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Indonesia Roadmap, Thai Sandbox, and More

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Asia’s crypto industry is witnessing profound changes as governments across the region implement stricter regulatory measures while fostering innovation.

Key developments in India, Thailand, Japan, Hong Kong, and Indonesia highlight a collective move toward a more structured approach to digital assets, with each country overcoming its unique challenges and opportunities.

Tax Tensions: Binance Hit with $86 Million Demand in India

India’s Directorate General of GST Intelligence (DCGI) has issued a notice to Binance, demanding $86 million in Goods and Services Tax (GST) payments. The DCGI alleges that Binance, classified as an online information database access or retrieval (OIDAR) service provider, has failed to remit the appropriate taxes.

The company collected fees from Indian customers trading virtual digital assets but did not deposit the taxes. Local media reported that Binance’s earnings from transaction fees charged to Indian customers were substantial, reportedly amounting to at least $476 million. The fees were credited to Nest Services Limited, a Binance Group Company based in Seychelles.

Read more: The State of Crypto Regulation in India

Japan Takes Cautious Stance on Crypto ETFs

Japan continues to take a measured approach to the crypto market, particularly concerning the approval of crypto-linked exchange-traded funds (ETFs). Hideki Ito, commissioner of Japan’s Financial Services Agency (FSA), emphasized the need for careful consideration before following other markets like the US and Hong Kong in approving these financial products.

Despite Japan’s technological openness, the FSA remains cautious, prioritizing investor protection over rapid market expansion. This approach could delay the launch of crypto ETFs, even as major financial institutions like SBI Holdings prepare for potential market entry.

In late July, SBI Holdings partnered with US investment firm Franklin Templeton to establish a digital asset management company in Japan to launch crypto ETF products as soon as the FSA approves. Local media reports noted that SBI Holdings will hold a 51% majority stake, and Franklin Templeton will own the remaining shares.

Sota Watanabe, CEO of Startale and Founder of Astar Foundation, commented on the potential of Bitcoin ETFs in Japan. He views this move could prompt serious discussions for the much-needed crypto tax reform.

“With the current disparity between securities and cryptocurrency tax rates, ETF approval could highlight the need for a more uniform approach. This reform could unlock significant investment in the crypto space, potentially leading to a major shift in market dynamics,” Watanabe elaborated to BeInCrypto.

Hong Kong’s Spot Crypto ETFs Face Tough Terrain

Hong Kong’s foray into crypto ETFs has seen mixed results, with recent data showing both inflows and outflows. According to SoSo Value’s data, the spot Bitcoin ETF in Hong Kong recorded an inflow of 69.94 BTC on August 9.

This inflow is noteworthy because it is the first time the funds have recorded an inflow after consecutive days of flows and outflows since July 19. The total net assets of these ETFs have decreased significantly from their peak of $342.16 million on July 29 to $271.21 million as of August 9.

Hong Kong Spot Bitcoin ETF Flows.
Hong Kong Spot Bitcoin ETF Flows. Source: SoSo Value

Ethereum-based ETFs in Hong Kong have also experienced similar volatility. On August 8, these ETFs recorded an outflow of 399.09 ETH, followed by an inflow of 1,250 ETH on August 7. Similar to its Bitcoin counterparts, the total net assets of these funds have also declined from their peak.

Hong Kong Spot Ethereum ETF Flows.
Hong Kong Spot Ethereum ETF Flows. Source: SoSo Value

During a panel discussion at the Foresight 2024 conference, Gary Tiu, Executive Director and Head of Regulatory Affairs at OSL, a leading Hong Kong crypto exchange, highlighted systemic issues within the market that hinder the growth of ETFs. Tiu pointed out that the market structure in Hong Kong creates challenges for ETFs to gain traction as financial instruments.

“In Hong Kong, especially when it comes to funds and structured products, typically in between the issuer and the end investors, there is a very rich layer of intermediaries—brokers, banks, private banks, retail banks, et cetera. Those intermediaries make a lot of money from distributing financial products. So, I think the incentive system in Hong Kong is one of the reasons why ETFs do have a bit of a hard time growing as a financial instrument,” Tiu said.

Indonesia’s Roadmap for Crypto Regulation from 2024 to 2028

Indonesia is taking a structured approach to regulating digital assets. The Financial Services Authority (OJK) released a detailed roadmap for 2024-2028. This roadmap outlines the phased development of regulatory frameworks and industry standards aimed at strengthening Indonesia’s position in the Asia crypto industry.

The roadmap’s initial phase focuses on building strong regulatory foundations, while subsequent phases will highlight industry growth and long-term sustainability. Notably, the OJK has also introduced a regulatory sandbox to facilitate innovation within a controlled environment, allowing businesses to test new technologies while ensuring compliance.

In addition to regulatory development, Indonesia is tightening controls on crypto marketing, particularly by influencers. The new rules, which restrict promotional activities to official channels, have sparked debate within the crypto community.

Some crypto influencers have raised their concerns that excessive regulation could stifle innovation. However, the OJK maintains that these measures are necessary to protect investors and ensure market integrity.

Thailand’s Regulatory Sandbox Paves the Way for Digital Asset Innovation

Thailand is also making strides in the Asia crypto sector with the launch of its Digital Asset Regulatory Sandbox. This initiative, led by the Securities and Exchange Commission of Thailand (SEC Thailand), aims to provide a controlled environment for the testing and development digital asset services. By offering a structured framework, the sandbox allows businesses to innovate while adhering to regulatory guidelines, ultimately fostering a more secure and dynamic market.

Participants in the sandbox, including exchanges, brokers, and fund managers, must maintain transparency and solid operational systems. Furthermore, the SEC Thailand has set a clear framework for continuous reporting and risk management, ensuring that the innovation process does not compromise investor protection.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

The sandbox is expected to be crucial in expanding the range of digital asset services available to investors in Thailand. Businesses interested in participating can start applying from August 9, with the SEC Thailand evaluating submissions within 60 days. Approved participants will have one year to conduct their tests, possibly extending the period or concluding the experiment early, depending on the outcomes.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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ONDO Whales Retreat as Price Risks Dropping Below $0.70

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ONDO is facing notable downside pressure. It has been down over 5% in the last 24 hours and corrected more than 19% over the past 30 days. With its market cap now sitting around $2.5 billion, the coin is way below competitors like Chainlink and Mantra in terms of market cap.

Recent technical indicators and whale behavior suggest that the current weakness may not be over, despite a slight recovery in momentum.

ONDO RSI Is Recovering From Oversold Levels

ONDO’s Relative Strength Index (RSI) is currently sitting at 34 after rebounding slightly from an earlier dip to 27.5. Just two days ago, the RSI was at 54.39, indicating how quickly momentum has shifted.

The RSI is a momentum oscillator that measures the speed and magnitude of recent price changes. It ranges from 0 to 100.

Readings below 30 are typically considered oversold, suggesting the asset may be undervalued and due for a bounce, while readings above 70 are viewed as overbought, indicating potential for a pullback.

ONDO RSI.
ONDO RSI. Source: TradingView.

With ONDO’s RSI now at 34, it has technically exited oversold territory but remains near the lower end of the scale. This suggests that while the sharpest selling pressure may have eased, the market is still fragile ,and sentiment remains cautious.

If the RSI continues to recover and climbs above 40 or 50, it could signal a shift toward more bullish momentum.

However, if selling resumes and RSI falls back below 30, it would indicate renewed downside risk and potential for further price declines.

Whales Recently Stopped Their Accumulation

The number of ONDO whales—addresses holding between 1 million and 10 million ONDO—fluctuated in late March, initially increasing from 188 to 195 between March 22 and March 26 before declining to 191 in recent days.

This whale activity pattern is significant as these large holders often influence market sentiment and price movements, with their accumulation or distribution phases potentially foreshadowing broader market trends.

Tracking whale addresses provides valuable insights into how influential investors are positioning themselves, which can help predict potential price action.

Addresses holding between 1 million and 10 million ONDO.
Addresses holding between 1 million and 10 million ONDO. Source: Santiment.

The failure of Whale addresses to maintain the breakout above 195 and the subsequent return to 191 could signal bearish sentiment among larger investors.

This retreat might indicate that whales are taking profits or reducing exposure, which could create downward price pressure on ONDO in the short term.

When large holders begin to reduce their positions after a period of accumulation, it often precedes price corrections, suggesting that ONDO may experience resistance in maintaining upward momentum until whale confidence returns and accumulation resumes.

Will ONDO Fall Below $0.70 For The First Time Since November?

ONDO’s Exponential Moving Average (EMA) lines are currently aligned in a bearish formation, suggesting the ongoing downtrend may persist. If this weakness continues, ONDO could drop to test the key support level at $0.73.

A break below that would be significant, potentially sending the price under $0.70 for the first time since November 2024.

The token has been struggling to keep pace with other Real World Asset (RWA) coins like Mantra, and this underperformance adds further pressure to ONDO’s short-term outlook.

ONDO Price Analysis.
ONDO Price Analysis. Source: TradingView.

However, if sentiment shifts and ONDO manages to reverse its trend, the first key level to watch is the resistance at $0.82.

A breakout above this level could trigger a broader recovery, with price targets at $0.90 and $0.95.

If the RWA sector as a whole regains momentum, ONDO could even rise above the $1 mark and aim for the next major resistance at $1.23.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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GRASS Jumps 30% in a Week, More Gains Ahead?

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GRASS has surged nearly 30% over the past week, with its market cap climbing back to $415 million and its price breaking above $1.70 for the first time since March 10.

This strong performance has been backed by bullish technical signals, including a consistently positive BBTrend and a rising ADX. However, with momentum indicators beginning to cool slightly, the next few days will be key in determining whether GRASS continues its rally or enters a period of consolidation.

GRASS BBTrend Remains Strong, But Is Slightly Declining

GRASS’s BBTrend is currently at 11.28, marking the fourth consecutive day in positive territory, after peaking at 14.85 two days ago.

The BBTrend (Bollinger Band Trend) indicator measures the strength of price trends by analyzing how far the price moves away from its moving average within Bollinger Bands.

Generally, values above zero indicate an uptrend, while values below zero suggest a downtrend. The higher the positive reading, the stronger the bullish momentum, whereas deep negative values reflect strong selling pressure.

GRASS BBTrend.
GRASS BBTrend. Source: TradingView.

With GRASS maintaining a BBTrend of 11.28, the token is still in an active uptrend, although slightly cooler than its recent peak.

Sustained positive BBTrend readings typically signal that buyers remain in control and that upward momentum could continue.

However, the slight pullback from 14.85 might suggest that momentum is starting to ease. If the BBTrend begins to decline further, it could be an early sign of consolidation or a possible reversal.

For now, GRASS appears to be holding onto bullish momentum, but traders should monitor any shifts in trend strength closely.

GRASS ADX Shows The Uptrend Is Getting Stronger

GRASS is currently in an uptrend, with its Average Directional Index (ADX) rising to 30.31 from 26.49 just a day ago, indicating a strengthening trend momentum.

The ADX is a widely used technical indicator that measures the strength of a trend, regardless of its direction, on a scale from 0 to 100.

Values below 20 suggest a weak or non-existent trend, while readings above 25 indicate that a trend is gaining traction.

When the ADX moves above 30, it typically signals that the trend is becoming well-established and may continue in the same direction.

GRASS ADX.
GRASS ADX. Source: TradingView.

With GRASS’s ADX now above the 30 threshold, the current uptrend appears to be gaining strength. This suggests that bullish momentum is firming up and that price action may continue favoring the upside in the near term.

As long as the ADX remains elevated or continues climbing, the trend is likely to sustain, attracting more interest from momentum traders.

However, if the ADX begins to plateau or reverse, it could signal a potential slowdown or consolidation phase ahead.

GRASS Could Form A New Golden Cross Soon

GRASS’s Exponential Moving Average (EMA) lines are showing signs of a potential golden cross, a bullish signal that occurs when a short-term EMA crosses above a long-term one.

If this crossover confirms, it could mark the beginning of a sustained uptrend. GRASS is likely to test the immediate resistance at $1.85 as some artificial intelligence coins start to recover good momentum.

GRASS Price Analysis.
GRASS Price Analysis. Source: TradingView.

Should bullish momentum from the past week persist, the token may push even higher toward $2.26 and eventually $2.56 or $2.79, possibly solidifying its position as one of the best-performing altcoins in the market.

However, if the trend fails to hold and sentiment shifts bearish, GRASS could pull back to retest the support at $1.63.

A break below this level might open the door to a deeper correction, potentially driving the price down to $1.22.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Vitalik Buterin Promotes Ethereum Layer 2 Roadmap

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Ethereum co-founder Vitalik Buterin has introduced a new roadmap aimed at strengthening the security and finality of Layer 2 (L2) solutions.

His proposal introduces a flexible, multi-proof system designed to support Ethereum’s scalability while preserving its core principles of decentralization and trust minimization.

Ethereum’s New Layer 2 Roadmap

At the heart of Buterin’s technical framework is a “2-of-3” model. This system uses three different proof types—optimistic, zero-knowledge (ZK), and trusted execution environment (TEE) provers.

A transaction is finalized when any two of these agree, significantly reducing the risk tied to relying on a single-proof method. The model offers a pragmatic balance between speed, robustness, and decentralization.

Buterin emphasized the importance of diversification, especially as zero-knowledge systems mature. He warned that shared code among ZK rollups could cause bugs to propagate across implementations, raising systemic risk.

“This means that the finality of rollups can be as fast as zk proving (~<1hr for now) while protecting the system from soundness bugs in the zk system,” Wei Dai, a research partner at 1kxnetwork, explained.

Meanwhile, Buterin’s roadmap also lays out the requirements for what he calls “Stage 2 rollups.” These next-generation rollups would deliver near-instant confirmations, high finality, and strong resistance to failures—even in semi-trusted environments.

Importantly, they would still adhere to Ethereum’s 30-day upgrade delay, a rule that safeguards the network’s stability during transitions.

Buterin Makes Case for Open-Source Funding

Beyond scalability, Buterin is also advocating a cultural shift in how the crypto community approaches development funding.

In a separate blog post, he suggested shifting the focus from “public goods funding” to “open-source funding.”

His concern is that the phrase “public goods” has become politically and socially loaded, often used in ways that prioritize perception over impact.

“A big part of the reason why the term ‘public good’ is vulnerable to social gaming is precisely the fact that the definition of ‘public good’ is stretched so easily,” Buterin argued

He noted that public goods funding is vulnerable to social desirability bias. This often favors those who can navigate community politics over those who deliver meaningful value.

In contrast, open-source funding emphasizes transparency, collaboration, and the building of tools that genuinely benefit the broader ecosystem.

Buterin believes that the goal should not be to fund any open-source project indiscriminately but to support those that create maximum value for humanity.

This stance aligns with his broader vision of a sustainable, community-driven blockchain infrastructure.

Together, Buterin’s proposals could redefine both the technical direction of Ethereum’s scalability efforts and the philosophical foundations of its funding strategies—reinforcing the network’s long-term commitment to decentralization, security, and public benefit.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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