Hong Kong is projected to be the most prepared territory for cryptocurrencies in 2022

Avatar James Lochner 2 years ago

A study by Forex Suggest revealed that Hong Kong is the country best prepared for the widespread adoption of cryptocurrencies. With a score of 8.6 in terms of preparation for them.

Factors such as the installation of cryptocurrency ATMs, cryptocurrency-friendly regulations, startup culture and a fair tax regime indicate a country’s willingness to adopt cryptocurrencies.

Despite having a larger cryptocurrency infrastructure than the island country, the United States and Switzerland ranked in the top three with lower cryptocurrency readiness scores of 7.7 and 7.5, respectively.

Tesla reports $64 million profit from its Bitcoin sales

Tesla’s decision to get rid of most of its Bitcoin holdings will report to the company a strong profit in the second quarter. Even when cryptocurrency prices plunged into a bear market.

In the first six months of 2022, Tesla recorded $170 million of impairment losses resulting from changes in the book value of its Bitcoin holdings. According to an official Form 10-Q filed with the U.S. Securities and Exchange Commission, or SEC. After selling 75% of its BTC reserves in exchange for dollars in the second quarter, the company made a profit of USD 64 million.

The Philippine SEC will investigate Binance for alleged illegal operations with cryptocurrencies

The Philippine think tank Infrawatch PH continue with their efforts to ban Binance in the country. Calling for more regulators to investigate the cryptocurrency exchange for alleged illegal operations.

Infrawatch PH on Monday filed a twelve-page complaint calling on the Philippine Securities and Exchange Commission (SEC) to crack down on Binance’s activities in the country.

According to the think tank, Binance has been operating in the Philippines for several years without the approval of the competent authorities.

Terry Ridon, Infrawatch PH coordinator, stated that Binance does not have an office in Manila. And, that it only uses third-party companies that employ Filipinos for its technical and customer support services. He also referred to former Finance Secretary Carlos Dominguez, who publicly stated last month that Binance had no records with either the SEC or the Bangko Sentral ng Pilipinas (BSP).

Binance announces the launch of its crypto card in Argentina

The Binance cryptocurrency exchange is now offering its Binance Card to its community in Argentina. This was announced by the company through its account on the social network Twitter on July 24. The soft of the card was launched on the 7th of this same month, and during the rest of the week it notified that it will continue to expand for the rest of the regions.

Binance made the announcement for the first time on March 26 of this year. However, it first had a test stage during the month of April so it was only available in Malaysia.

The card can be used by the user once requested thanks to the option to have it virtually. The wallet can also receive funds from other digital wallets.

Written By