Hong Kong Monetary Authority's Chief Executive, Eddie Yue, attended the annual meeting of the Hong Kong Independent Non-Executive Directors Association and pointed out that Hong Kong can develop from four growth paths: asset and wealth management center, international sustainable finance center, promoting Hong Kong as a digital asset center, international innovation and technology center.
Yue said that the Hong Kong government is committed to supporting the development of the Web3.0 ecosystem. In the 2023-2024 budget, HKD 50 million has been allocated to accelerate the development of the ecosystem. The Securities and Futures Commission has approved virtual asset futures and spot ETFs, allowing retail investors to invest in regulated virtual asset products. Among them, the virtual asset spot ETF is the first listed product in Asia.
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Letitia James, the New York Attorney General, announced a $2 billion settlement agreement with bankrupt cryptocurrency lending platform Genesis, which will help maximize compensation for investors. As Genesis had previously declared bankruptcy, the settlement agreement requires review and approval by a bankruptcy court. The settlement agreement will establish a victim fund to assist defrauded investors, including at least 29,000 New Yorkers who contributed over $1.1 billion to Genesis through Gemini Earn investments. Additionally, the settlement agreement prohibits Genesis from operating in New York. This is the largest settlement agreement in New York history against a cryptocurrency company.
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Hardware wallet company Trezor has announced the addition of Ethereum staking to its cryptocurrency management application, Trezor Suite. This feature allows Ethereum (ETH) holders to securely stake and continue earning ETH rewards while holding at least 0.1 ETH in their Trezor wallet.
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