SEBA Bank Receives Conditional Approval for Crypto Services in Hong Kong

Vietnam has moved to take a positive approach to crypto assets by passing legislation to legalize them. Last week, the Southeast Asian nation’s National Assembly passed the Digital Technology Industry Law, which takes effect on Jan. 1, 2026, according to a report published in the official online newspaper of the Vietnamese government. Photo by Daniel Bernard on UnsplashCategorizing digital assetsThe law sets out two categories of digital assets, virtual assets and crypto assets. The legislation frames virtual assets as digital assets used for exchange or investments. Meanwhile, crypto assets are to be regarded as digital assets utilized to validate transactions and confirm ownership while relying on the use of encryption technology. Neither category includes securities or digital versions of fiat currencies such as central bank digital currencies (CBDCs) or other financial instruments. The legislation gives the Vietnamese government the authority to define and apply specific regulatory conditions when it comes to items such as anti-money laundering (AML) measures and the inclusion of international cybersecurity standards. It is hoped that the law will pave the way for the development of home-grown technological enterprises within Vietnam, while also promoting a nationwide digital transformation process. Regulatory clarityThe legislation is significant as it clearly sets out the legal status of digital assets in Vietnam after years of uncertainty and regulatory ambiguity. Singapore-based blockchain-focused Business Strategist, Anndy Lian, said that such legal clarity could result in Vietnam becoming a regional hub for the crypto sector.  Anh Tran, who belongs to Superteam Vietnam, a community for Solana builders in Vietnam, said that the development was huge for founders, developers and investors in the crypto space in Vietnam. He stated: “For a country who has always been at the forefront of crypto adoption, [Vietnam] is now a 'green-lighted zone' in principle, but we're still waiting at the red light for operational rules.” He refers to the fact that Vietnamese regulators still have until Jan. 1, 2026, to flesh out the details in terms of defining who can issue, trade, custody or manage crypto, and how AML, cybersecurity and taxation are handled. Vietnamese officials are likely to give strong consideration to AML measures relative to crypto given that the Southeast Asian nation has been on the grey list of the Financial Action Task Force since 2023. Countries who appear on the grey list are under considerably more scrutiny with regard to AML matters. While another community member claimed that anywhere crypto regulation has been implemented, actual usage has declined, Tran maintained that regulation is inevitable and that “crypto doesn’t need to be lawless to be free.” Last October, Vietnam set out its blockchain strategy, aspiring to the goal of achieving regional leadership in the sector by 2030. In March, the country’s Prime Minister, Pham Minh Chinh, requested that a legal framework for cryptocurrencies be established.  According to Chainalysis’ 2024 Global Crypto Adoption Index, Vietnam ranks fifth in the world.

Matrixport’s Market Sentiment Index Points Towards Bullish MomentumMatrixport, the Singapore-headquartered digital asset financial services provider, has once again showcased its Bitcoin Greed & Fear Index in forecasting unit price trends relative to Bitcoin. The company has repeatedly pointed to trends indicated by the proprietary index, with its current signals on this occasion pointing towards a potential resurgence of bullish sentiment for Bitcoin (BTC).Potential price resurgenceRecent data from Matrixport’s index demonstrates a notable shift from 30% to 60%, a significant rebound following July’s sharp decline from above 90%. This rebound has caught the attention of Markus Thielen, who serves as the Head of Research and Strategy at Matrixport. Thielen conveyed his thoughts on the current indications provided by the Index in a recent note to clients.Thielen noted that the index appears to have reached its bottom, as the daily signal indicates an impending upward push. This tactical bullishness, following a four-week period of consolidation, raises the possibility of Bitcoin prices resuming their upward trajectory.Historical data comparisonDrawing upon historical patterns, the index’s peaks and troughs, along with its 21-day simple moving average (SMA), have consistently aligned with shifts between bullish and bearish trends in Bitcoin’s value. Currently, the 21-day SMA shows signs of bottoming out, which further bolsters the argument for an upcoming resurgence of positive volatility in the Bitcoin market.Gauging sentimentAt its core, the Greed & Fear Index serves as a gauge for investor sentiment within the cryptocurrency realm. When readings exceed 90%, they signify a state of greed or unwarranted optimism, whereas readings below 10% denote extreme fear or pessimism. These metrics hold a certain significance as they often coincide with market peaks marked by excessive optimism and bottoms marked by intense fear.For the past several weeks, Bitcoin’s price movement has been subdued, oscillating within the range of $28,000 to $30,000. This stagnation has coincided with broader market volatility and anticipations of forthcoming interest rate cuts by the Federal Reserve in the early months of the upcoming year.Analysts are pinpointing consideration by the US Securities and Exchange Commission (SEC) regarding the approval of a spot exchange-traded fund (ETF) as a pivotal catalyst for future price fluctuations given the world’s largest asset manager, BlackRock, has gotten involved. In a recent interview with Forbes, contributor Sam Lyman stated: “A lot of bitcoin ETFs have been filed in the last couple years — but none from an asset manager as high-profile and well connected as BlackRock.”Not an exact scienceMatrixport’s Bitcoin Greed & Fear Index stands as one individual tool which can be utilized in order to arrive at a forecast relative to Bitcoin pricing. Price forecasting is far from an exact science and while it is encouraging that the Index is pointing towards a potential bullish resurgence in Bitcoin’s price movement, market participants will need to remain mindful that markets by their very nature are unpredictable, particularly so when it comes to a nascent asset such as Bitcoin.As the market watches the SEC’s deliberations relative to a Bitcoin ETF closely, the time ahead is likely to hold significant developments that could shape the future trajectory of Bitcoin’s value.

BIT Exchange Unveils XRP Options TradingBIT Exchange, a cryptocurrency derivatives platform, has announced the introduction of XRP options trading in a move that provides for more advanced trading dynamics within the digital assets space.The development, disclosed via a blog post published to the company’s website on Thursday, offers users the unprecedented opportunity to engage in XRP options trading without the need to possess the actual cryptocurrency.Photo by Kanchanara on UnsplashUS dollar settlementA distinguishing feature of this initiative is that profit and loss settlements will be conducted in US dollars. To ensure a seamless experience, BIT Exchange has partnered with OrBit Markets to maintain robust order book liquidity. This expansion of offerings complements the exchange’s existing suite, which already includes stalwarts like Bitcoin (BTC), Ether (ETH), Cardano (ADA), Toncoin (TON), and Milady (LADYS).Facilitating hedgingFor the uninitiated, options are derivative contracts that empower the holder with the right to buy or sell the underlying asset at a predetermined price before a specified date. Call options grant the holder the buying privilege, while put options provide the selling prerogative. Typically deployed for hedging purposes, options play a pivotal role in mitigating bullish or bearish risks, and they can also act as a supplementary revenue source when traders “write” options alongside their spot market holdings.Justin Buitendam, BIT Exchange’s Global Head of Institutional Sales, remarked on the milestone, stating: “We’re excited to be among the early platforms offering XRP options trading to institutional and retail traders, providing both long and short options trading opportunities.”XRP boostAs of now, XRP boasts a market capitalization of $26.5 billion, positioning it as the world’s fifth-largest cryptocurrency. Notably, XRP, akin to several other alternative cryptocurrencies, exhibits greater volatility compared to the more established Bitcoin and Ether.The native token of the Ripple global payments network has experienced a market resurgence in recent weeks, following a positive outcome to a lawsuit taken by the Securities and Exchange Commission (SEC) against Ripple Labs in the United States. In the wake of that decision, many cryptocurrency exchanges that had delisted the token immediately reinstated it. BIT Exchange’s strategic move to introduce XRP options aligns with those recent legal developments.Ripple, as the issuer of the XRP token, garnered a partial victory in its ongoing legal battle against the SEC. The court ruled that XRP is not classified as a security when traded on centralized exchanges. However, a different classification may apply when XRP is directly sold to institutions.The matter is far from settled, however. More recently, the SEC has sought permission to challenge the court’s verdict, underscoring the dynamic and evolving landscape of cryptocurrency regulations.BIT Exchange was spun out of Singapore-based crypto financial services platform, Matrixport. Both have been co-founded by Jihan Wu, better known for having founded leading Chinese crypto mining outfit Bitmain.