Regulation news
Hong Kong authorities are considering granting more power to regulators to combat cryptocurrency scams. Chief Executive John Lee Ka-chiu has stated that the administration will review relevant legislation and consider measures such as using anti-money laundering laws. This comes after criticism of the Securities and Futures Commission (SFC) over its handling of an unlicensed platform involved in an alleged $19 million fraud. The aim is to protect investors’ interests and crackdown on unlicensed, illegal, or scam platforms.
Investment news
A new report from global market intelligence agency Mintel reveals that Americans are more open to the potential of cryptocurrency compared to Brits. The report found that around a third of surveyed US consumers are interested in using cryptocurrency for purchases, while 4 in 10 Americans are more interested in crypto than a year ago. In contrast, almost half of surveyed Brits are skeptical about crypto and do not believe it will become a common payment method. The report also highlights that British customers are more cautious about where they put their money due to the recent cost of living crisis.
Trading news
YouHodler, a Swiss-based Web3 platform, has announced a strategic partnership with Ledger, a major hardware wallet maker. This collaboration aims to provide users of the Ledger Live App with seamless access to YouHodler’s platform for trading and participating in the cryptocurrency market. The goal is to bridge the gap between financial services and the world of digital assets, offering users a user-friendly experience.
Blockchain news
The ISG Provider Lens Supply Chain Services report for Brazil highlights how new digital technologies like IoT, blockchain, 3D printers, and AI can help overcome supply chain challenges exacerbated by the pandemic and current macroeconomic conditions. The report also examines how Brazilian retail companies are utilizing blockchain technology for food traceability.
Exchange news
Cryptocurrency exchange Bybit has announced that it has surpassed 20 million registered users. The CEO of Bybit, Ben Zhou, expressed that this milestone represents the faith and enthusiasm of a community that believes in the potential of crypto and trusts Bybit as their preferred platform. Bybit is celebrating its 5th anniversary this December.
Hot Take: Hong Kong’s Commitment to Fight Crypto Scams and Americans’ Openness to Crypto
Hong Kong’s commitment to empowering regulators and using all available methods to tackle cryptocurrency scams demonstrates the government’s dedication to protecting investors and cracking down on illegal platforms. This proactive approach is essential for maintaining trust in the crypto industry and ensuring a safe environment for participants.
Meanwhile, the contrasting attitudes towards cryptocurrency between Americans and Brits highlight the potential for widespread adoption in the US. With a significant portion of Americans showing interest in using cryptocurrency for purchases and expressing increased interest over time, it indicates a growing acceptance and understanding of crypto as a viable payment method.
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