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Hong Kong and US plan for stablecoin regulations by next year

The Hong Kong Monetary Authority has completed a public consultation on stablecoin regulations and aims to introduce clear regulatory guidelines for the stablecoin market by the end of 2024.

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The Hong Kong Monetary Authority has completed a public consultation on stablecoin regulations and aims to introduce clear regulatory guidelines for the stablecoin market by the end of 2024.

Joseph Chan Ho-Lim, Under Secretary for Financial Services and the Treasury of the government of Hong Kong, said that over the past five years, Hong Kong has emerged as a growing destination for fintech firms. Chan added that authorities are actively working to promote the Web3 ecosystem with a focus on investor protection.

Hong Kong started discussions on its stablecoin regulations in January 2022, with the HKMA sharing a list of eight questions about policy-related recommendations and citing five possible regulatory outcomes. In January 2023, the outcome of regulatory discussions outright prohibited the incorporation of algorithmic stablecoins in its stablecoin framework, with the HKMA demanding all stablecoin issuers back up their values with underlying reserve assets at all times.

With the completion of the public consultation phase, the HKMA will focus on issuance, governance and stabilization.

Hong Kong has taken the crypto regulatory lead in 2023, at a time when most of its Western counterparts are still taking a cautious approach to the nascent sector. The HKMA has not only opened crypto trading for retail traders but also started a licensing regime for crypto exchanges requiring that they adhere to strict Anti-Money Laundering regulations.

Aside from Hong Kong, the United States House Financial Services Committee is also looking to introduce regulations for the stablecoin market. The committee has introduced three draft stablecoin bills in 2023, with the latest proposing key powers to the Federal Reserve and some capacity for state authorities to intervene.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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