Australia’s Crypto Market Set for Growth with First Bitcoin ETF

Australia’s inaugural Bitcoin Exchange Traded Fund (ETF) is scheduled to start trading tomorrow. The ETF will be a pioneering venture in Australia, signifying a significant achievement in the nation’s cryptocurrency market.

The debut of a Bitcoin ETF offers a regulated and simplified avenue for investors to participate in Bitcoin without the necessity of directly holding the cryptocurrency. This advancement is anticipated to draw a wider array of investors, including institutional investors, to the Australian cryptocurrency market.

Hong Kong Tightens Grip on Crypto with License Revocations

Hong Kong lawmaker Qiu Dageng has raised concerns about the recent withdrawal of licenses for several global cryptocurrency exchanges. Strict new regulations from Hong Kong’s Securities and Futures Commission (SFC) are driving away cryptocurrency exchanges.

Since June 1st, operating an unlicensed platform has been a crime, and the SFC is cracking down.Exchanges had until February 29th to apply for a license or face immediate closure. As a safety measure for investors, regulators gave them three months to comply.

While over 22 exchanges initially applied, a significant number, including major players like OKX and Huobi HK, withdrew their applications and exited the Hong Kong market altogether in May.

In a commentary published in the Hong Kong Economic Daily last Saturday, Qiu expressed that these actions have undermined the confidence of market participants in Hong Kong’s support for Web3 development.

Qiu Dageng highlighted that the withdrawal of license applications reveals significant shortcomings in the current system.

He elaborated that various policies pertaining to the advancement of Hong Kong’s virtual asset market, such as VATP, stablecoin issuance, and over-the-counter trading of virtual assets, are devised by different departments without a comprehensive strategic approach to industry development.

The legislator also mentioned that some license applicants have informed him that the authorities lack a forward-looking vision for the advancement of next-generation financial technology.

They are promoting Web3 with conventional financial thinking, which lacks adaptability. The Hong Kong Securities and Futures Commission mandates operators to meet criteria akin to those of traditional financial institutions. However, when applied to Web3 finance, these criteria appear to be excessively stringent.

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Binance Market Update

The crypto market is on the rise! CoinMarketCap reports a global market cap of $2.57 trillion, up 1.66% in the last day. Bitcoin (BTC) is matching the trend, currently trading at $69,005, a 2.10% increase.

While major cryptocurrencies show mixed performance, some like ALICE, PORTAL, and SLP are surging ahead, gaining 57%, 22%, and 19%, respectively.

Arbitrum Beats Ethereum in Monthly Active Users

In a major milestone, Arbitrum has dethroned Ethereum as the leader in monthly active users. Data shows Arbitrum now boasts over 8 million monthly users, compared to Ethereum’s roughly 7 million. This surge in popularity signifies Arbitrum’s growing influence within the crypto community.

Stay updated on these trends and developments as the cryptocurrency market continues to evolve and expand.