Beijing Local Government Releases Web3 Whitepaper

Beijing Local Government Releases Web3 Whitepaper

Discover the world of crypto in our latest Datawallet Newsletter, exploring Beijing's Web3, Huobi's HK license, Cardano's Summer, and more.

Happy Monday crypto enthusiasts! Welcome to the first edition of the week for the Datawallet newsletter, where we cover news surrounding the dynamic crypto markets. We cover news for all investor levels, so get ready for a fun ride. 

Today’s drop will cover these key daily news items:

  • Beijing local government releases Web3 whitepaper
  • Huobi HK applies for Hong Kong virtual asset license
  • Cardano's Charles Hoskinson shares vision for 'Cardano Summer'
  • Dormant $15 million wallet from Ethereum ICO wakes up
  • Bali warns tourists against using crypto
Content Guide
May 30th Crypto Markets

Beijing local government releases Web3 whitepaper

Beijing's local government has published a white paper outlining its plans and challenges for the development of the city's Web 3.0 industry. Web 3.0 refers to the next generation of the internet, incorporating decentralized blockchain technologies, the metaverse, and non-fungible tokens (NFTs). Beijing has aligned with other Chinese cities and regions, signaling its aspiration to cultivate proficiency in the Web3 industry.

In a recent white paper published during the esteemed Zhongguancun Forum, the Beijing Municipal Science and Technology Commission candidly recognized the inherent challenges involved in the development of Web3 industries. These challenges include sourcing appropriate talent, ensuring the security and integrity of blockchains, and establishing relevant laws and regulations. The agency shared this information through its social media channels on Saturday.

Huobi HK applies for Hong Kong virtual asset license

Huobi HK, a crypto exchange, has introduced crypto spot trading services for retail and institutional clients in Hong Kong. The exchange has initiated proceedings to secure a virtual asset exchange license, lodging an application with the Hong Kong Securities and Futures Commission. With a focus on stringent compliance and anti-money laundering protocols, Huobi HK is collaborating closely with auditors to fulfill all prerequisites as stipulated by the commission.

Cardano's Charles Hoskinson shares vision for 'Cardano Summer'

Charles Hoskinson, the founder of Cardano, has expressed a positive outlook for the future of the platform. In a recent video, he mentioned the potential for Cardano's native token ADA to surpass other cryptocurrencies like Bitcoin and Ethereum. Hoskinson highlighted upcoming updates and proposals, including the CIP-1694 proposal, which aims to enhance Cardano's on-chain governance infrastructure. This proposal will be integrated into the upcoming Voltaire update, enabling users to participate in governance actions and further decentralize the network. Hoskinson's vision for Cardano's success is driven by these developments.

Dormant $15 million wallet from Ethereum ICO wakes up

Recently, a dormant wallet from the Ethereum ICO in 2015 suddenly became active and transferred its funds to another address. The wallet conducted a test transaction with 1 ether before moving the remaining 7,999 ether to a different destination. This activity was observed by on-chain analysts Lookonchain.

During the Ethereum ICO, the wallet's owner acquired the funds for approximately $0.31 per token, totaling around $2,500. With the current prices, the owner has seen an astonishing 591,900% return on investment.

Bali warns tourists against using crypto

Crypto enthusiasts visiting Indonesia's popular tourist destination, Bali, have been cautioned against using digital assets for payments. The governor, Wayan Koster, stated that foreign tourists using crypto as a form of payment and violating other regulations will face severe consequences. These consequences include deportation, sanctions, criminal penalties, and potential business closures. It is advised to adhere to local payment methods and regulations to avoid these penalties.

Other breaking news

  • A new wallet, Iron Wallet, introduced 
  • Fantom Gas monetization live
  • Jimbos Protocol exploited for ~$7.5 million
  • Dogecoin chart pattern suggests volatility explosion ahead
  • BNB NFT marketplace Tabi raises $10 million 

Wrapping up

There it is, folks, another Datawallet newsletter. It seems that Beijing is gearing itself up to become a central hub for Web3 developments, while Bali, on the other hand, warns tourists of using crypto for payments. Hoskins keeps promoting ADA while a long-dormant ETH wallet finally wakes up and transfers roughly 8,000 ETH tokens. Stay informed and ahead of the game with our daily crypto scoop. See you tomorrow!