ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 98

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 Historic Move: Hong Kong Approves First Bitcoin and Ethereum ETFs

Hong Kong has approved Bitcoin and Ethereum ETFs with local regulators approving at least 3 issuers that are Harvest Fund Management, Bosera Asset Management and China Asset Management. The decision by the Hong Kong Securities and Futures Commission (SFC) highlights a history move and milestone for cryptocurrency, allowing ETFs to be launched using BTC and ETH under an in kind creation model. OSL Digital Securities will act as a sub custodian for two of the issuers, facilitating the direct exchange of assets for ETF shares. Even though the confirmation of launch dates haven’t been confirmed, investors anticipate a surge in capital inflow into Hong Kong’s digital asset market. This historic move from Hong Kong is signaling the accelerated adoption of crypto currencies in financial markets.

 Russian Central Bank Supporting Cryptocurrency Payments For Overseas Trade

The Bank of Russia has announced its support to use cryptocurrency payments for international settlements. Elivira Nabiullina, current head of the central bank of Russia, highlighted introducing a sandbox style experimental approach to implement the national digital assets for transactions. The bank has been cautious about cryptocurrency’s use for national payments due to regulatory concerns, exploring its use for foreign settlements. Additionally, the bank is looking to explore central bank digital currencies for international payments, highlighting Russia’s willingness to adopt blockchain into their financial system.

 Vietnam Keeps Doors Open For Cryptocurrencies, Highlighting Need For Regulatory Framework

Vietnam’s Ministry of Justice has clarified that cryptocurrencies are not banned in the country. However, there is an urgent need for a regulatory framework to govern their use, thus the Vietnamese government has directed its central bank to explore measures to prevent money laundering in cryptocurrencies, while the Vietnam’s Finance Ministry has been tasked with drafting a cryptocurrency regulatory framework targeted for completion for May 2025. This signals Vietnam’s openness to ownership of crypto assets and adoption. Vietnam also is ranked 3rd in the world behind the U.S. and the U.K. in cryptocurrency gains, according to a report by U.S. crypto data provider Chainalysis.

 Trust Wallet Recommends To Shut Down iMessages Amid Crypto Zero-Day Vulnerability

Trust Wallet’s CEO Eowyn Chen has shared a screenshot of the exploit being sold for $2 million, advising Apple users to disabled iMessage due to a potential zero day exploit. Trust Wallet asserts that the exploit could allow hackers to control user’s phones without the need for clicking any links, increasing the risk for high value account holders. Despite Trust Wallet’s alert, skepticism arose within the crypto community, questioning the credibility of the threat and its potential impacts, however Trust Wallet confirmed their information was accurate from their security team and partners. Apple has not yet responded to inquiries regarding the issue.

 Bored Ape NFT Floor Price Is At An All Time Low

Bored Ape Yacht Club (BAYC), once one of the highest priced NFT on the Ethereum blockchain, has now plummeted over 90% from its peak, reaching 11.1 ETH floor price, its lowest point since August 2021. This decline correlates to a broader industry trend, with digital art NFTs losing popularity compared to memecoins for the first quarter of 2024. Despite BAYC floor price increase, the price is still above the original mint price of 0.08 ETH. It will be an interesting year for NFT’s as gaming studios are preparing to launch NFT games which can have an impact on floor prices.

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