The Securities and Futures Commission (SFC) of Hong Kong has approved ZA Bank for Type 1 regulated activity, allowing the bank to enter the cryptocurrency trading market.
Cryptocurrency Trading Approval
Several firms have filed for registration under the Hong Kong Regulatory Commission to develop a regulated crypto ecosystem in the past few weeks. The SFC has tightened its oversight over the market to prevent fraud and unregistered firms. Against this backdrop, ZA Bank, the largest virtual bank in Hong Kong, has received SFC approval to add virtual asset trading conditions to its Type 1 license. The bank is actively preparing for relevant sandbox tests. ZA Bank is a subsidiary of ZhongAn Technologies International (ZA), which enables a fully digital insurance experience.
Market Statements and Accusations
The media outlet reported that JPEX, a known crypto trading platform, was accused of fraud earlier this year, resulting in significant losses for many investors. Two victims have filed a lawsuit claiming 240,000 Tether or $185,000 from JPEX companies registered in Hong Kong and Australia. During the most recent hearing, the company was absent from the courtroom.
Other Crypto Market News
In the past 24 hours, the cryptocurrency HAMSTER KOMBAT (HMSTR) lost over 41.27% of its price, reaching $0.005738; however, its trading volume grew by 44% to $237,607,926, making it the 34th most traded in the market. The global usage of cryptocurrency has significantly increased over the years. According to a recent report, over 20% of Russia's residents are engaged in crypto. The report notes that 16% of respondents had never heard of cryptocurrency, and 21% of survey participants said they had used cryptocurrency. In August 2024, Russian President Vladimir Putin signed a law legalizing cryptocurrency mining in Russia. However, mining cryptocurrency requires enormous energy, complex processes, and GPUs, often causing energy crises in any nation. After his release from jail, Binance's co-founder and former CEO wrote, "Will continue to invest in blockchain/decentralized technologies, AI, and biotech. I am a long-term investor who cares about impact, not returns." He also expressed gratitude towards his supporters, adding, "I want to thank everyone for your support. It meant a lot to me and kept me strong in the darkest moments."
In the past 24 hours, the cryptocurrency market capitalization declined by over 2.25%, reaching $2.25 trillion, while trading volume increased by 56.07% to $71.51 billion. The fear and greed index powered by CoinMarketCap stood at 56, indicating neutral market sentiments.
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