Today in digital assets, Asia embraces crypto, BoA's crypto forecast, FTX's potential reboot, and Aave V2's bug issues.
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Hong Kong Allows Crypto Trading and South Korea Advances Crypto Bill

Hong Kong Allows Crypto Trading and South Korea Advances Crypto Bill

Today in digital assets, Asia embraces crypto, BoA's crypto forecast, FTX's potential reboot, and Aave V2's bug issues.

Date:
May 24, 2023
| Issue
#
23

Welcome to another edition of the Datawallet newsletter, a place for all crypto enthusiasts and all things crypto. We will share topics and news from the world of crypto with you, our readers, covering the basics and the more complex topics. So read on!

Today’s drop will cover these key daily news items:

  • HK to allow crypto trading
  • South Korean committee advances bill for crypto
  • Bank of America claims near-term upside for crypto limited
  • FTX CEO John J. Ray III hints at reboot plan
  • Aave V2 users stuck on Polygon due to bug

HK to allow crypto trading and exchanges

Amidst the clashing waves between the digital-asset industry and regulators in Asia, Hong Kong is boldly sailing towards becoming a hub for crypto trade. The city's Securities and Futures Commission has announced that retail investors can participate in this voyage under a new rulebook, allowing them to trade big tokens like Bitcoin and Ether from June 1 onwards. It seems that Hong Kong is determined to navigate these choppy waters and chart a course towards a prosperous future in the world of cryptocurrencies. For more information on available excjamhes, check out our best crypto platforms in Hong Kong guide.

South Korean committee advances bill for crypto

On Monday (May 22), a South Korean panel gave the nod to a new law that demands lawmakers to disclose their crypto holdings in the wake of a recent controversy involving an influential legislator's covert investments. Currently, officials are required to make public their conventional assets like money, stocks, and properties within 30 days of their election. The objective is to promote transparency and prevent high-ranking policymakers from engaging in potential conflicts of interest. However, the previous law missed out on tracking virtual coinage. With the proposed modifications, Assembly members must reveal their digital riches by the end of the subsequent month, according to local reports.

Bank of America claims near-term upside for crypto limited

According to a research report by Bank of America (BAC), the cryptocurrency markets may be experiencing limited growth in the near future. The report suggests that due to a lack of confidence, limited catalysts, and a strong year-to-date performance, the digital asset sector may be stuck in a trading range. 

Analysts Alkesh Shah and Andrew Moss also highlighted a challenging macro backdrop that may limit the upside of digital assets. However, the bank notes that conversations with clients indicate that hedge funds are returning to token trading, with momentum strategies benefiting from heightened volatility caused by declining trading volumes. This trend involves investors buying assets that are rising and selling them when they reach their peak, using volatility to identify buying opportunities in short-term uptrends and then selling when momentum starts to decline.

FTX CEO John J. Ray III hints at reboot plan

According to a recent court filing, FTX's CEO, John J. Ray III, dedicated a considerable amount of time last month to masterminding a revival plan for the now-defunct crypto exchange. The monthly staffing report and compensation details for the tenacious leader of FTX's restructuring efforts reveal a flurry of activities aimed at resuscitating the exchange. 

Ray relentlessly pursued the next steps necessary to breathe life into the platform, meticulously reviewing and polishing the FTX 2.0 materials for dissemination to eager investors. As reflected in the "Summary of Time and Fees by Professional," Ray invoiced a princely sum of $1,040 for less than an hour's worth of work, devoted to perfecting the 2.0 reboot of the exchange materials.

Aave V2 users stuck on Polygon due to bug

A temporary roadblock has emerged for some Aave Version 2 (V2) users, as their funds are currently inaccessible due to a faulty bug that surfaced after the platform's deployment on the Polygon blockchain. While Aave's decentralized finance (DeFi) protocol offers lending and borrowing services across multiple blockchains, including Ethereum, Polygon, and Avalanche, the complexity of this ecosystem sometimes leads to unforeseen compatibility issues. 

Unfortunately, an upgrade to the "ReserveInterestRateStrategy" last week inadvertently triggered this hiccup, leaving users temporarily stranded and unable to access their assets. Among the affected tokens are tether (USDT), bitcoin (BTC), ether (ETH), and polygon (MATIC).

Other breaking news

  • TornadoCash attacker deployed a new proposal
  • Inverse DBR Streaming
  • Lido withdrawals UI live
  • Polygon zkEVM to reduce fees
  • Dash Chain upgrade stalls

Wrapping Up

That’s the end of a busy day for the crypto markets. FTX can’t stay out of the news, with the new CEO hinting at a reboot. In Asia, Hong Kong is planning on allowing traders to trade crypto, while South Korea is looking for more transparency in crypto markets. Analysts claim that in the near term, the upside for crypto is limited, while a slew of bugs hits Aave V2 users. Stay informed and ahead of the game with our daily crypto scoop. See you next week!