The applications for spot ethereum exchange-traded funds (ETFs) face a potential rejection in May when the U.S. Securities and Exchange Commission (SEC) reaches its deadline for decisions, according to Vaneck’s CEO. His firm is one of the applicants seeking approval for a spot ether ETF. “Right now, pins are dropping as far as Ethereum is […]
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Composable Data Assists Dapp Developers in Unlocking Rich Data Applications – Swaroop Hegde
Composable data, a flexible and modular approach in the field of data analytics, benefits decentralized application (dapp) developers constrained by the limitations of current data protocols. Swaroop Hegde, co-founder of Powerloom, explains that composable data maintains a decentralized database of data points verified through a consensus mechanism. Clean Insights Versus Actionable Intelligence Hegde, a thought […]
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Hong Kong sets deadline for crypto exchange licensing applications or face shutdown
Hong Kong’s Securities and Futures Commission (SFC) told unregistered Virtual Asset Trading Platforms (VATPs) within its region to submit their licensing applications by Feb. 29 or close their businesses by May 31, according to a Feb. 5 notice.
The financial regulatory authority reaffirmed this deadline for cryptocurrency trading firms while advising investors to engage with licensed platforms in the region. As outlined by the SFC, crypto traders can verify the regulatory standing of these platforms by March 1 via its “List of licensed virtual asset trading platforms” or on the “List of virtual asset trading platform applicants.”
“Investors should check the regulatory status of a VATP from time to time and in any event on 1 March 2024. This is because VATPs operating in Hong Kong which have not submitted their licence applications to the SFC by 29 February 2024 MUST close down their businesses in Hong Kong by 31 May 2024 pursuant to the transitional arrangements under the SFC’s regulatory regime for VATPs,” SFC added.
Last year, Hong Kong initiated its cryptocurrency licensing framework for virtual asset trading platforms, paving the way for licensed exchanges to provide retail trading services. Notably, the city-state has licensed two platforms, including HashKey and OSL.
Meanwhile, the regulatory authority diligently scrutinized applications from 14 crypto entities, including OKX, Bybit, and HKVAEX. The SFC emphasized that the application process does not guarantee approval, cautioning investors to exercise prudence when engaging with these platforms.
These initiatives reflect Hong Kong’s commitment to fostering a pro-crypto environment. Recently, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) unveiled a comprehensive regulatory framework for stablecoins. Additionally, authorities have expressed preparedness for spot Bitcoin exchange-traded fund (ETF) products, further solidifying Hong Kong’s stance in the evolving crypto landscape.
The post Hong Kong sets deadline for crypto exchange licensing applications or face shutdown appeared first on CryptoSlate.
Ageism ‘was in the water:’ 500 applications, dozens of interviews and no offers
Chris Autry built, opened and ran corporate call centers for about 30 years. His longest stretch of unemployment was for six months in 1989. Until recently, that is.
Autry, 64, lost his job last year in a corporate downsizing and hasn’t been able to find another one in the nine months that he has been looking. He thinks ageism may be playing a role.
See: Live coverage of the January jobs report
He’s applied for about 500 jobs and gotten a 12% response rate that has led to dozens of interviews and follow-ups. Several interviews have been with CEOs or decision makers in the company, but he still hasn’t landed a job.
“Everything is virtual nowadays. I’ve found that if the first interview or screening is done over the phone, I always get to the next level. If it’s by video, I don’t make it to the next level,” Autry said. “Perhaps it might be unconscious bias if they see me as an older applicant.”
He said he never felt that ageism was overt or anything he could prove. Rather, it was more subtle.
During one interview, he said, he dressed appropriately, in his view, wearing a jacket and tie. The vice president of human resources asked him if he always dressed so formally.
“I got the impression that maybe I come off as old school, stuffy, from a bygone era,” Autry said.
He never said anything about that comment and has never filed a complaint about age discrimination, he said, because it’s always been so subtle.
“Even in my mind, I can’t prove that this was age discrimination. Maybe there was a better candidate,” he said. “I try not to let things like this defeat me.”
AARP found that 64% of adults age 50 and over in the workforce think older workers face discrimination, and nine in 10 believe that age discrimination against older workers is common in the workplace. More than one in 10 said they have been passed up for a promotion or chance to get ahead because of their age.
Read: It’s not just boomers vs. millennials. The workforce spans Gen Z to the Silent Generation.
Another job seeker, Randy G., who declined to provide his last name, said he was laid off at age 57 as a graphic designer and has been unable to find full-time work since. He’s now 62 and still is looking for a permanent job, although he has had a variety of temporary and short-term assignments.
“I had no expectation that it would take me more than a few weeks to find a job,” he said. “But it has dragged on and dragged on. I did not see that coming.”
After about a year of job hunting, he said it dawned on him that ageism could be at play.
“It was never a specific thing that happened. It was never that a person said ‘bad thing X.’ I felt it was just in the water,” he said.
AARP found that age discrimination against people age 50 and over cost the economy $850 billion in 2018, as a result of lost jobs or missed promotions and opportunities.
To make it easier to prove age discrimination, a bipartisan group in Congress in December reintroduced a proposal called the Protecting Older Workers Against Discrimination Act. The measure was first introduced in 2009, and multiple versions have failed to pass.
The new House proposal seeks to address a 2009 Supreme Court decision in the case of Gross v. FBL Financial Services Inc. that weakened protections against age discrimination under the Age Discrimination in Employment Act. That ruling set a higher bar for age discrimination than for other types of discrimination, such as those based on sex, race or physical ability.
That Supreme Court decision required plaintiffs to prove that age was the primary reason for an adverse employment action, a much higher standard than the previous rule, which required that plaintiffs demonstrate that age was a motivating factor.
“More than a decade ago, the Supreme Court undermined protections for older workers by setting an unreasonable burden of proof for age-discrimination claims,” Rep. Bobby Scott, a Democrat from Virginia, said in a press release.
The bill “would finally restore the legal rights of older workers by ensuring that the burdens of proof in age discrimination claims are treated in the same manner as other discrimination claims,” Scott said.
Read: What retirement? Older adults are working more hours for higher pay than in the past.
Despite potential age discrimination, the number of older workers is growing, and there are currently five generations in the workforce.
Almost one in five Americans age 65 and over worked for pay in 2023, nearly double the share of older adults who were working 35 years ago, according to the Pew Research Center.
And this year, the U.S. is hitting “Peak 65,” a phenomenon in which about 12,000 people per day will turn 65.
Looking forward, U.S. Bureau of Labor Statistics projections suggest that the role of older workers will continue to grow over the next decade. People 65 and over are projected to make up 8.6% of the labor force in 2032, up from 6.6% in 2022.
Read: Coming to your job — more older workers
“Older workers want what all workers want — flexibility and balance, fulfillment and satisfaction. At the end of the day, everyone wants the same thing,” said Carly Roszkowski, AARP’s vice president of financial-resilience programming.
Roszkowski said AARP has resources to help people in the workforce talk to a manager or human resources department about any potential age discrimination. For people looking for jobs, AARP offers tips for age-proofing résumés, such as removing graduation dates and limiting experience to the most relevant and the most recent 10 to 15 years.
The advocacy group is also working to help companies understand that multigenerational workforces are better for productivity, innovation and the bottom line, Roszkowski said. AARP also urges companies to include age in their efforts around diversity, equity and inclusion.
And if job seekers do encounter age discrimination, Roszkowski said, documentation is key.
“It’s the hardest discrimination to prove,” she said. “It is the largest barrier to re-enter or remain in the workplace.”
Hong Kong financial regulators are prepared for spot crypto ETF applications
Hong Kong’s Securities and Futures Commission (SFC) and the Monetary Authority (HKMA) announced their readiness to accept applications for spot crypto exchange-traded funds (ETFs) in a circular released on Dec. 22.
The regulators stated:
“The SFC and the HKMA have reviewed their existing policy for intermediaries which wish to engage in virtual asset-related activities (VA-related activities). The policy is updated in light of the latest market developments, where the SFC has authorised VA futures ETFs and is prepared to accept applications for the authorisation of other funds with exposure to virtual assets, including virtual asset spot exchange-traded funds (VA spot ETFs).”
This action aligns with the recent trend in Hong Kong towards embracing favorable regulations for the crypto sphere. The Asian country has proactively positioned itself as a crypto-friendly hub, introducing various initiatives to foster growth within the industry.
Last month, CryptoSlate reported that Julia Leung, the CEO of SFC, hinted that the regulator would consider allowing retail investors to trade spot crypto ETFs if these investments comply with local regulations.
Spot-based ETFs have garnered significant attention in recent months within the crypto community. Major financial players like BlackRock and Grayscale have filed applications for a spot-based Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).
However, despite widespread optimism regarding these ETFs, the SEC has yet to approve any application. Instead, the regulatory body has postponed its decision until the following year.
SFC outlines regulatory measures for Hong Kong ETFs
A separate SFC circular detailed the requirement for the regulator to consider approving an ETF application in Hong Kong.
According to the regulator, transactions by the ETFs must occur through SFC-licensed crypto platforms or authorized financial institutions that comply with HKMA’s regulatory requirements.
The regulator also noted that it would permit both in-kind and in-cash subscription and redemption models for these spot ETFs.
On custodial requirements, the SFC specified that the fund’s trustee or custodian should only delegate crypto custody functions to an SFC-licensed VATP or entities meeting the crypto custody standards outlined by the HKMA.
For the valuation of these spot virtual assets, fund management companies must implement an indexing method reliant on the trade volume of virtual assets across prominent trading platforms.
SEC Chair Gary Gensler Says They Are Having New Look at Bitcoin ETF Applications
While SEC Chair Gary Gensler acknowledged constructive dialogue in Bitcoin ETF applications, he also warned of persisting non-compliance issues in the crypto space.
On Thursday, December 14, SEC Chair Gary Gensler revealed that the agency’s reevaluation of applications for a spot bitcoin exchange-traded fund (ETF) incorporates insights from recent court decisions. This marks a notable shift in the SEC’s stance, which has historically rejected several Bitcoin ETF applications.
The turning point came with a panel of judges instructing the SEC to reassess a previously unsuccessful bid from Grayscale Investments, signaling a potential shift in the regulatory landscape. Currently, the SEC is reviewing more than a dozen Bitcoin ETF applications submitted by major asset managers, including industry giants like BlackRock and Fidelity.
The SEC’s “new look” at spot bitcoin ETF applications reflects a changing perspective, influenced by legal developments and court rulings. The ongoing deliberations and potential approval of such ETFs could significantly impact the cryptocurrency market and open new avenues for institutional investors to participate in the Bitcoin market.
Investors are closely monitoring these developments as the SEC navigates the complex regulatory terrain surrounding cryptocurrency investment products. Speaking to CNBC during his interview on Thursday, Gensler said:
“We had in the past denied a number of these applications, but the courts here in the District of Columbia weighed in on that. So we’re taking a new look at this based upon those court rulings.”
In August, a trio of judges from the US Court of Appeals for the D.C. Circuit mandated that the SEC undertake a reassessment of Grayscale’s application for a Bitcoin ETF position. This directive came after the asset management company initiated legal action against the agency last year, contesting the rejection of its proposal for transforming its flagship GBTC fund. The court specifically scrutinized the SEC’s disparate treatment of spot Bitcoin ETFs versus similar funds centered on futures contracts, which the regulatory body had previously sanctioned.
In September, Gary Gensler informed legislators that he was scrutinizing both the aforementioned court ruling and “numerous submissions related to Bitcoin exchange-traded products”.
Non-Compliance in Crypto
Gensler restated his belief that the cryptocurrency industry exhibits considerable noncompliance with current securities laws. Speaking to CNBC, the SEC chair:
“There’s been far too much fraud and bad actors in the crypto field. There’s a lot of noncompliance, not only with the securities laws, but other laws around anti-money laundering and protecting the public against bad actors there.”
The industry’s attention has turned to Anti-Money Laundering (AML) due to congressional appeals and directives from the Treasury Department. Recently, the Treasury presented suggestions to legislators, urging them to grant increased authority and sanctions tools to effectively pursue illicit actors within the cryptocurrency sector.
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There are five common reasons that aspiring homeowners are unable to get a mortgage, according to a new report.
The top reasons lenders reject mortgage applications include prospective home buyers having a debt-to-income ratio that’s too high, having a low credit score or not having enough money in reserves, according to the report from the National Association of Realtors.
In…
Euro Stablecoin Market Set to Grow with Real-World Applications and Clear Regulations
Meanwhile, the European Union has recently proposed a comprehensive regulation called the Markets in Crypto-Assets (MiCA). MiCA aims to offer legal certainty and consumer protection for crypto-asset issuers and service providers.
The euro stablecoin market is poised to expand in the coming years, according to Patrick Hansen, European Union strategy and policy director at Circle. Hansen noted this while speaking at the EthCC conference in Paris on Monday, July 17. Circle currently has one of the top 5 Euro-pegged stablecoins, the Euro Coin (EUROC). The firm will also be looking to grow its market share.
A Dollar-Dominated Market
According to Hansen, the stablecoin market is currently worth about $120 billion. However, euro stablecoins have a meager market share of about $300 million. This represents barely 0.3% of the entire stablecoin market.
At first glance, this may seem like the norm because the US dollar is the most-preferred currency by central banks for trading. However, the Euro is worth up to 20% of the traditional money market. This suggests the euro stablecoin market has more potential for growth. Hansen believes the stablecoin market is dominated by the dollar because it began with the US dollar. Hence, the dollar-pegged assets have been able to gain a first-mover advantage.
Armin Schmid, Head of Pay & Stablecoins at Bitcoin Suisse AG also opined that the dollar-pegged stablecoins are preferred due to the negative interest rates and regulations attributable to the Euro. This, Hansen explained, is because “Liquidity begets liquidity”. With lower liquidity in the market, euro stablecoin users face higher risks and usage costs.
Regulatory Clarity and Real-World Use to Aid Euro Stablecoin Market Growth
As the crypto market transitions from mere speculation to real-world utility, Hansen expects the use of stablecoins to grow. Already, there are calls to begin using stablecoins in remittances and business-to-business transactions. There are also calls to integrate euro stablecoins into existing European payment systems. Hansen believes this will make users demand stablecoins in their local currency.
Again, decentralized finance uses like mortgage payments and car loan payments will need to be delivered in local currency. Hansen argued this should increase the size of regionalized liquidity pools and boost the euro stablecoin market.
Meanwhile, the European Union has recently proposed a comprehensive regulation called the Markets in Crypto-Assets (MiCA). MiCA aims to offer legal certainty and consumer protection for crypto-asset issuers and service providers. Per the framework, MiCA considers payment stablecoins as a means of payment, similar to traditional fiat currency and electronic money.
While they will be subject to more stringent rules and supervision than other crypto-assets, the clarity will help many crypto firms. When the framework kicks off in 2024, it will create a harmonized and innovation-friendly environment that can boost the euro stablecoin market.
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An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.
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Fidelity, VanEck, and more refile spot Bitcoin ETF applications after reports of SEC rejections
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