Binance's co-founder and former CEO, Changpeng Zhao, is set to face sentencing in a Seattle courtroom today, Tuesday, April 30, 2024, with U.S. prosecutors pushing for a three-year prison term. They argue that no one has breached the Bank...
![As spot crypto exchange-traded funds (ETFs) debuted on the Hong Kong stock market, they potentially paving the way for Chinese investors to enter the cryptocurrency space. Some stakeholders in the Chinese financial industry, including China Asset Management’s CEO, Yimei Li, shared this sentiment. The introduction of these ETFs has sparked optimism among fund issuers and investors, hinting at the possibility of increased capital inflows from mainland China in the future. Li told Bloomberg TV that the launch of spot Bitcoin and Ether ETFs on April 30 "opens the door for a lot of RMB [Chinese yuan] holders" seeking alternative investments. China Asset Management, along with Harvest Global Investments and Bosera Asset Management, are the three ETF issuers that introduced crypto products on the Hong Kong Stock Exchange. RELATED: Hong Kong Set to Welcome Crypto Spot ETFs as Three Issuers Secure Regulatory Approvals While these ETFs are currently restricted to Hong Kong residents, Li expressed hope for mainland Chinese investors to participate in the future, stating, "As the opening up progresses, we definitely hope that multi-assets will be available for domestic investors." Crypto trading is prohibited in mainland China, but the new ETFs offer an investment avenue for those in Hong Kong. Harvest Global CEO Han Tongli noted in a different interview with Bloomberg that regulators are closely monitoring the ETFs' development to ensure risks are contained, indicating a potential gradual opening of the market. Jan3 CEO and Bitcoin pioneer Samson Mow commented on the significance of these ETFs, stating on X on April 30 that they "are going to be big" and could have "massive" long-term implications, as there are limited investment options for Chinese investors currently. In his words: “There is really nothing else for Chinese investors to put their money into at this time.” The remarks are in reaction to a statement by Bitcoin environmentalist Daniel Batten, who noted that all three Chinese stock exchanges experienced declines in 2023, and the real estate market remains unstable. However, mainland Chinese investors are currently barred from investing in Hong Kong's new ETFs, as confirmed by China Asset Management's Zhu Haokang. He mentioned that only qualified investors, institutional investors, retail investors, and international investors who meet the regulations can invest in cryptocurrency spot ETFs in Hong Kong. If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community. "Take control of your crypto portfolio with MARKETS PRO, DeFi Planet's suite of analytics tools.”](https://defi-planet.com/wp-content/uploads/2024/04/naira-350x250.jpeg)
As spot crypto exchange-traded funds (ETFs) debuted on the Hong Kong stock market, they potentially paving the way for Chinese investors to enter the cryptocurrency space. Some stakeholders in the Chinese financial industry, including China Asset Management’s CEO, Yimei...
Australia's primary stock exchange, the Australian Securities Exchange (ASX), could approve several spot Bitcoin exchange-traded funds (ETFs) by year-end, according to a report from Bloomberg. Following in the footsteps of fund issuers in the United States and Hong Kong,...
Ripple has challenged the United States Securities and Exchange Commission's (SEC) request to impose a $2 billion fine on it, arguing that such a penalty is unjustified. In a recent court filing, Ripple Labs opposed the SEC's bid to...
Hedera's native token, HBAR, experienced a remarkable 96% surge over the past 24 hours following the tokenization of BlackRock's ICS US Treasury Money Market Fund on the Hedera blockchain. According to CoinGecko, the price of HBAR surged from $0.087...
Contrary to recent speculation, Electric car manufacturer Tesla's latest earnings report indicates that the company has maintained its Bitcoin holdings for the seventh consecutive quarter without any significant changes. Observers had previously noted a discrepancy in Tesla's reported Bitcoin...
Velvet Capital, a DeFi asset management protocol, has temporarily deactivated its website and mobile app to prevent a major phishing attempt. Reports from the crypto community on April 23 highlighted an unusual activity on Velvet Capital's trading platform: active...
There is a growing trend of several crypto addresses holding millions of dollars in various bridge contracts, either stuck or forgotten, according to blockchain intelligence firm Arkham. The firm's findings, shared in a social media post on April 22nd,...
PayPal's Blockchain Research Group, in partnership with Energy Web and DMG Blockchain Solutions, has proposed a new system to incentivize Bitcoin miners to adopt low-carbon energy sources. The proposal, explained in a blog post published on April 22, involves...
Tokens associated with Bitcoin Layer 2 solutions have outperformed Bitcoin (BTC) since the blockchain's recent mining reward halving event on April 20, 2024. According to CoinGecko, following the event, STX, the native token of the Stacks network, surged nearly...
