Analysis Today TheBitTimes.com

Crypto exchange Bitget has abandoned plans for a crypto license in Hong Kong, asking users to withdraw their assets by Dec. 13. Cryptocurrency trading platform Bitget has dropped plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market-related considerations. Bitget officially announced on Nov. 13 that its Hong Kong division, BitgetX, accessible by the domain BitgetX.hk, will cease operations by Dec. 13, 2023. As Bitget decided not to apply for a VATP license , the firm will have to permanently withdraw from the Hong Kong market, the announcement notes. The company has strongly encouraged users to withdraw crypto assets from BitgetX before Dec. 13. “After this date, the BitgetX website will no longer be accessible and you will not be able to manage or access your assets on BitgetX,” the statement noted. This is a developing story, and further information will be added as it becomes available. Source: https://thebittimes.com/bitget...

In a strategic move to capitalize on the expanding crypto market in Hong Kong , UBS Group has reportedly initiated the offering of crypto -linked exchange-traded funds (ETFs). However, it is limited to specific clients, mirroring a similar initiative by its competitor, HSBC. As revealed by an insider to Bloomberg, affluent clients of UBS now have access to three crypto -related futures ETFs on the bank’s platform. These selected ETFs, namely Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures ETFs, have received approval from Hong Kong ’s Securities and Futures Commission. This marks a significant milestone in UBS ’s entry into the crypto currency investment landscape. UBS’s Crypto Offering The decision to allow high-net-worth clients to trade crypto -linked ETFs underscores UBS ’s commitment to maintaining a leading position in financial services innovation. The trio of offered ETFs caters to various aspects of the crypto cur...