FameEX Morning Crypto News Recap | January 30, 2024

Hong Kong Enhances Oversight of Over-The-Counter Crypto Trading Market

Hong Kong is enhancing its regulatory oversight on over-the-counter (OTC) cryptocurrency trading, following recent reports. The Under Secretary for Financial Services and the Treasury, Joseph Chan Ho-lim, has declared the government's commitment to managing the risks linked to virtual assets. This regulatory move is partly driven by a growing number of mainland investors using Hong Kong as a conduit for cryptocurrency investments.

Nine New Spot Bitcoin ETFs Gather Bitcoin Holdings Approaching $6 Billion in Value

The latest figures indicate that nine new spot Bitcoin ETFs, not including GBTC, have collectively accumulated 139,247.69 bitcoins, currently valued at approximately $5.98 billion. In contrast, Grayscale’s Bitcoin Trust (GBTC) maintains a substantial holding of 502,712.60 BTC, estimated to be worth $21.10 billion as of January 29, 2024, underscoring its significant presence in the cryptocurrency market.

Teaching Robots Local Dialects Could Enhance AI's Potential to Influence Users

The study by a German research group delved into the effect of language on the trustworthiness of voice-enabled robots. Results showed a variance in user preferences based on the device used: those on mobile devices preferred robots speaking standard German, while PC users tended to favor robots using dialects. This research underscores how language nuances and technology shape interactions between humans and robots.

Hong Kong Imposes 50% Insurance Requirement on Licensed Crypto Exchanges

Hong Kong's Securities and Futures Commission has implemented a rule requiring licensed cryptocurrency exchanges to insure at least 50% of their customers' assets. This regulation, as reported by local media, aims to safeguard customer assets ranging in value from $50 million to $400 million, thereby strengthening the protective measures in the cryptocurrency trading industry.

Bitcoin Mining Advances the Shift Towards Renewable Energy Sources

A recent study underscores lucrative possibilities in the U.S., especially in Texas, during the early stages of wind and solar farm projects. In Texas alone, 32 upcoming renewable energy projects could collectively generate about $47 million by engaging in Bitcoin mining prior to their commercial launch. This strategy presents a novel method to optimize returns on renewable energy investments.

Hong Kong SFC Examines First Submission for Spot Bitcoin ETF

Hong Kong's regulatory authority is contemplating a strategy similar to the U.S. SEC's, possibly sanctioning various spot ETFs to promote competitive equality. Harvest Fund has taken the lead in applying for a spot BTC ETF, but it's not alone. Numerous financial institutions in the region are keen on introducing similar ETFs in 2024, suggesting an expanding inclination in the local financial landscape.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​