1. China's stock and bond markets rose, and the yuan jumped to a 16-month high against the dollar
China's central bank on Tuesday unveiled its biggest stimulus package since the outbreak of the pandemic, aimed at lifting the economy out of deflation and back to the government's growth target, including lowering borrowing costs, pumping more money into the economy and easing the burden of mortgage repayments on households. Chinese stocks and bond markets rose, with Asian shares hitting a 2-1/2-year high. The yuan jumped to a 16-month high against the dollar.
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2. Telegram will provide more user data to the government after CEO’s arrest
Telegram made significant changes to its privacy terms on Monday. The app will now share users' IP addresses and phone numbers with judicial authorities in cases where they may be involved in criminal conduct. The changes come after Telegram CEO Pavel Durov was arrested in France last month. Monday's changes are a significant departure from the app's previous statements that Telegram would only share information if a user was suspected of terrorism.
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3. Citibank survey: Family office investment in cryptocurrencies doubled year-on-year
According to the 2024 Global Family Office Survey Report released by Citibank, the number of family offices that are optimistic about cryptocurrencies has doubled from 8% last year to 17% this year, and direct investment is still their favorite investment method. Compared with small family offices, large family offices have shown greater interest in tokenized real-world assets (RWA). The Asia-Pacific region is in the lead in digital asset adoption, with 37% of family offices investing or interested in investing in digital assets.
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4. Several South Korean military officers are suspected of using military secrets as collateral in exchange for high-interest loans to buy cryptocurrencies
The South Korean Ministry of Defense confirmed that several military officers were suspected of using high-level military secrets as collateral to borrow money from loan sharks to buy cryptocurrencies, posing a serious national security risk. According to a spokesman for the South Korean Ministry of Defense, the Defense Counterintelligence Command discovered earlier this year that an active-duty captain was suspected of violating the Military Secrets Protection Act. The officer was tried in a military court in March and sentenced to two years and six months in prison, suspended for four years, and officially retired on September 19. Most of the officers involved in the case are young officers in their 20s and 30s. Unable to obtain loans from commercial banks, they turned to loan sharks to provide military passwords as collateral.
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5. Swedish police classify illegal cryptocurrency exchanges as professional money launderers
The Swedish Police and the Financial Intelligence Unit (FIU) recently released a report classifying some cryptocurrency exchanges as "professional money launderers (PML)" and identifying four typical money laundering models. The report divides these illegal exchanges into node transaction providers, Hawala transaction providers, asset transaction providers, and platform transaction providers. Node transaction providers are deeply integrated into the criminal network and transactions are conducted in both directions; Hawala transaction providers are connected to the underground banking system and have a wide influence in the Middle East; asset transaction providers systematically use encrypted assets and have large transaction volumes; platform transaction providers operate on public P2P platforms and mainly serve small-scale drug buyers and fraudsters.
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6. The world’s first crypto Islamic account is now fully launched on Bybit
Limited to 75 Shariah-compliant tokens and open to Muslim traders worldwide, the initial offering includes Shariah-compliant products and services, namely spot trading, DCA trading bots and spot grid bots, ensuring ethical and straightforward trading in line with Islamic values. Bybit consulted ZICO Shariah, a licensed Shariah consultancy based in Kuala Lumpur, Malaysia, in developing the Islamic account.
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