Diggin' into the Cryptosphere on Hong Kong's NiuNiu Platform
Revolutionary Shift: Asian Stock Brokers Embrace USDT and USDC for Trading Transactions
Ishika Kumari | Saman Waris
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Low and behold, Futu Securities, Hong Kong's largest online brokerage, is diving headfirst into the world of crypto!
Cryptos on Hong Kong's stage
The city's online trading titan has launched a revolutionary new service, enabling qualified investors to trade Bitcoin [BTC], Ethereum [ETH], and Tether [USDT] alongside traditional assets, all within the same app.
User X (FORAB) remarked, "Brokerages worldwide are eagerly preparing for their grand entrance into the crypto universe and the arrival of stablecoins."
Hong Kong's ambition to become a global crypto powerhouse is far from a solitary endeavor. The city's moves to reinvent itself as a crypto hub include:
- The introduction of the ASPIRe framework for institutional investors, complete with tax incentives
- The approval of Asia's first Bitcoin and Ethereum spot ETFs
Yet, Folks, Hong Kong isn't the only city playing its part in the crypto resurgence!
Does the U.S. hold the torch?
As the crypto revolution gathers steam, the United States is taking the lead. Literally.
With the recent appointment of Paul Atkins as the SEC's acting chairman, a clearer path for crypto regulation has emerged. The SEC has also established a dedicated digital asset task force to set up a comprehensive regulatory framework.
Meanwhile, Donald Trump's proposed national Bitcoin reserve has sparked a flurry of legislative activity in several states, such as Texas, Arizona, and New Hampshire, which are all eager to cash in on the crypto gold rush.
Cut to the chase, folks, no matter where you stand, the U.S. is setting the crypto agenda, and the world is taking notice.
Swinging the watch worldwide
Switzerland is eyeing the addition of Bitcoin to its national reserves, while South Korea's presidential aspirant Dong-hoon Han advocates for easier regulations and ETF approvals. In Vietnam, Techcombank Securities is gearing up for a groundbreaking IPO by integrating crypto tools.
These developments underscore how the U.S.'s indecisiveness toward crypto is both shaping its own financial future and pushing nation after nation to embark on the crypto journey.
The numbers game
As the world wakes up to crypto’s potential, the market stands tall.
As of this moment, the total cryptocurrency market cap is sitting pretty at $3.09 trillion, reflecting a 3.10% daily gain, according to CoinMarketCap.
Bitcoin was almost breaking the $100K ceiling, trading at $99,749.24 after a 2.88% spike. Ethereum, on the other hand, was showing no signs of slowing down, with a strong 5.27% climb, reaching $1,943.46.
Lastly, Visa's on-chain analytics reports USDT leading the transaction volume race with $421.61 billion for April, outpacing its counterparts like USDC.
The dice is cast, folks, and the crypto game is on!
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- Futu Securities, Hong Kong's largest online brokerage, is integrating crypto assets like BTC, ETH, and USDT into its trading platform, signaling a significant step for crypto in the city.
- User X (FORAB) opines that brokerages worldwide are keen to join the crypto universe, with the arrival of stablecoins being a major catalyst.
- Hong Kong's strategic moves towards becoming a global crypto hub include introducing the ASPIRe framework and approving Bitcoin and Ethereum spot ETFs.
- The United States is leading the crypto revolution, with the SEC establishing a digital asset task force and Paul Atkins appointed as acting chairman, paving the way for clearer regulations.
- Other countries like Switzerland, South Korea, and Vietnam are also taking steps to integrate crypto into their economies, with Techcombank Securities in Vietnam planning an IPO with crypto tools.
- As of writing, the total cryptocurrency market cap is approximately $3.09 trillion, with Bitcoin almost breaching the $100K mark and Ethereum showing strong growth.
- USDT is leading the transaction volume race, with $421.61 billion for April, as per Visa's on-chain analytics reports, demonstrating the growing influence of crypto in the global market.
