The price H1 frame reacted well at the strong support area of 16500, short-term increase to the 16650 area will have a slight reaction, however, the price may continue to break this zone and will rise to reach 16950.
Entry: 16300 – 16500
Thailand has slowed down the speed of licensing for digital asset trading on exchanges and proposed a new regulation on reserves that could remove small transactions from the market. In October 2022, Singapore proposed a regulation to ban credit lines for the purchase of cryptocurrencies, and Hong Kong (China) recently passed a regulation regulating all cryptocurrency transactions.
China has completely banned cryptocurrencies. Hong Kong and Singapore – two financial hubs vying to become Asia’s crypto capital – are trying to balance encouraging the industry with protecting investors. Hong Kong, the birthplace of the FTX exchange, has long been seen as an ideal place for crypto companies to reside because of its high-quality market and uncompromising regulation.
More than a month ago, the Hong Kong government said it would relax restrictions on cryptocurrency trading for investors with a portfolio of at least 1 million USD and allow retail investors to buy and sell cryptocurrencies through exchanges. exchange-traded funds. The SEZ government also signaled that it could legalize retail cryptocurrency trading from next year.
However, new regulations were introduced shortly before the collapse of FTX, and governments in many countries later emphasized that regulatory compliance and industry transparency were important factors to make Hong Kong a cryptocurrency center.
Meanwhile, Singapore aggressively marketed the image of the region’s crypto hub, organized a series of large-scale crypto events and welcomed many Chinese startups looking for a home. new after Beijing’s strong crackdown.
However, Singapore also emphasized caution. In October 2022, the central bank of Singapore warned investors not to speculate on cryptocurrencies to make a profit.
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