Signum Digital Receives Approval for Security Token Offering Platform
Signum Digital claims that its platform is a pioneering development in Hong Kong. After receiving final authorization from Hong Kong’s SFC, the CS-Pro platform will allow investors to invest in tangible assets through security tokens. The approval-in-principle from SFC for Signum Digital’s STO platform comes after the Hong Kong SFC released preliminary regulations for virtual asset trading platforms last month, and urged the general public to provide their input. The upcoming licensing system, scheduled to begin in June, mandates that digital currency exchanges submit applications for licenses that would let everyday investors trade specific high-capitalization tokens.
Hong Kong has been proposing new initiatives for the city’s cryptocurrency and digital asset sector since last year when it invited firms interested in providing STO services to pitch proposals. Cryptocurrency exchange Huobi Global also announced last month that it is applying for a license to operate in Hong Kong, possibly moving its headquarters from Singapore to the special administrative region. Recently, Hong Kong has displayed a good deal of interest in becoming a crypto hub as it has invested heavily in supporting the potential of technologies like Web3.
In mid-December, Hong Kong launched its first two exchange-traded funds (ETF) for cryptocurrency futures, which raised over $70 million ahead of its debut. The event came soon after the head of Hong Kong’s Securities and Futures Commission announced in October that Hong Kong is willing to distinguish its crypto regulation approach from the Chinese crypto ban enforced in 2021. Hong Kong’s regulatory framework aims to strike a balance between investor protection and fostering innovation in the fintech sector, including virtual assets. The approval of Signum Digital’s STO platform is expected to further strengthen Hong Kong’s position as a leading hub for the digital asset industry.
Australian Banks Ordered to Report Crypto Transactions
According to the Australian Financial Review, the APRA has instructed banks to improve their reporting on crypto assets and provide daily updates to the regulator. The agency has started requesting banks to declare their exposures to startups and crypto-related companies, citing three people familiar with the matter. The new measures are reportedly part of the APRA’s increased supervision of the banking sector, aimed at mitigating the risk of similar collapses occurring in Australia’s banking system.
The move comes in the aftermath of the collapse of global banks, including Credit Suisse and SVB, which have raised concerns over the stability of the financial system. On March 19, UBS Group agreed to buy Credit Suisse for $3.2 billion after the latter collapsed over the weekend. The banking sector has been facing pressure from investors and regulators to improve risk management and transparency.
Barrenjoey analyst Jonathan Mott reportedly warned that while the situation “remains stable” for Australian banks, confidence could be quickly disrupted, putting pressure on bank margins. The APRA’s increased scrutiny of cryptocurrency transactions is aimed at mitigating this risk, as the regulator seeks to gain a deeper understanding of the potential impact of crypto assets on the stability of the banking system.
The Australian government has been taking a cautious approach to regulating the cryptocurrency industry, with the Reserve Bank of Australia (RBA) recently stating that it has no plans to issue a digital version of the Australian dollar. However, the APRA’s move to increase reporting requirements on crypto assets suggests that regulators are taking a more active role in monitoring the sector.
In conclusion, the APRA’s decision to order local banks to report on cryptocurrency transactions reflects the growing concern over the potential risks posed by crypto assets to the stability of the banking system. While the situation in Australia remains stable, the recent collapses of global banks have highlighted the need for improved risk management and transparency in the financial sector. The APRA’s increased scrutiny of the crypto industry is a step towards achieving this goal, as regulators seek to gain a deeper understanding of the potential impact of crypto assets on the stability of the financial system.
Bitcoin Hodlers Experience Profits on Majority of Trading Days
The profitability of Bitcoin can be attributed to its hard limit on total supply and seamless global usability. These factors have contributed to its status as a store of value, and the historical price performance of Bitcoin confirms its potential as a profitable investment. However, investors must understand Bitcoin’s market cycles to maximize their profits and avoid buying at the top and selling at the dip.
Out of the 4,593 trading days, only 531 or 11.56% were unprofitable for long-term hodlers. These unprofitable days occurred between December 28, 2022, and June 12, 2022, during which Bitcoin was priced above the range of $26,246.58 and $28,344.5. This emphasizes the importance of understanding market cycles, and investors should exercise caution to avoid significant losses.
While some investors prefer to hold Bitcoin long-term, others make daily trades on crypto exchanges for consistent profits. Regardless of the investment strategy, understanding the market cycles and trends is crucial for maximizing profits.
However, investing in Bitcoin is not without its risks, as demonstrated by the recent security vulnerability discovered by General Bytes. The manufacturer of Bitcoin ATMs had to shut down its cloud services after discovering a vulnerability that allowed attackers to access users’ hot wallets and gain sensitive information. Karel Kyovsky, the founder of General Bytes, stated that multiple security audits since 2021 did not identify the vulnerability.
In conclusion, Bitcoin’s profitability challenges the historical narrative of depreciating volatility in the crypto market. Hodlers have experienced profits on the majority of trading days, making Bitcoin a potentially lucrative investment asset. However, understanding market cycles and trends is essential for investors to maximize their profits and avoid significant losses. Additionally, investors should be aware of the potential risks associated with investing in Bitcoin, such as security vulnerabilities.
MetaMask Enables Direct Bank Transfers for Crypto Purchases in Nigeria
Previously, MoonPay had a card integration feature, but about 90% of attempts to buy crypto with a credit or debit card were declined, according to Santos, a MetaMask spokesperson. With the new integration supporting local bank transfers, crypto purchases on MetaMask are now faster and cheaper, allowing users to access crypto without sending assets from a centralized exchange.
Despite the current issues with crypto on-ramps in Nigeria, the country has emerged as a major market for MetaMask, ranking third in mobile monthly active users. It is also among the top ten countries in terms of visitors to metamask.io over the last month, Santos added. Nigeria is one of the world’s top 20 ranked countries in cryptocurrency adoption, according to the Chainalysis 2022 Global Crypto Adoption Index. Some reports suggest that 35% of the Nigerian population aged 18 to 60 owned or traded cryptocurrencies in 2022.
This high level of adoption is despite the Central Bank of Nigeria banning banks from servicing crypto exchanges in February 2021. However, in December 2022, local media reported that the Nigerian government was preparing to pass a law recognizing the usage of Bitcoin (BTC) and other cryptocurrencies to keep up to date with “global practices.” This move, coupled with the new integration between MetaMask and MoonPay, may signal a growing acceptance of cryptocurrencies in Nigeria.
It is important to note that Nigeria’s cryptocurrency market faces challenges such as a lack of regulatory clarity and security concerns. However, the partnership between MetaMask and MoonPay provides a viable solution for those seeking to invest in crypto without the use of credit or debit cards. As the adoption of cryptocurrencies continues to grow in Nigeria and other countries around the world, we may see further innovations aimed at increasing accessibility and usability.
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