Wemade Expands Web3 Ecosystem Through New Collaborations

Australian venture capitalist and founder of MHC Digital Group, Mark Carnegie, is optimistic about bitcoin's potential for a bullish trend, while believing that Asia will be the real force driving the market beyond the exchange-traded fund (ETF) approval hype in the United States.Photo by Hans Eiskonen on Unsplash$50,000 bitcoin retestIn a recent interview with CNBC, Carnegie expressed his belief that bitcoin is "clearly primed for a bit of a run and a retest to $50,000." The bitcoin unit price stood at around $43,600 at the time of the interview. At the time of writing, it’s weighing in at $46,773. While there’s likely to be considerable resistance in the leading cryptocurrency getting past the psychologically important $50,000 level, the digital asset is certainly heading in the direction that Carnegie had predicted. Looking ahead, Carnegie shared his short-to-medium-term outlook, stating:"So my feeling is short term, long, medium term, which is, you know, 30 to 90 days, probably a retrace." This suggests that Carnegie anticipates a positive trajectory for bitcoin in the coming months, likely as an initial response to a spot bitcoin ETF approval in the U.S. Last week a report from Singapore-based digital asset financial services firm Matrixport speculated that spot bitcoin ETF applications would be rejected as they have been over the past few years. Market risk factorsHowever, he also voiced concerns about the current state of the U.S. equity markets and potential recession indicators. Reflecting on the recent miss on payrolls, Carnegie commented:"I feel like that miss on payrolls last week makes me feel like there's a big flip. And everyone's going to start panicking about a recession." Despite the uncertainty in traditional markets, Carnegie remains optimistic about bitcoin's performance. When asked about the specific impact on cryptocurrencies, he admitted, "How's that going to affect crypto? I don't really know." In a blog post published last Friday, Arthur Hayes, the CIO of Hong Kong-based family office Maelstrom, similarly points to market turbulence in the short to medium term while remaining bullish on bitcoin over the longer term. An Asia-powered bull runCarnegie highlighted the influence of spot bitcoin ETFs and suggested inflows, noting that there are more net flows from Asia than the U.S. He stated:“You could easily see $50 - $100 billion in net new flow out of Asia this year, and if that happens..!” He mentioned the anticipation of approximately $5 billion waiting to come into the U.S., characterizing it as substantial but perhaps not as impactful as expected in the short term. "It's an Asian story this time round,” Carnegie claimed. Carnegie also expressed a preference for bitcoin over Ethereum in the current financial landscape. He stated:"Bitcoin feels more solid to me at the moment. So on a relative basis, I can talk like I can talk to you. I feel like for the next little while, Bitcoin feels better to me than Ethereum." Mark Carnegie's positive outlook on bitcoin's potential rally to $50,000 aligns with his preference for bitcoin over Ethereum in the current market conditions, despite concerns about the broader economic landscape.  

Study Places Hong Kong as Leader in Crypto ReadinessHong Kong, according to a recent study conducted by Forex Suggest, has emerged as the leading jurisdiction worldwide in terms of its readiness for cryptocurrencies. The study evaluated various factors such as the number of blockchain startups per 100,000 people and the density of crypto ATMs in relation to the population.Photo by Traxer on UnsplashZero capital gains taxThe attractiveness of Hong Kong for investors in the crypto space stems from its advantageous tax policies. The study noted that Hong Kong does not levy capital gains taxes on cryptocurrency, making it an appealing destination for crypto enthusiasts. The United States and Switzerland secured the second and third positions, respectively, in the rankings of the most crypto-ready countries.In recent times, Hong Kong has actively embraced investments from digital asset companies and is poised to implement new regulations for the industry. Effective from June 1, the city’s new rules aim to establish Hong Kong as a global hub for digital assets. These regulations permit licensed cryptocurrency trading platforms to offer services to retail investors while incorporating measures to safeguard individual traders.Global crypto firms are gearing up for that new licensing approach, carving out separate corporate entities in order to meet the regulatory requirements which the Hong Kong regulator, the Securities Futures Commission (SFC), has set. Another Hong Kong regulator, the Hong Kong Monetary Authority (HKMA), is also opening up to embrace digital asset innovation through a pilot project implicating the tokenization of real world assets.Regarding the number of blockchain startups, Hong Kong boasts three startups per 100,000 individuals, securing the second position globally. Topping the list is Switzerland, with an impressive count of 12.9 blockchain startups per 100,000 residents, amounting to a total of 1,128.The study also highlighted that countries such as Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey impose the lowest taxes on cryptocurrencies. These nations exempt individuals from capital gains taxes on profits derived from cryptocurrency trading.Crypto ATM proliferationWhen considering the prevalence of crypto ATMs, Hong Kong ranks third globally, with two ATMs per 100,000 people, totaling 149 ATMs. The United States takes the top spot with nearly 34,000 crypto ATMs, but when normalized to the population, it has 10.1 ATMs per 100,000 individuals.Regressive measures in USIn contrast to Hong Kong’s favorable environment, regulators in the United States have intensified their efforts to tighten regulations on cryptocurrency exchanges, leading many within the industry to advocate for clearer guidelines. Consequently, several exchanges are exploring jurisdictions that offer more favorable conditions.Forex Suggest emphasized that the report’s findings were based on extensive data analysis, taking into account factors such as tax regulations, legislation, the presence of blockchain startups, and the level of interest in cryptocurrencies. Each jurisdiction received a normalized score out of 10 for each factor, and the overall rankings were determined by averaging these scores.Hong Kong’s position as the most crypto-ready jurisdiction in the world showcases its commitment to fostering innovation and becoming a global leader in the digital asset space. With its advantageous tax policies, growing number of blockchain startups, and forthcoming regulations, the autonomous Chinese territory is solidifying its position as an attractive destination for businesses and investors in the cryptocurrency space.

Standard Chartered Muscling Into Asian Crypto SpaceUK banking giant Standard Chartered is making a concerted foray into the Asian crypto sector through its Singapore-based subsidiary, Standard Chartered Ventures.Photo by Kirill Petropavlov on UnsplashTargeting institutional businessThat’s according to a report by Nikkei Asia on Tuesday. It’s believed that the company is positioning itself as a trusted choice for institutional cryptocurrency clients amid the backdrop of digital token price volatility and recent upheavals in the industry. The move will pit the British bank directly against global crypto exchange Binance in key Asian markets, specifically Singapore and Japan.Rene Michau, the Global Head of Digital Assets at Standard Chartered, emphasized what he considers to be the bank’s unique advantage in the digital asset space, stating:“As regulated banks, we have a fairly deep infrastructure around risk, conduct compliance, and the activities that go along with crypto assets.”This solid infrastructure includes established risk frameworks, governance structures, and compliance tools that Standard Chartered is keen to bring into the cryptocurrency sphere, thus making it an attractive option for its clients.Zodia Custody and Zodia MarketsStandard Chartered’s substantial involvement in the cryptocurrency market is channeled through its majority ownership of Zodia Custody, responsible for safeguarding digital assets, and Zodia Markets, a crypto exchange tailored for institutional clients.Both entities have been making significant progress in bringing their offerings to market in recent months. Zodia Custody recently launched its services in Singapore, offering a secure solution for financial institutions to manage their crypto holdings. Last month it launched a crypto staking product targeted at institutional clients.In the same month, Zodia Markets achieved in-principle approval to trade as a broker-dealer in the United Arab Emirates. Zodia Custody has also been successful in the UAE, launching its crypto custodian service in Dubai in May.Japan and SingaporeThis concerted effort by Standard Chartered follows a broader trend where traditional financial institutions, such as DBS Group Holdings in Singapore, are entering the cryptocurrency market, capitalizing on the challenges faced by younger crypto players in proving their credibility.Binance rebranded its Binance Custody unit as Ceffu and expanded its offerings for corporate customers in Singapore. While Binance asserts the independence of Ceffu, the exact nature of their capital relationship remains undisclosed.A parallel competition is unfolding in Japan, where Binance Japan has entered the market and Standard Chartered’s Zodia Custody has formed a joint venture with SBI Digital Asset Holdings, targeting institutional clients.While Standard Chartered has achieved a lot through its crypto-focused subsidiaries in a short space of time, there’s always room for improvement. In June, Hong Kong’s banking regulator singled out Standard Chartered alongside HSBC, appealing to both banking groups to make greater efforts to bank crypto clients within the Chinese autonomous territory, as it looks to compete with Singapore in becoming a regional crypto hub.The cryptocurrency sector has witnessed increased scrutiny as virtual currencies like Bitcoin and Ether have gained popularity. The rise of digital token exchanges, each vying for custody of assets belonging to investors who have embraced cryptocurrencies, has sparked concerns about corporate governance and security.Giants in traditional finance, like Standard Chartered, are stepping in to offer institutional investors a safer path to engage with virtual assets while leveraging the trust associated with established brands.