Hong Kong is expediting its digital assets licensing, with authorities focusing on regulatory improvements and potential inclusion of Bitcoin in reserves, while South Korea's digital asset reforms are stalled due to martial law, delaying key initiatives like securities token offerings and real-name corporate accounts. The political crisis in South Korea has shifted attention away from virtual asset legislation, pushing timelines for reforms to 2025.
South Korea has delayed the implementation of a crypto tax until 2027, reaffirming its pro-crypto stance amid political uncertainty following President Yoon Suk-yeol's impeachment. The government aims to develop a comprehensive regulatory framework while monitoring global trends, particularly U.S. policies under President-elect Donald Trump. Despite the turmoil, trading activity remains strong on major exchanges as investors seek cryptocurrencies as a hedge against the weakening Korean Won.
South Korean prosecutors are seeking a six-month prison sentence for lawmaker Kim Nam-kuk, who allegedly failed to report his cryptocurrency holdings, claiming only 1.2 billion won in assets while actually possessing 9.9 billion won. Kim, who left the Democratic Party amid these allegations, is accused of obstructing the National Assembly Ethics Committee's review of his assets. His trial is occurring against a backdrop of political turmoil following President Yoon Suk Yeol's martial law declaration and subsequent impeachment by the National Assembly.
Asian shares mostly declined following a record-setting day for the Nasdaq ahead of the Federal Reserve's upcoming interest rate decision. Tokyo's Nikkei 225 fell 0.2%, while Chinese markets continued to slide, with the Hang Seng down 0.1% and the Shanghai Composite losing 0.7%. In the U.S., the S&P 500 rose 0.4% and the Nasdaq climbed 1.2% to a record close, driven by strong performance from Broadcom. The Fed is expected to announce a third consecutive rate cut, aiming to support the job market as inflation stabilizes near its 2% target.
Asian stocks fluctuated as the dollar remained stable ahead of key central bank meetings, with expectations of a U.S. rate cut and the Bank of Japan maintaining its current stance. Bitcoin hovered near its record high, while the yen struggled amid low rate hike prospects. The Fed's upcoming dot plot will be closely watched for indications of future monetary policy adjustments.
The chairman of the Korea Exchange, Jeong Eun-bo, has urged South Korea to quickly institutionalize its crypto market to enhance competitiveness amid ongoing political turmoil that has stalled regulations until 2025. He emphasized the need for lawmakers and financial institutions to recognize the growing influence of digital assets, warning that continued treatment of cryptocurrencies as speculative could hinder market development. Despite calls for revitalization, all crypto-related policies remain on hold due to the political crisis, with discussions expected to resume in early 2025.
Asian shares showed mixed results following a record-setting day for the Nasdaq, as investors await the Federal Reserve's interest rate decision. Tokyo's Nikkei rose 0.2%, while Chinese markets declined, reflecting disappointment over economic policy announcements. The S&P 500 reached an all-time high, driven by expectations of further rate cuts, as Bitcoin surged past $107,000.
Asian shares showed mixed results following a record-setting day for the Nasdaq, with Tokyo's Nikkei 225 gaining 0.2% while Chinese markets declined. Investors await the Federal Reserve's interest rate decision, with expectations of a third consecutive cut to support the job market. Bitcoin reached a new high, boosting MicroStrategy shares, while oil prices fell slightly.
Asian shares showed mixed results following a record-setting day for the Nasdaq, as investors await the Federal Reserve's interest rate decision. Tokyo's Nikkei 225 rose 0.2%, buoyed by technology stocks, while Chinese markets declined amid disappointing economic data. South Korea's Kospi fell 1% amid political turmoil, while Australia's S&P/ASX 200 gained 0.8%. The Fed is expected to cut rates for the third consecutive time, with projections for future rate changes and economic indicators to be revealed post-meeting.
Wall Street saw mixed results as Bitcoin surged past $107,000, fueled by optimism over potential pro-digital currency policies from President-elect Trump. The Federal Reserve is expected to announce a third consecutive interest rate cut, aiming to support a slowing job market while managing inflation, which remains a concern. Broadcom's stock rose 6.8% after a strong earnings report, while Nvidia fell 2.5%, reflecting its significant impact on the S&P 500.
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