The latest round-up for the world of cryptocurrency is now here with CryptoWatch, with Hong Kong making a resounding development in the industry with the first Asian spot Bitcoin and Ether exchange-traded funds (ETFs).
Additionally, there is an expert who predicted massive changes for crypto regulation coming this 2024, one that could lead to significant changes.
Lastly, the prison sentence handed to Binance's former CEO and renowned founder, Changpeng Zhao, was less than the recommended time by the prosecution.
Hong Kong's 1st Spot Bitcoin in Asia, Ether ETF
Hong Kong introduced the first-ever spot Bitcoin and Ether ETF trading in Asia with its recent venture last week and was made available to be traded in Hong Kong Dollars, US Dollars, and Chinese yuan.
It was managed by three managers in the country, including Bosera Funds, China Asset Management (Hong Kong) Limited, and Harvest Global Investments.
The country made these ETFs available to trade on the Hong Kong Stock Exchange, with its debut starting with an average price of 1.7 percent for Bitcoin ETFs and Ether suffering a slight 0.5 percent decline on its ETFs when the trading closed.
The East Asian country marks this momentous trading as it positions itself as a pioneer in virtual asset development in Asia.
Crypto Regulations Coming This 2024
Crypto may have had a good start in 2024, but it is facing massive crypto regulations, with many companies facing scrutiny from federal regulators and justice entities around the world.
A tough year ahead is expected for the crypto industry, with legal officers claiming that companies must make the "grind" to adhere to the coming regulations.
According to Jake Chervinsky, Chief Legal Officer at Variant, cryptocurrency faces a "war for individual liberty in the digital age."
Moreover, Ape Terminal founder Hassan Hatu Sheikh, also regarded that the "regulatory space is heating up," with many regulators finalizing the policies for crypto's operations, expected to change the landscape in the world.
Binance's Changpeng Zhao Prison
The former Binance CEO and renowned founder, Changpeng Zhao, has been sentenced to four months in prison after being convicted of his crimes regarding anti-money laundering issues during his leadership.
The sentencing saw reduced time because of Zhao's guilty plea deal and cooperation with the US government regarding the scrutiny of the company back when he was its chief executive.
It was not expected that Zhao would only get four months as the prosecution suggested he get three years for his crimes despite the plea deal.
Zhao was charged with federal money laundering violations, as well as a $50 million personal settlement. On the other hand, Binance saw a $4.3 billion fine, but forfeited $2.5 billion, and was required to pay only $1.8 billion for their anti-money laundering violations.
However, Zhao's case only constitutes 12 to 18 months in prison, against the recommended three years.
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