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The bitcoin price has seen its price almost double this year despite growing fears a U.S.-led crypto crackdown could be about to escalate. Ethereum
Now, the chief executive of the stablecoin issuer Circle, Jeremy Allaire, who oversees the $28 billion USDC
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China’s President Xi Jinping has overseen a crypto crackdown in the country that hit the price of … [+]
“Hong Kong is clearly looking to establish itself as a very significant center for digital assets markets and stablecoins and we are paying very close attention to that,” Allaire told Bloomberg at the World Economic Forum in Tianjin, China, calling Asia a “huge area of focus” for the company. “We see enormous demand for digital dollars in emerging markets and Asia is really center of that.”
This month, Hong Kong, a special administrative region of China, began a new crypto licensing regime that is expected to open the city up to bitcoin, ethereum and crypto trading. The move comes amid a crypto crackdown in the U.S. that’s sent some of the biggest U.S. bitcoin and crypto companies scrambling to find new homes around the world.
“What’s happening in Hong Kong may be a proxy for ultimately how these markets grow in greater China,” Allaire said.
This week, a leak revealed HSBC
“The move will expand local users’ exposure to cryptocurrencies in Hong Kong,” local journalist Colin Wu posted to Twitter alongside leaked images.
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The bitcoin price was dragged down by a China crypto crackdown in 2021 but has since rebounded. … [+]
HSBC’s bitcoin, ethereum and crypto ETF news comes as the U.S. Securities and Exchange Commission (SEC) comes under renewed pressure to approve a U.S. spot bitcoin ETF following an application from the world’s largest asset manager, BlackRock.
The SEC has so far denied all such previous spot bitcoin ETF applications and remains at war with many crypto companies in the country, accusing some of the largest of allowing the trading of unregistered securities.
“The crypto market is proving remarkably resilient in light of recent SEC announcements, with bitcoin seeing a 13% rally in the last week,” Katharine Wooller, a director at crypto security company Coincover, said in emailed comments.
“The 30-day low has now seen prices rise from $25,000 to $31,395 with bitcoin dominance at a high for the year as traders pursue a flight to quality. For long-term holders, bad news from a regulator is far from unusual, and the U.S. is only a small market for a truly global asset. With proper protection for digital assets and regulatory frameworks being established in a number of jurisdictions, reputable crypto is firmly in ‘business as usual’ territory.”