Our weekly roundup of news from East Asia curates the industry’s most important developments.
Largest money laundering scandal in Australia unravels
Changjiang Currency Exchange, a money transmitter business based in Australia, has beenbustedin a $145 million ($230 million Aussie dollar) money laundering scandal.
On October 26 a 300-strong police operation spanning Melbourne, Sydney, Brisbane, Adelaide, and Perth arrested seven individuals — four Chinese citizens and three Australian nationals, after a 14-month investigation.
Operating under the front of a legitimate currency exchange business, police say that Changjiang Currency Exchange allegedly helped launder dirty funds and tainted cryptocurrency from investment scams and unregistered crypto exchanges.
In one single incident, a 37-year-old Chinese national was accused of using Changjiang’s services to launder $63 million (A$100M) worth of funds received from a multinational Ponzi scheme.
The investigation began after law enforcement officials noticed irregular traffic at Changjiang kiosks across Australia during a time of strict COVID-19 related lockdowns. Police have since seized $13.27 million (A$21M) in cash and various luxury items believed to have been purchased using proceeds of crime. The investigation remains ongoing.
Bitget’s colorful Q3
Crypto derivatives exchange Bitget has risen to become the fourth-largest by volume, trailing behind only that of Binance, OKX, and ByBit.
According to the October 20 report, Bitget claims that its market share has risen to 9.43%, compared to negligible volume just two years ago. During Q3 2023, the exchange says it onboarded over 9,000 traders along with 85,000 followers or copy-traders, who together achieved a net trading profit of $6.7 million. However, the combined industry trading activity fell by 23% year over year to $4.8 trillion in the quarter.
From July to September, Bitget’s user protection fund peaked at $368 million and now stands at $350 million. The exchange claims that it has no debt alongside a proof-of-reserves ratio exceeding 200%. In September, the firm launched a $100 million EmpowerX Fund dedicated to ecosystem development and hosted a namesake summit in Singapore. It also hired 60 staff in July for its Middle East expansion plans.
After a year of harsh crackdowns on private blockchain enterprises, it appears that China has softened its stance somewhat.
According to local news reports on October 25, Xianyu (literally ‘Bored Fish’), Chinese internet conglomerate Alibaba’s flagship peer-to-peer marketplace, has removed its censorship of “nonfungible tokens” related keywords in its search tool and relisted Topnod NFT collectibles minted on Alibaba’s Ant Blockchain.
Due to regulatory uncertainty, Topnod digital collectibles were prohibited from listing on secondary markets. Last December, Cointelegraph reported the Chinese government’s official NFT trading platform was planned to launch this year. The exchange is still in development at the time of publication. Since 2021, China has officially banned almost all crypto-related activity saved for outright ownership of cryptocurrencies.
Blockchain connects interprovincial health insurance in China
Residents of Shanghai, Zhejiang, Jiangsu, and Anhui provinces can now submit and validate their health insurance claims using blockchain technology.
In a partnership with Alibaba’s Ant Insurance, users in the aforementioned regions can submit their claims online, and after blockchain verification for authenticity, receive their reimbursement within hours.
In one instance, an individual known as Mr. Wang submitted his claim for lung cancer treatment in Anhui, and received the full $17,800 (130,000 Chinese Yuan) reimbursement within two hours. Su Fang, Director of the Financial Insurance Institute of Shanghai University of Finance and Economics, commented:
“This time, all electronic financial and medical bills in the Yangtze River Delta have been opened and applied on a large scale in commercial insurance claims, marking the true application of the digital Yangtze River Delta construction. This not only brings real convenience to the people, but also improves the efficiency of insurance claims and effectively prevents moral hazard.”
Ant Insurance has operated a blockchain-powered claims portal since 2019. For the past four years, the platform has processed over 2.25 billion medical claims and improved information sharing between insurance providers and medical professionals.
Huaian uses blockchain to improve surveillance
The City of Huaian’s Jianpu People’s Court is using a combination of AI recognition, big data, and blockchain technology to improve law enforcement surveillance.
Starting October 25, the Jianpu People’s Court will create an “all-purpose” system for monitoring visitors entering and leaving court premises. As soon as a visitor is identified to be trespassing in an unauthorized area, the system will alert court bailiffs for their immediate apprehension. Officials say that the system can drastically reduce the patrolling of hard-to-monitor areas:
“Outside the court walls and in the public rest areas outside the courtroom of the main building, etc., intelligent behavior analysis technology can be used to capture and intelligently analyze the behavior of the parties, provide early warning of possible dangerous behaviors such as abnormal gatherings, strenuous exercise, fights, etc., and remind judicial police and other staff to pay attention and deal with it promptly and appropriately.”
Through the system, court bailiffs would gain access to all visitors’ movements and details within court premises. Augmented reality will also enhance hard-to-see areas for better resolution.
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Zhiyuan Sun
Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.
Labour MPs who are opposed to legalising assisted dying believe the momentum is swinging behind their side of the campaign, Sky News has learnt.
MPs are currently weighing up whether to back a change in the law that would give terminally ill people with six months to live the choice to end their lives.
At a meeting in parliament on Wednesday, Sky News understands Labour MPs on the opposing side of the argument agreed that those who were undecided on the bill were leaning towards voting against it.
One Labour backbencher involved in the whipping operation for the no camp told Sky News: “The undecideds are breaking to us, we feel.”
The source said that many of those who were undecided were new MPs who had expressed concerns that not enough time had been given to debate the bill.
“They feel they are too new to be asked to do something as substantive as this,” they said.
Issues that were being brought up as potential blocks to voting for the legislation include that doctors would be able to suggest assisted dying to an ill patient, they said.
The source added: “We were elected to sort the NHS out rather than assisted dying.
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“And there is no going back on this – if any doubt, you should vote it out.”
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2:30
Labour MP Kim Leadbeater discusses End of Life Bill
The Terminally Ill Adults (End of Life) Bill, put forward by Labour MP Kim Leadbeater, is due to be debated on 29 November, when MPs will be given a “free vote” and allowed to vote with their conscience as opposed to along party lines.
In a recent letter to ministers, Cabinet Secretary Simon Case said the prime minister had decided to “set aside collective responsibility on the merits of this bill” and that the government would “remain neutral” on its passage and the matter of assisted dying.
There has been much debate about the bill since its details were published on Monday evening, including that the medicine that will end a patient’s life will need to be self-administered and that people must be terminally ill and expected to die within six months.
Ms Leadbeater, who has the support of former government minister Lord Falconer and ChildLine founder Dame Esther Rantzen, believes her proposed legislation is the “most robust” in the world and contains safeguards she hopes will “reassure” those who are on the fence.
They include that two independent doctors must confirm a patient is eligible for assisted dying and that a High Court judge must give their approval.
The bill will also include punishments of up to 14 years in prison for those who break the law, including coercing someone into ending their own life or pressuring them to take life-ending medicine.
She has also argued the fact terminally ill patients will have to make the choice themselves and administer the drugs themselves “creates that extra level of safeguards and protections”.
However, several cabinet ministers – including Health Secretary Wes Streeting and Justice Secretary Shabana Mahmood, who would be responsible for the new law – have spoken out against the legislation.
The health secretary warned that a new assisted dying law could come at the expense of other NHS services – and that there could be “trade-offs” elsewhere.
Sky News understands Ms Leadbeater has said she is “disappointed” by Mr Streeting’s comments about the bill.
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7:03
Tory MP: ‘Impossible’ for assisted dying bill to be safe
And another Labour MP who is voting for the legislation told Sky News they believed Mr Streeting had “overstepped the mark”.
“I think it’s a bit of a false exercise,” they said.
“It’s definitely going to raise eyebrows – it’s one thing to sound the alarm but he is purposefully helping the other side.”
The MP said that while it did feel “the momentum is moving away from us, a lot of it will come down to the debate and argument in the chamber”.
“Some of the scaremongering tactics might backfire,” they added.
“It’s still all to play for but it’s undoubtedly true the other side seems to be making headway at the moment.”
A source close to Mr Streeting told Sky News: “Wes has approached this issue in a genuine and considerate way, setting out his own view while respecting others’ views.”
As a private member’s bill that has been put down by a backbencher rather than a government minister, the legislation will not receive as much time for consideration as a government bill – but proponents say it can always be amended and voted down at later stages.
At Prime Minister’s Questions on Wednesday, Tory MP Sir Alec Shelbrooke questioned whether enough time had been set aside to debate the bill and urged Sir Keir Starmer to allow two days, or 16 hours, of “protected time” to “examine and debate” the legislation before the vote.
Sir Keir replied: “I do think there is sufficient time allocated to it but it is an important issue.”
Health Secretary Wes Streeting has ordered his department to carry out a review of the costs of potentially changing the law to legalise assisted dying.
It comes as MPs weigh up whether to vote for a change in the law when given the opportunity to do so later this month.
The Terminally Ill Adults (End of Life) Bill, put forward by Labour MP Kim Leadbeater, would give terminally ill people with six months to live the choice to end their lives.
There has been much debate about the bill since its details were published on Monday evening, including that the medicine that will end a patient’s life will need to be self-administered and that people must be terminally ill and expected to die within six months.
Ms Leadbeater, who has the support of former government minister Lord Falconer and ChildLine founder Dame Esther Rantzen, believes her proposed legislation is the “most robust” in the world and contains safeguards she hopes will “reassure” those who are on the fence.
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They include that two independent doctors must confirm a patient is eligible for assisted dying and that a High Court judge must give their approval.
The Labour MP has argued the fact terminally ill patients will have to make the choice themselves and administer the drugs themselves “creates that extra level of safeguards and protections”.
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10:38
MP discusses End of Life Bill
However, several cabinet ministers – including Mr Streeting and Justice Secretary Shabana Mahmood, who would be responsible for the new law – have spoken out against the legislation.
Announcing the review, Mr Streeting said: “Now that we’ve seen the bill published, I’ve asked my department to look at the costs that would be associated with providing a new service to enable assisted dying to go forward, because I’m very clear that regardless of my own personal position or my own vote, my department and the whole government will respect the will of parliament if people vote for assisted dying.”
Ms Leadbeater has said she is “disappointed” with Mr Streeting’s comments – telling The House magazine the health secretary’s comments “suggest he hasn’t read the bill”.
While the health secretary has warned of the potential cost downsides for the NHS, his critics have pointed out there may be potential savings to be made if patients need less care because they choose to end their own lives – something Mr Streeting branded a “chilling slippery slope argument”.
“I would hate for people to opt for assisted dying because they think they’re saving someone somewhere money – whether that’s relatives or the NHS,” he said.
“And I think that’s one of the issues that MPs are wrestling with as they decide how to cast their vote.
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7:03
‘Impossible’ for assisted bill to be safe
“But this is a free vote – the government’s position is neutral.”
Speaking to reporters after delivering a speech to the NHS Providers conference in Liverpool, Mr Streeting said there were “choices and trade-offs” and that “any new service comes at the expense of other competing pressures and priorities”.
“That doesn’t mean people should vote against it on that basis,” he said.
“People need to weigh up this choice in the way that we’re weighing up all these other choices at the moment.”
MPs will debate and vote on Ms Leadbeater’s Private Member’s Bill on 29 November, in what will be the first Commons vote on assisted dying since 2015.
The government has given MPs a “free vote” on the issue, meaning they will be able to vote according to their conscience and without the pressure to conform to party lines.