India’s Parliamentary Standing Committee on Finance has recommended an interim regulatory mechanism led by self-regulatory organizations (SROs) to oversee the domestic crypto and virtual digital asset market. The committee warned that the lack of a clear legal framework exposes millions of retail investors to operational, custody, and fraud risks. Under the proposal, SROs would operate under direct supervision of the Reserve Bank of India or the Securities and Exchange Board of India, enforcing standardized codes covering consumer protection, platform transparency, and token disclosure standards. They would also audit exchange reserves and mandate segregation of client funds.

South Korean financial giant Mirae Asset has renamed local crypto exchange Korbit to Digital X after completing its 97.15% stake acquisition. Digital X aims to build an investment ecosystem connecting real-world assets, security tokens, stablecoins, traditional assets, and digital assets. Mirae stated its goal is not to overtake market leaders Upbit or Bithumb but to combine global investment expertise with digital asset infrastructure, fostering sustainable growth of Korea’s digital asset industry. The firm emphasizes strict anti-money laundering and KYC compliance, positioning Digital X as a comprehensive platform for both institutional and retail clients.

South Korea’s KOSPI index dropped 6% intraday, falling to 6669.49. Semiconductor heavyweights SK Hynix and Samsung Electronics tumbled 7.3% and 8.2% respectively. The sharp sell-off reflects broader risk-off sentiment as Asian markets face headwinds from global liquidity tightening and sector-specific pressures.

A major holder who accumulated 2.94 million HYPE tokens worth $172 million last September and October has staked 2.785 million HYPE ($164 million) across 20 wallets in the past 11 hours. The entity is speculated to be venture capital firm a16z, though unconfirmed. The move signals strong conviction in Hyperliquid’s staking yield and long-term prospects, with the whale’s stash estimated to carry an unrealized profit of around $44.5 million.

The DATA Foundation announced that its network has surpassed 100 million on-chain data registrations. South Korean exchange Upbit is concurrently hosting a four-day $DATA trading competition. Formerly Story ($IP), the network focuses on providing real-world data provenance, verification, and processing services for AI labs. Its flagship Trace audit layer is backed by Kled, with a backlog exceeding 900 million files and daily new registrations averaging 3–5 million. On-chain fee revenue has surged over 200-fold amid the growth.

South Korea’s Financial Services Commission (FSC) will advance the implementation of enhanced base margin requirements for single-stock leveraged ETFs and ETNs to July 31. Investors must hold at least 30 million won in cash as base margin to purchase or add such products. The rule applies to both domestic and overseas single-stock leveraged ETFs/ETNs. The total market cap of 16 such products had grown to 11.9 trillion won by mid-July, with turnover hitting 13 trillion won, prompting regulatory action to curb speculative retail exposure.

Taiwanese celebrity and NFT personality Machi Big Brother (Jeffrey Huang) has been liquidated once more on his ETH long position. To raise additional margin, he sold Bored Ape #6801 for 8.61 ETH, incurring a loss of 14.89 ETH ($28,000) compared to its purchase price three years prior. The forced selling highlights the intense liquidation cascade affecting leveraged traders amid Ethereum’s recent weakness.

On the day it announced its wind-down, derivatives exchange BitMEX was hit with a class action lawsuit in the Southern District of New York. Plaintiffs allege the platform fraudulently manipulated customer liquidations to steal BTC collateral, claiming cumulative losses of 622.66 BTC. BKX Services Inc. and David Namdar accuse BitMEX’s internal trading desk of retaining access during server freezes while ordinary users could not manage positions. The suit claims the platform profited from forced liquidations via its insurance fund.

Total crypto exchange trading volume declined 8% to $16.5 trillion in the second quarter, according to TokenInsight. The share of derivatives fell from 82% to 73% as spot volumes rebounded to $4.5 trillion. Binance increased its overall market share to 35.34% from 32.77%, the largest quarterly gain among all exchanges, as liquidity continued to concentrate among top-tier platforms.

In the past 24 hours, a whale moved 2.93 million HYPE ($172 million) into Hyperliquid via 19 wallets and staked the entire amount. The tokens were accumulated nine months ago at an average price of $44, yielding an unrealized gain of roughly $44.5 million at current prices. The on-chain activity points to deep conviction in HYPE’s staking returns and potential upside.