By Kapil Rajyaguru
Hong Kong To Align Crypto OTC Derivatives Rules With European Standards
Two top-level Hong Kong financial regulators have co-announced their intent to adopt reporting requirements set by the European Securities and Markets Authority (ESMA) for crypto over-the-counter (OTC) derivatives.
On Sept. 26, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) shared a plan to bring their OTC reporting requirements up to global standards after studying responses to a consultation paper from March 2024.
Hong Kong authorities recommended implementing the new reporting requirements by Sept. 29, 2025.
Ethena To Launch New Stablecoin Backed By BlackRock’s BUIDL.
Ethena Labs, developer of the decentralized stablecoin protocol Ethena, is working on a new stablecoin backed by a tokenized fund from BlackRock.
Ethena Labs took to X on Sept. 26 to announce its new stablecoin project, UStb (USTB), which will be built in partnership with major Bitcoin investor BlackRock and the digital securities platform Securitize.
The stablecoin will be backed by BlackRock’s tokenized BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which offers a stable value of $1 per token.
South Korea Fines Worldcoin For Violating Personal Protection Laws.
South Korea’s personal information watchdog imposed a fine of 1.1 billion Korean won on the Worldcoin Foundation and its affiliate Tools For Humanity (TFH) for violating the country’s laws on personal information protection.
In a plenary session on Sept. 25, the country’s Personal Information Protection Commission (PIPC) announced that it would fine the company $829,000 for violating the Personal Information Protection Act (PIPA).
The regulator also imposed corrective orders and improvement recommendations on the Worldcoin Foundation.
Liquid Restaking Protocol Bedrock Suffers $2 mn Exploit.
Multi-asset liquid staking protocol Bedrock confirmed it fell victim to a “security exploit” involving uniBTC, as hackers made off with about $2 million in funds.
In a Sept. 27 X post, Bedrock said it was aware of a security exploit involving uniBTC — a synthetic Bitcoin token used in DeFi — that resulted in the loss of about $2 million in assets.
The restaking protocol said the issue had been “handled,” adding that its team was taking steps to address the root cause. It reassured users that all remaining funds were safe and they would be issuing a reimbursement plan in the near future.
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