Positive Crypto Signs from U.K. and Hong Kong: Who is the New Crypto Hub?

Positive Crypto Signs from U.K. and Hong Kong: Who is the New Crypto Hub?

U.K. has a new pro-crypto PM and a new name for stablecoins

At the point of the news on the vote to recognize Crypto as regulated financial instruments, Bitcoin just spiked to $21,170. This aligns with the new crypto developments in the U.K. market. As part of the Financial Services and Markets Bill, the U.K. House of Commons, the lower house of Parliament, agreed on Tuesday to regulate cryptocurrency assets as financial instruments. The House of Lords, the upper house, will vote on the bill before it becomes law. This occurs as Rishi Sunak, who on Monday was appointed as the nation’s next prime minister, has a history of endorsing cryptocurrencies.

The local cryptocurrency sector, which recently celebrated Rishi Sunak’s election as the nation’s new prime minister, will likely applaud moves to grant legal legitimacy to digital assets. When Sunak served as the Boris Johnson administration’s finance minister, he presented the markets bill, which indirectly led to the stablecoin regulations.

The bill expands upon current stablecoin regulating provisions and uses the term “Digital Settlement Assets” (DSA) in place of “crypto assets,” moving away from the use of the phrase “crypto assets.” Stablecoins with a focus on payments that are cryptocurrencies tethered to the value of other assets like the U.S. dollar or gold were already covered by elements in the draft bill that would have extended existing restrictions to them.

According to Griffith, the financial services and city minister, the crypto provision “clarifies that crypto assets could be brought within the scope of the existing provisions” of the Financial Services and Markets Act 2000 relating to regulated financial activities. The crypto provision depends on the definition of “crypto asset” inserted by a new clause 14. The regulations might control cryptocurrency advertising and ban businesses that aren’t allowed to operate nationwide.

“The Treasury will consult on its approach with industry and stakeholders ahead of using the powers to ensure the framework reflects the unique benefits and risks posed by crypto activities,” Griffith said. He added: “The Treasury will consult on its approach with industry and stakeholders ahead of using the powers to ensure the framework reflects the unique benefits and risks posed by crypto activities,”

The Crypto and Digital Assets All Party Parliamentary Group (APPG) provides a forum for parliamentarians, regulators and the U.K government to discuss challenges and opportunities relating to the crypto sector. This group, chaired by Scottish National Party member of Parliament (MP) Lisa Cameron, has issued a written statement to the media seeking regulatory clarity and business certainty. “U.K. crypto and digital asset firms desperately need clarity over the U.K.’s approach to crypto policy and for the government to deliver on its vision for the U.K. crypto sector,” Cameron said in the statement.

The legalization of cryptocurrencies and digital assets as financial instruments is still pending. Important requirements that must be met for the Bill include: Before the Bill receives final royal sanction from the next king, King Charles III, the House of Lords will need to accept or change it.

The U.K. government can assure financial stability and strong regulatory standards by recognizing the promise of this technology and regulating it at this time, allowing these new technologies to be employed in the future reliably and safely.

Hong Kong wants to be positioned as crypto hub, while Singapore pivots

A few years back, Hong Kong was on the right track to becoming a crypto hub. Then Hong Kong’s regulator, the Securities Futures Commission (SFC) knocked on doors. Exchanges were questioned about listing tokens that seemed like securities and also issued warnings about high leverages.

Fast forward to 2022, October 31, the Hong Kong government is exploring legalizing retail crypto trades. Financial Secretary Paul Chan announced in a keynote speech at the Hong Kong Fintech Week conference that authorities would begin a consultation process on providing retail investors with “a suitable degree of access” to virtual assets. “We want to make our policy stance clear to the global market, to demonstrate our determination to explore fintech with the global virtual asset community,” he added.

In contrast, Singapore is significantly restricting access to cryptocurrencies for individual investors after last year’s market collapse brought down several digital asset companies with ties to the Southeast Asian country and caused much greater losses throughout the industry. If you remember, many of the huger crypto companies moved from Singapore to Dubai, and now the same thing is happening again. Hong Kong appears to be the next hotspot for digital-asset enterprises, entrepreneurs, and investment.

Even the head of the central bank, Ravi Menon, admitted in a Bloomberg Television interview that some crypto enterprises with a retail concentration would leave the city-state, stating plainly, “We wish them good luck.”

Cryptocurrencies “play a supporting role in the broader digital asset ecosystem, and it would not be feasible to ban them,” the Monetary Authority of Singapore (MAS) stated in a media statement. Singapore’s stand is very firm and has made it clear that they are not banning cryptocurrencies and is working towards reducing risks.

Positive signs

I see all these are positive signs. Singapore is planning ahead. Hong Kong is leaving some room going forward. U.K.’s plan is ambitious. Hong Kong seems like walking on a different path than China which has banned cryptocurrencies completely. People on the ground are now speculating that Hong Kong could be the outflow channel for the Chinese to start trading cryptocurrencies again.

The recognition of cryptocurrencies under proper regulations would go very far. I am optimistic about the outcomes. #anndylian

 

Source: https://www.benzinga.com/22/11/29572049/positive-crypto-signs-from-u-k-and-hong-kong-who-is-the-new-crypto-hub

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Crypto community high on hopes after positive signals from India, Russia govts

Crypto community high on hopes after positive signals from India, Russia govts
My Additional comments:
1. After the initial green signals from India and Russia, what is next for Crypto Industry?
With the green lights from India and Russia, we are seeing an increase in Bitcoin’s spot volume in the last 24 hours on BigONE Exchange. The pricing of BTC has also increased by more than 2.5%. A huge country like Russia that embraces crypto is positive news for the whole world. We have seen more retail investors in the communities starting to feel comfortable and bullish. This is especially so in the meme coins’ communities. Still, I want to caution all that the bullish shift could be short term as it still appears negative in the charts for the longer term. With India and Russia taking their stand on crypto, I will do many other countries taking reference from them and following their footsteps. Some of the other countries that I am giving advice on are also more receptive after two big countries accepted cryptocurrencies.
2. Do you think that different regulations around the globe will help the industry or the world should come as one?
The world would not and should not come as one as it is not feasible for most nations. Cryptocurrencies are seen as bridges between worlds and the new regulations in place will serve as a financial connector between countries. This could also mean that cryptocurrencies would be further scrutinized, monitored and monitored. Those who see decentralisation as removing control and governance will not be happy with regulations. While those who really want crypto to grow will see the acceptance by the regulators as a sign of further disruptions.
3. What would be the key concerns of industry, post regulations?
There will be a lot of changes post regulations. We will see the real issues when the countries start to implement and allow crypto into their system fully. I hope the other countries can use Singapore’s sandbox model for instance to simulate the possible scenarios before going into full-scale implementation. There should be awareness programs in the country to tell new users what is crypto, the ups and downsides of investing in crypto and other taxations issues too. The education process will empower users to make better decisions, hence fewer headaches for the regulators.

Crypto community high on hopes after positive signals from India, Russia govts

Synopsis

Crypto industry at large is positive on the announcement and believes that the governments across the world are stepping ahead to take a big awaited call in the digital assets

After Russia’s intentions to regulate crypto, players in India and across the globe are high on hopes over the new-age asset class.

They are expecting that two major nations – India and Russia – have stepped ahead for the legitimisation of the crypto assets, and more major economies may join the forces soon.

However, India has made it clear that the legitimate or illegitimate are separate questions and the government is simply taxing the gains from the crypto transactions, which is its sovereign right.

On the other hand, the Putin government is eyeing crypto regulations, bucking the recommendation from its central bank to ban the mining and trading of the private digital tokens.

Crypto industry at large is positive on the announcement and believes that the governments across the world are stepping ahead to take a big awaited call in the digital assets.

Anndy Lian, Chairman, BigONE Exchange said that a country like Russia embracing crypto is positive news for the whole world. More retail investors in the communities are starting to feel comfortable and bullish, especially on memecoins.

“With India and Russia taking their stand on crypto, many other countries may take reference from them and follow in their footsteps,” he added.

Sathvik Vishwanath, Co-Founder and CEO, of Unocoin said that it will be a matter of time before more and more countries start looking at the crypto industry in a positive way.

The ones who had shied away from cryptos in the past are changing their perspectives and Russia is one of them, he added. “On the other side India has taken the wait and watch policy, but is not opening up with its views.”

Crypto fanatics, who see decentralisation as removing control and governance, will not be happy with regulations put across by the authorities across the globe.

Dileep Seinberg, Founder and CEO, Thinkchain said that every nation is likely to have its own cryptocurrency, with a potential to build a crypto-economy globally.

However, the industry players do not believe that the world should join the force and come as one to regulate the crypto assets uniformly. They do not see this as a viable option.

Cryptocurrencies are seen as bridges between worlds and the new regulations in place will serve as a financial connector between countries, said the experts.

The world would not and should not come as one as it is not feasible for most nations, said Lian of BigONE. “This could also mean that cryptocurrencies would be further scrutinized, monitored and monitored.”

It would be an unrealistic home for specific guidelines to be applicable for the entire world as one. At the tech level there definitely is uniformity irrespective of which country it is working in.

“The taxation, regulations, and enforcement differ which needs to be handled by the governments within the country,” said,” Vishwanath of Unocoin.

Once the regulations are out in different parts of the world, there will be a lot of changes through. However, experts said that governments, authorities and regulators should primarily focus on education and awareness about the asset class.

“We will see the real issues when the countries start to implement and allow crypto into their system fully,” Lian said. “I hope the other countries can use Singapore’s sandbox model for instance to simulate the possible scenarios before going into full-scale implementation.”

“Most important industry concerns would not come from technology but to see if few companies can monopolies like any other industry in the world,” said Sienberg. “This might damage the very fabric of the decentralised crypto world.”

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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KTVN USA: Positive Impact and Outlook for Security Tokens Offering (STO)

KTVN USA: Positive Impact and Outlook for Security Tokens Offering (STO)

The last panel of the Blockchain Economic Forum is on Fundraising via SIEO and Regulation. The panel is joined by international experts: Sharon Lou (Managing Partner, Asia Pacific Venture Capital) Anndy Lian (Inter-Governmental Blockchain Advisor and Book Author of Blockchain Revolution 2030), Arnie Chaudhuri (Managing Partner, AV Group), Habeed Syed (Corporate and Securities Partner, B.J. Kang Law, Pc), Nizam Ismail (Founder, Ethikom Consultancy), Csaba Robert Horvath (Founder, Fusion Capital Partners) and Valentin Preobrazhenskiy (Founder, LAToken).

The panelists started the discussion by sharing their views on the future of the STO market. The initial comments seemed negative and lack of confidence but later all the panelists clarified their views.

“We are not negative. We are just cautious. STO and blockchain let us look at securities offering in a different manner. Instead of going through hundred of pages of prospectus, blockchain allows all these information to be found on the chain: Verified, transparent and trusted.” Nizam Ismail explained further.

Anndy Lian added “The crypto market in general right now is almost dead. Retail investors in the crypto market has dropped tremendously and their confidence level are low. The introduction of STO will bring in new accredited and global professional Investors into the market. Regulators like Singapore MAS are all ready to embrace this new market and there are already many talks in the global market on how this will change how securities are being traded. It will be impactful for the blockchain market. We will all see positive results in 2020.”

Other pressing issues on how the token economy is going to evolve in 2020 and how regulations will set in for blockchain projects in terms of fundraising were discussed.

“Entrepreneurs like to pushed the boundaries and drive towards innovation.” Arnie Chaudhuri shared. Many of the audiences agree to his perspective. Danny Ee, Founder of Ruby Wallet also shared his views after the forum that Arnie and all the speakers are very sharp: “I am a technologist, I pushed my boundaries too to make sure my wallet works well in the eco system. I want my work to be noticed. I need my investors and supporters to work towards my vision that sometimes can be seemed to be too innovative.”

The panelists are knowledgeable and have given many different angles to the issues raised during the forum. All of them are positive of the blockchain technology and want to see how STO will create positive impact to the market.

The Blockchain Economic Forum is organized by LAToken, a rapidly growing crypto exchange focusing on liquidity for new tokens. It has recently entered CoinMarketCap’s Top 50 by trading volume.

The Blockcast.cc team feels that the Singapore Fintech and Blockchain Week 2019 is one of the most organized blockchain series covering many aspects of the technology and the business. Leading blockchain and fintech experts like Da Hongfei- Neo, Zhao Changpang- Binance, Kris Marszalek- Crypto.com, Julian Gordon- Hyperledger, Sopnendu Mohanty- MAS are present during the week to inspire and give insights to many companies.

Blockcast.cc will head to South Korea next where the team will organize a few high level roundtable event with international guests from Sweden, Russian, Singapore, China and Romania.

About Blockcast.cc

Blockcast.cc is the leading blockchain media and marketing strategist based in Singapore and South Korea. The company has led numerous blockchain projects in their marketing roadshow, PR pitching and fundraising activities through private placements, ICO, IEO, STO.  Blockcast.cc has footprints in China, Hong Kong, South Korea, United States, Philippines, United Kingdom and more.

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Source: https://www.ktvn.com/story/41333064/positive-impact-and-outlook-for-security-tokens-offering-sto

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j