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(as of 11:00 AM Singapore Time, August 30, 2023)
As the crypto market begins its trading day in Asia, one of the most significant highlights from last night came from a U.S. federal appeals court instructing the SEC to revisit its stance on Grayscale’s ambition to transform its Bitcoin Trust into an ETF. Bitcoin’s subsequent surge of more than 7% beyond the $28,000 mark – even if short-lived – is a testament to the market’s bullish sentiment around more structured financial products tied to cryptocurrencies.
Elon Musk’s X (formerly Twitter) further amplifies this sentiment of broadening horizons. Having secured a currency transmitter license in Rhode Island, X is gearing up to become an all-in-one application for both fiat and crypto transactions. While its current focus seems anchored in fiat currencies, Musk’s overarching vision – one that aligns with his historical endeavors – suggests that crypto functionalities are on the horizon. The progressing acquisition of transmitter licenses across seven American states bolsters this projection.
Shifting our gaze to the East, SEBA Bank’s Hong Kong arm’s recent in-principle approval from the Hong Kong Securities and Futures Commission (SFC) reveals the expanding embrace of virtual assets within Asia’s financial hubs. With SEBA’s wide range of prospective crypto services and the growing number of licensed crypto exchanges in Hong Kong, the city is poised to serve as a potential bridge to the vast Chinese market, if and when doors to crypto trading swing open there.
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