Blockchain
Hong Kong Officials Recommend Self-Regulatory Committee for Compliance Monitoring in Crypto Industry
The proposal put forth by the Hong Kong Securities & Futures Professionals Association (HKSFPA) to establish a self-regulatory committee within the city’s crypto firms reflects a growing trend towards industry-led compliance monitoring. The HKSFPA’s recommendation aims to address the absence of an overarching organization to foster the development of Hong Kong’s financial market industry while also balancing the need for supervision with industry-wide coordination.
The suggestion to delegate licensing powers to industry players, while retaining supervision over market conduct with the Securities & Futures Commission (SFC), aligns with the goal of maintaining Hong Kong’s competitiveness in the global securities market. By empowering the securities industry to oversee licensing, the proposal seeks to streamline regulatory processes and foster a more responsive regulatory environment.
However, the efficacy of self-regulation in maintaining a balanced risk-reward dynamic remains a subject of debate, as seen in recent developments in Lithuania. While Hong Kong regulators have exhibited greater tolerance towards virtual asset firms compared to other jurisdictions, such as the recent approvals of spot Bitcoin and Ethereum ETFs, challenges remain in ensuring effective oversight and compliance within the crypto sector.
The approval of spot Bitcoin ETFs by the Hong Kong Securities and Futures Commission (SFC) marks a significant milestone for the region’s crypto industry. These ETFs, which allow new ETF shares to be issued using BTC and ETH, offer investors exposure to digital assets through traditional financial instruments. While the approval has garnered praise, there are concerns about the eligibility of mainland China investors to purchase Hong Kong-listed spot Bitcoin and Ether ETFs due to regulatory restrictions.
Overall, the developments in Hong Kong’s crypto industry underscore the importance of striking a balance between fostering innovation and ensuring regulatory compliance. The establishment of a self-regulatory committee could represent a step towards achieving this balance by empowering industry stakeholders to play a more active role in oversight and compliance efforts.
Source: cryptonews.com
The post Hong Kong Officials Recommend Self-Regulatory Committee for Compliance Monitoring in Crypto Industry appeared first on HIPTHER Alerts.
WadzPay, a leading fintech company specialising in blockchain based technology for virtual asset payment solutions, is proud to announce its plan to enter the Stablecoin business, marking a significant expansion of its offerings. With a steadfast commitment to innovation and addressing evolving market demands, the company has strategically positioned itself to capitalise on the growing opportunities within the virtual asset financial services space.
ZettaBlock, a leading provider of blockchain solutions, has recently announced a significant enhancement to its offerings with the addition of blockchain data services. This development marks a strategic move aimed at bolstering ZettaBlock’s capabilities and further solidifying its position in the blockchain industry.
By integrating blockchain data services into its portfolio, ZettaBlock seeks to address the growing demand for comprehensive and reliable data solutions within the blockchain ecosystem. The new offering will enable clients to access a wealth of blockchain data, empowering them to make informed decisions and derive valuable insights from the vast amount of information available on various blockchain networks.
ZettaBlock’s decision to expand its services comes at a time when the importance of blockchain data analytics is increasingly recognized across industries. With blockchain technology continuing to gain traction and adoption worldwide, the ability to effectively harness and analyze blockchain data has become crucial for businesses and organizations seeking to unlock new opportunities and drive innovation.
Through its blockchain data services, ZettaBlock aims to cater to the diverse needs of its clients, providing them with access to real-time and historical data from a wide range of blockchain networks. This includes transaction data, smart contract metrics, network activity, and more, allowing users to gain deeper insights into blockchain transactions and activities.
The addition of blockchain data services represents a significant milestone for ZettaBlock, underscoring the company’s commitment to delivering cutting-edge solutions that meet the evolving needs of the blockchain industry. As businesses increasingly recognize the value of blockchain data in driving decision-making and enhancing operations, ZettaBlock’s comprehensive data services are poised to play a key role in shaping the future of blockchain analytics.
Source: cryptonewsz.com
The post ZettaBlock announces the addition of blockchain data appeared first on HIPTHER Alerts.
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