Summary: BTC and ETH perpetual contracts may become part of Hong Kong's first pilot programs for virtual asset derivatives trading. Meanwhile, Tether’s CEO suggests that if the company were to go public, its market cap could surpass Coca-Cola’s, though it currently sees no need for an IPO.
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Industry Developments
U.S. DOJ Seeks to Forfeit $7.7M in Cryptocurrency Linked to North Korean IT Workers
The U.S. Department of Justice has filed a civil forfeiture lawsuit to recover $7.74 million in cryptocurrency allegedly laundered by North Korean IT workers. These individuals reportedly used fraudulent identities to secure jobs at U.S. crypto firms, received payments in stablecoins, and funneled the proceeds back to North Korea.
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BTC and ETH Perpetual Contracts May Lead Hong Kong’s Virtual Asset Derivatives Pilot
Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, indicated that the Securities and Futures Commission (SFC) is considering introducing virtual asset derivatives trading for professional investors with robust risk management measures. Analysts suggest BTC and ETH perpetual contracts are likely to be among the first试点 due to their global precedence—similar approaches have been adopted by the Singapore Exchange (SGX), Coinbase under CFTC oversight, and the European MiFiDII framework.
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Hong Kong Officials: Stablecoin Redemptions Must Be Completed Within One Business Day
Financial Services Secretary Christopher Hui emphasized that stablecoin issuers must comply with strict reserve management and redemption rules, including processing redemption requests within one business day. He noted stablecoins could facilitate payments in regions with volatile currencies, such as those involved in Belt and Road projects.
Deutsche Bank Explores Stablecoin Development—May Launch Proprietary Token or Partner with Institutions
Deutsche Bank is evaluating stablecoin integration, including the creation of tokenized deposit systems to enhance payment efficiency. The bank is also considering acting as a reserve custodian for digital assets or issuing its own stablecoin.
Tether CEO: Market Cap Could Surpass Coca-Cola’s If Listed—But No IPO Plans Yet
Paolo Ardoino, CEO of Tether, acknowledged that a hypothetical Tether IPO could value the company at $515 billion—surpassing giants like Coca-Cola—but reiterated that the firm currently operates efficiently without public listing.
Metaplanet Executive Advocates for Bitcoin-Backed Preferred Shares in Japan
Shinpei Okuno, Metaplanet’s capital strategist, highlighted Japan’s untapped potential in preferred shares markets. He proposed that Bitcoin-backed financial instruments could attract investors if preferred shares (e.g., STRF/STRK/STRD) were freely tradable in Japan.
FAQs
Q: Why are BTC and ETH perpetual contracts likely to be Hong Kong’s first derivatives试点?
A: These contracts are well-established globally, with precedence in Singapore, the U.S., and Europe, making them lower-risk entry points for regulatory approval.
Q: What are the key requirements for stablecoin issuers in Hong Kong?
A: Issuers must ensure 1:1 reserves, segregate customer assets, and process redemptions within one business day.
Q: Does Tether plan to go public soon?
A: No—Tether’s CEO stated the company is financially stable without needing an IPO at this stage.
Disclaimer: This content is for informational purposes only and does not constitute investment advice.