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Seeds of Wisdom
Why Hong Kong has grown into a crypto hub — CEO of WOW Summit
“Hong Kong’s ‘one country, two systems’ framework lets it explore digital asset innovation more freely,” Ivan Ivanov told Cointelegraph.
Hong Kong has rapidly become a cryptocurrency hub, positioning itself as a center for financial innovation alongside the United Arab Emirates (UAE) and Singapore. Ivan Ivanov, global CEO of WOW Summit, said this innovation was fostered by a mixture of strong regulatory policy and Hong Kong’s status as a special economic region.
Ivanov told Cointelegraph that Hong Kong’s special relationship with mainland China and robust regulation allow Hong Kong to be a sandbox for financial and technical innovation, which benefits startups, nascent technologies, and institutional investors. Ivanov wrote:
“You get the excitement and potential of crypto, but with the stability and security of a well-established financial system. With Hong Kong’s strong connections to the global market, especially Mainland China, it’s a really unique and promising place for crypto.”
The WOW Summit CEO added that Hong Kong’s stablecoin policy, which requires issuers of stablecoins to acquire licenses and keep their fiat reserves in local Hong Kong banks, promotes trust and transparency in the nascent asset sector.
Hong Kong’s recent crypto developments
Hong Kong’s robust regulatory regime creates an attractive climate for investors who want to experience the upside of cutting-edge technology in finance without fear of losing funds in risky ventures with no legal recourse.
In October 2024, The Hong Kong Financial Services and Treasury Bureau (FSTB) laid out ground rules for AI in finance to mitigate the risks of AI while still fostering integration into existing systems.
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The Hong Kong Monetary Authority (HKMA) also announced Project Ensemble in October 2024. The initiative between the HKMA, the Central Bank of Brazil, and the Bank of Thailand explored cross-border tokenized settlements between the three countries.
Hong Kong’s Cyberport Web3 network — a state-run business hub promoting digital asset innovation — now features over 270 blockchain firms. The Cyberport network added more than 120 firms in the past 17 months alone.
In November 2024, ZA Bank, Hong Kong’s largest digital bank, launched retail crypto trading for its clients. The government of Hong Kong also proposed exempting institutional investors from capital gains on their crypto holdings to encourage investment.
https://cointelegraph.com/news/why-hong-kong-become-crypto-hub-ceo-wow-summit
@ Newshounds News™
Source: CoinTelegraph
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BRICS: Trump Tariff Threat Has China Eyeing Key Move to Ditch US Dollar
Amid growing tension between the BRICS economic alliance and the US, Donald Trump’s impending tariff threat has China considering what would be a major move to ditch the US dollar. Shortly after his victory, the United States President-elect warned he would impose 100% tariffs on countries looking to abandon the greenback.
The move is looked at as a key defense from Trump to protect the global status of the currency. However, the BRICS alliance has not been shy about its goal to diversify global finance. Specifically, it has been seeking to promote local currencies over the dollar for much of the last two years.
China Presents Answer to Trump Tariff Threat; It’s Bad News for the US Dollar
Since 2022, the BRICS bloc has firmly embraced de-dollarization efforts. After Western sanctions were imposed on Russia following its invasion of U-----e, the alliance sought new ways to lessen its reliance on the currency. Since then, talks of trade settlement assets and payment systems have abounded.
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Yet the United States, with a new regime impending, has sought to put an end to that. But that hasn’t stopped the bloc from defending itself. Indeed, amid the BRICS and US face-off, Donald Trump’s 100% tariff threat has been answered, with China eyeing a key move to ditch the US dollar.
A new report has called for China to anchor the yuan to non-US dollar currencies. Specifically, a Beijing-based think tank urged policymakers to explore a basket of currencies for the exchange rate of the yuan. The move would create more flexibility in terms of domestic monetary policy and would seek a boost in demand.
The China Finance 40 Forum group that proposed the idea is comprised of senior Chinese regulator officials and finance experts. Moreover, it was devised as a clear answer to the ongoing worry Donald Trump presents.
“Given the stronger dollar and tariff threats posed by Donald Trump’s re-e------n, intensified external uncertainties could limit the space for domestic monetary policies aimed at maintaining internal and external balance,” the group said. Therefore, finding a new anchor for the currency would “counter the pressures.”
@ Newshounds News™
Source: Watcher Guru
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Source: Seeds of Wisdom Team RV Currency Facts
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ATKINS AND SACKS: PIONEERS OF CRYPTO REGULATION?
Following Gary Gensler’s resignation, Paul Atkins was nominated to take over as the new Chairman of the SEC—the approval of which would mark his return to the Commission after a 17-year hiatus and could mark a drastic change for the crypto industry and digital assets.
Paul Atkins Returns: A New SEC
A current Chief Executive at Patomak Global Partners, Atkins is a veteran of the financial world. Atkins started his career as an attorney on Wall Street in the 1980s before eventually earning the title of SEC Commissioner in the early 2000s. Beginning his career in the financial wild west, and spending his tenure at the SEC in the wake of the dotcom bubble, Atkins has considerable experience in novel financial markets.
As head of a consulting firm that advises emerging fintech companies on the regulatory environment, Atkins has sensibly become involved in the crypto industry. Notably, in the Spring of 2020, Atkins joined the board of advisors for the Chamber of Digital Commerce, the world’s first and largest blockchain trade association. Prior to joining the Chamber’s board, Atkins served as co-chair of the Chamber’s Token Alliance, where he “focused on token issuances, trading platforms, and other areas under the SEC’s purview.”
Atkins has also served on the advisory board of Securitize, a company that works on tokenizing securities with Blackrock and $Ondo. Ondo Global Markets, which is set to launch early next year, plans to offer tokenized stocks and bonds on-chain. As Chairman of the SEC, Atkins would be able to open the door to tokenization companies that are looking to bring transparency and efficiency to traditional financial markets.
A firm believer in free markets, Atkins has notoriously criticized the Dodd-Frank legislation that came in the wake of the financial crisis as overly-burdensome on the banking industry. Given Atkins’ previous support of SEC Commissioner Hester Pierce’s crypto safe harbor proposal, it appears he will bring the same view to the crypto industry as Chairman.
This is evident by Atkins’ public advocacy for an SEC approach that enables new markets such as crypto to flourish in a healthy environment. For example, while at the Chamber of Digital Commerce, Atkins has been a longtime champion for bringing about regulatory clarity for token projects.
Criticizing the Howey test as “quite old” and questioning “whether or not it’s still current,” Atkins suggested the Supreme Court could use the Ripple case to reexamine Howey’s “coherence in the current environment and whether it needs to be tweaked.”
Atkins has also previously indicated that the then-incoming SEC chair—Gary Gensler—could withdraw the agency’s lawsuit against Ripple. While that failed to happen under Gensler, Atkins’ comment raises an interesting possibility for the future of the SEC’s case with him now at the helm.
Paul Atkins’ nomination as Chairman of the SEC ushers in a wave of optimism for the crypto industry, potentially signaling an end to its unnecessary battle with the Commission. With his broad experience navigating both traditional and emerging markets from both the public and private sectors, Atkins is uniquely positioned to bridge the gap between legacy financial systems and the rapidly evolving blockchain and tokenization ecosystems by providing a clear regulatory environment.
The New Czar: David Sacks’ Mission to Jumpstart Crypto and AI
Another win for the crypto community was scored with the appointment of David Sacks as the United States’ first Crypto and AI Czar. Making his name as an early PayPal executive, Sacks has since developed his own successful venture capital firm, Craft Ventures.
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A believer in revolutionizing the payments system, Sacks did not stray far from the space. Since leaving PayPal, Sacks has invested significantly in cryptocurrencies like bitcoin and Solana, while also helping fund crypto companies such as Lightning Labs, BitGo, and Bitwise.
Sacks has been a longtime proponent of digital assets, explaining in 2017 that cryptocurrencies are fulfilling PayPal’s “original vision” of creating a “database of money.” In the runup to the recent e------n, Sacks highlighted “[w]hat the crypto industry has been asking for more than anything else is a clear legal framework to operate under,” and suggested that a Trump victory would provide that.
Now, the president-elect has given Sacks the opportunity to make that a reality. According to Trump’s announcement, Sacks’ primary role as Crypto and AI Czar will be “to work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the US.”
Sacks has been a critic of the SEC’s unpredictable approach to regulation by enforcement and advocates for delineating a clear line between SEC and CFTC jurisdiction.
On his All-In podcast, Sacks supported the Financial Innovation and Technology for the 21st Century Act, which would have classified digital assets running on decentralized blockchains as commodities subject to the CFTC’s jurisdiction.
Despite ultimately failing in the Senate, Sacks is hopeful some variation of the bill will pass in a now-united Congress. In addition to Sacks, some Courts have also taken umbrage with the SEC’s positions relating to the digital asset space.
Given the novelty of the Crypto and AI Czar position, it is unclear how much of a role Sacks will be able to play in the formal decision-making process. Regardless, the Silicon Valley financier will be able to act as a knowledgeable liaison between the President and the regulatory agencies and guide policy discussions toward establishing a healthy framework for crypto.
The Future, In America
Together, Atkins and Sacks bring a breadth of experience and a forward-thinking approach to navigating the complexities of emerging technologies. From Atkins advising Wall Street in the original Wild West of finance, to Sacks’ membership in the “PayPal M---a,” these two have a unique understanding of revolutionary finance.
Atkins and Sacks’ nominations mark a pivotal moment for cryptocurrency and suggest a brighter regulatory future ahead. Pioneers in both the AI and crypto industries—from Sam Altman to Brian Armstrong (see also)—have congratulated the two on their nominations and shown their enthusiasm to begin building in a friendly environment. Commissioner Pierce expressed her “delight[]” to work with Atkins again “to advance free markets, capital formation, investor choice, and innovation.”
It is currently unknown how Atkins’ nomination will change the enforcement priorities of the SEC for 2025. As attorneys operating exclusively in the digital asset space, we are optimistic about the regulatory environment taking shape under the leadership of Paul Atkins and David Sacks.
With Atkins’ commitment to regulatory clarity and free markets and Sacks’ entrepreneurial vision for crypto and AI, this duo has the potential to return the United States to its position as a leader in financial innovation.
@ Newshounds News™
Source: Bitcoin News
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Source: Seeds of Wisdom Team RV Currency Facts
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