Published on juni 21, 2024, 12:38 am
Image source: Fox News
```json [ { "TLDR": "Altcoins on Upbit saw a decline amid regulatory speculations, but no direct oversight from FSS, upcoming regulations in Korea to evaluate tokens more rigorously. Binance plans to reward BNB holders with airdrops. Hong Kong regulators intensify scrutiny on crypto entities. Australia's first Bitcoin ETF launched with modest volume. Ethereum ETFs in the US expected after SEC approval." } ] ```
This week’s news from East Asia has brought significant developments in the cryptocurrency industry. Recently, there has been turmoil among altcoins listed on major Korean exchange Upbit, with many experiencing a notable decline of 10% to 20% amid speculations about impending regulatory actions that have not materialized yet.
Investors reacted strongly to fake news circulating about financial authorities reviewing domestic virtual assets quarterly and potentially suspending the trading of coins failing to meet listing standards. However, the Financial Supervisory Service clarified that they would not directly oversee altcoin listings but would support exchanges in following best practices set by organizations like DAXA.
Furthermore, ahead of Korea’s new virtual asset regulations coming into effect next month, registered crypto exchanges like Upbit and others are gearing up to evaluate tokens listed on their platforms more rigorously. Industry experts have noted that these guidelines don’t significantly differ from previous practices regarding issues like circulation plan violations and hacking incidents.
In a separate development, cryptocurrency exchange Binance has announced plans to reward loyal BNB token holders with airdrops as part of their Hodler’s projects initiative. These airdrops will benefit users who hold BNB for an extended period and participate in Simple Earn products using their BNB holdings.
Moving across East Asia to Hong Kong, regulators have intensified scrutiny on crypto entities following the collapse of unlicensed platforms last year. Only two out of 23 virtual crypto exchange license applications were approved recently by the Securities & Futures Commission. The crackdown has forced unlicensed exchanges to cease operations immediately amid warnings about criminal offenses related to anti-money laundering regulations.
On another front, Australia’s first Bitcoin exchange-traded fund (ETF) launched on its leading stock exchange encountered modest initial trading volume, contrasting with the overwhelming figures seen during US ETF debuts earlier this year. Similarly, all eyes are now on upcoming Ethereum ETFs in the US slated for launch soon after receiving approval from the SEC.
As Asia remains at the forefront of cryptocurrency trends and regulations, innovative products such as security token offerings (STOs) are gaining traction in financial centers like Hong Kong. Amid global interest in digital assets, regions like Hong Kong offer unique opportunities for investors while navigating evolving regulatory landscapes that impact the crypto market’s growth trajectory globally.
Original article posted by Fox News
