Crazy and Cooky Crypto Day
Crypto Currency currently seems to be going on a weird and wacky trip and it's quite hard to pin point where or what is causing the mass exits. While we can suggest it is the fear caused by regulation, those fears have been around since the inception of digital assets.
It's been quite a slow news period though and the launch of new projects also appears to be slowing down, naturally with less money coming into the sector there is going to be less people willing to put time and effort into launch new initiatives.
Although Australia seems to be loosing restrictions in the hopes of creating new jobs and attracting new industry to it's shores. Although those are in the words of Kraken who hopes to commence trading to and from Australia. As it states, clear and concise crypto regulation will be of benefit to the company.
It predicts Australia is at a cross roads and it's choice of direction will enable the sector to grow or continue to hinder advancements in fintech. It seems to be a common theme in the Asia pacific because there is a lot of movement in and around China.
Hong Kong Capitalises on Western Crackdown
As the west begins it's crack down on Crypto currency Hong Kong see's this as an opportunity to reignite the Crypto market in Asia. With Hong Kong issuing it's first license for retail investment in crypto currency.
In what only feels like yesterday Asia took a hard lined approach on trading Bitcoin and other crypto currencies banning the practice which saw many miners seek an alternative national home. United States first battled over who would be the Bitcoin state. This saw Texas and Miami get into some pretty good political bouts over regulation.
Unfortunately, non of it came to fruition and now the crypto currency market is set to move back to Asia with the Chinese territory stating that Digital assets are here to stay and if they wish to retain their fintech status embracing Bitcoin and other assets is a must.
Their new regulation has been designed to hopefully ensure they have some protections against the rise and fall of many of the projects in the past and can avoid mass profit losses. How strong their protections are is yet to be seen.
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HASHKEY EXCHANGE
One of the first exchanges to be awarded approvals to trade in Hong Kong is HASHKEY EXCHANGE which has a local Hong Kong bank on and off ramp enabling quick entry and exit of fiat currencies through ZA Bank which also enables USD transfers.
The benefit of trading with HASHKEY EXCHANGE is that use funds are insured by an institutional custody grade insurance policy so staked tokens are covered if they are hacked. In Q3 the platform is also going live with their proof of reserves to provide additional assurance to clients.
OSL Approval
The other exchange to be granted a license to trade in digital assets in a retail setting is OSL although they are designed and tailored to dealing with institutional and professional investors only. They are currently also insured while also offering a broad range of services and products such as brokerage, finance and other financial services beyond just trading digital assets.
From Wine and Caviar to Bread and Water
Former FTX founder Sam Bankman-Fried was recently sent to prison and not just any prison, it is being reported as one of the worst prisons in the US, Brooklyn Metropolitan Detention Centre. Sam's lawyers are claiming the lack of food is leaving him unable to prepare for court.
The Bureau of Prison has responded stating that Sam does have access to healthcare, hot meals and medicine although it did come to light that the former billionaire is a vegan and has been eating bread and water to get by.
It must be quite the shock for Sam having been head of the second largest crypto currency exchange with a net value of US32billion and himself in what must have felt like an endless supply of money. A large fall from grace for the billionaire who less than a year ago FTX filed for Bankruptcy caused mass exodus from Crypto markets around the world and wiping out billions.
So there it is lions, another week gone by and more wild and wacky news. What will come of it all? who knows but we will probably still be here watching it all unfold once again next year.
image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.