Hong Kong Plans to Open Spot Crypto ETFs to Retail Investors
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Hong Kong Plans to Open Spot Crypto ETFs to Retail Investors
Hong Kong is considering giving retail investors the green light to jump into spot crypto ETFs. The city's financial regulator, Julia Leung of the Securities and Futures Commission, mentioned they are open to this idea, as long as it is safe. They have even updated the rules recently to make sure investors get a crypto crash course before trading. This development aligns with Hong Kong's broader ambition to become a leading crypto hub.
Right now, there are already a few crypto ETFs in Hong Kong, but these are based on futures, not actual cryptocurrencies. They are also starting to give licenses to crypto exchanges to open up to retail investors.
FTX Seeks to Offload $744M of Grayscale and Bitwise Assets
FTX is looking to offload nearly $744 million in Grayscale and Bitwise investments. They need the green light from the Delaware court to bring in an advisor and pricing experts to help sell these trusts. This approach is a key part of FTX's strategy to convert assets into cash for settling debts with creditors after the firm's downfall.
The move follows the recent fraud conviction of FTX's founder, Sam Bankman-Fried, with his sentencing set for March 2024. FTX aims for an efficient asset liquidation to safeguard the interests of creditors and uphold the integrity of its reorganization plan.
Malicious Ledger Live App in Microsoft Store Steals $600K
Close to $600,000 in Bitcoin was stolen after users downloaded a malicious “Ledger Live Web3” app from Microsoft's app store, an issue brought to light by ZachXBT, an on-chain analysis expert.
The fake app facilitated the transfer of Bitcoin into a scammer's wallet via 38 transactions. Microsoft appears to have deleted the app since then. The biggest single amount taken was over $81K, but this is not the first time a bogus Ledger app has shown up there.
Ledger, who has not specifically commented on this latest scam, keeps telling everyone the safest download spot for their real app is on their official site. Microsoft has been silent on the issue so far.
XRP Jumps 10% Amid Broad Adoption of Ripple Services
XRP has seen a 10% spike, making waves in the crypto market and outperforming the usual front-runners, Bitcoin and Ethereum. Although no immediate catalyst for the gains existed on Monday, this boost seems to be a reaction to Ripple's expansion, with the payment company receiving operational approvals to operate in Georgia and Dubai.
Last week, Ripple was given a thumbs-up to work with XRP in Dubai's financial sandbox, and they have also partnered with Georgia's central bank on a digital currency pilot. It is a pretty big deal because Hong Kong and Taiwan are already on Ripple's platform, which lets institutions handle their digital currencies from start to finish.
Other breaking news
- DZ Bank to Offer Crypto Custody to Institutional Investors
- Musk-Inspired GROK Tokens Appear Across Blockchains
- Monero's Community Wallet Emptied in Attack
- Simpsons' Episode Satirizes NFTs, Crypto
- Attendees Report Eye Issues at Yuga Labs' ApeFest NFT Event
Wrapping up
And that's a wrap for today! Hong Kong is stirring things up in the Spot Crypto ETF scene, signaling China's push to be a frontrunner by greenlighting ETFs for retail investors. The FTX drama rolls on, with the exchange looking to unload a hefty $744 million.
Meanwhile, a fake Ledger Live app snuck into the Microsoft store, racking up $600k in losses—let this be a heads-up to only download this app from Ledger's official site. Plus, XRP's price is soaring, thanks to some fresh partnerships.