According to reports, the Hong Kong Securities and Futures Commission (SFC) has given its approval for the launch of three Bitcoin spot exchange-traded funds (ETFs).
The following is a list with investments from Harvest Global Investments, China Asset Management, and a collaboration between HashKey and Bosera Asset Management included.
After getting the green light, it will take around two weeks for the Stock Exchange of Hong Kong to finish up the listing formalities and necessary arrangements.
If the initial Bitcoin (BTC) ETFs are given the green light in Hong Kong, it could potentially spark Bitcoin’s surge following its halving event, as suggested by Herbert Sim, the COO of crypto exchange Websea, during an interview with CryptoMoon.
“Halving isn’t the sole factor to consider in Bitcoin’s price movement. Instead, focus on the anticipated approval of the Bitcoin ETF in Hong Kong. Once approved, major Chinese banks are expected to purchase Bitcoin themselves.”
Currently, the head of investment firm VanEck expresses doubt that the SEC will give its approval for a spot Ethereum (ETH) ETF during May.
Jan van Eck indicated in an interview that it is unlikely that the application for a spot Ether ETF from his firm, VanEck, will be approved. He was the first to submit such an application in the US alongside Cathie Wood’s ARK Invest, with decisions anticipated by May 23rd and May 24th respectively.)
U.S. Treasury wants to tighten crypto crime control
During an appearance before the Senate Banking Committee, U.S. Deputy Treasury Secretary Adeyemo emphasized the need for expanded authority for his department to enforce regulations.
At a hearing focused on combating illegal financing, terrorism, and evasion of sanctions, Adeyemo suggested three possible adjustments to enhance the United States’ efforts in curbing such activities through cryptocurrencies.
The suggested changes involve imposing penalties on “foreign digital asset providers” involved in illicit financing activities. According to Adeyemo, U.S. sanctions prevent financial institutions from employing American correspondent accounts and processing transactions through banks. However, crypto exchanges and money services sometimes don’t rely on correspondent accounts. Therefore, a “new tool for secondary sanctions” is required.
Dubai to ease burdens for small crypto firms
In simpler terms, the cryptocurrency scene in Dubai is undergoing significant changes, but smaller businesses find it challenging to navigate the heavy regulatory requirements amidst the excitement.
Matthew White, the CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), announced bold initiatives to ease the heavy compliance burdens faced by small cryptocurrency businesses.
The VARA officer expressed that complying with regulations comes with significant expenses, a hurdle that many find challenging to overcome. white proposed a possible solution: larger entities could act as hosts for smaller ones in order to facilitate their regulatory compliance.
In this setup, the greater entities will shoulder the expenses, enabling smaller entities to enter the system, get regulated, and avoid bearing the heavy compliance costs.
Australia busts unlicensed crypto miners
Over 100 Australian investors have lost approximately 160 million Australian dollars ($104 million) due to the insolvency of three cryptocurrency mining firms based in Australia – NGS Crypto Pty, NGS Digital Pty, and NGS Group (referred to as “NGS companies” collectively).
ASIC, Australia’s Securities and Investments regulatory body, initiated civil lawsuits against companies led by Brett Mendham, Ryan Brown, and Mark Ten Caten, as well as their respective directorships.
NGS companies have faced allegations for encouraging local investors to set up personal superannuation funds and later converting these into crypto investments for blockchain mining projects, offering guaranteed returns.
Around 450 investors are believed to have put about 62 million Australian dollars (equivalent to around 40 million US dollars) into these companies, yet they lacked the required Australian business license for their operations.
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2024-04-15 22:13