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Hong Kong To Prepare New Legislation Targeting Crypto Exchange Service Providers 



The latest FTX fiasco not solely shattered the spirit of crypto merchants and triggered probes into numerous crypto corporations but in addition pushed world legislation authorities to tighten laws and set a watch on crypto alternate service suppliers.

Equally, following the footsteps of different jurisdictions, lawmakers in Hong Kong have proposed amendments to its terror financing and anti-money laundering (AML) framework, which seeks crypto exchanges to function below a licensing regime. Particularly, the most recent invoice requires the identical guidelines on crypto alternate service suppliers as implied on conventional financing organizations.

Terra collapse in Might and FTX saga disrupting the crypto market the identical 12 months have led legislation authorities to face criticism from the general public as they failed to guard retail traders. In consequence, it raised the demand to convey crypto providers corporations below strict laws and make them comply with strict AML and apply investor safety measures that mitigate dangers concerned in centralized exchanges.

After the brand new invoice is enacted, crypto corporations prepared to run their companies in Hong Kong should undergo person safety legal guidelines and AML tips. This transfer by Hong Kong authorities comes on the heels of the FTX collapse and paves the best way for officers to take away the dangers in centralized exchanges simply. 

Bitcoin’s value is presently hovering above $17,000. | SOurce: BTCUSD value chart from

Hong Kong Financial Authority In CBDC

Pointing to the most recent amendments to the financing guidelines of Hong Kong, the Financial authority of the state has voiced help for blockchain expertise in a world convention attended by governors of the world’s central banks a month in the past. Financial institution of Internationational Settlements (BIS) and Financial institution of Thailand (BOT) hosted this occasion, and monetary specialists expressed their opinions on how central banks ought to work together with evolving monetary expertise. 

When the Financial institution of Korea expressed fears within the wake of latest crypto contagions, Eddie Yue, chief govt of the Hong Kong Financial Authority, make clear the advantages of digital expertise and central financial institution digital foreign money (CBDC). Yue admitted that utilizing stablecoins in fee methods permits cost-effective transactions however entails dangers as a brand new expertise. 

Different banks who joined the desk to debate the digitalized financial system embrace Changyong Rhee, governor of the Financial institution of Korea, and Adrian Orr, governor of the Reserve Financial institution of New Zealand. 

The chief govt of the Hong Kong Financial Authority additional urged that blockchain is a nascent expertise and overseeing its on-chain exercise is advanced and sophisticated. Therefore the regulatory authorities ought to counter the off-chain actions to mitigate attainable dangers. He added:

We will begin with regulating off-chain actions like regulating digital asset exchanges. Hong Kong will quickly introduce not simply AML (anti-money laundering) side but in addition investor safety.

Changyong Rhee, representing the Financial institution of Korea, pointed towards latest contagions on the opposite facet and mentioned;

“I used to be extra optimistic earlier than, however after seeing the Luna, Terra, and now the FTX points. I don’t know [if] we’ll see the true good thing about this new expertise, no less than for financial coverage.”

Featured picture from Pixabay and chart from

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Crypto Updates

Groundhog Day: Will We Get Six More Weeks Of Crypto Winter?




At this time is Groundhog Day in the US — a day when locals collect round “Punxsutawney Phil” to observe if he sees his shadow, which is a superstitious signal that there’s six extra weeks of winter forward. 

Bitcoin and altcoins are all of the sudden hovering because the begin of the yr, after what has been one of many longest crypto winters on file. However may Punxsutawney Phil’s prediction at the moment additionally imply one other six months of crypto winter?

The Unusual Story Of Groundhog Day

The origins of Groundhog Day date again 1000’s of years. In early Celtic calendars, moderately than seasons and solstices there have been so-called “turning factors.”

Might 1, for instance, turned Might Day. Whereas November 1 turned All Saints’ Day and February 1 ultimately turned Groundhog Day. 

Earlier than it took the type of Groundhog Day, it was referred to as “Candlemas Day.”

“If Candlemas day be honest and shiny

Winter could have one other flight

If on Candlemas day it’s showre and rain

Winter is gone and won’t come once more,” an outdated poem learn. 

Though it’s not understood why, the Germans introduced badgers into the custom to assist predict the climate associated end result. When the vacation got here to America by way of the Dutch settlers of Pennsylvania, the groundhog befell of the badger. 

What Six Extra Weeks Of Crypto Winter Would Look Like

At this time, Punxsutawney Phil, the long-lasting groundhog representing the vacation, took the place that “six extra weeks of winter” is coming. With Bitcoin and altcoins hovering, ought to the market additionally worry one other six extra weeks of crypto winter?

Apparently, the folklore factors to a “turning level” starting on February 1. Whereas the market may need already flipped bullish, at the moment could possibly be a extra official turning level. 

Will the identical scenario repeat time and again? | BTCUSD on

A movie was made named after the vacation the place lead actor Invoice Murray relived the identical day time and again. When taking a zoomed out view of the crypto market by way of BTCUSD charts, bottoming right here could be a Groundhog Day like situation the place cryptocurrency bull runs repeat with a cyclical rhythm. 

If the cryptocurrency market had been to expertise one other six months of crypto winter, it may not imply new lows. In 2015, Bitcoin tried to breakout kind its bear market backside, solely to be rejected down for exactly six extra weeks of crypto winter. 

Bitcoin Groundhog Day

What six extra week's of crypto winter would appear to be | BTCUSD on

If BTCUSD and altcoins are as soon as once more rejected right here, maybe Punxsutawney Phil  and Groundhog Day are price including to the checklist different seasonal monetary market phenomenon just like the “January impact” or “promote in Might and go away.”

Comply with @TonyTheBullBTC on Twitter or be a part of the TonyTradesBTC Telegram for unique day by day market insights and technical evaluation schooling. Please word: Content material is academic and shouldn’t be thought of funding recommendation. Featured picture from iStockPhoto, Charts from

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BNY Mellon Names Caroline Butler CEO of Digital Assets




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AVAX Hits Highest Point Since August, Following 17% Jump – Market Updates Bitcoin News




Avalanche moved to its highest level since August, because the token rose by as a lot as 17% in as we speak’s session. Cryptocurrencies surged throughout the board, following the newest Federal Reserve charge hike, with the worldwide market cap 4.29% larger as of scripting this. Polygon additionally hit a multi-month excessive on Thursday, rising by over 14% within the course of.

Avalanche (AVAX)

Avalanche (AVAX) was one among Thursday’s notable movers, because the token rose to its highest level since August.

AVAX/USD hit a excessive of $22.71 earlier within the day, and got here lower than a day after it traded at a backside of $18.80.

The transfer got here as avalanche broke out of a long-term value ceiling at $21.65, on its approach to its strongest level since August 26.

AVAX/USD – Every day Chart

Trying on the chart, the transfer happened following a breakout of a resistance stage at 72.00 on the relative energy index (RSI) indicator.

As of scripting this, the index is monitoring at 72.62, with the following seen resistance level across the 74.00 mark.

Ought to this zone be hit, there’s a sturdy probability that AVAX may transfer above $23.00, recording a contemporary five-month excessive within the course of.

Polygon (MATIC)

Along with AVAX, polygon (MATIC) additionally rose considerably larger in as we speak’s session, hitting a multi-month excessive within the course of.

Following a low of $1.07 on Wednesday, MATIC/USD moved to a peak of $1.25 earlier within the day.

Thursday’s rally noticed MATIC climb by as a lot as 15%, hitting its highest stage since November 8.

MATIC/USD – Every day Chart

As of scripting this, polygon has given up a few of its earlier positive aspects, and is at the moment buying and selling at $1.23.

This comes as bulls appear to be securing earnings, because the RSI nears a resistance level at 70.00.

Value energy is at the moment monitoring at 69.90, and except it strikes nicely above this upcoming hurdle, upwards momentum in MATIC may start to shift.

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Will polygon lengthen as we speak’s bullish momentum all through the remainder of the week? Tell us your ideas within the feedback.

Eliman Dambell

Eliman brings an eclectic perspective to market evaluation. He was beforehand a brokerage director and on-line buying and selling educator. At the moment, he acts as a commentator throughout varied asset lessons, together with Crypto, Shares and FX, while additionally a startup founder.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, companies, or corporations. doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, instantly or not directly, for any injury or loss brought on or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or companies talked about on this article.

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