Hong Kong Regulator Steps Up Awareness Campaign on NFTs

Hong Kong Regulator Steps Up Awareness Campaign on NFTs

My original comments to the reporter look like this. I have added additional insights.

“The Securities and Futures Commission (SFC) must do this ASAP as I do see numerous NFT projects started in Hong Kong that are wrapping securities and derivatives around NFTs. In fact, I have said numerous times in my public speeches that such an act is not grey, it is totally illegal.

Tencent and Ant Group changed the descriptions of NFTs on their platforms to ‘digital collectibles’ to play down their links to cryptocurrencies last year. The bigger boys did their homework way beforehand to avoid any possible issues with regulators in China and Hong Kong.

I urge SFC to take put a hard stop to all the bad actors who are trying to operate regulated activities in Hong Kong or targeting Hong Kong investors using NFT as a workaround.”

Hong Kong Regulator Steps Up Awareness Campaign on NFTs

The Hong Kong Securities and Futures Commission (SFC) has stepped up its awareness campaign on non-fungible tokens (NFTs), cautioning investors against investing in them if they do not fully understand the risks.

“As with other virtual assets, NFTs are exposed to heightened risks including illiquid secondary markets, volatility, opaque pricing, hacking, and fraud. Investors should be mindful of these risks, and if they cannot fully understand them and bear the potential losses, they should not invest in NFTs,” the SFC stated.

The SFC noted that there are a number of NFTs that represent the digital representation of an underlying asset and in which case, it has little role to play in the trading of those assets.

However, the financial regulator said, there are NFTs that are portrayed as securities and these types must be licensed before it is offered to residents.

Assets that push the boundary between collectibles and financial assets, such as fractionalized or fungible NFTs structured as securities or collective investment schemes (CIS) in NFTs, do fall under the SFC’s mandate.

A CIS is an investment arrangement, to pool money around a certain asset or property. The Hong Kong Securities and Futures Ordinance (SFO) requires CIS to be managed in escrow, and its participants do not have day-to-day control over its management. They however are subject to receive profits, income, or other returns.

The solicitation of Hong Kong residents by companies engaged in these activities requires the issuer to obtain a license from the SFC unless an exemption applies.

SFC has mandated a license from Hong Kong residents who wish to issue fractionalized NFTs or to target local investors or be subject to certain authorization requirements under the SFO.

Anndy Lian, chairman, BigONE exchange, says a few well-known corporations that are based in China changed the descriptions of NFTs on their platforms to ‘digital collectibles’ to play down their links to cryptocurrencies last year.

“They did their homework way beforehand to avoid any possible issues with regulators in China and Hong Kong. I urge SFC to put a hard stop to all the bad actors who are trying to operate regulated activities in Hong Kong or target Hong Kong investors using NFT as a workaround,” Lian says.

Raj Kapoor, chief advisor of crypto advisory firm Acryptoverse says security issues are just a major legal concern when it comes to NFTs and that each different NFT model presents a unique legal issue.

“License uncertainty is another risk while IP ownership many a time is opaque. Copyright Infringement raises concerns as well. Deceptive and unlawful trade practices for misrepresentation of ownership of the work underlying an NFT is also a deep risk factor,” he added.

Money Laundering including self laundering is another as potential criminals purchase an NFT with illicit funds, transact with themselves to create records of sales on the blockchain, then sell to another party using clean funds.

 

Original Source: https://uk.investing.com/news/cryptocurrency-news/hong-kong-regulator-steps-up-awareness-campaign-on-nfts-2665065

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 “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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Apecoin (APE) price prediction: Will the debut surge keep up?

Apecoin (APE) price prediction: Will the debut surge keep up?

Ape coin (APE), the native cryptocurrency of the popular non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), became the biggest metaverse token by market capitalisation a little over a month after its release. The coin has dethroned Decentraland’s coin (MANA), which has been around since early 2020.

Recent news that ApeCoin will implement a staking mechanism in the coming weeks as well as Elon Musk briefly changing his profile picture on Twitter to a collage of a number of avatars from the BAYC NFT collection, drove the APE NFT coin price up on 5 May as it managed to gain nearly 19% of its value in less than 24 hours.

Will the future APE coin price prediction be as bullish as its early start, and what are the key projections for the popular NFT cryptocurrency?

What is ApeCoin?

ApeCoin (APE), was launched on 17 March 2022 by the founders of the BAYC NFT collection Yuga Labs, which also formed the APE Foundation, a means of aiding the decentralised development of the APE ecosystem.

Created with the goal of becoming the “heart of art, gaming, entertainment and events on the blockchain”, the APE Foundation will be in charge of overlooking the decisions of the ApeCoin Decentralised Autonomous Organisation (DAO).

The crypto will be responsible for administration, bookkeeping, project management and other tasks necessary to ensure the DAO community can build new Web3 applications and services, such as the APE NFT coin itself.

ApeCoin’s main focus is decentralisation and through the APE Improvement Proposal Process it will allow ApeCoin DAO members to make decisions regarding Ecosystem Fund allocations, governance rules, upcoming projects, partnerships and more.

The ApeCoin Foundation is managed by a board which oversees  the community and carries out DAO proposals. The initial board serves a term of six months and is voted in by DAO members.

The current members of the board are:

  • Reddit co-founder Alexis Ohanian
  • FTX head of ventures and gaming Amy Wu
  • Sound Ventures principal Maaria Bajwa
  • Animoca Brands co-founder and chair Yat Siu
  • Horizen Labs president and general counsel Dean Steinbeck

The APE NFT coin is an ERC-20 cryptocurrency designed on the Ethereum protocol. Apart from governance, the token:

  • Provides holders with access to certain parts of the ecosystem unavailable to others, such as exclusive games, merchandise, events and services.
  • Can be incorporated into other services, games and projects.

ApeCoin was launched through an airdrop, which allowed certain groups of holders to receive the tokens as rewards. The cryptocurrency’s total supply stands at one billion. No new tokens can be minted.

Upon release, the tokens’ total supply was distributed as follows:

  • 62% was allocated to the ecosystem’s fund and given to BAYC and Mutant Ape Yacht Club (MAYC) NFT holders.
  • 16% was allocated to Yuga Labs and charity.
  • 14% was allocated to the companies and people that helped to create the project.
  • 8% was allocated to the BAYC founders.

At the time of writing (9 May), over 284 million APE coins were in circulation according to CoinMarketCap. APE’s market capitalisation surpassed $3.18bn, making it the 33rd biggest cryptocurrency.

Apecoin price analysis following successful debut

The APE NFT coin saw its value surge 126.8% on the first day of launch, reaching $16.47, up from $7.2604 in less than 24 hours, as seen on the price chart below. The coin retreated to $14. 03 by the end of the day and continued to move sideways throughout 19 March 2022 before falling to values just above $9 on 21 March 2022.

By 24 March, the APE token price climbed back to over $14 as anticipation grew ahead of the first ever ApeCoin DAO voting event, which was due to take place on the day. The cryptocurrency peaked at $15.43 on 28 March 2022 before embarking on a bearish journey into April 2022.

APE/USD price chart, March – May 2022

In April 2022, the APE token price peaked on three occasions:

  • On 10 April at $12.27 – the Bored & Hungry restaurant in California became the first ever catering establishment to accept payments in ether (ETH) and APE.
  •  On 21 April at $17.31–  following announcements that ApeCoin was cooperating with the OliveXFitness Metaverse to grant APE token holders special access to the metaverse’s move-to-earn Dustland games.
  • On 29 April at $26.19 – its all-time high value, as three new proposals were opened for ApeCoin DAO members to vote on.

On 30 April 2022, one of the largest NFT marketplaces, OpenSea, announced that it would start accepting the APE cryptocurrency for NFT purchases on its platform. This led to an over 30% one-day gain as the APE price rose to just below $25.

Following 102% April 2022 gains, the APE NFT coin chart started on a downwards trend, losing over 45% of its value by the time of writing (9 May). Today the coin is trading at $11.24.

In terms of APE token technical analysis, short-term sentiment for the token at the time of writing (9 May) was largely bearish.

Relative Strength Index (RSI) reading of 41.89 was pointing towards neutral territory. A reading of 30 or below would indicate that the asset is becoming undervalued. Meanwhile, the token was trading below its three, five and 10-day moving averages, indicating a bearish trend.

Will apecoin go back up? Future outlook

The debut success of the coin and its speedy price reversal leaves a question on investors’ lips: is apecoin a good investment? There are multiple factors at play.

Recent ApeCoin news saw ApeCoin DAO members approve two measures that would let them lock their tokens for a period of time in exchange for more apecoins in future. The finalisation of this decision on 5 May 2022 led to a mini surge in the APE price, which jumped by 23.9%, up from $14.13 on the previous day to $17.52.

In an announcement in a Twitter thread, ApeCoin noted that the new updates would be implemented “within the next week or two” following the end of the voting.

In addition to that, on 5 May, another proposal was going live for a community-wide vote to deal with security tools and education. The vote is set to end by 12 May 2022. If successful, the plan will be implemented in three phases.

Other ApeCoin news that could move the APE price in the future includes the launch of Otherside on 1 May 2022 – the largest expansion of the Bored Ape NFT universe, powered by apecoin.

Otherside is an online metaverse and role-playing game connected to the BAYC ecosystem where players can purchase lands and real estate. It was reported that 45 minutes after the metaverse’s launch BAYC sold over $100m worth of digital real estate.

Following the 1 May successes, crypto analyst and the founder of Eight Global, Michaël van de Poppe, said on Twitter that the APE price prediction had potential to embark on a bullish trend towards $19 and even $20.

One of the main reasons to why the APE cryptocurrency has managed to generate a lot of buzz was because it was built on the Ethereum blockchain, BigOne Exchange chair in Asia, Anndy Lian, told Capital.com.

“Looking at some of the volumes transacted on Whalealert and Whalestats, I can safely say that APE is one of the most purchased altcoins amongst the Ethereum whales. This is a very positive sign for the token and I must say APE is not just another ordinary meme coin,” he added.

However, the token could benefit from some more utility, Lian noted.

“The faith and comradeship within their community help keep the price and volume going, while doing so the other immediate thing they should really look at is to increase utility online and offline. APE is currently being used in Benji Bananas as an in-game currency and E11EVEN Residencies in Miami has also accepted APE as payment.”

Lian concluded that the proposal from APE owners to lock up and stake their coins are “very sound measures to keep the token sustainable, especially in bear markets”.

ApeCoin price prediction 2022-2025, 2030

Algorithm-based forecasting service Wallet Investor gave a bullish outlook on the future of the APE/USD forecast at the time of writing (9 May), calling apecoin “an awesome long-term investment”.

Based on its analysis of past price performance, Wallet Investor expected the APE target price to grow to $30.501 by 2023, $43.940 by 2024 and reach $87.357 by 2027.

DigitalCoinPrice echoed an upbeat apecoin crypto price prediction, projecting that the token’s value could steadily grow in the coming years. The site noted that APE could end this year at $16.23 and reach $25.30 by the end of 2025.

By the end of 2027, the site’s APE crypto price prediction suggested that the coin could trade at $35.25. Its long-term APE prediction showed that the cryptocurrency has the potential to reach $54.26 by 2030.

Note that predictions can be wrong. Forecasts and analysts’ expectations shouldn’t be used as a substitute for your own research. Always conduct your own due diligence. And never invest or trade money you cannot afford to lose.

 

 

Original Source: https://capital.com/apecoin-ape-price-prediction

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 “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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Dogecoin up 40% in 3 weeks! Is there more steam left?

Dogecoin up 40% in 3 weeks! Is there more steam left?

New Delhi: For the last few weeks, Dogecoin has been the cryptocurrency to watch out for. The largest memetoken has rallied about 40 per cent in the last three weeks.

Dogecoin was flying high after the reports surfaced that Elon Musk owns a 9.2 per cent stake in the micro blogging website Twitter. This makes Musk the largest shareholder in the company.

The stake in Twitter of Elon Musk, who is fondly called as the ‘Doge Father’ by fans, propelled a strong rise in the Dogecoin prices, with speculators flocking to the memetoken.

Dogecoin hit $0.1553 levels on Tuesday, rising more than 5 per cent in the last 24 hours. Its marketcap topped the $20 billion mark, after a long period, the data from Coinmarketcap suggested.

However, the popular crypto token is trading about 77 per cent below its all-time peak of $0.6848 hit in June 2021. On a year to date basis, the crypto token has tumbled about 20 per cent.

However, market experts believe that Dogecoin is likely to continue to have positive momentum and the gains will sustain, on both technical and fundamental basis.

Vikram Subburaj, CEO of Giottus Crypto Exchange, said that Elon Musk’s Twitter investment has led Dogecoin to break out from a bearish structure with price action forming higher lows and higher highs.

“Doge has retested the trendline resistance and has held as support. Overcoming resistance at $0.175 and $0.195 will further indicate signs of strength. Doge faced rejection at these levels during its downtrend,” he added, decoding the charts.

There is no dearth of those who are expecting Dogecoin to do a ‘Twitter’ again and expecting the crypto asset to deliver solid returns in the near future. A number of players see Dogecoin as synonymous with Musk.

Echoing the similar tone, Anndy Lian, Chairman, BigONE Exchange said, “Twitter stock has rallied about 25 per cent after Elon Musk’s stake in the social media company. Speculators are expecting Dogecoin to have a similar impact if not more.”

Despite being a vocal critic of Twitter, Musk has been flirting with the possibility of having his own platform. Many now are expecting Musk to, perhaps, buyout Twitter.

A few market experts believe that Musk’s push is the major driving factor behind the rally in Dogecoin, whereas others said that is not all about Musk only. The memecoin has an army of faithful believers, who are the driving force.

“Dogecoin is tied to Musk’s actions on the positive side while it remains volatile and influenced by wider market structure in a downtrend,” Subburaj added.

The trading volumes of Dogecoin have been astronomical as the Doge token worth more than $2.57 billion exchanged hands in the last 24 hours, registering a rise of 125 per cent. There are more than 132.67 billion Dogecoins in circulation.

Shivam Thakral, CEO of BuyUcoin said that Dogecoin is the most popular Memecoin, and finds robust support from the mercurial figures like Elon Musk.

“The recent tweet by Elon in support of the German travel site ‘GetYourGuide’ announcing that Dogecoin will be accepted as a mode of payment sparked investor interest in Doge,” he added.

Market experts advise investors to be cautious while investing the memecoin. Dogecoin remains a volatile investment with no fundamental utility, they say.

“We advise investors to stick to a certain set of crypto assets according to their risk appetite given no possibility of offsetting losses from one crypto to another in the new tax regime,” said Subburaj from Giottus.

Lian from BigONE suggested investors look for the long term. “For those who are dealing with derivatives, monitor the price carefully and start off with lower leverages,” he cautioned the traders.

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 “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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