OTC Regulatory Work Starts The dYdX token transfer will take place in the coming days

Headlines

▌****dYdX: There will be a transfer of dYdX tokens related to the launch of the dYdX Chain in the coming days, and the tokens will remain locked and will not be sold

According to Golden Finance, the dYdX Foundation announced that it expects large-scale internal changes in the locked ethDYDX tokens held by investors and team members in the coming days. Locked tokens can be bridged from Ethereum to another blockchain, including dYdX Chain, which will appear as a transfer on both Ethereum and dYdX Chain.

▌****Chairman of the Securities and Futures Commission of Hong Kong: Work related to OTC supervision of virtual assets has been initiated

According to the Hong Kong media “East Net”, the chairman of the Hong Kong Securities and Futures Commission, Lei Tianliang, said in an exclusive interview with Now Financial Channel today that the Hong Kong Securities and Futures Commission is studying to improve the supervision of virtual assets, including over-the-counter exchanges (OTC), and at present, “the relevant work is already underway”, and the Securities and Futures Commission is confident that the regulatory mechanism and licensing mechanism will be sound, and he said that he is not worried that the JPEX incident will affect investor confidence. In addition, Lui also reminded that investing in virtual assets is risky, called on investors to use licensed dealers for trading, and welcomed enterprises that meet the licensing requirements to develop virtual asset business in Hong Kong.

Quotes

As of press time, according to CoinMarketCap data:

BTC was last traded at $33,927.0, with an intraday change**-0.40%**;

ETH was last traded at $1,782.48, with an intraday change**-0.84%**;

BNB was last traded at $225.18, with an intraday change**+1.22%**;

XRP was last traded at $0.5426, with an intraday change**-1.55%**;

DOGE was last traded at $0.0678, with an intraday change**-5.75%**;

ADA last traded at $0.2898, with an intraday change of +1.45%;

SOL was last traded at $31.99, with an intraday gain of -1.74%.

POLICY

▌****Turkey plans to finalize crypto regulations in 2024

The President’s Annual Plan for 2024, recently released in Turkey’s Official Gazette, sets the goal of finalizing the country’s crypto regulations within the next year, Golden Finance reported.

▌Taiwan Officially Proposes Virtual Asset Management Bill

According to Golden Finance, Taiwan’s “Virtual Asset Management Bill” was passed in the first reading of the Taiwan Legislative Yuan. The Virtual Asset Management Bill, if passed and enacted, would require all crypto platforms operating in Taiwan to apply for licenses. Yung-Chang Chiang, a member of the Taiwan Legislative Yuan, said that after the first reading of the bill, the discussion on the regulatory framework for the virtual asset industry has entered the next stage, and we hope that the Financial Supervision Commission will also submit their version of the draft bill to the legislature so that the community can further form consensus in the process.

Blockchain Applications

▌dYdX: There will be a transfer of dYdX tokens related to the launch of the dYdX Chain in the coming days, and the tokens will remain locked and will not be sold

According to Golden Finance, the dYdX Foundation announced that it expects large-scale internal changes in the locked ethDYDX tokens held by investors and team members in the coming days. Locked tokens can be bridged from Ethereum to another blockchain, including dYdX Chain, which will appear as a transfer on both Ethereum and dYdX Chain.

▌SBF: “Didn’t know” how cryptocurrencies worked when Alameda was founded

FTX founder Sam Bankman-Fried said in his testimony today that he founded cryptocurrency hedge fund Alameda Research in 2017, Golden Finance reported. He said that at the time he had “absolutely no idea” of how cryptocurrencies or blockchain technology worked, only that tokens could be traded on websites called cryptocurrency exchanges.

▌****German postal service will issue limited edition NFT stamps

Deutsche Post, the German postal service, will issue its first limited-edition collector’s stamp on November 2, 2023. The classic self-adhesive stamp will come with a digital image, which is an NFT that represents the ownership of the stamp. The first stamp features an artificial intelligence (AI)-generated pixelated image of Brandenburg, and other stamps will also feature iconic German landmarks.

Cryptocurrency

▌Chairman of the Hong Kong Securities and Futures Commission: Work related to OTC regulation of virtual assets has been initiated

According to the Hong Kong media “East Net”, the chairman of the Hong Kong Securities and Futures Commission, Lei Tianliang, said in an exclusive interview with Now Financial Channel today that the Hong Kong Securities and Futures Commission is studying to improve the supervision of virtual assets, including over-the-counter exchanges (OTC), and at present, “the relevant work is already underway”, and the Securities and Futures Commission is confident that the regulatory mechanism and licensing mechanism will be sound, and he said that he is not worried that the JPEX incident will affect investor confidence. In addition, Lui also reminded that investing in virtual assets is risky, called on investors to use licensed dealers for trading, and welcomed enterprises that meet the licensing requirements to develop virtual asset business in Hong Kong.

▌SBF: Buy SOL at 20 cents per piece using Alameda profits and third-party loans

Sam Bankman-Fried revealed in his testimony at the criminal trial that he started buying SOL early on at a price of 20 cents each, and that when questioned by his lawyer, he said that the funds came from Alameda’s operating profits as well as third-party loans, according to Golden Finance.

▌The market value of stablecoins did not increase significantly during the rise of Bitcoin

According to DefiLlama data, the market value of stablecoins has remained relatively stable at $124 billion during the recent Bitcoin rally, failing to break through the level since early September, according to DefiLlama data. Analysts say stablecoin supply is a lagging indicator, but the lack of signs of recovery in stablecoins could be a sign that Bitcoin’s rally is not bringing new liquidity to the crypto market.

▌Zhou Xiaochuan: The versatility of digital currency is crucial

According to Golden Finance, Zhou Xiaochuan, former governor of the central bank, said that the digitization of the payment system gave birth to digital currency. Digital currencies cannot be built and exist on their own, and need to rely on payment systems to function. From a conceptual point of view, digital currencies can be divided into digital currencies in the broad sense and digital currencies in the narrow sense. In a broad sense, any form of digital payment instrument can be referred to as digital currency to some extent; Digital currencies in the narrow sense are often defined and named by technology developers, and they usually think that the digital currency they have developed is digital currency, and others have not developed it, so there is often controversy.

▌Fed’s Barr: Stablecoins need to be regulated

Barr, a senior Fed official, said that stablecoins need to be regulated, and when an asset is pegged to government-issued currency and used as a means of payment and store of value, it “borrows credit from the Federal Reserve”, so the Fed is very keen to ensure that any stablecoin products operate within the appropriate federal prudential regulatory framework so that they do not threaten financial stability or the integrity of the payment system.

▌U.S. Department of the Treasury: Working with Digital Asset Companies to Stop Illicit Money Flows

U.S. Deputy Secretary of the Treasury Wally Adeyemo said the department is working with financial institutions and digital asset companies to “take steps to prevent terrorists from transferring funds,” Gold Finance reported. However, he added that some companies in the digital asset space “want to innovate without thinking about the consequences, including guarding against illicit financing.” ”

Important Economic Dynamics

▌Data: The number of weekly active addresses on L2 exceeded 4 million, a record high

According to Token Terminal data, the number of weekly active addresses on L2 exceeded 4 million, a record high.

▌U.S. core PCE price index rose 3.7% year-on-year in September

Golden Finance reported that the core PCE price index in the United States rose 3.7% year-on-year in September, with an expectation of 3.70% and a previous value of 3.90%.

Golden Encyclopedia

▌****AA Technology

Account Abstraction(AA) is a new paradigm of contract wallet based on ERC-4337, which implements on-chain interaction of contract accounts in an application-layer way. AA does not need to modify the ETH node consensus, and can achieve more programmability and contract composability than the current EOA external accounts (such as Metamask accounts) by operating on-chain contract accounts.