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Hong Kong’s Regulatory Ambition Draws Major Crypto Exchanges for Licensing

Hong Kong’s Regulatory Ambition Draws Major Crypto Exchanges for Licensing

In a significant development for the cryptocurrency industry, 24 leading crypto exchanges, including well-known entities like OKX, Bybit, and Crypto.com, have applied for operational licenses in Hong Kong. This move aligns with the city’s ambition to establish itself as a global cryptocurrency hub, offering retail trading services under a regulated framework. The rush to meet the Hong Kong Securities and...

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    Binance Executives Detained in Nigeria Amid Cryptocurrency Clampdown

    Binance Executives Detained in Nigeria Amid Cryptocurrency Clampdown

    In a significant move by Nigerian authorities, two senior executives from the global cryptocurrency exchange Binance have been detained in Nigeria. This action comes as part of a broader crackdown on cryptocurrency trading platforms, following the country’s efforts to control speculation on its currency, the naira. The detentions occurred after the executives traveled to Nigeria in response to the government’s...

    Over $100mn in Crypto Linked to Myanmar Scam Operations

    Over $100mn in Crypto Linked to Myanmar Scam Operations

    In a striking revelation, blockchain analytics firm Chainalysis and the US-based International Justice Mission have uncovered over $100 million in cryptocurrency payments tied to a vast scamming operation based in Myanmar. The investigation focused on a single company within the KK Park compound in eastern Myanmar, implicated in the notorious “pig butchering” scams, where perpetrators create fake romantic engagements to...

    Lisk and Indonesian Ministry Join Forces to Enhance Web3 Startup Ecosystem

    Lisk and Indonesian Ministry Join Forces to Enhance Web3 Startup Ecosystem

    In a significant move to bolster the Web3 startup landscape in Indonesia, Lisk, a notable layer-2 blockchain platform, has forged a strategic partnership with the Directorate General of Informatics Applications (DGIA) of the Indonesian Ministry of Communications & Informatics Technology. Announced on February 27, this collaboration is set to invigorate the local Web3 ecosystem by providing support and development opportunities...

    Tether Treasury’s Bold Move: Injecting 1 Billion USDT to Boost Liquidity

    Tether Treasury’s Bold Move: Injecting 1 Billion USDT to Boost Liquidity

    Tether Treasury has announced the injection of 1 billion USDT tokens into the economy. This substantial increase in USDT supply occurs as Bitcoin experiences price fluctuations, with its value oscillating between $51,000 and $53,000 in recent times. Paolo Ardoino, the CEO of Tether, elucidated that the creation of the new tokens aims to “replenish inventory” on the Ethereum network. Labeling...

    Federal Reserve’s CBDC Discussions Intensify Amid Cryptocurrency Surge

    Federal Reserve’s CBDC Discussions Intensify Amid Cryptocurrency Surge

    Recent leaks from a closed-door meeting have unveiled that discussions about a Central Bank Digital Currency (CBDC), often referred to as the digital dollar, are advancing within the Federal Reserve. This revelation comes at a time when the cryptocurrency market, particularly Bitcoin and Ethereum, is experiencing a significant upturn, drawing renewed attention and legitimacy from both Wall Street and the...

    Bitcoin Futures Open Interest Hits 26-Month High Amidst Cautious Optimism

    Bitcoin Futures Open Interest Hits 26-Month High Amidst Cautious Optimism

    Bitcoin futures open interest has soared to a staggering $21 billion, marking the highest level since November 2021. Despite this notable increase, the market’s overall leverage remains relatively low, suggesting minimal risk of sudden price swings due to mass liquidations. The latest data from CoinGlass reveals that the notional open interest—or the total dollar value of active bitcoin futures contracts—has...

    Blockchain Association Challenges Senator Warren’s AML Legislation

    Blockchain Association Challenges Senator Warren’s AML Legislation

    The Blockchain Association, a prominent entity within the cryptocurrency industry, has vocally opposed Senator Elizabeth Warren’s proposed anti-money laundering (AML) bill, labeling it a potential threat to the United States’ strategic interests. In a compelling letter to Congress dated February 13, backed by 80 influential signatories including former government officials and experts in various fields, the Association highlights the detrimental...

    JPMorgan Survey Highlights Dwindling Confidence in Blockchain Among Institutional Traders

    JPMorgan Survey Highlights Dwindling Confidence in Blockchain Among Institutional Traders

    A recent survey conducted by JPMorgan has unveiled a sharp decline in confidence in blockchain technology among institutional traders. From a promising technology heralded for its potential to revolutionize multiple sectors, blockchain now sees only 7% of surveyed traders optimistic about its prospects over the next three years—a significant fall from 25% in 2022. Growing Skepticism and Reduced Cryptocurrency Trading...

    Russia’s First NFTs on Artworks Sold Out

    Russia’s First NFTs on Artworks Sold Out

    In a pioneering move within Russia’s art and technology sector, the first NFTs (Non-Fungible Tokens) based on artworks have been successfully sold. This milestone was achieved through the “Digital Art” pilot project, a collaborative effort by the State Hermitage Museum, Interros, and the Atomyze platform. The art tokens were designed in full compliance with the “Digital Financial Assets” law, providing...

    Australian Federal Court Ruling Sets Precedent for Crypto Regulation

    Australian Federal Court Ruling Sets Precedent for Crypto Regulation

    In a landmark decision by the Australian federal court, Block Earner has been penalized for its Earner product, while its DeFi Access product was not subject to the same regulatory scrutiny. This case, brought forth by the Australian Securities and Investment Commission (ASIC), marks a significant moment for cryptocurrency regulation in Australia, underscoring the importance of clear marketing and regulatory...

    Ethiopia Becomes a New Frontier for Chinese Bitcoin Miners

    Ethiopia Becomes a New Frontier for Chinese Bitcoin Miners

    Ethiopia is emerging as a new haven for Chinese Bitcoin miners, drawn by the nation’s affordable power and strengthened ties with China. The arrival of mining operations near the Grand Ethiopian Renaissance Dam, Africa’s largest, signals a significant shift as miners seek favorable environments following stringent regulations elsewhere. Chinese Bitcoin miners have set their sights on Ethiopia, leveraging the country’s...

    Hong Kong Eyes Yuan-Linked Stablecoins to Revitalize Financial Ecosystem

    Hong Kong Eyes Yuan-Linked Stablecoins to Revitalize Financial Ecosystem

    The Hong Kong General Chamber of Commerce (HKGCC) has made a proposal to introduce Chinese yuan-linked stablecoins, aiming to invigorate the region’s financial system. This suggestion is part of a broader set of recommendations aimed at enhancing Hong Kong’s economic environment and tackling manpower shortages. The HKGCC’s proposal includes the potential issuance of stablecoins pegged to the Chinese yuan or...

    Bitcoin Spearheads $53 Billion Surge in Global Digital Assets

    Bitcoin Spearheads $53 Billion Surge in Global Digital Assets

    The digital asset market has undergone a remarkable transformation in the last two weeks, rebounding from a significant outflow to witness a substantial inflow, largely fueled by investments in Bitcoin (BTC). The market’s dynamics have shifted, with Bitcoin leading the charge and propelling the total value of global digital assets to reach $53 billion. In the closing week of January,...

    Hong Kong Sets Deadline for Virtual Asset Service Providers to Apply for Licenses

    Hong Kong Sets Deadline for Virtual Asset Service Providers to Apply for Licenses

    The Hong Kong government has issued a clear directive to virtual asset service providers (VASPs): apply for a license by February 29 or cease operations by May 31. This announcement, made by Christopher Hui, the Secretary for Financial Services and the Treasury, underscores the city’s commitment to regulating the burgeoning virtual asset industry. Hui highlighted a transitional period for VASPs...

    Hong Kong Investigates Worldcoin Over Data Privacy Concerns

    Hong Kong Investigates Worldcoin Over Data Privacy Concerns

    The Office of the Privacy Commissioner for Personal Data (PCPD) in Hong Kong has initiated an investigation into Worldcoin, the identity verification project co-founded by Sam Altman of OpenAI fame. The probe was launched amid growing apprehensions regarding the handling of personal data by the project, particularly focusing on its iris-scanning technology used for identity verification. The investigation saw the...