The Hong Kong Securities & Futures Professionals Association (HKSFPA) has pushed for a pioneering shift in the city’s cryptocurrency regulatory framework. On April 22, they advised creating a self-regulatory committee for crypto firms, emphasizing the need for industry-led development rather than stringent supervision. This move is aimed at maintaining Hong Kong’s edge as a global financial hub, suggesting that autonomy in licensing could foster more robust growth in the securities, futures, and virtual asset industries.

In contrast to other regions tightening controls, such as Lithuania’s stricter regulations set for 2025, Hong Kong has adopted a more supportive approach towards virtual assets. Recently, the Securities & Futures Commission (SFC) approved Bitcoin and Ether exchange-traded funds, a progressive step not mirrored by the U.S. Securities and Exchange Commission, which remains hesitant on similar ETFs and specific licenses for crypto exchanges. The HKSFPA’s strategy of balanced supervision could position Hong Kong as a leading center for crypto innovation and investment.

HKSFPA

Bitcoin is an ephemeral digital currency. It doesn’t have a physical address, or a specific place you can track it down. It’s everywhere. This is what gives Bitcoin its superpowers, what makes it a truly decentralized and globally accessible monetary network. Your bitcoin isn’t stored in your wallet but at Bitcoin addresses recorded by every computer running a Bitcoin node all over the world. Your wallet simply stores the private keys that allow you to control bitcoin at those addresses.

That means that your Bitcoin can be accessed from anywhere in the world. In this way, Bitcoin gives you superpowers as well. You can “take” your Bitcoin with you wherever you go. All you need to…

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Geoff Kendrick, head of digital assets research at Standard Chartered, predicts a bright future for Bitcoin, forecasting a potential rise to $150,000 by year-end—a 127% increase. Despite recent setbacks, including an 11% drop from its March peak of $73,000 and slowed ETF inflows amidst geopolitical tensions, Kendrick remains optimistic. He highlighted the $12 billion already invested in Bitcoin ETFs since January and anticipates an inflow surge to $50 billion-$100 billion over the next couple of years as the market matures.

Kendrick also pointed to Bitcoin’s post-halving ascent, a historical catalyst for price spikes due to reduced new coin circulation. The last three halvings were followed by record highs within a year, suggesting a similar outcome may be on the horizon. With a bullish view, Standard Chartered even sees Bitcoin reaching $250,000 by 2025, marking a 266% increase from its March levels. Kendrick’s analysis signals a robust period ahead for Bitcoin investors.

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BIGCAP COINS:

1. Bitcoin: Market Cap of $1.2 Trillion.
2. Pepe: Market Cap of $2.7 Billion.
3. Solana: Market Cap of $68.6 Billion.

MIDCAP COINS:

1. Panda Swap: Market Cap of $10.2 Million.
2. Ankr: Market Cap of $526 Million.
3. Bonk: Market Cap of $1.3 Billion.

RISING COINS:

1. Grok: Market Cap of $67.0 Million.
2. FOMO Network: Market Cap of $29.6 Million.
3. Pandora: Market Cap of $58.3 Million.

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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In a striking display of confidence and long-term investment, Bitcoin’s 10-year HODL Wave continues to climb, showcasing a significant portion of Bitcoin holders who have not sold their holdings for a decade or more. The latest data reveals that as of April 21, 2024, a remarkable 17.36% of Bitcoin’s circulating supply is in the hands of these steadfast investors, according to the analytics platform Look Into Bitcoin. This indicator is often seen as a strong signal of the belief in Bitcoin’s value proposition over time, suggesting a robust foundation for the cryptocurrency. Despite the market’s natural ebb and flow, the unwavering HODLers contribute to a sense of stability and optimism surrounding Bitcoin’s future. As the price currently hovers around $56,053, the crypto community is buoyed by the resolute spirit of its long-term supporters, reinforcing the narrative of Bitcoin as a maturing asset class with enduring appeal.

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A collective of Swiss Bitcoin advocates is revitalizing their campaign to integrate Bitcoin into the Swiss National Bank’s (SNB) financial arsenal. Spearheaded by Yves Bennaïm of the non-profit 2B4CH, they aim to amend the Swiss Constitution through a referendum, necessitating over 100,000 signatures. This move, according to Bennaïm, would fortify Switzerland’s sovereignty and neutrality amid global uncertainty. Luzius Meisser, of Bitcoin Suisse, also supports this initiative, highlighting potential financial gains—estimating a missed opportunity of 30 billion Swiss francs in 2022—and positioning Switzerland ahead of other central banks in adopting cryptocurrency.

The procedural roadmap is set, with necessary documents being prepared for submission to the State Chancellery. Challenges loom large, as a previous attempt in 2021 fell short. However, with a supportive demographic and significant daily crypto trading activity within Western Europe, advocates are optimistic. The petition’s relevance is underscored by global trends in crypto adoption and ongoing debates around national and EU digital currencies. A decisive presentation by Meisser scheduled for April 26 will further argue the strategic benefits of including Bitcoin on the SNB’s balance sheet.

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