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Josnmd

@virtualvortex

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14 Followers
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A lawyer once observed on the streets of Hong Kong that OTC (over-the-counter) exchange shops are everywhere, from Wan Chai to Causeway Bay to Tsim Sha Tsui, with many stores discreetly offering instant cash exchange services for Bitcoin and USDT, without banks and without asking about the origin. However, this crypto physical exchange ecosystem is facing a major turning point. The Hong Kong Financial Services and the Treasury Bureau (Financial Bureau) and the Securities and Futures Commission (SFC) jointly launched a public consultation on 6/27, intending to establish a licensing system for digital asset (virtual asset) trading and custody services, clearly stating that USDT-to-fiat exchange services provided through physical stores or platforms must be included in the SFC's licensing and registration system. According to estimates, Hong Kong currently has over 200 physical OTC stores and more than 250 online OTC service providers, with many brands like CryptoHK, One Satoshi, and HKD.com forming semi-financial service models. Many stores are equipped with professional counters, real-time exchange rate screens, and even support multiple languages, facilitating cash exchange for users from various countries. However, these exchange shops are mostly unregulated under the current Securities and Futures Ordinance or Anti-Money Laundering Ordinance, forming a gray area for fund circulation. Their high anonymity and cash transaction characteristics have long been viewed as a breeding ground for potential money laundering, capital flight, and even fraud fund "whitewashing".
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๐…๐ž๐ ๐„๐ฒ๐ž๐ฌ ๐‚๐ฅ๐š๐ซ๐ข๐ญ๐ฒ ๐€๐ฆ๐ข๐ ๐†๐ซ๐จ๐ฐ๐ข๐ง๐  ๐‘๐ข๐ฌ๐ค๐ฌ โ€” ๐๐จ๐ซ๐๐ž๐š ๐’๐ž๐ž๐ฌ ๐๐จ๐ฅ๐ข๐œ๐ฒ ๐๐š๐ญ๐ข๐ž๐ง๐œ๐ž ๐–๐ข๐ญ๐ก ๐š ๐‡๐š๐ฐ๐ค๐ข๐ฌ๐ก ๐„๐๐ ๐ž. According to a recent analysis by Swedish bank Nordea, the Federal Reserve is holding back on any immediate moves as trade policy and economic uncertainty cloud the outlook. The Fed is opting for patience, waiting for clearer signals before making rate decisions โ€” a stance that markets interpret as slightly hawkish, reducing the odds of a rate cut at the June meeting. While inflation remains above target and could rise further due to tariffs, Nordea believes the Fed will ultimately lean toward supporting growth over reacting to temporary inflation spikes โ€” provided long-term inflation expectations stay anchored.
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Here's the English translation for the Pi Network price prediction on March 11, 2023: What is the situation for Pi holders today? The market is still moving in a downward trend. It seems that the momentum of the decline has not shown any signs of stopping. Without new key announcements for PCT, Pi holders are still tightly holding Pi in their wallets. Therefore, the Pi being sold to exchanges mainly comes from newly unlocked wallets. These are typically from people who do not trust the Pi Network project or those with trading intentions. They sell and then buy back โ€“ what difference does it make to them... The circulating Pi supply on OKX exchange today has dropped to a historical low of 81 million Pi. Normally, this number is around 92 million. Despite the continuous decline in Pi's price, overall, both Pi holders and those opposed to Pi hope for the price to fall further. This is somewhat unique in the crypto market, as the entire fanbase seems to be waiting for the price to drop in order to buy in.
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