The Hong Kong Securities and Futures Commission (SFC) is drafting regulatory requirements for the local licensed crypto exchanges, in light of the FTX debacle, according to a report on Monday by Hong Kong public broadcaster RTHK.
See related article: Hong Kong’s virtual asset licensing regime to take effect next June
The SFC is closely monitoring the crypto industry, and will launch a public consultation in the future, according to RTHK.
The SFC said the bankruptcy of FTX “highlights the risks of retail investors using a virtual asset trading platform that is not fully regulated” and “importance of a regulatory framework that protects investors.”
Hong Kong’s Legislative Council passed amendments to the licensing regime for virtual asset service providers in December, which requires a license for doing crypto business in Hong Kong starting June 2023.
In November, just three days after FTX filed for Chapter 11 bankruptcy, Hong Kong’s Financial Secretary Paul Chan said the region still welcomes the crypto industry and values its innovative features.
See related article: Singapore says not possible to protect local users from FTX
The Minnesota representative said Gensler’s agency has failed to gather critical information from crypto companies.
Some see the proposed pilot project as an “important step,” while others say it may lead to reduced trading activity.
Blackstone Inc has warned of possible delays to the launch of a new private equity fund designed for wealthy individuals, as it copes with heavy investor withdrawals at two other funds in real estate and credit aimed at a similar clientele, the Financial Times reported on Saturday. The New York-based investment manager has been preparing to open a fund called the Blackstone Private Equity Strategies Fund (BXPE), the report said, adding that would become its flagship strategy for rich individuals to participate in its private equity business. The asset manager in recent days informed wealthy investors and their financial advisers that it may wait for fundraising conditions and financial markets to improve before launching BXPE, the newspaper said, citing people familiar with the matter.
A special electricity tariff is being offered to the crypto miners by the Arkansas’ biggest power utility.
The crypto payments app was registered with the Financial Conduct Authority as of Friday, signifying compliance with money laundering rules.
South Korean prosecutors believe that Do Kwon, the developer behind two collapsed cryptocurrencies, is hiding in Serbia, the semiofficial [Yonhap News Agency reported](https://en.yna.co.kr/view/AEN20221212002300315), citing prosecution officials. The Seoul Southern District Prosecutors Office obtained intelligence that Mr. Kwon has stayed in Serbia for about a month after leaving the United Arab Emirates, according to Yonhap. South Korean authorities have been trying to arrest Mr. Kwon [since Se
We're oversold enough for a bounce, but not sufficiently oversold for a rally that lasts longer than a day or two.
Bitcoin and Ether weakened in Asian trading on Monday afternoon, with Dogecoin leading the decline across top 10 non-stablecoin cryptocurrencies
Bitcoin retreated below the $17,000 mark on Monday as investors look ahead to the last US Federal Reserve meeting of 2022 this week.
Billionaire VC investor Tim Draper thinks Bitcoin is headed to $250,000 within the next six months. That's probably just hype.
Bitcoin and Ether fell slightly in Monday morning trading in Asia, along with all other non-stablecoin cryptocurrencies in the top 10, excluding Litecoin.
Signs that Wall Street's interest in crypto is fading flashed again as a survey of market participants detailed significant bearishness.
Next week will be an eventful one for Bitcoin. Rising interest rates are a macro headwind to the price of the cryptocurrency.
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Maple Finance, the largest unsecured crypto lending platform, is grappling with a debt crisis while gearing up for a major system upgrade. The project's MPL token has plunged, and depositors are likely to stomach big losses. Here's how it happened, and what comes next.
STORY: As Christmas fast approaches, residents of Sydney, Australia who'd missed out on Black Friday were hitting the shopping malls.Welcome holiday news for retailers wary of inflation…Shoppers, keen to spend money on presents for loved ones, were seemingly unfazed by the economy."Maybe it's because everyone's in the festive mood so you're kinda spending because you want to spend. We do feel it, but we don't feel it as much because it's just Christmas right now. I think we're just still spending because it's for gifts.""I think there's always a desire to spoil people in your life, particularly at Christmas. So there is definitely a pressure there, I guess more internally. But I think to an extent definitely, we do spend more at Christmas time than we might normally not, particularly given inflation and that sort of thing."Australia's economy slowed a little in the September quarter,as sky-high prices and rising interest rates sapped consumer spending power.Official data last week showed real GDP rose only 0.6% in the third quarter.However, in the run-up to the holidays, things seem to have shifted gears.Paul Zahra, CEO of the Australian Retailers Association, said what locals shelled out during Black Friday was a surprise to the industry."We thought spending would come to a bit of a halt as we approach this all-important Christmas trading period, but in fact, we've just gone out recently with our new forecast, and in fact, we believe that Aussies will spend a record 66 billion dollars this Christmas, which is two billion up on our previous forecast. It's about 6.4% up on last year. So, at this moment, this time and stage, people are continuing to spend, and that's music to retailers' ears."All that's left now for shoppers is to wrap those presents.
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