Compiled by: Nona
Regulation/Macro
Ministry of Foreign Affairs spokesperson: The BRICS mechanism is an important platform for cooperation among emerging markets and developing countries; there are no winners in a tariff war.
Ministry of Foreign Affairs spokesperson Mao Ning hosted a regular press conference. Mao Ning stated that the BRICS mechanism is an important platform for cooperation among emerging markets and developing countries, advocating for openness, inclusiveness, and win-win cooperation, without creating camp confrontations or targeting any country. 'Regarding the increase in tariffs, China has repeatedly clarified its position—there are no winners in a trade war or tariff war, and protectionism has no way out,' said Mao Ning.
Director of the Hong Kong Investment Promotion Agency: Currently, there are quasi-stablecoin operators negotiating with their financial teams for opportunities to set up in Hong Kong.
The Director of the Hong Kong Investment Promotion Agency, Liu Kaixuan, recently stated that there are currently operators of quasi-stablecoins negotiating with their financial teams for opportunities to set up in Hong Kong. It is expected that shortly after the stablecoin regulations take effect next month, relevant enterprises will land. 'In the past two and a half years, 630 mainland enterprises have settled in Hong Kong, accounting for about 48%; due to national policy support for enterprises going overseas, Hong Kong will become a springboard, and I believe that in the future, among the enterprises settling in Hong Kong, mainland enterprises will still hold a certain proportion.'
Trump: Tariff letters to countries will start being sent on July 8.
Trump announced that tariff letters to countries around the world will begin to be sent at 12 PM Eastern Time on July 7 (midnight Hong Kong Time on July 8).
U.S. Commerce Secretary: Tariffs will take effect on August 1.
Trump stated on Sunday that he has reached some trade agreements with trading partners and will notify other countries via letter that tariff rates will be increased. U.S. Commerce Secretary Lutnick told reporters that higher tariffs will take effect on August 1, but Trump 'is currently formulating rates and agreements.' In April, Trump announced a basic tariff of 10% on most countries, with additional tariffs of up to 50%, although he later postponed the effective date of the tariffs for all countries to July 9 (except for the 10% tariff). Lutnick's comments suggest a three-week 'stay' on tariffs. U.S. Treasury Secretary Basant had previously made similar remarks, stating that countries without agreements will face tariffs starting August 1, but denied that the date is a 'new deadline.'
Hong Kong Secretary for Financial Services and the Treasury Xu Zhengyu: The goal is to issue stablecoin licenses within this year, and the number will be single digits.
The Secretary for Financial Services and the Treasury in Hong Kong, Xu Zhengyu, stated that the Monetary Authority is currently consulting the market on the implementation guidelines for the regulations, which will be announced within this month. The specific content will involve anti-money laundering and other related requirements. He also indicated that the number of approved stablecoin licenses would be a single-digit figure, hoping to receive applications after the regulations take effect, with a goal of issuing licenses within this year. As for whether financial institutions that obtain licenses can issue stablecoins pegged to the Renminbi, he said that if it involves currency from other jurisdictions, discussions with relevant institutions are necessary.
UAE authorities: Golden visa eligibility does not include digital currency investors.
The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) in the UAE jointly issued a statement denying reports circulating on certain websites and social media platforms about the UAE granting golden visas to digital currency investors. ICP stated that the issuance of golden visas is based on a clear and officially approved framework and standards, which do not include digital currency investors; eligible applicants include real estate investors, outstanding talents, etc. SCA reiterated that it regulates finance according to international standards, with specific regulations for digital currency investment, which is unrelated to the golden visa, reminding investors to obtain information from official channels. VARA also denied that Dubai grants golden visas to virtual asset investors, urging investors to only cooperate with regulated companies and clarifying that Toncoin has not been authorized for regulation. Previously, social media circulated that Toncoin was cooperating with the UAE to provide 10-year golden visas to TON stakers, and Zhao Changpeng stated that if the news were true, it would promote BNB to enjoy the same treatment, while TON Foundation CEO Max Crown claimed that 'the news is true.'
Project/Company Dynamics
Guotai Junan Securities: The company's subsidiary Guotai Junan Securities Limited is preparing to apply for a trading license related to virtual assets.
Guotai Junan Securities stated on July 7 that its subsidiary Guotai Junan Securities Limited is preparing to apply for a trading license related to virtual assets and has engaged in multiple discussions with international and Hong Kong institutions that have rich experience in this matter. The company will actively promote specific application matters. Guotai Junan Securities Limited holds business licenses issued by the Hong Kong Securities and Futures Commission, including: Type 1: Securities Trading; Type 2: Futures Contract Trading; Type 4: Advising on Securities; Type 6: Advising on Corporate Finance; Type 9: Asset Management. The company will continue to strengthen the proactive expansion of overseas business, utilizing the advantages of its Hong Kong subsidiary, which holds complete licenses of types 1, 2, 4, 6, and 9, achieving efficient business collaboration to provide relatively comprehensive financing and investment services for overseas clients. The aforementioned application for a trading license related to virtual assets still requires approval from the Hong Kong Securities and Futures Commission, and investors are advised to pay attention to investment risks.
FTX creditor representative: The estimated total claims amount to $11 billion, and claims in restricted jurisdictions amount to $470 million.
FTX creditor representative Sunil updates on FTX creditor distribution information, with the total claims in restricted jurisdictions amounting to $470 million, among which investors from China are the largest holding group of FTX claims, holding $380 million in claims (accounting for 82% of restricted claims). In addition, there are $290 million in claims that have not completed KYC (Bahamas), disputed claims total $660 million, and a total of $1.4 billion is awaiting claims resolution, with an estimated total claims amount of $11 billion.
Korean BNK Financial Group subsidiary applies for trademark on the Korean won stablecoin.
Korean BNK Financial Group affiliated companies BNK Financial Holdings, Busan Bank, and Gyeongnam Bank are applying for trademarks related to the Korean won stablecoin. BNK Financial Holdings has submitted 11 trademark applications, while Busan Bank and Gyeongnam Bank have submitted 10 and 4 applications, respectively. Additionally, Busan Bank and Gyeongnam Bank have joined the OBDIA Association, which is preparing for the issuance of bank-backed stablecoins.
Turkey blocks 46 unauthorized websites providing cryptocurrency-related services, including PancakeSwap.
The Turkish Capital Markets Board (CMB) has blocked 46 unauthorized websites providing cryptocurrency-related services, including PancakeSwap, for violating the Capital Markets Law.
Robinhood responds to OpenAI's accusation of unauthorized token issuance: indirectly holding shares in OpenAI through SPV.
OpenAI states that the tokens provided by Robinhood are not equity in the company, and OpenAI neither cooperated with nor recognized this issuance. In response, Robinhood CEO Vlad Tenev stated that while these tokens are not technically equity (i.e., actual ownership in the company), 'these tokens effectively give retail investors access to these private assets.' A spokesperson from Robinhood said in an email statement: 'The issuance of these tokens benefits from Robinhood's ownership in a special purpose vehicle (SPV). Therefore, while we do not 'own shares' in the strict sense, these tokens give clients the opportunity to access the private market.'
Key data
CoinShares: Last week, net inflows into digital asset investment products amounted to $1.03 billion, marking 12 consecutive weeks of net inflows.
Last week, net inflows into digital asset investment products amounted to $1.03 billion, marking 12 consecutive weeks of net inflows. Among them, bitcoin investment products had net inflows of $790 million, and ethereum investment products had net inflows of $226 million. Regionally, the U.S. led with inflows of $1 billion, followed by Germany and Switzerland with inflows of $38.5 million and $33.7 million, respectively. In contrast, market sentiment in Canada and Brazil remained weak, with outflows of $29.3 million and $9.7 million, respectively.
Hong Kong stocks closed, with cryptocurrency and other concept stocks rising significantly.
Hong Kong stocks closed, with the Hang Seng Index down 0.12% and the Hang Seng Tech Index up 0.25%; cryptocurrency and other concept stocks rose significantly, with Guotai Junan International (01788.HK) up over 10%.
The Blockchain Group increases its holdings by 116 bitcoins, bringing the total holdings to 1904 bitcoins.
The European listed company The Blockchain Group announced an increase in holdings of 116 bitcoins for approximately €10.7 million, bringing the total holdings to 1904 bitcoins.
The Smarter Web Company increases its holdings by 226.42 bitcoins, bringing the total holdings to 1000 bitcoins.
UK listed technology company The Smarter Web Company announced an increase of 226.42 bitcoins, bringing the total holdings to 1000 bitcoins.
Metaplanet increases its holdings by 2205 bitcoins, bringing the total holdings to 15555 bitcoins.
The Japanese listed company Metaplanet announced an increase in holdings of 2205 bitcoins for approximately $239 million, bringing the total holdings to 15555 bitcoins.
