USDC Issuers Circle Eyes Major Push in the Hong Kong Market

While the US intensifies the regulatory crackdown, the Asian market remains a huge area of focus for crypto firms. Speaking at the World Economic Forum in Tianjin, China, on Tuesday, June 27, Jeremy Allaire told Bloomberg:

advertisement

“Hong Kong clearly is looking to establish itself as a very significant center for digital assets markets and for stablecoins and we are paying very close attention to that”.

In its pursuit of expansion in the Asian markets, Circle recently secured a license as a major payments institution in Singapore. Thus, it will now be able to offer digital payment token services for domestic as well as cross-border money transfer services.

Starting June 1, Hong Kong implemented new rules for regulating cryptocurrencies. This comes at a time when digital asset companies worldwide are looking for secure and appropriate destinations for investors and users due to increased restrictions in the US. However, Hong Kong has not yet introduced regulations specifically for stablecoins.

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Exchange Affiliate Programs In 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

Circle Supports Hong Kong’s Crypto Ambitions

Over the past year, Hong Kong has been making moves to establish itself as the crypto hub of Asia. Past reports suggest that Hong Kong has support from mainland China despite the ban in the region. This has also led many to believe that China might soon lift a ban on digital assets.

Yesterday, Hong Kong’s leading banking institution HSBC announced that it would allow customers to buy Bitcoin and Ethereum ETFs. This has been a major development after the introduction of new crypto rules in Hong Kong.

“What’s happening in Hong Kong may be a proxy for ultimately how do these markets grow in Greater China. We see enormous demand for digital dollars in emerging markets and Asia is really center of that,” Circle CEO Allaire said.

Mooky Presale
Mooky Coin Presale
$MOOKY is a meme token which helps planting trees by donating to charity.
Visit Here
AD

Comments

Post a Comment

Popular posts from this blog

Bitcoin, Ethereum Technical Analysis: BTC Nears $17,000 Ahead of Christmas Day

Image
Bitcoin rose closer to the $17,000 level on Saturday, despite crypto markets mostly consolidating to start the week. The global cryptocurrency market cap is down 0.32% as of writing. Ethereum was also higher earlier in the day, with prices nearing the $1,230 level. Bitcoin Bitcoin (BTC) remained under the $17,000 level to start the weekend, as prices continued to consolidate despite earlier gains. BTC/USD hit a high of $16,905.22 earlier in today’s session, which comes a day after price was at a bottom, at the $16,793.53 mark. The move saw the world’s largest cryptocurrency continue to trade above a key point of support at $16,800. BTC/USD – Daily Chart As can be seen from the chart, earlier gains have somewhat eased, as the 14-day relative strength index (RSI) failed to break above a ceiling at 48.00. The index is currently trading at 46.72, with bulls still attempting to push past the aforementioned point of resistance. On the other hand, should price stre...
Read more

Bitcoin Leads $168 Million 'Smart-Money' Outflows

Image
According to a new report by CoinShares, the digital asset industry saw a whopping $168 million worth of out flows over the last week, with Bitcoin (BTC) leading the pack. This represented the highest out flows from the sector “since the US regulatory crackdown on exchanges in March 2023.” According to CoinShares, BTC was at the center of the out flows , with $149 million. Ethereum (ETH), on the other hand, saw out flows worth $16.8 million. On a month-to-date basis, Bitcoin saw out flows of $251.2 million, while Ethereum saw out flows of $29.8 million. The total out flows for the month of August now sit at $278 million. Meanwhile, XRP and Litecoin (LTC) saw minor in flows of $0.5 million and $0.44 million, respectively. Also Read: Argentina is Adopting Bitcoin Faster than El Salvador: Ark Invest However, the report noted that fund flows remain positive for BTC on a yearly basis, with $265 million. Source: CoinShares Additionally, CoinShares mentioned tha...
Read more

Kraken Persists With Plans to Launch Its Bank Despite Facing Regulatory Obstacles

Image
Join Our Telegram channel to stay up to date on breaking news coverage Kraken crypto exchange is still working on launching its bank, despite the challenging regulatory environment and the recent shutdown of its on-chain staking services for U.S customers The Securities and Exchange Commission (SEC) had accused Kraken of violating securities laws. Nonetheless, Kraken remains steadfast in its commitment to its plans. Kraken’s chief legal officer, Marco Santori, confirmed on The Scoop podcast with Frank Chaparro that the company is on track to launch its own bank. He also shared that Kraken plans to order thousands of pens with little ball chains and their logo to distribute to Wall Street banks. Despite obstacles, Kraken continues to move forward with its plans to establish its financial institution. #Kraken continues its plan to launch its own bank despite a difficult regulatory environment. "Kraken Bank is on track to launch very soon," said Marco Santori, Krak...
Read more