Schlagwort: crypto business

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Hong Kong warns crypto firms against referring to themselves as “banks”

  • Hong Kong warns crypto firms against using the word “bank”
  • The Hong Kong Monetary Authority (HKMA) says only licensed banks can take “deposits.”
  • Using terms such as digital bank, crypto bank and crypto asset bank contravenes the Banking Ordinance.

The Hong Kong Monetary Authority (HKMA) has warned crypto firms that it’s against the law for any unauthorised company or platform to refer themselves as a “bank”, or deposit-taking businesses. 

Hong Kong regulation prohibits this, HKMA noted.

Only licenced banks can take deposits

HKMA’s warning noted that firms taking such an approach to their marketing to the public are contravening the Banking Ordinance. The regulator notified the public to be aware of this fact, while crypto firms were reminded that only HKMA-licensed providers can use the term bank or take deposits from the public.

“Under the Banking Ordinance, only licensed banks, restricted licence banks and deposit-taking companies (collectively known as “authorised institutions”), which have been granted a licence by the HKMA can carry out banking or deposit-taking business in Hong Kong,” the regulator warned via a press release published on Friday.

Among terms the Hong Kong financial markets watchdog cautioned crypto firms not to use or describe themselves include digital bank, crypto bank, crypto asset bank, digital trading bank and digital asset bank. Unlicenced firms should also not claim to offer banking accounts or banking services, as well as describing funds sent to accounts with the companies as “deposits.”

Such terms as “savings plans” or “low risk” and “high return” are also not allowed under the law for such unauthorised platforms. 

“These descriptions may mislead members of the public into believing that those crypto firms are banks authorised in Hong Kong, to which they can entrust their savings,” HKMA noted.

According to the regulatory authority, crypto firms are not approved and regulated as banks in Hong Kong. HKMA does not also supervise these platforms, which means funds that people place with these entities do not benefit from the Hong Kong Deposit Protection Scheme.

Exchanges warned against illegal services

Hong Kong is one of the fastest-growing crypto hubs in the world and many crypto companies, including exchanges, have looked to secure regulatory approval to offer products and services there. 

The Hong Kong government’s recent unveiling of a crypto framework aimed at transforming the crypto sector has been lauded by many crypto industry players.

But while the jurisdiction opens up the financial hub to crypto, Hong Kong’s Securities and Futures Commission (SFC) recently warned exchanges and other providers against misrepresenting their regulatory status. The regulator also asked exchanges not to offer services and products to investors before completing the process, or extending services not allowed under the law.

The post Hong Kong warns crypto firms against referring to themselves as “banks” appeared first on CoinJournal.

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Crypto price prediction: tomiNet, VeChain, XDC Network

  • Cryptocurrency prices had a good performance this week as Bitcoin rose to $26,000.

  • tomiNet was one of the best-performing tokens as it jumped to a record high.

  • VeChain price soared after being listed by Coinbase.

Cryptocurrency prices had a relatively good week as Bitcoin bounced back above $26,000 after falling below $25,000 on Monday. Some of the most important news were Franklin Templeton’s decision to apply for a Bitcoin ETF and Deutsche Bank’s move to offer crypto custody solutions. 

There were other important news. Hedera Hashgraphg launched Stablecoin Studio, a product that empowers institutions to build stablecoins. Telegram, the giant messaging company integrated Toncoin while Coinbase added VeChain in its platform. This article looks at some of the top cryptocurrencies, including tomiNet, XDC Network, and VeChain.

tomiNet price prediction

tomiNet was one of the top breakout stars in the crypto industry this week as it surged to the highest level on record. As it jumped, the token moved to the top 100 of the biggest cryptocurrencies in the world, with its market cap surging to over $268 million. 

For starters, tomiNet is a blockchain project that seeks to build quality applications. It has a browser, a DNS service, and a multichain digital wallet for tokens and NFTs. Its goal is to combine the best of Web2 and Web3 technologies to create a more private ecosystem. 

It is unclear why the tomiNet price surged. A likely reason is that traders are just pumping the token since there was no major news in the ecosystem. On the two-hour chart, the token rose above the key resistance level at $3.60, the highest level on 11th September. 

It has moved slightly above the 25-period moving average while the Relative Strength Index (RSI) has moved above the overbought level. Therefore, the token will likely retreat as sellers target the key support at $3.6 as the momentum fades.

XDC Network price prediction

XDC Network token price made a strong bullish comeback after falling to a low of $0.050 on Monday. On the four-hour chart, the pair managed to cross the upper side of the falling wedge pattern shown in red. In price action analysis, this pattern is one of the most popular bullish signs.

XDC price has jumped above the 50-period moving average and is approaching the crucial resistance level at $0.058, the highest level on September 8th. Therefore, because of the falling wedge pattern, there is a likelihood that the token will continue rising as buyers target the key level at $0.60.

VeChain price prediction

VeChain price jumped sharply after the coin was listed by Coinbase, one of the biggest exchanges in the world. It rose by more than 17% from its lowest level on Monday. As it jumped, the coin flipped the important resistance level at $0.016 (August 29th) into support.

VeChain has moved above the 25-day and 50-day moving average while the MACD has jumped above the neutral point. The price is also above the Ichimoku cloud.

I suspect that VeChain price will likely retreat in the coming days as the bullish momentum fades. If this happens, the coin will likely retest the support at $0.01680. The alternative scenario is where the price jumps as buyers target the resistance at $0.018 (August 14th high).

How to buy VeChain

Bitvavo

The Bitvavo platform was launched in 2018, with the goal to bridge the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone, by offering transparent fees, a wide range of assets and an easy to use platform.

Buy VET with Bitvavo today

Coingate

CoinGate is a Lithuanian-based fintech company founded in 2014. The payment gateway offers cryptocurrency payment processing services for businesses of any sizes. Permission-based account management, fiat payouts to the bank account and brand new email billing feature are just a few reasons why CoinGate has become a go-to payment processor for many.

Buy VET with Coingate today

The post Crypto price prediction: tomiNet, VeChain, XDC Network appeared first on CoinJournal.

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Japan eases regulations on startup financing to allow for crypto

  • Japan eyes support for crypto startups in new regulation on startup financing.
  • According to reports, the new rules means startups can raise funds from investors by offering stocks and crypto.

Japan is looking to relax restrictions on how startups raise funds with a view to revamping the sector amid growth in venture capital funding.

According to a report from local outlet Nikkei, the government plans to have startups access financing from VCs by offering crypto. As such, the new regulation will allow investors to receive traditional stocks as well as crypto when extending funding to startups.

Blockchain reporter Colin Wu shared the news via X.

The country’s regulatory approach will however apply to funds that invest in limited partnerships (LPs), the report stated. Japan’s growing support for crypto comes as several countries look to boost the investment space to accommodate a burgeoning crypto sector.

But regulators have in recent months also stepped up their crackdown on compliance, including the enforcement of the Travel Rule that mandates the sharing of customer transaction details between crypto exchanges. The rules are aimed at bolstering the fight against potential money laundering.

Japanese-based crypto exchange bitFlyer announced the implementation of the travel rule in May this year.

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Shiba Memu: Why new meme cryptocurrency has won the hearts of investors?

  • Shiba Memu’s presale has raised over $2.85 million in its presale on solid demand.

  • The price of the tokens in presale increases every day at 6 PM GMT

  • Shiba Memu could rise 50x, reinforced by its popularity and meme token trends

Buying meme cryptocurrencies might not be the right decision as crypto winter rages on. Leading meme names like Dogecoin and Shiba Inu continue to suffer in a bottomless drop. The bear market situation prompts investors to seek alternative tokens with the potential to explode. The entry of Shiba Memu (SHMU) into the scene has generated enthusiasm for meme investment. Since the presale started, investors have bought over $2.85 million of the tokens. To buy the token, investors can visit the project’s website. 

Why investors are interested in Shiba Memu

Investment in Shiba Memu is partly attributed to its potential sustainability. It is the world’s first meme project to apply artificial intelligence. The AI generates hype, which puts Shiba Memu in the limelight.

Unlike its meme peers, Shiba Memu will market itself on online forums, generating hype for itself. As you may be aware, meme cryptocurrencies’ prices are moved by online publicity. The self-marketing concept allows Shiba Memu to be a potential big price mover. This capability puts Shiba Memu ahead of rivals, which rely on humans to gain and maintain relevance.

Investors could also be looking at the price potential of Shiba Memu. Early birds in presale have already tasted the price potential with Shiba Memu’s tokenomics. At the onset of the presale, the token was valued at $0.011125 but now goes for $0.027325. The price increases every day at 6 PM GMT in the presale

Alongside the price increases at presale, the potential for Shiba Memu is enormous, given its market space. In the past, meme cryptocurrencies have exploded in value after listing. Shiba Memu looks at a similar potential, given the love meme tokens attract in the sector. As the bear crypto sector lingers on, investors could look at Shiba Memu as the fresh kid in the market. This could inspire a rally for the token.

Shiba Memu’s social features could also attract investors. The project features an AI dashboard where users can build meaningful conversations with the robot. They can ask the AI questions, share suggestions, and learn new things in creative advertising. 

How much can the Shiba Memu token rise?

Predicting the exact increases in the value of Shiba Memu could be subjective. However, projections can be made based on the token’s demand. The potential is indicated by the increasing number of investors buying the token. 

While launching tokens have risen by up to 10x, Shiba Memu can surprise the markets. Analysts have earmarked up to 50 times increase, reflecting past price surges in meme cryptocurrencies. 

Also, the token’s value could be unlocked from novel use cases. The Shiba Memu pool will let users earn fees by generating liquidity through a decentralised exchange. Similarly, the tokens can be staked in a smart contract or staking pol for additional rewards.

In the future, Shiba Memu could be unstoppable. AI can find use cases in diverse areas, benefiting Shiba Memu. This means the token’s value could overcome the frequent dumps that face meme cryptocurrencies. 

Is Shiba Memu worth buying now?

Shiba Memu’s roadmap provides for the token listing in Q3 2024. After listing, the token could witness increased buying, allowing it to explode in value. However, prudential investment involves buying an asset when the price is low.

Investing in Shiba Memu’s presale makes sense, as the token’s price is still low. By the time the token’s price starts to rise, presale investors will reap the benefits. Also, investing now is advantageous as investors get tokens worth more when the presale ends.

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Analyst on Solana: Could be “sell the rumor, buy the news” for SOL

  • Solana is one of the cryptocurrencies to struggle the most in the market since FTX imploded in 2022.
  • FTX liquidators have approval to liquidate $3.4 billion worth of crypto assets.
  • The collapsed exchange holds $1.2 billion in SOL, Solana’s native token.

The native Solana token SOL, which makes up a significant percentage of the bankrupt crypto platform FTX’s portfolio of assets, has found it difficult to break higher since the sharp decline registered from above $36 in November last year.

With volatility largely on the downside for most assets, the last few days had sentiment for SOL mostly negative. However, a top crypto analyst says SOL could be primed for a “sell the rumour, buy the news” outlook.  

SOL price and FTX liquidation

Solana is trading around $19.10 on Friday morning, up 1.5% in the past 24 hours. The slight gains come in a week where collapsed crypto exchange FTX received the court’s go ahead to liquidate $3.4 billion worth of crypto assets as part of its claims plan.

FTX holds $1.2 billion of SOL, but most of that is staked/locked up as per various contracts. Only a fraction will be released monthly, suggesting little impact on price as markets have largely priced in this scenario.

In his comment on the price of Solana after FTX received the court’s nod, Michael van de Poppe said:

“The Solana, which corresponds to $1.2 billion of the assets of FTX, is mostly staked and can’t be sold. Now, what’s next?

First of all, FTX can sell up to $200m of assets on a weekly basis for their corresponding clients so the liabilities could be erased. This can add some additional sell pressure on the markets, but that’s probably already priced in. The major fact is that we should be seeing a case of Solana being sold off massively, but as an anticipation, Solana was already sold off entirely in the past week and could result into a ‘sell the rumour, buy the news’ type of thing.”

The analyst notes that most of the SOL that FTX holds cannot be sold and that of the amount that could hit the market, it’s “mostly sold already.”

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