Golden Morning Post | Opinion: Although Hong Kong’s policies are favorable, the supervision is stricter

Headline

▌Baker&McKenzie law firm partner: Although Hong Kong’s policies are favorable, its supervision is stricter than other regions

Joy Lam, a partner at Baker & McKenzie Law Firm, said that the Hong Kong government issued a series of notices last year, sending a clear signal that they will actively promote the steady and sustainable development of the entire Web3.0 industry. This is a long-term regional strategy. Many companies and investors are encouraged. Even so, this does not mean that obtaining a Hong Kong license is an easy task. In fact, it must go through a strict process, a high-standard authorization process and a complete corporate compliance process, to ensure the safety of investors, the safety of the market, and the free flow of the market. Potential for long-term sustainable growth. Hong Kong’s regulation of the cryptocurrency industry is stricter than many countries and regions in the world. Hong Kong pays attention to market integrity and long-term protection of investors and participants. Therefore, to invest in the Hong Kong market, it is necessary to adopt a cautious and steady attitude to achieve a long-term balance.

Quotes

As of press time, according to coinmarketcap data:

The latest transaction price of BTC is 30148.5 US dollars, with an intraday increase and decrease of -****0.67%;

The latest transaction price of ETH is 1860.28 US dollars, with an intraday change of -0.30%;

The latest transaction price of BNB is 233.8 US dollars, with an intraday change of -0**.23%**;

The latest transaction price of LTC is 94.83 US dollars, with an intraday change of -2.18%;

The latest transaction price of ARB is US$1.128, with an intraday change of -****0.84%;

The latest transaction price of FIL is 4.325 US dollars, with an intraday change of -1**.01%**;

The recent transaction price of DOGE is US$0.653, with an intraday change of -****0.49%.

policy

▌SEC: The mission of the SEC is to make cryptocurrency companies comply with securities regulations

The SEC said the investing public is subject to a number of security laws that regulate how their money is invested and managed in traditional markets like the New York Stock Exchange. Digital currency companies don't abide by these same regulations, and that's the core problem. There is no valid reason or argument for these companies to be exempt from such laws, other than the convenience afforded to crypto platforms in terms of money being invested. This seriously harms the interests of the investing public, and from the SEC's perspective, this needs to be eliminated. The SEC's mission is to keep these companies in compliance with these securities regulations, but they've had problems enforcing those goals.

Blockchain Application

▌As of June 1, 2023, there are 6793 full-time blockchain developers

Wu Blockchain tweeted that the Electric Capital developer report shows that as of June 1, 2023, there are 6,793 full-time blockchain developers and 21,300 monthly active open source developers, a year-on-year decrease of 22% from 2022. Developers who worked for 12 months or more contributed more than 80% of the code. Over the past year, the number of developers for Osmosis, Sui, Aptos, TON, Optimism, and Aztec Protocol has increased significantly.

Cryptocurrency

▌Opinion: XRP should not be classified as a security

XRP supporter, attorney John E Deaton expressed optimism about the lawsuit between the US SEC and Ripple. Deaton believes that the presiding judge in the case, Torres, will adequately address the issue of whether XRP is a security in the upcoming summary judgment.

Deaton recently tweeted that XRP should not be classified as a security, and compared it to various assets to support his position. He also expects Judge Torres to address issues related to secondary market sales of XRP. The outcome of Judge Torres' ruling could have major implications for the cryptocurrency industry.

▌Beware of fake Shiba airdrops advertised on Twitter

Beware of fake Shiba airdrops being advertised on Twitter, according to Certi KAlert.

▌Report: Nearly 190,000 people work in the encryption industry, about 55% of whom live in North America and Europe

According to a report published by K33 Research, the cryptocurrency industry has nearly 190,000 employees as of July 2023. This represents a significant increase compared to employment statistics prior to the cryptocurrency mania that began in 2020. Employment in cryptocurrencies in 2021 is even higher at nearly 211,000.

About a third of the cryptocurrency workforce works at exchanges or brokerages, the researchers said. 26% are employed by companies that provide various financial services related to cryptocurrencies. Six percent work in the NFT space, while 21 percent work for blockchain protocols, analytics, and mining operations. Another 13% of employees work in a cryptocurrency-related job, but don't quite fit into any other category.

Cryptocurrency workers are overrepresented in the Western world, with around 55% residing in North America and Europe. The U.S. accounts for 29% of the cryptocurrency workforce. In Asia, India emerged as a leading employer in the cryptocurrency industry, with 20% of the region's workforce, mostly in developer-related roles. China remains the second largest employer, accounting for 15% of the Asian region.

▌Cryptocurrency trading volume has dropped from $19.4 billion to $14.2 billion

Data from The Block Research shows that the rally driven by spot bitcoin exchange-traded funds has stopped translating into an increase in cryptocurrency trading volumes. The seven-day moving average of daily cryptocurrency trading volume has fallen from a recent high of $19.4 billion on June 27 to $14.2 billion on July 8, according to The Block. That figure was just above $15 billion on Friday.

Meanwhile, the price of Bitcoin has remained relatively flat over the same period. A downturn in cryptocurrency trading activity on spot exchanges could indicate that activity has shifted into derivatives or over-the-counter trading. Since BlackRock submitted its application for a spot bitcoin ETF on June 15, the price of bitcoin has risen more than 18%. CME’s bitcoin futures market open interest has reached $2.7 billion.

▌Opinion: Bitcoin is not a hedge against inflation

Ecoinometrics tweeted that Bitcoin is not an inflation hedge. Anyone buying Bitcoin in 2020 when the Federal Reserve is pumping trillions of dollars is facing inflationary pressures.

▌Cryptocurrency critics: The rapid decline in BTC prices is only a matter of time

Cryptocurrency critic Peter Schiff said that a rapid drop in BTC prices is only a matter of time. I don't think BTC can emerge as a currency.

Important economic developments

▌The number of non-farm payrolls increased by 209,000 in June, which was lower than the increase of 240,000 expected by economists

Nonfarm payrolls rose by 209,000 in June, missing economists' expectations for an increase of 240,000. Market watchers remained concerned despite the data showing a cooling in the labor market, as average hourly earnings growth held steady at 0.4% from May and 4.4% from a year earlier. The report did not change expectations for a quarter-point rate hike at the Fed's next meeting, according to the FedWatch Tool. That weighed on U.S. stocks, with all three major indexes down for the week. The S&P 500 fell 1.16%, and the Nasdaq lost 0.92%.

▌****The U.S. Department of Labor is expected to announce that the headline inflation rate fell to around 3% in June

Wu Blockchain tweeted that the U.S. Department of Labor is expected to announce that the headline inflation rate fell to around 3% in June, the lowest level in two years. Excluding volatile food and energy prices, core consumer price inflation is expected to fall to around 5% from 5.3%, the lowest level in 18 months. Economists see core inflation likely to fall further to between 3.5% and 4% in the coming months.

Golden Encyclopedia

▌Recursive inscription

Recursive inscriptions (Recursive inscriptions) is a new type of inscription based on the Ordinals protocol. It was first proposed by Casey Rodarmor, the creator of Ordinals, and was officially updated and incorporated into the Ordinals protocol in June. The biggest difference between recursive inscriptions and other BRC inscriptions is its "self-referencing" feature, that is, recursive inscriptions can "request" the content of other inscriptions through a special syntax.