The team developing CNHC, an offshore stablecoin issuer for the Chinese RMB and Hong Kong dollar, has allegedly been arrested by Chinese authorities, according to local news outlet PANewsLab. CNHC raised $10m in March in its Series A funding round, telling investors it was planning to use the money to “expand in the Asia Pacific region” and to move its headquarters from the Cayman Islands to Hong Kong. The move appears to be part of a broader crackdown on cryptocurrencies by the Chinese government. Rumours of arrests were also cited as the reason behind a 30% plunge in Singaporean inter-blockchain communications protocol Multichain’s tokens.
Hong Kong Virtual Asset Consortium has been established to approve the top 30 cryptocurrencies by market cap for listing and to conduct quarterly reviews of registered digital asset exchanges to ensure compliance with licensing regulations. Bitcoin quotes have also been added to China’s largest social media app, WeChat, and All Nippon Airways has launched an NFT marketplace for aeronautical themed collectibles. Japanese blockchain Astar Network has mooted revamping its tokenomics using quarterly or half-yearly updates inspired by the Fed’s meeting schedule and token inflation rate based on network usage.
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Japanese cryptocurrency exchange bitFlyer has said that it will comply with the country’s Financial Services Agency’s new Travel Rule from 1 June. The rule requires that crypto asset exchange operators must provide specific information about the sender and the recipient to the exchange operator receiving the transfer. Further restrictions are in place for crypto transfers to the 21 countries utilising the Coinbase-led Travel Rule Universal Solution Technology (TRUST). bitFlyer clients wishing to transfer crypto to any of the 21 TRUST countries will only be able to send Bitcoin or Ethereum and select ERC-20 tokens.
