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Cryptocurrencies have officially been approved by the Office of the Comptroller of the Currency (OCC) to be available on the balance sheets of U.S. banks. The cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP. Banks can as well use these assets to pay blockchain network fees. Banks Get Green Light to Hold Crypto
The post Breaking: Banking Regulator OCC Greenlights Banks To Hold BTC, ETH, SOL, XRP For Gas Fees appeared first on CoinGape.
]]>SEC Greenlights Two Crypto ETFs, Samson Mow Warns About Bitcoin Supply Shock Ahead, 200 Million Dogecoin Stun Binance in Major Move: Crypto News Digest by U.Today U.Today
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The U.S. Securities and Exchange Commission (SEC) has approved the New York Stock Exchange (NYSE) to begin offering options trading on Spot Bitcoin ETFs. This approval is seen as a major step for the cryptocurrency market, which has experienced substantial growth in the past months.
SEC Greenlights NYSE Options Trading For Spot Bitcoin ETFs
According to a filing dated October 18th, the SEC has authorized the NYSE to introduce options trading on Spot Bitcoin ETFs, expanding the accessibility of Bitcoin funds to a broader range of investors. The approval follows the SEC’s cautious approach to cryptocurrencies, with the regulator holding off on previous applications for Bitcoin ETFs due to concerns about market volatility and investor protection.
The NYSE filed its proposal for Bitcoin ETF options trading in August, and the SEC’s decision comes after months of deliberation.
The Spot Bitcoin ETF market has been highly active recently, with net inflows exceeding $2.1 billion over the last five trading days alone. As more banks and asset managers integrate these funds into their offerings, this latest approval is expected to further boost trading activity and investor interest in Bitcoin.
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Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Thailand’s crypto investment landscape is witnessing a significant shift as the Securities and Exchange Commission (SEC) greenlights private funds for U.S. Spot Bitcoin exchange-traded funds (ETFs). However, this move comes with a condition that only institutional investors and ultra-high-net-worth individuals can take part in these investments.
Notably, this decision marks a crucial development in Thailand’s crypto investment regulations, with implications for both investors and the broader market.
Thailand Unlocks Bitcoin ETF Opportunities For Institutional Investors
Thailand’s SEC recently announced amendments allowing asset management firms to launch private funds investing in U.S. Spot Bitcoin ETFs. Notably, this decision follows the U.S. Securities and Exchange Commission’s approval of Bitcoin ETF trading on January 11. Also, the recent robust inflow into the U.S. Spot Bitcoin ETF segment has fuelled the confidence of global investors toward the investment instrument.
Meanwhile, according to SEC secretary-general Pornanong Budsaratragoon, the move aims to cater to the growing demand for digital asset exposure among institutional investors. However, she emphasized the need for caution due to the high-risk nature of these investments, Bangkok Post reported.
Notably, the SEC’s approval reflects a strategic response to the surging interest in cryptocurrencies, particularly Bitcoin, amidst record-high prices. While this decision unlocks new avenues for institutional investment, it underscores the SEC’s commitment to mitigating risks associated with digital assets.
Besides, Ms. Pornanong highlighted the SEC’s ongoing efforts to bolster investor confidence and enhance market supervision, aligning with the Stock Exchange of Thailand’s proposed regulatory upgrades.
Also Read: XRP Whales Move 285 Mln Coins As Price Rockets 14%, Is $1 Next?
Retail Investors Left Out Amid Regulatory Changes
Despite these developments, retail investors in Thailand face limitations in accessing Spot Bitcoin ETFs directly. The amended crypto regulations cater primarily to accredited investors, excluding retail participation.
Meanwhile, this exclusion contrasts with the popularity of retail crypto trading in Thailand, albeit within restricted parameters. Notably, the government regulations implemented in 2022 and 2023 have curbed certain crypto activities, although recent amendments have allowed retail investment in specific digital tokens.
Thailand’s crypto landscape continues to evolve, with major exchanges like Binance entering the market. However, retail investors seeking exposure to Spot Bitcoin ETFs must navigate regulatory hurdles.
As Thailand adapts its crypto regulations, balancing innovation with investor protection remains paramount. With institutional investors poised to capitalize on U.S. Spot Bitcoin ETFs, the impact of regulatory decisions on broader market dynamics warrants close observation.
Meanwhile, the news also comes amid a time when several global players like South Korea, Hong Kong, and others, are exploring opportunities in the sector. As reported by CoinGape Media earlier, there’s a notable push within the financial sector in Hong Kong regarding Spot Bitcoin ETFs.
Hong Kong regulators are currently processing the applications for the Bitcoin ETFs, with around 10 financial institutions, including Harvest Finance, expressing intentions to introduce Spot Bitcoin ETFs.
Also Read: Bitcoin Miner Daily Revenue Hits Record High Ahead of Halving
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Monetary Authority of Singapore (MAS) green-lighted two new institutional-grade Bitcoin Funds issued by leading asset manager Fintonia. The two Bitcoin funds namely The Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund would offer long-term exposure to institutional investors in the country. The two new Bitcoin funds aim to cut down the complexities involved in buying BTC from various exchanges and offer a secure way of investing.
The Fintonia Bitcoin Physical Fund would invest in physical Bitcoin and issue their company shares based on their Bitcoin holdings. Physical Bitcoin refers to the fact that the company would buy actual Bitcoins rather than investing in derivative products. Adrian Chng, founder, and chairman of Fintonia Group said,
“The fund acquires ‘physical’ bitcoin, meaning we will buy the actual bitcoin [rather than] a derivative instrument on bitcoin. As an MAS regulated fund manager with strict standards, we can connect with multiple exchanges and different market-makers, enabling us to find the best prices, as well as buy or sell at volume. The fund also enables efficient cash or crypto transfers, resolving the challenges around moving large amounts of cash in or out of the system.”
The firm also promised impeccable security services as the two new Bitcoin funds would secure their holdings with a licensed and insured custodian. Fintonia is one of the leading asset managers in Singapore and expects its two funds to grow in “triple-digit millions” in one year.
Fintonia’s Bitcoin Fund to Offer Loans
The second Bitcoin fund in the form of the Fintonia Secured Yield Fund promises to offer direct loans to Bitcoin holders. The main aim of the fund is to offer monetary benefits to BTC holders without them selling their holdings.
“Bitcoin is an excellent form of collateral for loans. It trades 24/7 and is highly liquid, with approximately $30bn to $60bn per day. If required, it can be quickly liquidated in comparison with, for example, commodities and real assets.”
Singapore has increasingly become a top choice for many crypto giants in the recent past. The regulatory environment in the country seems to suit the needs of crypto service provides because of which the likes of Binance, Coinbase, and FTX want to expand their business in the country.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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