The Revival of Crypto in Nigeria; South Korea’s Move Towards Transparency; Hong Kong Makes Stablecoin Regulations Clear

Written by BTSE

December 28, 2023

Bitcoin has witnessed a notable increase, climbing to $43.4K with a 2.5% rise overnight. This surge is potentially linked to MicroStrategy’s recent acquisition of 14,620 BTC for approximately $615.7 million, as announced by their Executive Chairman, Michael Saylor. With this latest addition, MicroStrategy’s holdings soar to 189,150 BTC, valued around $5.9 billion. Since their initial investment in August 2020, the company has seen substantial growth in its Bitcoin portfolio. Meanwhile, Ethereum is capturing attention with an 8% gain in 24 hours, surpassing $2.4K. What could this mean for the future of these leading cryptocurrencies?

Nigeria’s Crypto Revival: Crypto Exchange Yellow Card forecasts a significant increase in usage following Nigeria’s decision to lift the ban on crypto-related bank accounts. The Central Bank of Nigeria’s reversal of its 2021 directive is a major step towards fostering a regulated crypto environment. Yellow Card’s Lasbery Oludimu expects heightened adoption and engagement, backed by a more transparent and trustful regulatory framework. The change reflects a global shift towards regulating rather than banning cryptocurrencies, aligning with recommendations from the FSB and the IMF. Could these positive changes in Nigeria bring more traders into crypto markets?

South Korea Moves for Transparency: South Korea is set to increase transparency by making the crypto holdings of about 5,800 public officials public. This initiative, part of new legislation, will utilize an integrated asset disclosure service through the Public Official Ethics System (PETI). The move follows a scandal involving a lawmaker and is expected to enhance transparency within the public service community. With these disclosures becoming more accessible, how will this impact crypto trading movements in the crypto hub of South Korea?

Hong Kong’s Stablecoin Regulations Become Clear: The Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau (FSTB) have proposed mandatory licenses for fiat-backed stablecoin issuers. This plan includes a regulatory sandbox to guide potential issuers on compliance. Hong Kong, aiming to be a regional crypto hub, has been planning stablecoin regulations and recognizes retail crypto trading as a regulated activity. The licensing regime will require issuers to operate under strict conditions. What impact will Hong Kong’s regulatory approach have on the growth of the stablecoin market?


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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