Hong Kong-based crypto exchange Hashkey has introduced insurance coverage for its clients’ assets stored in hot and cold wallets. The policy will cover 50% of assets in cold wallets and 100% of assets in hot wallets, with a potential payout of $50 million to $400 million in the event of a claim. Hashkey is also collaborating with fintech firm OneDegree to develop crypto security solutions. The exchange intends to submit four major altcoins for listing approval to the Hong Kong Securities & Futures Commission. However, the entry requirements for users and token developers on Hong Kong crypto exchanges seem to be high, as Hashkey has announced a non-refundable application fee of $10,000 for listing coins or tokens. The total cost for the listing process, if approved, could range from $50,000 to $300,000. In other news, crypto media publication The Block has secured a $60 million investment for 80% of its equity from Singaporean venture capital firm Foresight Ventures. This investment will enable The Block to develop new products and expand its presence in Asia and the Middle East. Additionally, a Chinese court has invalidated a crypto investment contract, stating that cryptocurrencies are not protected by law in civil disputes. However, the Chinese government has clarified that certain criminal acts related to virtual currencies are punishable under the penal code. Meanwhile, the Philippines’ Bureau of Treasury plans to raise $180 million through the issuance of tokenized bonds, which will be maintained in the government’s Distributed Ledger Technology Registry. This initiative is part of the government’s broader plan to digitize the government bond market.

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Information	Details
Geography	Asia
Countries	🇨🇳 🇭🇰 🇵🇭 🇸🇬
Sentiment	neutral
Relevance Score	1
People	Mike McCaffrey, Sam Bankman-Fried, Zhao Bin, Wang Ping, Larry Cermak
Companies	None
Currencies	None
Securities	None