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China Crypto Roundup (Jan. 24-Jan. 30) :ByteDance to Launch Metaverse Social App

1. From June 2021 to now, a total of 1,510 entities in China have applied for Metaverse trademarks, with a total of 9,965 trademarks. At present, no company has successfully registered the relevant trademark of “Metaverse”. The State Intellectual Property Office stated that Metaverse is a new technology and cannot be used as a trademark to be exclusively used by individuals, otherwise it is easy to be misunderstood.

2. China’s Inner Mongolia Development and Reform Commission announced today that it will impose a differential price for electricity used in virtual currency “mining” projects, with an increase of 1 yuan per kilowatt hour for mining projects as “eliminated” enterprises.

3. ByteDance (TikTok parent company) will launch Metaverse social app “Party Island”

4. Cloud computing service provider BitFuFu(invested by Bitmain) announced that it will list on the Nasdaq through a SPAC, the company’s valuation is $1.5 billion

5. The Hong Kong Securities Regulatory Commission (SFC) and the Hong Kong Monetary Authority issued a circular stating that, with exception of a few products, virtual asset-related products that are considered complex products should only be sold to professional investors. The Hong Kong-licensed exchange OSL believed that the circular allows registered institutions and licensed entities to cooperate with virtual asset trading platforms licensed by SFC to provide digital asset investment services. The clear provisions of the circular will drive demand for digital assets from licensed asset managers, banks and brokerages in Hong Kong, and allow such institutions to safely tap into the rapidly growing digital asset ecosystem.

6. Famous Chinese star Lu Han has changed his Instagram avatar to Fragment x Mark Gonzales NFT.

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