Several regions in the world have significantly worked to ease the regulations for the cryptocurrency sectors. Hong Kong and the United Arab Emirates are among the leading crypto hubs globally, with an impressive adoption and usage rate. 

As per recent information, Hong Kong is planning for a joint oversight of over-the-counter (OTC) crypto trading services. It is stated that the Securities and Futures Commission (SFC) and Customs and Excise Department will collectively oversee OTC services to tighten the regulatory framework.   

As per the new regime, the HK SFC and Customs and Excise Department would collectively supervise the firms offering OTC services in the region. Some market experts claim that the revision in supervision was made following the surging illicit activities regarding OTC worldwide. 

A person aware of the fact told a regional media outlet in Hong Kong that the SFC is exploring a fresh licensing regime for over-the-counter crypto services, with the  Customs and Excise Department to avoid the evolution of unwanted fraudulent and Scalise schemes.      

Other Recent News 

Earlier on September 11, 2024, Lookonchain, a blockchain analysis firm identified Metalpha deposited $77.55 million worth of Ethereum (ETH) to Binance in the past few days.

Metalpha is an HK-based company offering crypto asset management services including hedging and other crypto-related services. 

According to Rootdata, total crypto funding fell around 15% in the past 30 days reaching $1.22 billion. The total amount raised in the 125 funding rounds was $1.17 billion, down from $1.22 billion in 149 rounds 30 days earlier. 

In the past few years, several nations have reported a surge in tax collection from digital currencies, the recent report by Indonesia’s Finance Ministry states that its total revenue from crypto surged by over 60% between 2022 till August 2024. 

Meanwhile, crypto tax revenues from 2022 have amounted to Rp875.44 billion, comprising Rp411.12 billion from the tax on crypto trade and Rp463.32 billion from crypto VAT.

Crypto Market Price Update

As of writing, the fear and greed index powered by CoinMarketCap was at 33, reflecting a fear sentiment in the market; until publishing, the cryptocurrency market capitalization was $2.04 trillion with an intraday surge of 0.40%. 

Nervous Network leads the intraday gainers’ list as its price grew more than 50% reaching $0.01346 followed by Polygon (MATIC) with a surge of 7.62% reaching $0.4064. 

When writing, Bitcoin was trading at $57,898 with a weekly decline of 2.50%, in the past 24 hours its trading volume fell over 20%, and its market cap fell by 1%. Since the beginning of August 2024, BTC seems to be struggling below the mark of $60k, in the past 30 days it lowest traded at $52,598. 

The constant decline in price has made Helium the weekly loser -7.1% reaching $7.69 followed by Litecoin trading at $63.35 with a loss of 3.15%. DOGS, a most discussed memecoin in the past few months, has lost 2.61% of its trading price, 2.59% of its market cap and 8.94% of its trading volume, as of writing. 

In the past 30 days, DOGS lost more than 35% of its trading price reaching $0.00101.