FameEX Morning Crypto News Recap | January 30, 2024

Hong Kong Intensifies Regulation of Over-The-Counter Cryptocurrency Market

Hong Kong is shifting its regulatory focus to over-the-counter (OTC) cryptocurrency trading, as reported by local sources. Joseph Chan Ho-lim, the Under Secretary for Financial Services and the Treasury, announced that the government intends to address the risks associated with virtual assets. This decision is influenced by the increasing trend of mainland investors using Hong Kong as a gateway for crypto investments.

Nine Recently Introduced Spot Bitcoin ETFs Amass Bitcoin Holdings Valued at Close to $6 Billion

Recent data shows that nine newly launched spot BTC ETFs, excluding GBTC, collectively possess 139,247.69 bitcoins, valued around $5.98 billion based. Meanwhile, Grayscale's Bitcoin Trust (GBTC) holds 502,712.60 BTC, with an estimated worth of $21.10 billion as of January 29, 2024, highlighting significant holdings in the cryptocurrency market.

Programming Robots to Use Local Dialects May Simplify AI's Ability to Manipulate Users

A German research team's study explored how language impacts perceived trustworthiness in talking robots. The study found device-based differences in preferences: mobile device users leaned towards robots speaking standard German, while PC users showed a slight preference for dialect-speaking robots. This highlights the influence of language and technology on human-robot interaction dynamics.

Hong Kong Mandates 50% Insurance Coverage for Licensed Cryptocurrency Exchanges

The Securities and Futures Commission of Hong Kong now mandates that licensed cryptocurrency exchanges provide at least 50% insurance coverage for customer assets. Local reports indicate this requirement ensures the protection of user assets valued between $50 million and $400 million, enhancing the security framework within the cryptocurrency trading sector.

Bitcoin Mining Advances the Shift Towards Renewable Energy Sources

A study highlights significant revenue opportunities in the U.S. during the pre-commercial phase of wind and solar farm development, particularly in Texas. With 32 planned renewable projects in Texas, there's a potential to collectively earn $47 million by mining Bitcoin before these projects become commercially operational, underscoring an innovative approach to maximizing renewable energy investments.

Hong Kong SFC Reviews Initial Application for Spot Bitcoin ETF

The Hong Kong regulatory body is considering an approach akin to the U.S. SEC by potentially approving multiple spot ETFs, fostering fair competition. Though Harvest Fund is the initial applicant for a spot BTC ETF, other regional financial institutions have also expressed interest in launching similar ETFs in 2024, indicating a growing trend in the region's financial market.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.