Регулятор Тайваня разрешил торговлю паями зарубежных ETF на базе криптовалют

investing.ruPubblicato 2024-09-30Pubblicato ultima volta 2024-09-30

GetBlock Magazine - Что произошло? Комиссия Тайваня по финансовому надзору (FSC) официально разрешила профессиональным инвесторам торговать паями зарубежных биржевых фондов (ETF) на базе криптовалют. Как отмечается в пресс-релизе, этот шаг расширит выбор продуктов и откроет новые инвестиционные каналы, что повысит конкурентоспособность местного финансового рынка.

Пресс-релиз

Что еще известно? Чиновники отметили, что продолжают мониторить крипторынок, и напомнили отраслевым компаниям о важности управления рисками и соблюдения нормативных требований.

В целом Тайвань придерживается консервативной позиции в отношении цифровых активов, ссылаясь на опасения по поводу мошенничества и волатильности. Ранее FSC выпустила предупреждения и внедрила строгие меры по борьбе с отмыванием денег, затрагивающие в том числе криптобиржи.

Вместе с тем еще в 2018 году правительство поддержало инициативу по запуску регуляторной песочницы для финтех-стартапов. Подобные экспериментальные правовые режимы или особые экономические зоны позволяют компаниям тестировать новые бизнес-модели при более мягком регулировании.

Решение FSC о поддержке крипто-ETF согласуется с аналогичной политикой в мировых финансовых центрах, включая США и Гонконг. Так, в апреле регулятор Гонконга позволил местным компаниям запускать собственные спотовые ETF на базе биткоина и Ethereum. В США спотовые BTC-ETF были запущены в январе, а Ethereum-фонды появились лишь в июле. Лидером сегмента является крупнейшая инвестиционная компания BlackRock с фондами IBIT и ETHA.

В свою очередь Тайвань ограничивает доступ к таким продуктам для розничных инвесторов, стремясь уменьшить риски. В стране крипто-ETF классифицируются как высокорисковые инвестиции, и эмитенты должны соблюдать правила FSC в отношении профессиональных инвесторов.

В июне Tether запустила для тайваньских студентов курсы по блокчейну. Компания является одной из крупнейших в индустрии, она выпускает централизованный стейблкоин USDT с капитализацией свыше 118 млрд долларов.

Читайте оригинальную статью на сайте GetBlock Magazine

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Collateral Dollars: How the 'Second-Layer Dollar' Above Stablecoins Takes Shape?

"Collateralized Dollars: How a 'Second Layer of Dollars' Forms on Top of Stablecoins" Most assume stablecoins replicate Eurodollars and expand the offshore dollar system, but this is not accurate. Stablecoins primarily replace certain functions within the existing system, especially operational dollar balances for daily settlement. The critical question is what happens when financial intermediaries create a new layer of dollar claims *on top of* stablecoins. This article explains how this new collateralized funding channel works. Stablecoins introduce tokenized private dollar claims. Even if issuers and reserves are within the US legal perimeter, their circulation and use as collateral can become economically "offshore." Enforceable control over collateral opens a secured credit channel but does not itself create a monetary claim. A true monetary event occurs only when another balance sheet funds, rolls over, or accepts a liability issued against the controlled token at near-par value. The discount prices the gap between "effective control over the token" and "reliable convertibility into bank dollars." Elasticity comes from the balance sheet issuing the liability against the token and from third-party willingness to treat that liability as a near-par asset. Collateralized Dollars are not the stablecoins themselves; they are the second-layer liability that another balance sheet is willing to issue, fund, and maintain at near-par against a controlled token balance. The Eurodollar system is a hierarchy of claims, with elasticity originating in expandable bank liabilities. In contrast, the stablecoin collateral chain starts with a tokenized asset. It gains systemic significance only when an intermediary's liability against that token is treated as money-like by other balance sheets. Key determining factors include: who has effective control, the legal/operational path to bank dollars, and whether the resulting claim can still be financed near-par under stress. Pressure in this new channel manifests differently. The upper-layer (intermediary) claim fails first, losing its money-like status, potentially while the underlying stablecoin remains solvent. Increased haircuts and forced sales can create a destructive feedback loop, widening the very gap the discount measures. In conclusion, the Eurodollar analogy has limits. Reserve quality supports the underlying token's solvency, but the leverage, credit, and liabilities built atop it face a separate test. Collateral eligibility is not monetary acceptance. Only when a claim built on stablecoins survives the leap from "token liquidity" to "bank dollar liquidity" do Collateralized Dollars truly exist.

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Collateral Dollars: How the 'Second-Layer Dollar' Above Stablecoins Takes Shape?

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Don't Be Misled by the $1.25 Billion Cap: MicroStrategy's Three-Pronged Bitcoin Sale Pools Hide Massive Selling Pressure

Don't Be Misled by the $1.25B Cap: Strategy's Three-Tier Bitcoin Sales Plan Hides Massive Potential Selling Pressure Strategy recently sold 3,588 BTC (~$216M) to fund a dividend and replenish its dollar reserve, while claiming its $1.25B "reserve build" capacity remains fully available. This highlights a key nuance: the widely cited $1.25B limit applies only to sales for "Building" the reserve. Strategy's broader capital framework, however, allows Bitcoin sales for three primary purposes, each with different scales: 1. **Building the Reserve:** Selling BTC to raise up to $1.25B for the reserve. 2. **Covering Priority Share Expenses:** Selling BTC to pay dividends/interest or to replenish the reserve after such payments are made from it (no specified limit). 3. **Share Repurchase Funding:** Selling BTC to fund up to $1B each in convertible note and common stock repurchases (totaling $2B potential). Combined, just the capped "Build" and "Repurchase" channels could facilitate over $3B in Bitcoin sales, excluding the uncapped "Cover Expenses" channel. The accounting distinction between "Building" (adding cash before a payout) and "Replenishing" (adding cash after a payout) is operationally blurry but allows sales like the recent $216M transaction without touching the $1.25B "Build" quota. This gives Strategy significant flexibility. The move signifies a strategic shift: Strategy is transforming from a simple Bitcoin accumulator into an active capital manager, akin to a hedge fund. Bitcoin is now a financial lever to balance pressures between common stock, convertible notes, dollar reserves, and Bitcoin holdings. This creates inherent tensions—actions benefiting one part of the capital structure may harm another. Investors must understand that the potential Bitcoin sales are far greater than the surface-level $1.25B figure. Strategy has become a complex financial entity where every term in its disclosures matters. Betting on it now is a wager on its active capital management skill to navigate these internal contradictions without a systemic failure.

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Don't Be Misled by the $1.25 Billion Cap: MicroStrategy's Three-Pronged Bitcoin Sale Pools Hide Massive Selling Pressure

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When the Largest BTC Buyer Becomes a Seller, Who's Buying After MicroStrategy Sells 3,588 Bitcoin?

MicroStrategy, once the largest corporate buyer of Bitcoin, sold 3,588 BTC for approximately $216 million to fund its preferred stock dividends, marking a significant shift from buyer to seller. This move occurred after its market-to-NAV premium vanished, breaking its "print stock to buy Bitcoin" financial model. A roundtable discussion featuring Austin Campbell, Ram Ahluwalia, and Chris Perkins analyzed the implications. They noted that MicroStrategy's dominance has become a narrative bottleneck for the broader crypto market, with some speculating that Bitcoin's price might only surge significantly after the company's influence wanes. The conversation expanded to examine the capital structure conflict between traditional equity and crypto tokens, arguing that most current tokens will fail as they don't fit neatly into existing debt/equity frameworks. A "stablecoin war" was identified as a major trend, with entities like Tether, Robinhood, and the OUSD alliance competing. Tether's decision to abandon the European MiCA market highlights strategic divergences. The panelists argued that bank-issued stablecoins could revolutionize global finance by allowing US banks to capture net interest margins from international transactions, potentially making JPMorgan the first trillion-dollar bank. They concluded that while capital is currently being siphoned by AI/semiconductors, markets will eventually refocus on fundamentals and cash flow, which could benefit cryptocurrencies with real utility.

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When the Largest BTC Buyer Becomes a Seller, Who's Buying After MicroStrategy Sells 3,588 Bitcoin?

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Bitcoin’s path to $80K may hinge on THIS hidden trend

Bitcoin's potential path toward $80,000 is influenced by conflicting market signals. Data shows the Coinbase Bitcoin Premium Index has recorded its longest-ever streak of consecutive negative premiums, indicating muted institutional demand or net selling from U.S. institutions. While such a trend often signals short-term weakness, it doesn't necessarily forecast a long-term bear market. Additionally, a bearish crossover occurred in Bitcoin's Net Unrealized Profit/Loss (NUPL), with its short-term average falling below the longer-term average, suggesting declining investor profitability and waning market momentum. Historically, major bear market bottoms saw the 100-day NUPL drop below zero, but this cycle it remains positive, implying either an unprecedented bottom or a further decline is needed. Currently trading around $63,148, Bitcoin has seen weekly gains but remains below its May peak. Technical indicators present a mixed picture: the MACD shows bullish momentum, while the RSI signals bearish pressure. A positive development is the return of inflows to Bitcoin ETFs after eight weeks of outflows. Analysts hold divergent views; some highlight a key liquidity zone between $48,000-$50,000 where a market bottom could form, while others maintain a more optimistic long-term outlook. Ultimately, while some bullish signs exist, a strong push from institutional investors appears crucial for Bitcoin to challenge the $80,000 level.

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Bitcoin’s path to $80K may hinge on THIS hidden trend

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Unexpected Weak Non-Farm Payrolls Data Pushes BTC to Rebound 11%, FOMC Minutes to Test the Narrative of This Rally

Bitcoin has rebounded 11% from its 21-month low, but the sustainability of this rally hinges entirely on the Federal Reserve's release of the June FOMC meeting minutes. The bounce was triggered by a weaker-than-expected US jobs report, which showed only 57,000 jobs added in June—about half of economists' forecasts. This data prompted traders to scale back bets on further Fed rate hikes, fueling a rally in Bitcoin alongside gold and stocks. The upcoming minutes are critical. They will reveal whether Fed officials, in their mid-June meeting, were already expressing concerns about a weakening labor market, tight credit conditions, or the risks of overtightening—factors that would support the market's recent dovish shift. Conversely, if the discussion focused on persistent inflation and the conditions for more rate hikes, the rally's foundational narrative would crumble. Market indicators show the rebound's fragility. While US spot Bitcoin ETFs saw a significant single-day inflow, it followed a prolonged period of outflows. On-chain data indicates a substantial increase in Bitcoin being moved to exchanges, creating potential sell pressure. Options market positioning suggests key price levels around $60,000 and $62,000 that could either stabilize or accelerate price movement. In essence, Bitcoin's 11% gain is built on speculation about the Fed's private deliberations three weeks ago. The FOMC minutes will replace that speculation with concrete details, and the discrepancy between market expectations and the actual record will determine whether Bitcoin holds above $64,000 or falls back toward $58,000.

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Unexpected Weak Non-Farm Payrolls Data Pushes BTC to Rebound 11%, FOMC Minutes to Test the Narrative of This Rally

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