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Hong Kong Securities and Futures Commission open to receiving Spot Bitcoin ETF Applications

By
Paul Ugbede Godwin
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0

The Hong Kong Securities and Futures Commission (SFC) has recently announced that it is open to receiving applications for cryptocurrency exchange-traded funds (ETFs) that track spot prices of digital assets such as Bitcoin. This is a significant development for the crypto industry in Hong Kong, as it could pave the way for more institutional and retail investors to access the emerging asset class.

According to media reports, up to 10 asset managers are already preparing to launch crypto spot ETFs in Hong Kong, following the SFC’s guidance. Some of them have already filed their applications, while others are in the process of doing so. These asset managers include global firms such as Fidelity and Invesco, as well as local players such as HashKey and Arrano Capital.

Crypto spot ETFs are different from crypto futures ETFs, which are already available in some markets such as the US and Canada. Crypto spot ETFs track the actual prices of cryptocurrencies on spot exchanges, while crypto futures ETFs track the prices of contracts that bet on the future prices of cryptocurrencies. Crypto spot ETFs are generally considered to be more accurate and transparent, as they reflect the real-time supply and demand of the underlying assets.

However, crypto spot ETFs also face more regulatory challenges, as they require the ETF providers to ensure the safe custody and security of the digital assets. The SFC has issued a set of requirements for crypto spot ETFs, such as having a minimum fund size of HK$100 million, appointing qualified custodians with insurance coverage, conducting independent audits, and disclosing the risks and fees associated with the products.

The SFC has also stated that it will only consider applications for crypto spot ETFs that track a basket of cryptocurrencies with at least 10 constituents, and that no single constituent can exceed 40% of the basket’s weight.

This is to ensure diversification and reduce concentration risk. The SFC has also indicated that it will not approve crypto spot ETFs that track privacy-oriented coins such as Monero or Zcash, as they pose higher risks of money laundering and terrorist financing.

The launch of crypto spot ETFs in Hong Kong could have a positive impact on the crypto market, as it could attract more capital inflows, enhance liquidity, and improve price discovery. It could also boost Hong Kong’s competitiveness as a leading financial hub in Asia, as it could offer a wider range of investment options for both local and international investors.

However, crypto spot ETFs are not without risks, as they are subject to the volatility and uncertainty of the crypto market, as well as the regulatory and operational risks of the ETF providers and custodians. Therefore, investors should exercise caution and due diligence before investing in these products.

Invesco Galaxy files registration for spot Bitcoin ETF

Meanwhile, in a major development for the crypto industry, Invesco Galaxy has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for its spot Bitcoin ETF. The proposed fund, named Invesco Galaxy Bitcoin Trust, will invest directly in Bitcoin and provide exposure to the price movements of the leading cryptocurrency.

The filing comes at a time when the SEC has approved several Bitcoin futures ETFs but has not yet given the green light to any spot Bitcoin ETFs. A spot Bitcoin ETF would track the actual price of Bitcoin, rather than the price of Bitcoin futures contracts traded on regulated exchanges. This would potentially offer investors a more accurate and cost-effective way to access the crypto market.

According to the filing, Invesco Galaxy Bitcoin Trust will use Coinbase Custody Trust Company as its custodian and will obtain its Bitcoin price data from Bloomberg. The fund will charge a 0.65% annual fee, which is lower than the fees of most Bitcoin futures ETFs. The fund will also seek to minimize the tracking error between its net asset value (NAV) and the market price of Bitcoin.

Invesco Galaxy is a joint venture between Invesco, a global asset manager with over $1.5 trillion in assets under management, and Galaxy Digital, a diversified financial services firm focused on digital assets and blockchain technology. The partnership aims to leverage Invesco’s expertise in ETFs and Galaxy’s leadership in crypto innovation.

The filing of Invesco Galaxy Bitcoin Trust marks another milestone in the quest for a spot Bitcoin ETF in the U.S., which many investors and industry experts believe would boost the adoption and legitimacy of crypto assets. However, the SEC has been cautious and skeptical about approving such a product, citing concerns over market manipulation, investor protection, and regulatory oversight.

It remains to be seen whether Invesco Galaxy’s spot Bitcoin ETF will receive a favorable response from the SEC, or whether it will face the same fate as many previous applications that have been rejected or withdrawn. The SEC has until 75 days after the filing date to make a decision, unless it extends the review period. In any case, Invesco Galaxy’s move signals that the demand and interest for a spot Bitcoin ETF is still strong and growing.

Standard Charter Bank says Bitcoin??could see $50-100 billion in spot ETF inflows upon approval in 2024

One of the most anticipated events in the crypto space is the approval of a Bitcoin spot exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). A Bitcoin spot ETF would allow investors to buy and sell shares of a fund that holds actual bitcoins, rather than derivatives or trusts. This would provide more exposure, liquidity and legitimacy to the leading cryptocurrency.

According to a recent report by Standard Charter Bank, a global financial institution, a Bitcoin spot ETF could attract $50-100 billion in inflows in the first year of its launch. The report estimates that the total market capitalization of Bitcoin could reach $1.8-2.4 trillion by 2024, assuming a spot ETF approval and a moderate increase in institutional adoption.

The report also compares the potential impact of a Bitcoin spot ETF to that of a gold ETF, which was launched in 2004 and boosted the demand and price of the precious metal. The report argues that a Bitcoin spot ETF would have a similar effect, as it would lower the barriers to entry and increase the accessibility and transparency of the crypto market.

The report acknowledges that there are still some challenges and uncertainties regarding the regulatory approval of a Bitcoin spot ETF, such as the lack of clear rules, the volatility and security risks of the crypto market, and the potential competition from other crypto products. However, the report also notes that there are some positive signs, such as the growing interest and involvement of institutional investors, regulators and policymakers in the crypto space.

The report concludes that a Bitcoin spot ETF would be a game-changer for the crypto industry, as it would enhance the credibility, liquidity and efficiency of the market. The report also suggests that investors should prepare for this scenario, as it could have significant implications for the valuation and adoption of Bitcoin.

X to launch peer-to-peer payments, SEC’s X account Compromised by Hackers

By
Paul Ugbede Godwin
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0

X, the leading social media platform, has announced that it will launch a peer-to-peer payment service in 2024. The service, which will be integrated into X’s existing app, will allow users to send and receive money from their friends and contacts without leaving the platform.

According to X’s CEO, the payment service is part of X’s vision to create a more connected and inclusive world. “We believe that money should be as easy to share as a message, a photo, or a video. With our payment service, we want to empower our users to support each other, exchange value, and access opportunities across the globe,” he said in a press release.

The payment service will use X’s own digital currency, which will be backed by a basket of fiat currencies and other assets. Users will be able to convert their local currency into X’s digital currency and vice versa, as well as store their funds in a digital wallet provided by X. The service will also offer low fees, fast transactions, and high security.

X’s payment service will compete with other peer-to-peer payment platforms such as PayPal, Venmo, and Zelle, as well as emerging players in the cryptocurrency space. However, X claims that its service will have a competitive edge due to its large user base, global reach, and social features. “We are not just building a payment system; we are building a social payment system.

Our users will be able to interact with each other, send messages, stickers, and emojis, and even request or split payments within the app. We think this will make payments more fun and engaging,” said X’s head of product.

Some of the possible implications

X could gain a competitive edge over other social media platforms that do not offer such a service, such as Y and Z. This could increase X’s user base, engagement, and revenue. X could challenge the dominance of existing peer-to-peer payment apps, such as A and B, by leveraging its large network of users and its social features. For example, X could enable users to send money to their friends along with a message, a sticker, or a video.

X could disrupt the traditional banking system by offering a cheaper, faster, and more convenient way of transferring money. This could reduce the reliance on banks and credit cards and increase the adoption of digital payments. X could face regulatory hurdles and security risks as it enters the complex and sensitive domain of financial services. For instance, X would have to comply with anti-money laundering and data protection laws in different countries and ensure the safety and privacy of its users’ financial information.

X could create new opportunities and challenges for the consumers who use its payment service. On one hand, consumers could benefit from having an easy and accessible way of sending and receiving money. On the other hand, consumers could face issues such as fraud, scams, or identity theft.

X’s launch of peer-to-peer payments is a bold and ambitious move that could have far-reaching consequences for the fintech industry, the banking sector, and the consumers. It remains to be seen how X will navigate the challenges and opportunities that lie ahead.

X’s payment service is expected to launch in 2024 in select markets, with plans to expand to more regions over time. Users who are interested in joining the service can sign up for early access on X’s website.

SEC’s X account was Compromised by Hackers

Meanwhile, in a shocking turn of events, the official Twitter account of the Securities and Exchange Commission (SEC) was hacked by an unknown group of cybercriminals on Tuesday. The hackers posted several misleading and false tweets about the stock market, causing panic and confusion among investors and the public.

The SEC quickly took down the hacked tweets and regained control of the account. The agency issued a statement apologizing for the incident and assuring that it was working with law enforcement to investigate the breach and hold the perpetrators accountable. The SEC also advised the public to disregard any information posted by the hacked account and to verify any news or updates from official sources.

Macro Replaces Elisabeth Borne with 34-year-old Gabriel Attal as the youngest French Prime Minister

By
Paul Ugbede Godwin
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0

President Emmanuel Macron announced his spokesman and loyal ally, Gabriel Attal, to succeed him as prime minister. Attal, 34, thus becomes the youngest head of government in the history of France, beating the record held by Laurent Fabius since 1984.

The reshuffle is part of Macron’s strategy to invigorate his second term, particularly in anticipation of the upcoming European Parliament elections later this year. Gabriel Attal, born in 1989, assumes the role of France’s prime minister at the age of 34, a distinction that places him among other young leaders in European countries in recent years.

Attal, who previously served as secretary of state to the prime minister for youth and engagement, is considered close to Macron, having worked with him since his 2017 presidential campaign. He is also the first openly gay prime minister of France, having come out in 2018 during an interview with Paris Match.

The reasons for Elisabeth’s surprise resignation remain unclear, but some political observers speculate that it is a strategy to prepare for the 2024 presidential election, where Macron is expected to face far-right candidate Marine Le Pen. By temporarily stepping down from power, Macron could distance himself from criticism of his handling of the Covid-19 health and economic crisis and present himself as a candidate of renewal.

A profile of Gabriel Attal reveals his rapid rise in the political arena, progressing from a work experience recruit in the health ministry to becoming France’s youngest prime minister. Attal, who hails from a privileged background, has demonstrated effective communication skills, earning him the moniker “the Word Sniper.”

Born to Yves Attal, a lawyer and film producer of Tunisian Jewish descent, and Marie de Couriss, with roots in Orthodox Christians from Odesa, Attal is the first openly gay leader of the French government.

International leaders have begun congratulating Gabriel Attal, with French President Emmanuel Macron expressing confidence in Attal’s energy and commitment.

As discussions unfold about Attal’s potential premiership, critics question the choice, emphasizing his age and relatively short tenure as education minister. However, Attal’s trajectory suggests a promising and dynamic leadership style.

The official announcement of France’s new prime minister is anticipated later in the day, with Gabriel Attal emerging as the leading candidate.

Attal will have the daunting task of leading the country in a difficult period, marked by strong political polarization, a rise in populism and terrorism, as well as a climate emergency. He will also have to contend with a fragile parliamentary majority and tense relations with some European partners, notably Germany and Hungary.

Attal said he intended to continue Macron’s reforms, including on pensions, unemployment insurance and the environment. He also promised to strengthen social dialogue and citizen participation, drawing on his experience of youth and engagement. Finally, he affirmed his desire to defend republican values and secularism, while respecting diversity and the rights of minorities.

The new prime minister is expected to announce the composition of his government in the coming days, after consulting the president of the Senate, Gérard Larcher, and the president of the National Assembly, Richard Ferrand. According to some sources, he could appoint several personalities from civil society or the associative world, in order to renew the French political landscape.

NTA Acquires AFCON Broadcasting Rights After DStv’s Loss

By
Samuel Nwite
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0

The National Television Authority (NTA) has secured broadcasting rights to air all 52 matches of the highly anticipated 2023 African Cup of Nations (AFCON), causing a monumental shift in African football broadcast exclusivity.

This disrupting move comes in the wake of MultiChoice’s announcement of their inability to broadcast the tournament on DSTV and SuperSport, leaving a vacuum in coverage just days before the kickoff.

NTA announced this groundbreaking development via their official platform on X, confirming a strategic partnership with Afro Sports to bring the AFCON spectacle to Nigerian screens. The announcement, made on Wednesday, highlighted the signing of a memorandum of understanding between NTA and Afro Sports for the transmission of the entire tournament, setting the stage for an unprecedented level of access for Nigerian viewers.

Following the exclusivity shake-up in African football broadcasting, which saw Togolese broadcaster New World TV secure the broadcasting rights for all CAF competitions in the Sub-Saharan Africa region, including the 2023 and 2025 AFCON tournaments, Nigerian viewers faced an unexpected blackout on DStv. This development upended the status quo, ousting previous holders like SuperSport International and Canal Plus from the scene.

The three-year deal inked between New World TV and CAF covers rights for a staggering 13 competitions, spanning 46 countries in the region. This comprehensive agreement extends its reach far beyond the AFCON tournaments, encompassing various competitions, and mandates that free-to-air stations within these nations acquire broadcasting rights through sublicensing facilitated by New World TV.

The abrupt blackout on DStv, a longstanding source of football content across Africa, has left Nigerian viewers disheartened, particularly due to the looming AFCON tournament. The sudden unavailability of the platform jeopardizes the chance for Nigerian football enthusiasts to witness the Super Eagles’ quest for a coveted fourth AFCON title.

However, this groundbreaking shift in broadcasting rights facilitated by NTA has come to the rescue of Nigerian football enthusiasts, who now have the opportunity to catch every moment of the AFCON action from the comfort of their homes. With NTA at the helm, fans across the nation can eagerly anticipate witnessing all the thrills, goals, and drama that define this prestigious continental football tournament.

The AFCON 2023 tournament is set to kick off with a high-stakes Group A match between hosts Ivory Coast and Guinea Bissau at the Alassane Ouattara Stadium in Abidjan on January 13, 2024. Nigeria’s Super Eagles, positioned in Group A alongside Ivory Coast, Equatorial Guinea, and Guinea Bissau, are slated to launch their campaign against Equatorial Guinea at the same venue on Sunday, January 14, at 3 pm Nigerian time.

The team aims to seize their chance at clinching a fourth AFCON title, igniting hopes and fervor among Nigerian football enthusiasts.

NTA’s acquisition of the AFCON broadcasting rights not only assures comprehensive coverage but also signifies a monumental shift in the accessibility and availability of top-tier football events to the Nigerian audience.

Elon Musk to Introduce Peer-to-Peer Payment System on X

By
Samuel Nwite
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0

In a move that is likely going to reshape the payment industry, Elon Musk’s brainchild, X, is on the cusp of introducing a peer-to-peer (P2P) payment system within its digital platform.

This bold initiative marks a pivotal step in Musk’s grand design to transform X into an encompassing ‘everything’ app, a revolutionary concept that promises to redefine user interactions and transactions within a unified digital space.

Since Musk acquired the company over a year ago, murmurs of a comprehensive makeover have been rife. The blueprint entails integrating a myriad of features, encompassing payments, creator tools, and an immersive shopping experience, among others, into the fabric of the platform once known as Twitter.

X recently unveiled its forthcoming plans through an illuminating blog post, shedding light on the imminent launch of peer-to-peer payments later this year. The company envisions that this innovative addition will unlock enhanced user utility and a plethora of fresh commerce opportunities, epitomizing the platform’s potential as a one-stop hub for users to conduct various aspects of their lives seamlessly.

Notably, reports indicate that as of December 2023, X had secured licenses for payment processing in a dozen U.S. states. The company has been amassing regulatory approvals, with the count reaching 14 states as of January 2024, including recent additions such as Arkansas and Pennsylvania.

Elaborating on Musk’s vision, X aims to facilitate effortless fund transfers among users, enabling them to seamlessly send and receive money, subsequently withdrawing those funds to authenticated bank accounts, and fostering a holistic and integrated user experience.

Aside from the introduction of P2P payments, X has laid out an extensive roadmap for the year. One highlight is the deployment of Artificial Intelligence (AI) to elevate user experiences on the platform significantly.

The company recently announced its commitment to power user engagement and advertising through AI-driven enhancements, ranging from refining search functionalities and optimizing advertisements to fostering a deeper understanding of customer preferences.

“We will increasingly power the X user and advertising experience through Artificial Intelligence — from enhancing search and improving ads to fueling a new level of customer understanding, and more,” the social media platform said regarding 2024.

An innovative feature named “See Similar Posts,” empowered by xAI, is slated for enhancement, aimed at curating content aligned with user interests or even challenging their perspectives based on their historical interactions. This development aims to augment the quality and diversity of information users receive, enhancing their overall experience.

Furthermore, X plans to fortify its support for creators and content partnerships, bolstering its advertising capabilities through video content, performance-driven strategies, and ensuring brand safety. Collaborations with industry leaders, such as Integral Ad Science, aim to augment brand safety capabilities and verification standards on the platform.

Reflecting on its accomplishments in the past year, X highlighted its investment in creators, having disbursed ad revenue-sharing payouts to over 80,000 creators within a remarkably short period. Additionally, the company revamped its advertising algorithms, bridging the gap between organic and sponsored content, resulting in a staggering 22% surge in total ad engagements.

As Musk’s vision takes shape, X is poised to redefine social media by transcending conventional boundaries, morphing into a multifaceted platform where interactions, transactions, and information converge, reshaping the use of social media as we know it.

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