. The hack took place over the Solana-based liquidity protocol Crema Finance. The accused was charged with wire fraud and money laundering and has been detained in New York. The accused left a trail that law enforcement was able to follow due to the blockchain's ability to track movements. The hacker was allowed to keep $1.6 million as a white hat bounty.

The South Korean government has introduced new guidelines for the accounting of virtual assets in response to the confusion and market uncertainty caused by the lack of clear accounting standards for cryptocurrencies. The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have prepared specific guidelines for supervisory work, which fall within the scope of reasonable interpretation of the International Financial Reporting Standards (IFRS).

The Hong Kong Securities and Investment Institute (HKSII) is set to train the next generation of licensed crypto traders as the city becomes a confident crypto hub. The HKSII is responsible for training and conducting license exams for brokers and asset managers in Hong Kong, with about 30,000 candidates taking its examinations annually.

The Financial Services Commission of Korea clarified the reporting standards for internal employees holding virtual assets and established a new reporting form. According to financial authority sources, the Financial Services Commission released a revised draft of the "Code of Conduct for Civil Servants" that includes these contents on the 6th. The revised draft specifies the reporting objects as civil servants who are currently engaged in duties related to virtual assets and those who have engaged in such duties within the last six months. In addition, a reporting form on virtual asset holdings such as type, date of acquisition, quantity and amount, etc., has been developed.

July 3 (Cointime) - South Korea has taken its first step towards establishing a legal framework for virtual assets with the passing of the Virtual Asset User Protection Act by the National Assembly. The legislation, which will take effect next year, includes 19 proposals from lawmakers and defines digital assets while setting out penalties for unfair transactions.

July 3 (Cointime) -"Virtual Assets" beware of the risks of unlicensed and overseas trading platforms. The CSRC has not approved any virtual asset trading platform to provide services to retail investors. Most of the platforms that the public has access to are unregulated and have high potential risks. These platforms may lack transparency, operate in an unstable manner, and investors may have no security. If there is a dispute with the platform, there is no way to complain and the CSRC cannot provide assistance. Overseas trading platforms may be lightly regulated and have no investor protections. The cross-border nature makes claims difficult, and local police and regulators are unable to help.