Hong Kong is stress-free its crypto regulation to permit retail buyers to commerce digital property straight. A licensing regime for crypto platforms that enables retail crypto buying and selling is reportedly set to be enforced in March subsequent 12 months.
Hong Kong is reportedly stress-free its strict cryptocurrency regulation with a plan to permit retail crypto buying and selling, Bloomberg reported Thursday, citing individuals aware of the matter.
A compulsory licensing regime for cryptocurrency platforms that enables retail crypto buying and selling is about to be enforced in March subsequent 12 months, the publication conveyed, elaborating:
Hong Kong plans to legalize retail buying and selling for crypto beginning in March after years of skepticism — a stark distinction to mainland China’s ban.
Furthermore, regulators are searching for to permit retail exchanges to checklist massive cryptocurrencies, like bitcoin (BTC) and ether (ETH), the information outlet added. The itemizing guidelines are prone to embody standards such because the token’s market worth, liquidity, and inclusion in third-party crypto indexes.
Gary Tiu, government director at crypto agency BC Expertise Group, commented:
Introducing necessary licensing in Hong Kong is simply one of many essential issues regulators need to do. They’ll’t endlessly successfully shut the wants of retail buyers.
Michel Lee, government president of digital asset monetary companies group Hashkey, defined that Hong Kong has been attempting to create an all-encompassing crypto regime, citing tokenized shares and bonds as a doubtlessly extra essential phase sooner or later. “Simply buying and selling digital property by itself isn’t the purpose. The purpose is admittedly to develop the ecosystem,” he was quoted as saying.
Hong Kong’s high monetary regulator, the Securities and Futures Fee (SFC), launched a voluntary licensing regime in 2018. It restricted crypto buying and selling platforms to shoppers with portfolios of no less than HK$8 million ($1 million). Nevertheless, the robust regulation turned away many crypto companies and solely two corporations — BC Expertise Group and Hashkey — have been authorized.
Many individuals are skeptical of the brand new crypto regulation, nonetheless. Bitcoin Affiliation of Hong Kong co-founder Leonhard Weese shared:
The sort of conversations I’ve had was that folks nonetheless concern there’ll be a really strict licensing regime. Even when they’re in a position to deal straight with retail customers, they’re nonetheless not going to be as enticing or as aggressive as abroad platforms.
The SFC’s director of licensing and head of the fintech unit, Elizabeth Wong, stated final week: “We’ve had 4 years of expertise in regulating this trade … We predict that this can be truly time to essentially think twice about whether or not we are going to proceed with this skilled investor-only requirement.” She famous that Hong Kong might additionally authorize exchange-traded funds (ETFs) to supply publicity to mainstream crypto property.
What do you consider Hong Kong permitting retail cryptocurrency buying and selling? Tell us within the feedback part beneath.
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An up-and-coming player in the world of cryptocurrency is looking to revolutionize the industry through its unique processes that highlight sustainability.
According to Be3, cryptocurrency XRP, developed by Ripple Labs, could have a “transformative impact on both finance and environmental sustainability” thanks to its unique consensus mechanism that does not require mining and uses a negligible amount of energy even as it scales.
It generates a minuscule amount of pollutants per transaction while producing 1,110 pounds of electronic waste and impacting just over 8 cubic miles of natural resources.
This approach separates XRP from its contemporaries, which often rely on the notoriously power-hungry proof-of-work systems and hulking mining centers that can destabilize the grid.
Statistics provided by TRG Datacenters show that XRP is the second-most eco-friendly cryptocurrency behind IOTA, consuming just 0.0079 kilowatt-hours per transaction. Comparatively, bitcoin ranks last at a staggering 707 KWh per transaction.
Furthermore, the cryptocurrency became the first major global blockchain to achieve carbon net zero by purchasing enough renewable energy to offset its minimal energy requirements, per the XRP Ledger.
Be3 also noted other features that make XRP an attractive option for institutions focused on environmental responsibility, as it takes just three to five seconds to settle at fractions of a cent per transaction.
It’s a welcome addition to a sector that desperately needs more sustainable options. A study by the International Monetary Fund found that crypto mines, in conjunction with artificial intelligence data centers, accounted for 2% of global electricity demand and 1% of carbon dioxide pollution in 2022.
The United Nations found that the bitcoin mining network used 173.42 terawatt-hours of electricity between 2020 and 2021, resulting in a carbon footprint equivalent to burning 84 billion pounds of coal.
Coal and natural gas also supplied 66% of the energy for mining operations during this period, polluting the planet with planet-warming gases.
Luckily, the sector has made significant strides in recent times in an effort to become more eco-friendly.
Alephium, which utilizes a proof-of-work blockchain, has partnered with Gigatons to implement a proof-of-less-work consensus that is significantly more energy efficient.
Meanwhile, Ethereum has transitioned to a proof-of-stake system that has cut its energy consumption by nearly 100%.
“In a world increasingly attentive to environmental impact, XRP’s innovative technology not only promises efficiency but also a greener future,” Be3 wrote.
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Donald Trump is making news once more, but this time it’s not for political reasons; it’s about cryptocurrency. As he prepares to return as the 47th President of the United States, Trump will become the first sitting president to own meme currencies, a decision that has stirred both enthusiasm and skepticism in the crypto community.
Recent sources claim that Trump’s crypto wallet consists largely of meme coins and is valued roughly $8 million. Among the assets are $1.5 million in a meme currency with Trump-themed design and $5.5 million in TROG tokens.
In addition, he has about 1.3 billion GUA coins, which amounts to nearly $400,000, and $167,000 in TRUMPIUS tokens. This is a first of its kind, where Trump becomes an oddity in the world of politics and cryptocurrency, considering his earlier reluctance towards digital assets.
DONALD J. TRUMP WILL BE THE FIRST SITTING US PRESIDENT TO HOLD MEMECOINS pic.twitter.com/ODlNXDaKIT
— Arkham (@arkham) January 10, 2025
Trump’s journey into the crypto world is notable. He had been a strong critic of Bitcoin and other cryptocurrencies, calling them scams. But that all changed in 2024 when he started publicly endorsing Bitcoin and speaking out for the right to own it. That’s a broader trend among politicians, who are increasingly recognizing the potential of cryptocurrencies and their growing popularity among voters.
Trump’s financial success in the digital sphere was also aided by his venture into non-fungible tokens (NFTs) on Ethereum. Trump reportedly made a good living from these endeavors, and he currently owns roughly 496.77 ETH, which is worth about $1.6 million.
Many people are eager to see how Trump’s administration will regulate cryptocurrencies now that he is back in office. A possible change toward a more advantageous regulatory climate for digital assets is hinted at by the nomination of important individuals like David Sacks as “Crypto Czar” and Paul Atkins as SEC chair. This could result in more precise rules for investors and businesses involved in the cryptocurrency industry.
Donald Trump. Image: Ronda Churchill/Reuters
The policies by Trump are already changing market dynamics as everybody is anxiously awaiting them. During this time when Bitcoin hit a record high of $108k, while meme coins surged, analysts still feel that Trump could make the year 2025 a major turning point in cryptocurrencies.
The rise of Trump-owned meme coins is indicative of a broader cultural shift among younger investors who are fed up with established financial institutions. This combination of the political influence of Trump and the speculative nature of meme coins puts a scenario under which political events could significantly affect cryptocurrency markets. Thus, while the investors go about this, they are not ignorant of the volatility that is usually associated with meme coins.
Featured image from Fortanix, chart from TradingView
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