Hong Kong Prepares for Retail Access to Spot Crypto ETFs + More News

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Get your day by day, bite-sized digest of crypto and blockchain-related information – investigating the tales flying beneath the radar of at present’s information.

On this version:

  • Hong Kong Prepares for Retail Entry to Spot Crypto ETFs
  • Southeast Asia Scammers Are Pressured to Search for New Markets – And They’re Discovering Them
  • Bybit Unveils P2P Crypto Buying and selling with Zero Transaction Charges

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Hong Kong Prepares for Retail Entry to Spot Crypto ETFs


Hong Kong’s Securities and Futures Fee (SFC) is ready to authorize funds with direct publicity to digital property, together with spot digital asset exchange-traded funds (ETFs), according to the South China Morning Put up.

The report cited a round collectively issued by the securities regulator and the Hong Kong Financial Authority, town’s central financial institution.

Neil Tan, managing accomplice at native fintech consulting agency Tsunami Advisors and chairman of the FinTech Affiliation of Hong Kong, commented that “this transfer places Hong Kong in a number one place within the world crypto panorama.”

“By introducing a regulated and accessible funding car like a spot bitcoin ETF, Hong Kong can entice each institutional and retail buyers looking for publicity to cryptocurrencies.”

Tan argued that spot crypto ETFs are “basically a Web3 asset in a Web2 wrapper.” They permit conventional buyers to achieve entry and publicity to the crypto market.

Final October, Hong Kong introduced its objective to change into a global virtual asset hub. Since then, the authorities have carried out a brand new regulatory regime for centralized exchanges, permitting licensed platforms to just accept retail buyers.

Solely two corporations have acquired licenses, and 9 are awaiting software approvals.

Southeast Asia Scammers Are Pressured to Search for New Markets – And They’re Discovering Them


Rebecca Miller, human trafficking program coordinator for the UN Workplace on Medicine and Crime regional workplace for Southeast Asia and the Pacific, commented that the rising consciousness of the scam facilities in Southeast Asia has pressured the crime syndicates to seek for victims elsewhere, concentrating on nations and areas the place most individuals could not but learn about them, according to VOA.

This consists of crypto scammers as nicely, amongst quite a lot of others.

Troy Gochenour, a US resident who fell sufferer to a crypto rip-off run out of Southeast Asia, says the syndicates are profitable find new markets. Gochenour now investigates such scams for the World Anti-Rip-off Group, a gaggle based in Singapore and based mostly within the US.

“I’ve talked to victims in South America, the Center East, throughout Europe, Australia,” he stated, and added:

“No victims in Antarctica but, however give it time.”

Gochenour claims that these rip-off syndicates are “actually world.” “While you’ve obtained 100,000 or so folks throughout Southeast Asia [each] sending out 1,000 or so random messages a day, they’re going to hit lots of people.”

However Southeast Asia’s on-line rip-off hubs are more and more drawing consideration from governments and regulation enforcement businesses globally because the scammers increase their operations to different areas.

Jason Tower, Myanmar nation director for the United States Institute of Peace, a US government-funded suppose tank, stated most nations have been gradual to reply to the rising menace. He stated, nonetheless, that nations are prone to come out with their very own sanctions.

Gochenour stated he’s skeptical that focused sanctions just like the British actions might be very profitable. “It’s actually going to boil right down to […] extra regulation enforcement being educated easy methods to cope with it and easy methods to hint cryptocurrencies and freeze them and to grab them. That’s the neatest thing that may occur [for] a [scam] sufferer.”

He famous Tether’s announcement that it was onboarding the US Secret Service and FBI as a constructive improvement, stating he hopes others observe swimsuit.

Bybit Unveils P2P Crypto Buying and selling with Zero Transaction Charges


The Bybit crypto change rolled out a zero-fee construction for its peer-to-peer (P2P) buying and selling platform.

Per the press launch, this coverage “eradicates charges for each consumers and sellers, unlocking larger financial savings and maximizing earnings for merchants globally.”

Bybit’s zero-fee method applies to all fiat buying and selling pairs on the P2P platform, it stated.

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