Kategorie: Crypto Markets

• There are reports that the Hong Kong SFC is considering to approve Bitcoin ETFs in Q2 2024.
• VSFG and Value Partners have applied for approval to offer a spot Bitcoin ETF in Hong Kong.
• VSFG is targeting to launch the spot BTC ETF as early as May this year.

Hong Kong’s financial landscape is set for a potential transformation as Venture Smart Financial Holdings Ltd (VSFG), a prominent asset management company, gears up to launch a spot Bitcoin exchange-traded fund (ETF) in the country as early as May.

Collaborating with local firm Value Partners, VSFG has filed an application with the Hong Kong Securities and Futures Commission (SFC) to introduce this innovative investment product to the market.

Hong Kong’s stand on Bitcoin ETFs

Following regulatory considerations initiated in December 2023, Hong Kong regulators have been actively contemplating the approval of spot crypto ETFs within the region.

Earlier, Bloomberg Senior ETF Analyst Eric Balchunas in a post on X, citing a Bloomberg Intelligence report, stated that the SFC is considering allowing in-kind creations and redemptions for spot bitcoin ETFs in the second quarter of this year.

If true, the move will underscore Hong Kong’s growing reputation as a crypto-friendly hub where financial institutions can readily offer innovative products to local investors.

Industry leaders have echoed the sentiment, urging regulators to expedite the launch of spot ETFs in Hong Kong to meet the increasing demand from investors.

Bitcoin ETF boom and its impact

The approval of spot Bitcoin ETFs in the United States in January sparked a surge in offerings by major financial institutions such as Grayscale, BlackRock, and Fidelity Investments. Accumulating approximately $50 billion in assets within a few months, these ETFs have significantly boosted investor engagement in the crypto market.

Moreover, the approval of Bitcoin ETFs coincided with a substantial BTC price escalation, with its value skyrocketing from around $30,000 to as high as $73,700 in March. Currently trading at $70,630, Bitcoin’s value is poised for further growth, especially with the anticipated approval of spot ETFs in Hong Kong.

VSFG’s move to apply for a spot Bitcoin ETF aligns with the broader trend of financial institutions capitalizing on the growing interest in cryptocurrency investment products. If approved, the ETF would streamline the investment process for Hong Kong-based investors, providing them with a regulated and accessible avenue to gain exposure to Bitcoin.

With the potential launch of the spot Bitcoin ETF in May, VSFG aims to position itself at the forefront of Hong Kong’s evolving financial landscape, catering to the increasing demand for crypto investment opportunities in the region.

The post Hong Kong-based Asset Manager VSFG aiming for a May spot Bitcoin ETF launch appeared first on CoinJournal.

• Bybit.nl brings more crypto services and products to Dutch users.
• The launch follows Bybit’s partnership with SATOS, a crypto platform with operations in the Netherlands and Belgium since 2013.

Bybit has announced the launch of Bybit.nl, a regulated digital asset platform for users in the Netherlands.

The crypto news comes as more people look into crypto trading and investing amid Bitcoin’s surged to above $70k.

According to Bybit, expansion into Netherlands via Bybit.nl is part of the mission to bring crypto to more users across the globe. The new digital asset platform allows for this within the regulatory guidelines of the Netherlands.

“We are thrilled to launch our regulated digital asset platform in the Netherlands, furthering our commitment to serving users while upholding regulatory compliance,” said Ben Zhou, co-founder and CEO of Bybit.

Bybit taps SATOS to expand in the Netherlands

Bybit is partnering with SATOS, a crypto service provider that has operated in the Netherlands and Belgium since 2013. SATOS is supervised by the Dutch National Bank and inked its partnership with Bybit in June 2023.

Bybit.nl marks the next step of the collaboration, the companies said in a press release shared with CoinJournal.

This launch means crypto users in the Netherlands can now access various financial products and trading tools, leveraging a trustworthy trading environment.

In this case, Bybit powered by SATOS will offer a number of benefits to the Dutch crypto community.

Apart from a broader range of financial products, the regulated trading platform will also feature advanced trading tools and more education resources.

Users will also benefit from localized support, with support services tailored for the local crypto community. Bybit.nl also offers access to Bybit Web3 features, including the Web3 Wallet and Airdrop Arcade.

Bybit.nl users will also access fiat deposits and withdrawals, over 300 trading pairs and enhanced crypto asset security, the exchange noted.

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• Judge rules SEC vs. Coinbase case to proceed.
• US District Judge Kathrine Failla however granted Coinbase’s motion on its wallet.

A federal judge has ruled that the US Securities and Exchange Commission (SEC) lawsuit against crypto exchange Coinbase will move forward.

US District Judge Kathrine Failla gave the ruling on Wednesday, with the court’s order denying Coinbase’s motion to dismiss the case.

Judge denies Coinbase motion

The SEC sued Coinbase in June 2023, alleging that the US-based company operated an unregistered crypto exchange and offered unregistered securities.

Judge Failla allowed the SEC’s case noting that the regulator had “sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency under the federal securities laws, and, through its Staking Program, engages in the unregistered offer and sale of securities.”

The court however, granted Coinbase’s motion to dismiss SEC’s claims against Coinbase Wallet.

“Today, the Court decided that our SEC case will move forward on most of the claims, but dismissed the claims against Coinbase Wallet. We were prepared for this, and we look forward to uncovering more about the SEC’s internal views and discussions on crypto regulation,” Coinbase chief legal officer Paul Grewal said in a comment posted on X.

“We also appreciate the Court’s understanding that technology innovations like Coinbase Wallet do not and cannot implicate US securities laws,” Grewal added.

Coinbase will now prepare to meet the SEC in court, the exchange’s legal officer said. According to court documents, the parties now have until April 19, 2024 to submit a proposed case management plan.

Crypto prices fell slightly following the news. Top altcoins like Solana, Cardano and Avalanche saw losses of more than 3% each.

Bitcoin slipped below $70k while Ethereum hovered to near $3,500.

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• Tether has added native USDT on Celo blockchain.
• Celo ecosystem partners across P2P payments, lending, and remittances will leverage the stablecoin in their operations.

Tether’s USDT is now live on Celo, a mobile-first and EVM-compatible blockchain.

USDT integration on the Celo mainnet bolsters the blockchain platform’s stablecoin adoption and real-world assets (RWAs).

“This expansion introduces USDT to Celo’s robust ecosystem with over 1,000 partners in 150 countries, including Opera MiniPay’s ultralight stablecoin wallet in Kenya and Ghana, among other countries,” the Celo Foundation said in a blog post.

Tether and Celo initially announced their partnership on March 11. At the time, Tether CEO Paolo Ardoino commented that USDT integration on Celo was a “significant step forward” in the company’s mission to bring crypto to millions of people around the world.

Ardoino noted Tether would leverage Celo’s unique capabilities to enhance Tether’s usability and accessibility.

Celo partners to tap into USDT

Following the USDT launch on Celo, core network contributor cLabs revealed plans for a proposal that will see the USDT stablecoin used as the official gas fee token.

Celo’s ecosystem counts more than 1,000 builders across 150 countries. More than 20 partners will tap into USDT for use cases such as on-chain savings, lending, peer-to-peer (P2P) transactions, remittances and cross-border payments.

Among Celo ecosystem partners looking to leverage the native USDT support on the blockchain include point of sale platform Ammer Pay, crypto-fiat exchange Bitmama, regulated stablecoin on/off ramp Yellow Card and DeFi platform HaloFi. 

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• Valkyrie co-founder and CIO Steven McClurg says a spot Ethereum ETF approval is unlikely in May.
• He says its likely a Litecoin or XRP spot ETF is approved before that of ETH.

Steven McClurg, the co-founder and CIO of asset management firm Valkyrie, believes the US Securities and Exchange Commission (SEC) will not approve a spot Ethereum ETF approval in May.

The Valkyrie CIO shared his remarks during a fireside chat at the Digital Wildcatters Empower Conference.

Fox Business’ Eleanor Terrett shared McClurg’s opinion via her official X account on Wednesday, March 27.

🚨NEW: Some key takeaways from my fireside chat at @DWildcatters Empower Conference with @ValkyrieFunds CIO @stevenmcclurg:

📌He believes $ETH could be a security and the spot ETF will not get approved in May.

📌He thinks it’s more likely a $LTC or $XRP spot ETF gets approved… pic.twitter.com/6VjaBEXubL

— Eleanor Terrett (@EleanorTerrett) March 27, 2024

What are analysts saying about spot Ethereum ETF?

According to Terrett’s post, McClurg believes that Ethereum “could be a security”, comments that may align with recent reports of an investigation against the Ethereum Foundation. The subpoena against the Swiss-based non-profit has seen the topic of whether ETH is a security resurface.

Before recent developments, analysts largely expected an ETH ETF approval in May.

While previous commentary, including from a former high-ranking SEC official dubbed Ethereum not a security, it appears it could be a factor in the question of SEC’s approval of a spot Ethereum ETF.

McClurg believes the regulatory nod for the highly anticipated ETF will not happen this May.

Notably though, the US Commodity Futures Trading Commission (CFTC) views ETH as a commodity and the latest indicator is reference to Ethereum and Litecoin as commodities in its lawsuit against crypto exchange KuCoin.

Instead he sees a potential approval of LTC or XRP spot ETFs ahead of any for ETH in the US.

Experts, including Bloomberg senior ETF analyst Eric Balchunas have said chances of a May 2024 nod have reduced following the lack of engagement between the SEC and issuers.

Over the past few weeks, the regulator delayed decisions on multiple spot Ethereum ETF proposals, including by BlackRock.

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