🪙 Hong Kong's Tax Break Proposal for Cryptocurrency Investments

🏦 Hong Kong is seeking to position itself as a global financial hub by proposing tax exemptions for hedge funds, private equity funds, and affluent individuals investing in cryptocurrencies. The proposed measures also extend to gains from private credit investments and other assets.

📄 A 20-page document circulated by Hong Kong authorities outlines the rationale behind these proposals and their alignment with the objectives of asset managers looking to establish operations in the region. This move comes as investors evaluate the potential impact of a Donald Trump presidency on the cryptocurrency landscape.

“This is an important step in boosting Hong Kong’s status as a financial and crypto trading hub,”

said Patrick Yip, vice chair and international tax partner at Deloitte China. If implemented, these proposals could attract wealthy Chinese individuals setting up private investment vehicles outside the mainland.

🌍 Hong Kong aims to compete with Singapore and Luxembourg in terms of fund launches. UBS CEO Sergio Ermotti predicts that Hong Kong’s advancements may surpass Switzerland as the world’s leading wealth management hub.

⚠️ U.S. Regulators' Subtle Squeeze on the Crypto Market

🗣️ Stuart Alderoty, Ripple's chief legal officer, has raised concerns about a deliberate effort by U.S. regulators to undermine the cryptocurrency industry. He likened this to "Operation Chokepoint 2.0," a recent initiative aimed at limiting banking services for crypto-related businesses. Alderoty drew parallels to a 2012 campaign where agencies like the FDIC and Federal Reserve pressured banks to withdraw support from certain sectors, such as gun retailers.

📅 He pointed out significant events that illustrate this trend. In January 2021, the Biden administration repealed the Fair Access to Banking Rule, which aimed to ensure equal financial access. Later that year, the OCC required banks to obtain pre-approval for cryptocurrency activities. The FDIC followed with its own directives in April 2022. In early 2023, major regulatory bodies issued warnings about "crypto risks," suggesting a deeper agenda despite stating that banks were not explicitly prohibited from serving crypto clients.

🔍 Alderoty, drawing from his experience as a former bank general counsel, interpreted these warnings as a covert message:

‘Don’t even think about it.'

He argued that such language serves as a deterrent, discouraging financial institutions from engaging with crypto businesses. He framed these actions as part of a larger strategy to marginalize the cryptocurrency sector under the pretext of regulatory caution.

🚨 This sentiment is echoed by other industry leaders. Marc Andreessen, co-founder of Andreessen Horowitz, noted that over 30 tech and crypto founders have been "debanked" in the past four years, forcing some to relocate or shift industries. Tyler Winklevoss, co-founder of Gemini, described "Operation Chokepoint 2.0" as a "coordinated conspiracy by government officials to persecute their political opponents by debanking them," calling it an ongoing federal crime that should be prosecuted.

🔥 Breaking: WisdomTree Files S-1 For XRP ETF With US SEC ⚖️

WisdomTree has taken a step forward for XRP ETF fund approval with its recent S-1 filing with the US SEC, sparking market optimism.

👉 Read more

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🚀 Fortlake's Sigma Opportunities Fund to be Tokenized with Crypto Firms

🌐 Fortlake Asset Management, an Australian investment firm, is set to enter the digital asset space by collaborating with three crypto companies: Chainlink, Backed, and Sonic (formerly known as Fantom). They aim to tokenize the Sigma Opportunities Fund.

🔗 According to a recent release, Chainlink will play a crucial role in this process by verifying the fund's collateralization and assets under management (AUM), as well as facilitating cross-chain liquidity. Backed will be responsible for issuing the fund tokens on the Sonic platform, which is a layer one (L1) EVM-compatible blockchain.

💡 This strategic move is aimed at leveraging non-traditional opportunities within decentralized finance (DeFi) sectors such as lending and margin trading.

Partnering with Backed, Sonic, and Chainlink to tokenize the Sigma Opportunities Fund is a substantial development in the way we provide access to our fund for the rapidly growing digital asset investor base

said Christian Baylis, Founder and CIO of Fortlake.

📈 A 2023 research report by Bank of America predicts that traditional asset tokenization could exceed $16 trillion, transforming infrastructure and markets within the next five to fifteen years. In a similar vein, Blackrock, the world's largest investment manager, launched its first tokenized fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on Ethereum in March. BUIDL has since become the largest tokenized fund globally with a market capitalization of $550 million and has expanded to multiple blockchains including Avalanche and Aptos.

💰 The Sigma Opportunities Fund currently holds net assets of approximately $124 million Australian dollars (around $80 million USD), as per data from Morningstar.

🇮🇳 India's Stance on De-Dollarization: A Focus on Local Currency Trade

🗣️ The Reserve Bank of India (RBI) has clarified its position on de-dollarization, stating that it is not a policy goal for the country. During a recent press conference, RBI Governor Shaktikanta Das emphasized that India's recent initiatives are aimed at reducing trade risks rather than moving away from the dollar.

What we have done is permit the opening of Vostro accounts and entered agreements with a couple of countries for local currency-denominated trade. This is to de-risk Indian trade, as dependence on a single currency can sometimes be problematic due to appreciation or depreciation,

he explained.

🌍 Das also addressed the idea of a common BRICS currency, highlighting the challenges posed by the geographical dispersion of BRICS countries. He noted that unlike the Eurozone, which benefits from geographical continuity, BRICS nations are spread across different regions.

Unlike the Eurozone, which has a single currency and geographical continuity, BRICS countries are spread across different regions, and that has to be considered,

he stated.

🚫 India's External Affairs Minister S. Jaishankar has consistently opposed a common currency proposal involving China,aligning with the country's focus on maintaining sovereignty in trade practices.

🔒 Das reaffirmed India's commitment to fostering local currency trade to mitigate risks associated with dollar volatility.He dismissed speculation around de-dollarization, stating:

Dedollarization is certainly not our objective and is not on the table. I think this is more of a narrative in some sections of the media. Our efforts are focused on de-risking trade,

he said.

📈 These comments come amid ongoing global currency debates, particularly in light of U.S. concerns about alternative currency proposals from BRICS nations.

🌐 Pi Network Price Finds Crucial Support: Can It Rise To $100? 🚀

Find out why the Pi Network price is rising after finding crucial support at the 200-day Exponential Moving Average.

👉 Read more

🌐 Bridging the Trust Gap in Nigeria's Capital Markets through Blockchain

🤝 The Nigerian Securities and Exchange Commission (SEC) is actively considering the implementation of blockchain technology to enhance trust in its capital markets. Director-General Emomotimi Agama emphasized that utilizing this technology is essential for ^^bridging the [trust] gap between issuers and investors.^^

📊 During a conference hosted by the Capital Market Correspondents Association of Nigeria, Agama highlighted the advantages of adopting blockchain for all investors, particularly those in underrepresented regions of the country. He stated, ^^The SEC is exploring the integration of blockchain technology for secure and transparent transaction processing, a step that will redefine trust in the market.^^

🇳🇬 This move by the SEC aligns with the Nigerian government's recent initiatives to incorporate blockchain. In May 2023, Nigeria established a blockchain adoption policy and subsequently restructured its blockchain policy steering committee. Additionally, the National Information Technology Development Agency pledged to train 30,000 individuals in blockchain technology. A partnership between the Nigerian Institute of Social and Economic Research (NISER) and the Japanese tech firm Soramitsu was also announced to bolster Nigeria's knowledge and development in this area through research and innovative projects.

📈 Agama noted that the oversubnoscription of recent recapitalization offers reflects strong investor confidence. To maintain this positive trend, he mentioned that the SEC is ^^intensifying efforts to enhance disclosure standards and corporate governance practices.^^ He also pointed out the importance of collaboration among stakeholders for the success of recapitalization initiatives.

🌱 Agama stated, ^^Developing innovative financial products, such as green bonds and sukuk, to attract diverse investor segments is crucial. The success of recapitalization efforts depends on collaboration among regulators, issuers, and investors.^^ This underscores the SEC's commitment to fostering an innovative and cooperative environment in Nigeria's capital markets.

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🌟 Senator Lummis Backs Scott Bessent for Treasury Secretary to Promote Bitcoin Reserve

👩‍💼 U.S. Senator Cynthia Lummis (R-WY) has expressed strong support for Scott Bessent, nominated by President-elect Donald Trump as the next Treasury Secretary. Lummis believes that Bessent's appointment could enhance her proposed Strategic Bitcoin Reserve legislation, known as the BITCOIN Act, which aims to establish a federal bitcoin reserve to strengthen the U.S. dollar and address national debt.

💬 Lummis stated on social media,

Scott Bessent will be a champion for digital assets and a crucial ally in passing my Strategic Bitcoin Reserve.

She added,

I look forward to working closely with the future Treasury Secretary to restore fiscal responsibility!

📈 The idea of a U.S. strategic bitcoin reserve is gaining momentum, with states like Texas and Pennsylvania proposing legislation to create such reserves. Texas's House Bill 1598 aims to establish a bitcoin reserve funded by donations, allowing tax payments in bitcoin. Pennsylvania's proposal would permit its treasury to invest up to 10% of state funds in bitcoin. At the federal level, Trump's advocacy for a national bitcoin reserve has sparked debate among experts about its feasibility and economic implications.

🌐 Supporters highlight Bessent's openness to cryptocurrency innovation. Ripple CEO Brad Garlinghouse remarked,

I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick by Donald Trump. He will be the most pro-innovation, pro-crypto Treasury Sec we’ve ever seen.

📊 Bessent, founder of Key Square Capital Management and former chief investment officer for George Soros, is recognized for his macroeconomic expertise and advocacy for deficit reduction and regulatory reform. His nomination has been met with optimism by financial markets and business leaders, who anticipate that his leadership could promote cryptocurrency-friendly policies and advance initiatives like Lummis’s bitcoin reserve plan.

🚨 Breaking: Ripple To Launch RLUSD On December 17 🔥

Ripple has announced that its RLUSD stablecoin will go live on Tuesday, December 17 and provided details on the exchanges it will list on.

👉 Read more

💰 New Accounting Standard Boosts Bitcoin Corporate Treasuries

📈 A recent accounting update is set to benefit companies looking to establish bitcoin (BTC) treasuries. The Accounting Standards Update 2023-08 (ASU 2023-08), issued by the Financial Accounting Standards Board (FASB), now allows firms to report both price gains and losses of crypto assets, rather than just losses.

🔄 Previously, companies could only recognize crypto assets at their historical cost, which often led to inaccurate asset valuations due to the volatility of cryptocurrencies. This limitation required companies to calculate complex impairment charges.

💡 The new standard enables companies to report their crypto holdings at fair value and to include price gains as net income. This change makes crypto corporate treasuries more appealing, as only losses were previously accounted for. Michael Saylor, chairman of MicroStrategy, stated,

This upgrade to accounting standards will facilitate the adoption of BTC as a treasury reserve asset by corporations worldwide.

🚫 However, the new standard does not apply to non-fungible tokens (NFTs) or issuer-created tokens. According to Deloitte, wrapped tokens like WBTC are also excluded from this update.

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🏈 USC Linebacker Matai Tagoa’i Chooses Bitcoin for NIL Deal

💰 Matai Tagoa’i, a top college football prospect, has signed a "name, image, and likeness" (NIL) deal with the University of Southern California (USC) and will receive part of his compensation in bitcoin through the Strike app. This move comes after the National Collegiate Athletic Association (NCAA) lifted its ban on athletes monetizing their image in 2021, paving the way for lucrative NIL agreements.

“This is a game-changer for me,”

said Tagoa’i.

“By taking part of my NIL earnings in bitcoin, I’m setting myself up for long-term financial growth.”

He also expressed his desire to

“set an example for other young athletes.”

📈 Strike has previously assisted professional athletes in converting their salaries to bitcoin, including Russell Okung, a former Carolina Panthers player who converted $6.5 million of his salary in 2020. Marquel Martin, CEO of 3Point0 Labs and a key figure in Tagoa’i’s deal, emphasized the importance of financial stability for athletes. He stated,

“Too many athletes face financial challenges after their careers, and we believe bitcoin offers a pathway to long-term stability and growth.”

📉 A 2009 Sports Illustrated article highlighted the financial struggles many athletes face post-retirement, noting that 78% of former NFL players experience financial stress and 60% of former NBA players are broke within five years. Jack Mallers, CEO of Strike, pointed out the diminishing value of cash due to inflation, stating,

“Inflation is eroding the value of cash, and traditional saving methods simply don’t cut it anymore. Bitcoin is the first asset built to solve this problem and protect against inflation.”

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🌀 Crypto Market Update: A Moment of Calm Amidst Uncertainty

🛑 This past Friday afternoon, the crypto markets seemed to take a breather, with traders on edge as they awaited bitcoin's next move. At that time, BTC was trading between $96,800 and $97,150 per coin, while the overall crypto economy stood at $3.34 trillion, reflecting a 2.7% decrease after a brief recovery.

🐻 Despite recent fluctuations, the crypto market appears to have stabilized for the moment. Bitcoin (BTC) and ethereum (ETH) experienced slight declines of 1.4% and 1.3% respectively, with BTC holding steady at $96,800 to $97,150 and ETH at $3,426 to $3,434. However, several altcoins suffered more significant losses, including Curve DAO (CRV) down 8%, optimism (OP) sliding 6.73%, and both cronos (CRO) and uniswap (UNI) dipping over 6%.

⚠️ Just a week prior, the Crypto Fear and Greed Index (CFGI) indicated "extreme greed". Now, while still in the "greed" zone, it has shifted to a more cautious score of 74 out of 100. Global market trading volume is approximately $345.23 billion, showing a 17.93% increase over the past day. Bitcoin maintains a 57.3% dominance in the market, with ethereum holding 12.3% of the $3.34 trillion crypto economy.

📉 Social media is buzzing with the term "crypto dump," as some users predict further price declines. However, others are optimistic about a potential BTC rebound based on historical patterns. One observer noted,

the rebound pump could be UNBELIEVABLE for altcoins

, while a few optimists see bullish signals emerging.

⚖️ The current state of the crypto market highlights its unpredictable nature during bull markets, reminiscent of patterns seen in 2021 and 2017. Traders are caught between cautious optimism and lingering apprehension. While some look to historical trends for reassurance, others recognize the possibility of unforeseen challenges ahead. The coming days will be crucial in determining whether this pause is a turning point or a precursor to further volatility.

🔍 As emotions run high and speculation intensifies, market sentiment plays a significant role alongside data. This moment underscores the delicate balance between resilience and fragility within the crypto ecosystem. Regardless of whether future movements lead to recovery or deeper corrections, one thing is certain: the crypto space is never quiet for long, keeping traders alert and investors intrigued.

🎄 El Salvador's Bitcoin Strategy: A Festive Acquisition

💰 El Salvador, the smallest country in Central America, continues to increase its Bitcoin reserves, recently adding another coin on Christmas Day. This brings its total to 5,997.77 BTC, valued at approximately $595 million.

🤝 Recently, El Salvador struck a deal with the International Monetary Fund (IMF), which urged the country to reduce its Bitcoin activities. However, Stacy Herbert, director of El Salvador’s Bitcoin Office, reassured the public via social media that

BTC purchases would proceed at an accelerated pace.

Coincidentally, on the same day Herbert made her statement, El Salvador acquired an additional 12 BTC. The following day, they added one more Bitcoin, followed by another 12 on December 21. Since then, they have been acquiring 1 BTC daily.

📈 El Salvador is one of the few countries, alongside Bhutan, that strategically uses a BTC reserve. Bhutan has been mining BTC since 2019, with its reserve contributing about one-third of its GDP. While Bhutan holds a significant amount of 11,688 BTC valued at $1.16 billion, other countries possess larger BTC reserves often obtained through criminal seizures. For instance, the U.S. government holds 198,109 BTC worth $19.68 billion, and the U.K. has about 61,245 BTC valued at just over $6 billion.

🌍 El Salvador’s commitment to digital assets signifies a departure from traditional financial practices, setting a precedent for other nations. Analysts view these actions as either strategic defiance or visionary foresight, suggesting a future where countries leverage not just currency but also their digital assets. As we approach 2025, the world will be watching closely to see whether caution or ambition prevails in El Salvador's Bitcoin journey.

🇯🇵 Japan's Bitcoin Reserve Discussions: Early Stages and Caution

🗣️ The Japanese government has stated that discussions about potentially making bitcoin (BTC) a reserve asset are still in their early stages. This makes it challenging for them to take a definitive stance on the matter. Prime Minister Ishiba Shigeru's administration also admitted that it lacks a comprehensive understanding of the developments occurring in the U.S. and other nations that are considering adding BTC to their reserves.

👨‍⚖️ This statement came in response to a query from Japanese Senator Hamada Satoshi. He sought clarification on BTC's status as a reserve asset and argued that Japan should not lag behind other countries exploring the possibility of including this leading cryptocurrency in their official reserves.

I believe that Japan should follow the example of the United States and other countries and consider converting part of its foreign exchange reserves into cryptocurrencies such as bitcoin

the lawmaker stated.

⚖️ The Japanese government clarified that crypto assets are not subject to foreign exchange regulations under the country's legal framework for special account operations. However, it emphasized that current foreign exchange reserves are aimed at stabilizing foreign currency-denominated assets and bond markets, prioritizing safety and liquidity in their management.

📰 According to a report by Coinpost, the Ishiba-led government remains cautious about incorporating cryptocurrencies into Japan's national reserves. This cautious approach contrasts with developments in the United States, where President-elect Trump and Republican lawmakers are advocating for a strategic bitcoin reserve. However, U.S. Federal Reserve Chairman Jerome Powell has expressed opposition to BTC reserves, highlighting the ongoing debate surrounding this issue.

📈 Will Bitcoin Price Bounce Back Stronger In The New Year After Recent Dip? 🤔

A recent Matrixport report hints at a potential Bitcoin price breakout during the New Year, citing historical trends. Can BTC bounce back stronger in 2025?

👉 Read more

🚀 Crypto Conundrum: Aussie Treasurer Advocates for Balance in Cryptocurrency Regulation

🎯 Chalmers Champions Crypto as a Tool for Financial Modernization
Australian Treasurer Jim Chalmers highlighted cryptocurrency’s potential to modernize the nation’s financial system, emphasizing the importance of balanced regulation. He acknowledged concerns about its misuse by criminals but emphasized avoiding overregulation that could stifle innovation. Donald Trump’s re-election has reportedly triggered a broader reevaluation of cryptocurrency’s global role.

📉 Divergent Views from Key Officials
Chalmers’ optimistic stance contrasts with that of Reserve Bank of Australia (RBA) Governor Michele Bullock, who dismissed cryptocurrencies like Bitcoin (BTC) as unsuitable for Australia’s economy or payment systems. Bullock asserted that digital currencies lack the stability and usability of traditional money.

Other officials share Bullock’s skepticism. ASIC Chair Joe Longo criticized BTC using the “greater fool theory”, while Future Fund CEO Raphael Arendt expressed doubts about holding BTC as a strategic reserve, calling it an asset without clear value or control.

🛡 Chalmers Calls for Balanced Consumer Protections
To address these criticisms, Chalmers proposed appropriate safeguards for consumers without stifling innovation. He stated:
“We need to make sure there are appropriate protections and guard-rails, but we need to make sure we don’t overdo that and stomp on part of the industry which, I think, will be important in the industry.”

🏛 Recognizing Crypto’s Legitimacy
Chalmers noted that Australian authorities are beginning to recognize the growing legitimacy and importance of cryptocurrency. He urged policymakers to consider both the benefits and drawbacks of the technology, warning against overemphasizing risks without acknowledging its transformative potential.