Thai SEC Warns Against Misleading Crypto Ads
The Securities and Exchange Commission (SEC) in Thailand has issued a warning against crypto advertisements that contain false, exaggerated, or misleading information. The SEC emphasized that such ads are against the country’s regulatory framework, aiming to protect investors from making hasty investment decisions.
Australia’s Exchange Eyes Spot Bitcoin ETF Approval by End of 2024
The Australian Securities Exchange (ASX) is considering approving several spot Bitcoin exchange-traded funds (ETFs) by the end of 2024. This move would provide Australian investors with a regulated and safe option for investing in digital assets, opening up new opportunities in the market.
After US, Hong Kong Debuts Bitcoin ETFs, Competition Rages
Hong Kong has introduced its first Bitcoin ETFs, marking a significant development in the Asian market. The ETFs, issued by Bosera Funds, China Asset Management (Hong Kong) Limited, and Harvest Global Investments, offer investors a new way to access the cryptocurrency market. Hong Kong has opted for an in-kind ETF subscription and redemption mechanism, adding to the competition in the region.
Nigeria Halts Fintech Platform Onboarding Amid KYC Process Audits
In Nigeria, the Central Bank has instructed fintech companies to stop onboarding new customers as part of efforts to tighten Know Your Customer (KYC) compliance in crypto investing. The Economic and Financial Crimes Commission (EFCC) has also banned 1,146 bank accounts linked to illicit foreign exchange transactions following the onboarding limit.
US Lawmakers Propose Clear Tax Guidelines for Crypto Block Rewards
US lawmakers have put forward legislation to classify staking rewards as created property under the US tax code. The bill suggests that taxes on block rewards from Proof of Work (PoW) or Proof of Stake (PoS) networks should only be applied when the rewards are sold or exchanged, rather than at the point of acquisition.
US Lawmakers Call on SEC to Greenlight Bitcoin Options Trading
There are reports that US politicians are pressuring the Securities and Exchange Commission (SEC) to allow options trading on Bitcoin Exchange-Traded Products (ETPs). This move is seen as essential for protecting investors and providing them with more options in the market.
These developments in the global crypto market highlight the growing regulatory scrutiny and competition in the industry. Stay tuned for more updates on WeekInFocus as we continue to bring you the latest news and insights from the world of cryptocurrency and blockchain technology.
