Hongkong

The Maldives wants to diversify its local economy from tourism in a full embrace of blockchain and cryptocurrencies.

The government has inked a deal with Dubai-based MBA Global Services to build a $9 billion blockchain hub to attract crypto investors.
Maldives Eyes Mega Blockchain Hub To Diversify Local Economy
As reported by the Financial Times, the Maldives has entered into an agreement with MBA Global Services to create a cryptocurrency and blockchain hub.

This initiative represents the Maldives' most significant effort to diversify its economy beyond tourism and fisheries.

The country is now seeking substantial foreign direct investment in its emerging cryptocurrency and Web 3 sector.

Named the Maldives International Financial Center, this ambitious blockchain hub is projected to cost the nation an impressive $9 billion.

MBA Global Services, based in Dubai, is set to contribute approximately $8.8 billion towards the hub, leveraging its connections with affluent individuals and wealth management firms to finance the endeavor.

For perspective, the Maldives has a GDP of under $7 billion, making the proposed Web 3 hub a monumental project for the nation.

The plans indicate that the hub will occupy an 830,000-square-foot facility in the capital city of Male and is expected to create nearly 17,000 jobs.

The hub aims to replicate Dubai's shift from a tourism-focused economy to one centered on digital assets over the past four years, with Dubai having successfully completed its Web 3 transformation, as evidenced by Eric Trump's confirmation of cryptocurrency payments at Trump Towers Dubai.
A String Of Benefits For Cryptocurrency Investors
The ambitious initiative is projected to reach completion within five years, as authorities consider a variety of incentives to attract investors.

Initially, the hub will function as a 'financial freezone for blockchain and digital assets' to entice potential investors.

Although specific details remain limited, early discussions regarding the Maldives' blockchain hub indicate that foreign companies may enjoy 100% ownership and a unique regulatory tax structure.

An efficient registration and licensing process, along with the availability of banking services, is anticipated to enhance the appeal for cryptocurrency enterprises looking to establish a presence in the nation.

As cryptocurrency investors encounter tax ambiguities in the United States and other areas, many are expected to migrate to the Maldives.

In addition to diversifying its local economy, the Maldives aims to utilize the revenue generated from the hub to alleviate its national debt.
The Maldives aspires to triple its GDP within four years through blockchain investments, although it will encounter significant competition from other regional leaders.

Hong Kong and Singapore currently maintain a strong advantage in the Web 3 sector, while Thailand is eager to narrow the gap following KuCoin's expansion into its market.
#CryptoInvestment #HongKong #CryptocurrencyWealth #Market_Update #MarketSentimentToday

Chính quyền #hongkong mới đây đã đưa ra một quy định để hạn chế các nhà đầu tư mua stablecoin. Cục tài chính và kho bạc (FSTB) và cơ quan tiền tệ (HKMA) yêu cầu giấy phép HKMA.
Để có được giấy phép, các công ty phải hỗ trợ đầy đủ tất cả các #stablecoin đang lưu hành. Các công ty cũng sẽ phải công bố thông tin và báo cáo thường xuyên. Họ cũng sẽ cần mở văn phòng tại HongKong và có đội ngũ nhân sự.
Tuy nhiên, nhà phát hành stablecoin theo thuật toán sẽ không được xin giấy phép.
“Việc thực thi các thỏa thuận và pháp luật có thể quản lý hợp lý các rủi ro thực tế. Chúng liên quan đến việc phát triển stablecoin ở HongKong và phù hợp với các tiêu chuẩn quốc tế.” Hui Ching, giám đốc cục tài chính.
Những động thái trước đó
Vào tháng 5, Cơ quan Chứng khoán và Tương lai HongKong (SFC) đã quyết định cho phép các nhà đầu tư bán lẻ giao dịch tiền điện tử một cách chính thức. SFC sẽ cho phép các nhà đầu tư bán lẻ bán #bitcoin (BTC) và Ether (ETH), mặc dù phải tuân theo các biện pháp bảo mật nghiêm ngặt. Tiền điện tử phải không có “sự cố xấu” trong 12 tháng đối với giao dịch bán lẻ. Ngoài ra, tiền điện tử phải được đưa vào ít nhất hai chỉ số.
Ngoài ra, vào tháng 12, SFC đã công bố sẵn sàng chấp nhận đơn đăng ký triển khai các quỹ ETF tiền điện tử. Tuyên bố chung nhấn mạnh rằng các cơ quan đã xem xét các quy tắc và chính sách hiện có của họ liên quan đến các công ty và tổ chức trung gian muốn tham gia vào tiền điện tử.

BTC was dumped from two consecutive days,Today on Monday Hong Kong's securities regulator approved the first spot bitcoin and ethereum exchange traded funds (ETFs), This is interesting as Asia becomes first to attempt the popular cryptocurrencies as a mainstream investment tool.On immediate bases BTC shows some strength 👇
Low price More buying.More buying More volume.Approved ETFs leads to HODL.One point is very clear that on bigger time frames dumping can't marked ,it may be the dips for necessary corrections as halving is just a week away.Whatever the scenario dumping or pumping, make sure your leverage is far far away for future trades.
Main important,the Hong Kong unit of BAM and CAM revealed that they had received regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to launch the ETFs. This is a positive sign to invest for investors But what to do as Friday to Sunday was seen having billions of liquidations for future traders most of middle investors became out of money.
Right now there is a confusion either dump is going to start or what?
In this situation today news of ETFs approval gave a cool breath to asses something positive.ETFs can't maintain a fixed price as gold but this is strong step towards future crypto money that is dreamt to be.
As concluded,Spot traders are still hopeful 🤞 Future traders are looking into trades to get their money back.
#ETFs #hongkong
#leverage #BTC #ETH

A groundbreaking proposal from Hong Kong legislator Wu Jiezhuang has sparked conversations about the role of Bitcoin in the city's financial future. Wu’s suggestion to integrate Bitcoin into Hong Kong’s national reserves is a bold move that could reshape traditional asset strategies and position the city as a leader in digital finance. Leveraging Hong Kong’s unique "one country, two systems" framework, Wu envisions a financial landscape where Bitcoin isn’t just an investment but a cornerstone of fiscal security.
Drawing Inspiration from Global Examples
Wu’s proposal is rooted in real-world precedents. Countries like El Salvador and Bhutan have already embraced Bitcoin in their economic systems, albeit in distinct ways. El Salvador, a trailblazer in Bitcoin adoption, made headlines by recognizing the cryptocurrency as legal tender. Meanwhile, Bhutan has been quietly building reserves through mining operations, showcasing another method of integrating Bitcoin into national strategies.

These examples underline Bitcoin’s potential to serve as more than a volatile investment asset. Instead, Wu suggests, it can act as a strategic tool for countries looking to diversify their holdings and enhance financial resilience. As governments adopt Bitcoin, he argues, its value could stabilize, making it a more reliable reserve asset in an increasingly interconnected global economy.
A Phased Approach to Adoption
Recognizing the challenges of incorporating Bitcoin into national reserves, Wu advocates for a phased approach. The first step, he proposes, is the introduction of Bitcoin Exchange-Traded Funds (ETFs) in Hong Kong. These ETFs would provide a regulated entry point for investors, bridging the gap between traditional financial systems and the emerging digital asset ecosystem.

Wu emphasizes the importance of learning from the United States, where Bitcoin ETFs have made the asset more accessible to institutional investors. By tailoring this model to Hong Kong’s unique regulatory and economic environment, the city could attract global talent and investment, setting the stage for broader adoption of Bitcoin.
Challenges and Opportunities
Wu’s vision isn’t without its critics. Bitcoin’s price volatility remains a significant concern, as does the complexity of integrating such an asset into fiscal reserves. Opponents argue that relying on Bitcoin exposes governments to risks not present with traditional assets like gold or foreign currencies. However, Wu counters that as more countries adopt Bitcoin, the asset’s value will stabilize, mitigating these risks over time.
He also highlights the potential long-term benefits of diversifying reserves. Traditional holdings often depend on assets susceptible to geopolitical and economic uncertainties. By incorporating Bitcoin, Hong Kong could reduce its reliance on these traditional systems, paving the way for greater financial resilience in an unpredictable global landscape.
Positioning Hong Kong as a Digital Finance Hub
This proposal comes at a pivotal moment for Hong Kong, as the city navigates its identity amid shifting geopolitical and economic dynamics. Long recognized as a global financial hub, Hong Kong’s ability to adapt to new technologies like blockchain and digital currencies will play a crucial role in maintaining its competitive edge.
Wu’s call to action is clear: Hong Kong must embrace innovation to stay ahead. By positioning itself as a leader in digital asset adoption, the city can attract top-tier talent and investors, fostering an environment where financial security and technological advancement go hand in hand.
Rethinking the Fundamentals of Financial Security
What makes Wu’s proposal particularly compelling is its focus on long-term strategy. Rather than viewing Bitcoin as a passing trend, he presents it as a cornerstone of future fiscal security. This perspective challenges conventional thinking about national reserves and opens the door for other jurisdictions to consider similar approaches.
By diversifying its reserves with Bitcoin, Hong Kong could reduce dependence on traditional systems that may struggle to withstand the complexities of an interconnected global economy. While the proposal’s implementation remains uncertain, Wu’s vision has undoubtedly initiated a critical conversation about the future of financial strategy in a digital-first world.
Conclusion
As Bitcoin continues its evolution from a niche digital currency to a potential pillar of national economic strategy, proposals like Wu’s force policymakers to rethink the fundamentals of financial security. For Hong Kong, this is more than an opportunity to adopt a new asset class; it’s a chance to define the future of fiscal reserves and digital finance on the global stage.
Wu Jiezhuang’s bold vision underscores the urgency of embracing innovation in an era of rapid technological change. By leading the charge in integrating Bitcoin into national reserves, Hong Kong could set a powerful example for other nations while securing its place as a pioneer in the digital economy.
#HongKong #Bitcoin $BTC $ETH

Ethiopia has entered into a significant partnership with a Hong Kong-based data center operator, paving the way for new opportunities in data mining and artificial intelligence (AI) development. Here are the key points of this strategic alliance.

Memorandum of Understanding: $250 Million Investment
Ethiopian Investment Holdings, a state-owned company, has signed a Memorandum of Understanding with Data Center Service, a subsidiary of the renowned Hong Kong-based West Data Group. This agreement, valued at $250 million, aims to establish modern infrastructure for data mining and AI training in Ethiopia.
Cryptocurrency Mining: A Controversial Issue
While the announcement does not directly mention cryptocurrency mining, reports suggest that this activity could be part of the joint effort. Bitcoin mining is a contentious topic in Ethiopia, especially given the recent launch of the Grand Ethiopian Renaissance Dam, which has altered electricity prices in the country.

Growing Interest in Cryptocurrencies in Ethiopia
Despite controversies, interest in cryptocurrencies is growing in Ethiopia. Reports indicate that several mining companies, mostly from China, are already operating there. Additionally, Ethiopia is striving to develop its cryptocurrency infrastructure and is collaborating with international partners, such as Input Output Hong Kong (IOHK), on blockchain technology innovations.
West Data Group: Innovative Fintech
West Data Group, powered by blockchain technology, is a key player in this partnership. With centers worldwide and a new focus on bitcoin and digital currency mining, it provides Ethiopia with new opportunities for technological development and economic diversification.
Conclusion
The partnership between Ethiopia and Hong Kong represents a significant step towards modernizing infrastructure and advancing technologies in Ethiopia. While questions regarding cryptocurrency mining remain open, it is clear that both parties are interested in joint development in the fields of data services and artificial intelligence.
#mining #crypto #hongkong

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“