Investment company SDIC Capital eyes expansion into virtual asset services within Hong Kong
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In the ever-evolving world of digital assets, several significant developments have taken place over the past week. Here's a roundup of the latest news:
Business Development and Regulation
SDIC Capital, a leading Chinese investment firm, is analyzing business development needs to manage future actions in the digital asset space. The company is exploring virtual asset services in Hong Kong through its wholly-owned financial arm, aiming to align with regulatory requirements. The official announcement was made on August 10, 2023.
Hong Kong is rapidly becoming a global hub for digital assets, with regulatory frameworks evolving to support this growth. Coincu researchers project that Hong Kong is well-positioned to become a key player in virtual assets, potentially accelerating traditional finance's integration into digital solutions.
Meanwhile, Hong Kong has implemented stablecoin regulation and license applications, and China has launched a cross-border QR code payment trial. Malta, on the other hand, opposes ESMA's push for centralizing crypto regulation.
Market Dominance and Innovation
Tether aims for U.S. dominance in the stablecoin market, while Bitcoin has shown steady growth, with a 1.62% rise over 24 hours and a 9.99% increase in 30 days. Bitcoin is currently valued at $118,049.62 and has a market cap of approximately 2348926286236.12, with dominance at 60.60%.
In the ETF space, Defiance has filed with the SEC to launch Bitcoin and Ethereum ETFs, and Bullish has received a NYDFS license to expand its crypto services in New York. DTCC has listed new crypto ETFs including Fidelity Solana, and Bitwise has submitted an application for a stablecoin and tokenized ETF.
Collaborations and Innovative Projects
Google and Coinbase have collaborated on the launch of an AI payment protocol. Forward Industries has boosted Solana's treasury with a major SOL acquisition, and Elon Musk has launched Macrohard, an AI-driven software company.
In the blockchain realm, MANTRA, the first MultiVM Blockchain for RWAs with native EVM and CosmWasm support, has been introduced. Wormhole has countered LayerZero's $110M Stargate bid, and the WLFI Token's open interest has surged to $825 million.
Regulatory Cooperation and Future Prospects
The UK and US are preparing a crypto regulation cooperation deal, and the Federal Reserve has announced a major rate cut amid diverse opinions. The ECB has called for enhanced stablecoin regulation amid liquidity concerns, and the Senate Democrats have proposed a bipartisan crypto market regulation framework.
The Federal Reserve has also highlighted stablecoins amid the GENIUS Act passage, and the SEC has delayed its decision on Ethereum ETFs including staking. The SEC is also in discussions with Robinhood regarding tokenization regulations.
Notable Events and Developments
The Gemini IPO has sparked debate on Bitcoin's future as Gold 2.0. ADA's futures have surged to $6.96B with a possible $10 price target, and Song Shijie has forfeited $27.5 million in assets amid legal scrutiny.
Lastly, Bitcoin's price volatility has led some investors to flock to EARN Mining Cloud Mining, with the promise of earning up to $5,877 daily.
This news roundup provides a snapshot of the dynamic digital asset landscape, highlighting business development, regulation, collaborations, and notable events. Stay tuned for more updates as this space continues to evolve.
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