China’s surprise NFT move, Hong Kong’s $15M Bitcoin fund: Asia Express
China to protect NFTs
In a surprise move, the Chinese government has guaranteed legal protection for NFTs.
In response to a series of often conflicting judicial opinions on the state of cryptocurrency in the country, the Chinese government has officially issued a legal commentary on dealing with cases of nonfungible tokens (NFTs) theft and their status as virtual property protected by law.
According to a Nov. 9 publication by China’s state-controlled Southwest University of Political Science and Law (SUPL), digital collectibles such as NFTs — unlike ordinary online images — conform to the characteristics of online virtual property due to their non-tamperable features, unique codes and detailed transaction information.
“This highlights the scarcity of digital collections, which have both use value and exchange value,” jurists write. “According to Article 127 of the Civil Code, it can be seen that from the perspective of civil law, online virtual property is regarded as an object of rights that ‘is different from property rights, creditor’s rights, intellectual property rights, etc. and is protected by civil law’.”
In addition, jurists state that the theft of NFTs, therefore, carries applicable criminal penalties, which can be evaluated in conjunction with related offenses committed during the course of the theft, such as hacking into computer systems or data theft.
“Digital collections have technical characteristics that cannot be copied, indicating that the holder has exclusive control. If the digital collection is stolen by others, the holder loses exclusive control,” jurists from SUPL say.
“Although our country has not yet opened the secondary circulation market for NFTs, consumers can rely on the trading platform to complete operations such as purchase, collection, transfer, and destruction, and achieve exclusive possession, use, and disposal rights.”
China has seen a rise in civil disputes this year involving cryptocurrencies, with some courts ruling that virtual assets are protected by law and others saying they are not. Last month, Chinese government-owned newspaper China Daily announced a 2.813 million Chinese yuan ($390,000) grant for third-party contractors to design an NFT platform. In May, Chinese prosecutors announced they would crack down on “pseudo-innovations” within its NFT market.
Bitget’s to invest in India
Cryptocurrency exchange Bitget will invest $10 million over five years in startups primarily based in India.
According to the Nov. 7announcement, startups will have the opportunity to pitch to Bitget and venture capitalists including Sequoia Capital, Lightspeed Ventures, and Draper Labs, during the BUIDL for Web3 multichain summit in India.
“Bitget aims to identify valuable and promising projects in the crypto space and provide them with comprehensive support, accelerating innovation in emerging technologies,” the exchange says. To qualify, projects must have a minimum viable product and hold multiple layers of security functionalities with auditing transparency.
Gracy Chen, Bitget’s managing director, says that India is “the most wanted place to invest in Asia,” citing its constant advancements in blockchain and overall entrepreneurial spirit. The exchange’s previous investments in Indian Web3 startups include AI-based script generator Grease Pencil, AI resume generator HAIr, and AI dermatological app Derma360.
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Linekong’s $15M Bitcoin Fund
Linekong Interactive, a Chinese tech firm listed on The Stock Exchange of Hong Kong (HKEX), will kickstart a $15 million fund dedicated to revitalizing the Bitcoin (BTC) ecosystem.
Accordingto founder Wang Feng, the new fund is dubbed “BTC Next” and will accelerate novel projects developing asset issuance, exchanges, virtual machines, NFTs and GameFi protocols on the Bitcoin blockchain.
“BTC NEXT will participate in the research and investment of Bitcoin network ecological assets as early as possible, publish crypto investment portfolios regularly, and update the list of Bitcoin ecological crypto assets participating in investment,” Wang writes.
The Bitcoin ecosystem has expanded greatly this year with the invention of Ordinals and Inscriptions, two novel data storage methods that, together, allow users to mint unique digital assets on the Bitcoin blockchain. The market cap of Bitcoin tokens minted on the BRC-20 standard, mirrored after the Ethereum ERC-20 standard, has surpassed $1.4 billion since inception.
Linekong was founded in Beijing in 2007 with a focus on video games and cinema. In 2018, Wang Feng resigned as CEO of Linekong to focus on blockchain, founding several projects in the nonfungible tokens, decentralized finance, and Bitcoin mining space. He returned to Linekong as CEO in 2022 after an invitation from the firm’s board of directors to better integrate Linekong products with Web3.
SEBA Bank approved in Hong Kong
Swiss fintech SEBA Bank has received a license from Hong Kong’s Securities and Futures Commission (SFC).
The license permits SEBA Bank to conduct regulated activities in Hong Kong and distribute virtual asset-backed securities, advise on crypto assets, and manage crypto investment accounts on behalf of clients. It also permits SEBA Bank to distribute, manage, and advise on traditional securities, such as stocks.
“Hong Kong has been at the center of the crypto economy since Bitcoin’s inception, and we are very pleased to have added this Hong Kong license with the full approval from the SFC to our existing licenses in Switzerland (FINMA) and Abu Dhabi (FSRA),” comments SEBA Bank CEO Franz Bergmueller. Meanwhile, Amy Yu, the firm’s Asia-Pacific CEO, praised the SFC for creating a “facilitative” environment during the licensing process.
Cointelegraph previously reported that SEBA Banklaunchedinstitutional Ethereum staking services in September. In early 2022, the firmraised $119 millionin a Series C funding round.
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Legal representatives for Coinbase filed a motion for a legal hearing and potential remedies after the SEC failed to comply with FOIA requests.
A coalition of UK trade groups has urged the government to include blockchain and digital assets in its planned “Tech Bridge” collaboration with the US.
The Conservatives have urged Sir Keir Starmer to publish all concerns raised by the security services about the appointment of sacked US ambassador Peter Mandelson.
Shadow cabinet office minister Alex Burghart said his party would push for a vote in parliament demanding the government reveal what issues the security services had in relation to Lord Mandelson’s relationship with the disgraced sex offender and financier Jeffrey Epstein.
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Peter Mandelson was sacked as the UK’s ambassador to Washington on Thursday. Pic: PA
It comes after Sky News’ deputy political editor Sam Coates revealed that Number 10 appointed Lord Mandelson to the Washington role despite the security services’ reservations about the move.
Mr Burghart said material from the security services is not usually made public, but that a substantial amount of information was already in the public domain.
He told Sky News Breakfast: “What we’re going to do is we’re going to try and bring a vote in parliament to say that the government has to publish this information.
“It will then be up to Labour MPs to decide whether they want to vote to protect Peter Mandelson and the prime minister or make the information available.”
Mr Burghart said he had spoken to Labour MPs who were “incredibly unhappy about the prime minister’s handling of this”, and that it would be “very interesting to see whether they want to be on the side of transparency”.
Tory leader Kemi Badenoch said she believed Lord Mandelson’s appointment revealed that the prime minister “has very bad judgment”.
“It looks like he went against advice, security advice and made this appointment…and what we’re asking for is transparency.”
The Liberal Democrats have also called for parliament to be given a role in vetting the next US ambassador.
“I think it will be right for experts in foreign affairs on the relevant select committee to quiz any proposal that comes from 10 Downing Street, and so we can have that extra bit of scrutiny,” the party’s leader Ed Davey told broadcasters.
The former UK ambassador to France, Lord Ricketts, said the government should not be “rushing into an appointment” to replace Lord Mandelson.
“I would urge the government to take their time, and I would also make a strong case to the government to go for a career diplomat to steady the ship after this very disruptive process,” he said.
Labour MP Chris Hinchcliff posted on X that the former US ambassador should also be removed from the House of Lords.
Nigel Farage said Sir Keir’s decision to appoint Lord Mandelson as UK ambassador to the US was a “serious misjudgement” by the PM.
“We don’t yet know what the intelligence briefings would have said, but it looks as though Morgan McSweeney, the prime minister’s right-hand man, and the prime minister, ignored the warnings, carried on,” he said.
“He was then reluctant to get rid of Mandelson, and he’s now left himself in a very vulnerable position with the rest of the parliamentary Labour Party.
“It is about the prime minister’s judgement, but it is also about the role that Morgan McSweeney plays in this government.”
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Reform UK leader Nigel Farage says Keir Starmer ignored the warnings about Lord Mandelson.
The timing of the sacking comes ahead of Donald Trump’s state visit next week, with the US president facing questions over his own ties with Epstein.
The prime minister sacked Lord Mandelson on Thursday after new emails revealed the Labour grandee sent messages of support to Epstein even as he faced jail for sex offences in 2008.
In one particular message, Lord Mandelson had suggested that Epstein’s first conviction was wrongful and should be challenged, Foreign Office minister Stephen Doughty told MPs.
The Foreign Office said the emails showed “the depth and extent of Peter Mandelson’s relationship with Jeffrey Epstein is materially different from that known at the time of his appointment”.
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Mandelson exit ‘awkward’ before Trump state visit
Downing Street has defended the extensive vetting process which senior civil servants go through in order to get jobs, which has raised questions about whether or not they missed something or Number 10 ignored their advice.
The prime minister’s official spokesman also said yesterday that Number 10 “was not involved in the security vetting process”.
“This is managed at departmental level by the agency responsible, and any suggestion that Number 10 was involved is untrue,” he told reporters.
Asked repeatedly if any concerns were flagged to Downing Street by the agencies that conducted the vetting of Lord Mandelson, he did not dismiss the assertion, repeating that Number 10 did not conduct the vetting.
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Serious questions remain about Starmer’s political judgement
Mandelson’s exit leaves Donald Trump’s state visit in the lurch
Speaking to Sky News this morning, Scotland Secretary Douglas Alexander said his reaction to the publication of the emails was one of “incredulity and revulsion”.
He said he was “not here to defend” Lord Mandelson but said the prime minister “dismissed” the ambassador when he became aware of them.
The cabinet minister said Lord Mandelson was appointed on “judgement – a judgement that, given the depth of his experience as a former trade commissioner for the European Union, his long experience in politics and his policy and doing politics at the highest international levels, he could do a job for the United Kingdom”.
“We knew this was an unconventional presidential administration and that was the basis on which there was a judgement that we needed an unconventional ambassador,” he said.
Mr Alexander added: “If what has emerged now had been known at the time, there is no doubt he would not have been appointed.”
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