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Hong Kong OTC Market Transformation: The Role and Future Outlook of Stablecoins under the New Regulatory Framework
introduction
As the cryptocurrency market continues to mature and expand, regulators are increasingly paying attention to and intervening in this emerging field. Hong Kong, one of Asia's financial centers, recently completed a legislative consultation on virtual asset over-the-counter (OTC) service providers. The completion of this legislative consultation marks an important step forward in Hong Kong's cryptocurrency regulation, and indicates that the OTC market may usher in a series of new regulations and requirements.
In the OTC market, stablecoins such as USDT play a vital role. They not only provide traders with a relatively stable value storage and exchange medium, but also play a key role in reducing transaction costs and promoting liquidity. Therefore, any legislative changes on the use of stablecoins may have a profound impact on the OTC market.
As the cryptocurrency market continues to mature and expand, regulators are increasingly paying attention to and intervening in this emerging field. Hong Kong, one of Asia's financial centers, recently completed a legislative consultation on virtual asset over-the-counter (OTC) service providers. The completion of this legislative consultation marks an important step forward in Hong Kong's cryptocurrency regulation, and indicates that the OTC market may usher in a series of new regulations and requirements.
In the OTC market, stablecoins such as USDT play a vital role. They not only provide traders with a relatively stable value storage and exchange medium, but also play a key role in reducing transaction costs and promoting liquidity. Therefore, any legislative changes on the use of stablecoins may have a profound impact on the OTC market.
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Crypto Market Outlook: Five Things to Watch in 2025
With the development of the regulatory and technological environment, next year will be a crucial year for the cryptocurrency industry.
As the regulatory and technological environment evolves, broader adoption of cryptocurrencies will drive the industry closer to reaching its full potential, with significant changes expected in the crypto ecosystem. Breakthroughs and advancements in 2025 are likely to determine the long-term trajectory of the crypto industry for decades to come. Next year will be a key year.
Stablecoins are just getting started.
As of December 1, 2024, the market capitalization of stablecoins has increased by 48%, reaching a new historic high of $193 billion, and some analysts predict this number could grow to $3 trillion within the next five years. Year-to-date, the total trading volume of stablecoins has exceeded $27 trillion, about three times that of the same period in 2023. Stablecoins have validated their role in providing faster and cheaper payments globally for a wide range of users, from micro-enterprises to the world's largest companies. As the market capitalization and trading volume of stablecoins continue to soar, we are rapidly approaching a day when the primary and main use case of stablecoins will be global capital movement and commerce, rather than trading.
As the regulatory and technological environment evolves, broader adoption of cryptocurrencies will drive the industry closer to reaching its full potential, with significant changes expected in the crypto ecosystem. Breakthroughs and advancements in 2025 are likely to determine the long-term trajectory of the crypto industry for decades to come. Next year will be a key year.
Stablecoins are just getting started.
As of December 1, 2024, the market capitalization of stablecoins has increased by 48%, reaching a new historic high of $193 billion, and some analysts predict this number could grow to $3 trillion within the next five years. Year-to-date, the total trading volume of stablecoins has exceeded $27 trillion, about three times that of the same period in 2023. Stablecoins have validated their role in providing faster and cheaper payments globally for a wide range of users, from micro-enterprises to the world's largest companies. As the market capitalization and trading volume of stablecoins continue to soar, we are rapidly approaching a day when the primary and main use case of stablecoins will be global capital movement and commerce, rather than trading.
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Battle of the Crypto Hubs: Hong Kong vs. Singapore for Crypto Supremacy in Asia
As the global cryptocurrency market picks up, two major Asian financial centers, Hong Kong and Singapore, are competing to become top cryptocurrency hubs. Through regulatory innovation and investment-friendly policies, the two places are actively vying for the favor of digital asset companies and striving to take the lead in the expansion of the cryptocurrency industry.
At the same time, thanks to solid institutional support, investor trust and a clear regulatory framework, these two financial hubs are steadily becoming important forces in the cryptocurrency market. This article will analyze and explore the formation and development of this competitive landscape.
Crypto Approaches and Regulatory Frameworks in Hong Kong and Singapore
At the same time, thanks to solid institutional support, investor trust and a clear regulatory framework, these two financial hubs are steadily becoming important forces in the cryptocurrency market. This article will analyze and explore the formation and development of this competitive landscape.
Crypto Approaches and Regulatory Frameworks in Hong Kong and Singapore
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Coinbase sues SEC Chairman Gary Gensler, but judge criticizes its reasoning
Coinbase is trying to obtain records of SEC Chairman Gary Gensler’s communications to support its fair notice defense. However, this attempt was rejected by Judge Katherine Polk Failla at a hearing on July 11. At the hearing, Judge Failla pointed out that Coinbase’s request was unreasonable because it included statements made by Gensler even before he became SEC Chairman in 2021.
Coinbase’s legal team argued that they needed Gensler’s comments quickly because there was no evidence that Gensler had not used a personal device or email account to discuss cryptocurrencies or communicate with market participants. This argument is intended to prove that the SEC may have taken a certain position on Coinbase that may have been influenced by Gensler’s personal opinions.
Coinbase’s legal team argued that they needed Gensler’s comments quickly because there was no evidence that Gensler had not used a personal device or email account to discuss cryptocurrencies or communicate with market participants. This argument is intended to prove that the SEC may have taken a certain position on Coinbase that may have been influenced by Gensler’s personal opinions.
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Federal Reserve Board member: It is recommended to allow banks and non-bank institutions to issue regulated stablecoins
Recently, Federal Reserve Board member Christopher Waller proposed that both banks and non-bank institutions should have the opportunity to issue regulated stablecoins. Does this sound a bit confusing? Let me help you break it down in a simple way!
Waller said at a conference in San Francisco that the stablecoin market needs a regulatory framework that "directly, comprehensively and narrowly" covers stablecoin risks. In other words, there must be a clear set of rules that allow financial institutions to issue stablecoins safely. He also said that this framework should allow non-banks and banks to issue regulated stablecoins and consider the impact of regulation on the payment landscape.
It is worth noting that Waller's remarks are similar to what Federal Reserve Chairman Jerome Powell said in February last year. At that time, Powell said in a meeting with the House Financial Services Committee that he fully supported the establishment of a stablecoin framework and reiterated that the Federal Reserve is committed to developing stablecoins and central bank digital currencies in the United States.
On the other side, Maxine Waters, a Democratic congressman on the House Financial Services Committee, recently proposed a stablecoin regulation proposal involving the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve. This shows that the Democratic Party is also actively promoting this matter.
At the same time, the Republican Party is not to be outdone. Earlier this month, French Hill, the Republican chairman of the House Financial Services Committee, also submitted a draft stablecoin regulation bill. Unlike Waters' proposal, Hill's bill gives the stablecoin regulation power to the Office of the Comptroller of the Currency (OCC) instead of the Federal Reserve.
This means that both the Republicans and the Democrats are actively promoting stablecoin regulatory regulations under the leadership of the Trump administration. It seems that the development of stablecoins in the United States is really on the right track.
💬 Do you support banks and non-bank institutions issuing stablecoins? What impact do you think a unified regulatory framework will have on financial markets? See the comments section!
#稳定币 #美联储 #监管框架
Recently, Federal Reserve Board member Christopher Waller proposed that both banks and non-bank institutions should have the opportunity to issue regulated stablecoins. Does this sound a bit confusing? Let me help you break it down in a simple way!
Waller said at a conference in San Francisco that the stablecoin market needs a regulatory framework that "directly, comprehensively and narrowly" covers stablecoin risks. In other words, there must be a clear set of rules that allow financial institutions to issue stablecoins safely. He also said that this framework should allow non-banks and banks to issue regulated stablecoins and consider the impact of regulation on the payment landscape.
It is worth noting that Waller's remarks are similar to what Federal Reserve Chairman Jerome Powell said in February last year. At that time, Powell said in a meeting with the House Financial Services Committee that he fully supported the establishment of a stablecoin framework and reiterated that the Federal Reserve is committed to developing stablecoins and central bank digital currencies in the United States.
On the other side, Maxine Waters, a Democratic congressman on the House Financial Services Committee, recently proposed a stablecoin regulation proposal involving the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve. This shows that the Democratic Party is also actively promoting this matter.
At the same time, the Republican Party is not to be outdone. Earlier this month, French Hill, the Republican chairman of the House Financial Services Committee, also submitted a draft stablecoin regulation bill. Unlike Waters' proposal, Hill's bill gives the stablecoin regulation power to the Office of the Comptroller of the Currency (OCC) instead of the Federal Reserve.
This means that both the Republicans and the Democrats are actively promoting stablecoin regulatory regulations under the leadership of the Trump administration. It seems that the development of stablecoins in the United States is really on the right track.
💬 Do you support banks and non-bank institutions issuing stablecoins? What impact do you think a unified regulatory framework will have on financial markets? See the comments section!
#稳定币 #美联储 #监管框架
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Policymakers must think outside the box to understand cryptocurrencies
Understanding the complexities of cryptocurrencies is critical for policymakers to regulate effectively without stifling innovation.
The ongoing disconnect between policymakers and technology inevitably leads to proposed and approved regulations that ignore key parts of new technologies. Lawmakers and regulators in the United States face the challenge of developing regulatory policies in emerging technology areas such as blockchain and artificial intelligence. Policymakers such as Senator Cynthia Lummis have recognized the need for innovation in the financial sector and have proposed bills such as the Digital Asset Innovation Act to address related issues. However, the SEC's recent action against Ripple Labs highlights the current "regulation through enforcement" approach, which critics believe stifles innovation.
The ongoing disconnect between policymakers and technology inevitably leads to proposed and approved regulations that ignore key parts of new technologies. Lawmakers and regulators in the United States face the challenge of developing regulatory policies in emerging technology areas such as blockchain and artificial intelligence. Policymakers such as Senator Cynthia Lummis have recognized the need for innovation in the financial sector and have proposed bills such as the Digital Asset Innovation Act to address related issues. However, the SEC's recent action against Ripple Labs highlights the current "regulation through enforcement" approach, which critics believe stifles innovation.
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Experts suggest that my country's existing "prohibition-style" virtual currency transaction supervision should be adjusted appropriately, because it limits our ability to compete in the development of the global web3.0 industry!
Alas
Originally we were far ahead, but now we have to catch up with the others...
However, it is a good thing to have such rumors, so we will wait and see.
#政策环境 #Web3 #监管框架
$BTC
Alas
Originally we were far ahead, but now we have to catch up with the others...
However, it is a good thing to have such rumors, so we will wait and see.
#政策环境 #Web3 #监管框架
$BTC
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