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Investing.com – Cryptocurrency prices rose Monday on positive news out of Hong Kong after announcing its intention to allow retail investors to trade digital tokens such as ethereum, taking a big step toward its goal of becoming a crypto hub in a political shift at odds with the repression in the United States.
On the other hand, he described the inventor of the World Wide Web, “Tim Berners-Lee,” as “gambling and fraud,” likening it to gambling that could cause an investment bubble.
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Hong Kong step
The Hong Kong Securities and Futures Commission (SFC) on Monday published its proposed rules for digital asset trading platforms slated to be legalized.
Aside from creating a licensing regime for crypto service providers, the regulator is also seeking opinions on whether to allow the licensed platforms to serve retail investors.
Under the new system, all cryptocurrency exchanges that plan to apply for a license — including pre-existing ones — must begin “reviewing their systems and controls to prepare for the new system,” the notice says.
“Those who do not plan to apply for a license should start preparing to close their businesses in Hong Kong,” she added. Hong Kong also plans to regulate stablecoins starting in June this year.
Under the proposed procedures, it will be up to the operators to conduct due diligence on and monitor the codes. This includes assessing the regulatory status of the asset in each jurisdiction in which the operator provides business services. It also suggests checks of the operator’s liquidity and whether its holdings are concentrated or controlled by a small number of individuals or entities.
The proposed measures also state that operators should not offer virtual assets that fall within the definition of “securities” if they would violate Hong Kong’s Securities and Futures Law.
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Digital currency scam
The inventor of the World Wide Web, Tim Berners-Lee, called cryptocurrencies “dangerous,” likening them to gambling that could cause an investment bubble.
In an interview with CNBC on Friday, the inventor of the web said cryptocurrencies are “for speculation only” and compared it to the dot-com bubble, when internet stocks that weren’t backed by strong business were so inflated.
However, Berners-Lee said that cryptocurrencies can be useful for money transfers if they are converted into fiat.
market now
The market value of digital currencies rose to 1.13 trillion levels, after it recorded yesterday the 1.11 trillion levels. While trading increased to 688.70 billion dollars.
The price of bitcoin increased during today’s trading by 1% to $24,908.6, and is just steps away from exceeding $25,000. And the market value of the most famous digital currency in the world was recorded at $ 480.33 billion. Over the last 7 days, Bitcoin has increased by 15.28% in total.
And the currency rose by about 1.05% today, to reach $ 1,711.55.
While the Binance Coin jumped by 1.13%, to record $318.1.
While the price of a currency increased by 0.34% of its value, to record 0.3915 dollars.
The price of a currency rebounded by 1.08%, to reach $0.4068.
The price of a currency increased by 0.4%, to reach the level of $0.08845.
