UAE Accelerates Cross-Border Payments with JPMorgan’s Onyx

Velo Token (VELO) has experienced a significant surge in popularity within Southeast Asia's crypto market, drawing comparisons to established players like XRP. Market intelligence platform Santiment highlighted VELO's meteoric rise, noting a substantial 358% increase in price over the last six weeks. This remarkable performance has captured the attention of investors and analysts alike, leading to discussions regarding its potential to become the "XRP of Southeast Asia."Photo by Lucas George Wendt on UnsplashFactors driving VELO's growthThe primary factor fueling VELO's rapid ascent is its substantial trading volume, particularly in the Asian market. According to Santiment data, VELO's trading volume has surged to $95.95 million, a noteworthy figure for a token outside the top 100. This surge in volume reflects growing interest and confidence in VELO, attributed to its integration with leading blockchain platforms such as Solana (SOL) and Binance Smart Chain. VELO has demonstrated significant progress, with a 57% increase over the past seven days and an impressive 225.51% surge over the last 30 days. Despite recent market fluctuations, VELO has maintained a bullish trend, recording a 16.88% rise from a 24-hour low. Santiment's Weighted Sentiment metric indicates a bullish outlook for VELO compared to XRP, further bolstering investor confidence in VELO's potential. Contributing factors to VELO's successSeveral factors have contributed to the unprecedented surge in VELO's value. Notably, VELO tokens are stored in reputable self-custody wallets such as Ledger, Lobstr, and Freighter, enhancing their popularity among investors. Endorsements from crypto influencers, who have labeled VELO as the "XRP killer," have also amplified investor interest. Additionally, VELO's strategic partnerships with industry leaders like iRemit, Visa and Lightnet have expanded its regional market and validated its capacity to revolutionize cross-border payments and digital financing solutions. As a result, VELO has witnessed substantial growth in trading volume, with its price reaching $0.029 per token. VELO's rise signifies its potential as a catalyst for innovation in the cryptocurrency sphere, akin to XRP. Its unique combination of smart contracts, absent in the XRP blockchain, adds to its appeal for investors seeking efficiency and versatility in financial transactions. Velo Labs' focus on revolutionizing international remittance markets further solidifies VELO's position as a game-changer in the crypto landscape. With the possibility of expanding its popularity beyond Asia, VELO's market cap could experience significant growth, further cementing its presence in the cryptocurrency market. 

Research Center Highlights Overvaluation in Overseas Crypto Holdings Reported to Korean Tax AgencyThe Korbit Research Center, affiliated with one of South Korea’s leading cryptocurrency exchanges, Korbit, has raised questions about the size of overseas cryptocurrency holdings reported by Korean individuals and businesses to the National Tax Service.Photo by REDioACTIVE on PixabayThe issue of market-making activitiesThe center noted that following the 2017 initial coin offering (ICO) boom, many enterprises that issued cryptocurrencies through offshore entities might still be holding onto their native tokens. This would have resulted from their inability to distribute these tokens to the market after the speculative bubble burst. The center believes these reported values could have been influenced by the issuers’ market-making activities, possibly inflating their worth.According to the National Tax Service, Korean individuals and corporations hold a total of KRW 130.8 trillion (around $98 billion) in overseas crypto accounts. Notably, 73% (KRW 120 trillion) of this sum is held by 73 corporate entities.Highlighting a critical aspect of cryptocurrency valuation, the Korbit Research Center pointed out that when tokens are priced based on market-making activities, they may be overvalued. They further underscored that even if the true value of overseas holdings by these entities is only a tenth of the reported sum, a figure like KRW 12 trillion is still substantial.Retail investors seeking overseas optionsFurthermore, the center touched on retail investors, noting that the KRW 10 trillion in their offshore accounts indicates a gap in services offered by Korean crypto enterprises. It suggests that individual investors might be exploring foreign markets due to domestic limitations like the absence of derivatives and lending options.Given the borderless nature of the crypto industry, Korean individuals readily turn to overseas services that cater to their needs. The Korbit Research Center estimates a KRW 10 trillion unmet demand in the domestic crypto sector, suggesting that stringent local regulations might be driving capital outflows.

Legislator Invites Coinbase to Set Up Shop in Hong KongHong Kong continues to position itself as a favorable destination for the cryptocurrency industry, with the latest evidence of that coming in the form of an invitation to US-headquartered crypto exchange Coinbase to set up a base in the autonomous Chinese territory from one of its legislators.In a bold move showcasing its progressive stance on cryptocurrencies, Johnny Ng, a member of Hong Kong’s Legislative Council, has extended an invitation to Coinbase and other crypto exchanges to establish their operations in the region. Ng took to Twitter on Saturday to express his support and offer assistance to “all global virtual asset trading operators,” emphasizing the potential for stock listing opportunities.This invitation came at the end of a week which saw major industry players like Binance and Coinbase face legal action from the United States Securities and Exchange Commission (SEC).Photo by Ben Cheung on PexelsContrasting approachesHong Kong stands in stark contrast to the cautious approach adopted by many Western countries when it comes to cryptocurrencies. In January 2023, Paul Chan, Hong Kong’s Financial Secretary, reaffirmed the government’s commitment to building a robust ecosystem for crypto and fintech. Since then, Hong Kong has been actively developing regulations and implementing compliance measures to foster the growth of the cryptocurrency industry.Recently, the Hong Kong Monetary Authority (HKMA) announced its intention to lay the foundation for a retail central bank digital currency (CBDC). This initiative, revealed on June 9, aims to explore the benefits of CBDCs as a means of everyday payment transactions and to facilitate customer access to cryptocurrency exchanges.Crypto hub ambitionsNg’s invitation to Coinbase exemplifies Hong Kong’s ambition to become a leading digital hub for the crypto industry. Several crypto exchanges, including OKX and Huobi, have already applied for virtual asset service provider licenses in the region, demonstrating their confidence in Hong Kong’s favorable regulatory environment.Hong Kong’s crypto-friendly approach has also attracted interest from prominent international technology companies. In January, Samsung, the South Korean tech giant, announced plans to launch a Bitcoin futures active exchange-traded fund on the Hong Kong Stock Exchange.Furthermore, reports emerged in mid-February suggesting that Chinese government officials have granted strategic approval to Hong Kong’s pro-crypto initiatives. This recognition from Chinese authorities further underscores the significance of Hong Kong’s efforts in the crypto space and their potential impact on the broader digital currency landscape.Coinbase going globalLong before the arrival of last week’s lawsuit against Coinbase, the company had indicated that it was broadening its horizons. Some weeks back, SEC Chair Gary Gensler appeared on Capitol Hill in Washington, D.C., and Coinbase Founder and CEO Brian Armstrong chose that moment to outline that the company would look to operate overseas if the regulatory environment didn’t change in the US.In the intervening weeks, Coinbase has extended its product offering in Singapore, indicating its interest in establishing a base in Abu Dhabi while obtaining crypto licensing in Bermuda.With its proactive regulation, dedication to fostering industry growth, and growing interest from global players, Hong Kong is poised to become a prominent player in the cryptocurrency world. Despite the ongoing scrutiny faced by Coinbase and other exchanges in the United States, Hong Kong presents an attractive alternative for these companies to expand their operations and tap into the region’s thriving crypto ecosystem.