Cointime

Download App
iOS & Android

TRX May Become Legal Tender in Hong Kong, Leading to Increased Demand and Potential Sell Pressure

The Tron community has reported that TRX may soon be accepted as legal tender in Hong Kong, which could lead to increased demand and support a positive outlook. However, TRX is currently overbought and may face selling pressure. Despite this, investor confidence remains high and TRX's on-chain volume has reached its highest level in four weeks.

Comments

All Comments

Recommended for you

  • U.S. senators propose spending $32 billion to develop AI and build safeguards around it

    A bipartisan group of four senators led by Chuck Schumer, the leader of the majority party in the United States, has proposed that Congress spend at least $32 billion over the next three years to develop artificial intelligence (AI) and establish safeguards around it.
  • CryptoQuant: Bitcoin demand is now in acceleration mode again after two months of decline

    On May 16th, cryptocurrency analysis company CryptoQuant stated in a report that despite a rebound in Bitcoin demand from the low point of the accumulation range, after two months of downward trend, Bitcoin demand is once again in "acceleration mode".
  • Fed's Schmid: Low interest rate environment "may not necessarily" return

    The Federal Reserve's Schmid said that the overall economy is still strong. Inflation is still too high, and the Federal Reserve has more work to do. Interest rates may remain high for a period of time, and I prefer to reduce the Federal Reserve's balance sheet as much as possible under the premise of compliance with the operating framework. The low interest rate environment may "not necessarily" return.
  • a16z partner: Americans have accepted digital assets, but current regulatory approaches limit innovation and privacy

    Web3 supporter and a16z partner Chris Dixon (cdixon.eth) posted on social media that in the next two weeks, the House of Representatives will vote on the most important crypto legislation to date, the "21st Century Financial Innovation and Technology Act" (FIT21). We have long called for clear regulation to protect consumers and innovation, and the FIT21 bill will achieve this.
  • Tether CEO: Ripple CEO's comments spread fear about USDT

    According to reports, Tether CEO Paolo Ardoino responded to comments made by Ripple CEO Brad Garlinghouse in a recent interview about the stablecoin Tether (USDT) on social media. Garlinghouse stated in the interview that the US government is pursuing Tether, which is clear to me. Ardoino said that an uninformed CEO leading a company under SEC investigation launched a competitive stablecoin (cui prodest), spreading fear about USDT. Ardoino emphasized Tether's critical role in providing financial services to unbanked communities in emerging and developing regions, which are often overlooked by traditional financial institutions. He further asserted that Tether adheres to strict transparency and regulatory compliance standards, as evidenced by its compliance with the OFAC/SDN list, its partnership with Chainalysis, and its extensive collaboration with international law enforcement agencies to detect and prevent illegal activities, thereby enhancing the security of its ecosystem.
  • HKEX: Accepts BOS HashKey, Huaxia, Harvest Bitcoin and Ethereum ETFs as eligible securities for multiple counters in the central clearing system

    On April 27th, the Hong Kong Stock Exchange issued three notices, announcing the inclusion of Bo Shi HashKey Bitcoin ETF shares and Bo Shi HashKey Ethereum ETF shares, Huaxia Bitcoin ETF shares and Huaxia Ethereum ETF shares, and Jia Shi Bitcoin Spot ETF shares and Jia Shi Ethereum Spot ETF shares as Central Clearing System multi-counterparty eligible securities. It is reported that:
  • Hong Kong Investment Commission: Virtual asset spot ETFs can be bought and sold through banks

    Hong Kong investors and the Financial Education Committee have stated that the investment scope of spot virtual asset ETFs is limited to virtual assets (currently limited to Bitcoin and Ethereum) provided to the Hong Kong public for buying and selling on virtual asset trading platforms holding China Securities Regulatory Commission licenses. Trading counterparties must buy and sell virtual assets through licensed virtual asset trading platforms to reduce counterparty risks. Asset custody must be entrusted to designated institutions regulated in Hong Kong, such as licensed virtual asset trading platforms, banks, or their subsidiaries registered in Hong Kong, to reduce custody risks. Investors can buy and sell virtual asset spot ETFs through securities firms or banks. Some virtual asset spot ETFs also provide non-listed fund unit categories, which operate similarly to non-listed funds. Investors can apply for and redeem units through securities firms or banks.
  • Hong Kong Customs cracked a HK$1.8 billion money laundering case involving a virtual currency trading platform

    Hong Kong Customs has reported a successful crackdown on a major money laundering case, involving a staggering HKD 1.8 billion. According to preliminary investigations, a criminal group consisting of three individuals processed over 1,000 suspicious transactions between June 2021 and July 2022 through the establishment of multiple shell companies and bank accounts, including a significant amount of suspicious fund transfers from virtual currency trading platforms. This indicates that the criminals tried to launder their illegal proceeds by taking advantage of the anonymity of virtual currencies. Currently, Customs has arrested three key members of the criminal group, seized the assets of the involved companies, and confiscated a large number of criminal tools, including mobile phones, company seals, and bank cards. The case is still under further investigation, and more suspects may be arrested. This case once again sounds the alarm, reminding the virtual currency industry to increase vigilance and strictly comply with anti-money laundering regulations.
  • HKMA issues distributed ledger technology guidance to banks

    Hong Kong Monetary Authority has issued guidelines to local banks on the use of distributed ledger technology (DLT) and support for the development of Hong Kong's virtual asset ecosystem, in order to support banks in using DLT in a risk-controlled manner. Through clarifying the main regulatory considerations of the Authority, it aims to further promote the wider application of DLT in the industry, including establishing appropriate governance, ensuring the design suitability of DLT application projects, and continuous maintenance and supervision of DLT projects. In order to accommodate the diverse development of technology and the market, the Authority will continue to maintain close communication with the industry and support the orderly development of Hong Kong's virtual asset ecosystem in a risk-controlled manner.
  • The Hong Kong Legislative Council plans to review the relevant stable currency consultation and sandbox legislation at the end of this year or next year

    Hong Kong legislator Wu Jiezhuang revealed that Hong Kong will release stablecoin consultation and sandbox (computer security mechanism), which will allow the industry to innovate digital asset projects in the sandbox environment. Relevant legislation will be reviewed in the Legislative Council at the end of this year or next year, which will help the entire digital asset industry ecosystem. Hong Kong has been improving the digital asset (virtual asset) market on different legal levels. Last year, there were regulations on virtual currency trading platforms and issuance systems.