Hong Kong Wants To License Crypto Exchanges, Limit Use To Pros; Crypto Finance Firm Uphold Fires Exec Amid Fraud Accusations

In Hong Kong, cryptocurrency exchanges will likely soon be required to be licensed by the city’s markets regulator, U.S. News reported. They’ll also only be able to provide services for professional investors.

The news comes from government proposals as jurisdictions around the world look at how the crypto industry should be regulated, the report stated.

Hong Kong’s Financial Services and the Treasury Bureau (FSTB) has said it thinks any virtual asset firm should be licensed, according to the report. The new proposals have drawn ire from crypto proponents, who say retail investors are important for keeping exchanges in Hong Kong and away from more unregulated areas.

In other news, Uphold Chief Compliance Officer Sameer Ismail has been fired due to accusations of fraud, MSN reported.

Uphold, a crypto finance firm, said Ismail had fraudulently misdirected 516,242 pounds (about $730,500) in corporate user funds, the report stated.

Ismail has denied the allegations, saying the firm is making a retaliatory attack against him, according to the report. He called the situation “messy” and said the firing happened after a breach of contract filing that he had made against the company.

Meanwhile, a Netherlands-based Domino’s Pizza chain has decided to pay its employees in bitcoin if they would like, CoinDesk reported. The option started on Bitcoin Pizza Day, which was Saturday (May 22).

Any staff members who opt into the program can choose how much of their salary above the minimum wage will be paid in bitcoin, the report stated. Minimum wage, by law, must be made in euros.

The franchisee, Immensus Holdings, has 16 Dominos stores and is Holland’s largest. The bitcoin option is being offered in partnership with BTC Direct, the Dutch fiat-to-crypto gateway, according to the report.

Lastly, Huobi, a Seychelles-based cryptocurrency exchange, has suspended futures and leveraged trading for new customers, Cointelegraph reported. The moves have raised questions about how much regulatory scrutiny there is for digital assets.

Huobi is restricting the services in some jurisdictions, although it did not specify which countries would be affected, the report stated. The exchange is also scaling back operations for miner hosting in China after regulators reaffirmed a plan to limit crypto trading activities.

Huobi was looking to expand in Hong Kong after receiving new regulatory clearance, which could have made possible a new cryptocurrency asset management portfolio, according to the report.

PS. In our blog pages we got links where you can earn cryptocurrency for free.

Source: pymnts.com

Comments

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry. The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling. Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk about cryptocurrency,

Will Solana (SOL) Be the Shining Star of the Bull Market?

About 250,000 to 700,000 SOL have been sold daily by FTX for the last three weeks. SOL’s price jumped above $60, as GSOL’s premium also increased. While the price may retrace, it may not take long before SOL hits $70. Despite being a notable casualty of the FTX contagion in 2022, Solana (SOL) has defied all odds in 2023, as the price continues to outshine its peers. In the last 30 days, the value of SOL has increased by 180%, rising as high as $62 on November 11. However, the rising price of SOL is not the only interesting thing the token has shown by the token. For a token that was once described as dead, it has shown tremendous strength. Coin Edition came to this conclusion because of a post by trader Bluntz Capital. The Big Players Are Here According to Bluntz, FTX, after getting the go-ahead to liquidate its assets, has been selling around 250,000 to 700,000 daily for the last three weeks. Regardless of the sales, SOL has failed to nosedive. Rather, the price has chosen the upside

Terra Classic Community Passes Major Constructive Proposal, LUNC And USTC To $1?

The Terra Luna Classic community has passed another key proposal as they prepare for a revival of Terra Luna Classic (LUNC) and repeg USTC stablecoin to $1. The proposal aimed at having a guideline for a pay-per-job approach on the Terra Classic chain as core developer L1TF goes into maintenance mode for Q4. Meanwhile, the community is also collaborating on other fronts to keep LUNC and USTC above key support levels as traders started booking profits amid the latest pullback in the crypto market. Terra Luna Classic Passes Pay Per Job Proposal Proposal 11889 “Pay-per-job and governance-ruled Job List” has passed successfully. The proposal deemed the monthly model of roadmap and payment planning as suboptimal and plans to switch to a pay-per-job model. The proposal has received 91.99% “Yes” votes, with others mostly voting “Abstain”. The community believes it will optimize compensation structure, provide flexibility and transparency, boost community engagement, and risk mitigation. A

Crypto Ethone

Search This Blog