This Week In Crypto Asia: Hong Kong Adopts New Reporting Standards For OTC Crypto Transactions, Middle East Crypto Market Surges With $338 Billion In

To better regulate its cryptocurrency market, Hong Kong adopted new reporting standards for over-the-counter (OTC) crypto transactions. 

The new standards require OTC platforms to report transaction details. This can help regulators monitor market activities more effectively and ensure compliance with existing financial regulations.

The adoption of these standards is part of Hong Kong’s broader strategy to position itself as a leading hub for digital assets while maintaining robust regulatory oversight. 

By implementing these measures, Hong Kong seeks to attract more institutional investors and foster a secure trading environment. 

This initiative reflects a growing trend among global financial centers to integrate cryptocurrencies into their regulatory frameworks, balancing innovation with risk management.

Middle East Crypto Market Surges With $338 Billion In Transactions

The cryptocurrency market in the Middle East and North Africa (MENA) region is experiencing unprecedented growth, with $338 billion in transactions recorded over the past year. 

This surge positions MENA as a significant player in the global crypto landscape, accounting for 7.5% of global transaction volume. 

The region’s rapid adoption of digital currencies is driven by both institutional and professional transactions, with Türkiye and Morocco leading the charge.

Türkiye has processed $137 billion in cryptocurrency transactions, while Morocco has seen $12.7 billion in activity. 

The increasing trust among major players is reflected in the high volume of large-scale transactions valued at $10,000 or more. 

This trend indicates a growing acceptance of cryptocurrencies as viable financial instruments within the region.

Saudi Arabia and the UAE are at the forefront of decentralized finance (DeFi) growth in MENA. 

📈 The UAE's crypto market has grown 42% year-on-year, driven by regulatory innovation and rising institutional investment.

Small & large retail transactions surged over 80%, showing broad adoption. UAE is cementing its place as a global crypto hub. #Crypto #UAE #DeFi pic.twitter.com/UJxXeZLsYS

— NeomaVentures (@NeomaVentures) September 26, 2024

Both countries are witnessing increased interest in DeFi platforms and applications, driven by youthful populations eager to explore new financial technologies. 

The UAE’s progressive regulatory framework has further solidified its position as a hub for DeFi and broader crypto ventures.

The rise of stablecoins and altcoins in MENA also highlights shifting asset preferences among users seeking stability and diversification. 

In Türkiye, stablecoins are particularly popular due to economic instability and inflation concerns. 

Meanwhile, Saudi Arabia and Israel show strong interest in altcoins, reflecting a higher risk appetite among investors.

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Entrepreneur Igor Runets Builds Fortune As Russia Reverses Crypto Stance

Meanwhile in Russia, entrepreneur Igor Runets has capitalized on a significant policy shift by President Vladimir Putin, who has reversed his stance on cryptocurrencies. 

Runets, a Stanford graduate, founded BitRiver, a company that operates data centers for crypto mining in Siberia.

The region’s cold climate and affordable hydropower have made it an ideal location for energy-intensive mining operations.

As Bitcoin and other cryptocurrencies surged in value, BitRiver attracted clients from around the world, including the United States and China. 

This growth has allowed Runets to build a substantial fortune, highlighting the lucrative opportunities in the crypto mining sector.

Putin’s change of heart regarding cryptocurrencies marks a notable shift in Russia’s approach, potentially opening the door for further investments and developments in the digital asset space.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.