Published on mei 24, 2024, 12:51 am
Image source: Fox News
```json { "TLDR": "Hong Kong regulators are considering allowing crypto ETF issuers to stake custodied Ether for potential annual yields. Despite low traction for current spot Ether ETFs, Hong Kong exchanges have notable leaders and companies making significant investments in cryptocurrencies. Various developments include privacy breach allegations, profit forecasts, and crypto firms joining market indexes, showcasing the dynamic growth in the cryptocurrency industry." } ```
Our focus this week is on the latest developments in East Asia within the cryptocurrency industry. Hong Kong regulators are deliberating allowing crypto ETF issuers in the region to stake their custodied Ether. Talks regarding greenlighting ETH staking are currently in progress, with no set deadline for a decision yet. If approved, staking on the Ethereum network could enable issuers to earn up to a 3.6% yield annually by validating transactions.
Despite their launch on April 30, Hong Kong spot Ether ETFs have not gained significant traction. The three funds have custodied a total of $44.9 million, with net outflows amounting to $2.2 million. Some days saw zero inflows into the Ether ETFs. Comparatively, the spot crypto ETFs in Hong Kong charge over 1% annually in fees, while counterparts in the U.S. charge less than 0.30%.
In another development, OpenAI CEO Sam Altman’s Worldcoin project has faced repercussions in Hong Kong due to alleged privacy breaches involving iris scanning devices collecting data without proper consent from local residents.
Moving on to exchanges, Binance’s co-founder Yi He and Bitget’s CEO Gracy Chen are leading major crypto platforms globally, facilitating substantial spot trading volumes amounting to $36.5 billion and $4 billion, respectively.
Furthermore, Hong Kong-based Boyaa Interactive anticipates a significant increase in profits following investments totaling $100 million into cryptocurrencies during Q1.
In related news, Inkeverse Group Limited plans to follow suit by investing up to $100 million from its corporate funds into cryptocurrencies as part of its Web3.0 business development strategy.
Notably, OSL has made history as the first crypto firm from Hong Kong to join MSCI Hong Kong’s market-cap weighted index of 30 constituents as of May 22.
The cryptocurrency industry continues to witness dynamic growth and evolution across various sectors and regions like East Asia. Stay tuned for more updates on this exciting space!
Original article posted by Fox News
