China becomes the latest nation to expand its crypto adoption, following a recent report of Hong Kong issuing its first crypto licenses to local crypto outlets, a move that will go a long way in propelling the growth of cryptocurrency, especially among retail traders and the global crypto space at large.
Per Forbes, China’s latest move could be a welcome development that would positively impact the XRP market value and most major crypto projects, including, Bitcoin (BTC) Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Tron (TRX), Dogecoin (DOGE), Polygon (MATIC), and Solana (SOL).
China Just Made A ‘Significant’ Game-Changing Move That Could Be About To Hit The Price Of Bitcoin,Ethereum, BNB, XRP, Cardano,Dogecoin, Tron, Polygon And Solana. https://t.co/0laAUHse7y
— MC HAMMER (@MCHammer) August 6, 2023
It can be recalled that a few weeks ago, Forbes projected that a 15 trillion earthquake could be headed for crypto markets following several exchange-traded fund filings.
Read Also: Forbes Top Contributor: “XRP Army is carrying all of the cryptocurrencies on its back”
An Insight Into China’s Issued Licenses To Different Exchanges
Forbes noted that the newly introduced licenses, a testimony of Hong Kong’s modified crypto regulatory framework, will pave the way for local exchanges, especially HashKey and OSL expansions.
With these new licenses, the platforms involved will henceforth be empowered to serve retail and other institutional investors, implying a shift from their previous focus of only professional investors.
Top Executives From HashKey And OSL Speak Out
Hugh Madden, OSL’s CEO, highlighted the significance of the new development in China and tagged it as a “significant first-mover advantage” that empowers users to not only trade XRP but also relevant coins like Ethereum(ETH) and Bitcoin (BTC).
On the other hand, a representative from Hashkey noted that the trading platform had to circumvent some procedures to earn a license from China.
Furthermore, the spokesperson sounded confident about the prospect of China’s license issuance move facilitating a far-reaching expansion that would henceforth inculcate retail users and not just renowned investors.
Notably, Jeremy Allaire, CEO of stablecoin issuer Circle, had previously spotlighted the rising demands for crypto assets, especially among new markets that seemed to be surfacing recently, remarking that Asia, with China and Hong Kong, played a significant path in this trend.
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Read Also: Forbes Contributor Shows How SEC Overstepped Its Boundaries In Lawsuit against Ripple
Industry experts strongly believed that China’s resurgence into crypto dealings would catalyze the next phase of real runs. Per Forbes report, XRP, BNB, and Cardano are all in a tranquil holding partner.
Finally, readers are encouraged to always do personal research before delving into any cryptocurrencies, as most are known to be associated with fluctuations resulting in undesired or desired outcomes.
XRP price at press time is $0.618709 with a 24-hour trading volume of $1,303,681,808 and a fully diluted valuation estimated to be worth $61,848,372,620.
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