Crypto markets had a positive price performance last week, going back to its preview upwards trend. Encouraging storylines involving regulatory improvements in Hong Kong and early signs of adoption of Bitcon by the government of Argentina are some of the main highlights for the week. The Nasdaq Crypto Index (NCI) saw a 3.6% rise, driven by ether (ETH) going up by 3.8% and bitcoin (BTC) 2.6%.
Hong Kong introduces friendly regulatory framework, aims to lead in crypto ETFs
Hong Kong's Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) have issued rules addressing the possibilities of allowing investment firms to offer Crypto ETFs. These rules focus on setting standards for the custody of clients' digital assets. Intermediaries must continue to meet existing conduct and anti-money laundering requirements, and firms have a three-month transition period to implement the new cryptocurrency policies. The policy shift positions Hong Kong as a leader in meeting the increasing demand for regulated crypto exposure in Asia among global institutional investors.
Argentina’s Milei set to use Bitcoin as a solution to tackle inflation
Argentina's new president Javier Milei is addressing high inflation by introducing a plan that permits legal contracts to be paid in bitcoin. This initiative is part of a broader strategy involving over 300 measures affecting sectors such as real estate and mining, with the goal of deregulating the economy. By advocating for currency freedom, this proposal may also involve cryptocurrencies in Milei's efforts to dollarize the economy. This announcement was made by Diana Mondino, the country's Minister of Foreign Affairs, International Trade and Worship, on December 21.
Barry Silbert steps down as Chairman of Grayscale
Grayscale Investments has disclosed that Chairman Barry Silbert is resigning. In his place, Mark Shifke, DCG's chief financial officer, will assume the role starting January 1, as outlined in an SEC filing. The filing, however, does not provide a specific reason for these leadership changes. Mark Murphy, DCG's president, has also resigned from the board.
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