US should learn from Hong Kong’s crypto rules

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ARK Make investments CEO and chief funding officer Cathie Wooden is urging the U.S. to observe Hong Kong’s instance in regulating cryptocurrencies.

Wooden expressed the sentiment in a dialogue on the newest version of the Hong Kong Web3 Pageant, the place she spoke on a number of key subjects shaping the way forward for the blockchain and crypto industries.

Through the dialog, she praised Hong Kong’s progressive insurance policies, particularly in fostering a conducive environment for crypto, contrasting the particular administrative area’s swift responses to market calls for with the regulatory uncertainties confronted by the U.S. 

She particularly singled out Hong Kong’s regulatory businesses for his or her efficient administration construction in facilitating the buying and selling of digital property and counseled the Securities and Futures Fee (SFC) for offering complete regulatory frameworks and mechanisms for institutional supervision.

Wooden acknowledged Hong Kong’s fast improvement in comparison with the U.S., significantly when it comes to coverage management and help for modern know-how and entrepreneurship. 

Wooden means that the U.S. might be taught from Hong Kong on how you can handle regulatory uncertainties and help blockchain practitioners higher. 

She termed the latest approval of 11 spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Alternate Fee (SEC) as a historic milestone, which has led to elevated efforts in advertising and marketing, investor schooling, and coaching. 

Wooden additionally famous that many U.S. prospects are actually recognizing the funding potential throughout digital property, with rising institutional and investor curiosity in allocating funds to those areas for hedging functions.

Whereas acknowledging the dangers related to Bitcoin, together with volatility in bull and bear markets, Woods maintained that the cryptocurrency’s value might rise to $1.5 million by 2030, partly attributing this projection to the adoption of Bitcoin spot ETFs.

Wooden additionally emphasised the influence of web3 on numerous sectors, highlighting the potential for cross-border innovation and widespread accessibility. She additionally remarked on AI integration into blockchain know-how, saying she foresees vital developments in sure areas (i.e., gaming and crypto property), citing examples like Sony’s funding in video games and Polygon’s initiatives in blockchain.

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